TIDMSWJ
RNS Number : 6396W
Swan(John) & Sons PLC
30 January 2013
JOHN SWAN & SONS PLC
INTERIM FINANCIAL REPORT
For the six months ended 31 October 2012
John Swan & Sons PLC is pleased to announce its results for
the period ended 31 October 2012.
The interim financial statements will be available on the
Company's website www.johnswan.co.uk shortly.
Enquiries :
John Swan & Sons PLC
Euan Fernie 0131 225 4681
N+1 Singer
(Nominated Adviser and Broker)
Sandy Fraser 0131 529 0272
CHAIRMAN'S STATEMENT
Trading in the first half of the year has been much more
difficult than previously, due mainly to a sharp reduction in sheep
volumes arising from economic uncertainties, particularly in the
market for lamb in southern Europe. Accordingly, our auctioneering
business recorded a small loss. Unfortunately, as shareholders are
well aware, a dip in trading profits accentuates our exposure to
the necessary costs associated with our public company status. This
is particularly frustrating, but somewhat inevitable whilst the
current economic climate prevails.
Against this background, the results for the first six months of
the trading year can be summarised as follows:
31 October 31 October
2012 2011
GBP GBP
John Swan Limited - (loss)/profit before
tax (23,017) 107,375
John Swan & Sons PLC - (loss) before tax (112,386) (105,935)
(Loss)/profit before tax (135,403) 1,440
=========== ===========
Our cash balance reduced from being GBP1,056,917 in funds at 30
April 2012 to a net overdrawn position of GBP78,033 at 31 October
2012, largely due to the increase in debtors at 31 October 2012, a
peak trading time for the auction business. The equivalent cash
position at 31 October 2011 was GBP280,004 overdrawn.
Shareholders will have noted an earlier announcement that Jack
Clark is to retire at the end of April after a lifetime of service
to Swans. Put in the context of modern business life, his is a
remarkable achievement and those shareholders who are also mart
customers will be only too well aware of his contribution. On your
behalf, and on a personal basis, I wish to thank Jack and to record
our gratitude for the service he has given our company. We wish him
well in his retirement, although he will continue as a
non-executive director on our board. Steven Wilson, previously
Finance Director, will become Managing Director of John Swan
Limited upon Jack's retirement. Steven is well known to mart
customers and shareholders and we wish him well in his new
appointment. The process of recruiting a new senior auctioneer is
underway and an appointment will be announced upon completion.
Shareholders will also have noted the appointment of Jack Cadell
to the board of John Swan & Sons PLC. Jack will take executive
control of our land development programme as well as our emergent
property business. We remain committed to our strategy of realising
value from our land assets and returning the proceeds to
shareholders. Particularly, given recent and continuing market
conditions, it is reassuring to have an experienced, professional
input to what will be, inevitably, a long and difficult process. We
welcome Jack to our board. There are some small signs of
re-awakening in the property market, but we have nothing to report
at this time.
Finally, the board has not proposed an interim dividend and, as
last time, will consider the matter in the light of the full year
results.
AJ Ritchie
MANAGING DIRECTOR'S STATEMENT - JOHN SWAN LIMITED
Despite keeping a close eye on administration costs and strict
credit control procedures, it is disappointing to report an
operational loss for the six months to 31 October 2012. Adverse
weather conditions not only affected the throughput of primestock
but also exacerbated the situation by having an adverse effect on
the quality of livestock put forward for sale. At the time of
writing the throughput of prime sheep is improving but the prime
cattle are continuing to be short in supply.
Looking to the future, with the potential ramifications of the
Common Agricultural Policy review to become clearer, it is
imperative that auction markets continue to adapt to the ever
changing situations which prevail. With the many alternative
marketing options which livestock producers have, it is important
to recognise that the auction system is the only medium which
provides active competition to establish values whilst also
guaranteeing payment to producers, irrespective of the economic
situation currently prevailing.
Livestock producers are faced with ever increasing costs of
production. We therefore have to continue to address the
operational procedures of our business to ensure that we continue
to provide a competitive marketing option.
We wish all of our customers a successful 2013.
JC Clark
CONDENSED CONSOLIDATED INCOME STATEMENT
For the six months ended 31 October 2012
31 October 31 October
Notes 2012 2011
GBP GBP
Revenue 3 908,094 1,070,675
-------------- -----------------
Staff costs 516,512 478,656
Depreciation 55,703 53,730
Other operating expenses 472,326 537,378
-------------- -----------------
1,044,541 1,069,764
-------------- -----------------
Operating (loss)/profit (136,447) 911
Investment revenues 1,044 535
Finance costs - (6)
(Loss)/profit before tax (135,403) 1,440
Tax - -
(Loss)/profit for the period (135,403) 1,440
============== =================
Attributable to:
Owners of the Company (135,403) 1,440
============== =================
Basic and diluted (loss)/earnings
per share (22.2p) 0.2p
============== =================
CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
For the six months ended 31 October 2012
31 October 31 October
2012 2011
GBP GBP
(Loss)/profit for the period (135,403) 1,440
------------ --------
Other comprehensive expense
Pension scheme - contributions
paid in (30,000) -
respect of closed final salary
scheme
------------ --------
Total comprehensive (expense)/income
for the period (165,403) 1,440
============ ========
Attributable to:
Owners of the Company (165,403) 1,440
============ ========
CONDENSED CONSOLIDATED BALANCE SHEET
As at 31 October 2012
31 October 30 April 31 October
2012 2012 2011
GBP GBP GBP
Non-current assets
Property, plant and motor vehicles 2,127,779 2,135,659 2,113,545
Trade and other receivables 233 857 2,081
Pension scheme assets - - 617,000
----------- ---------- -----------
2,128,012 2,136,516 2,732,626
----------- ---------- -----------
Current assets
Trade and other receivables 3,226,981 2,213,623 3,568,211
Cash and cash equivalents 29,282 1,056,917 22,865
----------- ---------- -----------
3,256,263 3,270,540 3,591,076
----------- ---------- -----------
Total assets 5,384,275 5,407,056 6,323,702
=========== ========== ===========
Current liabilities
Trade and other payables 278,491 212,334 212,053
Bank overdraft 107,315 - 302,869
Current tax liabilities 7,421 7,421 -
----------- ---------- -----------
393,227 219,755 514,922
----------- ---------- -----------
Net current assets 2,863,036 3,050,785 3,076,154
----------- ---------- -----------
Non-current liabilities
Deferred tax liabilities 28,531 28,531 186,526
Deferred income 13,200 13,600 14,000
----------- ---------- -----------
41,731 42,131 200,526
----------- ---------- -----------
Total liabilities 434,958 261,886 715,448
=========== ========== ===========
Net assets 4,949,317 5,145,170 5,608,254
=========== ========== ===========
Equity
Issued share capital 168,000 168,000 168,000
Revenue reserve 70,000 70,000 70,000
Employee Benefit Trust reserve (39,815) (39,815) (39,815)
Retained earnings 4,751,132 4,946,985 5,410,069
----------- ---------- -----------
Total equity - attributable
to owners of the company 4,949,317 5,145,170 5,608,254
=========== ========== ===========
CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
For the six months ended 31 October 2012
Equity attributable to equity holders of the Company
Revenue Employee Retained Total equity
Share reserve Benefit earnings
capital Trust
reserve
GBP GBP GBP GBP GBP
Balance at 1 May 2011 168,000 70,000 (39,815) 5,439,079 5,637,264
---------- ---------- --------- ----------------- --------------
Profit for the period - - - 1,440 1,440
Total comprehensive
income for the period - - - 1,440 1,440
---------- ---------- --------- ----------------- --------------
Dividends paid - - - (30,450) (30,450)
Balance at 31 October
2011 168,000 70,000 (39,815) 5,410,069 5,608,254
========== ========== ========= ================= ==============
Balance at 1 May 2012 168,000 70,000 (39,815) 4,946,985 5,145,170
---------- ---------- --------- ----------------- --------------
Loss for the period - - - (135,403) (135,403)
Other comprehensive
expense for the period - - - (30,000) (30,000)
Total comprehensive
expense for the period - - - (165,403) (165,403)
---------- ---------- --------- ----------------- --------------
Dividends paid - - - (30,450) (30,450)
Balance at 31 October
2012 168,000 70,000 (39,815) 4,751,132 4,949,317
========== ========== ========= ================= ==============
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS
For the six months ended 31 October 2012
Notes 31 October 31 October
2012 2011
GBP GBP
Net cash used in operating activities 4 (1,061,312) (369,478)
------------ -----------
Investing activities
Interest received 1,044 535
Proceeds from disposal of motor
vehicles 13,150 720
Purchases of property, plant and
motor vehicles (57,382) (33,411)
------------ -----------
Net cash used in investing activities (43,188) (32,156)
------------ -----------
Financing activities
Dividends paid 5 (30,450) (30,450)
------------ -----------
Net cash used in financing activities (30,450) (30,450)
------------ -----------
Net decrease in cash and cash
equivalents (1,134,950) (432,084)
Cash and cash equivalents at beginning
of period 1,056,917 152,080
Cash and cash equivalents at end
of period 6 (78,033) (280,004)
============ ===========
NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
For the six months ended 31 October 2012
1 Basis of preparation
The condensed financial information for the six months ended
31 October 2012 does not constitute statutory accounts as
defined in Section 434 of the Companies Act 2006 and has
not been audited. No statutory accounts for the period have
been delivered to the Registrar of Companies.
The financial information for the year ended 30 April 2012
does not constitute the company's statutory accounts for
that year but is derived from those accounts. Statutory
accounts for the year ended 30 April 2012 have been delivered
to the Registrar of Companies. The auditors' report on those
accounts was unqualified, did not include a reference to
any matters to which the auditors drew attention by way
of emphasis without qualifying their report and did not
contain a statement under section 498(2) or (3) of the Companies
Act 2006.
2 Accounting policies
The condensed financial statements have been prepared using
accounting policies consistent with International Financial
Reporting Standards (IFRS) and in accordance with International
Accounting Standard 34 'Interim Financial Reporting'.
The same accounting policies, presentation and methods of
computation are followed in the condensed financial statements
as applied in the latest audited financial statements. A
copy of these financial statements is available from the
company's registered office at 6 St Colme Street, Edinburgh
EH3 6AD.
3 Revenue
31 October 31 October
2012 2011
GBP GBP
An analysis of the Group's revenue is
as follows:
Commissions 859,227 935,172
Estate agency and valuation fees 10,519 8,855
Interest from customers 7,661 13,915
Sale of livestock - 73,478
----------- -----------
877,407 1,031,420
Other operating income 16,050 23,880
Property rental income 14,637 15,375
----------- -----------
908,094 1,070,675
=========== ===========
During the previous period (for the six months ended 31
October 2011), the Group traded as principal in the sale
of livestock. The value of the sale of livestock of GBP73,478
was included in Revenue and the cost of the livestock sold
of GBP76,075 was included in Other operating expenses. The
Group did not trade in livestock in the six months ended
31 October 2012.
4 Notes to the cash flow statement
31 October 31 October
2012 2011
GBP GBP
(Loss)/profit before tax (135,403) 1,440
Adjustments for:
Investment revenues (1,044) (535)
Finance costs - 6
Pension scheme - contributions paid in
respect of final salary scheme (closed (30,000) -
30 April 2012)
Depreciation of property, plant and motor
vehicles 55,703 53,730
Gain on sale of fixed assets (3,591) (720)
Deferred income released in the period (400) (400)
------------- -----------
Operating cash flows before movement in
working capital (114,735) 53,521
Increase in receivables (1,012,734) (450,527)
Increase in payables 66,157 27,534
------------- -----------
Cash used in operations (1,061,312) (369,472)
Interest paid - (6)
Net cash used in operating activities (1,061,312) (369,478)
============= ===========
5 Dividends
31 October 31 October
2012 2011
GBP GBP
Dividend on ordinary shares paid on 1
October 2012:
Final 2012 30,450 30,450
=============== ===============
6 Cash and cash equivalents
31 October 31 October
2012 2011
GBP GBP
Bank and cash balances 29,282 22,865
Bank overdraft (107,315) (302,869)
---------------- --------------
(78,033) (280,004)
================ ==============
7 Interim financial statements
The interim financial statements were approved by the Board
of Directors on 29 January 2013 and were posted out to all
shareholders on that date. The interim financial report
is available to the public for a period of one month from
the date of this announcement from the Secretaries at the
Company's registered office.
Registered Office :
Geoghegans
6 St Colme Street
Edinburgh EH3 6AD
Company registered in Scotland :
No. SC007893
This information is provided by RNS
The company news service from the London Stock Exchange
END
IR DKLFLXFFLBBL
John Swan (LSE:SWJ)
Gráfico Histórico do Ativo
De Dez 2024 até Jan 2025
John Swan (LSE:SWJ)
Gráfico Histórico do Ativo
De Jan 2024 até Jan 2025
