Half Yearly Report
10 Décembre 2009 - 8:00AM
UK Regulatory
TIDMAPG
RNS Number : 8784D
Airsprung Furniture Group PLC
10 December 2009
Airsprung Furniture Group PLC
Interim Report and Accounts September 2009
Chairman's statement
The Group continued its recovery from the depressed performance of 2008. Revenue
for the six months ended 30 September 2009 rose to GBP23.1 million, a 9%
increase on the previous year's comparable period. Profit before tax was
GBP473,000 compared with a prior year loss of GBP721,000 and representing a
favourable earnings swing of GBP1.2 million. The cash position at GBP2.0 million
continued to be positive and showed an improvement of GBP0.5 million on the
March 2009 year-end figure.
The Group's pension scheme liability was re-valued as at the period end and
showed an increase in the deficit from GBP2.0 million as at 31 March 2009 to
GBP3.6 million, reflecting unfavourable movements in AA-rated corporate bond
yields. The profit and loss account recognises a pension charge of GBP40,000
compared with an income of GBP87,000 for the same period last year.
The attributable profits for the past two half-year periods provide solid cover
for the Group's resumption of dividend payments, which commenced this autumn.
The board now intends, subject to the availability of distributable reserves and
in the absence of unforeseen circumstances, to recommend a single dividend each
year for approval by shareholders at the Annual General Meeting.
The trading environment for the rest of the year is unpredictable, particularly
as regards the Christmas and New Year period, and the impact on consumer
spending of higher rates of VAT and possible rises in unemployment. Input prices
of steel wire and petrochemical foam have hardened over recent months and may
continue to do so.
Airsprung is, however, well positioned in the marketplace, supplying a
relatively stable and strong component of the retail sector. The directors look
forward to the Group continuing its progress in the second half-year.
Stuart Lyons CBE
Chairman
10 December 2009
For further information please contact:
+--------------------------------------------+--------------------------------------------+
| Airsprung Furniture Group PLC | |
+--------------------------------------------+--------------------------------------------+
| Tony Lisanti, Chief Executive | 01225 779114 |
+--------------------------------------------+--------------------------------------------+
| | |
+--------------------------------------------+--------------------------------------------+
| Smith & Williamson Corporate Finance | |
| Limited | |
+--------------------------------------------+--------------------------------------------+
| Azhic Basirov | 0207 131 4000 |
+--------------------------------------------+--------------------------------------------+
| Barrie Newton | 0207 131 4000 |
+--------------------------------------------+--------------------------------------------+
Consolidated income statement
Unaudited
+---------------------------------------------+-------+----------+----------+----------+
| | Notes | 6 | 6 | 12 |
| | | months | months | months |
| | | to | to | to |
| | | 30.09.09 | 30.09.08 | 31.03.09 |
| | | GBP000 | GBP000 | GBP000 |
+---------------------------------------------+-------+----------+----------+----------+
| Revenue | | 23,101 | 21,175 | 42,812 |
| | | | | |
+---------------------------------------------+-------+----------+----------+----------+
| Operating costs | | (22,570) | (21,935) | (43,340) |
| | | | | |
+---------------------------------------------+-------+----------+----------+----------+
| Operating profit/(loss) before financing | | 531 | (760) | (528) |
| | | | | |
+---------------------------------------------+-------+----------+----------+----------+
| Finance income | 3 | - | 87 | 188 |
| | | | | |
+---------------------------------------------+-------+----------+----------+----------+
| Finance costs | 3 | (58) | (48) | (77) |
| | | | | |
+---------------------------------------------+-------+----------+----------+----------+
| Profit/(loss) before tax | | 473 | (721) | (417) |
| | | | | |
+---------------------------------------------+-------+----------+----------+----------+
| Income tax | | (156) | (78) | (90) |
| | | | | |
+---------------------------------------------+-------+----------+----------+----------+
| Profit/(loss) attributable to equity | | 317 | (799) | (507) |
| holders of the parent | | | | |
| | | | | |
+---------------------------------------------+-------+----------+----------+----------+
| Basic earnings/(loss) per share | 4 | 1.3p | (3.3p) | (2.1p) |
| | | | | |
+---------------------------------------------+-------+----------+----------+----------+
| Diluted earnings/(loss) per share | 4 | 1.2p | (3.1p) | (2.1p) |
| | | | | |
+---------------------------------------------+-------+----------+----------+----------+
Consolidated statement of comprehensive income
Unaudited
+---------------------------------------------------+----------+----------+----------+
| | 6 | 6 | 12 |
| | months | months | months |
| | to | to | to |
| | 30.09.09 | 30.09.08 | 31.03.09 |
| | GBP000 | GBP000 | GBP000 |
+---------------------------------------------------+----------+----------+----------+
| Profit/(loss) for the period | 317 | (799) | (507) |
| | | | |
+---------------------------------------------------+----------+----------+----------+
| Actuarial (loss)/gain on defined benefit pension | (1,760) | 933 | 362 |
| scheme | | | |
| | | | |
+---------------------------------------------------+----------+----------+----------+
| Total comprehensive (expense)/income for the | (1,443) | 134 | (145) |
| period attributable to equity shareholders | | | |
| | | | |
+---------------------------------------------------+----------+----------+----------+
All the above figures relate to continuing operations.
Consolidated balance sheet
Unaudited
+---------------------------------------------------+----------+----------+----------+
| | | 30.09.08 | 31.03.09 |
| | 30.09.09 | GBP000 | GBP000 |
| | GBP000 | | |
| | | | |
+---------------------------------------------------+----------+----------+----------+
| Intangible assets | 253 | - | - |
| | | | |
+---------------------------------------------------+----------+----------+----------+
| Property, plant and equipment | 7,953 | 8,515 | 8,232 |
| | | | |
+---------------------------------------------------+----------+----------+----------+
| Deferred tax | 332 | 500 | 488 |
| | | | |
+---------------------------------------------------+----------+----------+----------+
| Total non-current assets | 8,538 | 9,015 | 8,720 |
| | | | |
+---------------------------------------------------+----------+----------+----------+
| Inventories | 3,033 | 3,699 | 3,157 |
| | | | |
+---------------------------------------------------+----------+----------+----------+
| Trade and other receivables | 7,229 | 6,272 | 6,736 |
| | | | |
+---------------------------------------------------+----------+----------+----------+
| Cash and cash equivalents | 1,997 | 1,093 | 1,469 |
| | | | |
+---------------------------------------------------+----------+----------+----------+
| Total current assets | 12,259 | 11,064 | 11,362 |
| | | | |
+---------------------------------------------------+----------+----------+----------+
| Total assets | 20,797 | 20,079 | 20,082 |
| | | | |
+---------------------------------------------------+----------+----------+----------+
| Called up share capital | 2,389 | 2,389 | 2,389 |
| | | | |
+---------------------------------------------------+----------+----------+----------+
| Share premium account | 2,348 | 2,348 | 2,348 |
| | | | |
+---------------------------------------------------+----------+----------+----------+
| Reserves | 3,066 | 2,409 | 3,065 |
| | | | |
+---------------------------------------------------+----------+----------+----------+
| Retained earnings | 2,058 | 4,435 | 3,501 |
| | | | |
+---------------------------------------------------+----------+----------+----------+
| Total equity | 9,861 | 11,581 | 11,303 |
| | | | |
+---------------------------------------------------+----------+----------+----------+
| Trade and other payables | 146 | - | - |
| | | | |
+---------------------------------------------------+----------+----------+----------+
| Financial liabilities | 282 | 123 | 435 |
| | | | |
+---------------------------------------------------+----------+----------+----------+
| Pension scheme deficit | 3,652 | 1,732 | 2,027 |
| | | | |
+---------------------------------------------------+----------+----------+----------+
| Total non-current liabilities | 4,080 | 1,855 | 2,462 |
| | | | |
+---------------------------------------------------+----------+----------+----------+
| Trade and other payables | 6,584 | 5,947 | 6,042 |
| | | | |
+---------------------------------------------------+----------+----------+----------+
| Financial liabilities | 272 | 41 | 275 |
| | | | |
+---------------------------------------------------+----------+----------+----------+
| Shares classed as financial liabilities | - | 655 | - |
| | | | |
+---------------------------------------------------+----------+----------+----------+
| Total current liabilities | 6,856 | 6,643 | 6,317 |
| | | | |
+---------------------------------------------------+----------+----------+----------+
| Total liabilities | 10,936 | 8,498 | 8,779 |
| | | | |
+---------------------------------------------------+----------+----------+----------+
| Total equity and liabilities | 20,797 | 20,079 | 20,082 |
| | | | |
+---------------------------------------------------+----------+----------+----------+
Consolidated cash flow statement
Unaudited
+---------------------------------------------------+----------+----------+----------+
| | 6 | 6 | 12 |
| | months | months | months |
| | to | to | to |
| | 30.09.09 | 30.09.08 | 31.03.09 |
| | GBP000 | GBP000 | GBP000 |
+---------------------------------------------------+----------+----------+----------+
| Profit/(loss) before tax | 473 | (721) | (417) |
| | | | |
+---------------------------------------------------+----------+----------+----------+
| Adjustments for: | | | |
| | | | |
+---------------------------------------------------+----------+----------+----------+
| Depreciation | 335 | 324 | 634 |
| | | | |
+---------------------------------------------------+----------+----------+----------+
| Amortisation | 17 | - | - |
| | | | |
+---------------------------------------------------+----------+----------+----------+
| Interest expense /(income) | 58 | (39) | (111) |
| | | | |
+---------------------------------------------------+----------+----------+----------+
| Contributions to defined benefit pension scheme | (175) | (175) | (350) |
| | | | |
+---------------------------------------------------+----------+----------+----------+
| Charge for share based payments | 1 | 10 | 11 |
| | | | |
+---------------------------------------------------+----------+----------+----------+
| Operating cash flows before movements in working | 709 | (601) | (233) |
| capital | | | |
| | | | |
+---------------------------------------------------+----------+----------+----------+
| Decrease in inventories | 124 | 650 | 1,192 |
| | | | |
+---------------------------------------------------+----------+----------+----------+
| (Increase)/decrease in receivables | (493) | 1,451 | 987 |
| | | | |
+---------------------------------------------------+----------+----------+----------+
| Increase/(decrease) in payables | 439 | (1,923) | (1,813) |
| | | | |
+---------------------------------------------------+----------+----------+----------+
| Cash generated from operations | 779 | (423) | 133 |
| | | | |
+---------------------------------------------------+----------+----------+----------+
| Non equity dividends | - | (33) | (56) |
| | | | |
+---------------------------------------------------+----------+----------+----------+
| Interest paid | (18) | (15) | (36) |
| | | | |
+---------------------------------------------------+----------+----------+----------+
| Net cash from operating activities | 761 | (471) | 41 |
| | | | |
+---------------------------------------------------+----------+----------+----------+
| Investing activities | | | |
| | | | |
+---------------------------------------------------+----------+----------+----------+
| Acquisition | (51) | - | - |
| | | | |
+---------------------------------------------------+----------+----------+----------+
| Purchase of property, plant and equipment | (26) | (85) | (112) |
| | | | |
+---------------------------------------------------+----------+----------+----------+
| Net cash outflow from investing activities | (77) | (85) | (112) |
| | | | |
+---------------------------------------------------+----------+----------+----------+
| Financing activities | | | |
| | | | |
+---------------------------------------------------+----------+----------+----------+
| Increase in borrowing | - | - | 674 |
| | | | |
+---------------------------------------------------+----------+----------+----------+
| Redemption of Preference shares | - | - | (655) |
| | | | |
+---------------------------------------------------+----------+----------+----------+
| Repayment of loan | (132) | - | (112) |
| | | | |
+---------------------------------------------------+----------+----------+----------+
| Payment of finance lease liabilities | (24) | (23) | (39) |
| | | | |
+---------------------------------------------------+----------+----------+----------+
| Net cash outflow from financing activities | (156) | (23) | (132) |
| | | | |
+---------------------------------------------------+----------+----------+----------+
| Net increase/(decrease) in cash and cash | 528 | (579) | (203) |
| equivalents | | | |
| | | | |
+---------------------------------------------------+----------+----------+----------+
| Cash and cash equivalents at beginning of period | 1,469 | 1,672 | 1,672 |
| | | | |
+---------------------------------------------------+----------+----------+----------+
| Cash and cash equivalents at end of period | 1,997 | 1,093 | 1,469 |
| | | | |
+---------------------------------------------------+----------+----------+----------+
Notes to the financial statements
1. Basis of preparation
The financial information has been prepared using the accounting policies
set out in the Annual Report and Accounts 2009.
The interim financial information has not been audited and does not
constitute statutory accounts within the meaning of Section 240 of the Companies
Act 1985. The Group's statutory accounts for the year ended 31 March 2009,
prepared in accordance with International Financial Reporting Standards (IFRSs)
as adopted by the European Union and also in accordance with the IFRSs as issued
by the International Accounts Standards Board, have been delivered to the
Registrar of Companies; the report of the Auditors on these accounts was
unqualified and did not contain a statement under Section 237 (2) or (3) of the
Companies Act 1985.
2. Acquisition
On 17 April 2009 the Group acquired the business and certain assets of
Hush-a-Bye Limited for a consideration of GBP300,000 comprising an initial
payment of GBP30,000 and a deferred payment of GBP270,000.
The Group acquired plant and equipment with a fair value of GBP30,000 and
other intangible assets valued at GBP170,000. The remaining consideration is
classified as goodwill.
3. Finance costs
+--------------------------------------+----+----------+----------+----------+
| | | 6 | 6 | 12 |
| | | months | months | months |
| | | to | to | to |
| | | 30.09.09 | 30.09.08 | 31.03.09 |
| | | GBP000 | GBP000 | GBP000 |
+--------------------------------------+----+----------+----------+----------+
| Interest paid | | (18) | (15) | (36) |
| | | | | |
+--------------------------------------+----+----------+----------+----------+
| Finance charge on shares classed as | | - | (33) | (41) |
| financial liabilities | | | | |
| | | | | |
+--------------------------------------+----+----------+----------+----------+
| Interest credit on pension scheme | | (40) | 87 | 188 |
| liability | | | | |
| | | | | |
+--------------------------------------+----+----------+----------+----------+
| | | (58) | 39 | 111 |
| | | | | |
+--------------------------------------+----+----------+----------+----------+
4. Earnings per share
The earnings per share are calculated on profit after tax of GBP317,000
(2008 loss: GBP799,000) and the weighted average number of ordinary shares of
23,888,698 (2008: 23,888,698) in issue during the period. The share options in
existence during the six months ended 30 September 2009 have a dilutive effect.
The diluted earnings per share are calculated on profit after tax of GBP317,000
(2008 loss: GBP799,000) and the weighted average number of ordinary shares in
issue adjusted to assume conversion of all dilutive potential ordinary shares
which is 25,648,698 (2008: 25,482,031).
This information is provided by RNS
The company news service from the London Stock Exchange
END
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