REG - Plexus Holdings Plc - Interim Results <Origin Href="QuoteRef">PLEX.L</Origin> - Part 2
30/03/2016 07:05
- Part 2: For the preceding part double click ID:nRSd4492Ta
6,764 13,506 28,526
Cost of sales (3,602) (4,334) (8,581)
Gross profit 3,162 9,172 19,945
Administrative expenses (6,593) (7,052) (14,925)
Operating (loss) / profit (3,431) 2,120 5,020
Finance income 34 2 512
Finance costs (96) (83) (182)
Share of profit of associate - 165 236
Gain on disposal of associate - - 352
(Loss) / profit before taxation (3,493) 2,204 5,938
Income tax expense (note 5) (9) (238) (509)
(Loss) / profit after taxation (3,502) 1,966 5,429
Other comprehensive income - - -
Total comprehensive income (3,502) 1,966 5,429
(Loss) / Earning per share
Basic (note 6) (3.93p) 2.32p 6.40p
Diluted (note 6) (3.93p) 2.23p 6.16p
Plexus Holdings Plc
Unaudited Interim Consolidated Statement of Financial Position
As at 31 December 2015
31 December 2015 31 December 2014 30 June2015
£ 000's £ 000's £ 000's
ASSETS
Goodwill 767 760 767
Intangible assets 14,056 11,466 13,167
Investment in associate - 1,106 -
Property, plant and equipment (note 8) 17,074 16,931 17,154
Deferred tax assets - - -
Total non-current assets 31,897 30,263 31,088
Inventories 6,327 6,065 6,551
Trade and other receivables 1,222 6,571 7,301
Cash and cash equivalents 10,534 2,352 3,328
Total current assets 18,083 14,988 17,180
TOTAL ASSETS 49,980 45,251 48,268
EQUITY AND LIABILITIES
Called up share capital (note 10) 894 849 849
Share premium account (note 10) 28,045 20,138 20,141
Share based payments reserve 1,457 1,641 1,862
Retained earnings 10,562 12,557 15,628
Total equity attributable to equity holders
of the parent 40,958 35,185 38,480
Bank loans 5,825 6,125 5,975
Deferred tax liabilities 628 96 212
Total non-current liabilities 6,453 6,221 6,187
Bank loans 300 300 300
Trade and other payables 2,187 3,202 3,296
Current income tax liabilities 82 343 5
Total current liabilities 2,569 3,845 3,601
Total liabilities 9,022 10,066 9,788
TOTAL EQUITY AND LIABILITIES 49,980 45,251 48,268
48,268
Plexus Holdings Plc
Unaudited Interim Statement of Changes in Equity
For the six months ended 31 December 2015
Called Up Share Capital Share Premium Account Share Based Payments Reserve Retained Earnings Total
£ 000's £ 000's £ 000's £ 000's £ 000's
Balance as at 30 June 2014 849 20,138 2,476 11,117 34,580
Total comprehensive income for the period - - - 5,429 5,429
Issue of ordinary shares(net of issue costs) - 3 - - 3
Share based payments reserve charge - - 21 - 21
Transfer of share based payments reserve charge on exercise of options - - (1) 1 -
Transfer of share based payments reserve charge on lapse of options - - (38) 38 -
Tax credit recognised directly in equity 2 2
Net deferred tax movement on share options - - (596) - (596)
Dividends - - - (959) (959)
Balance as at 30 June 2015 849 20,141 1,862 15,628 38,480
Total comprehensive income for the period - - - (3,502) (3,502)
Issue of ordinary shares(net of issue costs) 45 7,904 - - 7,949
Share based payments reserve charge - - 11 - 11
Net deferred tax movement on share options - - (416) - (416)
Dividends - - - (1,564) (1,564)
Balance as at 31 December 2015 894 28,045 1,457 10,562 40,958
Plexus Holdings Plc
Unaudited Interim Statement of Cash Flows
For the six months ended 31 December 2015
Six months to 31 December 2015 Six months to 31 December 2014 Year to30 June2015
£ 000's £ 000's £ 000's
Cash flows from operating activities
(Loss) / profit before taxation (3,493) 2,204 5,938
Adjustments for:
Depreciation, amortisation and impairment charges 2,193 1,848 3,881
Loss on disposal of property, plant and equipment 2 20 20
Charge for share based payments 11 12 21
Investment income (34) (2) (512)
Interest expense 96 60 182
Share of result in associate - (165) (236)
Gain on disposal of associate - - (352)
Dividend received from associate - - 37
Changes in working capital:
Decrease / (increase) in inventories 224 (809) (1,295)
Decrease / (increase) in trade and other receivables 6,079 (108) (838)
(Decrease) in trade and other payables (1,109) (2,280) (1,678)
Cash generated from operations 3,969 780 5,168
Net income taxes received/ (paid) 68 (78) (318)
Net cash generated from operating activities 4,037 702 4,850
Cash flows from investing activities
Proceeds from disposal of associate - - 1,492
Acquisition of subsidiary - - (7)
Purchase of intangible assets (1,367) (1,413) (3,541)
Purchase of property, plant and equipment (1,640) (5,136) (7,016)
Proceeds of sale of property, plant and equipment 3 5 56
Net cash used in investing activities (3,004) (6,544) (9,016)
Cash flows from financing activities
Drawdown of loans - 2,500 2,500
Repayment of loans (150) (75) (225)
Net proceeds from issue of new ordinary shares 7,949 - -
Proceeds from share options exercised - - 3
Interest paid (96) (60) (182)
Interest received 34 2 4
Equity dividends paid (1,564) (526) (959)
Net cash generated from financing activities 6,173 1,841 1,141
Net increase / (decrease) in cash and cash equivalents 7,206 (4,001) (3,025)
Cash and cash equivalents at brought forward 3,328 6,353 6,353
Cash and cash equivalents at carried forward 10,534 2,352 3,328
Notes to the Interim Report December 2015
1. This interim financial information does not constitute statutory accounts
as defined in section 435 of the Companies Act 2006 and is unaudited.
This unaudited interim report has been prepared on the basis of the accounting
policies set out in the annual report for the year ended 30 June 2015 and
which are also expected to apply for 30 June 2016.
The interim financial information is compliant with IAS 34 - Interim Financial
Reporting.
The accounting policies are based on current International Financial Reporting
Standards ("IFRS"), International Financial Reporting Interpretation Committee
("IFRIC") interpretations and current International Accounting Standards Board
("IASB") exposure drafts that are expected to be issued as final standards and
adopted by the EU such that they are effective for the year ending 30 June
2016. These standards are subject to on-going review and endorsement by the EU
and further IFRIC interpretations and may therefore be subject to change.
2. This interim report was approved by the board of directors on 29 March
2016.
3. During the interim period the Group paid a final dividend on ordinary
shares of £1,564k. The directors do not recommend payment of an interim
dividend.
4. There were no other gains or losses to be recognised in the financial
period other than those reflected in the Statement of Comprehensive Income.
5. No corporation tax provision has been provided for the six months ended 31
December 2015 (2014: 20%). As a result there is no effective rate of tax for
the six months ended 31 December 2015 (2014: 11%) after adjustments made to
reflect R&D tax credits received relating to the current and prior years and
offsets for disallowable expenditure.
6. Basic earnings per share are based on the weighted average of ordinary
shares in issue during the half-year of 89,226,270(2014: 84,892,673).
7. The Group derives revenue from the sale of its POS-GRIP friction-grip
technology and associated products, the rental of wellheads utilising the
POS-GRIP friction-grip technology and service income principally derived in
assisting with the commissioning and on-going service requirements of its
equipment. These income streams are all derived from the utilisation of the
technology which the Group believes is its only segment. Business activity is
not subject to seasonal fluctuations.
8. Property, plant and equipment
Buildings £'000 TenantImprove-ments£'000 Equipment £'000 Assetsunder Constru-ction£'000 MotorVehicles£'000 Total£'000
Cost
As at 30 June 2014 974 430 25,393 260 44 27,101
Additions 3,405 2 1,544 2,054 11 7,016
Transfers - - 2,140 (2,140) - -
Disposals - - (533) - (7) (540)
As at 30 June 2015 4,379 432 28,544 174 48 33,577
Additions 7 156 363 1,114 - 1,640
Transfers - - 1,075 (1,075) - -
Disposals - - (14) - - (14)
As at 31 December 2015 4,386 588 29,968 213 48 35,203
Depreciation
As at 1 July 2014 405 126 13,257 - 29 13,817
Charge for the year 153 56 2,854 - 7 3,070
On disposals - - (461) - (3) (464)
As at 30 June 2015 558 182 15,650 - 33 16,423
Charge for the year 125 30 1,558 - 3 1,716
On disposals - - (10) - - (10)
As at 31 December 2015 683 212 17,198 - 36 18,129
Net book valueAs at 31 December 2015 3,703 376 12,770 213 12 17,074
As at 30 June 2015 3,821 250 12,894 174 15 17,154
As at 30 June 2014 569 304 12,136 260 15 13,284
9. The comparative figures for the financial year ended 30 June 2015 are not
the Company's statutory accounts for that financial year. Those accounts have
been reported on by the company's auditors, Crowe Clark Whitehill LLP, and
delivered to the registrar of companies. The report of the auditors was (i)
unqualified, (ii) did not include a reference to any matters to which the
auditors drew attention by way of emphasis without qualifying their report and
(iii) did not contain a statement under section 498(2) or (3) of the Companies
Act 2006.
10. Share Capital
Six months to 31 December 2015 Six months to 31 December 2014 Year to 30 June2015
£'000 £'000 £'000
Authorised:
Equity: 110,000,000 (2014: 110,000,000) Ordinary shares of 1p each 1,100 1,100 1,100
Allotted, called up and fully paid:
Equity: 89,390,576 (Dec 2014: 84,892,673, June 15: 84,902,196) Ordinary shares of 1p each 894 849 849
Share issue during the period: Number ofshares Sharecapital£'000 Sharepremium£'000 Total£'000
At 30 June 2015 84,902,196 849 20,141 20,990
On 7 July 2015 4,468,537 45 7,894 7,939
On 9 December 2015 19,843 - 10 10
At 31 December 2015 89,390,576 894 28,045 28,939
During the period the Group issued new shares as a result of the following
transactions:
Number ofshares Price pershare Aggregatenominal value£ Totalaggregatevalue£
7 July 2015
-Share issue 4,468,537 180p 44,685 8,043,366
9 December 2015
- Share options 9,747 60p 97 5,848
- Share options 10,096 41p 100 4,139
This information is provided by RNS
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