TIDMMPG
RNS Number : 6303T
Maypole Group plc
30 September 2010
Maypole Group plc
("Maypole", "Maypole Group" or "the Group")
Unaudited interim results for the six months ended 30 June 2010
Maypole Group plc, the AIM listed UK countryside hotels with restaurants group,
announces unaudited results for the six months ended 30 June 2010.
Financial Highlights:
· Group sales, on a continuing basis decreased by 7.6% to GBP2,372,986 (2009:
GBP2,568,912)
· Operating loss of GBP118,350 (2009: profit of GBP139,731)
· Loss before tax increased to GBP573,622 (2009: loss GBP363,991)
· Net Debt of GBP8,668,118 (2009: GBP7,715,631)
· Bank facilities reviewed and temporary easement of banking covenant secured
· Cost reduction and cash generation initiatives underway.
Operational Highlights
· Trading over Summer months has been challenging.
· Further cost cutting measures are now being taken
· Focused strategy maintained with medium term plans in place to develop and
grow the Group.
Simon Bentley, Chairman of Maypole commented:
"After a difficult year of trading in 2009, these first six months have proved
just as challenging, given the current climate. Our focus on maintaining tight
control of costs has been upheld within this period. We are expecting the second
half of the year and the Summer Trade to provide the cash flow we anticipate but
remain cautious given the current climate.
"The board has explored various possible investments and business combinations
over the last six months with a view to securing the future of the business and
raising finance to reduce debt levels. Currently, discussions are underway
regarding a possible re-branding initiative however it must be emphasised that
this is at a preliminary stage and there can be no certainty that these
discussions will be successfully concluded."
For further information:
+---------------------------------------+-----------------------+
| Maypole Group plc | 020 7317 8022 |
+---------------------------------------+-----------------------+
| Simon Bentley - Chairman | |
+---------------------------------------+-----------------------+
| | |
+---------------------------------------+-----------------------+
| Religare Capital Markets | 020 7444 0800 |
+---------------------------------------+-----------------------+
| Peter Trevelyan-Clark / Emily Staples | |
| | |
+---------------------------------------+-----------------------+
| | |
+---------------------------------------+-----------------------+
| Alexander David Securities Ltd | 020 7448 9800 |
+---------------------------------------+-----------------------+
| David Scott | |
+---------------------------------------+-----------------------+
Maypole Group plc Unaudited Interim Results
Maypole Group, the UK countryside hotels with restaurants group, today reports
its unaudited interim results for the six months ended 30 June 2010.
Trading from existing hotels
Trading across all our hotels has been difficult for the first half of 2010 with
the adverse weather conditions at the beginning of the year not helping sales.
The Bridge Inn, Acle has continued to buck the trend in terms of sales. This has
followed our completion of re-decoration and re-surfacing of the car park as
well as the introduction of new kitchen equipment which, in conjunction with the
additional outside seating, has greatly improved the offering at this hotel. The
Norfolk Broads authority have also recently completed the raising of the river
banks and added further moorings to the site.
At the Wayford Bridge, Stalham where we also installed new equipment and
increased the outside seating, we have seen a slight drop in sales compared to
last year. We are focusing on events and meetings in the quieter months. The
outside of the building has been re-decorated.
The Lifeboat Inn, and the Old Coach House, Thornham have been affected by the
introduction of several new sites opening up on the North Norfolk coast. The
competition has improved and there are now many more sites operating than
before, which has significantly impacted sales only partially offset by a
reduction in operating expenses.
The Angel, Lavenham has seen sales marginally down in the period but improved
since the conversion of a staff room into an additional guest bedroom. The hotel
has also been re-decorated in all the public areas.
The Pear Tree Inn, Wiltshire, continues to perform in line with our expectations
and similar to last year sales.
Financial Results
The Group reported revenues of GBP2,372,986 (2009: GBP2,568,912).
We reported an operating loss of GBP118,350 compared to a profit in 2009 of
GBP139,731. This deterioration is reflective of the reduced revenues whilst the
management's focus on maintaining a tight control on costs continues. Group's
finance charges at GBP455,272 were marginally higher than last year (2009:
GBP445,297) and pre tax losses increased to GBP573,622 (2009: loss of
GBP363,991).
Total assets at 30 June 2010 reduced, on a corresponding basis, by GBP176,597 to
GBP11,287,822.
Net debt increased following revised financing from Clydesdale Bank and whilst
there have been recent breaches of bank covenants due to the financial
performance of the business the bank continues to support the business (net debt
GBP8,668,118, 2009: GBP7,715,631).
Board Changes
Nigel Berger after many years with the group has today stepped down as a
non-executive Director. The board would like to thank him for all he has done
for the Maypole Group over the years.
Outlook
Set against a backdrop of a very testing market, the Board is mindful of the
challenges ahead in order to return to profitability.
+--------------------------------+----------+-------------+----------+-------------+----------+-------------+
| Maypole Group plc | | | | | | |
+--------------------------------+----------+-------------+----------+-------------+----------+-------------+
| Consolidated Statement of Comprehensive Income | | | | |
+---------------------------------------------------------+----------+-------------+----------+-------------+
| For The Period: | | | | | | |
+--------------------------------+----------+-------------+----------+-------------+----------+-------------+
| | | Six | | Six | | Year |
| | | Months | | Months | | ended |
| | | ended | | ended | | 31 |
| | | 30 June | | 30 June | | December |
| | | 2010 | | 2009 | | 2009 |
+--------------------------------+----------+-------------+----------+-------------+----------+-------------+
| | | GBP | | GBP | | GBP |
+--------------------------------+----------+-------------+----------+-------------+----------+-------------+
| | | | | | | |
+--------------------------------+----------+-------------+----------+-------------+----------+-------------+
| REVENUE | | 2,372,986 | | 2,568,912 | | 5,679,192 |
+--------------------------------+----------+-------------+----------+-------------+----------+-------------+
| Cost of sales | | (687,284) | | (680,532) | | (1,556,626) |
+--------------------------------+----------+-------------+----------+-------------+----------+-------------+
| GROSS PROFIT | | 1,685,702 | | 1,888,380 | | 4,122,566 |
+--------------------------------+----------+-------------+----------+-------------+----------+-------------+
| Net operating expenses | | (1,804,052) | | (1,748,649) | | (3,726,588) |
+--------------------------------+----------+-------------+----------+-------------+----------+-------------+
| OPERATING PROFIT/(LOSS) | | (118,350) | | 139,731 | | 395,978 |
+--------------------------------+----------+-------------+----------+-------------+----------+-------------+
| Exceptional costs | | - | | (58,448) | | - |
+--------------------------------+----------+-------------+----------+-------------+----------+-------------+
| | | (118,350) | | 81,283 | | 395,978 |
+--------------------------------+----------+-------------+----------+-------------+----------+-------------+
| Finance costs | | (455,272) | | (445,297) | | (861,222) |
+--------------------------------+----------+-------------+----------+-------------+----------+-------------+
| Investment revenue | | - | | 23 | | 24 |
+--------------------------------+----------+-------------+----------+-------------+----------+-------------+
| LOSS ON ORDINARY ACTIVITIES | | (573,622) | | (363,991) | | (465,220) |
| BEFORE TAXATION | | | | | | |
+--------------------------------+----------+-------------+----------+-------------+----------+-------------+
| Earnings per ordinary share | | (0.36)p | | (0.23)p | | (0.29)p |
+--------------------------------+----------+-------------+----------+-------------+----------+-------------+
| Diluted earnings per ordinary | | (0.36)p | | (0.23)p | | (0.29)p |
| share | | | | | | |
+--------------------------------+----------+-------------+----------+-------------+----------+-------------+
+--------------------------------+----------+-------------+----------+-------------+----------+-------------+
| Maypole Group plc | | | | | | |
+--------------------------------+----------+-------------+----------+-------------+----------+-------------+
| Consolidated Statement of Financial Position | | | | |
+---------------------------------------------------------+----------+-------------+----------+-------------+
| As At | | | | | | |
+--------------------------------+----------+-------------+----------+-------------+----------+-------------+
| | | 30 June | | 30 June | | 31 |
| | | 2010 | | 2009 | | December |
| | | | | | | 2009 |
+--------------------------------+----------+-------------+----------+-------------+----------+-------------+
| | | GBP | | GBP | | GBP |
+--------------------------------+----------+-------------+----------+-------------+----------+-------------+
| | | | | | | |
+--------------------------------+----------+-------------+----------+-------------+----------+-------------+
| ASSETS | | | | | | |
+--------------------------------+----------+-------------+----------+-------------+----------+-------------+
| NON CURRENT ASSETS | | | | | | |
+--------------------------------+----------+-------------+----------+-------------+----------+-------------+
| Property, plant and equipment | | 7,697,469 | | 8,305,398 | | 7,677,229 |
+--------------------------------+----------+-------------+----------+-------------+----------+-------------+
| Goodwill | | 376,451 | | 376,451 | | 376,451 |
+--------------------------------+----------+-------------+----------+-------------+----------+-------------+
| Deferred tax assets | | - | | 1,950 | | - |
+--------------------------------+----------+-------------+----------+-------------+----------+-------------+
| | | | | | | |
+--------------------------------+----------+-------------+----------+-------------+----------+-------------+
| TOTAL NON CURRENT ASSETS | | 8,073,920 | | 8,683,799 | | 8,053,680 |
+--------------------------------+----------+-------------+----------+-------------+----------+-------------+
| | | | | | | |
+--------------------------------+----------+-------------+----------+-------------+----------+-------------+
| CURRENT ASSETS | | | | | | |
+--------------------------------+----------+-------------+----------+-------------+----------+-------------+
| Inventories | | 88,389 | | 88,049 | | 103,990 |
+--------------------------------+----------+-------------+----------+-------------+----------+-------------+
| Trade and other receivables | | 127,179 | | 154,704 | | 57,339 |
+--------------------------------+----------+-------------+----------+-------------+----------+-------------+
| Prepayments | | 826,481 | | 281,715 | | 850,205 |
+--------------------------------+----------+-------------+----------+-------------+----------+-------------+
| Cash and bank balances | | 2,171,853 | | 2,256,152 | | 2,132,806 |
+--------------------------------+----------+-------------+----------+-------------+----------+-------------+
| | | | | | | |
+--------------------------------+----------+-------------+----------+-------------+----------+-------------+
| TOTAL CURRENT ASSETS | | 3,213,902 | | 2,780,620 | | 3,144,340 |
+--------------------------------+----------+-------------+----------+-------------+----------+-------------+
| | | | | | | |
+--------------------------------+----------+-------------+----------+-------------+----------+-------------+
| TOTAL ASSETS | | 11,287,822 | | 11,464,419 | | 11,198,020 |
+--------------------------------+----------+-------------+----------+-------------+----------+-------------+
| | | | | | | |
+--------------------------------+----------+-------------+----------+-------------+----------+-------------+
| EQUITY | | | | | | |
+--------------------------------+----------+-------------+----------+-------------+----------+-------------+
| ISSUED CAPITAL AND RESERVES | | | | | | |
+--------------------------------+----------+-------------+----------+-------------+----------+-------------+
| Issued capital | | 2,304,267 | | 2,304,268 | | 2,304,267 |
+--------------------------------+----------+-------------+----------+-------------+----------+-------------+
| Retained earnings | | (4,257,123) | | (3,578,477) | | (3,683,501) |
+--------------------------------+----------+-------------+----------+-------------+----------+-------------+
| | | | | | | |
+--------------------------------+----------+-------------+----------+-------------+----------+-------------+
| TOTAL EQUITY | | (1,952,856) | | (1,274,209) | | (1,379,234) |
+--------------------------------+----------+-------------+----------+-------------+----------+-------------+
| | | | | | | |
+--------------------------------+----------+-------------+----------+-------------+----------+-------------+
| NON CURRENT LIABILITIES | | | | | | |
+--------------------------------+----------+-------------+----------+-------------+----------+-------------+
| Borrowings | | 9,061,544 | | 7,509,454 | | 8,697,655 |
+--------------------------------+----------+-------------+----------+-------------+----------+-------------+
| Deferred tax liabilities | | 1,308,112 | | 1,306,267 | | 1,308,112 |
+--------------------------------+----------+-------------+----------+-------------+----------+-------------+
| | | | | | | |
+--------------------------------+----------+-------------+----------+-------------+----------+-------------+
| TOTAL NON CURRENT LIABILITIES | | 10,369,656 | | 8,815,721 | | 10,005,767 |
+--------------------------------+----------+-------------+----------+-------------+----------+-------------+
| | | | | | | |
+--------------------------------+----------+-------------+----------+-------------+----------+-------------+
| CURRENT LIABILITIES | | | | | | |
+--------------------------------+----------+-------------+----------+-------------+----------+-------------+
| Trade and other payables | | 1,092,595 | | 1,460,578 | | 1,031,323 |
+--------------------------------+----------+-------------+----------+-------------+----------+-------------+
| Borrowings | | 1,778,427 | | 2,462,329 | | 1,540,164 |
+--------------------------------+----------+-------------+----------+-------------+----------+-------------+
| | | | | | | |
+--------------------------------+----------+-------------+----------+-------------+----------+-------------+
| TOTAL CURRENT LIABILITIES | | 2,871,022 | | 3,922,907 | | 2,571,487 |
+--------------------------------+----------+-------------+----------+-------------+----------+-------------+
| | | | | | | |
+--------------------------------+----------+-------------+----------+-------------+----------+-------------+
| TOTAL LIABILITIES | | 13,240,678 | | 12,738,628 | | 12,577,254 |
+--------------------------------+----------+-------------+----------+-------------+----------+-------------+
| | | | | | | |
+--------------------------------+----------+-------------+----------+-------------+----------+-------------+
| TOTAL EQUITY AND LIABILITIES | | 11,287,822 | | 11,464,419 | | 11,198,020 |
+--------------------------------+----------+-------------+----------+-------------+----------+-------------+
+--------------------------------+----------+-----------+----------+-------------+----------+-------------+
| Maypole Group plc | | | | | | |
+--------------------------------+----------+-----------+----------+-------------+----------+-------------+
| Consolidated Statement of Changes in Equity | | | | |
+-------------------------------------------------------+----------+-------------+----------+-------------+
| | | | | | | |
+--------------------------------+----------+-----------+----------+-------------+----------+-------------+
| | | Issued | | Retained | | Total |
| | | capital | | earnings | | |
+--------------------------------+----------+-----------+----------+-------------+----------+-------------+
| | | GBP | | GBP | | GBP |
+--------------------------------+----------+-----------+----------+-------------+----------+-------------+
| | | | | | | |
+--------------------------------+----------+-----------+----------+-------------+----------+-------------+
| Balance as at 1 January 2009 | | 2,304,267 | | (3,214,486) | | (910,219) |
+--------------------------------+----------+-----------+----------+-------------+----------+-------------+
| | | | | | | |
+--------------------------------+----------+-----------+----------+-------------+----------+-------------+
| | | | | | | |
+--------------------------------+----------+-----------+----------+-------------+----------+-------------+
| Deficit for the year and total | | 0 | | (469,015) | | (469,015) |
| comprehensive deficit | | | | | | |
+--------------------------------+----------+-----------+----------+-------------+----------+-------------+
| | | | | | | |
+--------------------------------+----------+-----------+----------+-------------+----------+-------------+
| Balance as at 1 January 2010 | | 2,304,267 | | (3,683,501) | | (1,379,234) |
+--------------------------------+----------+-----------+----------+-------------+----------+-------------+
| | | | | | | |
+--------------------------------+----------+-----------+----------+-------------+----------+-------------+
| Balance as at 1 January 2010 | | 2,304,267 | | (3,683,501) | | (1,379,234) |
+--------------------------------+----------+-----------+----------+-------------+----------+-------------+
| | | | | | | |
+--------------------------------+----------+-----------+----------+-------------+----------+-------------+
| Deficit for the period and | | 0 | | (573,622) | | (573,622) |
| total comprehensive deficit | | | | | | |
+--------------------------------+----------+-----------+----------+-------------+----------+-------------+
| | | | | | | |
+--------------------------------+----------+-----------+----------+-------------+----------+-------------+
| Balance as at 30 June 2010 | | 2,304,267 | | (4,257,123) | | (1952,856) |
+--------------------------------+----------+-----------+----------+-------------+----------+-------------+
| | | | | | | |
+--------------------------------+----------+-----------+----------+-------------+----------+-------------+
| | | | | | | |
+--------------------------------+----------+-----------+----------+-------------+----------+-------------+
+---------------------------------------+----------+-----------+----------+-----------+----------+-------------+
| Maypole Group plc | | | | | | |
+---------------------------------------+----------+-----------+----------+-----------+----------+-------------+
| Consolidated Statement of Cash Flows | | | | | | |
+---------------------------------------+----------+-----------+----------+-----------+----------+-------------+
| For The Period: | | | | | | |
+---------------------------------------+----------+-----------+----------+-----------+----------+-------------+
| | | Six | | Six | | Year |
| | | Months | | Months | | Ended |
| | | ended | | ended | | 31 |
| | | 30 June | | 30 June | | December |
| | | 2010 | | 2009 | | 2009 |
+---------------------------------------+----------+-----------+----------+-----------+----------+-------------+
| | | GBP | | GBP | | GBP |
+---------------------------------------+----------+-----------+----------+-----------+----------+-------------+
| | | | | | | |
+---------------------------------------+----------+-----------+----------+-----------+----------+-------------+
| CASHFLOWS FROM OPERATING ACTIVITIES | | | | | | |
+---------------------------------------+----------+-----------+----------+-----------+----------+-------------+
| Loss for the period | | (573,622) | | (363,991) | | (469,015) |
+---------------------------------------+----------+-----------+----------+-----------+----------+-------------+
| Income tax credit recognised in loss | | - | | - | | 3,795 |
+---------------------------------------+----------+-----------+----------+-----------+----------+-------------+
| Finance costs recognised in loss | | 455,272 | | 445,274 | | 861,222 |
+---------------------------------------+----------+-----------+----------+-----------+----------+-------------+
| Investment income recognised in loss | | - | | - | | (24) |
+---------------------------------------+----------+-----------+----------+-----------+----------+-------------+
| Depreciation and amortisation of non | | 59,021 | | 63,715 | | 137,521 |
| current assets | | | | | | |
+---------------------------------------+----------+-----------+----------+-----------+----------+-------------+
| | | | | | | |
+---------------------------------------+----------+-----------+----------+-----------+----------+-------------+
| | | (59,329) | | 144,998 | | 533,499 |
+---------------------------------------+----------+-----------+----------+-----------+----------+-------------+
| Movements in working capital | | | | | | |
+---------------------------------------+----------+-----------+----------+-----------+----------+-------------+
| (Increase) in trade and other | | (46,116) | | (131,602) | | (19,886) |
| receivables | | | | | | |
+---------------------------------------+----------+-----------+----------+-----------+----------+-------------+
| Decrease in inventories | | 15,601 | | 10,704 | | (5,237) |
+---------------------------------------+----------+-----------+----------+-----------+----------+-------------+
| Increase in trade and other payables | | 39,333 | | 485,949 | | 62583 |
+---------------------------------------+----------+-----------+----------+-----------+----------+-------------+
| | | | | | | |
+---------------------------------------+----------+-----------+----------+-----------+----------+-------------+
| Cash generated from/(used by) | | (50,511) | | 510,049 | | 570,959 |
| operations | | | | | | |
+---------------------------------------+----------+-----------+----------+-----------+----------+-------------+
| Interest received | | - | | 24 | | 24 |
+---------------------------------------+----------+-----------+----------+-----------+----------+-------------+
| Interest paid | | (278,140) | | (308,172) | | (630,269) |
+---------------------------------------+----------+-----------+----------+-----------+----------+-------------+
| Net cash generated from/(used by) | | (328,651) | | 201,901 | | (59,286) |
| operating activities | | | | | | |
+---------------------------------------+----------+-----------+----------+-----------+----------+-------------+
| | | | | | | |
+---------------------------------------+----------+-----------+----------+-----------+----------+-------------+
| CASH FLOWS FROM INVESTING ACTIVITIES | | | | | | |
+---------------------------------------+----------+-----------+----------+-----------+----------+-------------+
| Payments for property, plant and | | (32,763) | | (28,664) | | (57,144) |
| equipment | | | | | | |
+---------------------------------------+----------+-----------+----------+-----------+----------+-------------+
| Proceeds from sale of property, plant | | - | | - | | - |
| and equipment | | | | | | |
+---------------------------------------+----------+-----------+----------+-----------+----------+-------------+
| | | | | | | |
+---------------------------------------+----------+-----------+----------+-----------+----------+-------------+
| | | | | | | |
+---------------------------------------+----------+-----------+----------+-----------+----------+-------------+
| Net cash (used in) investing | | (32,763) | | (28,664) | | (57,144) |
| activities | | | | | | |
+---------------------------------------+----------+-----------+----------+-----------+----------+-------------+
| | | | | | | |
+---------------------------------------+----------+-----------+----------+-----------+----------+-------------+
| CASH FLOWS FROM FINANCING ACTIVITIES | | | | | | |
+---------------------------------------+----------+-----------+----------+-----------+----------+-------------+
| | | | | | | |
+---------------------------------------+----------+-----------+----------+-----------+----------+-------------+
| Proceeds from borrowings | | 162,198 | | 100,000 | | 1,600,000 |
+---------------------------------------+----------+-----------+----------+-----------+----------+-------------+
| Repayment of borrowings | | (15,099) | | (118,310) | | (1,141,130) |
+---------------------------------------+----------+-----------+----------+-----------+----------+-------------+
| | | | | | | |
+---------------------------------------+----------+-----------+----------+-----------+----------+-------------+
| Net cash (used in)/generated by | | 147,099 | | (18,310) | | 458,870 |
| financing activities | | | | | | |
+---------------------------------------+----------+-----------+----------+-----------+----------+-------------+
| | | | | | | |
+---------------------------------------+----------+-----------+----------+-----------+----------+-------------+
| Net increase/(decrease) in cash and | | (214,315) | | 154,927 | | 342,440 |
| cash equivalents | | | | | | |
+---------------------------------------+----------+-----------+----------+-----------+----------+-------------+
| | | | | | | |
+---------------------------------------+----------+-----------+----------+-----------+----------+-------------+
| Cash and cash equivalents at the | | 2,051,456 | | 1,709,016 | | 1,709,016 |
| beginning of the financial year | | | | | | |
+---------------------------------------+----------+-----------+----------+-----------+----------+-------------+
| | | | | | | |
+---------------------------------------+----------+-----------+----------+-----------+----------+-------------+
| Cash and cash equivalents at the end | | 1,837,141 | | 1,863,943 | | 2,051,456 |
| of the financial year | | | | | | |
+---------------------------------------+----------+-----------+----------+-----------+----------+-------------+
1. General Information -
The condensed interim financial statements for the half-year ended 30 June 2010
have not been audited and were approved for issue by the Board on 29 September
2010. The financial information contained in these interim financial statements
does not constitute statutory accounts as defined in section 435 of the
Companies Act 2006. The financial information for the year ended 31 December
2009 has been extracted from the statutory accounts for the Group for that year.
Statutory accounts for the year ended 31 December 2009, upon which the auditors
have given an unqualified audit report and which did not contain a statement
under Section 498(2) or 498(3) of the Companies Act 2006, have been filed with
the Registrar of Companies.
Copies of the Interim Report for the half-year ended 30 June 2010 and the Annual
Report for the year ended 31 December 2009 are available free of charge from the
Company Secretary at the registered office of the Company and on the Company's
website at www.maypolehotels.com.
2. Basis of Preparation and significant accounting policies
The interim financial statements do not include all of the information required
for full annual financial statements and do not comply with all the disclosures
in IAS 34 'Interim Financial Reporting'. Accordingly, whilst the interim
statements have been prepared in accordance with IFRS, they cannot be construed
as being in full compliance with IFRS. The same accounting policies,
presentation and methods of computation have been followed in these condensed
financial statements as were applied in the preparation of the Group's financial
statements for the year ended 31 December 2009 except for the adoption in the
period of IAS 1 Presentation of Financial Statements (revised September 2007).
This standard introduced a number of terminology changes (including revised
titles for the condensed financial statements) and a number of changes in
presentation and disclosure. The revised standard has had no effect on the
reported results or financial position of the group.
3. Taxation
No provision has been made for taxation for the period as there are losses
incurred in the period and also losses brought forward.
4 Earnings per share
The calculation of the basic earnings per share is based on the loss on ordinary
activities after taxation and on the weighted average number of ordinary shares
in issue during the period.
+---------------------------+----------+----------+--------+-------------+--------------+----------+-----------+----------+
| | | | | | 30 June | | |
| | | | | | 2010 | | 30 June |
| | | | | | | | 2009 |
+---------------------------+----------+----------+--------+-------------+--------------+----------+----------------------+
| | | | | | pence | | pence per share |
| | | | | | per | | |
| | | | | | share | | |
+---------------------------+----------+----------+--------+-------------+--------------+----------+----------------------+
| Basic earnings per | | | | | | | |
| ordinary share | | | | | | | |
+---------------------------+----------+----------+--------+-------------+--------------+----------+----------------------+
| Loss | | | | | (0.36)p | | (0.23)p |
+---------------------------+----------+----------+--------+-------------+--------------+----------+----------------------+
| | | | | | | | |
+---------------------------+----------+----------+--------+-------------+--------------+----------+----------------------+
| Diluted earnings per | | | | | | | |
| ordinary share | | | | | | | |
+---------------------------+----------+----------+--------+-------------+--------------+----------+----------------------+
| Loss | | | | | (0.36)p | | (0.23)p |
+---------------------------+----------+----------+--------+-------------+--------------+----------+----------------------+
| | | | | | | | |
+---------------------------+----------+----------+--------+-------------+--------------+----------+----------------------+
| | | | | | | | |
+---------------------------+----------+----------+--------+-------------+--------------+----------+----------------------+
| | | | | | 30 June | | 30 June |
| | | | | | 2010 | | 2009 |
+---------------------------+----------+----------+--------+-------------+--------------+----------+----------------------+
| | | | | | GBP | | GBP |
+---------------------------+----------+----------+--------+-------------+--------------+----------+----------------------+
| Basic earnings per | | | | | | | |
| ordinary share | | | | | | | |
+---------------------------+----------+----------+--------+-------------+--------------+----------+----------------------+
| Earnings used in the calculation of basic earnings per share | (573,622) | | (363,991) |
+------------------------------------------------------------------------+--------------+----------+----------------------+
| | | | | | | | |
+---------------------------+----------+----------+--------+-------------+--------------+----------+----------------------+
| Weighted average number of ordinary shares for the purposes of basic | 161,569,058 | | 161,569,058 |
| earnings per share | | | |
+------------------------------------------------------------------------+--------------+----------+----------------------+
| | | | | | | | |
+---------------------------+----------+----------+--------+-------------+--------------+----------+----------------------+
| Diluted earnings per | | | | | | | |
| ordinary share | | | | | | | |
+---------------------------+----------+----------+--------+-------------+--------------+----------+----------------------+
| | | | | | | | |
+---------------------------+----------+----------+--------+-------------+--------------+----------+----------------------+
| The calculation of diluted earnings per share is based on the basic loss per share adjusted to allow | |
| for the issue of shares on all share options granted at a price less than the average market price for | |
| the year. There is no dilutive effect in the current or prior year as the average market price for the | |
| year is less than the exercise price of all options. | |
+--------------------------------------------------------------------------------------------------------------+----------+
| | | | | | | | |
+---------------------------+----------+----------+--------+-------------+--------------+----------+----------------------+
| | | | | | 2009 | | 2008 |
+---------------------------+----------+----------+--------+-------------+--------------+----------+----------------------+
| | | | | | | | |
+---------------------------+----------+----------+--------+-------------+--------------+----------+----------------------+
| Weighted average number of ordinary shares used in the calculation of | 161,569,058 | | 161,569,058 |
| basic and diluted earnings per share | | | |
+------------------------------------------------------------------------+--------------+----------+----------------------+
| | | | | | | | | |
+---------------------------+----------+----------+--------+-------------+--------------+----------+-----------+----------+
This information is provided by RNS
The company news service from the London Stock Exchange
END
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