Interim Results - Replacement
30 Juin 2005 - 3:11PM
UK Regulatory
RNS Number:2861O
Crystalband PLC
30 June 2005
This announcement replaces the interim results announcement which was released
today at 8.40 a.m. under the RNS number 25890.
There is a change of text in the second paragraph of the Chairman's statement.
The full amended text appears below.
Crystalband PLC
Unaudited Interim Financial Statements
For the Six Months Ended 31 March 2005
Crystalband PLC ("the Company or Crystalband")
Unaudited Interim Results for the Six Months Ended 31 March 2005
Chairman's Statement
The Company acquired the entire issued share capital of Frame 1 (2004) Limited
on 16 November 2004 and in the period under review, which is the Company's first
since admission to Aim in February 2005, Group turnover was #1.1 million
producing a loss before taxation of #0.6 million.
A tremendous amount of operational rationalisation has been achieved in this six
month period. Principally, the customer base has been transformed from low
margin, low visibility and highly working capital intensive 'DIY sheds', to a
higher visibility, long term social housing contract, worth in excess of #1
million p.a. in turnover, which is supplemented with an ever growing higher
margin trade customer business.
There has also been rationalisation of the cost base, principally manufacturing
headcount reductions with associated redundancy costs. Rationalisation of the
cost base will continue into the second half of the year, with further
reductions in distribution and administration costs expected to deliver
annualised savings of #0.4m at minimal cost. Now that a significant amount of
rationalisation is complete, this has negated the need for a full time Finance
Director and accordingly Stephen Collins will move to a part time position with
immediate effect.
Investment in new machinery is ongoing and the Schirma flow line, for which #0.5
million was raised via a placing in April 2005, is due to be installed before
the end of the summer which should further enhance product quality and
operational efficiency.
With the further recent placing, a growing higher margin customer base and the
benefits of the above changes now starting to come through the Directors look
forward to the remainder of the year with confidence. The Company is expecting
to be generating cash at the operational level before the end of the financial
year in September.
Gavin Johnson
30 June 2005
Crystalband PLC
Group Profit and Loss Account
Six Months ended 31 March 2005
Unaudited
6 months to
31 Mar '05
Note #'000
Turnover 1,108
Cost of sales (800)
Gross Profit 308
Administrative expenses (945)
Other operating income 47
Operating Loss (590)
Exceptionals (68)
Disposal of fixed assets 22
Interest receivable 5
Loss on Ordinary Activities Before Taxation (631)
Tax on ordinary activities 0
Retained Loss (631)
Earnings per share (pence) 2. (3.87)p
Adjusted earnings per share (pence) 2. (3.54)p
Crystalband PLC
Group Balance Sheet
As at 31 March 2005
Unaudited
As at
31 Mar '05
Note #'000 #'000
Fixed Assets
Intangible 4. 3,166
Tangible 5. 507
3,673
Current Assets
Stock 163
Debtors 6. 2,071
Cash at bank and in hand 13
2,247
Creditors: Amounts Falling Due Within One Year 7. (2,277)
Net Current Assets (30)
Total Assets Less Current Liabilities 3,643
Creditors: Amounts Falling Due After More Than One Year 8. (1,969)
Net Assets 1,674
Capital and Reserves
Share capital 9. 112
Share premium 10. 2,193
Profit and loss account (631)
Shareholders Funds 1,674
Crystalband PLC
Group Cash Flow Statement
Six Months ended 31 March 2005
Unaudited
6 months to
31 Mar '05
#'000 #'000
Net Cash Outflow from Operating Activities (163)
Capital Expenditure
Purchase of fixed assets (78)
Net Cash Outflow from Capital Expenditure (78)
Acquisition
Share capital (660)
Loan notes (3,200)
Costs of acquisition (415)
Cash acquired with subsidiary 186
Net Cash Outflow from Acquisition (4,089)
Returns on Investment and Servicing Finance
Interest received 5
Net Cash Inflow from Returns on Investments 5
Cash Outflow Before Financing (4,325)
Financing
Loan notes 1,600
Capital element of finance lease payments 18
Issue of shares 48
Share premium on issue of shares 2,672
Net Cash Inflow from Financing 4,338
Increase in Cash 13
Reconciliation of Operating Profit to Net Cash Outflow from Operating Activities
Operating profit (590)
Exceptionals (68)
Depreciation 22
Amortisation of goodwill 54
Stock decrease 130
Debtors decrease 184
Creditors Increase 105
Net Cash Outflow from Operating Activities (163)
Crystalband PLC
Notes to the Interim Financial Statements
Six Months ended 31 March 2005
1. The unaudited results for the six month period have been prepared on a basis consistent
With the accounting policies of the Group and do not constitute statutory accounts within
the meaning of section 240 of the Companies Act 1985.
2. The calculation of the basic earnings per share for the period is based on the profit after
taxation divided by the average number of ordinary shares in issue, being 16,283,946.
The calculation of the adjusted earnings per share for the period is based on the profit
after taxation excluding goodwill amortisation divided by the average number of ordinary
shares in issue, being 16,283,946.
3. The Group commenced trading on 16 November 2004 and therefore no comparative figures
exist for the corresponding period in the preceding financial period.
4. Intangible Fixed Assets
Goodwill
#'000
Addition 3,220
Amortisation (54)
Net book value 3,166
5. Tangible Fixed Assets
Plant and Machinery
#'000
Cost 451
Additions 78
Depreciation (22)
Net book value 507
6. Debtors
#'000
Trade debtors 364
Other debtors 1,707
2,071
7. Creditors: Amounts Falling Due Within One Year
#'000
Trade creditors 394
Other taxation and social 63
security
HP creditors 6
Other creditors 1,814
2,277
8. Creditors: Amounts Falling Due After More Than One Year
#'000
HP creditors 12
Loan notes 1,600
External loans 357
1,969
9. Share Capital
Authorised #
25,000,000 ordinary shares of 0.5p each 125,000
Allotted and Called Up #
22,469,734 ordinary shares of 0.5p each 112,349
10. Share Premium
#
Arising on issue of shares 2,671,733
Bonus Issue (64,080)
Costs of issue of shares (414,464)
2,193,189
This information is provided by RNS
The company news service from the London Stock Exchange
END
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