REG - Transense Technlgy - Final Results <Origin Href="QuoteRef">TRT.L</Origin> - Part 2
21/09/2016 07:06
- Part 2: For the preceding part double click ID:nRSU3860Ka
(3,120)
=============================================
----------------------------------------------
Profit for the year
(3,120)
=============================================
During the year ended 30 June 2016 there was 1 (year ended 30 June 2015: 1)
customer whose turnover accounted for more than 10% of the Group's total
revenue as follows:
Year ended 30 June 2016 Revenue£'000 Percentage of total
Customer A 3,037 59%
Year ended 30 June 2015 Revenue£000 Percentage of total
Customer A 391 31%
2 DISPOSAL OF INTELLISAW
On 21 October 2015 the company disposed of the IntelliSAW division to Emerson
Electrical Co. The division was classified as held for sale and as a
discontinued operation in the June 2015 financial statements
At the date of disposal, the carrying amounts of the divisions' net assets
were as follows
£'000
Property plant and equipment 22
Inventories 152
Trade and other recoverable 45
Trade and other payables (33)
Total net assets 186
Cash consideration received 218
Profit on disposal 32
32
The profit on disposal is included in the loss for the year from discontinued
operations in the consolidated statement of comprehensive income. The division
was previously reported in the IntelliSAW segment
The results of the IntelliSAW division until the date of disposal were as
follows:
2016 2015
£'000 £'000
Revenue 51 389
Expenses (555) (1,430)
Loss before tax (504) (1,041)
Tax expense - -
Loss for the year (504) (1,041)
Profit before tax on disposal as above 32
Related tax expense -
Net loss on disposal (472)
Loss for the year from discounted operations (472) (1,041)
(1,041)
The carrying amount of the disposal group in the prior year was summarised as
follows:
Group 2016 2015
£'000 £'000
Inventories - 170
Trade and other recoverable - 137
Trade and other payables - (79)
- 228
Cash flows from (used in) discontinued operations
Group Company
2016 2015 2016 2015
£'000 £'000 £'000 £'000
(Debt)/cash used in operating activities (472) (1,041) (309) 42
(Debt)/cash used in investing activities 218 - 115 -
(Debt)/cash from financing activities - - - -
---------------------------------------------- ---------------------------------------------- ---------------------------------------------- ----------------------------------------------
(Debt)/cash from discontinued operations (254) (1,041) (194) 42
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3 FINANCIAL INCOME AND EXPENSE
Recognised in profit or loss
Year ended30 June 2016 Year ended30 June 2015
£000 £000
Finance income 45 65
Interest income on cash on deposit 6 9
Total finance income 51 74
4 TAXATION
Recognised in the statement of comprehensive income
Year ended 30 June 2016 Year ended 30 June 2015
£'000 £'000
Current tax expense
Current year 1 45
Adjustment for previous year (30) 3
---------------------------------------------- ----------------------------------------------
Tax credit in statement of comprehensive income (29) 48
============================================= =============================================
Reconciliation of effective tax rate
Year ended30 June 2016 Year ended 30 June 2015
£'000 £'000
Profit/(loss) for the year 1,124 (3,120)
Total tax credit - (48)
---------------------------------------------- ----------------------------------------------
Profit/(loss) before tax 1,124 3,168
============================================= =============================================
Tax calculated at the average standard UK corporation tax rate of 20.00% (2014: 20.75%) 225 (657)
Expenses not deductible for tax purposes 36 59
Current year losses for which no deferred tax asset was recognised - 550
Adjustment for overseas profits (14) -
Research and development tax relief/tax credit (70) (48)
Losses surrendered for research and development credit - 48
Utilisation of capital losses (6) -
Utilisation of trading losses (170) -
Prior year adjustment (30) -
---------------------------------------------- ----------------------------------------------
Total tax credit (29) (48)
============================================= =============================================
A deferred tax asset has not be recognised in respect of the following item:
Tax Losses 3,361 3,671
============================================= =============================================
Reductions in the UK corporation tax rate from 21% to 20% (effective from 1
April 2015) has been enacted. This will reduce the company's future current
tax charge accordingly. Deferred tax has been calculated at the rate of 20%
substantively enacted at the balance sheet date. The effect of this change is
that profits arising in 2016 are taxable at a rate of approximately 20.00%.
The deferred tax asset as at 30 June 2016 has been calculated based on the
rate of 20% substantively enacted at the balance sheet date.
The Group has tax losses, subject to agreement by HM Revenue and Customs, in
the sum of £16.76m (2015: £17.66m), which are available for offset against
future profits of the same trade. There is no expiry date for tax losses. An
appropriate asset will be recognised when the Group can demonstrate a
reasonable expectation of sufficient taxable profits to utilise the temporary
differences.
The June 2015 Budget announced that the rate will further reduce to 19% by
2017 and a further reduction to 18% by 2020 which was reduced further to 17%
in the 2016 Budget. These further reductions in the main UK corporation tax
rate have yet to be enacted.
As a result the effective tax rate used to calculate the current tax for the
period ended 30 June 2016 was 20.00% (2015: 20.75%).
5 EARNINGS PER SHARE
Basic loss per share is calculated by dividing the profit after taxation of
£1.15m (2015: loss of £3.12m) by the weighted average number of ordinary
shares in issue during the year of 458,108,483 (2015: 295,534,513).
Unexercised options over the ordinary shares are not included in the
calculation of diluted loss per share as they are anti-dilutive.
Year ended 30 June 2016 Year ended 30 June 2015
Number Number
Weighted average number of shares - basic 458,108,483 295,534,513
Share option adjustment - -
Weighted average number of shares - diluted 458,108,483 295,534,513
Year ended 30 June 2016 Year ended
30 June 2015
£000 £000
Earnings/(loss) from continuing operations 1,656 (2,079)
From continuing operations
Basic earnings per share 0.36
Loss from discontinued operations (472) (1,041)
From discontinued operations
Basic earnings per share (0.10) (0.36)
Earnings attributable to shareholders
Basic earnings per share 0.26 (1.06)
There are 20,095,000 share options at 30 June 2016 (2015: 18,445,000) that are
not included within diluted earnings per share because they are
anti-dilutive.
6 CASH AND CASH EQUIVALENTS
Group Company
30 June 2016 30 June 2015 30 June 2016 30 June 2015
£000 £000 £000 £000
Cash and cash equivalents per balance sheet 3,654 472 3,641 415
Cash and cash equivalents per cash flow statements 3,654 472 3,641 415
7 STATUTORY ACCOUNTS
The Financial information set out in this preliminary announcement does not
constitute the company's Consolidated Financial Statements for the financial
years ended 30 June 2016 or 30 June 2015 but are derived from those Financial
Statements. Statutory Financial Statements for 2015 have been delivered to
the Registrar of Companies and those for 2016 will be delivered following the
company's AGM. The auditors Grant Thornton UK LLP have reported on those
financial statements. Their reports were unqualified, did not draw attention
to any matters by way of emphasis without qualifying their report and did not
contain statements under Section 498(2) or (3) of the Companies Act 2006 in
respect of the Financial Statements for 2016 or 2015.
The Statutory accounts are available on the Company web site and will be
posted to shareholders who have requested a copy and thereafter by request to
the company's registered office.
The information communicated in this announcement is inside information for
the purposes of Article 7 of Regulation 596/2014
This information is provided by RNS
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