REG - Plexus Holdings Plc - Interim Results <Origin Href="QuoteRef">PLEX.L</Origin> - Part 2

Plexus HoldingsAnnouncement

30/03/2017 07:06

- Part 2: For the preceding part double click  ID:nRSd9317Aa 

               3                    -        
 Current year credit on share option exercise to share based payment reserve    -                          -                        5                               -                    5        
 Net deferred tax movement on share options                                     -                          -                        (1,119)                         -                    (1,119)  
                                                                                                                                                                                                  
 Dividends                                                                      -                          -                        -                               (1,564)              (1,564)  
                                                                                                                                                                                                  
 Balance as at 30 June 2016                                                     1,054                      36,893                   766                             8,277                46,990   
                                                                                                                                                                                                  
 Total comprehensive income for the period                                      -                          -                        -                               (2,451)              (2,451)  
                                                                                                                                                                                                  
 Net deferred tax movement on share options                                     -                          -                        96                              -                    96       
                                                                                                                                                                                                  
 Balance as at 31 December 2016                                                 1,054                      36,893                   862                             5,826                44,635   
 
 
 Plexus Holdings Plc                                                                                                                                   
 Unaudited Interim Statement of Cash Flows                   
 For the six months ended 31 December 2016                   
                                                                                                                                                       
                                                               Six months to 31 December 2016    Six months to 31 December 2015    Year to30 June2016  
                                                                                                                                                       
                                                               £ 000's                           £ 000's                           £ 000's             
 Cash flows from operating activities                                                                                                                  
 Loss before taxation                                          (2,451)                           (3,493)                           (6,916)             
 Adjustments for:                                                                                                                                      
 Depreciation, amortisation and impairment charges             2,240                             2,193                             4,471               
 (Profit)/loss on disposal of property, plant and equipment    (4)                               2                                 (2)                 
 Charge for share based payments                               -                                 11                                21                  
 Investment income                                             (35)                              (34)                              (69)                
 Interest expense                                              50                                96                                187                 
 Changes in working capital:                                                                                                                           
 (Increase)/decrease in inventories                            (56)                              224                               (175)               
 Decrease in trade and other receivables                       1,032                             6,079                             5,554               
 Decrease in trade and other payables                          (552)                             (1,109)                           (1,750)             
 Cash generated from operations                                224                               3,969                             1,321               
 Net income taxes received/ (paid)                             280                               68                                34                  
 Net cash generated from operating activities                  504                               4,037                             1,355               
                                                                                                                                                       
 Cash flows from investing activities                                                                                                                  
 Purchase of intangible assets                                 (323)                             (1,367)                           (1,900)             
 Purchase of property, plant and equipment                     (27)                              (1,640)                           (1,956)             
 Proceeds of sale of property, plant and equipment             28                                3                                 61                  
 Net cash used in investing activities                         (322)                             (3,004)                           (3,795)             
                                                                                                                                                       
 Cash flows from financing activities                                                                                                                  
 Repayment of loans                                            (5,150)                           (150)                             (300)               
 Net proceeds from issue of new ordinary shares                -                                 7,949                             16,923              
 Proceeds from share options exercised                         -                                 -                                 34                  
 Interest paid                                                 (50)                              (96)                              (187)               
 Interest received                                             35                                34                                69                  
 Equity dividends paid                                         -                                 (1,564)                           (1,564)             
 Net cash generated from financing activities                  (5,165)                           6,173                             14,975              
                                                                                                                                                       
 Net (decrease)/increase in cash and cash equivalents          (4,983)                           7,206                             12,535              
                                                                                                                                                       
 Cash and cash equivalents at brought forward                  15,863                            3,328                             3,328               
                                                                                                                                                       
 Cash and cash equivalents at carried forward                  10,880                            10,534                            15,863              
 
 
Notes to the Interim Report December 2016 
 
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 based on the accounting
policies set out in the annual report for the year ended 30 June 2016 and
which are also expected to apply for 30 June 2017. 
 
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
2017. 
 
3.  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 2016 (2015: nil). As a result there is no effective rate of tax for
the six months ended 31 December 2016 (2015: 0%) 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 105,386,239 (2015: 89,226,270). 
 
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 1 July 2015                     4,379            432                       28,544           174                             48                  33,577      
 Additions                             -                168                       588              1,200                           -                   1,956       
 Transfers                             -                -                         1,316            (1,316)                         -                   -           
 Disposals                             -                -                         (318)            -                               (14)                (332)       
 As at 30 June 2016                    4,379            600                       30,130           58                              34                  35,201      
 Additions                             -                -                         27               -                               -                   27          
 Transfers                             -                -                         11               (11)                            -                   -           
 Disposals                             -                -                         (41)             -                               (2)                 (43)        
 As at 31 December 2016                4,379            600                       30,127           47                              32                  35,185      
                                                                                                                                                                   
 Depreciation                                                                                                                                                      
 As at 1 July 2015                     558              182                       15,650           -                               33                  16,423      
 Charge for the year                   250              68                        3,164            -                               6                   3,488       
 On disposals                          -                -                         (263)            -                               (14)                (277)       
 As at 30 June 2016                    808              250                       18,551           -                               25                  19,634      
 Charge for the year                   125              38                        1,562            -                               2                   1,727       
 On disposals                          -                -                         (17)             -                               (2)                 (19)        
 As at 31 December 2016                933              288                       20,096           -                               25                  21,342      
 Net book valueAs at 31 December 2016  3,446            312                       10,031           47                              7                   13,843      
 As at 30 June 2016                    3,571            350                       11,579           58                              9                   15,567      
 As at 30 June 2015                    3,821            250                       12,894           174                             15                  17,154      
 
 
9. The comparative figures for the financial year ended 30 June 2016 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 2016  Six months to 31 December 2015  Year to 30 June2016  
                                                                                              £'000                           £'000                           £'000                
 Authorised:                                                                                                                                                                       
 Equity: 110,000,000 (2015: 110,000,000) Ordinary shares of 1p each                           1,100                           1,100                           1,100                
 Allotted, called up and fully paid:                                                                                                                                               
 Equity: 105,386,239 (Dec 2015: 89,390,576, June 16: 105,386,239) Ordinary shares of 1p each  1,054                           894                             1,054                
 
 
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