REG - Avingtrans PLC - Interim Results <Origin Href="QuoteRef">AVG.L</Origin> - Part 2
28/02/2018 07:05
- Part 2: For the preceding part double click ID:nRSb1541Ga
Exchange rate loss - - - - (1) - - - (1)
Total comprehensive income for the year - - - - (1) - - 190 (1)
At 31 May 2017 958 12,771 1,299 - 2 180 (2,250) 31,946 44,906
At 1 June 2017 958 12,771 1,299 - 2 180 (2,250) 31,946 44,906
Shares issued 577 28,958 - - - - - - 29,535
Dividend paid - - - - - - - (230) (230)
Share-based payments - - - - - - - 32 32
Transactions with owners 577 28,958 - - - - - (198) 29,337
Loss for the period - - - - - - - (4,305) (4,305)
Other comprehensive income
Exchange rate loss - - - - (367) - - - (367)
Total comprehensive income for the year - - - - (367) - - (4,305) (4,672)
At 30 Nov 2017 1,535 41,729 1,299 - (365) 180 (2,250) 27,443 69,571
Exchange rate loss
-
-
-
-
(367)
-
-
-
(367)
Total comprehensive income for the year
-
-
-
-
(367)
-
-
(4,305)
(4,672)
At 30 Nov 2017
1,535
41,729
1,299
-
(365)
180
(2,250)
27,443
69,571
Notes to the half year statement
30 November 2017
1. Basis of preparation
The Group's interim results for the six month period ended 30 November 2017
are prepared in accordance with the Group's accounting policies which are
based on the recognition and measurement principles of International Financial
Reporting Standards ('IFRS') as adopted by the EU and effective, or expected
to be adopted and effective, at 31 May 2018. As permitted, this interim report
has been prepared in accordance with the AIM rules and not in accordance with
IAS34 'Interim financial reporting'.
These interim results do not constitute full statutory accounts within the
meaning of section 434 of the Companies Act 2006 and are unaudited. The
unaudited interim financial statements were approved by the Board of Directors
on 27 February 2018 and will shortly be available on the Group's website at
http://www.avingtrans.plc.uk/pages/reports.html.
The consolidated financial statements are prepared under the historical cost
convention as modified to include the revaluation of financial instruments.
The accounting policies used in the interim financial statements are
consistent with IFRS and those which will be adopted in the preparation of the
Group's annual report and financial statements for the year ended 31 May 2018.
The statutory accounts for the year ended 31 May 2017, which were prepared
under IFRS, have been filed with the Registrar of Companies. These statutory
accounts carried an unqualified Auditor's Report and did not contain a
statement under either Section 498(2) or (3) of the Companies Act 2006.
2. Segmental analysis
Energy Medical UnallocatedCentral items Total
£'000 £'000 £'000 £'000
6 months ended 30 Nov 2017
Revenue 21,844 5,101 - 26,945
Operating (loss)/profit (2,595) 75 (2,070) (4,590)
Year ended 31 May 2017
Revenue 12,610 10,104 - 22,714
Operating profit/(loss) 456 428 (1,350) (466)
6 months ended 30 Nov 2016
Revenue 4,693 4,900 - 9,593
Operating (loss)/profit (103) 54 (677) (726)
3. Taxation
The taxation credit/(charge) is based upon the expected effective rate for the
year ended 31 May 2018.
Notes to the half year statement
30 November 2017
4. (Loss)/earnings per share
Basic (loss)/earnings per share is based on the (loss)/earnings attributable
to ordinary shareholders and the weighted average number of ordinary shares in
issue during the year.
For diluted earnings/(loss) per share the weighted average number of ordinary
shares is adjusted to assume conversion of all dilutive potential ordinary
shares, being the CSOP and ExSOP share options.
6 months to 30 Nov 2017No 6 months to 30 Nov 2016No Year to 31 May 2017No
Weighted average number of shares - basic 22,015,992 25,576,758 22,295,083
Share Option adjustment 390,350 203,867 288,451
Weighted average number of shares - diluted 22,406,342 25,780,625 22,583,534
£'000 £'000 £'000
Loss from continuing operations (4,305) (486) (296)
Share based payments 32 7 34
Acquisition costs 1,451 - 101
Restructuring costs 1,408 183 182
Tender share buyback costs - 199 226
Amortisation of intangibles from business combinations 1,808 - -
Deferred tax release on amortisation of business combination intangibles (307) - -
Adjusted earnings/(loss) from continuing operations 87 (97) 247
From continuing operations:
Basic loss per share (19.6)p (1.9)p (1.3)p
Adjusted basic earnings/(loss) per share 0.4p (0.4)p 1.1p
Diluted loss per share (19.2)p (1.9)p (1.3)p
Adjusted diluted earnings/(loss) per share 0.4p (0.4)p 1.1p
The Directors believe that the above adjusted earnings/(loss) per share
calculation from continuing operations is the most appropriate reflection of
the Group performance.
Notes to the half year statement
30 November 2017
5. Acquisition of subsidiary
On 1 September 2017 the Group acquired 100 percent of the issued share capital
of Hayward Tyler Group plc ('HTG'''). The acquisition was made to enhance the
Group's position in the Energy division. The provisional fair value of net
assets acquired at the date of acquisition were as follows:
Fair value of assets and liabilities acquired £'000
Provisional Net Assets (including Goodwill of £2,573,000) 351
Intangibles assets identified 19,675
Deferred tax on intangible assets (3,345)
Goodwill 12,845
Consideration 29,526
Fair value of consideration transferred:
Cash -
Shares issued 29,526
Consideration 29,526
Cash impact of acquisition and subsequent debt repayment
Cash acquired (739)
Loan 12,500
Acquisition costs charged to expenses 1,451
Net cash paid relating to the acquisition 13,212
13,212
Management has not completed its review of Intangible and Net Assets on
acquisition of this business.
Acquisition costs arising from this transaction of £1,451,000 have been
included in administration expenses included in overheads before operating
profit.
The impact of the HTG acquisition on the Consolidated income statement is as follows: £'000
Revenue 15,920
Gross profit 4,183
Overheads (4,084)
Restructuring costs (1,381)
Amortisation of intangibles from business combinations (1,808)
Operating loss (3,090)
Finance income 9
Finance costs (172)
Loss before taxation (3,253)
Taxation 158
Overall effect on the Consolidated income statement (3,095)
(3,095)
Since acquisition HTG contributed the following to the Group's cashflows: £'000
Operating cashflows (8,087)
Investing activities (403)
Financing activities 3,187
This information is provided by RNS
The company news service from the London Stock Exchange
- Part 2: For the preceding part double click ID:nRSb1541Ga
6 months to Year to
30 Nov 2017 30 Nov 2016 31 May 2017
No No No
Weighted average number of shares - basic 22,015,992 25,576,758 22,295,083
Share Option adjustment 390,350 203,867 288,451
Weighted average number of shares - diluted 22,406,342 25,780,625 22,583,534
£'000 £'000 £'000
Loss from continuing operations (4,305) (486) (296)
Share based payments 32 7 34
Acquisition costs 1,451 - 101
Restructuring costs 1,408 183 182
Tender share buyback costs - 199 226
Amortisation of intangibles from business combinations 1,808 - -
Deferred tax release on amortisation of business combination intangibles -
(307) -
Adjusted earnings/(loss) from continuing operations 87 (97) 247
From continuing operations:
Basic loss per share (19.6)p (1.9)p (1.3)p
Adjusted basic earnings/(loss) per share 0.4p (0.4)p 1.1p
Diluted loss per share (19.2)p (1.9)p (1.3)p
Adjusted diluted earnings/(loss) per share 0.4p (0.4)p 1.1p
The Directors believe that the above adjusted earnings/(loss) per share
calculation from continuing operations is the most appropriate reflection of
the Group performance.
Notes to the half year statement
30 November 2017
5. Acquisition of subsidiary
On 1 September 2017 the Group acquired 100 percent of the issued share capital
of Hayward Tyler Group plc ('HTG'''). The acquisition was made to enhance the
Group's position in the Energy division. The provisional fair value of net
assets acquired at the date of acquisition were as follows:
Fair value of assets and liabilities acquired £'000
Provisional Net Assets (including Goodwill of £2,573,000) 351
Intangibles assets identified 19,675
Deferred tax on intangible assets (3,345)
Goodwill 12,845
Consideration 29,526
Fair value of consideration transferred:
Cash -
Shares issued 29,526
Consideration 29,526
Cash impact of acquisition and subsequent debt repayment
Cash acquired (739)
Loan 12,500
Acquisition costs charged to expenses 1,451
Net cash paid relating to the acquisition 13,212
Management has not completed its review of Intangible and Net Assets on
acquisition of this business.
Acquisition costs arising from this transaction of £1,451,000 have been
included in administration expenses included in overheads before operating
profit.
The impact of the HTG acquisition on the Consolidated income statement is as £'000
follows:
Revenue 15,920
Gross profit 4,183
Overheads (4,084)
Restructuring costs (1,381)
Amortisation of intangibles from business combinations (1,808)
Operating loss (3,090)
Finance income 9
Finance costs (172)
Loss before taxation (3,253)
Taxation 158
Overall effect on the Consolidated income statement (3,095)
Since acquisition HTG contributed the following to the Group's cashflows: £'000
Operating cashflows (8,087)
Investing activities (403)
Financing activities 3,187
This information is provided by RNS
The company news service from the London Stock Exchange
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