RNS Number : 1786P
TEG Group (The) PLC
30 September 2013
For release
07:00
30 September 2013
The TEG GROUP PLC (AIM: TEG)
("TEG" or "the Group")
INTERIM RESULTS
The TEG Group PLC, the AIM listed green technology company, which develops and operates organic composting and energy plants, announces its interim results for the half year ended 30 June 2013
Highlights
Financial
· Results build on strong progress seen during second half of 2012. Half year revenue up substantially to £12,906,000 (2012: £5,617,000)
· Gross profit of £1,940,000 (2012: £1,268,000)
· Group trading loss significantly reduced to £777,000 (2012: £1,789,000)
· The Group cash balance at 30 June 2013 was £1,739,000 (2012: £1,101,000)
· No dividend is recommended
Operations
· Revenues of the Group's own plant operations continue to grow strongly with operational revenues up 7% and waste volumes increased by 7%
· Several new contracts secured during period and with Group passing the one million tonne mark for organic waste recycling
· Flagship Dagenham plant progressing well, on time and in budget with IVC plant already in operation and operation of AD plant expected shortly
· Perth AD Facility operating very successfully and generating power continuously since commissioning in early 2012
· Construction of the fourth and final facility (Bolton), as part of the Greater Manchester Waste PFI Contract, is now complete and commissioning of the facility is in progress.
Strategic activities
· Offer of loans totalling £2.6m received to give TEG both working capital and funds to facilitate some future strategic activities
· Funding offers received for next project in Gaydon, Warwickshire
Commenting, Rory Maw, Non-Executive Chairman, TEG Group Plc, said:
"I am pleased to see that TEG has been able to continue the significant progress it saw during the second half of 2012 and the ongoing success of the Group's own plant operations demonstrates that market demand for more capacity remains strong".
"Whilst the Group currently does face challenges in completing the Manchester contract, obtaining the associated cash retentions and recognising associated one-off charges in the current year, the funding offer received for the forthcoming Gaydon project, as well as our strong pipeline of tender opportunities and increasing market profile, allows us to anticipate significant future growth in forthcoming years".
- ENDS -
Contact:
The TEG Group Plc
Tel: 01772 644980
Michael Fishwick, Chief Executive
www.theteggroup.plc.uk
Peckwater PR
Tel: 07879 458 364
Tarquin Edwards
tarquin.edwards@peckwaterpr.co.uk
N+1 Singer Advisory LLP (Nomad & Broker)
Tel: 0207 496 3000
Andrew Craig/Ben Wright
Editor's Notes
TEG
TEG provides state of the art technology for handling organic wastes. Its in-vessel composting ("IVC") system is one of the few approved technologies capable of treating animal by-product ("ABP") waste and it is now providing an anaerobic digestion ("AD") technology to produce power from food waste. Plant economics are predominantly driven by the gate fees charged, rather than the value of the end product (compost).
The AD plants also benefit from power sales and Renewable Obligations Certificates ("ROCS") or Feed-in Tariffs ("FITs"). TEG owns its composting technology, the TEG Silo Cage System, and has an agreement with UTS Biogastechnik GmbH ("UTS") for the provision of AD technology into the UK waste markets. The TEG processes are an economic and sustainable alternative to landfill.
The TEG Silo Cage System
The Silo Cage system, one of the few technologies capable of treating organic waste, is a natural process producing compost as an end product. The compost is an excellent soil conditioner that fertilises, retains moisture, provides structure and reduces the incidence of plant disease. TEG's Silo-Cages are housed in self-contained buildings, suitable for urban environments, are not unsightly and are environmentally friendly.
Collaboration with UTS
UTS is one of the world's leading biogas companies offering services in the planning, construction, delivery and installation of biogas plants and their key components. UTS has its own production facilities and service shops, technical design and development departments as well as mobile mechanical and biological customer service technicians to support the international client base.
UTS also develops and sells specialized mixers, pumps and a variety of solid/liquid separating devices related to the biogas and agro/food markets. It is headquartered near Munich, Germany with subsidiaries in Italy, Hungary, Spain, the Czech Republic and now a rapidly developing company UTS Biogas Limited, to service the United Kingdom & Ireland markets.
TEG Biogas (Perth) Limited
TEG Biogas (Perth) Limited ("TEG Biogas Perth") is a joint venture company established by TEG with Albion LLP. TEG Biogas Perth has constructed a 15,000 tonnes per annum AD plant at TEG's Glenfarg site to produce nominally 0.7MW of electrical power and 0.2MW of heat that is to be used by Binn Eco Park. The facility has been in operation, generating revenues from waste sales and power generation since Quarter 1 of 2012. It has become one of the leading AD operations in Scotland.
TEG Biogas (London) Limited (TEGBL)
TEG Biogas (London) Limited ("TEG Biogas London") is a joint venture company established by TEG with funding partners led by Foresight Environmental Fund LP. TEG Biogas London is constructing a combined In Vessel Composting (IVC) and AD plant in Dagenham that will process approximately 50,000 tonnes per annum of organic wastes and will generate approximately 1.4MW of power, sufficient to power approximately 2000 homes. The IVC plant is already in operation and it is expected that the AD plant will commence operations in Quarter 3 of this year. The facility, which is currently on time and in line with budget, is due to be handed over to the client, TEG Biogas (London) Limited, in Quarter 1 of 2014.
TEG received a contract to construct the facility valued at approximately £16m and will operate the facility after handover as part of a 15-year operating contract. The Group has a minority shareholding in TEGBL, which has been established as a joint venture with various funding partners.
General
Customers include local authorities, waste management companies, food processing companies, farmers and landowners. The Company's expanding market is driven by increasingly stringent EU and UK legislation regulating the treatment and disposal of organic waste. Statutory targets for the diversion of waste from landfill increase annually through to 2020, increasing TEG's market opportunity year on year.
Chairman's statement
I am delighted to present the Group's interim report for the half year ended 30 June 2013, which was a positive trading period during which the Group has built on the progress seen in the second half of 2012. It is highly encouraging to note that the performance of the business in the 12-month period from June 2012 to June 2013 was the strongest in the Group's history.
Half year revenue for the period was up substantially to £12,906,000 (2012: £5,617,000) with the Group trading loss being significantly reduced to £777,000 (2012: £1,789,000 loss). The Group recorded a gross profit of £1,940,000 (2012 interim £1,268,000 profit).
The Group cash balance as at 30 June 2013 was £1,739,000 (2012: £1,101,000).
Group Plant Operations
Revenues at the Group's own plant operations continued to grow in the first half of 2013 and we continue to be pleased with the performance of the BOO business. Operational revenues grew by 7% in the first half of 2013 compared to the same period in 2012. Waste volumes increased by 7% and overall gate fees have increased by 4%.
The Group announced new contracts in the period with FCC Environment Limited ("FCC"), Perth and Kinross Council and Nottingham City Council. A significant milestone was achieved when the Group passed the '1 million tonnes' mark for organic waste recycling, which has removed from the environment the equivalent of over 200,000 tonnes of CO₂emissions of landfill greenhouse gases. Both the Todmorden and Telford facilities have been expanded in the first half of the year to accommodate the increasing demand from customers.
Perth Anaerobic Digestion (AD) Facility
The plant, owned by TEG Biogas (Perth) Limited, a joint venture with Albion LLP, has continued to perform well and has generated power continuously since commissioning in early 2012. The facility benefits from Renewable Obligation Certificates (ROCs), receiving two ROCs for every MWh of power output.
Greater Manchester Waste PFI Contract
Construction of the fourth and final facility (Bolton) is complete and commissioning of the facility is in progress. A small delay was encountered due to a defect in a sub-contractor's works, which has been rectified, and Construction Completion has been achieved. TEG expects to fully recover all expenditure from the sub-contractor.
All three of the operating facilities have passed their 52-week availability tests. Acceptance has not been achieved, however, due to the requirement for rectification works to the buildings and some services. TEG is to carry out a programme of work to rectify these issues and the scope of works is currently being defined. The Group has been advised that the majority of these works are covered by PI insurance and does not anticipate significant impact on the business plan. However, the retentions of approximately £2.4m will not be released until such time as projects are completed and the Group is therefore expecting a further delay in cashflow.
The contract works are expected to close in the final quarter of 2014, when the 52-week defect liability period for the Bolton plant expires. It is intended that all remedial works will have been completed before that time
Dagenham Project
Construction of the combined In Vessel Composting (IVC) and AD plant in Dagenham has progressed well. The IVC plant is already in operation and it is expected that the AD plant will commence operations shortly. The facility, which is currently on time and in line with budget, is due to be handed over to the client, TEG Biogas (London) Limited (TEGBL), in Quarter 1 of 2014. The facility will process approximately 50,000 tonnes per annum of organic wastes and will generate approximately 1.4MW of power, sufficient to power approximately 2000 homes.
TEG received a contract to construct the facility valued at approximately £16m and will operate the facility after handover as part of a 15-year operating contract. The Group has a minority shareholding in TEGBL, a joint venture with funding partners led by Foresight Environmental Fund LP.
Strategic Activities
As announced today, the Group was delighted to receive the offer of loans from two shareholders, Weekcorp and Bronsstädet and I was delighted that my family interest contributed to the funding, taking the total loans to £2.6m, This will provide TEG with both working capital and with capital to facilitate some future strategic activities. The fees associated with this transaction will be recognised during the second half of 2013.
The Board was also very pleased to receive offers of funding for the next project in Gaydon, Warwickshire, which benefits from having both planning permission and an environmental permit in place. Heads of Terms for the funding are now in place and it is expected that financial close of the project will be achieved in Quarter 4 of this year. Unfortunately, the Group was unable to conclude the detailed financial terms in the first half of the year and consequently, we will not be able to book significant revenues on this project in the second half of 2013, as had originally been forecast. This is simply a timing issue and we expect these revenues to be recognised in the first quarter of 2014.
Market Update
We continue to benefit from market growth as statutory obligations increase annually on waste producers to divert organic waste from landfill. Landfill Tax ("LFT") rose by £8.00 per tonne in April 2013, increasing the tax to a total of £72.00 per tonne. Government has confirmed that LFT will rise by £8.00 per tonne per annum until at least 2014 with further rises expected through to 2020. In addition, the Scottish Assembly has passed legislation to progressively introduce a complete ban on the landfill of organic waste in both the public and private sectors from 2014 and we see this legislative development as a great opportunity for the company.
The Board is pleased to note a continued significant interest in both IVC and AD, supporting the Group's strategy of promoting both technologies in future project development.
The wider regulatory environment continues to benefit the Group, as its technology lends itself to the additional level of containment required by the regulators, which is now being enforced generally.
Board Changes
The Group Finance Director, Tanja Willis, has informed the Board that she intends to step down as Finance Director and to leave the Group to pursue other interests following nine years on the board. Tanja has agreed to remain in post until early 2014 to allow the appointment of a successor and subsequent handover. I would like to thank Tanja for her dedication and contribution to the Group and to wish her well for the future.
Future Prospects
The performance of the business over the last 12 months has been encouraging. The continued success of the Group's own plant operations demonstrates that both market demand for more capacity remains strong and that with a secure funding position at the project level, the Group should be well placed to continue to take advantage of the expanding market.
The Group faces challenges in completing the Manchester contract and obtaining the associated cash retentions, but believes it has a solid strategy and balance sheet to bring the contract to a conclusion.
Administration costs will increase in the second half of 2013 due to some anticipated one-off charges, in large part the exceptional fees associated with the shareholder loan, though the underlying overhead costs are expected to be in line with Board expectation.
It is very encouraging that a funding offer has been received for the forthcoming Gaydon project, and it is expected that this will result in significant revenues in 2014 and 2015.
TEG maintains a strong pipeline of tender opportunities and assuming timeliness of project funding, the Group continues to be in a strong position and has an exciting outlook.
Rory Maw
Chairman
30 September 2013
Consolidated statement of comprehensive income
For the six months ended 30 June 2013
Unaudited
Unaudited
Audited
Total
Total
Total
6 months ended 30 June 2013
6 months ended 30 June 2012
Year ended 31 December 2012
Note
£'000
£'000
£'000
Revenue
3
12,906
5,617
22,418
Cost of sales
(10,966)
(4,349)
(17,804)
Gross profit
1,940
1,268
4,614
Administrative expenses
(2,565)
(2,905)
(5,487)
Amortisation of intangible assets
(152)
(152)
(304)
Total administrative expenses
(2,717)
(3,057)
(5,791)
Operating loss
(777)
(1,789)
(1,177)
Finance income
40
34
70
Finance costs
(69)
(83)
(172)
Loss before tax
3
(806)
(1,838)
(1,279)
Income tax
43
43
242
Loss for the period
(763)
(1,795)
(1,037)
Other comprehensive income
-
-
-
Total comprehensive loss for the period
(763)
(1,795)
(1,037)
Attributable to:
Equity holders of the parent
Retained loss
(763)
(1,795)
(1,037)
Loss per share
Basic and diluted loss per share (pence)
5
(0.40)
(1.50)
(0.70)
Consolidated statement of financial position
As at 30 June 2013
Unaudited
Unaudited
Audited
30 June 2013
30 June 2012
31 December 2012
Note
£'000
£'000
£'000
ASSETS
Non-current assets
Goodwill
3,883
3,883
3,883
Intangible assets
799
1,103
951
Property, plant and equipment
15,483
15,779
15,453
Trade and other receivables
1,193
993
1,594
21,358
21,758
21,881
Current assets
Inventories
334
382
232
Trade and other receivables
13,672
9,006
9,353
Taxation receivable
-
166
102
Cash and cash equivalents
1,739
1,101
3,674
15,745
10,655
13,361
Total assets
37,103
32,413
35,242
LIABILITIES
Current liabilities
Trade and other payables
12,201
7,406
9,239
Current portion of long-term borrowings
324
386
385
Current portion of deferred consideration
271
200
265
Provisions
485
40
453
13,281
8,032
10,342
Non-current liabilities
Long-term borrowings
1,667
1,734
1,791
Long-term deferred consideration
280
610
418
Deferred tax
264
404
307
Provisions
-
30
10
2,211
2,778
2,526
Total liabilities
15,492
10,810
12,868
Net assets
21,611
21,603
22,374
EQUITY
Equity attributable to equity holders of the parent
Share capital
4
6,582
6,582
6,582
Share premium
39,214
39,201
39,214
Merger relief reserve
886
886
886
Other reserves
1,082
1,082
1,082
Retained losses
(26,153)
(26,148)
(25,390)
Total equity
21,611
21,603
22,374
Consolidated statement of changes in equity
For the six months ended 30 June 2013
Share capital
Merger relief reserve
Share premium
Other reserves
Retained losses
Total
£'000
£'000
£'000
£'000
£'000
£'000
Balance at 1 January 2012
5,872
886
38,045
1,061
(24,353)
21,511
Issue of share capital
710
-
-
-
-
710
Premium on issue of share capital
-
-
1,419
-
-
1,419
Issue costs
-
-
(263)
-
-
(263)
Recognition of share-based payments
-
-
-
21
-
21
Transactions with owners
710
-
1,156
21
-
1,887
Loss for the period and total comprehensive income
-
-
-
-
(1,795)
(1,795)
Balance at 30 June 2012
6,582
886
39,201
1,082
(26,148)
21,603
Issue costs
-
-
13
-
-
13
Transactions with owners
-
-
13
-
-
13
Profit for the period and total comprehensive income
-
-
-
-
758
758
Balance at 31 December 2012
6,582
886
39,214
1,082
(25,390)
22,374
Transactions with owners
-
-
-
-
-
-
Loss for the period and total comprehensive income
-
-
-
-
(763)
(763)
Balance at 30 June 2013
6,582
886
39,214
1,082
(26,153)
21,611
Consolidated statement of cash flows
For the six months ended 30 June 2013
Unaudited
Unaudited
Audited
6 months
6 months
Year
ended
ended
ended
30 June 2013
30 June 2012
31 December 2012
£'000
£'000
£'000
Cash flows from operating activities
Loss after taxation
(763)
(1,795)
(1,037)
Adjustments for:
Depreciation
653
711
1,318
Amortisation of intangibles
152
152
304
Share based administrative expense
-
21
21
Taxation credit recognised in the statement of comprehensive income
(43)
(43)
(242)
Finance costs
69
83
172
Finance income
(40)
(34)
(70)
Profit on sale of property, plant and equipment
(32)
(33)
366
Increase in trade and other receivables
(3,918)
(1,670)
(2,618)
(Increase) / decrease in inventories
(102)
173
323
Increase in trade payables
2,962
929
2,762
Increase / (decrease) in provisions for other liabilities
22
(245)
148
Cash (used in) / from operations
(1,040)
(1,751)
1,447
Interest paid
(51)
(60)
(126)
Taxation
102
-
166
Net cash (used in) / from operating activities
(989)
(1,811)
1,487
Cash flows from investing activities
Acquisition of business - deferred consideration
(150)
(150)
(300)
Purchase of property, plant and equipment
(737)
(299)
(716)
Proceeds from sale of property, plant and equipment
86
38
46
Interest received
40
34
70
Net cash used in investing activities
(761)
(377)
(900)
Cash flows from financing activities
Proceeds from issue of share capital
-
1,866
1,879
Repayment of loan
(74)
(3)
(78)
Payment of finance lease liabilities
(111)
(131)
(271)
Net cash (used in) / from financing activities
(185)
1,732
1,530
Net (decrease)/increase in cash and cash equivalents
(1,935)
(456)
2,117
Cash and cash equivalents at beginning of period
3,674
1,557
1,557
Cash and cash equivalents at end of period
1,739
1,101
3,674
Notes to the interim report
1. Nature of operations and general information
The principal activities of The TEG Group Plc and its subsidiaries ('the Group') are the design and production of Silo-cage composting plants and Anaerobic Digestion (AD) plants for sale to third party clients, and the design, build and operation of TEG owned waste recycling facilities.
The TEG Group Plc is the Group's ultimate parent company. It is incorporated and domiciled in Great Britain. The address of TEG Group Plc's registered office, which is also its principal place of business, is Westmarch House, 42 Eaton Avenue, Buckshaw Village, Chorley, PR7 7NA. The TEG Group Plc's shares are listed on the Alternative Investment Market of the London Stock Exchange.
The TEG Group Plc's consolidated financial statements are presented in Pounds Sterling (£), which is also the functional currency of the parent company.
These consolidated condensed interim financial statements have been approved for issue by the Board of Directors on 30 September 2013.
The figures for 31 December 2012 are an abridged version of the Group's full financial statements and, together with other financial information contained in this interim report, which is unaudited, do not constitute statutory financial statements of the Group as defined in Section 434 of the Companies Act 2006. Statutory financial statements for the year ended 31 December 2012 have been filed with the Registrar of Companies for England and Wales and have been reported on by the Group's auditors. The report of the auditors was unqualified and did not contain a statement under section 498 (2) or Section 498 (3) of the Companies Act 2006.
2. Basis of preparation
The Group's interim condensed consolidated financial statements are for the six months ended 30 June 2013 and have been prepared in accordance with the recognition and measurement principles of International Financial Reporting Standards (IFRS). They do not include all of the information required for full annual financial statements, and should be read in conjunction with the consolidated financial statements of the Group for the year ended 31 December 2012.
These condensed consolidated interim financial statements (the interim financial statements) have been prepared in accordance with the accounting policies adopted in the last annual financial statements for the year 31 December 2012.
The Directors have prepared cash flow forecasts for a 12 month period following the date of approval. As part of the preparation of these forecasts, the Directors have considered the overall financial market at this time, the challenges experienced in obtaining timely project funding and the impact such delays have on the cash flow position of the Group. The Directors have estimated the likely conversion of potential future contracts, the likely timetable for release of the retentions and recovery of costs due in respect of the Manchester contracts, the working capital required and the likely funding available to execute contracts. Given these considerations, the Directors have adopted a prudent funding policy with regards to forecasts over the period.
Having secured the additional funding through shareholder loans, having considered the reasonable expectation that planned projects will be financed in a reasonable period of time and having made reasonable assumptions with regards to the release of retentions and recover of costs due in relation to the Manchester contract, the Directors consider the Company and Group have adequate resources to maintain operations over the 12 month period. For this reason they continue to adopt the going concern basis in preparing the financial statements.
The accounting policies have been applied consistently throughout the Group for the purposes of preparation of these condensed consolidated interim financial statements.
3. Business segments
For management purposes, the Group is organised into the following operating segments: Plant Operations and EPC Contracts.
All revenues from external customers and non-current assets are attributable to, and located in, Great Britain.
In identifying its operating segments, management follows the Group's service lines which represent the main products and services provided by the Group. These operating segments are monitored and strategic decisions are made on the basis of segment operating results.
The EPC Contracts segment includes IVC and AD sales to third parties including the design, production and installation of plants for sale to third party clients. The Plant Operations segment relates to facilities which are owned and operated by the Group. These sites process waste received from customers and manage the compost produced by the facilities. The Plant Operations segment is also responsible for the maintenance and operating contracts carried out for third parties. The revenues and net result generated by each of the Group's operating segments are summarised as follows:
6 months to 30 June 2013
Plant Operations
EPC Contracts
Other corporate expenses
Consolidated
£'000
£'000
£'000
£'000
External revenue
4,943
7,963
-
12,906
Gross profit
1,074
866
-
1,940
Segment corporate expenses
(678)
(837)
(397)
(1,912)
EBITDA
396
29
(397)
28
Depreciation
(627)
(26)
-
(653)
Amortisation
(152)
-
-
(152)
Segment (loss)/profit
(383)
3
(397)
(777)
Share-based payment expense
-
Operating loss
(777)
Finance income
40
Finance costs
(69)
Loss before taxation
(806)
6 months to 30 June 2012
Plant Operations
EPC Contracts
Other corporate expenses
Consolidated
£'000
£'000
£'000
£'000
External revenue
4,622
995
-
5,617
Gross profit
1,115
153
-
1,268
Segment corporate expenses
(539)
(1,043)
(591)
(2,173)
EBITDA
576
(890)
(591)
(905)
Depreciation
(694)
-
(17)
(711)
Amortisation
(152)
-
-
(152)
Segment loss
(270)
(890)
(608)
(1,768)
Share-based payment expense
(21)
Operating loss
(1,789)
Finance income
34
Finance costs
(83)
Loss before taxation
(1,838)
Year to 31 December 2012
Plant Operations
EPC Contracts
Other corporate expenses
Consolidated
£'000
£'000
£'000
£'000
External revenue
10,381
12,037
-
22,418
Gross profit
2,611
2,003
-
4,614
Segment corporate expenses
(1,263)
(2,207)
(678)
(4,148)
EBITDA
1,348
(204)
(678)
466
Depreciation
(1,260)
(58)
-
(1,318)
Amortisation
(304)
(304)
Segment loss
(216)
(262)
(678)
(1,156)
Share-based payment expense
(21)
Operating loss
(1,177)
Finance income
70
Finance costs
(172)
Loss before taxation
(1,279)
4. Share Capital
6 months to 30 June 2013 Ordinary shares of £0.01 each
Number
£'000
At 1 January 2013 and 30 June 2013
188,428,648
1,884
Deferred Shares of £0.04 each
Number
£'000
At 1 January 2013 and 30 June 2013
117,439,360
4,698
6 months to 30 June 2012
Ordinary Shares of £0.05 each
Number
£'000
At 1 January 2012
117,439,360
5,872
Capital reorganisation
(117,439,360)
(5,872)
At 30 June 2012
-
-
Ordinary Shares of £0.01 each
Number
£'000
At 1 January 2012
-
-
Capital reorganisation
117,439,360
1,174
Issue of shares
70,989,288
710
At 30 June 2012
188,428,648
1,884
Deferred Shares of £0.04 each
Number
£'000
At 1 January 2012
-
-
Capital reorganisation
117,439,360
4,698
At 30 June 2012
117,439,360
4,698
Year to 31 December 2012
Ordinary Shares of £0.05 each
Number
£'000
At 1 January 2012
117,439,360
5,872
Capital reorganisation
(117,439,360)
(5,872)
At 31 December 2012
-
-
Ordinary Shares of £0.01 each
Number
£'000
At 1 January 2012
-
-
Capital reorganisation
117,439,360
1,174
Issue of shares
70,989,288
710
At 31 December 2012
188,428,648
1,884
Deferred Shares of £0.04 each
Number
£'000
At 1 January 2012
-
-
Capital reorganisation
117,439,360
4,698
At 31 December 2012
117,439,360
4,698
The deferred shares have no voting rights. The shares are not entitled to any dividend or other distribution or to participate in any way in the income or profits of the Group.
5. Loss per share
6 months
6 months
Year
ended
ended
ended
30 June 2013
30 June 2012
31 December 2012
£'000
£'000
£'000
Loss for the financial year after tax
(763)
(1,795)
(1,037)
Adjustments to basic earnings
Exceptional costs
-
91
151
Underlying losses before exceptional costs
(763)
(1,704)
(886)
Number
Number
Weighted average number of shares for the purposes of basic, diluted and underlying losses per share
188,428,648
119,439,058
148,278,969
Pence
Pence
Pence
Basic loss per share
(0.40)
(1.50)
(0.70)
Diluted loss per share
(0.40)
(1.50)
(0.70)
Basic underlying loss per share before exceptional costs
(0.40)
(1.43)
(0.70)
Underlying losses per share has been disclosed to give a clear understanding of the Group's underlying trading performance. It has been calculated using the underlying earnings figures above and the weighted average number of ordinary shares above.
Diluted losses per share is equal to the basic loss per share as the share options in issue at 30 June 2013 are anti-dilutive in respect of the diluted loss per share calculation and have therefore not been included.
This information is provided by RNS
The company news service from the London Stock Exchange
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