TIDMMMAT
RNS Number : 4174Y
Marwyn Materials Limited
02 September 2009
MARWYN MATERIALS LIMITED
UNAUDITED INTERIM RESULTS
FOR THE 6 MONTH PERIOD TO 30 JUNE 2009
Chairman's Statement
I am pleased to present the interim financial statements of Marwyn Materials
Limited for the first six months of 2009.
Acquisition strategy
Marwyn Materials Limited was established to acquire controlling interests in
building materials businesses, both listed and unquoted, in the UK, Europe and
US, with a view to creating shareholder value through market consolidation. This
continued to be the group's strategy throughout the period under review.
Results
The group's loss after taxation for the period from incorporation to 30 June
2009 was GBP435,050 which was in line with the expected result for this period.
Costs incurred to date include GBP75,000 in relation to due diligence carried
out on acquisition targets by the group's professional advisers but with a large
proportion of work carried out by the management.
As at 30 June 2009, the group had net cash balances totalling GBP12.5 million.
Dividends
It is the board's policy that prior to making the first acquisition, no
dividends will be paid. Following the first acquisition, subject to availability
of distributable reserves, dividends will be paid to shareholders when the
directors believe it is appropriate and prudent to do so. However, the main
focus of the group will be on delivering capital growth for shareholders.
Outlook
The group continues to pursue its stated acquisition strategy. The short term
trading performance for building materials businesses has remained difficult and
we continue to review a number of opportunities to acquire attractive assets at
a cyclical low point for the industry.
We believe that Marwyn Materials, with its strong and experienced management
team, is well placed to exploit the available opportunities as they arise.
Peter Tom
Chairman
2nd September 2009
Enquiries:
Marwyn Materials Limited
Peter Tom020 7389 6800
Simon Vivian 020 7389 6800
Cenkos Securities plc
Nicholas Wells020 7397 8920
CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION
+----------------------------------+------+------------------+----+------------------+
| | | 30 June 2009 | | 31 December 2008 |
| | | (unaudited) | | (audited) |
+----------------------------------+------+------------------+----+------------------+
| | | GBP | | GBP |
+----------------------------------+------+------------------+----+------------------+
| | | | | |
| Assets | | | | |
+----------------------------------+------+------------------+----+------------------+
| | | | | |
+----------------------------------+------+------------------+----+------------------+
| Receivables | | 7,726 | | 14,195 |
+----------------------------------+------+------------------+----+------------------+
| Cash and cash equivalents | | 12,450,273 | | 12,806,100 |
+----------------------------------+------+------------------+----+------------------+
| Total current assets | | 12,457,999 | | 12,820,295 |
+----------------------------------+------+------------------+----+------------------+
| Total assets | | 12,457,999 | | 12,820,295 |
+----------------------------------+------+------------------+----+------------------+
| | | | | |
+----------------------------------+------+------------------+----+------------------+
| Equity | | | | |
+----------------------------------+------+------------------+----+------------------+
| Share capital | | 13,262,480 | | 13,262,480 |
+----------------------------------+------+------------------+----+------------------+
| Equity-settled employee benefits | | 1,263 | | 680 |
| reserve | | | | |
+----------------------------------+------+------------------+----+------------------+
| Accumulated losses | | (1,177,545) | | (742,495) |
+----------------------------------+------+------------------+----+------------------+
| Total equity attributable to the | | 12,086,198 | | 12,520,665 |
| shareholders of the Company | | | | |
+----------------------------------+------+------------------+----+------------------+
| Total equity | | 12,086,198 | | 12,520,665 |
+----------------------------------+------+------------------+----+------------------+
| | | | | |
+----------------------------------+------+------------------+----+------------------+
| Non-current liabilities | | | | |
+----------------------------------+------+------------------+----+------------------+
| Taxation | | 5,048 | | 1,913 |
+----------------------------------+------+------------------+----+------------------+
| Total non-current liabilities | | 5,048 | | 1,913 |
+----------------------------------+------+------------------+----+------------------+
| | | | | |
+----------------------------------+------+------------------+----+------------------+
| Current liabilities | | | | |
+----------------------------------+------+------------------+----+------------------+
| Trade and other payables | | 366,753 | | 297,717 |
+----------------------------------+------+------------------+----+------------------+
| Total current liabilities | | 366,753 | | 297,717 |
+----------------------------------+------+------------------+----+------------------+
| Total liabilities | | 371,801 | | 299,630 |
+----------------------------------+------+------------------+----+------------------+
| Total equity and liabilities | | 12,457,999 | | 12,820,295 |
+----------------------------------+------+------------------+----+------------------+
These condensed interim financial statements were approved and authorised for
issue by the Board of Directors on 2nd September 2009 and signed on its behalf
by:
Peter Tom CBE Simon Vivian
Chairman Chief Executive
CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
For the 6 months ended 30 June
+-------------------------------------------------+------+-------------+----+-------------+
| | | 2009 | | 2008 |
| | | (unaudited) | | (unaudited) |
| | | | | |
+-------------------------------------------------+------+-------------+----+-------------+
| | | GBP | | GBP |
+-------------------------------------------------+------+-------------+----+-------------+
| | | | | |
+-------------------------------------------------+------+-------------+----+-------------+
| Interest income | | 60,733 | | - |
+-------------------------------------------------+------+-------------+----+-------------+
| | | | | |
+-------------------------------------------------+------+-------------+----+-------------+
| Employee expenses | | (128,224) | | - |
+-------------------------------------------------+------+-------------+----+-------------+
| Professional and consultancy expenses | | (309,419) | | (62,349) |
+-------------------------------------------------+------+-------------+----+-------------+
| Other expenses | | (55,006) | | (3,133) |
+-------------------------------------------------+------+-------------+----+-------------+
| | | (492,649) | | (65,482) |
+-------------------------------------------------+------+-------------+----+-------------+
| | | | | |
+-------------------------------------------------+------+-------------+----+-------------+
| Results from operating activities | | (431,916) | | (65,482) |
+-------------------------------------------------+------+-------------+----+-------------+
| | | | | |
+-------------------------------------------------+------+-------------+----+-------------+
| Loss before income tax | | (431,916) | | (65,482) |
+-------------------------------------------------+------+-------------+----+-------------+
| | | | | |
+-------------------------------------------------+------+-------------+----+-------------+
| Income tax expense | | (3,134) | | - |
+-------------------------------------------------+------+-------------+----+-------------+
| Loss for the period | | (435,050) | | (65,482) |
+-------------------------------------------------+------+-------------+----+-------------+
| Other comprehensive income | | - | | - |
+-------------------------------------------------+------+-------------+----+-------------+
| Total comprehensive income for the period | | (435,050) | | (65,482) |
+-------------------------------------------------+------+-------------+----+-------------+
| | | | | |
+-------------------------------------------------+------+-------------+----+-------------+
| Attributable to: | | | | |
+-------------------------------------------------+------+-------------+----+-------------+
| Owners of the Company | | (435,050) | | (65,482) |
+-------------------------------------------------+------+-------------+----+-------------+
| Total comprehensive income for the period | | (435,050) | | (65,482) |
+-------------------------------------------------+------+-------------+----+-------------+
| | | | | |
+-------------------------------------------------+------+-------------+----+-------------+
| Earnings per share | | | | |
+-------------------------------------------------+------+-------------+----+-------------+
| Basic and diluted loss per share | | (0.32p) | | (0.46p) |
+-------------------------------------------------+------+-------------+----+-------------+
All the group's activities derive from continuing operations.
CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
For the 6 months ended 30 June 2008 (unaudited)
+---------------------+------------+----------------+----------------+---------------+----------+
| | | | | | |
+---------------------+------------+----------------+----------------+---------------+----------+
| | Share | Equity-settled | Accumulated | Total | |
| | capital | employee | losses | | |
| | | benefits | | | |
| | | reserve | | | |
+---------------------+------------+----------------+----------------+---------------+----------+
| | GBP | GBP | GBP | GBP | |
+---------------------+------------+----------------+----------------+---------------+----------+
| Balance at 1 | 2 | | (600) | (598) | |
| January 2008 | | - | | | |
+---------------------+------------+----------------+----------------+---------------+----------+
| Loss for the period | - | | (65,482) | (65,482) | |
| | | - | | | |
+---------------------+------------+----------------+----------------+---------------+----------+
| Other comprehensive | - | | - | - | |
| income | | - | | | |
+---------------------+------------+----------------+----------------+---------------+----------+
| Total comprehensive | - | | (65,482) | (65,482) | |
| income | | - | | | |
+---------------------+------------+----------------+----------------+---------------+----------+
| Recognition of | - | | - | 93 | |
| share-based | | 93 | | | |
| payments | | | | | |
+---------------------+------------+----------------+----------------+---------------+----------+
| Issue of ordinary | 13,599,998 | - | - | 13,599,998 | |
| shares during the | | | | | |
| period | | | | | |
+---------------------+------------+----------------+----------------+---------------+----------+
| Costs directly | (337,520) | - | - | (337,520) | |
| related to the | | | | | |
| issue of capital | | | | | |
+---------------------+------------+----------------+----------------+---------------+----------+
| | 13,262,480 | | (66,082) | 13,196,491 | |
| Balance at 30 June | | 93 | | | |
| 2008 | | | | | |
+---------------------+------------+----------------+----------------+---------------+----------+
For the 6 months ended 30 June 2009 (unaudited)
+--------------------------+---------------+-------------+-------------+------------+----------+
| | | | | |
+--------------------------+---------------+-------------+-------------+-----------------------+
| | Share | Equity- | Accumulated | Total | |
| | capital | settled | losses | | |
| | | employee | | | |
| | | benefits | | | |
| | | reserve | | | |
+--------------------------+---------------+-------------+-------------+------------+----------+
| | GBP | GBP | GBP | GBP | |
+--------------------------+---------------+-------------+-------------+------------+----------+
| Balance at 1 January | 13,262,480 | | (742,495) | 12,520,665 | |
| 2009 | | 680 | | | |
+--------------------------+---------------+-------------+-------------+------------+----------+
| Loss for the period | - | - | (435,050) | (435,050) | |
+--------------------------+---------------+-------------+-------------+------------+----------+
| Other comprehensive | - | - | - | - | |
| income | | | | | |
+--------------------------+---------------+-------------+-------------+------------+----------+
| Total comprehensive | - | - | (435,050) | (435,050) | |
| income | | | | | |
+--------------------------+---------------+-------------+-------------+------------+----------+
| Recognition of | - | 583 | - | 583 | |
| share-based payments | | | | | |
+--------------------------+---------------+-------------+-------------+------------+----------+
| Issue of ordinary shares | | | | | |
| during the period | | | | | |
+--------------------------+---------------+-------------+-------------+------------+----------+
| Costs directly related | | | | | |
| to the issue of capital | | | | | |
+--------------------------+---------------+-------------+-------------+------------+----------+
| Balance at 30 June 2009 | 13,262,480 | 1,263 | (1,177,545) | 12,086,198 | |
+--------------------------+---------------+-------------+-------------+------------+----------+
All the group's activities derive from continuing operations.
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS
For the 6 months ended 30 June
+-------------+--------+--------+-------------+--------+-------------+
| | | | 2009 | | 2008 |
| | | | (unaudited) | | (unaudited) |
| | | | | | |
+-------------+--------+--------+-------------+--------+-------------+
| | | | GBP | | GBP |
+-------------+--------+--------+-------------+--------+-------------+
| | | | | | |
+-------------+--------+--------+-------------+--------+-------------+
| Cash | | | | | |
| flows | | | | | |
| from | | | | | |
| operating | | | | | |
| activities: | | | | | |
+-------------+--------+--------+-------------+--------+-------------+
| Interest | | | 69,768 | | - |
| received | | | | | |
+-------------+--------+--------+-------------+--------+-------------+
| Payments | | | (425,595) | | - |
| to | | | | | |
| suppliers | | | | | |
| and | | | | | |
| employees | | | | | |
+-------------+--------+--------+-------------+--------+-------------+
| Net | | | (355,827) | | - |
| cash | | | | | |
| generated | | | | | |
| by | | | | | |
| operating | | | | | |
| activities | | | | | |
+-------------+--------+--------+-------------+--------+-------------+
| Cash | | | | | |
| flows | | | | | |
| from | | | | | |
| financing | | | | | |
| activities: | | | | | |
+-------------+--------+--------+-------------+--------+-------------+
| Proceeds | | | - | | 13,600,000 |
| from | | | | | |
| issue of | | | | | |
| share | | | | | |
| capital | | | | | |
+-------------+--------+--------+-------------+--------+-------------+
| Payment | | | - | | (337,520) |
| for | | | | | |
| share | | | | | |
| issue | | | | | |
| costs | | | | | |
+-------------+--------+--------+-------------+--------+-------------+
| Net | | | - | | 13,262,480 |
| cash | | | | | |
| from | | | | | |
| financing | | | | | |
| activities | | | | | |
+-------------+--------+--------+-------------+--------+-------------+
| | | | | | |
+-------------+--------+--------+-------------+--------+-------------+
| Net | | | (355,827) | | 13,262,480 |
| decrease | | | | | |
| in cash | | | | | |
| and cash | | | | | |
| equivalents | | | | | |
+-------------+--------+--------+-------------+--------+-------------+
| Cash | | | 12,806,100 | | - |
| and | | | | | |
| cash | | | | | |
| equivalents | | | | | |
| at 1 | | | | | |
| January | | | | | |
+-------------+--------+--------+-------------+--------+-------------+
| Cash | | | 12,450,273 | | 13,262,480 |
| and | | | | | |
| cash | | | | | |
| equivalents | | | | | |
| at 30 June | | | | | |
+-------------+--------+--------+-------------+--------+-------------+
1. Reporting entity
Marwyn Materials Limited (the "Company") is a company domiciled in Jersey. The
address of the Company's registered office is Elizabeth House, 9 Castle Street,
St Helier, Jersey, JE2 3RT.
The Company is listed on the Alternative Investment Market ("AIM").
This condensed consolidated interim financial information has not been audited
and was approved for issue on 2nd September 2009.
2.Statement of compliance
These condensed consolidated interim financial statements for the six months
ended 30 June 2009 have been prepared in accordance with International
Accounting Standard (IAS) 34 'Interim Financial Reporting', as adopted by the
European Union. The condensed consolidated interim financial statements should
be read in conjunction with the annual financial statements for the year ended
31 December 2008.
3. Accounting policies
The accounting policies applied are consistent with those of the annual
financial statements for the year ended 31 December 2008, as described in those
annual financial statements, except for the adoption of new standards and
interpretations as noted below:
- IAS 1 (revised), 'Presentation of financial statements'. The revised standard
prohibits the presentation of items of income and expenses (that is 'non-owner
change in equity') in the consolidated statement of changes in equity, requiring
'non-owner changes in equity' to be presented separately from owner changes in
equity. All 'non-owner changes in equity' are required to be shown in a
performance statement. Entities can choose whether to present one performance
statement (the statement of comprehensive income) or two statements (the income
statement and statement of comprehensive income). The group has elected to
present one consolidated statement of comprehensive income. The interim
financial statements have been prepared under the revised disclosure
requirements which had no impact.
- IFRS 8, 'Operating segments'. IFRS 8 replaces IAS 14, 'Segment reporting'. It
requires a 'management approach' under which segment information is presented on
the same basis as that used for internal reporting purposes. This has not
resulted in any change to the presentation. The Directors are of the opinion
that the group is engaged in a single geographic and economic business segment.
The International Accounting Standards Board's Annual Improvements Project was
published in May 2008, with the majority of changes being applicable for the
period commencing 1 January 2009. The project made minor amendments to a number
of standards, primarily with a view to removing inconsistencies and clarifying
wording. The amendments to these standards did not have any impact on the
accounting policies, financial position or performance of the group.
Taxes on income in the interim periods are accrued using the tax rate that would
be applicable to expected total annual earnings.
4. Seasonality
The group does not currently operate in an industry where significant or
cyclical variations as a result of seasonal activity are experienced during the
financial year.
5. Dividend
It is the board's policy that prior to making the first acquisition, no
dividends will be paid. Following the first acquisition, subject to availability
of distributable reserves, dividends will be paid to shareholders when the
directors believe it is appropriate and prudent to do so. However, the main
focus of the group will be on delivering capital growth for shareholders.
6. Earnings per share
Basic earnings per share
The calculation of basic earnings per share at 30 June 2009 (0.32p loss) was
based on the loss attributable to ordinary shareholders of GBP435,050 and a
weighted average number of ordinary shares outstanding of 136m.
The calculation of basic earnings per share at 30 June 2008 (0.46p loss) was
based on the loss attributable to ordinary shareholders of GBP65,482 and a
weighted average number of ordinary shares outstanding of 14.2m.
Diluted earnings per share
The calculation of basic earnings per share at 30 June 2009 (0.32p loss) was
based on the loss attributable to ordinary shareholders of GBP435,050 and a
weighted average number of ordinary shares outstanding of 136m. The
Participation Shares in issuance during the period are not included in the
calculation of weighted average outstanding ordinary shares for the diluted
earnings per share calculation as the effect is anti-dilutive.
The calculation of basic earnings per share at 30 June 2008 (0.46p loss) was
based on the loss attributable to ordinary shareholders of GBP65,482 and a
weighted average number of ordinary shares outstanding of 14.2m. The
Participation Shares in issuance during the period are not included in the
calculation of weighted average outstanding ordinary shares for the diluted
earnings per share calculation as the effect is anti-dilutive.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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