The latest Investing Matters Podcast episode featuring Jeremy Skillington, CEO of Poolbeg Pharma has just been released. Listen here.
Tony Stiff, Managing Director of Flow Energy, said, "We are delighted that the Controlled Market Entry phase is proceeding as expected and the installation of our first microCHP boilers before Christmas is an important step forward. With the launch of the Flow brand we now have a strong customer facing brand to drive our commercial success."
Launch of new consumer brand Flow & Controlled Market Entry phase update Energetix Group plc, (AIM: EGX), the developer and provider of energy efficient products and retail energy services, announces that it has launched its energy services business under the brand "Flow" (previously Kingston Energy & Genlec). The newly launched website (www.freeflow.uk.com) allows customers to register their interest in the Flow Boiler and to sign-up to buy electricity and gas from Flow Energy, as well as explaining free boiler model and how a Flow boiler pays for itself. The Flow boiler is being launched initially in the North West of England in the second half of 2013 and will then be rolled out to the rest of the country. Controlled Market Entry phase update Further to the announcement on 29 October 2012 of the successful start to a Controlled Market Entry ("CME") phase, Energetix announces that the CME is proceeding as expected. The billing processes, IT systems and customer services have proved to be robust in an operational environment and therefore the Group continues to expect the energy business to go live under the Flow brand after the CME concludes. As part of the CME phase there will be approximately 10-20 Flow boilers installed to test and refine the installation process. A small number of boilers have already been successfully installed and these will be trialled over the winter period.
Its hard to believe they didnt have an idea as to this news just over a month ago on 31/10/12 when they said "The Board expects that normalised operating profit for FY2013 will be circa £25.3m and reported operating profit (excluding share based payments expense) will be circa £20.3m."
Improvement plan At the interim results the Board announced three key initiatives to improve profitability; namely a significant reduction in operating expenditures, improvements to our Consumer gross margins and the realisation of new revenue pipeline: · reductions in operating expenses actioned to date exceed the initial 10% target · underlying Consumer gross margin improvements are on track · revenue pipeline continues to grow, but conversion to revenues delayed Given the reduced revenues, the Board has taken further decisive action and is: · widening the scope of the cost reduction initiatives · implementing programmes to better align the sales organisation with current and future customer needs · strengthening the senior sales leadership and · accelerating the Company's move to a higher margin product portfolio
Nature and effect of misappropriated monies On 11 October 2012, the Company announced the discovery of a series of fraudulent transactions. Subsequently, on 12 November 2012, it announced the discovery of further fraudulent transactions. The aggregate amount of the sums lost to the Company through fraudulent transactions is currently estimated to be approximately £1.7 million. Of that sum, approximately £1.2 million relates to the financial year ended 31 March 2012. The balance relates to the current financial year. The Company has already recovered £0.2 million and arrangements have been put in place to seek to recover a further £0.5 million before expenses by the end of the current financial year. It is too early to predict how much, if any, of these funds can be recovered and no allowance for any potential recovery has been made within these interim results. The Board will continue to seek additional recoveries. The losses discovered are significant and the Board has concluded that the financial statements as originally issued for the year ended 31 March 2012 are subject to material error. Accordingly the Group's interim financial statements for the period ended 30 September 2011 and the Group's financial statements for the year ended 31 March 2012 comparative figures have been restated to reflect the loss of funds. Details of the restatements are set out in note 8 to these interim results. Funds misappropriated in the current financial period are treated as a current period expense, net of amounts recovered of £200,000. The Board will recruit a replacement finance director early in the New Year and is in the process of reviewing and implementing additional internal control procedures to protect against such events recurring in the future. The Company appointed new auditors, Grant Thornton UK LLP in November 2012. The directors have reviewed the financial position of the Group at 30 September 2012 and its forecast performance for the period to 31 December 2013. The directors are satisfied that the Group will continue to meet its obligations as they fall due and on this basis the interim financial statements have been prepared on the going concern basis. The Company continues to trade in the usual way despite the events disclosed in this announcement. We look forward to the future with cautious optimism. Raymond Lipman, Chairman
UNAUDITED RESULTS FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2012 Chairman's statement I am pleased to announce that for the 6 months ended 30 September 2012 the Group traded profitably and reported a profit for the period of £104,000. This is not necessarily indicative that a profit will also be reported for the year ending 31 March 2013. The economic conditions remain extremely difficult with fluctuating volatility across all sectors. We continue to be very selective in the purchases that we make, with an on-going emphasis on properties suitable for conversion into residential. These are being sold to a mixture of investors and owner occupiers. Safestay, our hostel venture, continues to gain momentum with occupancy increasing, and a good level of reservations for 2013.
Commenting on the results, Mark Lavery, Chief Executive said: "Cambria has performed in line with our expectations and, after a particularly difficult first half, has produced a far better second half. The cost rationalisation programme carried out in the first half is now broadly completed and while we continue to look at areas where cost saving can be made, we are in a leaner position than at the same point last year. During the course of the year we completed the purchase of our first Vauxhall business with the addition of Doves Vauxhall Southampton to the portfolio, refurbishing the facility in line with manufacturer standards. We also purchased the freehold of our Blackburn Volvo and Renault facility and disposed of our loss making Birmingham Pure Triumph business. The balance sheet and liquidity continue to improve and we have significant facilities available for continued expansion. It is critical that the Group protects its balanced Brand portfolio with significant interests in high luxury, premium and volume brands and we hope to be in a position to announce further acquisitions in the near future. There has been a positive change in new car market conditions since the beginning of the 2012 Calendar year. With the pressure on the mainland European car markets, the UK appears to be performing well in comparison. The Group has had a strong start to the current financial year, ahead of business plan and significantly ahead of previous year. New car volumes are 8.6% ahead of last year with improved margin. I am pleased to report that our Guest Connect programme is in its second year of operation and it is having a significant effect on aftersales profit contribution. I remain confident that the Group will deliver an improved performance in our 2013 financial year. "
Operational Highlights · Total new vehicle unit sales decreased 5.4% year on year to 7,718 from 8,155 in 2011 against the Group's Brand portfolio partners decrease in registrations of 4.1%. The total new car market registrations increased 1.6% year on year · New vehicle gross profit reduced by £1.5m with margin reducing 0.4% impacted by effect of multiple pressures facing vehicle manufacturer partners, particularly during the first half · Used vehicle gross profit up £1.1m, and a 1% point margin improvement to 9.2%, against unit sales decrease of 2.7% year on year · Acquisition of the Group's maiden Vauxhall business completed in September 2011, with integration progressing well, although the business made losses of £0.22m
Cambria Automobiles plc, the UK motor dealer group, today announces its full year results for the financial year ending 31st August 2012. Financial Highlights · Total revenue for the year of £352.5m, down from £373.3m in prior year · Underlying Profit before tax of £3.1m, versus £4.9m in prior year, in line with the Board's expectation, reflecting weaker new car volume and profitability particularly in the first half of the year · Continuing businesses made an underlying Profit before tax of £3.5m with the acquired dealership making a loss of £0.22m and disposed dealership making a loss of £0.14m · Rationalisation programme implemented in the first quarter with a one off cost of £0.3m significantly reduced ongoing cost structure in like for like businesses · Strong cash flows resulting in net cash of £0.1m, net gearing nil · Group net assets at £21.5m · Robust balance sheet position with only £0.3m of goodwill · Underlying return on shareholders' funds of 13.5 % · Announcement of dividend for the year of 0.3p per share
Commenting, James F. Park, CEO of GeoPark, said: "The result from our new Tua well is significant because it confirms the development and production potential of the Tua oil field and it increases the overall prospectivity of our Colombian acreage where additional attractive opportunities have been identified. We also believe it reflects the strength of our team by its success in hitting the ground running in Colombia this year where we have been able to create value and build a solid business -- with the opportunity to do much more."
The Tua oil field was discovered in July 2012 with the Tua 1 well, which is currently producing at a rate of approximately 927 bopd. The Tua 2 well, drilled in August 2012, will be completed during December 2012 in the Guadalupe formation. Preliminary interpretations of available seismic data provide evidence that the Tua structure contains multiple drilling opportunities and further development of the field will include the drilling of the Tua 4 and Tua 5 wells in 2Q2013. The Tua oil field is the second oil field discovery by GeoPark this year in Colombia where GeoPark discovered the Max oil field earlier this year. GeoPark has identified additional attractive prospects on its Colombian properties and is planning an aggressive and balanced program of development drilling and new exploration during 2013. GeoPark has interests in ten exploration, development and production blocks in Colombia - in addition to six blocks in Chile and three blocks in Argentina. In 2012, GeoPark will carry out a 42-46 well drilling program in Chile and Colombia - with a total work program investment of US$200-210 million.
TUA OIL FIELD DEVELOPMENT IN COLOMBIA GeoPark Holdings Limited ("GeoPark" or the "Company"), the Latin American oil and gas exploration and production company with operations and producing properties in Chile, Colombia and Argentina (AIM: GPK), is pleased to announce the successful drilling, testing and putting into production of a new oil well in the Tua oil field on the Llanos 34 Block in Colombia. GeoPark operates and has a 45% working interest in the Llanos 34 Block. GeoPark drilled and completed the Tua 3 well to a total depth of 3,276 metres. A test conducted with an electrical submersible pump (ESP) in the Mirador formation, at approximately 3,031 metres, resulted in a production rate of approximately 1,127 barrels of oil per day ("bopd") of 19.4° API oil, with less than a 1% water cut, through a choke of 17 millimetres and well head pressure of 25 pounds per square inch. Further production history will be required to determine stabilized flow rates and the extent of the reservoir. Surface facilities are already in place and the produced crude oil is now being marketed.
Outlook Cohort has continued to make progress despite continuing tightness in the UK defence market. First half trading performance was ahead of last year despite reduced revenue. There are some good opportunities both in defence and non-defence markets, and our order book remains strong. We do see uncertainties ahead, particularly at SCS. I expect that the difficult market conditions they are facing will improve when the MOD's re-organisation initiatives are complete, though this could take some time. On balance we believe that Cohort will continue to make progress in the current financial year and beyond.
Commenting on the results, Nick Prest, Chairman of Cohort, said: "Cohort has continued to make progress although the tightness in the UK defence market has persisted. First half trading performance was ahead of last year despite reduced revenue." "There are some good opportunities ahead both in defence and non-defence markets, and our order book remains strong. We do see uncertainties ahead, particularly at SCS. I expect that the difficult market conditions they are facing will improve when the MOD's re-organisation initiatives are complete, though this could take some time." "On balance we believe that Cohort will continue to make progress in the current financial year and beyond."
UNAUDITED RESULTS FOR THE SIX MONTHS ENDED 31 OCTOBER 2012 Cohort plc, the independent technology group, today announces its unaudited results for the six months ended 31 October 2012. Highlights include: • Adjusted* operating profit increased by 9% to £3.3m (2011: £3.0m). • Operating profit increased by 126% to £4.3m (2011: £1.9m). • Adjusted* earnings per share increased by 25% to 6.97p (2011: 5.60p). • Earnings per share increased by 170% to 9.35p (2011: 3.46p). • Revenue £33.8m (2011: £37.4m). • Order intake of £29.9m in the first half. • Healthy closing order book of £103.2m (30 April 2012: £107.1m). • Net cash of £12.1m (30 April 2012: £14.1m) following dividends and purchase of own shares of £1.2m. • Interim dividend increased by 20% to 1.20p per share (2011: 1.00p per share). Looking forward: • £27.3m of orders are deliverable in the second half - strongly underpinning revenue expectations. • Prospects for further orders in the second half across the Group are encouraging.