REG - Transense Technlgy - Final Results <Origin Href="QuoteRef">TRT.L</Origin> - Part 2
26/09/2017 07:06
- Part 2: For the preceding part double click ID:nRSZ7659Ra
ended30 June 2017 Year ended30 June 2016
£'000 £'000
Finance income 23 45
Interest income on cash on deposit - 6
Total finance income 23 51
3 TAXATION
Recognised in the statement of comprehensive income
Year ended30 June 2017 Year ended30 June 2016
£'000 £'000
Current tax expense
Current year 4 1
Adjustment for previous year - (30)
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Tax charge/(credit) 4 (29)
============================================= =============================================
Reconciliation of effective tax rate
Year ended30 June 2017 Year ended 30 June 2016
£'000 £'000
(Loss)/profit for the year (2,157) 1,124
Total tax credit - -
---------------------------------------------- ----------------------------------------------
(Loss)/profit before tax (2,157) 1,124
============================================= =============================================
Tax calculated at the average standard UK corporation tax rate of 19.75% (2016: 20.00%) (426) 225
Expenses not deductible for tax purposes 48 36
Current year losses for which no deferred tax asset was recognised 378 -
Adjustment for overseas profits 4 (14)
Research and development tax relief/tax credit - (70)
Utilisation of capital losses - (6)
Utilisation of trading losses - (170)
Prior year adjustment - (30)
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Total tax charge/(credit) 4 (29)
============================================= =============================================
A deferred tax asset has not be recognised in respect of the following item:
Tax Losses 3,561 3,361
============================================= =============================================
Reductions in the UK corporation tax rate from 21% to 20% (effective from 01
April 2015) has been enacted with a further reduction to 19% with effect from
01 April 2017. This will reduce the Company's future current tax charge
accordingly. Deferred tax has been calculated at the rate of 19% substantively
enacted at the balance sheet date. The effect of this change is that the
deferred tax asset as at 30 June 2017 has been calculated based on the rate of
19% substantively enacted at the balance sheet date.
The Group has tax losses, subject to agreement by HM Revenue and Customs, in
the sum of £18.74m (2016: £16.76m), 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 reduce further to 18% by
2020.
As a result, the effective tax rate used to calculate the current tax for the
period ended 30 June 2017 was 19.75% (2016: 20.00%)
4 EARNINGS PER SHARE
Basic loss per share is calculated by dividing the loss after taxation of
£2.17m (2016: profit of £1.15m) by the weighted average number of ordinary
shares in issue during the year of 9,483,815 (2016: 9,162,170). These weighted
share figures have been adjusted to reflect the 50:1 consolidation that took
place in the year. 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 2017 Year ended 30 June 2016
Number Number
Weighted average number of shares - basic 9,483,815 9,162,170
Share option adjustment - -
Weighted average number of shares - diluted 9,483,815 9,162,170
Year ended 30 June 2017 Year ended 30 June 2016
£'000 £'000
(Loss)/earnings from continuing operations (2,160) 1,656
From continuing operations
Basic (loss)/earnings per share (22.78) 18.05
Loss from discontinued operations (5) (472)
From discontinued operations
Basic loss per share (0.06) (5.15)
Earnings attributable to shareholders
Basic (loss)/earnings per share (22.84) 12.90
There are 675,000 share options at 30 June 2017 (2016: 20,095,000) that are
not included within diluted earnings per share because they are anti-dilutive
5 CASH AND CASH EQUIVALENTS
Group
30 June 2017 30 June 2016
£000 £000
Cash and cash equivalents per balance sheet 2,520 3,654
Cash and cash equivalents per cash flow statements 2,520 3,654
6 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 2017 or 30 June 2016 but are derived from those Financial
Statements. Statutory Financial Statements for 2016 have been delivered to
the Registrar of Companies and those for 2017 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 2017 or 2016.
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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