Interim Results - Amendment
28 Giugno 2005 - 3:26PM
UK Regulatory
RNS Number:1565O
Hardide PLC
28 June 2005
Press Release 28 June 2005
The following replaces the Interim Results announcement released today at 7.00am
under RNS number 1174O.
In the Proforma Profit and Loss Account '000 has been removed from the column
headings.
The full amended release appears below.
Hardide plc
Interim Results for the Period to 4 April 2005
Hardide plc ("Hardide" or "the Company"), the provider of unique surface
engineering technology, announces its maiden set of interim results. The
interim results cover the trading of Hardide plc from its formation on 27
January 2005 to completion of the AIM admission and fundraising on 4 April 2005.
The pro forma results cover the trading of the operating subsidiary Hardide
Coatings Limited for the six months to 31 March 2005, which was acquired by
Hardide plc on 7 March 2005.
Financial highlights
* Turnover #496,134 (H1 2004 #124,633)
* Operating Loss reduced to #281,222 (H1 2004 #519,204)
* Loss before Tax reduced to #273,364 (H1 2004 #531,204)
* Successful listing on AIM in April 2004 raising net proceeds of #1.4
million
* Supplier status attained with BAE Systems
* Appointment of Financial Controller
Commenting on the results, Jim Murray-Smith, Chief Executive of Hardide plc,
said:
"I am delighted to report the maiden set of interim results for Hardide. Our
successful flotation on AIM which raised #1.4 million will help Hardide achieve
its strategic goals. We are particularly encouraged by the number of new
customers who are adopting Hardide as a solution provider. Our approved supplier
status with BAE Systems is another excellent endorsement of our product. I am
confident that our good performance outlined in these results will continue in
the months ahead."
For further information:
Hardide plc
Jim Murray Smith, Chief Executive Tel: +44 (0) 1869 353 830
jmurray-smith@hardide.com www.hardide.com
Seymour Pierce
Sarah Wharry / Jeremy Porter, Corporate Finance Tel: +44 (0) 207 107 8000
Media enquiries:
Abchurch
Peter Curtain / Chris Lane Tel: +44 (0) 207 398 7700
chris.lane@abchurch-group.com www.abchurch-group.com
Chairman's Statement
The six months to 31 March 2005 have been an exceptionally busy period in the
Company's short history.
Your Board took the decision in December 2004 to list the Company on AIM to
raise its profile and to raise funds to accelerate expansion. The Company
appointed advisers early in the New Year and was admitted to trading on AIM on 4
April 2005, having raised #1.75 million, before costs. The funds raised will
enable Hardide to reach the next stage in its development, expand into other
geographical markets and consolidate on the Company's success to date.
I must pay a special vote of thanks to your executive directors, Jim
Murray-Smith and Yuri Zhuk for their hard work. Jim's drive and enthusiasm
ensured a successful fundraising and float without the Company's trade
performance suffering.
The Board is confident of the Company's trading for the remainder of the
financial year as the customer base expands.
David Chestnutt
Chairman
Chief Executive's Report
I am pleased to have this opportunity to comment on Hardide's first set of
interim accounts since its admission to AIM on 4 April this year. You will note
that the Interim Report reflects the position of the listed Plc Company, which
of course acquired the business of Hardide Ltd (now Hardide Coatings Ltd)
immediately prior to the flotation, and therefore, the Plc accounts as filed
allow no opportunity for comparison with previous trading periods. In order for
our progress to be clearly seen I have had added a Pro Forma Profit and Loss
Account relevant to the operational business for the past three six-month
periods.
Consequently I am able to report solid progress both in the continued
development of our customer base across our chosen fields of operation and also
success in consolidating our position as a reliable and worthy supplier to what
are now becoming our established customers. This progression is clearly
demonstrated by steady increases in turnover over the past three six-month
periods.
The successful fundraising in April, which was oversubscribed, means we are well
positioned to maintain our combined strategy of growing the business by new
customer conversion and continuing to improve our customer performance. The
funds are being used mainly for investment in new plant, recruitment and
marketing to take advantage of opportunities in the energy and general
engineering sectors. This investment, coupled with the IPO, will help raise our
profile to reposition the Company as a global participant in the surface
technology market.
The flotation has enabled the Company to put additional infrastructure in place,
including the appointment of a Financial Controller with a proven track record
in industry. Peter Davenport was previously a Financial Controller at the UK arm
of Valspar Corporation, a NYSE-listed company involved in the manufacture of
coatings.
Recent additions to our Sales, Accounting and Production teams, together with
further investment in state-of-the-art measurement and pre-treatment equipment,
underscore your management's commitment to driving the business forward in an
efficient and professional manner. We are much encouraged by the number of new
customers evaluating and adopting Hardide as a solution provider and by the
position these organisations fill in their respective markets.
Our intention, announced on 25 April, to establish a sales and manufacturing
facility in Houston, Texas, was well received by our customers both in the US
and elsewhere. The investment will address the growing demand for Hardide's
products in the oil and gas sector. The official opening of the Houston sales
office took place on 27 June. To reinforce supply to UK and European customers
and to meet the increasing demand for our products, we have also commissioned a
new pre-treatment plant at Bicester.
Supply relationships with our key customers are advancing and I am delighted to
report that Hardide has recently received approval to act as a supplier to BAE
Systems.
Interest shown in the Company among potential customers and business partners
during and since the Offshore Technology Conference in Houston, USA, in May
2005, has been most encouraging, and we look forward to extending our customer
base through these potential opportunities.
We are confident that our positive performance will continue in the months
ahead.
Jim Murray-Smith
Chief Executive
HARDIDE COATINGS LIMITED (FORMERLY HARDIDE LIMITED)
PROFORMA PROFIT AND LOSS ACCOUNT
SIX MONTHS ENDED 31 MARCH 2005
Six months Six months Six months
ended 31 ended 30 ended 31
March 2005 September 2004 March 2004
(unaudited) (unaudited) (unaudited)
# # #
Turnover 496,134 206,368 124,633
Cost of Sales (204,781) (163,984) (130,016)
Gross Profit 291,353 42,384 (5,384)
Administrative Expenses (618,553) (554,680) (540,320)
Other Income 45,978 26,500 26,500
Operating Loss (281,222) (485,797) (519,204)
Interest receivable 9,952 8,000 -
Interest payable and similar charges (2,094) (6,668) (12,000)
Loss on ordinary activities before
taxation (273,364) (484,465) (531,204)
GROUP PROFIT AND LOSS ACCOUNT
FOR THE PERIOD FROM 27 JANUARY 2005 TO 4 APRIL 2005
27 January 2005
to 4 April 2005
(unaudited)
Notes #'000
Turnover 100
Cost of sales 30
Gross profit 70
Administrative expenses (158)
Operating loss (88)
Profit on disposal of operations -
Income from other fixed assets investments -
Other income 23
Loss on ordinary activities before
investment income, interest and taxation (65)
Other interest receivable 4
Interest payable and similar charges -
Loss on ordinary activities before
taxation (61)
Taxation on loss on ordinary activities -
Loss on ordinary activities after
taxation (61)
Minority interest: equity -
Dividends received -
Loss for the financial year attributable
to members of the parent company (61)
Loss per share: basic and diluted (pence
per share) 2 (0.05)
There are no recognised gains or losses other than the loss for the period.
GROUP BALANCE SHEET
FOR THE PERIOD FROM 27 JANUARY 2005 TO 4 APRIL 2005
Unaudited
4 April
2005
Notes #'000
Fixed assets
Intangible assets 9,772
Tangible assets 1,032
-----
10,804
-----
Current assets
Stock 35
Debtors 4 390
Cash at bank and in hand 1,909
-----
2,334
Creditors: amounts falling due within one year (578)
-----
Net current assets 1,756
-----
Creditors: amounts falling due after one year (73)
-----
Net assets 12,487
=====
Capital and reserves
Called up share capital 1,275
Share premium reserve 11,273
Profit and loss account (61)
-----
Total shareholders' funds 5 12,487
The interim financial report was approved by the board of directors on 27 June
2005 and was signed on their behalf by:
J S Murray-Smith
Director
GROUP CASH FLOW STATEMENT
AT 4 APRIL 2005
Notes 27 January 2005
to 4 April 2005
(unaudited)
#'000
Cash outflow from operating
activities 6 (47)
_________
Returns on investment and servicing of finance
Interest element of finance lease rental payments -
Interest received -
Dividends received -
__________
-
__________
Taxation
Taxation paid -
__________
Capital expenditure and financial investment
Payments to acquire tangible fixed
assets (48)
Payments to acquire intangible fixed assets
__________
(48)
__________
Acquisitions and disposals
Net cash transferred with subsidiary
undertakings 454
__________
-
__________
Net cash inflow before financing (359)
__________
Financing
Issue of shares 1,550
__________
1,550
__________
Increase in cash 1,909
NOTES TO THE INTERIM REPORT
FOR THE PERIOD ENDED 4 APRIL 2005
1. ACCOUNTING POLICIES
(i) Basis of preparation
The interim report for the period ended 4 April 2005 is unaudited and does not
constitute statutory accounts within the meaning of Section 240 of the Companies
Act 1985. It has been prepared under the historical cost convention and on a
basis consistent with the accounting policies used to prepare audited accounts
of the company's wholly owned subsidiary Hardide Coatings Limited for the year
ended 30 September 2005.
(ii) Basis of consolidation
The group financial statements consolidate the financial information of the
company and of its subsidiaries. The financial information for each company in
the group has been prepared to 4 April 2005.
2. EARNINGS PER SHARE
The calculation of basic and diluted loss per share is based on loss of #61,000
the period ended 4 April 2005 and on the weighted average number of ordinary
shares in the period of 127,493,242.
3. INVESTMENTS
(a) Subsidiary Undertakings
Company No. of Type of Share Nominal Nature of
business
Shares Shares Capital Value
#
Hardide Coatings
Limited 1,927,706 Ordinary 100% 0.10 Surface Coating
4. DEBTORS Unaudited
4 April
2005
#'000
Trade debtors 265
Other debtors 125
__________
390
__________
NOTES TO THE INTERIM REPORT (continued)
FOR THE PERIOD ENDED 4 APRIL 2005
5. RECONCILIATION OF MOVEMENT IN EQUITY SHAREHOLDERS' FUNDS
Unaudited
4 April
2005
#'000
Group
(Loss)/profit for the period (61)
On issue of shares 12,548
On share for share exchange -
__________
------------
Increase in shareholders' funds 12,487
Opening shareholders' funds -
__________
-------------
Closing shareholders' funds 12,487
6. RECONCILIATION OF OPERATING LOSS TO NET CASH OUTFLOW FROM OPERATING
ACTIVITIES
Unaudited
4 April
2005
#'000
Operating loss (20)
Depreciation of tangible fixed assets 17
Increase in operating debtors and prepayments (93)
Increase in stocks (18)
Increase in operating creditors and accruals 67
Amortisation of goodwill -
__________
Cash inflow from operating activities 47
7. COPIES OF THE INTERIM REPORT
Copies of this Interim Report will be posted to shareholders and further copies
will be available from the Company's office at Unit 11, Wedgwood Road, Bicester,
Oxfordshire OX26 4UL.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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