TIDMALG
RNS Number : 5222O
Autologic Holdings PLC
20 September 2011
AIM: ALG
Autologic Holdings plc
("Autologic", the "Company" or the "Group")
Half Year Results for the Six Months to 30 June 2011
Autologic is a leading provider of support services to the
automotive industry, specialising in vehicle services and
distribution. The Group works primarily with vehicle manufacturers,
managing the preparation, enhancement, storage and distribution of
new vehicles as well as used vehicle refurbishment. It also offers
a range of technical services.
OUR YEAR SO FAR
Six months Six months
to 30 June to 30 June
2011 2010 % Change
Continuing operations
Revenue GBP76.0m GBP68.9m 10.3%
Business performance*
Operating profit GBP1.3m GBP1.1m 18.2%
Profit before tax GBP1.1m GBP1.1m -
Earnings per share 1.2p 1.2p -
Statutory basis
Operating profit GBP1.3m GBP0.6m 116.7%
Profit before tax GBP1.1m GBP0.6m 83.3%
Basic earnings per share 1.2p 0.7p 71.4%
* Continuing operations before exceptional items (there were no
exceptional items in the six months to 30 June 2011. In the six
months to 30 June 2010 exceptional items, before tax, totalled
GBP0.5 million and are detailed in note 3 to the Condensed
Consolidated Interim Financial Statements).
Chief Executive Officer, Avril Palmer-Baunack, commented:
"The Group has produced a solid trading performance in the first
half of 2011. We expect the second half of 2011 to provide more
challenging trading conditions generally in the automotive sector,
however, Autologic now has a more balanced portfolio of contracts
and service offering and is better placed to react to different
levels of demand. The Group continues to invest in key assets and
in June 2011 renewed its banking facility to run through to
September 2015, with improved commercial terms. The Board continues
to follow its strategy to create a wider automotive support
services business both through organic and acquisition routes in a
prudent manner and is actively pursuing opportunities. In terms of
the underlying business, assuming that the economy continues in
line with the broad consensus of forecast opinions, we believe we
will trade in line with our expectations for the second half of
2011."
Enquiries:
Autologic Holdings plc
Avril Palmer-Baunack, CEO
Andrew Somerville, Group FD 01604 664458
Collins Stewart Europe Limited
Matt Goode 020 7523 8350
Biddicks
Katie Tzouliadis 020 3178 6378
CHIEF EXECUTIVE OFFICER'S STATEMENT
Results
Group revenue for the six months to 30 June 2011 was GBP76.0
million, up 10% on the comparable period last year (2010: GBP68.9
million). Profit from operating activities (before exceptional
items) increased by 18% to GBP1.3 million from GBP1.1 million in
2010 and the Group's share of profit from joint ventures increased
to GBP0.2 million (2010: GBP0.1 million). This is a creditable
trading performance in what continue to be difficult market
conditions, with principal challenges within this first half of the
year including a drop in UK new car registrations and the
wide-reaching affects of the Japanese earthquake.
Profit before tax was GBP1.1 million (2010: profit before tax
and exceptional items GBP1.1 million). Statutory profit for the
period, after tax and exceptional costs, was GBP0.7 million (2010:
GBP0.4 million).
The improvement in the underlying operating result was offset by
the cessation of income totalling GBP0.4 million from guarantee
fees (GBP0.1 million) and discount unwind (GBP0.3 million), both
relating to the outstanding elements of the 2006 disposal of Walon
France. As we reported in last year's Interim Statement, this is
the year-on-year effect on reported profits of closing out this
transaction in July 2010, which secured an early cash receipt of
GBP3.6 million and eliminated significant contingent
liabilities.
UK
Revenues in the UK increased by 10% to GBP60.9 million (2010:
GBP55.5 million) and operating profit increased by 6% to GBP1.7
million (2010: GBP1.6 million).
This result was achieved against a drop of 7% in the number of
new car registrations in the first half of 2011 compared to the
same period last year. The scrappage scheme, which started in May
2009 and materially finished in March 2010, resulted in
approximately 100,000 new car registrations in the first half of
2010. Excluding the impact of the scrappage scheme on the
comparative period, underlying new car registrations were 2% higher
for the first half of the year, although it is noteworthy that
registrations were 7% higher in quarter one and 2% lower in quarter
two, suggesting a general softening in demand through the first
half of the year. In general terms, in the first half of 2011, the
fleet market has performed solidly and finished slightly ahead of
the same period last year. By contrast, retail registrations have
been weak and significantly below the comparative period. New car
production increased during the first half of 2011, being 4% higher
than in the same period in 2010, with the proportion of these cars
manufactured for export increasing to 81% in 2011 (2010: 71%). The
Japanese earthquake in March 2011 impacted both UK manufacturing
and imports to the UK, causing some disruption in the second
quarter, when production volumes fell by 5.1% compared to the same
period in 2010.
The integration of the trade and assets of Autocarriers Limited
(trading as MCD and Autocarriers), acquired out of administration
in September 2010, has now been successfully completed. All
customers have been retained following the acquisition and the
transporter fleet has been absorbed into our existing UK fleet to
increase the scale of operations and improve efficiencies. Revenue
from the contracts acquired was GBP5.1 million in the first half of
2011.
During the period we invested GBP1.9 million in 65 transporters
which had come to the end of their lease terms and so maintained
the existing fleet of over 400 transporters. Approximately
three-quarters of our fleet is now serviced through our own
in-house workshop facility. The continued investment programme in
transporters and the maintenance facility has afforded us more
control over the operations of the fleet and resulted in
significant lease and other cost savings. This has helped to offset
the 16% increase in the price of fuel, reflecting strong oil
prices, experienced in the first half of 2011 compared to 2010,
which resulted in GBP1.2 million of additional cost in the
period.
Within our vehicle services activities, the first half of 2011
saw an increase in demand for technical services, driven by new
vehicle production and an increase across our range of services
covering commercial vehicle fitments, used car refurbishment and
de-fleeting services. This has increased the contribution generated
from areas of the business that are not directly reliant upon new
car registrations. However, the number of vehicles arriving into
depots reduced significantly year-on-year as product has been sold
from stock on the ground and a higher proportion of UK production
has been for export. Additionally, the impact of the Japanese
earthquake had a noticeable effect on arrivals and activity levels
in the second quarter of 2011. Consequently, revenue and
contribution from our secure storage and handling activities has
reduced in 2011 compared to 2010.
During the first half of 2011, we agreed a new three-year
contract with BMW for UK dealership distribution, which will take
effect from January 2012, when the current contract comes to an
end. We have also extended our existing contract to deliver 40,000
Minis from the manufacturing plant at Oxford to the port of
Southampton for export for a further three years from January 2012.
Whilst the structure of these new contracts is different from the
current arrangements, which will result in some reduction in
revenues, overall profitability will not be impacted by the
changes. We have secured a new contract with MG Motors to handle
its vehicle distribution to its UK dealerships and have increased
our distribution contract with Ford to include the new Range Rover
Evoque. In addition, we have extended our vehicle services contract
with General Motors at Chaul End, Luton, to December 2013.
Mainland Europe
Revenues in Mainland Europe increased by 13% to GBP15.1 million
(2010: GBP13.4 million) and operating profit increased by 50% to
GBP0.9 million (2010: GBP0.6 million).
The growth achieved in Mainland Europe has been driven by
commercial successes in securing additional volume and market
share, both within the region and from exports, primarily from
Eastern Europe. However, the market remains competitive and cost
pressures, including the price of fuel, remain a significant
factor, as they are in the UK. We have been able to improve
operating margins because of initiatives to drive efficiencies
throughout the business and by a continued focus on overhead cost
savings.
Recently we have secured additional contracts in Holland,
winning a three-year contract with PON to move Volkswagen Audi
Group ("VAG") product starting in January 2012, and two further
three-year contracts in the Czech Republic with General Motors and
Seat, which will increase volumes in the second half of the year.
We have also been awarded additional volumes on annual rolling
contracts with Ford and VAG.
Prospects for further growth remain within Mainland Europe.
During the period, we have invested GBP0.7 million in new
transporters in the Czech Republic, which are supported by existing
levels of business and maintain what we believe is the appropriate
balance of sub-contracted movements.
Exceptional costs
There were no exceptional costs in the period to 30 June 2011.
In the period to 30 June 2010, there were exceptional costs of
GBP0.5 million, which represented foreign exchange losses on
non-trading Euro denominated receivables as the Euro continued to
weaken against Sterling.
Seasonality
The UK business typically experiences two significant peaks in
activity during March and September as a result of the new
registration plates during these months, and otherwise generally
experiences stronger trading in the second quarter as compared to
the fourth quarter of the year.
Borrowing facilities
In June 2011, the Group renewed and extended its financing
facilities with GE Commercial Finance Limited. The new term ends in
September 2015 and whilst the nature and scale of the facilities is
largely unchanged from the previous arrangements, the commercial
terms have been improved and reflect the progress that the Group
has made in stabilising and improving the risk profile of the
business.
Balance sheet
Net debt was GBP6.2 million as at 30 June 2011 (31 December
2010: GBP1.9 million and 30 June 2010: GBP2.9 million). As
explained above, we have invested GBP2.6 million in transporters
during the period and a further GBP0.9 million in capital projects
largely as part of a programme to improve efficiencies within our
UK vehicle services depots. The further increase in net debt of
GBP0.8 million is predominantly a result of working capital demand,
driven by the increase in revenue in the first half of 2011.
Earnings per share
Business performance earnings per share remained stable at 1.2p
(2010: 1.2p). On a statutory basis, including exceptional items,
basic earnings per share increased by 71% to 1.2p (2010: 0.7p).
Dividend
The Directors have not declared an interim dividend for the
period (2010: GBPnil).
Outlook
The macro-economic outlook in the UK and across Europe remains
uncertain. It is clear that deep concerns remain regarding the
economy, particularly over the stability of financial institutions
and sovereign debt, which continues to cause general instability
and lack of confidence. Furthermore, we have yet to see the full
impact of the UK and other European Governments' fiscal measures.
This makes it difficult to forecast the level of activity within
the automotive sector generally and, in particular, the impact on
new car registrations and production for the remainder of the year
and beyond.
Both the UK and the areas of Mainland Europe in which we operate
experienced stronger volumes of new car registrations and
production than we had expected in the first half of 2011. On
reflection, it may be that the first half has been relatively
unaffected by the widely publicised austerity measures taken by the
various Governments in Europe during the last 12 months or so.
Recognising this, we expect the number of new car registrations and
production levels to be weaker in the second half of 2011, which
will have an impact on our distribution and vehicle services
activities in the UK and Mainland Europe. On the other hand, we
expect more balance to return to the OEM supply chain and the
number of vehicles held by OEMs as stock to stabilise, which will
benefit our vehicle services activities.
In a situation where economic activity is subdued, we would also
expect to see a stabilisation in the oil price, which would also be
beneficial to our business. Our existing contracts and service
offerings relating to commercial vehicles, used cars and fleet
operators have to some degree reduced our reliance on new car
registrations and we continue to drive through initiatives within
our vehicle services locations to improve efficiencies, capacity
and profitability.
We continue to explore opportunities to execute a broader growth
strategy. In March 2011, when we announced our results for 2010, we
also explained our intention to use the core skill sets, assets,
systems and processes within the business in other related
automotive market sectors in order to establish a greater presence
across the vehicle life-cycle. Both management time and resources
have been spent during the first half of 2011 to this end, with the
aim of developing the Group's footprint and growth platform for the
future.
In terms of the underlying business, assuming that the economy
continues in line with the broad consensus of forecast opinions, we
believe we will trade in line with our expectations for the second
half of 2011.
Avril Palmer-Baunack
Chief Executive Officer
19 September 2011
CONDENSED CONSOLIDATED INCOME STATEMENT
FOR THE SIX MONTHS TO 30 JUNE 2011 (UNAUDITED)
Six
months
to 30
June
2011 Six months to 30 June 2010
--------- ----------------------------------------
Before After
exceptional Exceptional exceptional
items items items
Note GBP'm GBP'm GBP'm GBP'm
------------------ ----- --------- ------------ ------------ ------------
Continuing
operations
Revenue 2 76.0 68.9 - 68.9
Cost of sales (70.9) (64.0) - (64.0)
Gross profit 5.1 4.9 - 4.9
Administrative
expenses 3 (3.8) (3.8) (0.5) (4.3)
Profit from
operating
activities 1.3 1.1 (0.5) 0.6
Finance income 0.1 0.3 - 0.3
Finance expense (0.5) (0.4) - (0.4)
------------------ ----- --------- ------------ ------------ ------------
Net finance
expense (0.4) (0.1) - (0.1)
------------------ ----- --------- ------------ ------------ ------------
Share of profit
from equity
accounted
investees, net
of income tax 0.2 0.1 - 0.1
------------------ ----- --------- ------------ ------------ ------------
Profit before
income tax 1.1 1.1 (0.5) 0.6
Income tax
(expense)/credit 4 (0.4) (0.3) 0.1 (0.2)
------------------ ----- --------- ------------ ------------ ------------
Profit for the
period 0.7 0.8 (0.4) 0.4
------------------ ----- --------- ------------ ------------ ------------
Attributable to:
Owners of the
Company 0.7 0.8 (0.4) 0.4
Non-controlling
interests - - - -
------------------ ----- --------- ------------ ------------ ------------
0.7 0.8 (0.4) 0.4
------------------ ----- --------- ------------ ------------ ------------
Earnings per
share
Basic and diluted 5 1.2p 0.7p
------------------ ----- --------- ------------ ------------ ------------
CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE SIX MONTHS TO 30 JUNE 2011 (UNAUDITED)
Six months Six months
to 30 June to 30 June
2011 2010
GBP'm GBP'm
--------------------------------------- ------------ ------------
Profit for the period 0.7 0.4
Other comprehensive income/(expense)
Foreign currency translation
differences for foreign operations 0.2 (0.5)
Defined benefit plan actuarial
losses - (2.4)
Income tax credit on other
comprehensive losses - 0.7
Other comprehensive income/(expense)
for the period, net of income
tax 0.2 (2.2)
--------------------------------------- ------------ ------------
Total comprehensive income/(expense)
for the period 0.9 (1.8)
--------------------------------------- ------------ ------------
Attributable to:
Owners of the Company 0.9 (1.8)
Non-controlling interests - -
--------------------------------------- ------------ ------------
Total comprehensive income/(expense)
for the period 0.9 (1.8)
--------------------------------------- ------------ ------------
CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE SIX MONTHS TO 30 JUNE 2011 (UNAUDITED)
Attributable to equity holders of the
Company
Non-
Share Special Merger Translation Retained controlling Total
capital reserve reserve reserve earnings Total interest equity
GBP'm GBP'm GBP'm GBP'm GBP'm GBP'm GBP'm GBP'm
---------------- -------- -------- -------- ------------ --------- ------ ------------ -------
Balance at 1
January 2011 0.1 6.6 8.4 0.1 15.8 31.0 0.4 31.4
Total
comprehensive
income for the
period
Profit for the
period - - - - 0.7 0.7 - 0.7
Other
comprehensive
income:
Foreign
currency
translation
differences
for foreign
operations - - - 0.2 - 0.2 - 0.2
Total other
comprehensive
income - - - 0.2 - 0.2 - 0.2
---------------- -------- -------- -------- ------------ --------- ------ ------------ -------
Total
comprehensive
income for
the period - - - 0.2 0.7 0.9 - 0.9
---------------- -------- -------- -------- ------------ --------- ------ ------------ -------
Balance at 30
June 2011 0.1 6.6 8.4 0.3 16.5 31.9 0.4 32.3
---------------- -------- -------- -------- ------------ --------- ------ ------------ -------
Attributable to equity holders of the Company
Non-
Share Special Merger Translation Retained controlling Total
capital reserve reserve reserve earnings Total interest equity
GBP'm GBP'm GBP'm GBP'm GBP'm GBP'm GBP'm GBP'm
------------------- -------- -------- -------- ------------ --------- ------ ------------ -------
Balance at 1
January 2010 0.1 6.6 8.4 0.4 13.5 29.0 0.4 29.4
Total
comprehensive
income/(expense)
for the period
Profit for the
period - - - - 0.4 0.4 - 0.4
Other
comprehensive
expenses:
Foreign currency
translation
differences for
foreign
operations - - - (0.5) - (0.5) - (0.5)
Defined benefit
plan actuarial
losses, net of
income tax - - - - (1.7) (1.7) - (1.7)
------------------- -------- -------- -------- ------------ --------- ------ ------------ -------
Total other
comprehensive
expense - - - (0.5) (1.7) (2.2) - (2.2)
------------------- -------- -------- -------- ------------ --------- ------ ------------ -------
Total
comprehensive
expense for the
period - - - (0.5) (1.3) (1.8) - (1.8)
------------------- -------- -------- -------- ------------ --------- ------ ------------ -------
Transactions with
owners, recorded
directly in
equity
Share-based
payments
adjustment - - - - 0.1 0.1 - 0.1
Balance at 30 June
2010 0.1 6.6 8.4 (0.1) 12.3 27.3 0.4 27.7
------------------- -------- -------- -------- ------------ --------- ------ ------------ -------
CONDENSED CONSOLIDATED BALANCE SHEET
AT 30 JUNE 2011 (UNAUDITED)
30 June 30 June
2011 31 Dec 2010 2010
Note GBP'm GBP'm GBP'm
Assets
Non-current assets
Goodwill 21.5 21.5 21.0
Property, plant and equipment 18.5 16.0 14.8
Investments in equity accounted
investees 0.3 0.4 0.3
Deferred tax assets 1.3 1.5 3.1
Trade and other receivables 0.2 0.6 6.5
------------------------------------ ----- -------- ------------ --------
41.8 40.0 45.7
------------------------------------ ----- -------- ------------ --------
Current assets
Inventories 0.8 0.9 0.7
Trade and other receivables 29.0 23.7 23.2
Cash and cash equivalents 7 3.9 6.7 6.2
------------------------------------ ----- -------- ------------ --------
33.7 31.3 30.1
------------------------------------ ----- -------- ------------ --------
Total assets 75.5 71.3 75.8
------------------------------------ ----- -------- ------------ --------
Liabilities
Current liabilities
Trade and other payables (26.1) (24.0) (25.4)
Loans and borrowings 7 (3.2) (1.8) (2.0)
Current tax liabilities (0.5) (0.4) (0.5)
Provisions (1.7) (1.7) (2.6)
------------------------------------ ----- -------- ------------ --------
(31.5) (27.9) (30.5)
Non-current liabilities
Loans and borrowings 7 (6.9) (6.8) (7.1)
Employee benefits (2.5) (2.8) (7.3)
Provisions (2.3) (2.4) (3.2)
------------------------------------ ----- -------- ------------ --------
(11.7) (12.0) (17.6)
------------------------------------ ----- -------- ------------ --------
Total liabilities (43.2) (39.9) (48.1)
------------------------------------ ----- -------- ------------ --------
Net assets 32.3 31.4 27.7
------------------------------------ ----- -------- ------------ --------
Equity
Share capital 0.1 0.1 0.1
Other reserves 15.3 15.1 14.9
Retained earnings 16.5 15.8 12.3
------------------------------------ ----- -------- ------------ --------
Total equity attributable
to equity holders of the Company 31.9 31.0 27.3
Non-controlling interests 0.4 0.4 0.4
------------------------------------ ----- -------- ------------ --------
Total equity 32.3 31.4 27.7
------------------------------------ ----- -------- ------------ --------
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE SIX MONTHS TO 30 JUNE 2011 (UNAUDITED)
Six months Six months
to 30 June to 30 June
2011 2010
Note GBP'm GBP'm
Cash flows from operating activities
Cash (used by) / generated from
continuing operations before exceptional
items 8 (1.0) 3.0
Cash used by continuing operations
- exceptional items (0.1) (0.9)
Cash generated from discontinued
operations - exceptional items 0.2 0.5
Total cash (used by) / generated
from operating activities (0.9) 2.6
Interest paid (0.3) (0.3)
Income tax paid (0.1) -
------------------------------------------- ----- ------------ ------------
Net cash (used by) / generated
from operating activities (1.3) 2.3
------------------------------------------- ----- ------------ ------------
Cash flows from investing activities
Dividends received from joint venture
companies 0.2 0.1
Proceeds from sales of property,
plant and equipment 0.2 0.1
Purchase of property, plant and
equipment (3.5) (2.0)
Net cash used in investing activities (3.1) (1.8)
------------------------------------------- ----- ------------ ------------
Cash flows from financing activities
Net drawdown / (repayment) of borrowings
under revolving facility 1.6 (0.9)
Repayment of borrowings under term
loan (0.4) (0.4)
New finance leases taken out in
the period 0.6 -
Payment of finance lease liabilities (0.4) (0.1)
Net cash generated from / (used
in) financing activities 1.4 (1.4)
------------------------------------------- ----- ------------ ------------
Net decrease in cash and cash equivalents (3.0) (0.9)
Cash and cash equivalents at the
beginning of the financial period 7 6.7 7.5
Effect of exchange rate changes
on cash and bank overdrafts 0.2 (0.4)
------------------------------------------- ----- ------------ ------------
Cash and cash equivalents at the
end of the financial period 7 3.9 6.2
------------------------------------------- ----- ------------ ------------
NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL
STATEMENTS
FOR THE SIX MONTHS TO 30 JUNE 2011 (UNAUDITED)
1. BASIS OF PREPARATION OF THE CONDENSED CONSOLIDATED INTERIM
FINANCIAL STATEMENTS
a. Reporting entity
Autologic Holdings plc is a company registered in the UK. The
Condensed Consolidated Interim Financial Statements of the Company
for the six months ended 30 June 2011 comprise the Company and its
subsidiaries (together referred to as the 'Group') and the Group's
interests in jointly controlled entities.
The Group's Consolidated Financial Statements for the year ended
31 December 2010 have been reported on by the Group's auditors and
delivered to the Registrar of Companies. The report of the auditors
was (i) unqualified, (ii) did not include a reference to any
matters to which the auditors drew attention by way of emphasis
without qualifying their report, and (iii) did not contain a
statement under section 498 of the Companies Act 2006. The Group's
Consolidated Financial Statements for the year ended 31 December
2010 are available upon request from the Company's registered
office at Autologic Holdings plc, Autologic House, 5 Grange Park
Court, Roman Way, Northampton NN4 5EA or from the Company's
website, www.autologic.co.uk.
b. Statement of compliance
These Condensed Consolidated Interim Financial Statements are
unaudited and have been prepared in accordance with IAS 34 'Interim
Financial Reporting'. They do not include all of the information
required for full annual statements, and should be read in
conjunction with the Consolidated Financial Statements for the year
ended 31 December 2010.
These Condensed Consolidated Interim Financial Statements were
approved by the Board of Directors on 19 September 2011 and are
available on the Company's website, www.autologic.co.uk.
c. Going concern
The Group disclosed the principle risks and uncertainties in
respect of going concern on page 23 of the Consolidated Financial
Statements for the year ended 31 December 2010. These Condensed
Consolidated Interim Financial Statements have been prepared on the
going concern basis, which the Directors consider to be appropriate
based on the Group's net debt position, its financing facilities
and a review of projected cash flows for the next 12 months.
d. Significant accounting policies
The accounting policies applied by the Group in these Condensed
Consolidated Interim Financial Statements are the same as those
applied by the Group in its Consolidated Financial Statements for
the year ended 31 December 2010.
e. Estimates
The preparation of interim financial statements requires
management to make judgements, estimates and assumptions that
affect the application of accounting policies and the reported
amounts of assets and liabilities, income and expense. Actual
results may differ from these estimates. In preparing these
Condensed Consolidated Interim Financial Statements, the
significant judgements made by management in applying the Group's
accounting policies and the key sources of estimation and
uncertainty were the same as those applied to the Consolidated
Financial Statements for the year ended 31 December 2010.
f. Principal risks and uncertainties
The principal risks and uncertainties to which the Group is
exposed are explained in the Directors' Report on page 14 of the
Consolidated Financial Statements for the year ended 31 December
2010. These principal risks and uncertainties cover the areas of
management, new car sales, legislation, financial and liquidity
risks, and have not changed during the period.
2. SEGMENTAL REPORTING
Continuing operations for the United Mainland Un-
six months to 30 June 2011 Kingdom Europe allocated Total
GBP'm GBP'm GBP'm GBP'm
Total gross segment revenue 60.9 16.9 - 77.8
Less inter-segment revenue - (1.8) - (1.8)
----------------------------------- --------- --------- ----------- ------
Revenue 60.9 15.1 - 76.0
Profit from operating activities 1.7 0.9 (1.3) 1.3
Net finance expense (0.4)
Share of profit from equity
accounted investees, net of
income tax - 0.2 - 0.2
----------------------------------- --------- --------- ----------- ------
Profit before income tax 1.1
Income tax expense (0.4)
----------------------------------- --------- --------- ----------- ------
Profit for the period from
continuing operations 0.7
----------------------------------- --------- --------- ----------- ------
Continuing operations for the United Mainland Un-
six months to 30 June 2010 Kingdom Europe allocated Total
GBP'm GBP'm GBP'm GBP'm
Total gross segment revenue 55.5 14.5 - 70.0
Less inter-segment revenue - (1.1) - (1.1)
----------------------------------- --------- --------- ----------- ------
Revenue 55.5 13.4 - 68.9
Profit from operating activities
before exceptional items 1.6 0.6 (1.1) 1.1
Exceptional items - - (0.5) (0.5)
----------------------------------- --------- --------- ----------- ------
Profit from operating activities 1.6 0.6 (1.6) 0.6
Net finance expense (0.1)
Share of profit from equity
accounted investees, net of
income tax - 0.1 - 0.1
----------------------------------- --------- --------- ----------- ------
Profit before income tax 0.6
Income tax expense (0.2)
----------------------------------- --------- --------- ----------- ------
Profit for the period from
continuing operations 0.4
----------------------------------- --------- --------- ----------- ------
3. EXCEPTIONAL ITEMS
Six months Six months
to 30 June to 30 June
2011 2010
GBP'm GBP'm
----------------------------------------- ------------- ------------
Included in administrative expenses
Foreign exchange losses on non-trading
Euro denominated receivables - 0.5
Total exceptional items before
income tax - 0.5
Income tax credit - (0.1)
----------------------------------------- ------------- ------------
Total exceptional items after
income tax - 0.4
----------------------------------------- ------------- ------------
The foreign exchange losses on non-trading Euro denominated
receivables relate to exchange movements, prior to settlement, on
the deferred consideration due from Walon France.
4. TAXATION
The income tax expense gives rise to an effective tax rate of
36% for the six months to 30 June 2011, which compares to an
effective rate of 27% (before exceptional items)for the six months
to 30 June 2010. The increase in effective tax rate is
predominantly caused by the reversal of deferred tax balances and
the effective rate of current tax is 22%, after adjusting for
profit from equity accounted investees.
5. EARNINGS PER SHARE
Six months
Six months to 30 June to
2011 30 June 2010
--------------------------------- --------------
Per share Per share
Earnings Shares amount amount
GBP'm (million) (pence) (pence)
Basic and diluted earnings
per share 0.7 62.2 1.2 0.7
Business performance
earnings per share
Basic and diluted earnings
per share 0.7 62.2 1.2 0.7
Business performance
adjustments:
- exceptional items before
income tax - - 0.7
- income tax on
exceptional items - - (0.2)
--------------------------- --------- ---------- ---------- --------------
Basic and diluted
business performance
earnings per share 0.7 62.2 1.2 1.2
--------------------------- --------- ---------- ---------- --------------
Basic earnings per share is calculated by dividing the earnings
attributable to Ordinary shares by the weighted average number of
Ordinary shares outstanding during the period. For the periods
ended 30 June 2011 and 2010 there were no potentially dilutive
shares. Earnings per share is calculated on 62.2 million shares
being in issue at 30 June 2011 (30 June 2010: 62.2 million).
Business performance earnings per share is calculated by
reference to continuing earnings before exceptional items, since
the Directors consider that this measure provides a useful
indication of underlying performance.
6. DIVIDENDS
The Directors have not declared an interim dividend (2010:
GBPnil). The Directors did not declare a final dividend for the
year ended 31 December 2010.
7. ANALYSIS OF NET DEBT
30 June 31 December 30 June
2011 2010 2010
GBP'm GBP'm GBP'm
Cash and cash equivalents 3.9 6.7 6.2
Current loans and borrowings
Bank loans repayable within 1 year (2.2) (1.0) (1.7)
Unamortised issue costs relating
to bank loans - 0.1 0.1
Finance leases repayable within
1 year (1.0) (0.9) (0.4)
------------------------------------ -------- ------------ --------
(3.2) (1.8) (2.0)
Non-current loans and borrowings
Bank loans repayable in more than
1 year (3.6) (3.6) (4.1)
Unamortised issue costs relating
to bank loans 0.1 - 0.1
Finance leases repayable in more
than 1 year (3.4) (3.2) (3.1)
------------------------------------ -------- ------------ --------
(6.9) (6.8) (7.1)
Net debt (6.2) (1.9) (2.9)
------------------------------------ -------- ------------ --------
8. RECONCILIATION OF NET PROFIT TO NET CASH (OUTFLOW) / INFLOW
BEFORE EXCEPTIONAL ITEMS FROM OPERATING ACTIVITIES
Six months Six months
to to
30 June 30 June
2011 2010
GBP'm GBP'm
------------------------------------------------ ----------- -----------
Continuing operations
Net profit 0.7 0.4
Adjustments for:
Income tax expense 0.4 0.2
Depreciation and amortisation 1.0 1.0
Net finance expense 0.4 0.1
Share of profit of equity accounted investees,
net of income tax (0.2) (0.1)
Share-based payments - 0.1
Exceptional items - 0.5
Changes in working capital:
Decrease/(increase) in inventories 0.1 (0.1)
Increase in trade and other receivables (5.0) (0.1)
Increase in creditors and provisions for
liabilities and charges 1.6 1.0
------------------------------------------------ ----------- -----------
Cash (used by)/generated from continuing
operations before exceptional items (1.0) 3.0
------------------------------------------------ ----------- -----------
9. RELATED PARTIES
The Group has related party relationships with its Directors and
with its pension schemes. There has been no material change in the
nature of the related party transactions as described in note 33 of
the 2010 Consolidated Financial Statements.
ADVISORS' DETAILS AND INVESTOR INFORMATION
NOMINATED ADVISOR AND STOCKBROKER
Collins Stewart Europe Ltd
88 Wood Street, London EC2V 7QR
INDEPENDENT AUDITORS
KPMG Audit Plc
Chartered Accountants and Registered Auditors Altius House, One
North Fourth Street, Milton Keynes MK9 1NE
PRINCIPAL BANKERS
Royal Bank of Scotland plc
135 Bishopsgate, London EC2M 3UR
GE Commercial Finance Ltd
Enterprise House, Bancroft Road, Reigate, Surrey RH2 7RT
COMPANY SECRETARY AND REGISTERED OFFICE
John Light
Autologic Holdings plc, Autologic House, 5 Grange Park Court,
Roman Way, Northampton NN4 5EA
Company Number 3252504
REGISTRAR
Administrative enquiries about the holding of Autologic Holdings
plc shares should be directed in the first instance to the
Registrar:
Capita Registrars
The Registry, 34 Beckenham Road, Beckenham, Kent BR3 4TU
Tel: UK: 0871 664 0300 (calls cost 10p a minute plus network
extras and lines are open 8.30 am - 5.30 pm, Monday - Friday)
Overseas: +44 (0) 208 639 3399
CREST SHARE SETTLEMENT SYSTEM
The Company entered the CREST system on flotation and the
Ordinary shares are available for settlement in CREST. As the
membership system is voluntary, Shareholders not wishing to
participate can continue to hold their own share certificates.
GROUP CONTACT DETAILS
Autologic Holdings plc
Autologic House
5 Grange Park Court
Roman Way
Northampton NN4 5EA
Tel: +44 (0)1604 664400
Fax: +44 (0)1604 664498
www.autologic.co.uk
This information is provided by RNS
The company news service from the London Stock Exchange
END
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