TIDMMRG
RNS Number : 6953E
Mercury Recycling Group PLC
01 June 2012
1 June 2012
MERCURY RECYCLING GROUP PLC
FINAL RESULTS FOR THE YEAR ENDED 31 DECEMBER 2011
CHAIRMAN'S STATEMENT
At the time of this statement, I hoped that MRG would have
concluded the negotiations regarding the acquisition of iron ore
assets from Sylvania Platinum Limited. Unfortunately the
transaction is taking longer to conclude than we had originally
anticipated, but I am hopeful that we will shortly be in a position
to move forward with the acquisition.
Sales for the year were GBP2,537,000 compared to GBP2,668,000
for the previous year. Operating losses after non-recurring costs
were GBP31,000 compared to a profit of GBP272,000 in 2010. The
volume of lamps recycled has been consistent with the previous
period but the price being paid by the sole compliance scheme
company purchasing B2B lamp evidence, has been reduced. We have
taken advice from Leading Competition Counsel and we have been
assured that we have very strong grounds for appeal. We have done
so, and are in detailed negotiations.
The results do not therefore give a full picture of our future
prospects and I believe that future results will demonstrate a
change for the better. On the cost side, there have been
substantial non-recurring costs amounting to GBP160,000 including
the cost of preparing the site for the battery recycling business,
proposed acquisition costs and a container write down resulting
from a review of our container policy in the year. This container
review also resulted in a change in accounting policy for our
Lampsafe containers, which was accounted for as a prior period
adjustment.
The new WEEE Recast consultation process has been moving forward
and, as I previously explained, this will be important to the lamp
recycling sector, indeed it should further transform our position
for the better.
I can also report that our preparations for the move into the
battery recycling business are now complete and that interest to
date is very encouraging. Unfortunately the granting of battery
treatment and export permits has taken much longer than expected
but we were eventually granted the permits in February 2012 and
have now started processing batteries on our newly installed
battery sorting line.
I am hopeful that all this will ensure that Mercury Recycling
Limited will have excellent prospects in both lamp and battery
recycling.
Once again I would like to thank all our staff for their
contribution during these major changes to the Group.
The Rt Hon The Lord Barnett JP PC
Chairman
For further information, please contact:
Mercury Recycling Group plc
Bryan Neill, Managing Director 0161 877 0977
Nick Harrison 0330 3338246
Shore Capital and Corporate Limited 020 7408 4090
Stephane Auton / Toby Gibbs
CONSOLIDATED INCOME STATEMENT
2011 2010
Restated
GBP000 GBP000
Revenue 2,537 2,668
Cost of sales (148) (179)
--------------- ------------------
Gross profit 2,389 2,489
Administrative expenses (2,420) (2,217)
--------------- ------------------
Operating (loss)/profit (31) 272
Finance costs (4) (7)
--------------- ------------------
(Loss)/profit before tax (35) 265
Tax (6) (14)
--------------- ------------------
(Loss)/profit for the period (41) 251
=============== ==================
(Attributable to owners of the company)
(Loss)/earnings per share (0.11p) 0.73p
=============== ==================
- Basic
- Diluted n/a 0.72p
=============== ==================
The income statement has been prepared on the basis that all
operations are continuing operations.
There is no difference between the results as disclosed above
and the results on an historical cost basis.
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
2011 2010
Restated
GBP000 GBP000
Profit for the year (41) 251
Other comprehensive income for the year - -
------- ---------
Total comprehensive income for the year (41) 251
======= =========
(Attributable to the owners of the Company)
CONSOLIDATED BALANCE SHEET
2011 2010 2009
Restated Restated
GBP000 GBP000 GBP000
Non-current assets
Goodwill 4,122 4,122 4,122
Property, plant and equipment 1,265 1,409 1,431
------------------ ------------------- ---------
5,387 5,531 5,553
Current assets
Trade and other receivables 465 448 478
Cash and bank balances 343 412 1
Current tax assets 18 - 10
------------------ ------------------- ---------
826 860 489
------------------ ------------------- ---------
Total assets 6,213 6,391 6,042
================== =================== =========
Current liabilities
Trade and other payables (234) (270) (249)
Borrowings (68) (86) (139)
Current tax liabilities - (17) (25)
------------------ ------------------- ---------
(302) (373) (413)
Non-current liabilities
Trade and other payables (24) (33) (42)
Borrowings (88) (155) (225)
Deferred tax liabilities (167) (157) (158)
------------------ ------------------- ---------
(279) (345) (425)
------------------ ------------------- ---------
Total liabilities (581) (718) (838)
================== =================== =========
Net assets 5,632 5,673 5,204
================== =================== =========
Equity
Share capital 3,583 3,583 3,403
Share premium 235 235 242
Other reserves 386 386 365
Retained earnings 1,428 1,469 1,194
------------------ ------------------- ---------
Total equity 5,632 5,673 5,204
================== =================== =========
(Attributable to owners of the Company)
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
Share Share Other Retained Total
Capital Premium Reserve Earnings Equity
GBP000 GBP000 GBP000 GBP000 GBP000
Balance at 1 January
2010 3,403 242 365 1,263 5,273
(As previously stated)
Effect of change in
accounting
policy - - - (69) (69)
-------- -------- -------- --------- -------
As restated 3,403 242 365 1,194 5,204
Profit for the period
(restated) - - - 251 251
Warrants issued 21 21
Issue of share capital 180 (7) - - 173
Credit to equity for
equity-settled
share based payments - - - 24 24
-------- -------- -------- --------- -------
Balance at 31 December
2010 3,583 235 386 1,469 5,673
(Restated)
Loss for the period - - - (41) (41)
-------- -------- -------- --------- -------
Balance at 31 December
2011 3,583 235 386 1,428 5,632
======== ======== ======== ========= =======
CONSOLIDATED CASH FLOW STATEMENT
2011 2010
Restated
GBP000 GBP000
Net cash from operating activities 169 525
------------------- ---------
Investing activities
Purchases of property, plant and equipment (153) (187)
------------------- ---------
Net cash used in investing activities (153) (187)
------------------- ---------
Financing activities
Proceeds on issue of equity - 194
Repayment of borrowings (69) (66)
------------------- ---------
Net cash generated (used in)/from financing
activities (69) 128
------------------- ---------
Net (decrease)/increase in cash and cash equivalents (53) 466
Cash and cash equivalents at the beginning
of year 396 (70)
------------------- ---------
Cash and cash equivalents at end of year 343 396
=================== =========
NOTES
1. Basis of preparation
The information in this announcement has been extracted from the
Company's audited Financial Statements which have been prepared in
accordance with International Financial Reporting Standards (IFRSs)
as adopted by the European Union.
2. Revenue
The revenue and profit on ordinary activities before taxation
arise from the Group's principal activity.
The Group's revenue has been analysed by geographic area as
follows:
2011 2010
GBP000 GBP000
United Kingdom 2,537 2,668
=============== =================
3. Operating (loss)/profit
2011 2010
Restated
Loss/(profit) for the year is shown after charging / (crediting): GBP000 GBP000
Depreciation on tangible assets 289 207
Government grants (9) (9)
Profit on disposal of tangible assets - 1
Operating leases: -Land and buildings 86 84
-Other 37 40
=================== ====================
Fees paid to the auditor are analysed as follows:
Audit fees (Group excluding parent company) 13 13
Audit fees (Parent company) 4 4
Tax consultancy 4 4
Other review reports 13 4
=================== ====================
4. (Loss)/earnings per share
Basic - The calculation of basic earnings per share is based on
a loss of GBP41,000 (2010 - Profit - GBP251,000 restated) and on
35,827,462 (2010 - 34,509,795) ordinary shares, being the weighted
average number of ordinary shares in issue during the year.
Diluted - The diluted earnings per share is based on the loss
for the year of GBP41,000 (2010 - Profit - GBP251,000 restated) and
on 35,827,462 (2010 - 34,509,795) ordinary shares as adjusted for
share options below:
2011 2010
Number Number
Basic weighted average number of shares 35,827,462 34,509,795
Dilutive potential ordinary shares:
Dilution caused by options n/a 117,793
----------- -----------
Diluted weighted average number n/a 34,627,588
=========== ===========
5. Annual General Meeting
The Annual General Meeting of Mercury Recycling Group plc ("the
Company") will be held at 12 noon on 29 June 2012 at The Thistle
Hotel, Cardington Street, Euston, London NW1 2LP.
6. Posting of Financial Statements
The Company's Financial Statements for the year ended 31
December 2011 together with the Notice of the Annual General
Meeting are being posted to shareholders on Wednesday 6 June 2012
and will be available for download from the Company's website at
www.mercuryrecycling.co.uk
This information is provided by RNS
The company news service from the London Stock Exchange
END
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