TIDMHDD
RNS Number : 1024E
Hardide PLC
15 December 2009
+------------------------------------+------------------------------------------------+
| Press Release | 15 December 2009 |
+------------------------------------+------------------------------------------------+
Hardide plc
("Hardide" or "the Group")
Preliminary results for the year ended 30 September 2009
Hardide plc (AIM:HDD), the provider of unique metal surface engineering
technology, announces its preliminary results for the twelve months ended 30
September 2009.
Financial Highlights
+-----+--------------------------------------------------------------------------------+
| * | Group turnover decreased 43% to GBP1.21 million (FY 2008: GBP2.12 million) |
+-----+--------------------------------------------------------------------------------+
| * | Loss before tax and exceptional items decreased 16% to GBP1.46 million (FY |
| | 2008: loss GBP1.74 million) |
+-----+--------------------------------------------------------------------------------+
| * | Impairment of fixed assets of Houston facility of GBP0.36 million treated as |
| | an exceptional item |
+-----+--------------------------------------------------------------------------------+
| * | Decreased loss per share of 0.6 p (FY 2008: loss 1.1 p) |
+-----+--------------------------------------------------------------------------------+
| * | Successful raising of GBP1.57 million (gross) new funds; GBP1 million in loans |
| | converted into new ordinary shares |
+-----+--------------------------------------------------------------------------------+
| * | Overheads reduced by GBP600,000 (29%) compared with 2008 |
+-----+--------------------------------------------------------------------------------+
Operational Highlights
+-----+------------------------------------------------------------------------------+
| * | Successful transfer of US production to UK with no customer losses following |
| | hibernation of Houston facility |
+-----+------------------------------------------------------------------------------+
| * | Management team strengthened with the appointment of Nick King as Business |
| | Development Manager |
+-----+------------------------------------------------------------------------------+
| * | Successful development of new coating for titanium |
+-----+------------------------------------------------------------------------------+
| * | Hardide secures approval and orders from FMC Technologies (NYSE: FTI) |
+-----+------------------------------------------------------------------------------+
| * | Hardide secures approval as standard product line and orders from Flowserve |
| | Corporation (NYSE: FLS) |
+-----+------------------------------------------------------------------------------+
| * | Hardide-A coating developed as a substitute for hard chrome plating |
+-----+------------------------------------------------------------------------------+
Post-Period Events
+-----+------------------------------------------------------------------------------+
| * | Positive indications from key customers of a recovery of demand in 2010 |
+-----+------------------------------------------------------------------------------+
| * | Further strategic markets and applications review to complete in early 2010 |
+-----+------------------------------------------------------------------------------+
Commenting on the results, Dr Graham Hine, Chief Executive of Hardide plc,
said:"Hardide's growth over the last year has been adversely affected by the
economic downturn and the impact that it has had on the markets in which our key
customers are operating which include oil and gas, and construction.
"We took a number of actions throughout the year to protect and restructure the
Group's business, and to significantly reduce costs and conserve cash. This
means that we are well placed to benefit from the markets as they recover.
"The outlook at the start of the new financial year is cautious but stable as we
see signs of growth returning to our key customers' markets and with that,
confidence in their own operations and in demand for the Hardide technology."
For further information:
+-------------------------------------------+------------------------------------+
| Hardide plc | |
+-------------------------------------------+------------------------------------+
| Dr Graham Hine, Chief Executive | Tel: +44 (0) 1869 353 830 |
| Jackie Robinson, Corporate Communications | jrobinson@hardide.com |
| | www.hardide.com |
| | |
+-------------------------------------------+------------------------------------+
+----------------------------------------+---------------------------------------+
| Seymour Pierce Limited | Tel: +44 (0) 20 7107 8000 |
+----------------------------------------+---------------------------------------+
| Nicola Marrin | nicolamarrin@seymourpierce.com |
| | www.seymourpierce.com |
| | |
+----------------------------------------+---------------------------------------+
| | |
+----------------------------------------+---------------------------------------+
Notes to editors:
Hardide manufactures and applies tungsten carbide-based coatings to a wide range
of engineering components. The Group's patented technology provides a unique
combination of ultra-hardness, toughness, low friction and chemical resistance
in one coating. When applied to components, the technology is proven to offer
dramatic cost savings through reduced downtime and extended part life.
Customers include leading companies operating in oil and gas exploration and
production, valve and pumps manufacturing, general engineering and aerospace.
CHAIRMAN'S STATEMENT
Hardide plc's results for the year to 30 September 2009 reflect the economic
downturn that has affected all the sectors in which Hardide's key customers are
operating. The Group's position is in common with that of many small
manufacturers and has been further affected by aggressive de-stocking by major
customers. This caused a sharp fall-off in orders, beginning in Q2 2009, as
announced.
The Group is reporting FY 2009 sales revenue of GBP1.21 million, a decrease of
43% compared with the same period last year (FY 2008 GBP2.12 million). The Group
PBT for the year narrowed to a loss before tax and exceptional items of GBP1.46
million, a 16% reduction from the pre-tax loss of GBP1.74 million in 2008.
The reduction in demand from our customers who service the oil and gas,
construction and automotive markets was sudden and sharp and has been followed
by a prolonged period of very limited visibility of future demand. Swift and
significant management action was necessary to protect the Group's business and
restructure it so as to withstand better the effects of the manufacturing
downturn. In March 2009, the Group announced the hibernation of the Houston
manufacturing facility, a redundancy programme in the UK and a plan to
significantly reduce costs and conserve cash. These were hard decisions but
necessary to create longer term stability and preserve a solid foundation from
which the Group can re-build as markets improve. In total, these actions
delivered an annualised cost saving of GBP650,000, which resulted in an EBITDA
loss for the year of GBP1.12 million, broadly similar to the FY 2008 EBITDA loss
of GBP1.09 million. The hibernation of the Houston facility resulted in an
exceptional impairment charge of GBP364,000.
In May 2009, the board announced that it was undertaking a review of its
strategic options to further ensure the future of the Group. This culminated in
fundraising that was completed in July 2009 and raised GBP1,566,200 of new funds
with a further GBP1 million of loans being converted into new ordinary shares at
the placing price. The new money covered working capital needs, the further
development of Hardide's patented diamond coating technology and the continued
development of the US market. The board acknowledges and thanks the major
shareholders for their continued faith and support, and their further investment
in the Group.
In light of the new market conditions, in late Q4 2009, the management team,
supported by the board, began a further strategic review to revisit previous
analysis and assumptions of key markets and applications with the highest
potential for the Hardide technology. This is an in-depth process and due for
completion in early 2010. Initial findings support the current strategic plan
but the review is expected to lead to a plan to deliver short-term sales revenue
and a diversified and robust business.
While the Group's growth has been badly affected by the wider economic climate,
the board remains confident in the technology, its potential for new
applications with existing customers and in new markets, and in the recovery of
demand. Post-period, the Group has received positive indications from key
customers that demand will rise over the course of the next calendar year.
I would like to thank all staff, shareholders and members of the board for their
support and continuing confidence in the Group during this difficult year.
Thanks are also due to David Mott, who retired from the board in March 2009, for
his sound advice and guidance as a Non-Executive Director since the earliest
days of Hardide.
Robert Goddard
Chairman
14 December 2009
CHIEF EXECUTIVE OFFICER'S REVIEW
The fierce slowdown of global trade and economic activity at the end of 2008
triggered huge uncertainties in our key customers' primary markets i.e. the oil
and gas, construction and automotive industries. This quickly filtered through
the supply chain and in Q2 2009, Hardide experienced a rapid deterioration in
demand as customers radically reined in expenditure.
In March 2009, it was necessary to implement a Group-wide cost reduction plan to
re-align the business to the new market conditions. This included the
hibernation of the Houston manufacturing facility and the temporary move of all
US production to the UK, a UK redundancy programme and a re-evaluation of all
discretionary expenditure. It was extremely disappointing to have to take this
action at a time when the Hardide technology continues to gain recognition as an
'enabling' technology by blue chip customers operating in multi-billion dollar
markets. Nevertheless, the sales cycle remains frustratingly slow due to the
unique nature of the technology and the need for stringent and prolonged testing
in the majority of its current applications. By the end of March 2009, all US
sampling and production had been moved seamlessly to the UK with no loss of
customers.
UK: Hardide Coatings Limited
The UK operating company, Hardide Coatings Limited, delivered FY 2009 revenue of
GBP1.09 million, down 45% from GBP1.97 million in 2008. The UK business was
particularly hard hit by depressed activity within the oil and gas sector. Lower
oil and gas prices caused the operating companies to reduce expenditure
dramatically, cancel projects or request price concessions. This squeeze saw
discretionary drilling being put on hold as the oil price in mid-2009 sat at
around half the level of July 2008, when it had peaked at US$147. Together with
the customer de-stocking issue, this market softening was the major contributory
factor to the 2009 revenue drop. No customers reduced orders due to
dissatisfaction with the Hardide technology or service.
The UK business reported a pre-tax loss of GBP324,000, compared with a pre-tax
loss of GBP133,000 in the same period last year. While lower revenue was not
completely off-set by lower costs, overheads in the UK were reduced by 38%,
mainly due to a reduced headcount and a spending moratorium.
In February 2009, the management team was strengthened by the appointment of
Nick King as Business Development Manager for UK and Europe. He joined from
Praxair Surface Technologies Ltd., bringing more than 30 years of experience and
contacts within the surface treatment market. He has made a strong impact on the
management team, helping to shape the future direction of sales and market
development.
Throughout the year, the operations and engineering teams have concentrated on
improving delivery performance and plant efficiency, using any spare capacity to
improve general housekeeping throughout the shop floor and customer-facing
areas. This has resulted in increased yields and loading capacities, improved
plant efficiency via Total Productive Management, more robust coating practices
and standardised methods, and a more streamlined enquiry process with full
traceability. 'On-time' delivery has improved by 9% while late orders have
reduced by 37% and the average time period for a late order has been reduced by
50%. Improved design of furnace tooling for one high volume application has led
to an increase in yield of 150%. Overall the plant has recorded a 17% reduction
in reworks due to improved process and plant efficiencies.
The Airbus three-year test programme that the UK company entered into and
reported last year is advancing, with samples now undergoing extensive
corrosion, wear and metallographic testing. Interim results are encouraging.
US: Hardide Coatings, Inc.
The Houston facility reported sales revenue of $182,000 in the six months to 31
March 2009 when the plant was hibernated, and a FY 2009 loss of $1.80 million
after accounting for an impairment charge. The US business had continued to
experience an extended sales cycle which, when combined with the effects of the
depressed oilfield services market, meant that it was not possible to sustain
manufacture in the region without putting the entire Group at risk. The sales,
operations and engineering teams worked closely to ensure a seamless transition
of customers, samples and production parts to the UK. This worked well and all
customers were retained. Lead and sample times have been maintained, and in some
cases improved, despite shipping. The plant remains in place in Houston and will
be re-opened when the UK reaches capacity and/or when US sales are sufficient to
support the re-start of operations. Meanwhile, the US continues to play an
important role, both in current sales and future business growth. Two
significant new customers, FMC Technologies and Flowserve Corporation, were
gained in H2 2009 in our key sectors of oil and gas, and valves respectively.
Furthermore, the Group is in extensive test programmes with two blue chip
strategic customers in the region, both customers forming cornerstones of our
diversification strategy.
Markets
Customer and sector diversification remains a priority for the Group. The global
economic downturn has slowed our progress in achieving this strategic goal but
we are working to develop new revenue streams from existing customers and enter
new markets with proven applications. Developing these strategic relationships
with key global customers will position us to meet their needs as economic
conditions improve and embed our technology across a wider portfolio of
applications.
Our core commercial markets of oil and gas, valves and pumps have all been
affected by the global economy but remain large and profitable. We are confident
that they will remain central to the Group's growth. The management team is
undertaking a strategic review to identify and qualify additional markets and
applications which have the highest potential to deliver short term financial
returns and build a pipeline for a diversified business. This is due for
completion in early 2010.
Health, Safety and Environment
Hardide plc is committed to the highest standards of health, safety and
environmental policy and practice. The Group recorded no lost time accidents
during the reporting period and achieved a record 350 days without an entry into
the accident book.
The Group has continued to develop and improve its quality systems and methods
throughout the year. A stage 2 AS9100 audit is planned for the new calendar
year. If successful, this will replace the current ISO 9001 standard and support
the continued progress of Hardide in the aerospace market.
Technology, Research & Development
The Applications Development Committee (ADC) led by Dr Yuri Zhuk, Technical
Director, has continued to make good progress throughout the year. The committee
was formed last year to evaluate, prioritise, manage and monitor the development
of new applications in both the UK and US. The ADC works on a rotation of no
more than twelve key applications that are scored for technical and commercial
potential before being selected for development and testing. Last year, the
development of variant coatings for diamonds and titanium were identified as key
projects for R&D resources.
In March 2009, the Group was pleased to announce that it had successfully
developed a process to enable the Hardide coating of titanium. Tests are now
underway in the UK and US with blue chip customer partners. This is a
significant breakthrough for the coating of a high-performance metal commonly
used in the aerospace, defence, motorsport and general industrial applications.
Testing is continuing on the new variant coating for diamond with three customer
partners in the UK and US. This application is for a new and patented tungsten
carbide Hardide coating that offers an unprecedented combination of adhesive and
protective properties. Improved tool performance and durability is expected to
offer impressive cost savings to customers. The results are promising although
scale-up and commercialisation will require capital investment.
During the year, a new coating, Hardide-A was developed as a substitute for hard
chrome plating which is under threat from EU REACH and other similar
environmental regulations worldwide. Hard chrome plating is widely used in the
aerospace sector and many blue chip companies including the major aircraft
manufacturers have launched programs to identify and develop new coatings to
replace hard chrome. Hardide-A matches the key characteristics of hard chrome
plating including hardness and thickness, and outperforms the material in some
key protective properties. Hardide-A is currently under test and evaluation with
two leading European high-tech companies.
Outlook
Our outlook at the start of the new financial year is cautious but stable. In
the short term, a key determining factor in the timing of our return to revenue
growth is the timing of the economic recovery. When this happens, in particular
when oil and gas exploration and production expenditure returns, as it is
beginning to, we are well placed to respond rapidly and effectively. We have
retained the critical infrastructure, people, skills and knowledge-base to be
able to scale up as soon as the markets improve. As we enter the new financial
year, we are seeing signs of stability returning to our key customers' markets
and with that, confidence in their own operations and in demand for the Hardide
technology.
I would like to thank our customers for their confidence and support, and our
employees for their commitment during a turbulent year. We have gone through a
period of retrenchment and consolidation but the Group has used the downtime
wisely and enters the new financial year ready to manage the resumption of
demand.
Dr Graham Hine
Chief Executive Officer
14 December 2009
FINANCIAL REVIEW
While the 2008/09 financial year started encouragingly for the Group, in Q2 we
began to be affected badly by reduced demand in our end markets and savage
inventory cuts by our largest customers.
Our response was to reduce production resources in the UK to more closely align
with demand, and to reduce overheads (both staff and non-staff) to a size more
appropriate to the Group's needs, at the same time ensuring that we retained the
capacity, expertise and resources to deal with resumption in demand from our
existing customers and convert opportunities for new applications and customers
In spite of these actions, gross margins in the UK fell by 16%, although with
production salaries excluded variable costs of sales remained stable. Overheads
in the UK operation were reduced by GBP492,000 (38%) to GBP794,000, and the
timing of our cost reductions means that there should be a significant flow
through into the current financial year. Overall, Hardide Coatings Limited
recorded a pre-tax loss of GBP324,000 against a loss of GBP133,000 in the prior
year.
We also took the decision to hibernate our facility in Houston and transfer all
production to the UK. Hardide Coatings Inc remains as a legal entity in the US
and all the assets and fixtures at the plant have been left in-situ so that
production can be resumed when conditions allow. The hibernation has resulted in
an exceptional impairment charge against the fixed assets in Houston of $540,000
(GBP364,000). This reflects their current status as non-revenue earning, rather
than any actual change in their effectiveness or capacity.
Hardide Coatings Inc made a pre-tax loss of GBP834,000 (2008: GBP1,194,000)
before inclusion of the impairment charge. As with the UK, the timing of the
suspension of operations in March, and the presence of costs which tailed
through into the second half of the year, means that substantial cost reductions
will flow through into the current financial year.
A capital reorganisation of the Group was undertaken in the second half of the
year, including raising GBP1,566,200. The conversion of GBP1,000,000 of existing
loans into equity resulted in a one-off credit to finance costs of GBP78,000 as
these loans had been treated as combined instruments since their inception in
2007.
Overall, the actions we have taken, although painful, have substantially reduced
the break even point of the Group and resulted in a much more sustainable
business going forwards.
Peter Davenport
Finance Director
14 December 2009
CONSOLIDATED INCOME STATEMENT
for the year ended 30 September 2009
+-----------------------------------------+------+--------------+--------------+
| | | 2009 | 2008 |
| | | GBP000 | GBP000 |
+-----------------------------------------+------+--------------+--------------+
| | | | |
+-----------------------------------------+------+--------------+--------------+
| Revenue | | 1,209 | 2,123 |
+-----------------------------------------+------+--------------+--------------+
| Cost of sales | | (854) | (1,132) |
+-----------------------------------------+------+--------------+--------------+
| | | | |
+-----------------------------------------+------+--------------+--------------+
| Gross profit | | 355 | 991 |
+-----------------------------------------+------+--------------+--------------+
| | | | |
+-----------------------------------------+------+--------------+--------------+
| Administrative expenses | | (1,477) | (2,081) |
+-----------------------------------------+------+--------------+--------------+
| Impairment of intangibles | | (2) | |
+-----------------------------------------+------+--------------+--------------+
| Depreciation and amortisation | | (330) | (500) |
+-----------------------------------------+------+--------------+--------------+
| Exceptional item: Impairment of fixed | | (364) | - |
| assets | | | |
+-----------------------------------------+------+--------------+--------------+
| | | | |
+-----------------------------------------+------+--------------+--------------+
| Operating loss | | (1,818) | (1,590) |
+-----------------------------------------+------+--------------+--------------+
| | | | |
+-----------------------------------------+------+--------------+--------------+
| Finance income | | 14 | 37 |
+-----------------------------------------+------+--------------+--------------+
| Finance costs | | (13) | (187) |
+-----------------------------------------+------+--------------+--------------+
| Disposal of fixed asset | | (7) | - |
+-----------------------------------------+------+--------------+--------------+
| | | | |
+-----------------------------------------+------+--------------+--------------+
| Loss on ordinary activities before | | (1,824) | (1,740) |
| taxation | | | |
+-----------------------------------------+------+--------------+--------------+
| | | | |
+-----------------------------------------+------+--------------+--------------+
| Taxation | | 35 | 37 |
+-----------------------------------------+------+--------------+--------------+
| | | | |
+-----------------------------------------+------+--------------+--------------+
| Loss on ordinary activities after | | (1,789) | (1,703) |
| taxation | | | |
+-----------------------------------------+------+--------------+--------------+
| | | | |
+-----------------------------------------+------+--------------+--------------+
| Loss per share: Basic | | (0.6)p | (1.1)p |
+-----------------------------------------+------+--------------+--------------+
| Loss per share: Diluted | | (0.2)p | (0.8)p |
+-----------------------------------------+------+--------------+--------------+
All operations are continuing.
CONSOLIDATED BALANCE SHEET
at 30 September 2009
+-----------------------------------------+------+--------------+--------------+
| | | 2009 | 2008 |
| | | GBP000 | GBP000 |
+-----------------------------------------+------+--------------+--------------+
| | | | |
+-----------------------------------------+------+--------------+--------------+
| Assets | | | |
+-----------------------------------------+------+--------------+--------------+
| | | | |
+-----------------------------------------+------+--------------+--------------+
| Non-current assets | | | |
+-----------------------------------------+------+--------------+--------------+
| Goodwill | | 69 | 69 |
+-----------------------------------------+------+--------------+--------------+
| Intangible assets | | 2 | 4 |
+-----------------------------------------+------+--------------+--------------+
| Property, plant & equipment | | 796 | 1,366 |
+-----------------------------------------+------+--------------+--------------+
| Total non-current assets | | 867 | 1,439 |
+-----------------------------------------+------+--------------+--------------+
| | | | |
+-----------------------------------------+------+--------------+--------------+
| Current assets | | | |
+-----------------------------------------+------+--------------+--------------+
| Inventories | | 26 | 44 |
+-----------------------------------------+------+--------------+--------------+
| Trade and other receivables | | 208 | 325 |
+-----------------------------------------+------+--------------+--------------+
| Other current financial assets | | 101 | 160 |
+-----------------------------------------+------+--------------+--------------+
| Cash and cash equivalents | | 932 | 995 |
+-----------------------------------------+------+--------------+--------------+
| Total current assets | | 1,267 | 1,524 |
+-----------------------------------------+------+--------------+--------------+
| | | | |
+-----------------------------------------+------+--------------+--------------+
| Total assets | | 2,134 | 2,963 |
+-----------------------------------------+------+--------------+--------------+
| | | | |
+-----------------------------------------+------+--------------+--------------+
| Liabilities | | | |
+-----------------------------------------+------+--------------+--------------+
| | | | |
+-----------------------------------------+------+--------------+--------------+
| Current liabilities | | | |
+-----------------------------------------+------+--------------+--------------+
| Trade and other payables | | 259 | 356 |
+-----------------------------------------+------+--------------+--------------+
| Financial liabilities | | 118 | 110 |
+-----------------------------------------+------+--------------+--------------+
| Total current liabilities | | 377 | 466 |
+-----------------------------------------+------+--------------+--------------+
| | | | |
+-----------------------------------------+------+--------------+--------------+
| Net current assets | | 890 | 1,058 |
+-----------------------------------------+------+--------------+--------------+
| | | | |
+-----------------------------------------+------+--------------+--------------+
| Non-current liabilities | | | |
+-----------------------------------------+------+--------------+--------------+
| Financial liabilities | | 748 | 1,162 |
+-----------------------------------------+------+--------------+--------------+
| Total non-current liabilities | | 748 | 1,162 |
+-----------------------------------------+------+--------------+--------------+
| | | | |
+-----------------------------------------+------+--------------+--------------+
| Total liabilities | | 1,125 | 1,628 |
+-----------------------------------------+------+--------------+--------------+
| | | | |
+-----------------------------------------+------+--------------+--------------+
| Net assets | | 1,009 | 1,335 |
+-----------------------------------------+------+--------------+--------------+
| | | | |
+-----------------------------------------+------+--------------+--------------+
| Equity attributable to equity holders | | | |
| of the parent | | | |
+-----------------------------------------+------+--------------+--------------+
| Share capital | | 2,541 | 1,896 |
+-----------------------------------------+------+--------------+--------------+
| Share premium | | 5,259 | 4,102 |
+-----------------------------------------+------+--------------+--------------+
| Retained earnings | | (6,481) | (4,705) |
+-----------------------------------------+------+--------------+--------------+
| Share-based payments reserve | | 274 | 347 |
+-----------------------------------------+------+--------------+--------------+
| Translation reserve | | (584) | (305) |
+-----------------------------------------+------+--------------+--------------+
| Total equity | | 1,009 | 1,335 |
+-----------------------------------------+------+--------------+--------------+
The financial statements were approved and authorised for issue by the Board on
14 December 2009.
Graham Hine
Director
CONSOLIDATED CASH FLOW STATEMENT
for the year ended 30 September 2009
+-----------------------------------------+------+--------------+--------------+
| | | 2009 | 2008 |
| | | GBP000 | GBP000 |
+-----------------------------------------+------+--------------+--------------+
| | | | |
+-----------------------------------------+------+--------------+--------------+
| Cash flows from operating activities | | | |
+-----------------------------------------+------+--------------+--------------+
| Operating loss | | (1,818) | (1,590) |
+-----------------------------------------+------+--------------+--------------+
| Impairment of intangibles | | 2 | 3 |
+-----------------------------------------+------+--------------+--------------+
| Depreciation | | 330 | 497 |
+-----------------------------------------+------+--------------+--------------+
| Impairment of fixed assets | | 364 | - |
+-----------------------------------------+------+--------------+--------------+
| Share option charge | | 64 | 50 |
+-----------------------------------------+------+--------------+--------------+
| Decrease in inventories | | 18 | 55 |
+-----------------------------------------+------+--------------+--------------+
| Decrease in receivables | | 181 | 310 |
+-----------------------------------------+------+--------------+--------------+
| Decrease in payables | | (97) | (155) |
+-----------------------------------------+------+--------------+--------------+
| Exchange rate variance | | (377) | (391) |
+-----------------------------------------+------+--------------+--------------+
| Cash generated from operations | | (1,333) | (1,221) |
+-----------------------------------------+------+--------------+--------------+
| | | | |
+-----------------------------------------+------+--------------+--------------+
| Finance income | | 14 | 37 |
+-----------------------------------------+------+--------------+--------------+
| Finance costs | | (75) | (108) |
+-----------------------------------------+------+--------------+--------------+
| Tax received / (paid) | | 36 | 26 |
+-----------------------------------------+------+--------------+--------------+
| | | | |
+-----------------------------------------+------+--------------+--------------+
| Net cash generated from operating | | (1,358) | (1,266) |
| activities | | | |
+-----------------------------------------+------+--------------+--------------+
| | | | |
+-----------------------------------------+------+--------------+--------------+
| Cash flows from investing activities | | | |
+-----------------------------------------+------+--------------+--------------+
| Purchase of property, plant and | | (30) | (127) |
| equipment | | | |
+-----------------------------------------+------+--------------+--------------+
| | | | |
+-----------------------------------------+------+--------------+--------------+
| Net cash used in investing activities | | (30) | (127) |
+-----------------------------------------+------+--------------+--------------+
| | | | |
+-----------------------------------------+------+--------------+--------------+
| Cash flows from financing activities | | | |
+-----------------------------------------+------+--------------+--------------+
| Net proceeds from issue of ordinary | | 802 | 1,173 |
| share capital | | | |
+-----------------------------------------+------+--------------+--------------+
| Finance lease inception | | - | - |
+-----------------------------------------+------+--------------+--------------+
| Finance lease repayment | | (110) | (145) |
+-----------------------------------------+------+--------------+--------------+
| New loans raised | | 633 | 225 |
+-----------------------------------------+------+--------------+--------------+
| | | | |
+-----------------------------------------+------+--------------+--------------+
| Net cash used in financing activities | | 1,325 | 1,253 |
+-----------------------------------------+------+--------------+--------------+
| | | | |
+-----------------------------------------+------+--------------+--------------+
| Net increase / (decrease) in cash and | | (63) | (140) |
| cash equivalents | | | |
+-----------------------------------------+------+--------------+--------------+
| | | | |
+-----------------------------------------+------+--------------+--------------+
| Cash and cash equivalents at the | | 995 | 1,135 |
| beginning of the year | | | |
+-----------------------------------------+------+--------------+--------------+
| | | | |
+-----------------------------------------+------+--------------+--------------+
| Cash and cash equivalents at the end of | | 932 | 995 |
| the year | | | |
+-----------------------------------------+------+--------------+--------------+
CONSOLIDATED STATEMENT OF RECOGNISED INCOME AND EXPENSE
for the year ended 30 September 2009
+-----------------------------------------+------+--------------+--------------+
| | | 2009 | 2008 |
| | | GBP000 | GBP000 |
+-----------------------------------------+------+--------------+--------------+
| | | | |
+-----------------------------------------+------+--------------+--------------+
| Exchange differences on translation of | | (279) | (335) |
| foreign operations | | | |
+-----------------------------------------+------+--------------+--------------+
| | | | |
+-----------------------------------------+------+--------------+--------------+
| Net income recognised directly in | | (279) | (335) |
| equity | | | |
+-----------------------------------------+------+--------------+--------------+
| | | | |
+-----------------------------------------+------+--------------+--------------+
| Loss for the year | | (1,789) | (1,703) |
+-----------------------------------------+------+--------------+--------------+
| | | | |
+-----------------------------------------+------+--------------+--------------+
| Total recognised income and expense for | | (2,068) | (2,038) |
| the year | | | |
+-----------------------------------------+------+--------------+--------------+
PUBLICATION OF NON-STATUTORY ACCOUNTS
The financial information set out in this preliminary announcement does not
constitute statutory accounts as defined in Section 435 of the Companies Act
2006.
The consolidated balance sheet at 30 September 2009, and the consolidated income
statement and consolidated cash flow statement for the year then ended have been
extracted from the Group's 2009 statutory financial statements upon which the
auditors have reported. The auditor's report is unqualified and does not
include any statement under Sections 498 (2) (accounting records or returns
inadequate or accounts not agreeing with records) or 498 (3) (failure to obtain
necessary information and explanations) of the Companies Act 2006. Those
financial statements have not yet been delivered to the Registrar of Companies.
The auditors have made a matter of emphasis in their audit report relating to
uncertainty regarding going concern should the Group not fulfil its current plan
for revenues, costs and cashflows. These matters indicate the existence of a
material uncertainty which may cast significant doubt over the Company's ability
to continue as a going concern. The directors are confident that the plan will
either be realised given its conservative view of revenue recovery and the
actions already taken to reduce the Group's cost base, or that fresh funding
will be available.
This information is provided by RNS
The company news service from the London Stock Exchange
END
FR TIBRTMMIBBTL
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