TIDMSTEC
RNS Number : 5835J
Shieldtech PLC
01 April 2010
+------------------------------------+------------------------------------+
| Embargoed | 31 March 2010 |
+------------------------------------+------------------------------------+
Shieldtech plc (the "Company" or the "Group")
Results for the six months ended 31 December 2009
Shieldtech plc (AIM: STEC), the specialist provider of products and services to
the Homeland Security market, announces its interim results for the six month
period ended 31 December 2009.
Financial highlights
· Revenue growth of 11.4% to GBP5.6m (2008; GBP5.0m)
· Underlying operating profit* increased to GBP350,000 (2008; GBP236,000)
· Loss before tax of GBP82,000 (2008; profit GBP49,000)
· Net increase in cash of GBP436,000 (2008; GBP5,000 decrease) through
tight control of working capital
*before amortisation of intangible assets and exceptional costs
Operational highlights
· Completion of deliveries to MOD of ballistic panels for "Osprey" body
armour system
· Continued development of overseas interest; additional orders under long
term UNICEF agreement and new contract wins in Portugal, Iraq, Italy and Belgium
· Award of the UK national police framework agreement for the supply of
body armour systems still awaited, following 6 month extension of timetable
· Continued investment in design and development of new armour solutions
Tim Wightman, Chairman, commented:
"There is growing overseas interest in our newly designed range of garments as
we continue to explore new geographical and product market opportunities.
However, we are disappointed that, after disruptions to the UK market in
previous years to accommodate new body armour standards, we have faced further
delays in the award of the important national police framework agreement.
Overall, the investments we have made in the design and technical performance of
our product range give the Board confidence in the future prospects of the
Group."
Contacts:
+--------------------------------------+----------------------------------+
| | |
| Shieldtech plc | |
| Tony O'Neill, Chief Executive | Tel: +44 (0) 1925 840048 |
| Officer | |
| Paul Grundy, Group Finance Director | |
| | |
+--------------------------------------+----------------------------------+
| Seymour Pierce | Tel: +44 (0) 20 7107 8000 |
| Nicola Marrin / Mark Percy | |
+--------------------------------------+----------------------------------+
| | |
| Buchanan Communications | Tel: +44 (0) 20 7466 5000 |
| Tim Anderson / Isabel Podda / Ben | |
| Romney | |
| | |
+--------------------------------------+----------------------------------+
Shieldtech plc
Chairman's statement
Following the upturn in trading and successful refinancing of the Group in the
previous financial year, I am pleased to be able to report a further increase in
sales and underlying operating profitability in what has proven to be a
challenging market during the period.
Financial results
Total revenue for the half year to 31 December 2009 was up by 11.4% from GBP5.0m
to GBP5.6m. Operating profit before amortisation of intangible assets and
exceptional costs increased to GBP350,000 from GBP236,000 in the same period
last year. Exceptional costs of GBP188,000 (2008; GBPnil) relate to the
resignation of a Director during the period. Together with an unchanged
intangible asset amortisation charge of GBP132,000 and finance costs of
GBP112,000 (2008; GBP55,000), they resulted in a loss before tax of GBP82,000
(2008; GBP49,000 profit).
The increase in interest charges is principally due to the amortisation of
GBP50,000 deferred arrangement fees (2008; GBPnil) that arose in connection with
the Group's refinancing at the end of the previous financial year.
Earnings per share for the period were a loss of 0.19 pence (2008; 0.01 pence
loss).
There was a GBP629,000 cash inflow from operations (2008; GBP45,000), helped by
a GBP441,000 release (2008; GBP218,000 absorption) of working capital that
resulted from ongoing tight control of cash resources. Overall cash and cash
equivalents increased by GBP436,000 (2008; GBP5,000 decrease).
Market and operations
The first three months of the period saw the completion of deliveries to the MOD
of ballistic panels for the "Osprey" body armour system. Demand for body armour
in the UK police market reduced markedly during the second quarter, which has
been mainly caused by further delays in the timetable for the award of the UK
national framework agreement that will be used by the Metropolitan and various
other police forces. This is now due to be announced in April this year, which
represents a delay of approximately six months from the previously announced
date. A timetable for the anticipated tender for the Thames Valley Police
framework agreement has also yet to be announced. The outcomes of these two
significant contract awards will directly affect around 80% of the total UK
police force market and are likely to influence the procurement behaviour of the
balance.
During the lull in the UK market we have continued to develop the overseas
interest in our body armour systems and ancillary products and demand continues
to increase. A significant flow of orders has resulted from the long term
contract entered into in June 2009 with UNICEF, with shipments being made to a
number of worldwide locations (including Haiti just after the period end, in
rapid response to the needs of humanitarian relief operations there). New
contracts were won during the period in Portugal, Iraq, Italy, Belgium and
various other countries and we are optimistic that this trend will continue.
We have seen a reduction in gross margin from 29% in the last financial year to
28% in this half year. The deterioration of sterling against the euro during the
period put pressure on margins through higher costs of imported raw materials.
This has been partially offset by an increase in export sales to European
countries, where we invoice in euros, although export margins are typically
lower in order to accommodate agent's commission.
Total administrative expenses were unchanged at GBP1.5m. Excluding the
amortisation of intangible assets and the exceptional costs referred to above,
the underlying level fell by 12.8% to GBP1.2m (2008; GBP1.4m) through effective
control of costs and savings in a number of areas.
We have continued to invest significant resources in the design and development
of new armour solutions to meet the present and future demands of our customers.
Our experienced design and technical teams have worked with ergonomic
consultants and have introduced a number of new features; lighter, more flexible
materials have been incorporated into garments which, together with a number of
new specialist fabric treatments, will substantially enhance wearer comfort and
address heat management and other environmental factors.
Funding and strategy
The refinancing in June 2009 saw GBP2.0m of debt finance secured by way of loan
notes (GBP1.1m) and a bank loan (GBP0.9m). These are repayable on or before 24
June 2011 and GBP125,000 of the bank loan was repaid as scheduled during the
period. The Group also has access to a GBP250,000 overdraft facility.
The Board's short term focus is to build on the success of the previous
financial year, which reversed the decline in 2007/08. Its longer term strategy
remains to exploit the opportunities within the Homeland Security market for
organic and acquisitive growth.
Board
Robert Denton resigned as Finance Director and Company Secretary in September
2009 and was replaced by Paul Grundy. The Board would like to take the
opportunity to thank Robert for his contribution over the last two years and
wishes him well in his future career.
Current trading and outlook
Our success in winning new export business has continued in the second half of
the financial year to date. This has mitigated the current lack of demand in the
UK police market, which is likely to continue until the last quarter at the
earliest, when the UK police force tender activity referred to above should
occur. We believe that we are well placed to pick up a significant volume of
business that should result from the award of these contracts and other pent up
demand in the market, but the timing of this anticipated upturn is such that it
is likely to have a significant positive impact in the next financial year
rather than this one.
There is growing overseas interest in our newly designed range of garments as we
continue to explore new geographical and product market opportunities. However,
we are disappointed that, after disruptions to the UK market in previous years
to accommodate new body armour standards, we have faced further delays in the
award of the important national police framework agreement.
We will continue to maintain tight control of our cost base and cash resources
in the current uncertain economic environment.
I would like to thank our customers, suppliers, employees and other stakeholders
for their ongoing support and assistance.
The investments we have made in the design and technical performance of our
product range give the Board confidence in the future prospects of the Group.
T R Wightman
31 March 2010
Shieldtech plc
Consolidated statement of income
For the six months ended 31 December 2009
+---------------------------+-------+-----------+-----------+---------+
| D | | Unaudited | Unaudited | Audited |
| | | | | |
| | | Six | Six | Year |
| | | months | months | ended |
| | | ended | ended | |
| | | 31 | 31 | 30 June |
| | | December | December | |
+---------------------------+-------+-----------+-----------+---------+
| | | 2009 | 2008 | 2009 |
+---------------------------+-------+-----------+-----------+---------+
| | Note | GBP'000 | GBP'000 | GBP'000 |
+---------------------------+-------+-----------+-----------+---------+
| | | | | |
+---------------------------+-------+-----------+-----------+---------+
| Continuing activities | | | | |
+---------------------------+-------+-----------+-----------+---------+
| Revenue | | 5,604 | 5,030 | 10,287 |
+---------------------------+-------+-----------+-----------+---------+
| Cost of sales | | (4,034) | (3,395) | (7,321) |
+---------------------------+-------+-----------+-----------+---------+
| Gross profit | | 1,570 | 1,635 | 2,966 |
+---------------------------+-------+-----------+-----------+---------+
| | | | | |
| | | | | |
+---------------------------+-------+-----------+-----------+---------+
| Administrative expenses | | (1,540) | (1,531) | (2,788) |
+---------------------------+-------+-----------+-----------+---------+
| Operating profit before | | 350 | 236 | 442 |
| amortisation and | | | | |
| exceptional costs | | | | |
| | | | | |
+---------------------------+-------+-----------+-----------+---------+
| Amortisation of | | (132) | (132) | (264) |
| intangible assets | | | | |
+---------------------------+-------+-----------+-----------+---------+
| Exceptional costs | 3 | (188) | - | - |
+---------------------------+-------+-----------+-----------+---------+
| | | | | |
+---------------------------+-------+-----------+-----------+---------+
| Operating profit | | 30 | 104 | 178 |
+---------------------------+-------+-----------+-----------+---------+
| Finance costs | | (112) | (55) | (86) |
+---------------------------+-------+-----------+-----------+---------+
| (Loss) / profit before | | (82) | 49 | 92 |
| income tax | | | | |
+---------------------------+-------+-----------+-----------+---------+
| Income tax | | (17) | (54) | (67) |
+---------------------------+-------+-----------+-----------+---------+
| (Loss) / profit for the | | (99) | (5) | 25 |
| period - attributable to | | | | |
| equity holders of the | | | | |
| Company | | | | |
+---------------------------+-------+-----------+-----------+---------+
| | | | |
+-----------------------------------+-----------+-----------+---------+
| | | | |
| (Loss) / earnings per share | | | |
| attributable to | | | |
| equity holders of the Company | | | |
| (pence) | | | |
+-----------------------------------+-----------+-----------+---------+
| | | | | |
+---------------------------+-------+-----------+-----------+---------+
| - basic and diluted | 4 | (0.19)p | (0.01)p | 0.05p |
+---------------------------+-------+-----------+-----------+---------+
There are no items to be recognised in a separate consolidated statement of
comprehensive income and accordingly no such statement has been included.
Consolidated statement of financial position
As at 31 December 2009
+--------------------------------+----------+-----------+-----------+----------+
| | | Unaudited | Unaudited | Audited |
| | | | Six | |
| | | Six | months | Year |
| | | months | ended | ended |
| | | ended | 31 | |
| | | 31 | December | 30 June |
| | | December | | |
+--------------------------------+----------+-----------+-----------+----------+
| | | 2009 | 2008 | 2009 |
+--------------------------------+----------+-----------+-----------+----------+
| | | GBP'000 | GBP'000 | GBP'000 |
+--------------------------------+----------+-----------+-----------+----------+
| Assets | | | | |
+--------------------------------+----------+-----------+-----------+----------+
| Non-current assets | | | | |
+--------------------------------+----------+-----------+-----------+----------+
| Property, plant and equipment | | 167 | 190 | 179 |
| | | | | |
+--------------------------------+ +-----------+-----------+----------+
| Goodwill | | 2,000 | 2,000 | 2,000 |
+--------------------------------+ +-----------+-----------+----------+
| Other intangible assets | | 660 | 924 | 792 |
+--------------------------------+----------+-----------+-----------+----------+
| | | 2,827 | 3,114 | 2,971 |
+--------------------------------+----------+-----------+-----------+----------+
| Current assets | | | | |
+--------------------------------+----------+-----------+-----------+----------+
| Inventories | | 812 | 850 | 1,551 |
+--------------------------------+ +-----------+-----------+----------+
| Trade and other receivables | | 1,124 | 1,538 | 2,507 |
+--------------------------------+----------+-----------+-----------+----------+
| Current tax receivable | | - | 64 | - |
+--------------------------------+----------+-----------+-----------+----------+
| Cash and cash equivalents | | 607 | - | 171 |
+--------------------------------+----------+-----------+-----------+----------+
| | | 2,543 | 2,452 | 4,229 |
+--------------------------------+----------+-----------+-----------+----------+
| Total assets | | 5,370 | 5,566 | 7,200 |
+--------------------------------+----------+-----------+-----------+----------+
| | | | | |
| Liabilities | | | | |
| | | | | |
| Current liabilities | | | | |
+--------------------------------+----------+-----------+-----------+----------+
| Trade and other payables | | 1,733 | 2,319 | 3,435 |
+--------------------------------+----------+-----------+-----------+----------+
| Current tax liabilities | | 119 | - | 65 |
+--------------------------------+----------+-----------+-----------+----------+
| Financial liabilities - | | 245 | 850 | 240 |
| borrowings | | | | |
+--------------------------------+----------+-----------+-----------+----------+
| | | 2,097 | 3,169 | 3,740 |
+--------------------------------+----------+-----------+-----------+----------+
| Non-current liabilities | | | | |
+--------------------------------+----------+-----------+-----------+----------+
| Financial liabilities - | | 1,499 | 555 | 1,588 |
| borrowings | | | | |
+--------------------------------+----------+-----------+-----------+----------+
| Deferred income tax | | 15 | 14 | 14 |
| liabilities | | | | |
+--------------------------------+----------+-----------+-----------+----------+
| | | 1,514 | 569 | 1,602 |
+--------------------------------+----------+-----------+-----------+----------+
| Total liabilities | | 3,611 | 3,738 | 5,342 |
+--------------------------------+----------+-----------+-----------+----------+
| Net assets | | 1,759 | 1,828 | 1,858 |
+--------------------------------+----------+-----------+-----------+----------+
| | | | | |
+--------------------------------+----------+-----------+-----------+----------+
| Equity | | | | |
+--------------------------------+----------+-----------+-----------+----------+
| Equity attributable to equity holders of | | | |
| the Company | | | |
+-------------------------------------------+-----------+-----------+----------+
| Share capital | | 9,009 | 9,009 | 9,009 |
+--------------------------------+----------+-----------+-----------+----------+
| Share premium | | 14,200 | 14,200 | 14,200 |
+--------------------------------+----------+-----------+-----------+----------+
| Share based payment reserve | | 280 | 280 | 280 |
+--------------------------------+----------+-----------+-----------+----------+
| Retained earnings | | (21,730) | (21,661) | (21,631) |
+--------------------------------+----------+-----------+-----------+----------+
| | | 1,759 | 1,828 | 1,858 |
+--------------------------------+----------+-----------+-----------+----------+
Shieldtech plc
Consolidated statement of changes in equity
For the six months ended 31 December 2009
+-----------------------+----------+----------+---------+---------+----------+---------+
| | | | | | | |
| | | | | | | |
| | | | | Share | | |
| | Ordinary | Deferred | | based | | |
| | share | share | Share | payment | Retained | Total |
| | capital | capital | premium | reserve | earnings | equity |
+-----------------------+----------+----------+---------+---------+----------+---------+
| | GBP'000 | GBP'000 | GBP'000 | GBP'000 | GBP'000 | GBP'000 |
+-----------------------+----------+----------+---------+---------+----------+---------+
| | | | | | | |
+-----------------------+----------+----------+---------+---------+----------+---------+
| | | | | | | |
+-----------------------+----------+----------+---------+---------+----------+---------+
| Balance at 30 June | 527 | 8,482 | 14,200 | 280 | (21,631) | 1,858 |
| 2009 | | | | | | |
+-----------------------+----------+----------+---------+---------+----------+---------+
| Changes in equity for | | | | | | |
| six months ended 31 | | | | | | |
| December 2009: | | | | | | |
+-----------------------+----------+----------+---------+---------+----------+---------+
| Total comprehensive | | | | | | |
| income / (loss) | | | | | | |
+-----------------------+----------+----------+---------+---------+----------+---------+
| - loss for the | - | - | - | - | (99) | (99) |
| period | | | | | | |
+-----------------------+----------+----------+---------+---------+----------+---------+
| Balance at 31 | 527 | 8,482 | 14,200 | 280 | (21,730) | 1,759 |
| December 2009 | | | | | | |
+-----------------------+----------+----------+---------+---------+----------+---------+
| | | | | | | |
+-----------------------+----------+----------+---------+---------+----------+---------+
| | | | | | | |
+-----------------------+----------+----------+---------+---------+----------+---------+
| Balance at 30 June | 527 | 8,482 | 14,200 | 280 | (21,656) | 1,833 |
| 2008 | | | | | | |
+-----------------------+----------+----------+---------+---------+----------+---------+
| Changes in equity for | | | | | | |
| six months ended 31 | | | | | | |
| December 2008: | | | | | | |
+-----------------------+----------+----------+---------+---------+----------+---------+
| Total comprehensive | | | | | | |
| income / (loss) | | | | | | |
+-----------------------+----------+----------+---------+---------+----------+---------+
| - loss for the | - | - | - | - | (5) | (5) |
| period | | | | | | |
+-----------------------+----------+----------+---------+---------+----------+---------+
| Balance at 31 | 527 | 8,482 | 14,200 | 280 | (21,661) | 1,828 |
| December 2008 | | | | | | |
+-----------------------+----------+----------+---------+---------+----------+---------+
| | | | | | | |
+-----------------------+----------+----------+---------+---------+----------+---------+
| | | | | | | |
+-----------------------+----------+----------+---------+---------+----------+---------+
| Balance at 30 June | 527 | 8,482 | 14,200 | 280 | (21,656) | 1,833 |
| 2008 | | | | | | |
+-----------------------+----------+----------+---------+---------+----------+---------+
| Changes in equity for | | | | | | |
| yearended 30 June | | | | | | |
| 2009: | | | | | | |
+-----------------------+----------+----------+---------+---------+----------+---------+
| Total comprehensive | | | | | | |
| income / (loss) | | | | | | |
+-----------------------+----------+----------+---------+---------+----------+---------+
| - income for the | - | - | - | - | 25 | 25 |
| year | | | | | | |
+-----------------------+----------+----------+---------+---------+----------+---------+
| Balance at 30 June | 527 | 8,482 | 14,200 | 280 | (21,631) | 1,858 |
| 2009 | | | | | | |
+-----------------------+----------+----------+---------+---------+----------+---------+
| | | | | | | |
+-----------------------+----------+----------+---------+---------+----------+---------+
Consolidated statement of cash flows
For the six months ended 31 December 2009
+---------------------------------+------+-----------+-----------+---------+
| | | Unaudited | Unaudited | Audited |
| | | | Six | |
| | | Six | months | Year |
| | | months | ended | ended |
| | | ended | 31 | 30 June |
| | | 31 | December | |
| | | December | | |
+---------------------------------+------+-----------+-----------+---------+
| | | 2009 | 2008 | 2009 |
+---------------------------------+------+-----------+-----------+---------+
| |Note | GBP'000 | GBP'000 | GBP'000 |
+---------------------------------+------+-----------+-----------+---------+
| | | | | |
+---------------------------------+------+-----------+-----------+---------+
| Cash flows from operating | | | | |
| activities | | | | |
+---------------------------------+------+-----------+-----------+---------+
| Cash generated from / (used in) | 5 | 629 | 45 | (272) |
| operations | | | | |
+---------------------------------+------+-----------+-----------+---------+
| Income tax received | | 38 | 129 | 245 |
+---------------------------------+------+-----------+-----------+---------+
| Interest paid | | (84) | (55) | (86) |
+---------------------------------+------+-----------+-----------+---------+
| Net cash inflow / (outflow) | | 583 | 119 | (113) |
| from operating activities | | | | |
+---------------------------------+------+-----------+-----------+---------+
| | | | | |
+---------------------------------+------+-----------+-----------+---------+
| Cash flows from investing | | | | |
| activities | | | | |
+---------------------------------+------+-----------+-----------+---------+
| Purchase of property, plant and | | (14) | (10) | (30) |
| equipment | | | | |
+---------------------------------+------+-----------+-----------+---------+
| Net cash used in investing | | (14) | (10) | (30) |
| activities | | | | |
+---------------------------------+------+-----------+-----------+---------+
| | | | | |
+---------------------------------+------+-----------+-----------+---------+
| Cash flows from financing | | | | |
| activities | | | | |
+---------------------------------+------+-----------+-----------+---------+
| New borrowings | | - | - | 2,000 |
+---------------------------------+------+-----------+-----------+---------+
| Payment for arrangement costs | | - | - | (200) |
| for new borrowings | | | | |
+---------------------------------+------+-----------+-----------+---------+
| Repayment of borrowings | | (125) | (100) | (850) |
+---------------------------------+------+-----------+-----------+---------+
| Repayment of finance lease | | (8) | (14) | (23) |
+---------------------------------+------+-----------+-----------+---------+
| Net cash (used in) / generated | | (133) | (114) | 927 |
| from financing activities | | | | |
+---------------------------------+------+-----------+-----------+---------+
| | | | | |
+---------------------------------+------+-----------+-----------+---------+
| Net increase / (decrease) in cash | 436 | (5) | 784 |
| and cash equivalents | | | |
+----------------------------------------+-----------+-----------+---------+
| Cash and cash equivalents at | 171 | (613) | (613) |
| beginning of period | | | |
+----------------------------------------+-----------+-----------+---------+
| Cash and cash equivalents at end of | 607 | (618) | 171 |
| period | | | |
+---------------------------------+------+-----------+-----------+---------+
Notes to the consolidated interim financial statements
For the six months ended 31 December 2009
1. Nature of operations and general information
Shieldtech plc ("the Company") and its subsidiaries (together "the Group") are
principally involved with the supply of products and services to the Homeland
Security market. The main activities of the Group currently are the design,
manufacture and distribution of body armour systems.
Shieldtech plc is the Group's ultimate parent company. It is incorporated and
domiciled in England and Wales. The Company's shares are listed on the AIM
market of the London Stock Exchange. The address of the registered office and
principal place of business is 5 Chesford Grange, Woolston, Warrington, WA1 4RQ.
These consolidated interim financial statements are unaudited and have been
approved for issue by the Board of Directors on 31 March 2010.
The financial information for the year ended 30 June 2009 set out in this
interim report does not include all the information required for full annual
financial statements and should be read in conjunction with the consolidated
financial statements of the Group for the year ended 30 June 2009 which have
been delivered to the Registrar of Companies and are also available on the
Company's website at www.shieldtechplc.com. Those financial statements received
an unqualified audit report which did not contain statements under section
498(2) or section 498(3) of the Companies Act 2006.
These consolidated interim financial statements are presented in pounds sterling
(GBP), which is also the functional currency of the Company and Group.
2. Basis of preparation and accounting policies
These consolidated interim financial statements have been prepared under the
historical cost convention. They do not comply fully with IAS 34 "Interim
Financial Reporting" as is currently permissible under the rules governing the
AIM market.
The accounting policies used in these consolidated interim financial statements
are consistent with those applied in the audited financial statements of the
Group for the year ended 30 June 2009, except for the adoption of IAS 1
"Presentation of Financial Statements (Revised 2007)" and IFRS 8 "Operating
Segments".
The adoption of IAS 1 (Revised 2007) does not affect the financial position or
profits of the Group, but gives rise to additional disclosures. The measurement
and recognition of the Group's assets, liabilities, income and expenses is
unchanged; however, some items that were recognised directly in equity are now
recognised in other comprehensive income. IAS 1 (Revised 2007) affects the
presentation of owner changes in equity and introduces a "Statement of
comprehensive income". In accordance with the new standard the entity does not
present a "Statement of recognised income and expense (SORIE)".
IFRS 8 has replaced IAS 14 "Segment Reporting". Previously, segments were
identified by reference to the dominant source and nature of the group's risks
and returns. Under IFRS 8 the accounting policy for identifying segments is now
based on the internal management reporting information that is regularly
reviewed by the Chief Operating Decision Maker ("CODM").
The CODM for the Company and Group has been identified as the Board of Directors
of the Company. The adoption of IFRS 8 has not resulted in any changes to the
segmental presentation in these consolidated interim financial statements,
namely that of a single segment.
The accounting policies have been applied consistently throughout the Group for
the purposes of preparing these consolidated interim financial statements.
The Chairman's statement contains a review of the Group's performance during the
six months ended 31 December 2009 and comments on its current trading and
outlook. The Board has expressed confidence in the future prospects of the
Group.
The Group's forecasts, which cover the period though to 31 March 2011, have
taken into account a number of uncertainties and possible changes in future
performance, including the outcome of the two significant contract awards
referred to by the Chairman. These forecasts and scenarios show that the Group
will be able to operate within the level and terms of its current bank and loan
facilities during the above period.
Accordingly, after having made appropriate enquiries, the Directors have a
reasonable expectation that the Group has adequate resources to continue in
operational existence for the foreseeable future and therefore the Directors
continue to adopt the going concern basis of accounting in preparing these
consolidated interim financial statements.
3. Exceptional costs
During the period, Mr R Denton resigned as a Director and Company Secretary of
all companies in the Group. In accordance with IAS 37, full provision has been
made within administrative expenses for contractual payments due to Mr Denton
under the terms of his service contract with the Company.
4. (Loss) / earnings per share
The (loss) / earnings per share is calculated by reference to the (loss) /
profit attributable to equity holders of the Company, divided by the weighted
average number of ordinary shares in issue during the period.
+------------------------------------+-------------+------------+------------+
| | Unaudited | Unaudited | Audited |
| | Six | Six | Year |
| | months | months | ended |
| | ended | ended | 30 |
| | 31 | 31 | June |
| | December | December | |
+------------------------------------+-------------+------------+------------+
| | 2009 | 2008 | 2009 |
+------------------------------------+-------------+------------+------------+
| | | | |
+------------------------------------+-------------+------------+------------+
| (Loss) / profit attributable to | (GBP99,000) | (GBP5,000) | GBP25,000 |
| equity holders of the Company | | | |
+------------------------------------+-------------+------------+------------+
| Weighted average number of | 52,788,223 | 52,788,223 | 52,788,223 |
| ordinary shares in issue | | | |
+------------------------------------+-------------+------------+------------+
| Basic and diluted (loss) / | (0.19)p | (0.01)p | 0.05p |
| earnings per share (pence) | | | |
+------------------------------------+-------------+------------+------------+
There is no difference between basic and diluted (loss) / earnings per share in
each of the above periods. For the current period, the Company's average share
price was higher than the exercise price of certain of the share warrants;
however, these warrants are anti-dilutive as a loss attributable to equity
holders of the Company was incurred in the period. For each of the prior periods
shown above, the Company's average share price was lower than the exercise price
for each of the share options and warrants in issue at the end of the relevant
period.
5. Cash flows from operations
+------------------------------------+-----------+-----------+---------+
| | Unaudited | Unaudited | Audited |
| | Six | Six | Year |
| | months | months | ended |
| | ended | ended | 30 June |
| | 31 | 31 | |
| | December | December | |
+------------------------------------+-----------+-----------+---------+
| | 2009 | 2008 | 2009 |
+------------------------------------+-----------+-----------+---------+
| | GBP'000 | GBP'000 | GBP'000 |
| | | | |
+------------------------------------+-----------+-----------+---------+
| (Loss) / profit for the period | (99) | (5) | 25 |
+------------------------------------+-----------+-----------+---------+
| Adjustments for: | | | |
+------------------------------------+-----------+-----------+---------+
| Depreciation | 26 | 27 | 58 |
+------------------------------------+-----------+-----------+---------+
| Amortisation of intangible assets | 132 | 132 | 264 |
+------------------------------------+-----------+-----------+---------+
| Finance costs | 112 | 55 | 86 |
+------------------------------------+-----------+-----------+---------+
| Taxation charge recognised in | 17 | 54 | 67 |
| income statement | | | |
+------------------------------------+-----------+-----------+---------+
| Decrease / (increase) in trade and | 1,432 | 172 | (792) |
| other receivables | | | |
+------------------------------------+-----------+-----------+---------+
| Decrease / (increase) in | 739 | (79) | (780) |
| inventories | | | |
+------------------------------------+-----------+-----------+---------+
| (Decrease) / increase in trade and | (1,730) | (311) | 800 |
| other payables | | | |
+------------------------------------+-----------+-----------+---------+
| | | | |
+------------------------------------+-----------+-----------+---------+
| Cash generated from / (used in) | 629 | 45 | (272) |
| operations | | | |
+------------------------------------+-----------+-----------+---------+
6. Interim report
Copies of this interim report are due to be sent by post or made available
electronically to shareholders on 6 April 2010. Additional copies may be
obtained from the Company Secretary at Shieldtech plc, 5 Chesford Grange,
Woolston, Warrington, WA1 4RQ, or via the Company's website at
www.shieldtechplc.com.
This information is provided by RNS
The company news service from the London Stock Exchange
END
IR KKDDNOBKDANN
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