TIDMLCT
RNS Number : 9425Q
Lincat Group PLC
12 August 2010
Lincat Group plc
Interim report for the half year to 2 July 2010
Lincat Group plc, the AIM-listed manufacturer of commercial catering appliances
and bar equipment, announces its interim results to 2 July 2010.
Highlights
· Operating profit increased by 25% to GBP2.6m (2009: GBP2.1m) on turnover
from continuing operations of GBP15.8m (2009: GBP14.9m)
· Net cash and short-term investments of GBP6.0m at 2 July 2010
· Interim dividend raised by 8% to 11p per share (2009: 10.2p)
· Dividend covered 3.2 times by basic EPS from continuing operations of
35.0p
· Group continues to benefit from relative weakness of sterling.
Alan Schroeder, Chairman:
"Lincat Group has delivered another strong performance in the half year to 2
July 2010. We remain cautiously optimistic about the future and expect to
continue to deliver robust margins and a healthy cash flow in the second half of
the year."
Contacts:
+------------------------+---+-----------------------+
| | | |
+------------------------+---+-----------------------+
| Lincat Group plc | | |
+------------------------+---+-----------------------+
| Paul Bouscarle, Chief | } | 01522 875555 |
| Executive | } | |
| Terry Storey | | |
+------------------------+---+-----------------------+
| | | |
+------------------------+---+-----------------------+
| Cenkos Securities plc | | |
| Ivonne Cantú | } | 020 7397 8980 |
| Jeremy Warner Allen | } | |
+------------------------+---+-----------------------+
12 August 2010
Chairman's statement
Lincat Group has delivered another robust performance in the half year to 2 July
2010: against the same period in 2009, sales and operating profits on continuing
operations are up 6% and 25% to GBP15.8m and GBP2.6m respectively.
With period-end cash and short-term investments now standing at GBP6.0m, despite
capex of over GBP1.0m in the half-year, the Board has raised the interim
dividend by 8% from 10.2p to 11.0p.
Financial results
The performance of our three operating companies varies considerably, as each of
them supplies different products to different segments of the market. In the
period under review, Lincat Ltd, our manufacturer of cooking appliances and
ancillary catering equipment, performed exceptionally well, to the extent that
its turnover and operating profit are both close to all-time highs, despite the
UK foodservice equipment sector at large experiencing declining sales. In March,
Lincat Ltd invested GBP550k in a laser profiling centre that will eventually
replace two existing punch-presses. Early indications show that its planned
payback period of less than four years will be achieved.
IMC, whose bar equipment sales are noticeably more cyclical, saw sales decline
by 10% against the same period in 2009 but nevertheless improved its operating
profit. There are signs of an increase in demand for its bar products,
stimulated in part by new products and a more aggressive pricing policy. Our
ventilation systems manufacturer, Britannia, reported lower sales and a small
operating loss in the period but carried over a GBP1.3m order book into the
second half. Britannia has also recently signed an agreement to license
manufacture of its products in Australia.
Total Group turnover in the half-year was GBP15.8m, representing 6% growth
against the same period in 2009.
Our operating companies continually work hard to improve manufacturing
efficiency and to drive down material costs through value engineering and
effective purchasing. In today's tight market, savings made in this way are
typically used to leverage price competitiveness rather than to increase gross
margins; it is therefore particularly pleasing to note a small increase in gross
profit in the period from 49.7% to 50.4%.
When compared with 2009, operating expenses for the half year were flat in
absolute terms but 2% lower as a proportion of turnover.
Higher turnover, a wider gross margin and flat operating expenses combined to
raise operating profit for the six month period from GBP2.1m in 2009 to GBP2.6m
in 2010. Thanks are due to all employees across the Group for once again
delivering a strong result against the trend of the market.
Net interest earned during the period was GBP18k (2009: net interest paid of
GBP65k). The Group has held net cash and short-term investments since the end of
December 2009, when it received the final payment of GBP7.5m in respect of the
sale of IMC's redundant Hertfordshire site. At 30 June 2010 the Group had net
cash balances of GBP6.0m (28 June 2009: net debt of GBP2.8m).
Basic earnings per share from continuing operations rose 30% from 26.9p to
35.0p. During the half-year 45,085 shares were issued under the Group's
Sharesave scheme.
Dividend
The Group's strong cash flow, which stems both from its high added-value
manufacturing and from its long history of re-investment in freehold premises
and outright purchase of machinery and equipment, has enabled the Board to
pursue a progressive dividend policy for over 20 years.
I am pleased to report that the Board has declared a 2010 interim dividend of
11.0p, compared with 10.2p in 2009, an increase of 8%. This dividend will be
paid on 8 October 2010 to all shareholders on the register at 17 September 2010.
Current trading
There is no doubt that UK macro-economic conditions will remain unfavourable for
some time to come, if only because of the impact of future public expenditure
cuts and any potential rise in unemployment. Notwithstanding these challenges,
the Group is well positioned to prosper. The relative weakness of sterling
against the euro and the US dollar provides a competitive advantage against
equipment importers, as well as enhancing export competitiveness and margins; we
continue to improve our manufacturing efficiency through well targeted capital
investment; and the flow of new products remains high, with an emphasis on
offering better value than ever before.
We therefore remain cautiously optimistic about our prospects and our ability to
deliver robust margins and a healthy cash flow in the second half of the year.
Alan Schroeder
Chairman
Condensed consolidated income statement
+-----------------------------+------+----------+----------+----------+
| | | 6 months | 6 | Year |
| | | | months | |
+-----------------------------+------+----------+----------+----------+
| | | to | to | to |
| | | 02/07/10 | 28/06/09 | 01/01/10 |
+-----------------------------+------+----------+----------+----------+
| |Note | GBP'000 | GBP'000 | GBP'000 |
+-----------------------------+------+----------+----------+----------+
| Continuing Operations | | | | |
+-----------------------------+------+----------+----------+----------+
| Revenue | 1 | 15,844 | 14,947 | 30,763 |
+-----------------------------+------+----------+----------+----------+
| Cost of sales | | (7,866) | (7,512) | (15,419) |
+-----------------------------+------+----------+----------+----------+
| Gross profit | | 7,978 | 7,435 | 15,344 |
+-----------------------------+------+----------+----------+----------+
| Distribution costs | | (2,482) | (2,301) | (4,676) |
+-----------------------------+------+----------+----------+----------+
| Administrative expenses | | (1,347) | (1,445) | (2,665) |
+-----------------------------+------+----------+----------+----------+
| Other operating expenses | | (1,501) | (1,576) | (3,129) |
+-----------------------------+------+----------+----------+----------+
| Exceptional operating item | 3 | - | - | 5,092 |
+-----------------------------+------+----------+----------+----------+
| Operating profit | | 2,648 | 2,113 | 9,966 |
+-----------------------------+------+----------+----------+----------+
| Finance income | | 24 | - | 2 |
+-----------------------------+------+----------+----------+----------+
| Finance costs | | (6) | (65) | (116) |
+-----------------------------+------+----------+----------+----------+
| Expected return on pension | | 242 | 198 | 393 |
| scheme assets | | | | |
+-----------------------------+------+----------+----------+----------+
| Interest on pension scheme | | (241) | (198) | (393) |
| liabilities | | | | |
+-----------------------------+------+----------+----------+----------+
| Profit before taxation | | 2,667 | 2,048 | 9,852 |
+-----------------------------+------+----------+----------+----------+
| Taxation | | (761) | (588) | (1,337) |
+-----------------------------+------+----------+----------+----------+
| Profit after tax from | | | | |
| continuing operations | | 1,906 | 1,460 | 8,515 |
+-----------------------------+------+----------+----------+----------+
| Discontinued Operations | | | | |
+-----------------------------+------+----------+----------+----------+
| (Loss)/profit after tax | | | | |
| from discontinued | 4 | - | (164) | 58 |
| operations | | | | |
+-----------------------------+------+----------+----------+----------+
| Profit for the period | | | | |
| attributable to equity | | 1,906 | 1,296 | 8,573 |
| shareholders | | | | |
+-----------------------------+------+----------+----------+----------+
+------------------------------+----+-----------+---------+----------+
| Earnings per share | | | | |
+------------------------------+----+-----------+---------+----------+
| From continuing operations: | | | | |
+------------------------------+----+-----------+---------+----------+
| Basic | 2 | 35.0p | 26.9p | 156.7p |
+------------------------------+----+-----------+---------+----------+
| Diluted | 2 | 35.0p | 26.8p | 156.7p |
+------------------------------+----+-----------+---------+----------+
| From continuing and | | | | |
| discontinued operations: | | | | |
+------------------------------+----+-----------+---------+----------+
| Basic | 2 | 35.0p | 23.8p | 157.8p |
+------------------------------+----+-----------+---------+----------+
| Diluted | 2 | 35.0p | 23.8p | 157.8p |
+------------------------------+----+-----------+---------+----------+
Condensed consolidated statement of comprehensive income
+------------------------------------+----------+----------+----------+
| | 6 months | 6 | Year |
| | | months | |
+------------------------------------+----------+----------+----------+
| | to | to | to |
| | 02/07/10 | 28/06/09 | 02/01/10 |
+------------------------------------+----------+----------+----------+
| | GBP'000 | GBP'000 | GBP'000 |
+------------------------------------+----------+----------+----------+
| Profit for the period | 1,906 | 1,296 | 8,573 |
+------------------------------------+----------+----------+----------+
| Other comprehensive income: | | | |
+------------------------------------+----------+----------+----------+
| Actuarial losses on defined | (478) | (1,011) | (1,476) |
| benefit pension scheme | | | |
+------------------------------------+----------+----------+----------+
| Tax on actuarial losses | 134 | 283 | 413 |
+------------------------------------+----------+----------+----------+
| Other comprehensive income for the | (344) | (728) | (1,063) |
| period, net of tax | | | |
+------------------------------------+----------+----------+----------+
| Total comprehensive income for the | 1,562 | 568 | 7,510 |
| period | | | |
+------------------------------------+----------+----------+----------+
| Total comprehensive income for the | | | |
| period attributable to equity | 1,562 | 568 | 7,510 |
| shareholders | | | |
+------------------------------------+----------+----------+----------+
Condensed consolidated balance sheet
+--------------------------------+------+----------+-----------+-----------+
| | | As at | As at | As at |
+--------------------------------+------+----------+-----------+-----------+
| | | 02/07/10 | 28/06/09 | 01/01/10 |
+--------------------------------+------+----------+-----------+-----------+
| |Note | GBP'000 | GBP'000 | GBP'000 |
+--------------------------------+------+----------+-----------+-----------+
| Assets | | | | |
+--------------------------------+------+----------+-----------+-----------+
| Non-current assets | | | | |
+--------------------------------+------+----------+-----------+-----------+
| Goodwill | | 693 | 693 | 693 |
+--------------------------------+------+----------+-----------+-----------+
| Other intangible assets | | 346 | 100 | 234 |
+--------------------------------+------+----------+-----------+-----------+
| Property, plant & equipment | | 9,093 | 8,874 | 8,584 |
+--------------------------------+------+----------+-----------+-----------+
| Deferred tax asset | | 205 | - | 85 |
+--------------------------------+------+----------+-----------+-----------+
| | | 10,337 | 9,667 | 9,596 |
+--------------------------------+------+----------+-----------+-----------+
| Current assets | | | | |
+--------------------------------+------+----------+-----------+-----------+
| Inventories | | 3,435 | 3,431 | 3,459 |
+--------------------------------+------+----------+-----------+-----------+
| Trade and other receivables | | 5,316 | 5,855 | 5,227 |
+--------------------------------+------+----------+-----------+-----------+
| Short-term investments | | 2,000 | - | - |
+--------------------------------+------+----------+-----------+-----------+
| Cash and cash equivalents | | 3,976 | 430 | 5,141 |
+--------------------------------+------+----------+-----------+-----------+
| | | 14,727 | 9,716 | 13,827 |
+--------------------------------+------+----------+-----------+-----------+
| Non-current assets | | | | |
+--------------------------------+------+----------+-----------+-----------+
| classified as held for sale | 3 | - | 2,178 | - |
+--------------------------------+------+----------+-----------+-----------+
| Total assets | | 25,064 | 21,561 | 23,423 |
+--------------------------------+------+----------+-----------+-----------+
| Liabilities | | | | |
+--------------------------------+------+----------+-----------+-----------+
| Non-current liabilities | | | | |
+--------------------------------+------+----------+-----------+-----------+
| Bank loans | | - | (2,652) | - |
+--------------------------------+------+----------+-----------+-----------+
| Retirement benefit obligation | 5 | (2,375) | (1,436) | (1,889) |
+--------------------------------+------+----------+-----------+-----------+
| Deferred tax liabilities | | (615) | (576) | (523) |
+--------------------------------+------+----------+-----------+-----------+
| | | (2,990) | (4,664) | (2,412) |
+--------------------------------+------+----------+-----------+-----------+
| Current liabilities | | | | |
+--------------------------------+------+----------+-----------+-----------+
| Trade and other payables | | (4,434) | (4,086) | (4,192) |
+--------------------------------+------+----------+-----------+-----------+
| Current tax liabilities | | (750) | (590) | (726) |
+--------------------------------+------+----------+-----------+-----------+
| Bank overdrafts and loans | | - | (623) | - |
+--------------------------------+------+----------+-----------+-----------+
| Provisions | | (385) | (352) | (371) |
+--------------------------------+------+----------+-----------+-----------+
| | | (5,569) | (5,651) | (5,289) |
+--------------------------------+------+----------+-----------+-----------+
| Liabilities directly | | | | |
| associated with | | | | |
+--------------------------------+------+----------+-----------+-----------+
| non-current assets classified | | | | |
| as held for sale | | | | |
+--------------------------------+------+----------+-----------+-----------+
| Non-refundable deposit on sale | 3 | - | (2,000) | - |
| of property | | | | |
+--------------------------------+------+----------+-----------+-----------+
| Total liabilities | | (8,559) | (12,315) | (7,701) |
+--------------------------------+------+----------+-----------+-----------+
| Net assets | | 16,505 | 9,246 | 15,722 |
+--------------------------------+------+----------+-----------+-----------+
| | | | | |
+--------------------------------+------+----------+-----------+-----------+
| Shareholders' equity | | | | |
+--------------------------------+------+----------+-----------+-----------+
| Issued share capital | | 548 | 543 | 543 |
+--------------------------------+------+----------+-----------+-----------+
| Share premium account | | 221 | 2 | 2 |
+--------------------------------+------+----------+-----------+-----------+
| Investment in own shares | | (16) | (16) | (16) |
+--------------------------------+------+----------+-----------+-----------+
| Other reserves | | 874 | 874 | 874 |
+--------------------------------+------+----------+-----------+-----------+
| Retained earnings | | 14,878 | 7,843 | 14,319 |
+--------------------------------+------+----------+-----------+-----------+
| Total equity | | 16,505 | 9,246 | 15,722 |
+--------------------------------+------+----------+-----------+-----------+
Condensed consolidated statement of changes in shareholders' equity
+-----------------------+---------+---------+------------+---------+----------+---------+
| | Share | Share | Investment | Other | Retained | Total |
| | | | in | | | |
+-----------------------+---------+---------+------------+---------+----------+---------+
| | capital | premium | own | reserve | earnings | |
| | | | shares | | | |
+-----------------------+---------+---------+------------+---------+----------+---------+
| | GBP'000 | GBP'000 | GBP'000 | GBP'000 | GBP'000 | GBP'000 |
+-----------------------+---------+---------+------------+---------+----------+---------+
| At 2 January 2009 | 543 | 2 | (16) | 874 | 8,253 | 9,656 |
+-----------------------+---------+---------+------------+---------+----------+---------+
| Total comprehensive | | | | | | |
| income | | | | | | |
+-----------------------+---------+---------+------------+---------+----------+---------+
| for the year | - | - | - | - | 568 | 568 |
+-----------------------+---------+---------+------------+---------+----------+---------+
| Credit to equity for | | | | | | |
| share-based | | | | | | |
+-----------------------+---------+---------+------------+---------+----------+---------+
| payments | - | - | - | - | 14 | 14 |
+-----------------------+---------+---------+------------+---------+----------+---------+
| Dividends paid | - | - | - | - | (992) | (992) |
+-----------------------+---------+---------+------------+---------+----------+---------+
| At 28 June 2009 | 543 | 2 | (16) | 874 | 7,843 | 9,246 |
+-----------------------+---------+---------+------------+---------+----------+---------+
| Total comprehensive | | | | | | |
| income | | | | | | |
+-----------------------+---------+---------+------------+---------+----------+---------+
| for the period | - | - | - | - | 6,942 | 6,942 |
+-----------------------+---------+---------+------------+---------+----------+---------+
| Credit to equity for | | | | | | |
| share-based | | | | | | |
+-----------------------+---------+---------+------------+---------+----------+---------+
| payments | - | - | - | - | 72 | 72 |
+-----------------------+---------+---------+------------+---------+----------+---------+
| Dividends paid | - | - | - | - | (538) | (538) |
+-----------------------+---------+---------+------------+---------+----------+---------+
| At 1 January 2010 | 543 | 2 | (16) | 874 | 14,319 | 15,722 |
+-----------------------+---------+---------+------------+---------+----------+---------+
| Total comprehensive | | | | | | |
| income | | | | | | |
+-----------------------+---------+---------+------------+---------+----------+---------+
| for the period | - | - | - | - | 1,562 | 1,562 |
+-----------------------+---------+---------+------------+---------+----------+---------+
| Issue of share | 5 | 219 | - | - | - | 224 |
| capital | | | | | | |
+-----------------------+---------+---------+------------+---------+----------+---------+
| Credit to equity for | | | | | | |
| share-based | | | | | | |
+-----------------------+---------+---------+------------+---------+----------+---------+
| payments | - | - | - | - | 42 | 42 |
+-----------------------+---------+---------+------------+---------+----------+---------+
| Dividends paid | - | - | - | - | (1,045) | (1,045) |
+-----------------------+---------+---------+------------+---------+----------+---------+
| At 2 July 2010 | 548 | 221 | (16) | 874 | 14,878 | 16,505 |
+-----------------------+---------+---------+------------+---------+----------+---------+
Condensed consolidated cash flow statement
+------------------------------------+------+----------+----------+----------+
| | | 6 | 6 | Year |
| | | months | months | |
+------------------------------------+------+----------+----------+----------+
| | | to | to | to |
| | | 02/07/10 | 28/06/09 | 02/01/10 |
+------------------------------------+------+----------+----------+----------+
| |Note | GBP'000 | GBP'000 | GBP'000 |
+------------------------------------+------+----------+----------+----------+
| Net cash inflow from operating | 6 | 2,723 | 1,426 | 4,473 |
| activities | | | | |
+------------------------------------+------+----------+----------+----------+
| Investing activities | | | | |
+------------------------------------+------+----------+----------+----------+
| Interest received | | 10 | - | 2 |
+------------------------------------+------+----------+----------+----------+
| Short-term investment | | (2,000) | - | - |
+------------------------------------+------+----------+----------+----------+
| Net proceeds of sale of business | | - | - | 323 |
+------------------------------------+------+----------+----------+----------+
| Disposal proceeds of property | | - | - | 5,500 |
+------------------------------------+------+----------+----------+----------+
| Disposal proceeds of plant & | | 100 | 46 | 62 |
| equipment | | | | |
+------------------------------------+------+----------+----------+----------+
| Purchase of intangible assets | | (5) | (3) | (27) |
+------------------------------------+------+----------+----------+----------+
| Purchases of property, plant & | | (1,033) | (347) | (576) |
| equipment | | | | |
+------------------------------------+------+----------+----------+----------+
| Expenditure on product development | | (139) | (25) | (136) |
+------------------------------------+------+----------+----------+----------+
| Net cash (used in)/released by | | (3,067) | (329) | 5,148 |
| investing activities | | | | |
+------------------------------------+------+----------+----------+----------+
| Financing activities | | | | |
+------------------------------------+------+----------+----------+----------+
| Dividends paid | | (1,045) | (992) | (1,530) |
+------------------------------------+------+----------+----------+----------+
| Proceeds on issue of shares | | 224 | - | - |
+------------------------------------+------+----------+----------+----------+
| Repayment of borrowings | | - | (407) | (3,682) |
+------------------------------------+------+----------+----------+----------+
| Net cash used in financing | | (821) | (1,399) | (5,212) |
| activities | | | | |
+------------------------------------+------+----------+----------+----------+
| (Decrease)/increase in cash and | | (1,165) | (302) | 4,409 |
| cash equivalents | | | | |
+------------------------------------+------+----------+----------+----------+
| Cash and cash equivalents at | | 5,141 | 732 | 732 |
| beginning of the period | | | | |
+------------------------------------+------+----------+----------+----------+
| Cash and cash equivalents at end | | 3,976 | 430 | 5,141 |
| of the period | | | | |
+------------------------------------+------+----------+----------+----------+
| Cash and cash equivalents | | | | |
+------------------------------------+------+----------+----------+----------+
| Cash in hand and at bank | | 239 | 430 | 5,141 |
+------------------------------------+------+----------+----------+----------+
| Short-term deposits | | 3,737 | - | - |
+------------------------------------+------+----------+----------+----------+
| | | 3,976 | 430 | 5,141 |
+------------------------------------+------+----------+----------+----------+
Basis of preparation and accounting polices
Basis of preparation
Lincat Group plc, a Public Limited Company, is incorporated and domiciled in the
United Kingdom.
The interim financial statements for the period ended 2 July 2010 (including the
comparatives for the period ended 28 June 2009 and the year ended 1 January
2010) were approved by the board of directors on 11 August 2010. Under the
Security Regulations Act of the EU, amendments to the financial statements are
not permitted after they have been approved.
It should be noted that accounting estimates and assumptions are used in the
preparation of the interim financial information. Although these estimates are
based on management's best knowledge and judgment of current events, actual
results may ultimately differ from those estimates.
The interim financial information contained within this report does not
constitute statutory accounts as defined in the Companies Act 2006. The full
accounts for the year ended 1 January 2010 have been delivered to the Registrar,
received an unqualified report from the auditors and did not contain a statement
under Section 498 (2) or (3) of the Companies Act 2006.
Accounting policies
This interim financial report has been prepared under the historical cost
convention. The principal accounting policies and methods of computation adopted
to prepare the interim financial information are consistent with those detailed
in the 2009 financial statements except for the adoption of the following policy
regarding short-term investments: short-term investments consist of bank
deposits with a maturity profile in excess of three months that are considered
to represent "held to maturity" investments under IFRS 7.
Notes to the consolidated financial statements
1. Segmental information
+---------------------------------+----------+----------+----------+
| Business segment - revenue | 6 | 6 | Year |
| | months | months | |
+---------------------------------+----------+----------+----------+
| | to | to | to |
| | 02/07/10 | 28/06/09 | 01/01/10 |
+---------------------------------+----------+----------+----------+
| | GBP'000 | GBP'000 | GBP'000 |
+---------------------------------+----------+----------+----------+
| Lincat - commercial catering | 10,693 | 8,948 | 19,036 |
| equipment | | | |
+---------------------------------+----------+----------+----------+
| IMC - bar equipment and kitchen | 4,161 | 4,643 | 9,035 |
| machinery | | | |
+---------------------------------+----------+----------+----------+
| Britannia - kitchen ventilation | 990 | 1,356 | 2,692 |
| systems | | | |
+---------------------------------+----------+----------+----------+
| Continuing operations | 15,844 | 14,947 | 30,763 |
+---------------------------------+----------+----------+----------+
+----------------------------------+----------+----------+----------+
| Business segment - profit | 6 | 6 | Year |
| | months | months | |
+----------------------------------+----------+----------+----------+
| | to | to | to |
| | 02/07/10 | 28/06/09 | 01/01/10 |
+----------------------------------+----------+----------+----------+
| | GBP'000 | GBP'000 | GBP'000 |
+----------------------------------+----------+----------+----------+
| Lincat | 2,075 | 1,302 | 3,167 |
+----------------------------------+----------+----------+----------+
| IMC - underlying | 894 | 865 | 1,928 |
+----------------------------------+----------+----------+----------+
| IMC - profit on sale of property | - | - | 5,092 |
+----------------------------------+----------+----------+----------+
| Britannia | (21) | 220 | 361 |
+----------------------------------+----------+----------+----------+
| Continuing operations | 2,948 | 2,387 | 10,548 |
+----------------------------------+----------+----------+----------+
| Central costs | (300) | (274) | (582) |
+----------------------------------+----------+----------+----------+
| Net finance income/(costs) | 19 | (65) | (114) |
+----------------------------------+----------+----------+----------+
| Taxation | (761) | (588) | (1,337) |
+----------------------------------+----------+----------+----------+
| Discontinued operations | - | (164) | 58 |
+----------------------------------+----------+----------+----------+
| Profit for the period | 1,906 | 1,296 | 8,573 |
+----------------------------------+----------+----------+----------+
+---------------------------------+----------+----------+----------+
| Geographical segment - revenue | 6 | 6 | Year |
| | months | months | |
+---------------------------------+----------+----------+----------+
| | to | to | to |
| | 02/07/10 | 28/06/09 | 01/01/10 |
+---------------------------------+----------+----------+----------+
| | GBP'000 | GBP'000 | GBP'000 |
+---------------------------------+----------+----------+----------+
| United Kingdom | 13,424 | 12,360 | 25,691 |
+---------------------------------+----------+----------+----------+
| Rest of World | 2,420 | 2,587 | 5,072 |
+---------------------------------+----------+----------+----------+
| Continuing operations | 15,844 | 14,947 | 30,763 |
+---------------------------------+----------+----------+----------+
2. Earnings per share
+---------------------------------+----------+----------+----------+
| | 6 | 6 | Year |
| | months | months | |
+---------------------------------+----------+----------+----------+
| | to | to | to |
| | 02/07/10 | 28/06/09 | 01/01/10 |
+---------------------------------+----------+----------+----------+
| | GBP'000 | GBP'000 | GBP'000 |
+---------------------------------+----------+----------+----------+
| Earnings | | | |
+---------------------------------+----------+----------+----------+
| From continuing operations | 1,906 | 1,460 | 8,515 |
+---------------------------------+----------+----------+----------+
| From discontinued operations | - | (164) | 58 |
+---------------------------------+----------+----------+----------+
| From total operations | 1,906 | 1,296 | 8,573 |
+---------------------------------+----------+----------+----------+
| Average number of shares during | '000 | '000 | '000 |
| year | | | |
+---------------------------------+----------+----------+----------+
| For basic earnings per share | 5,441 | 5,434 | 5,434 |
+---------------------------------+----------+----------+----------+
| Dilutive effect of UK Sharesave | 2 | 7 | - |
| scheme options | | | |
+---------------------------------+----------+----------+----------+
| For diluted earnings per share | 5,443 | 5,441 | 5,434 |
+---------------------------------+----------+----------+----------+
| Earnings per share from | | | |
| continuing operations | | | |
+---------------------------------+----------+----------+----------+
| Basic | 35.0p | 26.9p | 156.7p |
+---------------------------------+----------+----------+----------+
| Diluted | 35.0p | 26.8p | 156.7p |
+---------------------------------+----------+----------+----------+
| Earnings per share from | | | |
| continuing and discontinued | | | |
| operations | | | |
+---------------------------------+----------+----------+----------+
| Basic | 35.0p | 23.8p | 157.8p |
+---------------------------------+----------+----------+----------+
| Diluted | 35.0p | 23.8p | 157.8p |
+---------------------------------+----------+----------+----------+
3. Assets held for sale
+---------------------------------+----------+----------+----------+
| | As at | As at | As |
| | | | at |
+---------------------------------+----------+----------+----------+
| | 02/07/10 | 28/06/09 | 01/01/10 |
+---------------------------------+----------+----------+----------+
| | GBP'000 | GBP'000 | GBP'000 |
+---------------------------------+----------+----------+----------+
| IMC's Hertfordshire freehold | - | 2,178 | - |
| property | | | |
+---------------------------------+----------+----------+----------+
| Non-refundable deposit on sale | - | (2,000) | - |
| of property | | | |
+---------------------------------+----------+----------+----------+
| | - | 178 | - |
+---------------------------------+----------+----------+----------+
| | | | |
+---------------------------------+----------+----------+----------+
The sale of IMC's vacant Hertfordshire site was completed on 21 December 2009,
resulting in a profit on disposal of GBP5.092m. Total proceeds of sale of the
site were GBP7.5m.
4. Discontinued operations
The Group's domestic appliance business, Mercury Appliances, was sold on 25
August 2009 and its results are therefore shown as discontinued operations in
the condensed consolidated income statement, as follows:
+----------------------------------------+----------+----------+----------+
| | 6 | 6 | Year |
| | months | months | |
+----------------------------------------+----------+----------+----------+
| | to | to | to |
| | 02/07/10 | 28/06/09 | 01/01/10 |
+----------------------------------------+----------+----------+----------+
| | GBP'000 | GBP'000 | GBP'000 |
+----------------------------------------+----------+----------+----------+
| Revenue | - | 696 | 901 |
+----------------------------------------+----------+----------+----------+
| Expenses | - | (892) | (1,095) |
+----------------------------------------+----------+----------+----------+
| Loss before tax | - | (196) | (194) |
+----------------------------------------+----------+----------+----------+
| Tax | - | 32 | 54 |
+----------------------------------------+----------+----------+----------+
| Loss after tax | - | (164) | (140) |
+----------------------------------------+----------+----------+----------+
| Profit on disposal | - | - | 258 |
+----------------------------------------+----------+----------+----------+
| Tax on disposal | - | - | (60) |
+----------------------------------------+----------+----------+----------+
| Total (loss)/profit attributable to | - | (164) | 58 |
| discontinued operations | | | |
+----------------------------------------+----------+----------+----------+
5. Retirement benefit obligation
+----------------------------------+---------------+----------+----------+
| | As at | As at | As at |
+----------------------------------+---------------+----------+----------+
| | 02/07/10 | 28/06/09 | 01/01/10 |
+----------------------------------+---------------+----------+----------+
| | GBP'000 | GBP'000 | GBP'000 |
+----------------------------------+---------------+----------+----------+
| Gross deficit at beginning of | (1,889) | (435) | (1,436) |
| the period | | | |
+----------------------------------+---------------+----------+----------+
| Contributions | 22 | 32 | 33 |
+----------------------------------+---------------+----------+----------+
| Current service cost | (31) | (22) | (21) |
+----------------------------------+---------------+----------+----------+
| Finance income | 1 | - | - |
+----------------------------------+---------------+----------+----------+
| Actuarial loss | (478) | (1,011) | (465) |
+----------------------------------+---------------+----------+----------+
| Gross deficit at end of the | (2,375) | (1,436) | (1,889) |
| period | | | |
+----------------------------------+---------------+----------+----------+
| Deferred tax asset | 665 | 402 | 529 |
+----------------------------------+---------------+----------+----------+
| Net deficit | (1,710) | (1,034) | (1,360) |
+----------------------------------+---------------+----------+----------+
The defined benefit scheme was reviewed by a qualified actuary as at 2 July
2010. The principal assumptions were:
+-------------------------------------+------------+----------+----------+
| | 6 months | 6 | Year |
| | | months | |
+-------------------------------------+------------+----------+----------+
| | to | to | to |
| | 02/07/10 | 28/06/09 | 01/01/10 |
+-------------------------------------+------------+----------+----------+
| Retail price inflation | 3.4% | 3.2% | 3.8% |
+-------------------------------------+------------+----------+----------+
| Discount rate | 5.3% | 6.2% | 5.7% |
+-------------------------------------+------------+----------+----------+
| Pension increases in payment | 3.3% | 3.1% | 3.6% |
+-------------------------------------+------------+----------+----------+
| General salary increases | - | 3.2% | 3.8% |
+-------------------------------------+------------+----------+----------+
With effect from 30 April 2010, the scheme was closed to the future accrual of
benefits and all remaining active members became deferred pensioner members.
6. Net cash from operating activities
+----------------------------------------+----------+----------+----------+
| | 6 | 6 | Year |
| | months | months | |
+----------------------------------------+----------+----------+----------+
| | to | to | to |
| | 02/07/10 | 28/06/09 | 01/01/10 |
+----------------------------------------+----------+----------+----------+
| | GBP'000 | GBP'000 | GBP'000 |
+----------------------------------------+----------+----------+----------+
| Operating profit from continuing | 2,648 | 2,113 | 4,874 |
| operations | | | |
+----------------------------------------+----------+----------+----------+
| Operating loss from discontinued | - | (193) | (187) |
| operations | | | |
+----------------------------------------+----------+----------+----------+
| Adjustments for: | | | |
+----------------------------------------+----------+----------+----------+
| Depreciation and amortisation | 442 | 542 | 1,025 |
+----------------------------------------+----------+----------+----------+
| Share based payments | 42 | 14 | 86 |
+----------------------------------------+----------+----------+----------+
| Increase/(decrease) in provisions | 14 | (2) | (8) |
+----------------------------------------+----------+----------+----------+
| Decrease in inventories | 24 | 499 | 454 |
+----------------------------------------+----------+----------+----------+
| Increase in receivables | (75) | (809) | (419) |
+----------------------------------------+----------+----------+----------+
| Increase in trade and other payables | 266 | 73 | 142 |
+----------------------------------------+----------+----------+----------+
| Cash generated by operations | 3,361 | 2,237 | 5,967 |
+----------------------------------------+----------+----------+----------+
| Interest paid | (6) | (78) | (103) |
+----------------------------------------+----------+----------+----------+
| Corporation tax paid | (632) | (733) | (1,391) |
+----------------------------------------+----------+----------+----------+
| Net cash from operating activities | 2,723 | 1,426 | 4,473 |
+----------------------------------------+----------+----------+----------+
This information is provided by RNS
The company news service from the London Stock Exchange
END
IR LLFLRTFILLII
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