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Interim Results

21 Sep 2017 07:00

RNS Number : 3604R
Volvere PLC
21 September 2017
 

 

21 September 2017

 

 

 

Volvere plc

 

("Volvere" or the "Group")

 

Interim Results for the six months ended 30 June 2017

 

Volvere plc (AIM: VLE), the growth and turnaround investment company, announces its unaudited Interim Results for the six months ended 30 June 2017.

 

Highlights

 

£ million except where stated

Six months ended

Year ended

30 June

2017

30 June

2016

 

31 December

2016

Group revenue from continuing businesses

18.5

14.5

33.0

 

Group profit before tax from continuing operations

 

0.76

 

0.25

 

1.98

 

As at30 June 2017

As at30 June 2016

As at 31December 2016

Consolidated net assets per share(excluding non-controlling interests)(1)

 

£6.23

 

£5.76

 

£6.17

Group net assets

26.9

24.7

26.6

Cash and marketable securities

20.5

18.5

20.0

 

· Impetus Automotive delivered a very strong performance. Profit before tax and intra-group management and interest charges(2) of £1.54 million (30 June 2016: £0.52 million) on revenue of £12.16 million (30 June 2016: £8.16 million). Profit before tax was £1.37 million (30 June 2016: profit £0.34 million) - with the difference being intra-group management and interest charges.

 

· Shire Foods' performance was satisfactory and in line with expectations. Loss before tax and intra-group management and interest charges(2) of £0.24 million (30 June 2016: profit £0.13 million) on revenue of £6.28 million (30 June 2016: £6.19 million). Loss before tax was £0.25 million (30 June 2016: profit £0.1 million) - with the difference being intra-group management and interest charges.

 

· Net assets per share growth continued, reaching new record high.

 

· Balance sheet remains strong with high liquidity. Cash and marketable securities increased over prior comparable period by £2.0 million, to £20.5 million (up £0.5m compared to 31 December 2016).

 

Note

 

1 Based on the net assets attributable to owners of the parent company and the respective period end shares in issue (which were 4,075,958 at 30 June 2017 and 4,085,958 in both prior periods).

 

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

 

N+1 Singer

Aubrey Powell/Liz Yong

 

 

Tel: + 44 (0) 20 7496 3000

 

 

 

Chairman's Statement

 

I'm delighted to report a solid set of results for the first half of 2017. Trading in Impetus Automotive was very strong, with performance in Shire in line with our expectations. Net assets per share have once again risen to a new record of £6.23* (30 June 2016: £5.76, 31 December 2016: £6.17). We look forward to continuing progress in the remainder of 2017.

 

 

David Buchler

Chairman

 

21 September 2017

 

*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

 

An excellent performance in our automotive consulting business, Impetus, was the defining event of the first half of 2017. Shire and SDS met our expectations for the period, although they did not perform as well as in the same period in 2016. The performance of each of the Group's segments is set out below.

 

Food manufacturing

 

This segment comprises Shire Foods Limited ("Shire"), the Group's 80%-owned frozen pie and pasty manufacturing business, which was acquired in 2011. The company employs approximately 110 people and is based in Leamington Spa, United Kingdom.

 

The depreciation of sterling following the Brexit vote in June 2016 led to a rise in raw material prices in the second half in 2016, which reduced Shire's operating margin. As expected, Shire continued to suffer from margin pressure in the first half of 2017. Although first-half revenues of £6.28 million were in fact just ahead of the same period in 2016, there was a loss before tax and intra-Group management and interest charges** of £0.24 million (30 June 2016: £6.19 million and profit £0.13 million; 31 December 2016 £15.19 million, profit £1.15 million). Loss before tax was £0.25 million (30 June 2016: profit £0.1 million, 31 December 2016: profit £0.91 million) - with the difference being intra-group interest and management charges. Shire's revenues are weighted towards the colder winter months, affecting the timing of profitability. We therefore expect that Shire's performance will improve in the second half of 2017.

 

In 2017 Shire successfully introduced new product with existing customers as part of the strategy to widen its product offering. In addition, we remain committed to winning new accounts in both retail and foodservice. Shire remains capable of delivering more both operationally and financially and we are continually looking at ways to utilise manufacturing capacity more efficiently.

 

Automotive Consulting

 

This segment comprises Impetus Automotive Limited ("Impetus"), which was acquired in March 2015 and is now approximately 83%-owned by the Group. Impetus offers services to improve the effectiveness of the sales and after-sales networks of automotive manufacturers, including the provision of outsourced training services, as well as providing research-based industry insight. The company employs approximately 400 people and is headquartered in Warwick, United Kingdom.

 

For the 6 months to 30 June 2017 revenues and profit before tax and intra-Group interest and management charges** were £12.16 million and £1.54 million respectively (30 June 2016: £8.16 million, profit £0.52 million; year to 31 December 2016: £17.37 million, profit £1.49 million). Profit before tax was £1.37 million (30 June 2016: £0.34 million, year to 31 December 2016: £1.11 million) - with the difference being intra-group interest and management charges.

 

The increased revenue and profit compared to 2016 reflects the underlying growth in Impetus's business, as well as the commencement in April of a single large contract to operate a vehicle manufacturer's training centre. We have successfully managed the transition of a large number of staff from the previous supplier under that contract and, in conjunction with the client, are part way through a process of improving both the operational performance and measurement criteria relating to training activities.

 

Changing vehicle technology means that the pace of change in the automotive sector is significant and we think this will present opportunities for Impetus as clients work with us to refine their distribution and after-sales strategies.

 

Security solutions

 

Sira Defence and Security Limited ("SDS"), our security solutions business delivered a satisfactory performance, with revenue of £0.1 million (30 June 2016: £0.17 million, 31 December 2016: £0.38 million). As a consequence of the reduced revenues, the business made a small loss before tax of £0.03 million (30 June 2016: profit £0.06 million, year to 31 December 2016: £0.16 million).

 

Further segmental information is set out in the financial review below and in note 2.

 

Purchase of own shares

 

During the period the Group acquired 10,000 shares for treasury for a total consideration of £0.05 million. The aggregate cost of shares purchased as of 30 June 2017 totals £5.99 million.

 

Acquisitions and future strategy

 

Deal flow was relatively subdued during the first half of 2017 although in the second quarter there were some signs of increased distress in those companies dependent upon imported goods and in consumer-facing businesses such as in the casual dining sector. The challenge, as ever, is to determine which opportunities are capable of turnaround and those which are more realistically best avoided.

 

Our existing portfolio is well placed to adapt to a changing U.K. economy, but the dedication and commitment of the management and staff at Shire, Impetus and SDS, is a prerequisite to ensuring continued growth. I am very grateful for their support and confidence in us.

 

As a Group, Volvere and its team are strong and we are well placed to capitalise on further opportunities as they arise.

 

 

 

Jonathan Lander

Chief Executive

 

21 September 2017

 

**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 2017. It should be read in conjunction with the Chairman's and Chief Executive's Statements.

 

Overview

 

The Group's revenue from continuing operations for the period was £18.54 million compared to £14.54 million for the period to 30 June 2016 (31 December 2016: £32.96 million). The increase in the first half of 2017 is due to growth in Impetus arising principally from the commencement of a large contract to provide training services from 1 April as well as growth in other areas of the business

 

Group profit before tax from continuing operations was £0.76 million (30 June 2016: £0.25 million, year to 31 December 2016: £1.98 million). The increase compared to the same period last year reflects the growth in Impetus, offset by reduced comparable results from Shire and SDS.

 

Further comment on each segment is set out below and detailed information about the Group's segments is set out in note 2 to these interim results, which should be read in conjunction with this financial review.

 

Automotive Consulting

 

Impetus has been a member of the Group since March 2015. A summary of its recent financial performance is set out in Table A below.

 

Table A

6 months to

30 June

2017

6 months to

30 June

2016

Year ended

31 December

2016

Year ended

31 December

2015(1)

£000

£000

£000

£000

Revenue

12,163

8,164

17,372

12,077

Profit before tax, Group interest and management charges(2)

 

1,536

 

522

 

1,485

 

583

 

Profit before tax(2)

 

1,369

 

335

 

1,114

 

304

 

(1) Reflects the period from acquisition on 25 March 2015 to 31 December 2015

(2) The difference between profit before tax and profit before tax, Group interest and management charges relates to Group interest and management charges

 

The revenue growth against the comparable period is due partly to the commencement of the contract noted above. However, combined other activities grew by just under 20% too, which was very pleasing. The combined effects of these significantly increased profitability by more than £1 million in the period.

 

During the period the Group charged Impetus £132,000 for management services and interest of £35,000 on Group loans. At the period end loans outstanding to the Group amounted to £1.24 million (30 June 2016: £1.27 million, 31 December 2016: £0.89 million), with the increase since the year end being due principally to the working capital requirements associated with revenue growth. At the date of this report, loans outstanding to the Group were £0.69 million, following net repayments of £0.55 million since 30 June.

 

Security solutions

 

The performance of SDS was below the prior comparable period, with lower revenue of £0.1 million (30 June 2016: £0.17 million, 31 December 2016: £0.38 million). As a result of the reduced revenue, SDS made a small loss before tax of £0.03 million (30 June 2016: profit £0.06 million, 31 December 2016: profit £0.16 million). No Group loans were outstanding at the period end (30 June 2016: £nil, 31 December 2016: £nil).

 

Food manufacturing

 

A summary of Shire's recent financial performance is set out in Table B below.

 

Table B

6 months to

30 June

2017

6 months to

30 June

2016

Year ended

31 December

2016

Year ended

31 December

2015

Year ended

31 December

2014

£000

£000

£000

£000

£000

 

Revenue

 

6,280

 

6,192

 

15,190

 

15,476

 

12,134

(Loss)/profit before tax, Group interest and management charges(1)

(237)

129

1,149

1,588

1,651

 

(Loss)/profit before tax(1)

 

(252)

 

97

 

909

 

1,165

 

1,651

 

(1) The difference between (loss)/profit before tax and (loss)/profit before tax, Group interest and management charges relates to Group interest and management charges

 

Shire's revenue was slightly ahead of the same period in 2016 but margins were lower partly because of the impact of sterling's devaluation. Although mitigation steps were taken to reduce the impact, by increasing prices and taking on further work from customers, this was effective on a progressive basis through the period.

 

At 30 June 2017, Shire's remaining Group loans had all been repaid. We expect to make further loans to Shire to meet its seasonal stock-build during the winter period, though at the date of this report no further such loans had been made. The equity investment and related intellectual property investments made of £0.53 million and £0.44 million respectively, brings the Group's total amount invested (excluding loans) to £0.97 million.

 

Shire's unaudited net assets at the period end amounted to £5.39 million (30 June 2016: £4.97 million; 31 December 2016: £5.72 million), of which 20% is attributable to non-controlling interests.

 

Investment revenues and other gains and losses

 

The Group purchased available-for-sale investments during the period as part of its treasury management policy but no income arose in the period. Income in the prior periods related to investments disposed of in December 2016.

 

Statement of financial position

 

Cash

 

Cash at the period end was £14.36 million (30 June 2016: £13.99 million, 31 December 2016: £20.06 million). The reduction in cash compared to the end of 2016 was due to the purchase of available-for-sale investments. Details of cash movements are shown in the consolidated statement of cash flows.

 

Available-for-sale investments

 

At the period end the Group had available-for-sale investments with a market value of £6.16 million (30 June 2016: £4.50 million, 31 December 2016: £nil) with a base cost of £6.26 million. The unrealised loss has been dealt with through reserves, as set out in the consolidated statement of comprehensive income.

 

In line with the Group's treasury management policies and pending investment in other acquisitions, the Group continues to consider short-term investments where there is the opportunity for attractive returns.

 

Earnings per share and share capital

 

Total basic and diluted earnings per ordinary share (which are from continuing operations) were 8.2 pence (30 June 2016: 2.4 pence; year ended 31 December 2016: 32.6 pence).

 

Hedging

 

It is not the Group's policy to enter into derivative instruments to hedge interest rate or foreign exchange risk.

 

Risk factors

 

The Company and Group face a number of specific business risks that could affect the Company's or Group's success. The Company 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 businesses are principally engaged in the provision of services that are dependent on the continued employment of the Group's employees and availability of suitable, profitable workload. Also, in the automotive consulting and food manufacturing segments, there is a dependency on a small number of customers and a reduction in the volume or range of products or services supplied to those customers or the loss of any one of them could impact the Group materially.

 

In addition, the food manufacturing segment is exposed to raw material and commodity cost increases and is dependent on the availability of credit facilities on appropriate terms from lenders and suppliers as well as being dependent on the reliability and performance of the plant and equipment used in the business. Failure or unreliability of key plant or equipment could be material in terms of lost production output or other losses arising from non-supply of products and there is the risk that any or all of the costs, timescales or the non-availability of funding required to enable rectification, would render the segment unviable, with a material effect on the Group.

 

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, profit before tax and profit before tax, Group interest and management charges. The performance of the Group and the individual trading businesses against these KPIs, is outlined above and disclosed in note 2.

 

Internally, management uses a variety of non-financial KPIs as follows: in respect of the food manufacturing segment order intake, manufacturing output and sales are monitored weekly and reported monthly; order intake is reported monthly in respect of the security solutions segment; order intake and headcount are monitored in the Automotive Consulting segment.

 

 

 

 

Nick Lander

Chief Financial & Operating Officer

 

21 September 2017

 

 

Consolidated income statement

 

 

 

 

 

Note

6 months to

30 June

2017

6 months to

30 June

2016

Year ended

31

December

2016

£'000

£'000

£'000

Continuing operations

Revenue

2

18,540

14,544

32,964

Cost of sales

(14,732)

(11,499)

(25,033)

Gross profit

3,808

3,045

7,931

Distribution costs

(431)

(389)

(932)

Administrative expenses

(2,569)

(2,462)

(5,065)

Operating profit

808

194

1,934

Investment revenues

-

95

186

Other gains and losses

3

-

-

(22)

Finance expense

4

(74)

(70)

(162)

Finance income

4

22

28

48

Profit before tax

756

247

1,984

Income tax expense

(290)

(82)

(311)

Profit for the period

466

165

1,673

Attributable to:

- Equity holders of the parent

333

99

1,334

- Non-controlling interests

7

133

66

339

466

165

1,673

Earnings per share

5

Total

- Basic

8.2p

2.4p

32.6p

- Diluted

8.2p

2.4p

32.6p

 

 

 

Consolidated statement of comprehensive income

 

6 months to

30 June

2017

6 months to

30 June

2016

Year ended

31

December

2016

£'000

£'000

£'000

Profit for the period

466

165

1,673

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 (losses)/gains

(102)

188

-

- reclassified to profit and loss

-

-

617

Foreign exchange (losses)/gains on retranslation of foreign operations

(5)

26

25

Other comprehensive income

(107)

214

642

Total comprehensive income for the period

359

379

2,315

Attributable to:

Equity holders of the parent

227

307

1,976

Non-controlling interests

132

72

339

359

379

2,315

 

 

Consolidated statement of changes in equity

 

 

Six months to 30 June 2017

Share

capital

£'000

Share

premium

£'000

 

Fair value

reserve

£'000

Retained

earnings

£'000

Total

£'000

Non-controlling

interests£'000

Total

£'000

 

 

 

 

 

 

 

 

Other comprehensive income

-

-

(102)

(4)

(106)

(1)

(107)

Profit for the period

-

-

-

333

333

133

466

 

 

 

 

 

 

 

 

Total comprehensive income for the period

-

-

(102)

329

227

132

359

Balance at 1 January

50

3,640

-

21,529

25,219

1,406

26,625

Transactions with owners:

 

 

 

 

 

 

 

Purchase of own shares

-

-

-

(54)

(54)

-

(54)

 

 

 

 

 

 

 

 

Total transactions with owners

-

-

-

(54)

(54)

-

(54)

 

 

 

 

 

 

 

 

Balance at 30 June

50

3,640

(102)

21,804

25,392

1,538

26,930

 

Six months to 30 June 2016

Share

capital

£'000

Share

premium

£'000

 

Fair value

reserve

£'000

Retained

earnings

£'000

Total

£'000

Non-controlling

interests£'000

Total

£'000

 

 

 

 

 

 

 

 

Other comprehensive income

-

-

188

20

208

6

214

Profit for the period

-

-

-

99

99

66

165

 

 

 

 

 

 

 

 

Total comprehensive income for the period

-

-

188

119

307

72

379

Balance at 1 January

50

3,640

(617)

20,175

23,248

1,046

24,294

Transactions with owners:

 

 

 

 

 

 

 

Increase in non-controlling interest

-

-

-

-

-

15

15

 

 

 

 

 

 

 

 

Total transactions with owners

-

-

-

-

-

15

15

 

 

 

 

 

 

 

 

Balance at 30 June

50

3,640

(429)

20,294

23,555

1,133

24,688

 

Year ended 31 December 2016

Share

capital

£'000

Share

premium

£'000

 

Fair value

reserve

£'000

Retained

earnings

£'000

Total

£'000

Non-controlling

interests£'000

Total

£'000

 

 

 

 

 

 

 

 

Other comprehensive income

-

-

-

25

25

-

25

Transfer to profit and loss on disposal

-

-

617

-

617

-

617

Profit for the year

-

-

-

1,334

1,334

339

1,673

 

 

 

 

 

 

 

 

Total comprehensive income for the year

-

-

617

1,359

1,976

339

2,315

Balance at 1 January

50

3,640

(617)

20,175

23,248

1,046

24,294

Transactions with owners:

 

 

 

 

 

 

 

Increase in non-controlling interest

-

-

-

(12)

(12)

21

9

Share based payments

-

-

-

7

7

-

7

 

 

 

 

 

 

 

 

Total transactions with owners

-

-

-

(5)

(5)

21

16

 

 

 

 

 

 

 

 

Balance at 31 December

50

3,640

-

21,529

25,219

1,406

26,625

 

 

Consolidated statement of financial position

 

30 June

2017

30 June

2016

31 December

2016

Note

£'000

£'000

£'000

Assets

Non-current assets

Goodwill

380

380

380

Other intangible assets

24

55

39

Property, plant & equipment

5,559

5,549

5,572

Total non-current assets

5,963

5,984

5,991

Current assets

Inventories

2,396

1,808

2,082

Trade and other receivables

6,864

5,548

7,231

Cash and cash equivalents

14,361

13,986

20,063

Available for sale investments

6,156

4,501

-

Total current assets

29,777

25,843

29,376

Total assets

35,740

31,827

35,367

Liabilities

 

Current liabilities

Loans and other borrowings

(596)

(369)

(1,613)

Finance leases

(161)

(104)

(159)

Trade and other payables

(5,565)

(4,333)

(4,431)

Tax payable

(266)

-

(184)

Total current liabilities

(6,588)

(4,806)

(6,387)

Non-current liabilities

Loans and other borrowings

(1,401)

(1,497)

(1,448)

Finance leases

(361)

(398)

(442)

Total non-current liabilities

(1,762)

(1,895)

(1,890)

Total liabilities

(8,350)

(6,701)

(8,277)

Provisions - deferred tax

(376)

(329)

(376)

Provisions - lease incentive

(84)

(109)

(89)

NET ASSETS

26,930

24,688

26,625

Equity

Share capital

50

50

50

Share premium account

3,640

3,640

3,640

Fair value reserve

(102)

(429)

-

Retained earnings

21,804

20,294

21,529

Capital and reserves attributable to equity holders of the Company

25,392

23,555

25,219

Non-controlling interests

7

1,538

1,133

1,406

TOTAL EQUITY

26,930

24,688

26,625

 

 

Consolidated statement of cash flows

 

6 months to 30 June 2017

 

6 months to 30 June 2017

 

6 months to 30 June 2016

 

6 months to 30 June 2016

 

 

Year ended 31 December 2016

 

 

Year ended 31 December 2016

Note

£'000

£'000

£'000

£'000

£'000

£'000

Profit for the period from continuing operations

466

165

1,673

Adjustments for:

Investment revenues

-

(95)

(186)

Other gains and losses

3

-

-

22

Finance expense

4

74

70

162

Finance income

4

(22)

(28)

(48)

Depreciation

228

220

436

Amortisation of intangible assets

16

16

32

Foreign exchange differences

(6)

-

(7)

Loss on disposal of property, plant and equipment

7

61

62

Share-based payment expense

6

-

10

7

Income tax expense

290

82

311

587

336

791

Operating cash flows before movements in working capital

1,053

501

2,464

Decrease in trade and other receivables

368

2,183

100

Increase in trade and other payables

1,127

112

275

Increase in inventories

(314)

(702)

(976)

Tax paid

(208)

-

(82)

Cash generated from operations

2,026

2,094

1,781

Investing activities

Proceeds from sale of discontinued operations net of cash sold

-

385

784

Purchase of available-for-sale investments

(6,258)

-

-

Income from available-for-sale investments

-

95

186

Disposal of available-for-sale investments

-

-

4,908

Purchase of property, plant and equipment

(222)

(81)

(164)

Disposal of property, plant and equipment

-

25

25

Interest received

22

28

49

Net cash generated from/(used by) investing activities

(6,458)

452

5,788

Financing activities

Interest paid

(74)

(70)

(162)

Purchase of own shares (treasury shares)

8

(54)

-

-

(Repayment of)/net new borrowings

(1,143)

(519)

620

Issue of shares (by subsidiary)

-

-

9

Net cash used by financing activities

(1,271)

(589)

467

Net (decrease)/increase in cash

(5,703)

1,957

8,036

 

Cash at beginning of period

20,063

11,967

11,967

Foreign exchange revaluation of opening cash

1

62

60

Cash at end of period

14,361

13,986

20,063

 

Volvere plc

 

Notes forming part of the unaudited interim results for the period ended 30 June 2017

 

1 Financial information

 

The financial information for the period ended 30 June 2017 and the comparative figures for the period ended 30 June 2016 have not been reviewed or audited by the Group's auditors and have been prepared on the basis of the accounting policies adopted by the Group under IFRS. The same accounting policies and methods of computation are followed in the interim financial report as published by the Company on 25 May 2017 in its annual financial statements, which are available on the Company's website at www.volvere.co.uk.

 

The comparative figures for the year ended 31 December 2016 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 2016 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 Operating segments

 

Analysis by business segment (excluding intra-Group interest and management charges and balances):

 

Analysis by business segment:

Period ended 30 June 2017

 

Automotive consulting

£'000

 

Security solutions

£'000

 

Food manufacturing

£'000

Investing and management services

£'000

 

Total continuing

£'000

 

 

Discontinued

£'000

 

 

Total

£'000

Revenue

12,163

97

6,280

-

18,540

-

18,540

 

 

 

 

 

 

 

Profit/(loss) before tax(1)

1,536

(25)

(237)

(518)

756

-

756

 

 

 

 

 

 

 

Period ended 30 June 2016

 

Automotive consulting

£'000

 

Security solutions

£'000

 

Food manufacturing

£'000

Investing and management services

£'000

 

Total continuing

£'000

 

 

Discontinued

£'000

 

 

Total

£'000

Revenue

8,164

168

6,192

20

14,544

-

14,544

 

 

 

 

 

 

 

Profit/(loss) before tax(1)

521

55

129

(458)

247

-

247

 

 

 

 

 

 

 

Year ended 31 December 2016

 

Automotive consulting

£'000

 

Security solutions

£'000

 

Food manufacturing

£'000

Investing and management services

£'000

 

Total continuing

£'000

 

 

Discontinued

£'000

 

 

Total

£'000

Revenue

17,372

382

15,190

20

32,964

-

32,964

 

 

 

 

 

 

 

Profit/(loss) before tax(1)

1,485

163

1,149

(813)

1,984

-

1,984

 

 

 

 

 

 

 

 

As at 30 June 2017

 

 

Automotive consulting

£'000

 

Security solutions

£'000

 

Food manufacturing

£'000

Investing and management services

£'000

 

Total continuing

£'000

 

 

Discontinued

£'000

 

 

Total

£'000

Assets

7,411

214

9,670

18,445

35,740

-

35,740

Liabilities/provisions

(4,054)

(246)

(4,278)

(232)

(8,810)

-

(8,810)

 

 

 

 

 

 

 

Net assets(2)

3,357

(32)

5,392

18,213

26,930

-

26,930

 

 

 

 

 

 

 

 

As at 30 June 2016

 

Automotive consulting

£'000

 

Security solutions

£'000

 

Food manufacturing

£'000

Investing and management services

£'000

 

Total continuing

£'000

 

 

Discontinued

£'000

 

 

Total

£'000

Assets

4,388

242

8,925

18,272

31,827

-

31,827

Liabilities/provisions

(2,746)

(202)

(3,955)

(236)

(7,139)

-

(7,139)

 

 

 

 

 

 

 

Net assets(2)

1,642

40

4,970

18,036

24,688

-

24,688

 

 

 

 

 

 

 

As at 31 December 2016

 

Automotive consulting

£'000

 

Security solutions

£'000

 

Food manufacturing

£'000

Investing and management services

£'000

 

Total continuing

£'000

 

 

Discontinued

£'000

 

 

Total

£'000

Assets

4,834

207

11,136

19,190

35,367

-

35,367

Liabilities/provisions

(2,895)

(209)

(5,412)

(226)

(8,742)

-

(8,742)

 

 

 

 

 

 

 

Net assets(2)

1,939

(2)

5,724

18,964

26,625

-

26,625

 

 

 

 

 

 

 

(1) stated before intra-Group interest and management charges

 (2) assets and liabilities stated excluding intra-Group balances

 

Six months to 30 June 2017

 

Automotive consulting

£'000

 

Security solutions

£'000

 

Food manufacturing

£'000

Investing and management services

£'000

 

Total continuing

£'000

 

 

Discontinued

£'000

 

 

Total

£'000

Capital spend

9

7

206

-

222

-

222

Depreciation

20

-

208

-

228

-

228

Amortisation/Impairment

16

-

-

-

16

-

16

Interest income (non-Group)

-

-

-

22

22

-

22

Interest expense (non-Group)

20

-

54

-

74

-

74

Tax expense

290

-

-

-

290

-

290

 

 

 

 

 

 

 

Six months to 30 June 2016

 

Automotive consulting

£'000

 

Security solutions

£'000

 

Food manufacturing

£'000

Investing and management services

£'000

 

Total continuing

£'000

 

 

Discontinued

£'000

 

 

Total

£'000

Capital spend

24

-

57

-

81

-

81

Depreciation

21

-

198

1

220

-

220

Amortisation/Impairment

16

-

-

-

16

-

16

Interest income (non-Group)

-

-

-

28

28

-

28

Interest expense (non-Group)

17

-

53

-

70

-

70

Tax expense

82

-

-

-

82

-

82

 

 

 

 

 

 

 

Year ended 31 December

2016

 

Automotive consulting

£'000

 

Security solutions

£'000

 

Food manufacturing

£'000

Investing and management services

£'000

 

Total continuing

£'000

 

 

Discontinued

£'000

 

 

Total

£'000

Capital spend

35

-

287

-

322

-

322

Depreciation

45

-

390

1

436

-

436

Amortisation/Impairment

32

-

-

-

32

-

32

Interest income (non-Group)

-

-

-

48

48

-

48

Interest expense (non-Group)

41

-

121

-

162

-

162

Tax expense

175

-

136

-

311

-

311

 

 

 

 

 

 

 

 

Geographical analysis:

 

External revenue by location of customers

 

Non-current assets by location of assets

6 months to

30 June

2017

6 months to

30 June

2016

Year ended

31 December 2016

 

30 June

2017

 

30 June

2016

 

31 December 2016

£'000

£'000

£'000

£'000

£'000

 

£'000

UK

16,249

12,718

29,064

5,963

5,984

5,991

Rest of Europe

1,557

1,106

2,612

-

-

-

Other

734

720

1,288

-

-

-

18,540

14,544

32,964

5,963

5,984

5,991

 

 

3 Other gains and losses

 

The Company's unrealised treasury investment losses at the end of the period amounted £102,000 and these have been dealt with through other comprehensive income. In the prior comparable period a reversal of unrealised treasury investment losses occurred, giving rise to an unrealised gain of £188,000. This was dealt with through reserves, as set out in the consolidated statement of comprehensive income.

 

4 Finance expense/income

 

The Group's finance expense relates to the debt servicing costs in the Group's subsidiaries, Shire Foods Limited and Impetus Automotive Limited, offset by interest earned on the Group's cash deposits.

 

5 Earnings per share

 

The calculation of the basic and diluted loss per share is based on the following data:

 

6 months to

30 June

2017

£'000

6 months to

30 June

2016

£'000

Year ended

31 December

2016

£'000

Earnings for the purposes of earnings per share:

From continuing operations

333

99

1,334

From discontinued operations

-

-

-

Total

333

99

1,334

No.

No.

Weighted average number of ordinary shares for the purposes of earnings per share:

Weighted average number of ordinary shares in issue

4,080,323

4,085,958

4,085,958

Dilutive effect of potential ordinary shares

-

-

-

Weighted average number of ordinary shares for diluted EPS

4,080,323

4,085,958

4,085,958

 

There were no outstanding share options in issue at the period end (30 June 2016: nil; 31 December 2016: nil).

 

6 Share-based payment

 

During the prior period the Group's subsidiary, Impetus Automotive Limited, issued shares to certain management of that business. An independent valuation of the shares issued was undertaken and the share-based payment charge reflects that valuation. The issue of shares in Impetus resulted in an increase in non-controlling interests, which are set out in note 7.

 

7 Non-controlling interests

 

The non-controlling interests of £1.54 million relate to the net assets attributable to the shares not held by the Group at 30 June 2017 in the following subsidiary undertakings:

 

30 June

2017

£'000

30 June

2016

£'000

31 December 2016

£'000

NMT Group Limited

73

74

74

Shire Foods Limited

1,077

992

1,127

Impetus Automotive Limited

388

67

205

1,538

1,133

1,406

 

The Group now owns approximately 83% (previously 79%) of Impetus, following the cancellation of certain management shares during the second half of 2016.

 

8 Purchase of own shares

 

The Company acquired 10,000 of its own Ordinary shares during the period (30 June and 31 December 2016: nil) for a consideration of £54,000. For reference, the total number of Ordinary shares held in treasury is 2,131,116 and the number of shares in issue, excluding treasury shares, at the period end was 4,075,958 (30 June and 31 December 2016: 4,085,958).

 

9 Dividend

 

The Board is not recommending the payment of an interim dividend for the period ended 30 June 2017.

 

- Ends -

This information is provided by RNS
The company news service from the London Stock Exchange
 
END
 
 
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