TIDMHDD
RNS Number : 3852X
Hardide PLC
06 December 2010
+------------------------------+-----------------------------------------+
| Press Release | 06 December 2010 |
+------------------------------+-----------------------------------------+
Hardide plc
("Hardide" or "the Group")
Preliminary results for the year ended 30 September 2010
Hardide plc (AIM: HDD), the provider of unique metal surface engineering
technology, announces its preliminary results for the twelve months ended 30
September 2010.
Financial Highlights
+------+---------------------------------------------------------------------+
| · | Group turnover increased 44% to GBP1.74 million (2009: GBP1.21 |
| | million) |
+------+---------------------------------------------------------------------+
| · | Loss before tax and exceptional items decreased 74% to GBP381k |
| | (2009: loss GBP1.46 million) |
+------+---------------------------------------------------------------------+
| · | Group EBITDA loss decreased 87% to GBP141k (2009: loss GBP1.12 |
| | million). Group EBITDA positive in H2 2010. |
+------+---------------------------------------------------------------------+
| · | UK operation, Hardide Coatings Limited, posts maiden full-year |
| | pre-tax profit of GBP378k (2009: loss GBP324k) |
+------+---------------------------------------------------------------------+
| · | Loss per share 0.06p (2009: loss 0.6p) |
+------+---------------------------------------------------------------------+
| · | Cost of sales reduced by 24% on a 44% increase in turnover |
+------+---------------------------------------------------------------------+
| · | Overheads reduced by 30% compared to 2009 |
+------+---------------------------------------------------------------------+
Operational Highlights
+------+--------------------------------------------------------------------+
| · | AS9100 aerospace standard certification achieved. This certifies |
| | Hardide as a recognised aerospace manufacturing supplier. |
+------+--------------------------------------------------------------------+
| · | Major US and European valve manufacturers launched new Hardide |
| | coated applications. These applications are set to expand and |
| | further applications are in development. |
+------+--------------------------------------------------------------------+
| · | Testing of new applications underway in several pre-qualified |
| | sectors including plastics extrusion equipment, new pump |
| | applications, Formula One parts and mud motors for oil and gas |
| | drilling services |
+------+--------------------------------------------------------------------+
| · | IP and Risk Management board sub-committees formed |
+------+--------------------------------------------------------------------+
| · | New website launched |
+------+--------------------------------------------------------------------+
Post-Period Events
+------+--------------------------------------------------------------------+
| · | Houston-based business development representative appointed to |
| | accelerate US revenue growth |
+------+--------------------------------------------------------------------+
| · | Hugh Smith to resign as non-executive director at AGM in February |
| | 2011 |
+------+--------------------------------------------------------------------+
| · | Bruce Robinson appointed as non-executive director with effect |
| | from AGM in February 2011 |
+------+--------------------------------------------------------------------+
Commenting on the results, Dr Graham Hine, Chief Executive of Hardide plc, said:
"The directors are pleased to report an improved performance by Hardide plc for
the year ending 30 September 2010. The return of demand from key customers
together with new business gains, stabilised costs and minimal capital
expenditure has enabled the Group to exceed its earlier internal forecasts. The
UK business, Hardide Coatings Limited, has achieved its first full year of
profitability and the Group was EBITDA positive in the second half of the year.
"Whilst Hardide's reliance on a few major customers is reducing, the directors
remain cautious and continue to control costs and manage cash carefully. We are
optimistic that we should be able to meet our internal expectations for the
current financial year, which envisage further improvements in trading."
For further information:
+------------------------------------+----------------------------------+
| Hardide plc | |
+------------------------------------+----------------------------------+
| Dr Graham Hine, Chief Executive | Tel: +44 (0) 1869 353 830 |
| Jackie Robinson, Corporate | jrobinson@hardide.com |
| Communications | www.hardide.com |
| | |
| | |
+------------------------------------+----------------------------------+
+--------------------------+---------------------------------------------+
| Seymour Pierce Limited | |
| Guy Peters | Tel: +44 (0) 20 7107 8000 |
+--------------------------+---------------------------------------------+
| | guypeters@seymourpierce.com |
| | www.seymourpierce.com |
| | |
+--------------------------+---------------------------------------------+
Notes to editors:
Hardide manufactures and applies tungsten carbide-based coatings to a wide range
of engineering components. The Group's patented technology provides a unique
combination of ultra-hardness, toughness, low friction and chemical resistance
in one coating. When applied to components, the technology is proven to offer
dramatic cost savings through reduced downtime and extended part life.
Customers include leading companies operating in oil and gas exploration and
production, valve and pump manufacturing, general engineering and aerospace.
CHAIRMAN'S STATEMENT
I am pleased to report an improved performance by Hardide plc in a year that
continued to present considerable challenges. The resumption in demand from key
customers together with new business, reduced costs and minimal capital
expenditure has enabled the Group to exceed management forecasts across all of
our financial metrics.
Full year sales to 30 September 2010 rose 44% to GBP1.74 million from GBP1.21
million in 2009. Group EBITDA loss decreased 87% to GBP141k (2009: loss GBP1.12
million) with the Group EBITDA positive in the second half of the year. Group
PBT for the year narrowed to a loss before tax and exceptional items of GBP381k,
a 74% reduction from a loss of GBP1.46 million in 2009.
There has been a general recovery in demand from those of our customers who
service the oil and gas drilling tool and flow control markets, with H2 2010
being markedly stronger than H1 2010. Customer restocking that was in evidence
during H1 2010 has stabilised and been replaced with broadly consistent demand.
To assist the forecasting of potential future destocking situations, the board
is continually monitoring various indicators to help predict sudden fluctuations
in demand.
The improvement in demand in key sectors has been supported by a stabilised cost
base, ongoing operational efficiencies and negligible capital expenditure. The
full year effect of last year's restructuring and cost reduction programme
together with further savings has led to a 30% reduction in overheads compared
with 2009. Strong revenue growth coupled with tight control on costs and capex
has led to a reduction in our cash outflow compared with 2009. The Group's
ability to grow within its current markets was not restricted by these controls.
It is pleasing to report that Hardide Coatings Limited achieved its first full
year of profitability with a pre-tax profit of GBP378k compared with a loss last
year of GBP324k. The UK business has demonstrated that it can be profitable at
the current, stabilised cost base. We are beginning to build a more diversified
customer base, with new customers won across all key sectors and new products
coming to market, such as Hardide-A for hard chrome replacement and a coating
for titanium. Our strategic development projects of coatings for aerospace and
industrial diamonds are also progressing steadily.
The Houston facility remains hibernated with all plant and equipment in-situ.
This will remain so until demand is such that it is economically viable to
resume manufacturing in the US. The building has been sub-let on terms that
will enable a managed re-entry; although further expenditure would be required
for the facility to operate profitably as an independent business.
The US hibernation contributed significantly to a 24% reduction in the cost of
sales on the 44% increased turnover fulfilled wholly from the UK. Volume
through Houston was such that it had always operated sub-optimally, and greater
economies of scale are now being achieved by servicing all US business from the
UK. The US is a very important market for the growth of the Group and business
development continues apace with notable account gains and test programmes with
US based customers across all of our key sectors. The Group is committed to
re-opening the US operation when it is commercially and economically prudent to
do so.
In line with the new edition of the UK Corporate Governance Code, the board has
tightened and streamlined several aspects of its operation, without any increase
in bureaucracy or impediment to decision making. The board also established
intellectual property and risk management sub-committees to manage these key
aspects of the Group's business.
On the whole, the board is pleased with the results for the year. Whilst the
economic climate overall has not yet materially improved in all the sectors in
which the Group operates, there are indications that demand will continue to
return and then grow in these areas. Meanwhile, the business has clear
strategic goals, is operationally and financially fitter, and sharply focused on
profitable revenue growth. The board is optimistic in its outlook for the
coming year.
Over the past year, the company has had loyal support from its staff and
constructive interest from a number of key shareholders. The board owes its
sincere thanks to both.
Finally, Hugh Smith, our longest serving non-executive director has decided to
step down from the board at the next AGM. We are all enormously grateful to
Hugh for his unstinting and constructive work on behalf of the company,
particularly on the two main board sub-committees. Hugh remains an avid
supporter of Hardide and intends to retain his shareholding for the foreseeable
future. We shall miss Hugh's wise counsel but wish him and his family well and
hope to see him at future AGMs.
Replacing Hugh as a non-executive director and member of both the audit
committee and the combined remuneration and nomination committee will be Bruce
Robinson (50). Bruce brings extensive experience of growing technology-based
businesses and of the international oil and gas industry. He spent his early
career as an engineer in oilfield services before becoming a founder shareholder
and General Manager of Phoenix Petroleum Services, an engineering product and
service company that was sold to Schlumberger. He has since started, run and
assisted a wide range of innovative companies developing and exploiting
technologies in various industry sectors.
Robert Goddard
Chairman
03 December 2010
CHIEF EXECUTIVE OFFICER'S REVIEW
As we entered the 2010 financial year there was still a high level of
uncertainty about the economy and the effect it would continue to have on our
business. We had begun to see signs of stability returning to key customers'
markets but there was little visibility of the timing and level of recovery.
Towards the end of the half year we began to see a consistently upward trend in
demand, particularly from oil and gas, and then valve and other general
industrial customers. At that point it was difficult to distinguish sustainable
demand from the effects of restocking. However, the second half of the year saw
a meaningful return of demand together with new customer gains. I am pleased to
report that this, together with cost and capex controls, has resulted in the
first full year of profitability for the UK operating company and the first half
year of positive EBITDA for the Group.
In spite of the turbulence over the last 18 months, we have retained experienced
people across all parts of the business and this has enabled us to increase
activity seamlessly as demand has resumed. The engineering, operations and
technical teams have worked on process improvements, loading capacities and
coating methodologies, which all supported the move to profitability for the UK
business.
UK: Hardide Coatings Limited
The UK operating company, Hardide Coatings Limited, has achieved full year
profitability for the first time with PBT of GBP378k (2009: loss GBP324k) on
revenue of GBP1.74 million (2009: GBP1.09 million). Sales to oil and gas, valve
and general industrial customers were all higher than in 2009. Gas costs rose
significantly during the year but were absorbed without affecting gross margin.
The UK facility is processing all sales from the US with no detrimental effect
on lead time. We have gained new customers in the US during the year and since
year-end have contracted an experienced and well-connected representative in the
US to pursue new business.
We were proud to achieve AS9100 quality system approval in February 2010.
AS9100 demonstrates the presence of a robust and consistent aerospace quality
system and augments the ISO9001 standard by focusing on the more rigorous
requirements of the aerospace industry. Many original equipment manufacturers
will only work with AS9100-registered suppliers and this accreditation
demonstrates our commitment to quality and to the aerospace industry.
In July 2010, Robin Gillham joined the management team as Business Development
Manager focusing on flow control. Robin returned to Hardide having previously
worked for the company for four years to 2008 as Sales Manager. He is a valuable
addition to the management team having almost 20 years of engineering and
technical sales experience and a thorough understanding of the Hardide
technology.
Throughout the year, the engineering team and assembly department has steadily
improved production efficiency. One innovation is the design of small chambers
that work within the main coating bell but use less consumable material, thereby
enabling more efficient coating of smaller batches or smaller parts. The team
has also been looking at ways of coating longer, internal surfaces. Success here
will open up further opportunities in new and existing markets.
Across the company, a greater emphasis is being placed on enhancing personal
performance and KPIs are being drawn up for all functions.
All health, safety and environmental matters are important to the Group and we
recorded no lost time incidents during the year.
Markets
The management team, supported by the board, completed an in-depth strategic
review of markets and applications for the Hardide technology in H1 2010. The
process resulted in a comprehensive plan to create a profitable and diversified
business. Throughout the year, progress has been made with diversifying our
customer base. We are pleased to have secured business with several significant
flow control, and oil and gas industry customers. We are particularly excited
about the launch of a new Hardide-coated application by a major US valve
manufacturer. The customer's product line has proven successful and is set to
expand in 2011 with a second line under development. In Europe, another
Hardide-coated application has been developed for a major valve manufacturer
requiring a hard-wearing, low-friction coating for subsea deployment. One of
the issues that we continue to face is the reluctance of our customers to allow
us to disclose their names or their use of the coating. We understand that this
is due to the high value that they place on the competitive advantage that the
coating provides.
Technology, Research & Development
Headed by Dr Yuri Zhuk, Technical Director, the technical team has made a strong
contribution to our diversification strategy over the year providing valuable
analysis of the viability of potential applications and leading test programmes
for several significant new applications. These have included new types of
pumps, equipment for plastics extrusion, Formula 1 automotive parts and mud
motors for the oil and gas industry.
Tests were also carried out to provide additional information on the bond
strength, porosity and fatigue performance of the coatings. Independent
comparative tests were made of Hardide-A and two other coatings as replacement
materials for hard chrome plating; a material widely used in aerospace
manufacturing and which is being phased out for environmental reasons. The
results of all the tests have been positive, with the Hardide coatings
demonstrating that they are unique in the level and combination of valuable
properties that they provide.
An IP sub-committee was formed to optimise the Hardide IP protection within
reasonable cost parameters. Several national patents, which are not expected to
be used, were abandoned, which also resulted in cost savings. In addition to
cost rationalisation, this committee also considers how the IPR portfolio should
be protected and makes recommendations to the board accordingly.
Both the aerospace and diamond coating projects continue to make steady progress
with our customer partners.
Staff
Our staff have been extremely supportive and hard working over the past two
difficult years. Most of them have not received a salary increase but, as a
result of better than expected results, I am delighted that we have been able to
award a modest bonus to all employees who have been with us over the course of
the last year.
Outlook
At this early stage of the 2010/11 year, we are encouraged by the improving
conditions in our customers' core markets. However economic uncertainties
remain and our target is to improve on 2009/10 performance and show strong
revenue growth and positive cash generation. We have a good development
pipeline and our strategic projects are progressing to plan. All projects under
development have been benchmarked against our strategic goals and pre-qualified.
This helps provide confidence that a good proportion will be converted to
sales. Furthermore, our more diverse customer base means that we are becoming
less vulnerable to a downturn in demand from one customer or in one sector.
These factors support the view that we can meet our expectations for a further
improvement in trading over the coming year.
Our employees, customers and shareholders continue to demonstrate their
confidence in the technology and the business and I thank them for their
commitment.
Dr Graham Hine
Chief Executive Officer
03 December 2010
FINANCIAL REVIEW
The first quarter of the year started quietly as Hardide continued to feel the
effects of reduced demand and inventory cuts by our customers which hit the
Group so savagely in 2008/09. However there were early signs of growth as small
orders started being placed, and revenue has improved quarter on quarter through
to the end of the year.
While much of the revenue growth came from UK and European customers, there was
also growth from US customers whose processing was successfully absorbed into
the UK operation upon the hibernation of our Houston facility. The 44% increase
in revenue was achieved within the structure implemented in 2009. However, we
did take the opportunity in the second half of the year to strengthen specific
areas of the company, notably technical and sales. The UK operation was hit by
some increases in raw material costs during the second half, however gross
margins were maintained as these were offset by economies of scale. The cost
increases should be partially mitigated going forward as new supply contracts
kick in.
The effect of increased revenues and a stable cost structure meant that the
Group's loss after tax fell from GBP1,789k in 2009 to GBP474k in 2010, and
EBITDA loss fell from GBP1,122k in 2009 to GBP141k in 2010.
The UK operation, Hardide Coatings Limited, recorded a pre-tax profit of GBP378k
against a loss of GBP324k last year. Costs of our US subsidiary Hardide
Coatings Inc amounted to GBP191k (2009: GBP834k) before including a further
impairment charge of GBP126k against the fixed assets there. The decision was
taken in May 2010 to sublease the facility in Houston, however all our equipment
remains securely stored there and will be able to be reinstated quickly.
Further cost reductions should be realised in the current year. Hardide plc
recorded a loss of GBP535k on a consolidated basis (2009: GBP267k loss) before
accounting for a provision against the intercompany loan with Hardide Coatings
Inc of GBP300k. The increased loss is due to reduced credits for exchange
differences of GBP66k (2009: GBP377k), if these are stripped out the costs of
plc fell from GBP643k in 2009 to GBP601k.
As a result of rising revenues and the actions taken on costs last year, cash
outflow from operating activities fell to GBP264k from GBP1,358k in 2009. Cash
balance at the year end was GBP536k (2009: GBP932k).
These results demonstrate that the Group, by taking the actions that it did in
2009, has successfully reduced its cost base without impairing its ability to
deal with significant increases in revenue.
Peter Davenport
Finance Director
03 December 2010
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
for the year ended 30 September 2010
+-----------------------------------+----+-----------+-----------+
| | | 2010 | 2009 |
| | | GBP000 | GBP000 |
+-----------------------------------+----+-----------+-----------+
| | | | |
+-----------------------------------+----+-----------+-----------+
| Revenue | | 1,735 | 1,209 |
+-----------------------------------+----+-----------+-----------+
| Cost of sales | | (649) | (854) |
+-----------------------------------+----+-----------+-----------+
| | | | |
+-----------------------------------+----+-----------+-----------+
| Gross profit | | 1,086 | 355 |
+-----------------------------------+----+-----------+-----------+
| | | | |
+-----------------------------------+----+-----------+-----------+
| Administrative expenses | | (1,293) | (1,854) |
+-----------------------------------+----+-----------+-----------+
| Exchange difference on | | 66 | 377 |
| intercompany loan | | | |
+-----------------------------------+----+-----------+-----------+
| Impairment of intangibles | | (2) | (2) |
+-----------------------------------+----+-----------+-----------+
| Depreciation and amortisation | | (134) | (330) |
+-----------------------------------+----+-----------+-----------+
| Exceptional item: Impairment of | | (126) | (364) |
| fixed assets | | | |
+-----------------------------------+----+-----------+-----------+
| | | | |
+-----------------------------------+----+-----------+-----------+
| Operating loss | | (403) | (1,818) |
+-----------------------------------+----+-----------+-----------+
| | | | |
+-----------------------------------+----+-----------+-----------+
| Finance income | | 2 | 14 |
+-----------------------------------+----+-----------+-----------+
| Finance costs | | (106) | (13) |
+-----------------------------------+----+-----------+-----------+
| Disposal of fixed asset | | - | (7) |
+-----------------------------------+----+-----------+-----------+
| | | | |
+-----------------------------------+----+-----------+-----------+
| Loss on ordinary activities | | (507) | (1,824) |
| before taxation | | | |
+-----------------------------------+----+-----------+-----------+
| | | | |
+-----------------------------------+----+-----------+-----------+
| Taxation | | 33 | 35 |
+-----------------------------------+----+-----------+-----------+
| | | | |
+-----------------------------------+----+-----------+-----------+
| Loss on ordinary activities after | | (474) | (1,789) |
| taxation | | | |
+-----------------------------------+----+-----------+-----------+
| | | | |
+-----------------------------------+----+-----------+-----------+
| Loss per share: Basic | | (0.06)p | (0.6)p |
+-----------------------------------+----+-----------+-----------+
| Loss per share: Diluted | | (0.04)p | (0.2)p |
+-----------------------------------+----+-----------+-----------+
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
at 30 September 2010
+-----------------------------------+----+-----------+-----------+
| | | 2010 | 2009 |
| | | GBP000 | GBP000 |
+-----------------------------------+----+-----------+-----------+
| | | | |
+-----------------------------------+----+-----------+-----------+
| Assets | | | |
+-----------------------------------+----+-----------+-----------+
| | | | |
+-----------------------------------+----+-----------+-----------+
| Non-current assets | | | |
+-----------------------------------+----+-----------+-----------+
| Goodwill | | 69 | 69 |
+-----------------------------------+----+-----------+-----------+
| Intangible assets | | - | 2 |
+-----------------------------------+----+-----------+-----------+
| Property, plant & equipment | | 569 | 796 |
+-----------------------------------+----+-----------+-----------+
| Total non-current assets | | 638 | 867 |
+-----------------------------------+----+-----------+-----------+
| | | | |
+-----------------------------------+----+-----------+-----------+
| Current assets | | | |
+-----------------------------------+----+-----------+-----------+
| Inventories | | 26 | 26 |
+-----------------------------------+----+-----------+-----------+
| Trade and other receivables | | 337 | 208 |
+-----------------------------------+----+-----------+-----------+
| Other current financial assets | | 62 | 101 |
+-----------------------------------+----+-----------+-----------+
| Cash and cash equivalents | | 536 | 932 |
+-----------------------------------+----+-----------+-----------+
| Total current assets | | 961 | 1,267 |
+-----------------------------------+----+-----------+-----------+
| | | | |
+-----------------------------------+----+-----------+-----------+
| Total assets | | 1,599 | 2,134 |
+-----------------------------------+----+-----------+-----------+
| | | | |
+-----------------------------------+----+-----------+-----------+
| Liabilities | | | |
+-----------------------------------+----+-----------+-----------+
| | | | |
+-----------------------------------+----+-----------+-----------+
| Current liabilities | | | |
+-----------------------------------+----+-----------+-----------+
| Trade and other payables | | 258 | 259 |
+-----------------------------------+----+-----------+-----------+
| Financial liabilities | | 55 | 118 |
+-----------------------------------+----+-----------+-----------+
| Total current liabilities | | 313 | 377 |
+-----------------------------------+----+-----------+-----------+
| | | | |
+-----------------------------------+----+-----------+-----------+
| Net current assets | | 648 | 890 |
+-----------------------------------+----+-----------+-----------+
| | | | |
+-----------------------------------+----+-----------+-----------+
| Non-current liabilities | | | |
+-----------------------------------+----+-----------+-----------+
| Financial liabilities | | 801 | 748 |
+-----------------------------------+----+-----------+-----------+
| Total non-current liabilities | | 801 | 748 |
+-----------------------------------+----+-----------+-----------+
| | | | |
+-----------------------------------+----+-----------+-----------+
| Total liabilities | | 1,114 | 1,125 |
+-----------------------------------+----+-----------+-----------+
| | | | |
+-----------------------------------+----+-----------+-----------+
| Net assets | | 485 | 1,009 |
+-----------------------------------+----+-----------+-----------+
| | | | |
+-----------------------------------+----+-----------+-----------+
| Equity attributable to equity | | | |
| holders of the parent | | | |
+-----------------------------------+----+-----------+-----------+
| Share capital | | 2,541 | 2,541 |
+-----------------------------------+----+-----------+-----------+
| Share premium | | 5,259 | 5,259 |
+-----------------------------------+----+-----------+-----------+
| Retained earnings | | (6,955) | (6,481) |
+-----------------------------------+----+-----------+-----------+
| Share-based payments reserve | | 269 | 274 |
+-----------------------------------+----+-----------+-----------+
| Translation reserve | | (629) | (584) |
+-----------------------------------+----+-----------+-----------+
| Total equity | | 485 | 1,009 |
+-----------------------------------+----+-----------+-----------+
CONSOLIDATED STATEMENT OF CASH FLOWS
for the year ended 30 September 2010
+-----------------------------------+----+-----------+-----------+
| | | 2010 | 2009 |
| | | GBP000 | GBP000 |
+-----------------------------------+----+-----------+-----------+
| | | | |
+-----------------------------------+----+-----------+-----------+
| Cash flows from operating | | | |
| activities | | | |
+-----------------------------------+----+-----------+-----------+
| Operating loss | | (403) | (1,818) |
+-----------------------------------+----+-----------+-----------+
| Impairment of intangibles | | 2 | 2 |
+-----------------------------------+----+-----------+-----------+
| Depreciation | | 134 | 330 |
+-----------------------------------+----+-----------+-----------+
| Impairment of fixed assets | | 126 | 364 |
+-----------------------------------+----+-----------+-----------+
| Share option charge | | 2 | 64 |
+-----------------------------------+----+-----------+-----------+
| Decrease in inventories | | - | 18 |
+-----------------------------------+----+-----------+-----------+
| Decrease in receivables | | (89) | 181 |
+-----------------------------------+----+-----------+-----------+
| Decrease in payables | | (1) | (97) |
+-----------------------------------+----+-----------+-----------+
| Exchange rate variance | | (66) | (377) |
+-----------------------------------+----+-----------+-----------+
| Cash generated from operations | | (295) | (1,333) |
+-----------------------------------+----+-----------+-----------+
| | | | |
+-----------------------------------+----+-----------+-----------+
| Finance income | | 2 | 14 |
+-----------------------------------+----+-----------+-----------+
| Finance costs | | (10) | (75) |
+-----------------------------------+----+-----------+-----------+
| Tax received / (paid) | | 39 | 36 |
+-----------------------------------+----+-----------+-----------+
| | | | |
+-----------------------------------+----+-----------+-----------+
| Net cash generated from operating | | (264) | (1,358) |
| activities | | | |
+-----------------------------------+----+-----------+-----------+
| | | | |
+-----------------------------------+----+-----------+-----------+
| Cash flows from investing | | | |
| activities | | | |
+-----------------------------------+----+-----------+-----------+
| Purchase of property, plant and | | (25) | (30) |
| equipment | | | |
+-----------------------------------+----+-----------+-----------+
| | | | |
+-----------------------------------+----+-----------+-----------+
| Net cash used in investing | | (25) | (30) |
| activities | | | |
+-----------------------------------+----+-----------+-----------+
| | | | |
+-----------------------------------+----+-----------+-----------+
| Cash flows from financing | | | |
| activities | | | |
+-----------------------------------+----+-----------+-----------+
| Net proceeds from issue of | | - | 802 |
| ordinary share capital | | | |
+-----------------------------------+----+-----------+-----------+
| Finance lease inception | | - | - |
+-----------------------------------+----+-----------+-----------+
| Finance lease repayment | | (107) | (110) |
+-----------------------------------+----+-----------+-----------+
| New loans raised | | - | 633 |
+-----------------------------------+----+-----------+-----------+
| | | | |
+-----------------------------------+----+-----------+-----------+
| Net cash used in financing | | (107) | 1,325 |
| activities | | | |
+-----------------------------------+----+-----------+-----------+
| | | | |
+-----------------------------------+----+-----------+-----------+
| Net increase / (decrease) in cash | | (396) | (63) |
| and cash equivalents | | | |
+-----------------------------------+----+-----------+-----------+
| | | | |
+-----------------------------------+----+-----------+-----------+
| Cash and cash equivalents at the | | 932 | 995 |
| beginning of the year | | | |
+-----------------------------------+----+-----------+-----------+
| | | | |
+-----------------------------------+----+-----------+-----------+
| Cash and cash equivalents at the | | 536 | 932 |
| end of the year | | | |
+-----------------------------------+----+-----------+-----------+
CONSOLIDATED STATEMENT OF RECOGNISED INCOME AND EXPENSE
for the year ended 30 September 2010
+-----------------------------------+----+-----------+-----------+
| | | 2010 | 2009 |
| | | GBP000 | GBP000 |
+-----------------------------------+----+-----------+-----------+
| | | | |
+-----------------------------------+----+-----------+-----------+
| Exchange differences on | | (45) | (279) |
| translation of foreign operations | | | |
+-----------------------------------+----+-----------+-----------+
| | | | |
+-----------------------------------+----+-----------+-----------+
| Net income recognised directly in | | (45) | (279) |
| equity | | | |
+-----------------------------------+----+-----------+-----------+
| | | | |
+-----------------------------------+----+-----------+-----------+
| Loss for the year | | (474) | (1,789) |
+-----------------------------------+----+-----------+-----------+
| | | | |
+-----------------------------------+----+-----------+-----------+
| Total recognised income and | | (519) | (2,068) |
| expense for the year | | | |
+-----------------------------------+----+-----------+-----------+
The financial information set out in this preliminary announcement does not
constitute statutory accounts as defined in Section 435 of the Companies Act
2006.
The consolidated statement of financial position at 30 September 2010, and the
consolidated statement of comprehensive income and consolidated statement of
cash flows for the year then ended have been extracted from the Group's 2010
statutory financial statements upon which the auditors have reported. The
auditor's report is unqualified and does not include any statement under
Sections 498 (2) (accounting records or returns inadequate or accounts not
agreeing with records) or 498 (3) (failure to obtain necessary information and
explanations) of the Companies Act 2006. Those financial statements have not
yet been delivered to the
Registrar of Companies.
The auditors have made a matter of emphasis in their audit report relating to
uncertainty regarding going concern should the Group not fulfil its current plan
for revenues, costs and cashflows. These matters indicate the existence of a
material uncertainty which may cast significant doubt over the Company's ability
to continue as a going concern.
This information is provided by RNS
The company news service from the London Stock Exchange
END
FR TJBRTMBBMBFM
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