REG - Volvere PLC - Interim Results <Origin Href="QuoteRef">VLE.L</Origin> - Part 2
29/10/2014 13:20
- Part 2: For the preceding part double click ID:nRSV1951Sa
Interest received 26 25 34
Net cash (used in)/generated from investing activities (335) (10,078) 619
Financing activities
Interest paid (70) (68) (139)
Purchase of own shares (treasury shares) 9 (278) (275) (1,616)
Repayment of borrowings (79) (22) (149)
Dividend paid to non-controlling interest - (120) (120)
Issue of shares - - 4
Net cash used in financing activities (427) (485) (2,020)
Net (decrease)/increase in cash and cash equivalents (155) (11,538) (2,350)
Cash and cash equivalents at beginning of period 11,280 13,630 13,630
Cash and cash equivalents at end of period 11,125 2,092 11,280
Volvere plc
Notes forming part of the unaudited interim results for the period ended 30
June 2014
1 Financial information
The financial information for the period ended 30 June 2014 and the
comparative figures for the period ended 30 June 2013 have not been reviewed
or audited by the Group's auditors and have been prepared on the basis of the
accounting policies adopted by the Group under IFRS. The same accounting
policies and methods of computation are followed in the interim financial
report as published by the company on 28 May 2014 in its annual financial
statements, which are available on the Company's website at
www.volvere.co.uk.
The comparative figures for the year ended 31 December 2013 have been prepared
under IFRS. They do not constitute statutory accounts as defined by the
Companies Act 2006. The accounts for the 12 months ended 31 December 2013
received an unmodified auditor's report and have been filed with the Registrar
of Companies.
Copies of this statement will be available to members of the public at the
Company's registered office: Abacus House, 33 Gutter Lane, London, EC2V 8AS
and on its website www.volvere.co.uk.
2 Operating segments
Analysis by business segment (excluding inter-segment trading and balances):
Six months ended 30 June 2014
Transport planning and engineering£'000 Security solutions£'000 Investing and management services£'000 Food manufacturing£'000 Total continuing£'000 Discontinued£'000 Total£'000
Revenue 5,610 151 - 4,069 9,830 - 9,830
Profit/(loss) before tax (note (a)) 196 61 (368) (183) (294) (177) (471)
Note (a) The profit before tax in respect of the Transport planning and engineering segment is stated after a share-based payment expense of £158,000. This is explained further in Note 2 below.
Six months ended 30 June 2013 (re-presented)
Transport planning andengineering£'000 Security solutions£'000 Investing and management services£'000 Food manufacturing£'000 Total continuing£'000 Discontinued£'000 Total£'000
-Revenue 1,256 101 12 3,142 4,511 4,155 8,666
Profit/(loss) before tax 193 - (255) (361) (423) (376) (799)
Year ended 31 December 2013
Transport planning and engineering£'000 Security solutions£'000 Investing and management services£'000 Food manufacturing£'000 Total continuing£'000 Discontinued£'000 Total£'000
Revenue 7,413 176 17 8,531 16,137 7,252 23,389
Profit/(loss) before tax (Note (b) 1,114 1 (724) 117 508 203 711
Note (b) The profit before tax in respect of the Transport planning and
engineering segment is stated after a one-off gain on bargain acquisition of
£417,000.
At 30 June 2014
Transport planning and engineering£'000 Security solutions£'000 Investing and management services£'000 Food manufacturing£'000 Totalcontinuing£'000 Discontinued£'000 Total £'000
Assets 4,070 64 11,390 7,873 23,397 - 23,397
Liabilities (2,130) (129) (272) (3,789) (6,320) - (6,320)
Net assets 1,940 (65) 11,118 4,084 17,077 - 17,077
At 30 June 2013 (re-presented)
Transport planning and engineering£'000 Security solutions£'000 Investing and management services£'000 Food manufacturing£'000 Totalcontinuing£'000 Discontinued£'000 Total £'000
Assets 2,629 93 12,106 7,208 22,036 1,780 23,816
Liabilities (1,169) (120) (289) (3,833) (5,411) (1,475) (6,886)
Net assets 1,460 (27) 11,817 3,375 16,625 305 16,930
At 31 December 2013
Transport planning and engineering£'000 Security solutions£'000 Investing and management services£'000 Food manufacturing£'000 Totalcontinuing£'000 Discontinued£'000 Total £'000
Assets 3,378 80 11,562 8,257 23,277 - 23,277
Liabilities (1,791) (105) (295) (3,503) (5,694) - (5,694)
Net assets 1,587 (25) 11,267 4,754 17,583 - 17,583
Six months ended 30 June 2014
Transport planning and engineering£'000 Security solutions£'000 Investing and management services£'000 Food manufacturing£'000 Totalcontinuing£'000 Discontinued£'000 Total£'000
Capital spend 165 - - 54 219 - 219
Depreciation 38 1 5 162 206 - 206
Amortisation/Impairment - - - - - - -
Six months ended 30 June 2013 (re-presented)
Transport planning and engineering£'000 Security solutions£'000 Investing and management services£'000 Food manufacturing£'000 Totalcontinuing£'000 Discontinued£'000 Total£'000
Capital spend - - - 17 17 67 84
Depreciation 2 1 2 161 166 68 234
Amortisation/Impairment - - 12 - 12 - 12
Year ended 31 December 2013
Transport planning and engineering£'000 Security solutions£'000 Investing and management services£'000 Food manufacturing£'000 Totalcontinuing£'000 Discontinued£'000 Total£'000
Capital spend 167 1 2 96 266 67 333
Depreciation 18 2 4 320 344 107 451
Amortisation/Impairment - - - 429 429 - 429
Geographical analysis:
External revenue by location of customers Non-current assets (excluding deferred tax) by location of assets
6 months to30 June2014 6 months to30 June2013 Year ended31 December 2013 30 June2014 30 June2013 31 December 2013
£'000 £'000 £'000 £'000 £'000 £'000
UK 9,460 4,511 15,226 5,544 6,187 5,531
Rest of Europe 220 - 399 - - -
Other 150 - 512 - - -
9,830 4,511 16,137 5,544 6,187 5,531
3 Share-based payment expense
In January 2014 the Group's then 100%-owned subsidiary, JMP Consultants
Limited ("JMP"), issued shares for negligible consideration to certain
management. JMP has the right to re-purchase the shares issued in certain
prescribed circumstances but the holders of such shares would participate in
the event of a disposal of JMP by the Group. This share issue has been
accounted for under IFRS2 as a share-based payment with the fair value
assessed at the date the shares were issued. This has given rise to a one-off
non-cash expense of £158,000 in the income statement for the period (and which
is included in the Transport planning and engineering segment result in note
2). Following this, the Group's interest in JMP has reduced to 75%.
4 Other gains and losses
There were no other gains and losses in the period. In the year ended 31
December 2013 the other gains and losses were gains arising on investments
disposed of in the year pursuant to the Company's investing and treasury
management policies.
5 Finance expense/income
The Group's finance expense relates to the debt servicing costs in the Group's
subsidiary, Shire Foods Limited, offset by interest earned on the Group's cash
deposits.
6 Discontinued operations
The Group's stake in Interactive Prospect Targeting Limited (IPT) was sold in
December 2013 for a cash consideration of £900,000. There were costs of
£177,000 relating to the disposal arising in 2014 and which have been
classified as relating to discontinued operations on the income statement.
The balance of £305,000 in goodwill as at 30 June 2013 related solely to IPT
(being the difference between the fair value of the consideration paid and the
fair value of the net assets acquired in 2008).
7 Loss per share
The calculation of the basic and diluted loss per share is based on the
following data:
6 months to30 June2014£'000 6 months to30 June2013£'000 Year ended 31 December 2013£'000
(Loss)/earnings for the purposes of earnings per share:
From continuing operations (340) (351) 486
From discontinued operations (177) (558) 203
Total (517) (909) 689
No. No. No.
Weighted average number of ordinary shares for the purposes of earnings per share:
Weighted average number of ordinary shares in issue 4,200,693 4,762,893 4,548,805
Dilutive effect of potential ordinary shares - - 9,899
Weighted average number of ordinary shares for diluted EPS 4,200,693 4,762,893 4,558,704
There were no outstanding share options in issue at the period end (30 June
2013: 34,000; 31 December 2013: 31,000).
8 Non-controlling interests
The non-controlling interests of £746,000 relate to the net assets
attributable to the shares not held by the Group at 30 June 2014 in the
following subsidiary undertakings:
30 June 2014£'000 30 June 2013£'000 31 December 2013£'000
NMT Group Limited 76 77 76
Interactive Prospect Targeting Limited - 165 -
Shire Foods Limited 429 375 466
JMP Consultants Limited 241 - -
746 617 542
9 Purchase of own shares
During the period the Company acquired 104,000 of its own Ordinary shares for
a total consideration of £278,000. This brings the total number of Ordinary
shares held in treasury to 2,051,116. The number of shares in issue,
excluding treasury shares, at the period end was 4,155,958.
10 Dividend
The Board is not recommending the payment of an interim dividend for the
period ended 30 June 2014.
- Ends -
This information is provided by RNS
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