TIDMVLE
RNS Number : 7013N
Volvere PLC
26 September 2019
- 26 September 2019
Volvere plc
("Volvere" or the "Group")
Interim Results for the six months ended 30 June 2019
Volvere plc (AIM: VLE), the growth and turnaround investment
company, announces its unaudited Interim Results for the six months
ended 30 June 2019.
Highlights
GBP million except where stated Six months ended Year ended
30 June 30 June 31 December
2019 2018 2018
(as restated) (as restated)
Group revenue 10.10 7.25 18.34
Group loss before tax from continuing (0.62) (0.65) (2.49)
operations
2.45 0.91 21.10
Group profit for the period (including
discontinued operations)
As at As at As at 31
30 June 30 June December
2019 2018 2018
Consolidated net assets per share
(excluding non-controlling interests)(1) GBP13.56 GBP6.75 GBP12.50
Group net assets 26.36 26.89 40.42
Cash and marketable securities 19.65 20.42 34.14
-- The Group's historical results have been restated to exclude
the results of Impetus Automotive (disposed of in October 2018) and
Sira Defence & Security (disposed of in May 2019). The sole
remaining trading business is Shire Foods.
-- Shire Foods' revenues grew to a record level, with improved underlying profitability.
-- Record net assets per share(1) of GBP13.56.
-- Balance sheet remains strong with high liquidity. Cash and
marketable securities were lower than the prior year end, but
broadly similar to the prior comparable period, at GBP19.6 million.
The Group undertook two share buy-backs in June 2019, for a total
consideration of GBP16.6 million. Cumulative share-buy backs to
date now total GBP32.1 million.
Forward-looking statements:
This report may contain certain statements about the future
outlook for Volvere plc. Although the directors believe their
expectations are based on reasonable assumptions, any statements
about future outlook may be influenced by factors that could cause
actual outcomes and results to be materially different.
Notes
1 Based on the net assets attributable to owners of the parent
company and the respective period end shares in issue (excluding
treasury shares), which were 1,834,182 at 30 June 2019, 3,668,363
at 30 June 2018 and 3,118,109 at 31 December 2018.
2 Profit before intra-group management and interest charges is
considered to be a relevant and useful interpretation of the
trading results of the business such that its performance can be
understood on a basis which is independent of its ownership by the
Group. Further information is included in the Chief Executive's
statement and Financial Review.
For further information:
Volvere plc
Jonathan Lander, CEO Tel: +44 (0) 20 7634 9707
www.volvere.co.uk
Cairn Financial Advisers LLP
Sandy Jamieson/James Lewis Tel: + 44 (0) 20 7213 0880
Chairman's Statement
I'm pleased to report another encouraging set of results for the
first half of 2019. The disposal of our security solutions business
was completed successfully and our remaining trading business,
Shire Foods Limited, performed ahead of the same period last
year.
Net assets per share have reached a new record of GBP13.56* (30
June 2018: GBP6.75, 31 December 2018: GBP12.50). We remain positive
about the outlook for our business and believe that the current
economic and political uncertainty will provide further investment
opportunities.
David Buchler
Chairman
26 September 2019
*Net assets attributable to owners of the parent company divided
by total number of ordinary shares outstanding at the reporting
date
(less those held in treasury) - see note 8.
Chief Executive's Statement
Following the sale of the Group's automotive consultancy,
Impetus Automotive Limited ("Impetus"), in October 2018, we entered
2019 with two trading subsidiaries: Shire Foods Limited ("Shire"),
our food manufacturing business and Sira Defence & Security
Limited ("Sira"), our CCTV-viewing software business.
Sira was sold for GBP3.0 million on 23 May 2019 and the
comparative results for 2018 have therefore been restated to
exclude the trading operations of both Impetus and Sira. As a
result, our trading operations now comprise solely Shire along with
our central head office functions.
Shire performed better than the comparable period in 2018, but
the payment of performance-related bonuses on the successful sale
of Sira offset the effects of Shire's improved results. The
performance of each of the Group's segments is set out below.
Food manufacturing
This segment comprises Shire, the Group's 80%-owned frozen pie
and pasty manufacturing business, which was acquired in 2011. The
company employs approximately 150 people and is based in Leamington
Spa, United Kingdom.
Revenue grew by 39% to reach GBP10.10 million (30 June 2018:
GBP7.25 million). This growth led to improved financial performance
with a profit before tax and intra-Group management and interest
charges** of GBP0.24 million, compared to a loss of GBP0.17 million
for the six months to 30 June 2018 (31 December 2018: profit
GBP0.85 million). Whilst this is pleasing, the pressure on margins
from raw material cost increases and wage inflation remains
ever-present.
We are actively responding to the increased demand for vegan
products and have agreed several new products with retail
customers. In addition, we have launched our own brand - Naughty
Vegan - into the foodservice market.
In line with previous years, we expect that Shire's performance
will be stronger in the second half of the year given the weighting
of sales towards the winter months. We have continued to invest in
Shire throughout 2019 and the additional investments have
facilitated the revenue growth by increasing capacity. This will
enable further opportunities to be sought in 2020.
Investing and management services
This segment represents our central functions covering Group
management, finance and IT services. The loss before tax and
intra-Group management and interest charges** for the period was
GBP0.86 million (30 June 2018: loss GBP0.47 million, 31 December
2018: loss GBP3.35 million). The principal reason for the increased
costs in 2019 is Group management and staff bonuses in relation to
the sale of Sira.
Further segmental information is set out in the financial review
below and in note 3.
Acquisitions and future strategy
Our strategy throughout 2019 remains as before - to deliver
shareholder value through improving trading performance of our
existing portfolio, identifying new opportunities, and investment
realisations. The level of deal opportunities has increased since
2018 and we remain optimistic that we will identify new businesses
in which to invest.
Jonathan Lander
Chief Executive
26 September 2019
**Profit before intra-Group management and interest charges is
considered to be a relevant and useful interpretation of the
trading results of the business such that its performance can be
understood on a basis which is independent of its ownership by the
Group.
Financial Review
This financial review covers the Group's performance during the
period ended 30 June 2019. It should be read in conjunction with
the Chairman's and Chief Executive's Statements.
Overview
The disposal of Impetus in October 2018 and Sira in May 2019 has
necessitated the restatement of the Group's previously published
results for the periods ending 30 June 2018 and 31 December 2018.
This enables improved comparability with the current period. The
results of Impetus and Sira are included on the income statement as
part of profit from discontinued operations.
Group revenue for the period grew to GBP10.10 million from
GBP7.25 million in the prior comparable period (31 December 2018:
GBP18.34 million). The increase arose from growth in Shire Foods,
now the Group's sole trading subsidiary.
Group loss before tax on continuing operations was GBP0.62
million (30 June 2018: GBP0.65 million, year to 31 December 2018:
GBP2.49 million). This included one-off incentive costs, relating
to the disposal of Sira, amounting to GBP0.34 million.
The Group profit from discontinued operations was GBP3.08
million, reflecting the disposal of Sira (30 June 2018: GBP1.56
million, year to 31 December 2018: GBP23.2 million). The
comparative figures for 2018 have been adjusted to reflect the
disposals of both Sira and Impetus.
Further comment on each segment is set out below and detailed
information about the Group's segments is set out in note 3 to
these interim results, which should be read in conjunction with
this financial review.
Food manufacturing
A summary of Shire's recent financial performance is set out in
Table A below.
Table A Year ended 31 Year ended 31 Year ended 31
6 months to 6 months to December December December
30 June 30 June 2018 2017 2016
2019 2018 GBP'000 GBP'000 GBP'000
GBP'000 GBP'000
Revenue 10,095 7,252 18,344 15,869 15,190
Profit/(loss)
before tax,
intra-group
management and
interest charges 237 (173) 854 635 1,149
Intra-group
management and
interest
charges (75) (15) (200) (200) (240)
Profit/(loss)
before tax 162 (188) 654 435 909
============== ============== ====================== ====================== ==================
Shire's revenue grew by GBP2.84 million compared to the
comparable period in 2018 and gross margin was improved. However,
the effect of this additional contribution was partly offset by
higher distribution and overheads necessary to support the revenue
growth.
Investment in plant and machinery has continued in 2019, with in
excess of GBP1 million already committed and being commissioned.
The majority of this is being funded through external financing.
There were no Group loans outstanding at 30 June 2019.
Shire's unaudited net assets at the period end amounted to
GBP7.06 million (30 June 2018: GBP5.99 million; 31 December 2018:
GBP6.88 million), of which 20% is attributable to non-controlling
interests.
Investment revenues and other gains and losses and finance
income and expense
The Group did not hold or dispose of available-for-sale
investments during the period and as a result investment revenues
and other gains and losses were lower than in prior periods.
The Group's net finance income was GBP0.05 million (30 June
2018: net expense GBP0.02 million, 31 December 2018: net income
GBP0.06 million). In line with previous years, individual Group
trading companies utilise leverage where appropriate, and without
recourse to the remainder of the Group.
Statement of financial position
Cash
Cash at the period end was GBP19.65 million (30 June 2018:
GBP17.43 million, 31 December 2018: GBP34.13 million). The
reduction in cash compared to the end of 2018 resulted principally
from the two share buy-backs in 2019, costing GBP16.57 million.
Details of cash movements are shown in the consolidated statement
of cash flows.
Earnings per share and share capital
Total basic and diluted earnings per ordinary share were 81.1
pence (30 June 2018: 19.3 pence; year ended 31 December 2018: 586.2
pence).
Purchase of own shares
The Company acquired 1,283,927 of its own ordinary shares during
the period for a total consideration of GBP16.57 million (30 June
2018: Nil and 31 December 2018: 550,254 shares for GBP6.09
million). As of 30 June 2019, since the start of its buyback
programme, the Group has returned GBP32.06 million to
shareholders.
Hedging
It is not the Group's policy to enter into derivative
instruments to hedge interest rate or foreign exchange risk.
Key performance indicators (KPIs)
The Group uses key performance indicators suitable for the
nature and size of the Group's businesses. The key financial
performance indicators are revenue and profit before tax. The
performance of the Group and the individual trading businesses
against these KPIs is outlined above, in the Chief Executive's
statement and disclosed in note 3.
Internally, management uses a variety of non-financial KPIs in
respect of the food manufacturing segment, including order intake,
manufacturing output and sales, all of which are monitored weekly
and reported monthly.
Principal risk factors
The Company and Group face a number of specific business risks
that could affect the Company's or Group's success. These are set
out more fully in the Group's Annual Report. The Company and Group
invests in distressed businesses and securities, which by their
nature often carry a higher degree of risk than those that are not
distressed. The Group's trading business is principally engaged in
the provision of products that are dependent on the continued
employment of the Group's employees and availability of suitable,
profitable workload. There is a dependency on a small number of
customers and a reduction in the volume or range of products
supplied to those customers or the loss of any one of them could
impact the Group materially.
These risks are managed by the Board in conjunction with the
management of the Group's businesses.
Nick Lander
Chief Financial & Operating Officer
26 September 2019
Consolidated income statement
Year ended
6 months
to 31
6 months
to 30 June December
30 June 2018 2018
Note 2019 (as restated) (as restated)
GBP'000 GBP'000 GBP'000
Continuing operations
Revenue 3 10,095 7,252 18,344
Cost of sales (8,831) (6,596) (15,700)
--------- --------------- ---------------
Gross profit 1,264 656 2,644
Distribution costs (543) (469) (1,095)
Administrative expenses (1,394) (863) (4,589)
Operating loss (673) (676) (3,040)
Investment revenues 4 - 76 115
Other gains and losses 4 - (23) 374
Finance expense 4 (67) (52) (47)
Finance income 4 116 29 106
Loss before tax (624) (646) (2,492)
Income tax credit/(expense) - - 370
Loss for the period from continuing
operations (624) (646) (2,122)
Profit for the period from discontinued
operations 5 3,078 1,555 23,218
Profit for the period 2,454 909 21,096
========= =============== ===============
Attributable to:
- Equity holders of the parent 2,422 706 20,956
- Non-controlling interests 8 32 203 140
--------- --------------- ---------------
2,454 909 21,096
Earnings per share 6
Basic and Diluted
- loss from continuing operations (22.0)p (16.6)p (63.3)p
- earnings from discontinued operations 103.1p 35.9p 649.5p
--------- --------------- ---------------
Total 81.1p 19.3p 586.2p
========= =============== ===============
Consolidated statement of comprehensive income
Year ended
6 months
to 31
6 months
to 30 June December
30 June 2018 2018
2019 (as restated) (as restated)
GBP'000 GBP'000 GBP'000
Profit for the period 2,454 909 21,096
Other comprehensive income
(items that will be reclassified
to profit or loss)
Fair value gains and losses
on available-for-sale financial
assets
- current period gains/(losses) - 75 -
- reclassified to profit -
and loss - (188)
Other comprehensive income - (113) -
--------- --------------- ---------------
Total comprehensive income
for the period 2,454 796 21,096
========= =============== ===============
Attributable to:
Equity holders of the parent 2,422 593 20,956
Non-controlling interests 32 203 140
--------- --------------- ---------------
2,454 796 21,096
========= =============== ===============
Consolidated statement of changes in equity
Share Share Revaluation Retained Non-controlling
Six months to 30 June capital premium reserves earnings Total interests Total
2019 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Other comprehensive
income - - - - - - -
Profit for the period - - - 2,422 2,422 32 2,454
-------- -------- ------------- --------- -------- --------------- --------
Total comprehensive
income for the period - - - 2,422 2,422 32 2,454
Balance at 1 January 50 3,640 100 35,180 38,970 1,447 40,417
Transactions with
owners:
Purchase of own shares - - - (16,512) (16,512) - (16,512)
Total transactions
with owners - - - (16,512) (16,512) - (16,512)
-------- -------- ------------- --------- -------- --------------- --------
Balance at 30 June 50 3,640 100 21,090 24,880 1,479 26,359
======== ======== ============= ========= ======== =============== ========
Share Share Revaluation Retained Non-controlling
Six months to 30 June capital premium reserves earnings Total interests Total
2018 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Other comprehensive
income - - (113) - (113) - (113)
Profit for the period - - - 706 706 203 909
-------- -------- ------------- --------- -------- ---------------- --------
Total comprehensive
income for the period - - (113) 706 593 203 796
Balance at 1 January 50 3,640 177 20,319 24,186 1,958 26,144
Transactions with
owners:
Dividend paid by subsidiary - - - - - (50) (50)
Total transactions
with owners - - - - - (50) (50)
-------- -------- ------------- --------- -------- ---------------- --------
Balance at 30 June 50 3,640 64 21,025 24,779 2,111 26,890
======== ======== ============= ========= ======== ================ ========
Share Share Revaluation Retained Non-controlling
Year ended 31 December capital premium reserves earnings Total interests Total
2018 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Other comprehensive
income - - - - - - -
Profit for the year - - - 20,956 20,956 140 21,096
-------- -------- ------------- --------- -------- --------------- --------
Total comprehensive
income for the year - - - 20,956 20,956 140 21,096
Balance at 1 January 50 3,640 177 20,319 24,186 1,958 26,144
Transactions with
owners:
Purchase of own shares - - - (6,095) (6,095) - (6,095)
Total transactions
with owners - - - (6,095) (6,095) - (6,095)
Eliminated on disposal - - (77) - (77) (651) (728)
Balance at 31 December 50 3,640 100 35,180 38,970 1,447 40,417
======== ======== ============= ========= ======== =============== ========
Consolidated statement of financial position
30 June 30 June 31 December
2019 2018 2018
Note GBP'000 GBP'000 GBP'000
Assets
Non-current assets
Goodwill - 380 -
Property, plant & equipment 6,085 5,296 6,062
Total non-current assets 6,085 5,676 6,062
Current assets
Inventories 2,424 2,291 1,774
Trade and other receivables 4,432 8,176 4,447
Cash and cash equivalents 19,649 17,430 34,137
Available-for-sale investments - 2,994 -
-------- -------- ------------
Total current assets 26,505 30,891 40,358
-------- -------- ------------
Total assets 32,590 36,567 46,420
-------- -------- ------------
Liabilities
Current liabilities
Loans and other borrowings (709) (96) (708)
Finance leases (324) (192) (314)
Trade and other payables (3,184) (6,888) (2,776)
Tax payable - (386) -
Total current liabilities (4,217) (7,562) (3,798)
Non-current liabilities
Loans and other borrowings (1,205) (1,306) (1,254)
Finance leases (674) (221) (816)
Total non-current liabilities (1,879) (1,527) (2,070)
Total liabilities (6,096) (9,089) (5,868)
Provisions - deferred tax (135) (514) (135)
Provisions - lease incentive - (74) -
NET ASSETS 26,359 26,890 40,417
======== ======== ============
Equity
Share capital 50 50 50
Share premium account 3,640 3,640 3,640
Revaluation reserves 100 64 100
Retained earnings 21,090 21,025 35,180
-------- -------- ------------
Capital and reserves attributable to
equity holders of the Company 24,880 24,779 38,970
Non-controlling interests 7 1,479 2,111 1,447
-------- -------- ------------
TOTAL EQUITY 26,359 26,890 40,417
======== ======== ============
Consolidated statement of cash flows
6 months 6 months Year Year
to 30 to 30 ended ended
June June 31 December 31 December
2018 2018 2018 2018
6 months 6 months (as restated) (as restated)
to 30 to 30
June June
2019 2019 (as restated) (as restated)
Note GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Profit for the period 2,454 909 21,096
Adjustments for:
Investment revenues - (76) (115)
Other gains and losses 4 - 23 (374)
Finance expense 5 67 70 47
Finance income 5 (116) (29) (106)
Profit from
discontinued
operations (3,078) (1,549) (23,218)
Depreciation 288 225 457
Income tax
(credit)/expense - - (370)
--------- --------------- ---------------
(2,839) (1,336) (23,679)
Operating cash flows
before movements in
working
capital (385) (427) (2,583)
Decrease/(increase) in
trade and other
receivables 37 1,181 (350)
Increase in trade and
other payables 750 886 1,109
(Increase)/decrease in
inventories (650) (825) (308)
Tax paid (50) - (100)
Cash (used by)/generated
from continuing operations (298) 815 (2,232)
Operating cash flows
from discontinued
operations (316) 2,656 1,839
Net cash (used
by)/generated
from operating activities (614) 3,471 (393)
Investing activities
Proceeds from sale of
discontinued operations
net of cash sold 3,138 - 22,537
Investing cash flows
from discontinued
operations - (460) -
Purchase of
available-for-sale
investments - - -
Income from
available-for-sale
investments - 76 115
Disposal of
available-for-sale
investments - 3,205 6,632
Purchase of property,
plant and equipment (307) (101) (429)
Disposal of property,
plant and equipment - - -
Interest received 116 29 106
--------- --------------- ---------------
Net cash generated
from/(used
by) investing activities 2,947 2,749 28,961
Financing activities
Interest paid (67) (51) (47)
Purchase of own shares
(treasury shares) 8 (16,571) - (6,094)
Dividend paid by subsidiary - (49) (49)
Net repayment of borrowings (183) (828) (375)
Net cash used by financing
activities (16,821) (928) (6,565)
--------- --------------- ---------------
Net (decrease)/ increase
in cash (14,488) 5,292 22,003
Cash at beginning of
period 34,137 12,119 12,119
Foreign exchange
revaluation
of opening cash - 19 15
--------- --------------- ---------------
Cash at end of period 19,649 17,430 34,137
========= =============== ===============
Volvere plc
Notes forming part of the unaudited interim results for the
period ended 30 June 2019
1 Financial information and basis of accounting
These interim financial statements have been prepared using
accounting policies consistent with IFRSs as adopted by the
European Union.
These interim financial statements should be read in accordance
with the Group's last annual consolidated financial statements as
at and for the year ended 31 December 2018. They do not include all
the information required for a complete set of IFRS financial
statements. However, selected explanatory notes are included to
explain events and transactions that are significant to an
understanding of the changes in the Group's financial position and
performance since the last annual financial statements. AIM-listed
companies are not required to comply with IAS 34 Interim Financial
Reporting and accordingly the Group has taken advantage of this
exemption.
The comparative figures for the year ended 31 December 2018 have
been prepared under IFRS. They do not constitute statutory accounts
as defined by the Companies Act 2006. The accounts for the 12
months ended 31 December 2018 received an unmodified auditor's
report and have been filed with the Registrar of Companies.
Copies of this statement will be available to members of the
public at the Company's registered office: Warnford Court, 29
Throgmorton Street, London EC2N 2AT and on its website
www.volvere.co.uk.
2 Significant accounting policies
Except as noted below, the accounting policies applied in these
interim financial statements are the same as those applied in the
Group's consolidated financial statements as at and for the year
ended 31 December 2018.
Explanation of significant areas for adjustment
Prior to the disposal of the automotive and security solutions
segments, the potential significant area for adjustment related to
the recognition of revenue on fixed price consulting contracts
where the final deliverable is the performance obligation.
Previously, revenue would have been recognised in line with the
stage of completion. All businesses affected have been sold and
treated as discontinued operations.
IFRS 16 Leases had not been adopted in 2018 but has been with
effect from 1 January 2019. The effects on the presentation of the
Group's results arising from the adoption of IFRS 16 is not
material.
3 Operating segments
An analysis of key financial data by business segment (excluding
intra-Group interest and management charges and balances) is
provided below. During 2018 the Group's automotive consulting
segment was sold and during 2019 the Group's security solutions
segment was sold. The comparable results for 2018 have been
restated for both these disposals and the respective results
included within Profit from discontinued operations.
Analysis by business segment:
Period ended 30 June Investing and
2019 Food Management
manufacturing services Total
GBP'000 GBP'000 GBP'000
Revenue 10,095 - 10,095
----------------- ----------------- ----------------
Profit/(loss) before tax
from continuing
operations(1) 237 (861) (624)
================= ================= ================
Period ended 30 June Investing and
2018 (as restated) Food Management
manufacturing services Total
GBP'000 GBP'000 GBP'000
Revenue 7,252 - 7,252
----------------- ----------------- ----------------
(Loss) before tax from
continuing operations
(1) (173) (473) (646)
================= ================= ================
Year ended 31 December Investing and
2018 (as restated) Food management
manufacturing services Total
GBP'000 GBP'000 GBP'000
Revenue 18,344 - 18,344
----------------- ----------------- ----------------
Profit/(loss) before
tax from continuing
operations (1) 854 (3,346) (2,492)
================= ================= ================
As at 30 June 2019
Investing and
management
Food services Total
manufacturing GBP'000 continuing Discontinued(2) Total
GBP'000 GBP'000 GBP'000 GBP'000
Assets
Liabilities/provisions 13,365 19,225 32,590 - 32,590
(6,303) 72 (6,231) - (6,231)
----------------- -------------- ----------------- ----------------- ----------------
Net assets(3) 7,062 19,296 26,359 - 26,359
================= ============== ================= ================= ================
As at 30 June 2018 Investing and
management
Food services Total
manufacturing GBP'000 continuing Discontinued(2) Total
GBP'000 GBP'000 GBP'000 GBP'000
Assets 10,383 16,257 26,640 9,927 36,567
Liabilities/provisions (4,393) (192) (4,585) (5,092) (9,677)
----------------- -------------- ----------------- ----------------- ----------------
Net assets(3) 5,990 16,065 22,055 4,835 26,890
================= ============== ================= ================= ================
As at 31 December 2018 Investing and
management
Food services Total
manufacturing GBP'000 continuing Discontinued(2) Total
GBP'000 GBP'000 GBP'000 GBP'000
Assets 12,311 33,690 46,001 419 46,420
Liabilities/provisions (5,427) (217) (5,644) (359) (6,003)
----------------- -------------- ----------------- ----------------- ----------------
Net assets(3) 6,884 33,473 40,357 60 40,417
================= ============== ================= ================= ================
Six months to 30 June Investing and Total
2019 Food management (as restated)
manufacturing services GBP'000
GBP'000 GBP'000
Capital spend 310 2 312
Depreciation 287 - 287
Interest income
(non-Group) - 116 116
Interest expense
(non-Group) (67) - (67)
Tax credit - - -
================= ================= ==================
Six months to 30 June
2018 (as restated) Investing and Total
Food management (as restated)
manufacturing services GBP'000
GBP'000 GBP'000
Capital spend 101 - 101
Depreciation 224 1 225
Amortisation/Impairment - - -
Interest income
(non-Group) - 29 29
Interest expense
(non-Group) 52 - 52
Tax expense - - -
================= ================= ==================
Year ended 31 December Investing and Total
2018 (as restated) Food management (as restated)
manufacturing services GBP'000
GBP'000 GBP'000
Capital spend 1,253 - 1,253
Depreciation 457 - 457
Amortisation/Impairment - - -
Interest income - 106 -
(non-Group)
Interest expense
(non-Group) 47 - 47
Tax credit (52) (318) (52)
================= ================= ==================
Geographical analysis:
External revenue by location Non-current assets by
of customers location of assets
6 months Year ended
to
6 months 30 June 31 December
to 2018
30 June 2018 (as restated) 30 June 30 June 31 December
2018
2019 (as restated) 2019 2018
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
UK 9,902 7,013 17,746 6,085 5,676 6,062
Rest of Europe 193 239 598 - - -
Other - - - - - -
---------- --------------- --------------- --------- --------- -------------
10,095 7,252 18,344 6,085 5,676 6,062
========== =============== =============== ========= ========= =============
Notes:
(1) stated before intra-group management and interest charges
(2) discontinued relates to the former segments of Automotive consulting and Security solutions
(3) assets and liabilities stated excluding intra-group balances
4 Investment revenues, other gains and losses and finance income and expense
Investment revenues and other gains and losses represent
respectively interest and dividends receivable from, and the gains
arising upon disposal of, investments made pursuant to the Group's
investing and treasury management policies.
5 Profit for the period from discontinued operations
On 4 October 2018, the Group disposed of its share in its
subsidiary undertaking, Impetus Automotive Limited for a total of
GBP26.1 million in cash. On 23 May 2019, the Group disposed of its
wholly-owned subsidiary Sira Defence & Security Limited for
GBP3.0 million in cash.
6 months Year ended
to
6 months 30 June 31 December
to
30 June 2018 2018
2019 (as restated) (as restated)
GBP'000 GBP'000 GBP'000
Profit for the period relating to
Impetus Automotive Limited - 1,543 23,126
Profit for the period relating to
Sira Defence & Security Limited 3,078 12 92
---------- --------------- ---------------
Total profit from discontinued operations 3,078 1,555 23,218
========== =============== ===============
6 Earnings per share
The calculation of the basic and diluted earnings per share is
based on the following data:
6 months Year ended
to
6 months 30 June 31 December
to
30 June 2018 2018
2019 (as restated) (as restated)
GBP'000 GBP'000 GBP'000
Earnings for the purposes of earnings
per share:
From continuing operations (656) (609) (2,262)
From discontinued operations 3,078 1,315 23,218
------------ --------------- ---------------
Total 2,422 706 20,956
============ =============== ===============
No. No. No.
Weighted average number of ordinary
shares for the purposes of earnings
per share:
Weighted average number of ordinary
shares in issue 2,986,829 3,668,363 3,574,895
Dilutive effect of potential ordinary - - -
shares
------------ --------------- ---------------
Weighted average number of ordinary
shares for diluted EPS 2,986,829 3,668,363 3,574,895
============ =============== ===============
There were no share options (or other dilutive instruments) in
issue during the period in respect of the parent company's shares
(30 June 2018: nil; 31 December 2018: nil).
7 Non-controlling interests
The non-controlling interests of GBP1.48 million relate to the
net assets attributable to the shares not held by the Group at 30
June 2019 in the following subsidiaries:
30 June 30 June 31 December
2019 2018 2018
GBP'000 GBP'000 GBP'000
NMT Group Limited 71 71 71
Shire Foods Limited 1,408 1,196 1,376
Impetus Automotive Limited - 844 -
1,479 2,111 1,447
========= ========= ============
The Group owns approximately 80% of Shire Foods and 98.6% of
NMT.
8 Purchase of own shares
The Company acquired 1,283,927 of its own ordinary shares during
the period for a total consideration of GBP16.57 million (30 June
2018: Nil and 31 December 2018: 550,254 shares for GBP6.09
million). For reference, the total number of ordinary shares held
in treasury is 4,372,892 and the number of shares in issue,
excluding treasury shares, at the period end was 1,834,182 (30 June
2018: 3,668,363 and 31 December 2018: 3,118,109).
9 Dividend
The Board is not recommending the payment of an interim dividend
for the period ended 30 June 2019.
- Ends -
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
IR FMGZLNKKGLZM
(END) Dow Jones Newswires
September 26, 2019 02:01 ET (06:01 GMT)
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