REG - Volvere PLC - Half-year Report
-
26 September 2019
Volvere plc
("Volvere" or the "Group")
Interim Results for the six months ended 30 June 2019
Volvere plc (AIM: VLE), the growth and turnaround investment company, announces its unaudited Interim Results for the six months ended 30 June 2019.
Highlights
£ million except where stated
Six months ended
Year ended
30 June
2019
30 June
2018
(as restated)
31 December
2018
(as restated)
Group revenue
10.10
7.25
18.34
Group loss before tax from continuing operations
Group profit for the period (including discontinued operations)
(0.62)
2.45
(0.65)
0.91
(2.49)
21.10
As at
30 June 2019As at
30 June 2018As at 31
December 2018Consolidated net assets per share
(excluding non-controlling interests)(1)
£13.56
£6.75
£12.50
Group net assets
26.36
26.89
40.42
Cash and marketable securities
19.65
20.42
34.14
· The Group's historical results have been restated to exclude the results of Impetus Automotive (disposed of in October 2018) and Sira Defence & Security (disposed of in May 2019). The sole remaining trading business is Shire Foods.
· Shire Foods' revenues grew to a record level, with improved underlying profitability.
· Record net assets per share(1) of £13.56.
· Balance sheet remains strong with high liquidity. Cash and marketable securities were lower than the prior year end, but broadly similar to the prior comparable period, at £19.6 million. The Group undertook two share buy-backs in June 2019, for a total consideration of £16.6 million. Cumulative share-buy backs to date now total £32.1 million.
Forward-looking statements:
This report may contain certain statements about the future outlook for Volvere plc. Although the directors believe their expectations are based on reasonable assumptions, any statements about future outlook may be influenced by factors that could cause actual outcomes and results to be materially different.
Notes
1 Based on the net assets attributable to owners of the parent company and the respective period end shares in issue (excluding treasury shares), which were 1,834,182 at 30 June 2019, 3,668,363 at 30 June 2018 and 3,118,109 at 31 December 2018.
2 Profit before intra-group management and interest charges is considered to be a relevant and useful interpretation of the trading results of the business such that its performance can be understood on a basis which is independent of its ownership by the Group. Further information is included in the Chief Executive's statement and Financial Review.
For further information:
Volvere plc
Jonathan Lander, CEO
Tel: +44 (0) 20 7634 9707
Cairn Financial Advisers LLP
Sandy Jamieson/James Lewis
Tel: + 44 (0) 20 7213 0880
Chairman's Statement
I'm pleased to report another encouraging set of results for the first half of 2019. The disposal of our security solutions business was completed successfully and our remaining trading business, Shire Foods Limited, performed ahead of the same period last year.
Net assets per share have reached a new record of £13.56* (30 June 2018: £6.75, 31 December 2018: £12.50). We remain positive about the outlook for our business and believe that the current economic and political uncertainty will provide further investment opportunities.
David Buchler
Chairman
26 September 2019
*Net assets attributable to owners of the parent company divided by total number of ordinary shares outstanding at the reporting date
(less those held in treasury) - see note 8.
Chief Executive's Statement
Following the sale of the Group's automotive consultancy, Impetus Automotive Limited ("Impetus"), in October 2018, we entered 2019 with two trading subsidiaries: Shire Foods Limited ("Shire"), our food manufacturing business and Sira Defence & Security Limited ("Sira"), our CCTV-viewing software business.
Sira was sold for £3.0 million on 23 May 2019 and the comparative results for 2018 have therefore been restated to exclude the trading operations of both Impetus and Sira. As a result, our trading operations now comprise solely Shire along with our central head office functions.
Shire performed better than the comparable period in 2018, but the payment of performance-related bonuses on the successful sale of Sira offset the effects of Shire's improved results. The performance of each of the Group's segments is set out below.
Food manufacturing
This segment comprises Shire, the Group's 80%-owned frozen pie and pasty manufacturing business, which was acquired in 2011. The company employs approximately 150 people and is based in Leamington Spa, United Kingdom.
Revenue grew by 39% to reach £10.10 million (30 June 2018: £7.25 million). This growth led to improved financial performance with a profit before tax and intra-Group management and interest charges** of £0.24 million, compared to a loss of £0.17 million for the six months to 30 June 2018 (31 December 2018: profit £0.85 million). Whilst this is pleasing, the pressure on margins from raw material cost increases and wage inflation remains ever-present.
We are actively responding to the increased demand for vegan products and have agreed several new products with retail customers. In addition, we have launched our own brand - Naughty Vegan - into the foodservice market.
In line with previous years, we expect that Shire's performance will be stronger in the second half of the year given the weighting of sales towards the winter months. We have continued to invest in Shire throughout 2019 and the additional investments have facilitated the revenue growth by increasing capacity. This will enable further opportunities to be sought in 2020.
Investing and management services
This segment represents our central functions covering Group management, finance and IT services. The loss before tax and intra-Group management and interest charges** for the period was £0.86 million (30 June 2018: loss £0.47 million, 31 December 2018: loss £3.35 million). The principal reason for the increased costs in 2019 is Group management and staff bonuses in relation to the sale of Sira.
Further segmental information is set out in the financial review below and in note 3.
Acquisitions and future strategy
Our strategy throughout 2019 remains as before - to deliver shareholder value through improving trading performance of our existing portfolio, identifying new opportunities, and investment realisations. The level of deal opportunities has increased since 2018 and we remain optimistic that we will identify new businesses in which to invest.
Jonathan Lander
Chief Executive
26 September 2019
**Profit before intra-Group management and interest charges is considered to be a relevant and useful interpretation of the trading results of the business such that its performance can be understood on a basis which is independent of its ownership by the Group.
Financial Review
This financial review covers the Group's performance during the period ended 30 June 2019. It should be read in conjunction with the Chairman's and Chief Executive's Statements.
Overview
The disposal of Impetus in October 2018 and Sira in May 2019 has necessitated the restatement of the Group's previously published results for the periods ending 30 June 2018 and 31 December 2018. This enables improved comparability with the current period. The results of Impetus and Sira are included on the income statement as part of profit from discontinued operations.
Group revenue for the period grew to £10.10 million from £7.25 million in the prior comparable period (31 December 2018: £18.34 million). The increase arose from growth in Shire Foods, now the Group's sole trading subsidiary.
Group loss before tax on continuing operations was £0.62 million (30 June 2018: £0.65 million, year to 31 December 2018: £2.49 million). This included one-off incentive costs, relating to the disposal of Sira, amounting to £0.34 million.
The Group profit from discontinued operations was £3.08 million, reflecting the disposal of Sira (30 June 2018: £1.56 million, year to 31 December 2018: £23.2 million). The comparative figures for 2018 have been adjusted to reflect the disposals of both Sira and Impetus.
Further comment on each segment is set out below and detailed information about the Group's segments is set out in note 3 to these interim results, which should be read in conjunction with this financial review.
Food manufacturing
A summary of Shire's recent financial performance is set out in Table A below.
Table A
6 months to
30 June
2019
£'000
6 months to
30 June
2018
£'000
Year ended 31 December
2018
£'000
Year ended 31 December
2017
£'000
Year ended 31 December
2016
£'000
Revenue
10,095
7,252
18,344
15,869
15,190
Profit/(loss) before tax, intra-group management and interest charges
237
(173)
854
635
1,149
Intra-group management and interest charges
(75)
(15)
(200)
(200)
(240)
Profit/(loss) before tax
162
(188)
654
435
909
Shire's revenue grew by £2.84 million compared to the comparable period in 2018 and gross margin was improved. However, the effect of this additional contribution was partly offset by higher distribution and overheads necessary to support the revenue growth.
Investment in plant and machinery has continued in 2019, with in excess of £1 million already committed and being commissioned. The majority of this is being funded through external financing. There were no Group loans outstanding at 30 June 2019.
Shire's unaudited net assets at the period end amounted to £7.06 million (30 June 2018: £5.99 million; 31 December 2018: £6.88 million), of which 20% is attributable to non-controlling interests.
Investment revenues and other gains and losses and finance income and expense
The Group did not hold or dispose of available-for-sale investments during the period and as a result investment revenues and other gains and losses were lower than in prior periods.
The Group's net finance income was £0.05 million (30 June 2018: net expense £0.02 million, 31 December 2018: net income £0.06 million). In line with previous years, individual Group trading companies utilise leverage where appropriate, and without recourse to the remainder of the Group.
Statement of financial position
Cash
Cash at the period end was £19.65 million (30 June 2018: £17.43 million, 31 December 2018: £34.13 million). The reduction in cash compared to the end of 2018 resulted principally from the two share buy-backs in 2019, costing £16.57 million. Details of cash movements are shown in the consolidated statement of cash flows.
Earnings per share and share capital
Total basic and diluted earnings per ordinary share were 81.1 pence (30 June 2018: 19.3 pence; year ended 31 December 2018: 586.2 pence).
Purchase of own shares
The Company acquired 1,283,927 of its own ordinary shares during the period for a total consideration of £16.57 million (30 June 2018: Nil and 31 December 2018: 550,254 shares for £6.09 million). As of 30 June 2019, since the start of its buyback programme, the Group has returned £32.06 million to shareholders.
Hedging
It is not the Group's policy to enter into derivative instruments to hedge interest rate or foreign exchange risk.
Key performance indicators (KPIs)
The Group uses key performance indicators suitable for the nature and size of the Group's businesses. The key financial performance indicators are revenue and profit before tax. The performance of the Group and the individual trading businesses against these KPIs is outlined above, in the Chief Executive's statement and disclosed in note 3.
Internally, management uses a variety of non-financial KPIs in respect of the food manufacturing segment, including order intake, manufacturing output and sales, all of which are monitored weekly and reported monthly.
Principal risk factors
The Company and Group face a number of specific business risks that could affect the Company's or Group's success. These are set out more fully in the Group's Annual Report. The Company and Group invests in distressed businesses and securities, which by their nature often carry a higher degree of risk than those that are not distressed. The Group's trading business is principally engaged in the provision of products that are dependent on the continued employment of the Group's employees and availability of suitable, profitable workload. There is a dependency on a small number of customers and a reduction in the volume or range of products supplied to those customers or the loss of any one of them could impact the Group materially.
These risks are managed by the Board in conjunction with the management of the Group's businesses.
Nick Lander
Chief Financial & Operating Officer
26 September 2019
Consolidated income statement
Note
6 months to
30 June
2019
6 months to
30 June
2018
(as restated)
Year ended
31
December
2018
(as restated)
£'000
£'000
£'000
Continuing operations
Revenue
3
10,095
7,252
18,344
Cost of sales
(8,831)
(6,596)
(15,700)
Gross profit
1,264
656
2,644
Distribution costs
(543)
(469)
(1,095)
Administrative expenses
(1,394)
(863)
(4,589)
Operating loss
(673)
(676)
(3,040)
Investment revenues
4
-
76
115
Other gains and losses
4
-
(23)
374
Finance expense
4
(67)
(52)
(47)
Finance income
4
116
29
106
Loss before tax
(624)
(646)
(2,492)
Income tax credit/(expense)
-
-
370
Loss for the period from continuing operations
(624)
(646)
(2,122)
Profit for the period from discontinued operations
5
3,078
1,555
23,218
Profit for the period
2,454
909
21,096
Attributable to:
- Equity holders of the parent
2,422
706
20,956
- Non-controlling interests
8
32
203
140
2,454
909
21,096
Earnings per share
6
Basic and Diluted
- loss from continuing operations
(22.0)p
(16.6)p
(63.3)p
- earnings from discontinued operations
103.1p
35.9p
649.5p
Total
81.1p
19.3p
586.2p
Consolidated statement of comprehensive income
6 months to
30 June
2019
6 months to
30 June
2018
(as restated)
Year ended
31
December
2018
(as restated)
£'000
£'000
£'000
Profit for the period
2,454
909
21,096
Other comprehensive income (items that will be reclassified to profit or loss)
Fair value gains and losses on available-for-sale financial assets
- current period gains/(losses)
-
75
-
- reclassified to profit and loss
-
(188)
-
Other comprehensive income
-
(113)
-
Total comprehensive income for the period
2,454
796
21,096
Attributable to:
Equity holders of the parent
2,422
593
20,956
Non-controlling interests
32
203
140
2,454
796
21,096
Consolidated statement of changes in equity
Six months to 30 June 2019
Share
capital
£'000
Share
premium
£'000
Revaluation
reserves
£'000
Retained
earnings
£'000
Total
£'000
Non-controlling
interests
£'000Total
£'000
Other comprehensive income
-
-
-
-
-
-
-
Profit for the period
-
-
-
2,422
2,422
32
2,454
Total comprehensive income for the period
-
-
-
2,422
2,422
32
2,454
Balance at 1 January
50
3,640
100
35,180
38,970
1,447
40,417
Transactions with owners:
Purchase of own shares
-
-
-
(16,512)
(16,512)
-
(16,512)
Total transactions with owners
-
-
-
(16,512)
(16,512)
-
(16,512)
Balance at 30 June
50
3,640
100
21,090
24,880
1,479
26,359
Six months to 30 June 2018
Share
capital
£'000
Share
premium
£'000
Revaluation
reserves
£'000
Retained
earnings
£'000
Total
£'000
Non-controllinginterests
£'000Total
£'000
Other comprehensive income
-
-
(113)
-
(113)
-
(113)
Profit for the period
-
-
-
706
706
203
909
Total comprehensive income for the period
-
-
(113)
706
593
203
796
Balance at 1 January
50
3,640
177
20,319
24,186
1,958
26,144
Transactions with owners:
Dividend paid by subsidiary
-
-
-
-
-
(50)
(50)
Total transactions with owners
-
-
-
-
-
(50)
(50)
Balance at 30 June
50
3,640
64
21,025
24,779
2,111
26,890
Year ended 31 December 2018
Share
capital
£'000
Share
premium
£'000
Revaluation
reserves
£'000
Retained
earnings
£'000
Total
£'000
Non-controlling
interests
£'000Total
£'000
Other comprehensive income
-
-
-
-
-
-
-
Profit for the year
-
-
-
20,956
20,956
140
21,096
Total comprehensive income for the year
-
-
-
20,956
20,956
140
21,096
Balance at 1 January
50
3,640
177
20,319
24,186
1,958
26,144
Transactions with owners:
Purchase of own shares
-
-
-
(6,095)
(6,095)
-
(6,095)
Total transactions with owners
-
-
-
(6,095)
(6,095)
-
(6,095)
Eliminated on disposal
-
-
(77)
-
(77)
(651)
(728)
Balance at 31 December
50
3,640
100
35,180
38,970
1,447
40,417
Consolidated statement of financial position
30 June
2019
30 June
2018
31 December
2018
Note
£'000
£'000
£'000
Assets
Non-current assets
Goodwill
-
380
-
Property, plant & equipment
6,085
5,296
6,062
Total non-current assets
6,085
5,676
6,062
Current assets
Inventories
2,424
2,291
1,774
Trade and other receivables
4,432
8,176
4,447
Cash and cash equivalents
19,649
17,430
34,137
Available-for-sale investments
-
2,994
-
Total current assets
26,505
30,891
40,358
Total assets
32,590
36,567
46,420
Liabilities
Current liabilities
Loans and other borrowings
(709)
(96)
(708)
Finance leases
(324)
(192)
(314)
Trade and other payables
(3,184)
(6,888)
(2,776)
Tax payable
-
(386)
-
Total current liabilities
(4,217)
(7,562)
(3,798)
Non-current liabilities
Loans and other borrowings
(1,205)
(1,306)
(1,254)
Finance leases
(674)
(221)
(816)
Total non-current liabilities
(1,879)
(1,527)
(2,070)
Total liabilities
(6,096)
(9,089)
(5,868)
Provisions - deferred tax
(135)
(514)
(135)
Provisions - lease incentive
-
(74)
-
NET ASSETS
26,359
26,890
40,417
Equity
Share capital
50
50
50
Share premium account
3,640
3,640
3,640
Revaluation reserves
100
64
100
Retained earnings
21,090
21,025
35,180
Capital and reserves attributable to equity holders of the Company
24,880
24,779
38,970
Non-controlling interests
7
1,479
2,111
1,447
TOTAL EQUITY
26,359
26,890
40,417
Consolidated statement of cash flows
6 months to 30 June 2019
6 months to 30 June 2019
6 months to 30 June 2018
(as restated)
6 months to 30 June 2018
(as restated)
Year ended 31 December 2018
(as restated)
Year ended 31 December 2018
(as restated)
Note
£'000
£'000
£'000
£'000
£'000
£'000
Profit for the period
2,454
909
21,096
Adjustments for:
Investment revenues
-
(76)
(115)
Other gains and losses
4
-
23
(374)
Finance expense
5
67
70
47
Finance income
5
(116)
(29)
(106)
Profit from discontinued operations
(3,078)
(1,549)
(23,218)
Depreciation
288
225
457
Income tax (credit)/expense
-
-
(370)
(2,839)
(1,336)
(23,679)
Operating cash flows before movements in working capital
(385)
(427)
(2,583)
Decrease/(increase) in trade and other receivables
37
1,181
(350)
Increase in trade and other payables
750
886
1,109
(Increase)/decrease in inventories
(650)
(825)
(308)
Tax paid
(50)
-
(100)
Cash (used by)/generated from continuing operations
(298)
815
(2,232)
Operating cash flows from discontinued operations
(316)
2,656
1,839
Net cash (used by)/generated from operating activities
(614)
3,471
(393)
Investing activities
Proceeds from sale of discontinued operations net of cash sold
3,138
-
22,537
Investing cash flows from discontinued operations
-
(460)
-
Purchase of available-for-sale investments
-
-
-
Income from available-for-sale investments
-
76
115
Disposal of available-for-sale investments
-
3,205
6,632
Purchase of property, plant and equipment
(307)
(101)
(429)
Disposal of property, plant and equipment
-
-
-
Interest received
116
29
106
Net cash generated from/(used by) investing activities
2,947
2,749
28,961
Financing activities
Interest paid
(67)
(51)
(47)
Purchase of own shares (treasury shares)
8
(16,571)
-
(6,094)
Dividend paid by subsidiary
-
(49)
(49)
Net repayment of borrowings
(183)
(828)
(375)
Net cash used by financing activities
(16,821)
(928)
(6,565)
Net (decrease)/ increase in cash
(14,488)
5,292
22,003
Cash at beginning of period
34,137
12,119
12,119
Foreign exchange revaluation of opening cash
-
19
15
Cash at end of period
19,649
17,430
34,137
Volvere plc
Notes forming part of the unaudited interim results for the period ended 30 June 2019
1 Financial information and basis of accounting
These interim financial statements have been prepared using accounting policies consistent with IFRSs as adopted by the European Union.
These interim financial statements should be read in accordance with the Group's last annual consolidated financial statements as at and for the year ended 31 December 2018. They do not include all the information required for a complete set of IFRS financial statements. However, selected explanatory notes are included to explain events and transactions that are significant to an understanding of the changes in the Group's financial position and performance since the last annual financial statements. AIM-listed companies are not required to comply with IAS 34 Interim Financial Reporting and accordingly the Group has taken advantage of this exemption.
The comparative figures for the year ended 31 December 2018 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 2018 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: Warnford Court, 29 Throgmorton Street, London EC2N 2AT and on its website www.volvere.co.uk.
2 Significant accounting policies
Except as noted below, the accounting policies applied in these interim financial statements are the same as those applied in the Group's consolidated financial statements as at and for the year ended 31 December 2018.
Explanation of significant areas for adjustment
Prior to the disposal of the automotive and security solutions segments, the potential significant area for adjustment related to the recognition of revenue on fixed price consulting contracts where the final deliverable is the performance obligation. Previously, revenue would have been recognised in line with the stage of completion. All businesses affected have been sold and treated as discontinued operations.
IFRS 16 Leases had not been adopted in 2018 but has been with effect from 1 January 2019. The effects on the presentation of the Group's results arising from the adoption of IFRS 16 is not material.
3 Operating segments
An analysis of key financial data by business segment (excluding intra-Group interest and management charges and balances) is provided below. During 2018 the Group's automotive consulting segment was sold and during 2019 the Group's security solutions segment was sold. The comparable results for 2018 have been restated for both these disposals and the respective results included within Profit from discontinued operations.
Analysis by business segment:
Period ended 30 June 2019
Food
manufacturing
£'000
Investing and
Management
services
£'000
Total
£'000
Revenue
10,095
-
10,095
Profit/(loss) before tax from continuing operations(1)
237
(861)
(624)
Period ended 30 June 2018 (as restated)
Food
manufacturing
£'000
Investing and
Management
services
£'000
Total
£'000
Revenue
7,252
-
7,252
(Loss) before tax from continuing operations (1)
(173)
(473)
(646)
Year ended 31 December 2018 (as restated)
Food
manufacturing
£'000
Investing and management services
£'000
Total
£'000
Revenue
18,344
-
18,344
Profit/(loss) before tax from continuing operations (1)
854
(3,346)
(2,492)
As at 30 June 2019
Food manufacturing
£'000
Investing and
management
services
£'000
Total
continuing
£'000
Discontinued(2)
£'000
Total
£'000
Assets
Liabilities/provisions
13,365
19,225
32,590
-
32,590
(6,303)
72
(6,231)
-
(6,231)
Net assets(3)
7,062
19,296
26,359
-
26,359
As at 30 June 2018
Food manufacturing
£'000
Investing and
management
services
£'000
Total
continuing
£'000
Discontinued(2)
£'000
Total
£'000
Assets
10,383
16,257
26,640
9,927
36,567
Liabilities/provisions
(4,393)
(192)
(4,585)
(5,092)
(9,677)
Net assets(3)
5,990
16,065
22,055
4,835
26,890
As at 31 December 2018
Food manufacturing
£'000
Investing and
management
services
£'000
Total
continuing
£'000
Discontinued(2)
£'000
Total
£'000
Assets
12,311
33,690
46,001
419
46,420
Liabilities/provisions
(5,427)
(217)
(5,644)
(359)
(6,003)
Net assets(3)
6,884
33,473
40,357
60
40,417
Six months to 30 June 2019
Food manufacturing
£'000
Investing and management services
£'000
Total
(as restated)
£'000
Capital spend
310
2
312
Depreciation
287
-
287
Interest income (non-Group)
-
116
116
Interest expense (non-Group)
(67)
-
(67)
Tax credit
-
-
-
Six months to 30 June 2018 (as restated)
Food manufacturing
£'000
Investing and management services
£'000
Total
(as restated)
£'000
Capital spend
101
-
101
Depreciation
224
1
225
Amortisation/Impairment
-
-
-
Interest income (non-Group)
-
29
29
Interest expense (non-Group)
52
-
52
Tax expense
-
-
-
Year ended 31 December 2018 (as restated)
Food manufacturing
£'000
Investing and management services
£'000
Total
(as restated)
£'000
Capital spend
1,253
-
1,253
Depreciation
457
-
457
Amortisation/Impairment
-
-
-
Interest income (non-Group)
-
106
-
Interest expense (non-Group)
47
-
47
Tax credit
(52)
(318)
(52)
Geographical analysis:
External revenue by location of customers
Non-current assets by location of assets
6 months to
30 June
2019
6 months to
30 June
2018
(as restated)
Year ended
31 December 2018
(as restated)
30 June
2019
30 June
2018
31 December 2018
£'000
£'000
£'000
£'000
£'000
£'000
UK
9,902
7,013
17,746
6,085
5,676
6,062
Rest of Europe
193
239
598
-
-
-
Other
-
-
-
-
-
-
10,095
7,252
18,344
6,085
5,676
6,062
Notes:
(1) stated before intra-group management and interest charges
(2) discontinued relates to the former segments of Automotive consulting and Security solutions
(3) assets and liabilities stated excluding intra-group balances
4 Investment revenues, other gains and losses and finance income and expense
Investment revenues and other gains and losses represent respectively interest and dividends receivable from, and the gains arising upon disposal of, investments made pursuant to the Group's investing and treasury management policies.
5 Profit for the period from discontinued operations
On 4 October 2018, the Group disposed of its share in its subsidiary undertaking, Impetus Automotive Limited for a total of £26.1 million in cash. On 23 May 2019, the Group disposed of its wholly-owned subsidiary Sira Defence & Security Limited for £3.0 million in cash.
6 months to
30 June
2019
£'000
6 months to
30 June
2018
(as restated)
£'000
Year ended
31 December
2018
(as restated)
£'000
Profit for the period relating to Impetus Automotive Limited
-
1,543
23,126
Profit for the period relating to Sira Defence & Security Limited
3,078
12
92
Total profit from discontinued operations
3,078
1,555
23,218
6 Earnings per share
The calculation of the basic and diluted earnings per share is based on the following data:
6 months to
30 June
2019
£'000
6 months to
30 June
2018
(as restated)
£'000
Year ended
31 December
2018
(as restated)
£'000
Earnings for the purposes of earnings per share:
From continuing operations
(656)
(609)
(2,262)
From discontinued operations
3,078
1,315
23,218
Total
2,422
706
20,956
No.
No.
No.
Weighted average number of ordinary shares for the purposes of earnings per share:
Weighted average number of ordinary shares in issue
2,986,829
3,668,363
3,574,895
Dilutive effect of potential ordinary shares
-
-
-
Weighted average number of ordinary shares for diluted EPS
2,986,829
3,668,363
3,574,895
There were no share options (or other dilutive instruments) in issue during the period in respect of the parent company's shares (30 June 2018: nil; 31 December 2018: nil).
7 Non-controlling interests
The non-controlling interests of £1.48 million relate to the net assets attributable to the shares not held by the Group at 30 June 2019 in the following subsidiaries:
30 June
2019
£'000
30 June
2018
£'000
31 December 2018
£'000
NMT Group Limited
71
71
71
Shire Foods Limited
1,408
1,196
1,376
Impetus Automotive Limited
-
844
-
1,479
2,111
1,447
The Group owns approximately 80% of Shire Foods and 98.6% of NMT.
8 Purchase of own shares
The Company acquired 1,283,927 of its own ordinary shares during the period for a total consideration of £16.57 million (30 June 2018: Nil and 31 December 2018: 550,254 shares for £6.09 million). For reference, the total number of ordinary shares held in treasury is 4,372,892 and the number of shares in issue, excluding treasury shares, at the period end was 1,834,182 (30 June 2018: 3,668,363 and 31 December 2018: 3,118,109).
9 Dividend
The Board is not recommending the payment of an interim dividend for the period ended 30 June 2019.
- Ends -
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