TIDMAMR
RNS Number : 4224L
Armour Group PLC
28 April 2015
Armour Group plc
(AIM: AMR)
Unaudited Interim Statement
For the six months to 28 February 2015
The Company remains an investing company and continues to look
at a number of opportunities. The Company did not trade in the six
month period.
For further information please contact:
Armour Group plc Tel: 01634 673172
Mark Wilson, Finance Director
FinnCap, Nominated Adviser and Broker Tel: 0207 220 0500
Geoff Nash (Corporate Finance)
Stephen Norcross (Broking)
Unaudited Interim Statement
For the six months to 28 February 2015
Corporate activity
The Company has been an investing company since August 2014 and
accordingly has continued to reduce its operating costs. The
Tunbridge Wells head office was closed in December 2014.
As previously announced, in December 2014, I was required under
Rule 9 of the City Code to make a general offer for those shares in
Armour that I (and persons deemed to be acting in concert with me)
did not already own. This offer period ended on 20 February 2015.
Hawk Investment Holdings Limited now owns 47.9% of the issued share
capital of the Company, whilst the concert party together owns
64.6%.
The Company was granted a court order on 18 February 2015 to
perform a capital reduction, by cancellation of the share premium
account and the deferred shares of 9 pence each. The effect of this
capital reduction is set out in Consolidated Statement of Changes
in Shareholder Equity.
Outlook
The Company continues to seek opportunities that will enhance
shareholder capital growth and income. The Company's objective is
to generate an attractive rate of return for shareholders by taking
advantage of these opportunities.
Bob Morton
Chairman
28 April 2015
CONSOLIDATEDSTATEMENT OF COMPREHENSIVE INCOME
For the six months to 28 February 2015
Six months Six months Twelve months
to to to
28 February 28 February 31 August
2015 2014 2014
Notes (unaudited) (unaudited)
GBP000 GBP000 GBP000
--------------------------------------- ------- ------------- ------------- ---------------
Revenue 2 - 16,563 -
--------------------------------------- ------- ------------- ------------- ---------------
(Loss)/profit from operations
before exceptional operations 2 (242) 79 (725)
Exceptional Items 4 - - (214)
--------------------------------------- ------- ------------- ------------- ---------------
Total (loss)/profit from operations (242) 79 (939)
Finance income 67 - 20
Finance expense - (281) (150)
Share of post-tax losses of equity
accounted associate (32) - (70)
Loss before taxation (207) (202) (1,139)
Taxation credit 3 - 44 11
--------------------------------------- ------- ------------- ------------- ---------------
Loss for the financial period (207) (158) (1,128)
--------------------------------------- ------- ------------- ------------- ---------------
Loss from discontinued operations,
net of tax 5 - - (10,071)
--------------------------------------- ------- ------------- ------------- ---------------
Total loss for the financial
period (207) (158) (11,199)
Other comprehensive income
Exchange (loss)/gain arising
on translation of foreign operations - (38) (144)
--------------------------------------- ------- ------------- ------------- ---------------
Total comprehensive loss (207) (196) (11,343)
--------------------------------------- ------- ------------- ------------- ---------------
Loss per ordinary share 6
Basic (0.22) (0.17)p (11.96)p
Diluted (0.22) (0.17)p (11.96)p
CONSOLIDATEDSTATEMENT OF FINANCIAL POSITION
At 28 February 2015
28 February 28 February 31 August
2015 2014 2014
(unaudited) (unaudited)
GBP000 GBP000 GBP000
-------------------------------- ---- ------------- ------------- ----------
Non-current assets
Goodwill - 12,084 -
Other intangible assets - 2,778 -
Property, plant and equipment - 698 1
Investment in associate 827 - 859
Loan 1,000 - 1,000
Deferred taxation asset 6 675 6
Total non-current assets 1,833 16,235 1,866
-------------------------------------- ------------- ------------- ----------
Current assets
Inventories - 7,481 -
Trade and other receivables 11 6,063 60
Corporation tax asset - 93 -
Cash and cash equivalents 3,711 326 4,070
-------------------------------------- ------------- ------------- ----------
Total current assets 3,722 13,963 4,130
-------------------------------------- ------------- ------------- ----------
Total assets 5,555 30,198 5,996
-------------------------------------- ------------- ------------- ----------
Current liabilities
Loans and borrowings - (8,084) -
Trade and other payables (181) (5,202) (415)
Corporation taxation liability - (12) -
Provisions - (48) -
-------------------------------- ---- ------------- ------------- ----------
Total current liabilities (181) (13,346) (415)
-------------------------------------- ------------- ------------- ----------
Non-current liabilities
Provisions - (53) -
Deferred taxation liability - (71) -
Total non-current liabilities - (124) -
-------------------------------- ---- ------------- ------------- ----------
Total liabilities (181) (13,470) (415)
-------------------------------------- ------------- ------------- ----------
Total net assets 5,374 16,728 5,581
-------------------------------------- ------------- ------------- ----------
Equity
Share capital 971 7,134 7,134
Share premium - 10,084 10,084
Other reserves - 871 -
Retained earnings 4,975 (895) (11,065)
Translation reserve - 106 -
Share trust reserve (572) (572) (572)
-------------------------------------- ------------- ------------- ----------
Total equity 5,374 16,728 5,581
-------------------------------------- ------------- ------------- ----------
CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDERS' EQUITY
For the six months to 28 February 2015 (unaudited)
Share Share Retained Share Total
capital premium earnings trust equity
reserve
GBP000 GBP000 GBP000 GBP000 GBP000
--------------------------------- --------- --------- ---------- --------- --------
At 1 September 2014 7,134 10,084 (11,065) (572) 5,581
Total comprehensive loss - - (207) - (207)
Capital restructuring - (10,084) 10,084 - -
Cancellation of deferred shares (6,163) - 6,163 - -
At 28 February 2015 971 - 4,975 (572) 5,374
--------------------------------- --------- --------- ---------- --------- --------
For the six months to 28 February 2014 (unaudited)
Share Share Other Retained Translation Share Total
capital premium reserves earnings reserve trust equity
reserve
GBP000 GBP000 GBP000 GBP000 GBP000 GBP000 GBP000
--------------------- --------- --------- ---------- ---------- ------------ --------- --------
At 1 September
2013 7,134 10,084 871 (737) 144 (572) 16,924
Total comprehensive
loss - - - (158) (38) - (196)
At 28 February
2014 7,134 10,084 871 (895) 106 (572) 16,728
--------------------- --------- --------- ---------- ---------- ------------ --------- --------
For the twelve months ended 31 August 2014
Share Share Other Retained Translation Share Total
capital premium reserves earnings reserve trust equity
reserve
GBP000 GBP000 GBP000 GBP000 GBP000 GBP000 GBP000
------------------------- --------- --------- ---------- ---------- ------------ --------- ---------
At 1 September
2013 7,134 10,084 871 (737) 144 (572) 16,924
Total comprehensive
loss - - - (11,199) - - (11,199)
Other comprehensive
expense - - - - (144) - (144)
Discontinued operations - - (871) 871 - - -
At 31 August 2014 7,134 10,084 - (11,065) - (572) 5,581
------------------------- --------- --------- ---------- ---------- ------------ --------- ---------
CONSOLIDATEDSTATEMENT OF CASH FLOWS
For the six months to 28 February 2015
Six months Six months Twelve months
to to to
28 February 28 February 31 August
2015 2014 2014
(Unaudited) (Unaudited)
Notes GBP000 GBP000 GBP000
---------------------------------------- ------- ------------- ------------- --------------
Cash flow from operating activities
Cash (utilised in)/generated from
operations 8 (426) 627 87
Income taxes recovered by discontinued
operations - 180 272
---------------------------------------- ------- ------------- ------------- --------------
Net cash (outflow)/inflow from
operating activities (426) 807 359
---------------------------------------- ------- ------------- ------------- --------------
Investing activities
Purchase of property, plant and
equipment - (123) (206)
Sale of property, plant and equipment - 1 9
New loans issued - - (1,000)
Proceeds on disposal of discontinued
operations - - 11,226
Costs of disposal of discontinued
operations - - (822)
Expenditure on intangible assets - (475) (797)
Interest received 67 - 17
---------------------------------------- ------- ------------- ------------- --------------
Net cash generated from/(used in)
investing activities 67 (597) 8,427
---------------------------------------- ------- ------------- ------------- --------------
Financing activities
New loans taken out - 297 -
Repayment of loans - (28) (4,499)
Interest paid - (246) (348)
---------------------------------------- ------- ------------- ------------- --------------
Net cash arising from/(used in)
financing activities - 23 (4.847)
---------------------------------------- ------- ------------- ------------- --------------
Net (decrease)/increase in cash,
cash equivalents
and bank overdrafts 9 (359) 233 3,939
Currency variations - (38) -
Cash, cash equivalents and bank
overdrafts
at the start of the period 4,070 131 131
Cash, cash equivalents and bank
overdrafts at the end of the period 3,711 326 4,070
---------------------------------------- ------- ------------- ------------- --------------
Notes to the Interim Financial Statements
1. Basis of Preparation
These interim financial statements have been prepared using the
recognition and measurement principles of International Accounting
Standards, International Financial Reporting Standards and
Interpretations adopted for use in the European Union (collectively
"Adopted IFRS").
The principal accounting policies used in preparing these
interim financial statements are those expected to apply to the
Group's Consolidated Financial Statements for the year ending 31
August 2015 and are unchanged from those disclosed in the Group's
Annual Report for the year ended 31 August 2014. The financial
information for the six months ended 28 February 2015 and 28
February 2014 is unaudited and does not constitute statutory
financial statements for those periods.
The comparative financial information for the twelve months
ended 31 August 2014 has been derived from the audited statutory
financial statements for that year. These financial statements were
approved by shareholders at the Annual General Meeting and have
been delivered to the Registrar of Companies. The Auditors' Report
on those financial statements was unqualified, did not include a
reference to any matters to which the Auditors drew attention by
way of emphasis without qualifying their report and did not include
a statement under section 498(2) or 498(3) of the Companies Act
2006.
The Board of Directors approved this interim report on 27 April
2015.
2. Business Segments
During the prior year the group operated in the following main
business segments:
Armour Automotive: The design, manufacture and supply of
products for the in-vehicle communications and entertainment
market, this segment was disposed of on 31 March 2015;
Armour Home: The design, manufacture and supply of products into
the Hi-Fi, home theatre, home entertainment and office furniture
markets, this segment was disposed of on 4 August 2014;
Armour Asia: The sale of Armour Automotive and Armour Home
products into Asian markets and provision of supplier support
services, including quality control, to the UK businesses, this
segment was disposed of on 4 August 2014;
Central operations: The provision of Group-wide support services
including finance and future product concepts to the other business
segments within the Group.
Central
For the six months to 28 February operations Total
2015 (Unaudited) GBP000 GBP000
------------------------------------- ------------ ---------
Underlying (loss) for the period (242) (242)
---------------------------------------- ------------ ---------
Depreciation 1 1
---------------------------------------- ------------ ---------
Armour Armour Armour Central
For the six months to 28 February Automotive Home Asia operations Total
2014 (Unaudited) GBP000 GBP000 GBP000 GBP000 GBP000
------------------------------------- ------------ --------- -------- ------------ ---------
Revenue 7,515 8,487 561 - 16,563
Underlying profit/(loss) for
the period 711 15 (129) (518) 79
------------------------------------- ------------ --------- -------- ------------ ---------
Additions to non-current assets 218 377 3 - 598
Depreciation 27 101 4 1 133
Amortisation of intangible assets 71 228 - - 299
------------------------------------- ------------ --------- -------- ------------ ---------
Armour Armour Armour Central
For the twelve months to 31 Automotive Home Asia operations Total
August 2014 GBP000 GBP000 GBP000 GBP000 GBP000
------------------------------------- ------------ --------- -------- ------------ ---------
Continuing operations
Revenue - - - - -
Loss from operations - - - (939) (939)
------------------------------------- ------------ --------- -------- ------------ ---------
Discontinued operations
Revenue 8,915 14,987 1,154 - 25,056
Profit/(loss) from discontinued
operations net of tax 3,524 (13,550) (45) - (10,071)
------------------------------------- ------------ --------- -------- ------------ ---------
Six months Six months Twelve months
to to to
28 February 28 February 31 August
2015 2014 2014
(Unaudited) (Unaudited)
GBP000 GBP000 GBP000
---------------------------------- ---- -------------- ------------- --------------
Revenue by location of customers
United Kingdom - 10,327 15,668
Sweden - 1,153 1,491
France - 868 1,111
Italy - 637 763
Germany - 305 453
Denmark - 182 233
Hong Kong - 29 53
Other countries - 3,062 5,284
---------------------------------------- ------------- ------------- --------------
Total - 16,563 25,056
---------------------------------------- ------------- ------------- --------------
3. Taxation
No taxation charge/credit has been recognised for the six months
to 28 February 2015, this will be assessed at the year end, and
will be based on the effective taxation rate, which is estimated
will apply for the year ending 31 August 2015.
4. Exceptional Items
Exceptional items in the prior year relate to the redundancy
costs at Head Office following the sale of the Armour Automotive
division. The exceptional costs incurred are shown below:
Six months Six months Twelve months
to to to
28 February 28 February 31 August
2015 2014 2014
(Unaudited) (Unaudited)
GBP000 GBP000 GBP000
------------------------- ---- -------------- -------------- --------------
Redundancy costs - - 214
------------------------------- -------------- ------------- --------------
Total exceptional costs - - 214
------------------------------- -------------- ------------- --------------
5. Discontinued Operations
During the prior year the Group disposed of both of its trading
divisions: Armour Automotive was sold on 31 March 2014 and Armour
Home on 4 August 2014. The post-tax loss of discontinued operations
was determined as follows:
Six months Six months Twelve months
to to to
28 February 28 February 31 August
2015 2014 2014
(Unaudited) (Unaudited)
GBP000 GBP000 GBP000
-------------------------------- ---- -------------- -------------- --------------
Revenue - - 25,056
Expenses other than finance
costs - - (24,699)
Finance costs - - (232)
Tax expense - - (108)
Net asset value of associate - - 929
Loss from selling discontinued
operations after tax - - (11,017)
- - (10,071)
-------------- ---------------------------------------------------- --------------
6. Loss per Ordinary Share
The basic loss per ordinary share is calculated using the
weighted average number of ordinary shares in issue during the
financial period of 93,627,496 (28 February 2014 and 31 August
2014: 93,627,496).
The diluted loss per ordinary share is calculated using the
weighted average number of ordinary shares in issue during the
financial period of 93,627,496 (28 February 2014 and 31 August
2014: 93,627,496). The effect of the exercise of options on the
weighted average number of ordinary shares in issue is nil for all
periods.
The weighted average number of ordinary shares held by the
Armour Employees' Share Trust of 3,424,000 (28 February 2014 and 31
August 2014: 3,424,000) are not included in either the weighted
average, or diluted weighted average, ordinary shares in issue
during the financial period.
Six months Six months Twelve months
to to to
28 February 28 February 31 August
2015 2014 2014
(Unaudited) (Unaudited)
GBP000 p GBP000 p GBP000 p
------------------------------- ------- ------- ------- ------- --------- --------
Basic loss per ordinary share
Loss for the financial period (207) (0.22) (158) (0.17) (11,199) (11.96)
Discontinued operations net
of tax - - - - 10,071 10.76
------------------------------- ------- ------- ------- ------- --------- --------
Continuing operations (207) (0.22) (158) (0.17) (1,128) (1.20)
Exceptional Items - - - - 214 0.23
------------------------------- ------- ------- ------- ------- --------- --------
Underlying loss (207) (0.22) (158) (0.17) (914) (0.97)
------------------------------- ------- ------- ------- ------- --------- --------
Six months Six months Twelve months
to to to
28 February 28 February 31 August
2015 2014 2014
(Unaudited) (Unaudited)
GBP000 p GBP000 p GBP000 p
------------------------------- ------- ------- ------- ------- --------- --------
Diluted loss per ordinary
share
Loss for the financial period (207) (0.22) (158) (0.17) (11,199) (11.96)
Discontinued operations net
of tax - - - - 10,071 10.76
------------------------------- ------- ------- ------- ------- --------- --------
Continuing operations (207) (0.22) (158) (0.17) (1,128) (1.20)
Exceptional Items - - - - 214 0.23
------------------------------- ------- ------- ------- ------- --------- --------
Underlying loss (207) (0.22) (158) (0.17) (914) (0.97)
------------------------------- ------- ------- ------- ------- --------- --------
7. Share Capital
At the Company's Annual General Meeting held on 8 December 2014,
resolutions were passed to allow the company to obtain court
approval to cancel the deferred shares and the share premium
account. Court approval was given on 18 February 2015.
Movements in issued share capital
Ordinary Deferred
shares of shares of
1p each 9p each
(Unaudited) (Unaudited)
Number Number
'000 '000
------------------------------ ------------- -------------
In issue at 1 September 2014 97,051 68,480
Court approved cancellation
of deferred shares - (68,480)
In issue at 28 February 2015 97,051 -
-------------------------------- ------------- -------------
Ordinary Deferred
shares of shares of
1p each 9p each
(Unaudited) (Unaudited)
GBP000 GBP000
------------------------------ ------------- -------------
In issue at 1 September 2014 971 6,163
Court approved cancellation
of deferred shares - (6,163)
In issue at 28 February 2015 971 -
-------------------------------- ------------- -------------
8. Net Cash from Operations
Six months Six months Twelve months
to to to 31 August
28 February 28 February 2014
2015 2014
(Unaudited) (Unaudited) GBP000
GBP000 GBP000
--------------------------------------------- ------------- ------------- --------------
(Loss) for the period (207) (158) (11,199)
Depreciation of property, plant
and equipment 1 133 1
Amortisation of intangible assets - 299 -
Depreciation, amortisation, finance
expense and tax relating to discontinued
operations - - 1,102
Loss on disposal of subsidiary undertakings - - 10,071
Share of post-tax losses of associate 32 - 70
Finance income (67) - (20)
Finance expense - 281 150
Income tax credit - (44) (11)
--------------------------------------------- ------------- ------------- --------------
EBITDA* (241) 511 164
--------------------------------------------- ------------- ------------- --------------
Loss on sale of property, plant - -
and equipment
Decrease in inventories - 476 -
Decrease/(increase) in trade and
other receivables 49 640 (25)
Decrease in trade, other payables
and provisions (234) (1,000) (52)
--------------------------------------------- ------------- ------------- --------------
(185) 116 (77)
--------------------------------------------- ------------- ------------- --------------
Cash (utilised in)/generated from
operations (426) 627 87
--------------------------------------------- ------------- ------------- --------------
*EBITDA is defined as (loss)/profit before interest, taxation,
depreciation and amortisation.
9. Reconciliation of Net Cash Flow to Movement in Net Cash/(Debt)
Net debt incorporates the Group's loans, borrowings and bank
overdrafts less cash and cash equivalents. A reconciliation of the
movement in the net debt is shown below:
Six months Six months Twelve months
to to to 31 August
28 February 28 February 2014
2015 2014
(Unaudited) (Unaudited) GBP000
GBP000 GBP000
---------------------------------------- -------------- ------------- --------------
Net (decrease)/increase in cash
and cash equivalents (359) 233 3,939
New loans - (297) -
Repayment of loans - 28 4,499
Other non-cash movements - (73) 3,281
---------------------------------------- -------------- ------------- --------------
(Decrease)/increase in net cash/(debt)
in the financial period (359) (109) 11,719
Opening net cash/(debt) 4,070 (7,649) (7,649)
---------------------------------------- -------------- ------------- --------------
Closing net cash/(debt) 3,711 (7,758) 4,070
---------------------------------------- -------------- ------------- --------------
10. Copies of Interim Report
A copy of this interim report can be viewed on the Group's
website: www.armourgroup.uk.com and will be made available upon
request at the Company's Registered Office, Suite 25, 6-8 Revenge
Road, Lordswood, Chatham, Kent, ME5 8UD.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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