Interim Results
24 Februar 2010 - 8:00AM
UK Regulatory
TIDMFDBK
RNS Number : 5749H
Feedback PLC
24 February 2010
Feedback plc ("Feedback" or the "Group")
Interim Report for the six months ended 30 November 2009
KEY POINTS
· Turnover GBP3.8m (2008 - GBP4.5m)
· Profit before tax GBP0.04m (2008 - GBP0.30m)
· Earnings per share 0.02p (2008 0.27p)
· Cash and Cash Equivalents GBP420k (2008 - GBP529k)
CHAIRMANS STATEMENT
The performance for the first half of the year was a considerable
disappointment. The first quarter's trading showed some positive trends;
however the second quarter witnessed a significant contraction in orders in both
divisions which has continued to date.
The Instruments business was impacted both by a slowdown in orders from its
overseas distributors coupled with deterioration in the UK market as school and
universities slowed their spending. In addition the Data market also continued
to soften as the market anticipated arrival of new terminals scheduled for March
this year.
Despite these more challenging markets Feedback has maintained investment in new
product development and a number of new product launches are planned for release
during 2010 for both divisions. In addition significant spend has also been
committed to a re-branding of the Company with the appointment of new corporate
communication consultants. The initial results of this will be seen in March
with the new look, logo and website scheduled for release that month. Continued
additional spend is planned to support various new marketing initiatives.
Although current trading is showing some stability it is likely that the second
half will prove as challenging as the first six months and, despite the board's
positive expectation for new products, it is likely that the outcome for the
full year will be behind that for the year ended May 2009.
Michael G Burt
Executive Chairman
23 February 2010
Enquiries:
Feedback Plc
01892 653322
Michael Burt
Executive Chairman
Charles Stanley Securities
020 7149 6000
Nominated Adviser & Broker
Russell Cook / Carl Holmes
UNAUDITED CONSOLIDATED INCOME STATEMENT
+--------------------------------+-----+---------------+---------------+---------------+
| | | 6 months | 6 | Year to |
| | | to | months | 31 May |
| | | 30 | to | 2009 |
| | | November | 30 | |
| | | 2009 | November | |
| | | | 2008 | |
+--------------------------------+-----+---------------+---------------+---------------+
| | | GBP'000 | GBP'000 | GBP'000 |
+--------------------------------+-----+---------------+---------------+---------------+
| | | | | |
+--------------------------------+-----+---------------+---------------+---------------+
| Revenue | | 3,833 | 4,464 | 8,163 |
+--------------------------------+-----+---------------+---------------+---------------+
| Cost of sales | | (2,119) | (2,475) | (4,568) |
+--------------------------------+-----+---------------+---------------+---------------+
| | | ------------- | ------------- | ------------- |
+--------------------------------+-----+---------------+---------------+---------------+
| Gross profit | | 1,714 | 1,989 | 3,595 |
+--------------------------------+-----+---------------+---------------+---------------+
| | | | | |
+--------------------------------+-----+---------------+---------------+---------------+
| Other operating expenses | | (1,682) | (1,716) | (2,992) |
+--------------------------------+-----+---------------+---------------+---------------+
| | | ------------- | ------------- | ------------- |
+--------------------------------+-----+---------------+---------------+---------------+
| Operating profit | | 32 | 273 | 603 |
+--------------------------------+-----+---------------+---------------+---------------+
| Profit on sale of fixed asset | | | 27 | 27 |
+--------------------------------+-----+---------------+---------------+---------------+
| | | ------------- | ------------- | ------------- |
+--------------------------------+-----+---------------+---------------+---------------+
| | | 32 | 300 | 630 |
+--------------------------------+-----+---------------+---------------+---------------+
| | | | | |
+--------------------------------+-----+---------------+---------------+---------------+
| Finance costs | | 5 | (2) | (1) |
+--------------------------------+-----+---------------+---------------+---------------+
| | | ------------- | ------------- | ------------- |
+--------------------------------+-----+---------------+---------------+---------------+
| Profit before tax | | 37 | 298 | 629 |
+--------------------------------+-----+---------------+---------------+---------------+
| | | | | |
+--------------------------------+-----+---------------+---------------+---------------+
| Tax (expense)/credit | | (12) | (2) | 18 |
+--------------------------------+-----+---------------+---------------+---------------+
| | | ------------- | ------------- | ------------ |
+--------------------------------+-----+---------------+---------------+---------------+
| Profit for the period | | | | |
| attributable to the equity | | | | |
+--------------------------------+-----+---------------+---------------+---------------+
| shareholders of the parent | | 25 | 296 | 647 |
+--------------------------------+-----+---------------+---------------+---------------+
| | | | | |
+--------------------------------+-----+---------------+---------------+---------------+
| | | | | |
+--------------------------------+-----+---------------+---------------+---------------+
| Other comprehensive | | | | |
| income/(expense) | | | | |
+--------------------------------+-----+---------------+---------------+---------------+
| | | | | |
+--------------------------------+-----+---------------+---------------+---------------+
| Translation differences on | | - | 24 | (68) |
| overseas operations | | | | |
+--------------------------------+-----+---------------+---------------+---------------+
| | | ------------- | ------------- | ------------- |
+--------------------------------+-----+---------------+---------------+---------------+
| Total comprehensive income for | | | | |
| the period | | | | |
+--------------------------------+-----+---------------+---------------+---------------+
| | | 25 | 320 | 579 |
+--------------------------------+-----+---------------+---------------+---------------+
| | | ====== | ====== | ====== |
+--------------------------------+-----+---------------+---------------+---------------+
| | | | | |
+--------------------------------+-----+---------------+---------------+---------------+
| | | | | |
+--------------------------------+-----+---------------+---------------+---------------+
| Basic earnings per share | 2 | 0.02p | 0.27p | 0.59p |
+--------------------------------+-----+---------------+---------------+---------------+
| Diluted earnings per share | 2 | 0.02p | 0.27p | 0.59p |
+--------------------------------+-----+---------------+---------------+---------------+
All amounts relate to continuing operations.
UNAUDITED INTERIM CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
+----------------------+---------------+---------------+---------------+---------------+---------------+
| | Share | Share | Capital | Retained | Total |
| | Capital | premium | redemption | earnings | |
| | | Service | reserve | | |
+----------------------+---------------+---------------+---------------+---------------+---------------+
| | | | | | |
+----------------------+---------------+---------------+---------------+---------------+---------------+
| | GBP'000 | GBP'000 | GBP'000 | GBP'000 | GBP'000 |
+----------------------+---------------+---------------+---------------+---------------+---------------+
| | | | | | |
+----------------------+---------------+---------------+---------------+---------------+---------------+
| Balance at 31st May | 273 | 633 | 300 | 2,175 | 3,381 |
| 2008 | | | | | |
+----------------------+---------------+---------------+---------------+---------------+---------------+
| | | | | | |
+----------------------+---------------+---------------+---------------+---------------+---------------+
| Total comprehensive | | | | | |
| income for the | - | - | - | 320 | 320 |
| period | | | | | |
+----------------------+---------------+---------------+---------------+---------------+---------------+
| | ------------- | ------------- | ------------- | ------------- | ------------- |
+----------------------+---------------+---------------+---------------+---------------+---------------+
| | | | | | |
+----------------------+---------------+---------------+---------------+---------------+---------------+
| Balance at 30th | 273 | 633 | 300 | 2,495 | 3,701 |
| November 2008 | | | | | |
+----------------------+---------------+---------------+---------------+---------------+---------------+
| | | | | | |
+----------------------+---------------+---------------+---------------+---------------+---------------+
| Total comprehensive | | | | | |
| income for the | - | - | - | 259 | 259 |
| period | | | | | |
+----------------------+---------------+---------------+---------------+---------------+---------------+
| | ------------- | ------------- | ------------- | ------------- | ------------- |
+----------------------+---------------+---------------+---------------+---------------+---------------+
| Balance at 31st May | 273 | 633 | 300 | 2,754 | 3,960 |
| 2009 | | | | | |
+----------------------+---------------+---------------+---------------+---------------+---------------+
| | | | | | |
+----------------------+---------------+---------------+---------------+---------------+---------------+
| Total comprehensive | | | | | |
| income for the | - | - | - | 25 | 25 |
| period | | | | | |
+----------------------+---------------+---------------+---------------+---------------+---------------+
| | ------------- | ------------- | ------------- | ------------- | ------------- |
+----------------------+---------------+---------------+---------------+---------------+---------------+
| Balance at 30th | 273 | 633 | 300 | 2,779 | 3,985 |
| November 2009 | | | | | |
+----------------------+---------------+---------------+---------------+---------------+---------------+
| | ------------- | ------------- | ------------- | ------------- | ------------- |
+----------------------+---------------+---------------+---------------+---------------+---------------+
UNAUDITED CONSOLIDATED BALANCE SHEET
+-------------------------------+---+---------------+---------------+---------------+
| | | 30 | 30 | 31 May |
| | | November | November | 2009 |
| | | 2009 | 2008 | |
+-------------------------------+---+---------------+---------------+---------------+
| | | GBP'000 | GBP'000 | GBP'000 |
+-------------------------------+---+---------------+---------------+---------------+
| | | | | |
+-------------------------------+---+---------------+---------------+---------------+
| ASSETS | | | | |
+-------------------------------+---+---------------+---------------+---------------+
| Non-current assets | | | | |
+-------------------------------+---+---------------+---------------+---------------+
| Property, plant and equipment | | 1,566 | 1,555 | 1,577 |
+-------------------------------+---+---------------+---------------+---------------+
| Intangible assets | | 636 | 677 | 590 |
+-------------------------------+---+---------------+---------------+---------------+
| Deferred tax asset | | 313 | 316 | 313 |
+-------------------------------+---+---------------+---------------+---------------+
| | | ------------- | ------------- | ------------- |
+-------------------------------+---+---------------+---------------+---------------+
| | | 2,515 | 2,548 | 2,480 |
+-------------------------------+---+---------------+---------------+---------------+
| | | ------------- | ------------- | ------------- |
+-------------------------------+---+---------------+---------------+---------------+
| Current assets | | | | |
+-------------------------------+---+---------------+---------------+---------------+
| Inventories | | 1,212 | 1,130 | 1,334 |
+-------------------------------+---+---------------+---------------+---------------+
| Trade receivables | | 1,303 | 1,675 | 1,699 |
+-------------------------------+---+---------------+---------------+---------------+
| Other receivables | | 174 | 92 | 223 |
+-------------------------------+---+---------------+---------------+---------------+
| Cash and cash equivalents | | 420 | 529 | 269 |
+-------------------------------+---+---------------+---------------+---------------+
| | | ------------- | ------------- | ------------- |
+-------------------------------+---+---------------+---------------+---------------+
| | | 3,109 | 3,426 | 3,525 |
+-------------------------------+---+---------------+---------------+---------------+
| | | ------------- | ------------- | ------------- |
+-------------------------------+---+---------------+---------------+---------------+
| Total assets | | 5,624 | 5,974 | 6,005 |
+-------------------------------+---+---------------+---------------+---------------+
| | | ====== | ====== | ====== |
+-------------------------------+---+---------------+---------------+---------------+
| | | | | |
+-------------------------------+---+---------------+---------------+---------------+
| LIABILITIES | | | | |
+-------------------------------+---+---------------+---------------+---------------+
| Non-current liabilities | | | | |
+-------------------------------+---+---------------+---------------+---------------+
| Deferred tax liabilities | | 178 | 189 | 165 |
+-------------------------------+---+---------------+---------------+---------------+
| | | ------------- | ------------- | ------------ |
+-------------------------------+---+---------------+---------------+---------------+
| Current liabilities | | | | |
+-------------------------------+---+---------------+---------------+---------------+
| Trade payables | | 712 | 791 | 745 |
+-------------------------------+---+---------------+---------------+---------------+
| Other payables | | 749 | 1,293 | 1,135 |
+-------------------------------+---+---------------+---------------+---------------+
| | | ------------- | ------------- | ------------ |
+-------------------------------+---+---------------+---------------+---------------+
| | | 1,461 | 2,084 | 1,880 |
+-------------------------------+---+---------------+---------------+---------------+
| | | ------------- | ------------- | ------------ |
+-------------------------------+---+---------------+---------------+---------------+
| Total liabilities | | 1,639 | 2,273 | 2,045 |
+-------------------------------+---+---------------+---------------+---------------+
| | | ------------- | ------------- | ------------ |
+-------------------------------+---+---------------+---------------+---------------+
| Net assets | | 3,985 | 3,701 | 3,960 |
+-------------------------------+---+---------------+---------------+---------------+
| | | ====== | ====== | ====== |
+-------------------------------+---+---------------+---------------+---------------+
| | | | | |
+-------------------------------+---+---------------+---------------+---------------+
| | | | | |
+-------------------------------+---+---------------+---------------+---------------+
| EQUITY | | | | |
+-------------------------------+---+---------------+---------------+---------------+
| Capital and reserves | | | | |
| attributable to the Company's | | | | |
| equity shareholders | | | | |
+-------------------------------+---+---------------+---------------+---------------+
| Called up share capital | | 273 | 273 | 273 |
+-------------------------------+---+---------------+---------------+---------------+
| Share premium account | | 633 | 633 | 633 |
+-------------------------------+---+---------------+---------------+---------------+
| Capital reserve | | 300 | 300 | 300 |
+-------------------------------+---+---------------+---------------+---------------+
| Retained earnings | | 2,779 | 2,495 | 2,754 |
+-------------------------------+---+---------------+---------------+---------------+
| | | ------------- | ------------- | ------------ |
+-------------------------------+---+---------------+---------------+---------------+
| Total equity | | 3,985 | 3,701 | 3,960 |
+-------------------------------+---+---------------+---------------+---------------+
| | | ====== | ====== | ====== |
+-------------------------------+---+---------------+---------------+---------------+
| | | | | |
+-------------------------------+---+---------------+---------------+---------------+
UNAUDITED CONSOLIDATED CASH FLOW STATEMENT
+-----------------------------------+----------+----------------+----------------+----------------+
| | | 6 months | 6 | Year to |
| | | to | months | 31 May |
| | | 30 | to | 2009 |
| | | November | 30 | |
| | | 2009 | November | |
| | | | 2008 | |
+-----------------------------------+----------+----------------+----------------+----------------+
| | | GBP'000 | GBP'000 | GBP'000 |
+-----------------------------------+----------+----------------+----------------+----------------+
| | | | | |
+-----------------------------------+----------+----------------+----------------+----------------+
| Cash flows from operating | | | | |
| activities | | | | |
+-----------------------------------+----------+----------------+----------------+----------------+
| Profit before tax | | 37 | 298 | 629 |
+-----------------------------------+----------+----------------+----------------+----------------+
| Adjustments for: | | | | |
+-----------------------------------+----------+----------------+----------------+----------------+
| Finance charges | | | - | |
+-----------------------------------+----------+----------------+----------------+----------------+
| Depreciation and amortisation | | 212 | 248 | 511 |
+-----------------------------------+----------+----------------+----------------+----------------+
| Profit on disposal of tangible | | - | (27) | (27) |
| fixed assets | | | | |
+-----------------------------------+----------+----------------+----------------+----------------+
| Foreign exchange difference | | | 27 | (68) |
+-----------------------------------+----------+----------------+----------------+----------------+
| Decrease/(increase) in | | 122 | 129 | (75) |
| inventories | | | | |
+-----------------------------------+----------+----------------+----------------+----------------+
| Decrease/(increase) in trade | | 396 | (268) | (291) |
| receivables | | | | |
+-----------------------------------+----------+----------------+----------------+----------------+
| Decrease in other receivables | | 49 | 157 | 25 |
+-----------------------------------+----------+----------------+----------------+----------------+
| (Decrease)/increase in trade | | (33) | 186 | 140 |
| payables | | | | |
+-----------------------------------+----------+----------------+----------------+----------------+
| Decrease in other payables | | (386) | (455) | (613) |
+-----------------------------------+----------+----------------+----------------+----------------+
| | | -------------- | -------------- | -------------- |
+-----------------------------------+----------+----------------+----------------+----------------+
| Net cash generated from operating | | 397 | 295 | 231 |
| activities | | | | |
+-----------------------------------+----------+----------------+----------------+----------------+
| | | -------------- | -------------- | -------------- |
+-----------------------------------+----------+----------------+----------------+----------------+
| Cash flows from investing | | | | |
| activities | | | | |
+-----------------------------------+----------+----------------+----------------+----------------+
| Interest received | | - | - | - |
+-----------------------------------+----------+----------------+----------------+----------------+
| Purchase of tangible fixed assets | | (21) | (134) | (185) |
+-----------------------------------+----------+----------------+----------------+----------------+
| Proceeds from sale of tangible | | - | 32 | 40 |
| fixed assets | | | | |
+-----------------------------------+----------+----------------+----------------+----------------+
| Purchase of intangible assets | | (225) | (227) | (379) |
+-----------------------------------+----------+----------------+----------------+----------------+
| | | -------------- | -------------- | -------------- |
+-----------------------------------+----------+----------------+----------------+----------------+
| Net cash used in investing | | (246) | (329) | (524) |
| activities | | | | |
+-----------------------------------+----------+----------------+----------------+----------------+
| | | -------------- | -------------- | -------------- |
+-----------------------------------+----------+----------------+----------------+----------------+
| Cash flows from financing | | | | |
| activities | | | | |
+-----------------------------------+----------+----------------+----------------+----------------+
| Interest paid | | - | - | (1) |
+-----------------------------------+----------+----------------+----------------+----------------+
| Capital element of finance leases | | - | (4) | (4) |
| and rental payments | | | | |
+-----------------------------------+----------+----------------+----------------+----------------+
| | | -------------- | -------------- | -------------- |
+-----------------------------------+----------+----------------+----------------+----------------+
| Net cash generated from financing | | - | (4) | (5) |
| activities | | | | |
+-----------------------------------+----------+----------------+----------------+----------------+
| | | -------------- | -------------- | -------------- |
+-----------------------------------+----------+----------------+----------------+----------------+
| | | | | |
+-----------------------------------+----------+----------------+----------------+----------------+
| Net movement in cash and cash | | 151 | (38) | (298) |
| equivalents | | | | |
+-----------------------------------+----------+----------------+----------------+----------------+
| Cash and cash equivalents at | | 269 | 567 | 567 |
| beginning of period | | | | |
+-----------------------------------+----------+----------------+----------------+----------------+
| | | -------------- | -------------- | -------------- |
+-----------------------------------+----------+----------------+----------------+----------------+
| Cash and cash equivalents at end | | 420 | 529 | 269 |
| of period | | | | |
+-----------------------------------+----------+----------------+----------------+----------------+
| | | ======= | ======= | ======= |
+-----------------------------------+----------+----------------+----------------+----------------+
NOTES TO THE UNAUDITED INTERIM REPORT
+----+-------------------------------------------+------------+----------+------+
| 1. | BASES OF PREPARATION |
+----+--------------------------------------------------------------------------+
| | | | |
+----+-------------------------------------------+------------+-----------------+
| | The consolidated interim financial statements have been prepared | |
| | in accordance with the recognition and measurement principles of | |
| | International Financial Reporting Standards as endorsed by the | |
| | European Union ("IFRS") and expected to be effective at the year | |
| | end of 31 May 2010, which are mandatory for accounting periods | |
| | beginning on or after 1 January 2009. The accounting policies are | |
| | unchanged from the financial statements for the year ended 31 May | |
| | 2009. | |
| | | |
| | The information set out in this interim report for the six months | |
| | ended 30 November 2009 does not comprise statutory accounts | |
| | within the meaning of section 434 of The Companies Act 2006. The | |
| | results for the period ended 31 May 2009 are based on the | |
| | published accounts for that period on which the auditors gave a | |
| | report which did not contain statements under section 498 of the | |
| | Companies Act 2006. The accounts for the period ended 31 May | |
| | 2009 have been filed with the Registrar of Companies. | |
| | | |
| | This interim report was approved by the directors on 23 February | |
| | 2010. | |
+----+-------------------------------------------------------------------+------+
| | | |
+----+-------------------------------------------------------------------+------+
| 2. | EARNINGS PER SHARE | |
+----+-------------------------------------------------------------------+------+
| | | |
+----+-------------------------------------------------------------------+------+
| | The earnings per share for the six months ended 30 November 2009 | |
| | is based on the Group profit on ordinary activities after | |
| | taxation of GBP24,000 (2008: GBP296,000) attributed to Ordinary | |
| | Shares of 109,146,746 (2008: 109,146,746), being the weighted | |
| | average number of shares in issue throughout the year. | |
+----+-------------------------------------------------------------------+------+
| | | | | |
+----+-------------------------------------------+------------+----------+------+
INDEPENDENT REVIEW REPORT TO FEEDBACK PLC
Introduction
We have been engaged by the Company to review the condensed set of financial
statements in the interim financial report for the six months ended 30 November
2009 which comprises the Consolidated Income Statement, the Consolidated
Statement of Total Recognised Income and Expense, the Consolidated Balance
Sheet, the Consolidated Cash Flow Statement and the Notes to the Unaudited
Interim Report. We have read the other information contained in the interim
financial report and considered whether it contains any apparent misstatements
or material inconsistencies with the information in the condensed set of
financial statements.
This report, including the conclusion, has been prepared for and only for the
Company for the purpose of meeting the requirements of the AIM Rules for
Companies and for no other purpose. We do not, therefore, in producing this
report, accept or assume responsibility for any other purpose or to any other
person to whom this report is shown or into whose hands it may come save where
expressly agreed by our prior consent in writing.
Directors' Responsibilities
The interim financial report, is the responsibility of, and has been approved by
the directors. The directors are responsible for preparing and presenting the
interim financial report in accordance with the AIM Rules for Companies.
As disclosed in note 1, the annual financial statements of the Group are
prepared in accordance with International Financial Reporting Standards and
International Financial Reporting Interpretations Committee ("IFRIC")
pronouncements as adopted by the European Union. The condensed set of financial
statements included in this interim financial report has been prepared in
accordance with the measurement and recognition criteria of International
Financial Reporting Standards and International Financial Reporting
Interpretations Committee ("IFRIC") pronouncements, as adopted by the European
Union.
Our Responsibility
Our responsibility is to express to the Company a conclusion on the condensed
set of financial statements in the interim financial report based on our review.
Scope of Review
We conducted our review in accordance with International Standard on Review
Engagements (UK and Ireland) 2410, "Review of Interim Financial Information
Performed by the Independent Auditor of the Entity" issued by the Auditing
Practices Board for use in the United Kingdom. A review of interim financial
information consists of making enquiries, primarily of persons responsible for
financial and accounting matters, and applying analytical and other review
procedures. A review is substantially less in scope than an audit conducted in
accordance with International Standards on Auditing (UK and Ireland) and
consequently does not enable us to obtain assurance that we would become aware
of all significant matters that might be identified in an audit. Accordingly, we
do not express an audit opinion.
Conclusion
Based on our review, nothing has come to our attention that causes us to believe
that the condensed set of financial statements in the interim financial report
for the six months ended 30 November 2009 is not prepared, in all material
respects, in accordance with the measurement and recognition criteria of
International Financial Reporting Standards and International Financial
Reporting Interpretations Committee ("IFRIC") pronouncements as adopted by the
European Union, and the AIM Rules for Companies.
haysmacintyre
Chartered Accountants
Fairfax House
15 Fulwood Place
London
WC1V 6AY
23 February 2010
This information is provided by RNS
The company news service from the London Stock Exchange
END
IR ZMGZZNFDGGZM
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