Interim Results
26 Juin 2007 - 7:23PM
UK Regulatory
RNS Number:0769Z
Crystalband PLC
26 June 2007
CRYSTALBAND PLC
("Crystalband" or the "Company")
INTERIM RESULTS
FOR THE SIX MONTHS' PERIOD ENDED 31 MARCH 2007
Chairman's Statement
The first half of this current financial year saw the implementation of the
management changes we had proposed in my Chairman's statement accompanying the
results for the year ended 30 September 2006.
I am pleased to report that, despite the significant operational changes
implemented at the start of the period, turnover for the six months' period
ended 31 March 2007 amounted to #2,813,201, an increase of #717,201 on the same
period last year.
Disappointingly however, I have to report that despite the increase in turnover
further losses have been made during this period with the losses on ordinary
activities before taxation amounting to #318,853. However, #191,684 of the
costs incurred in the period are a direct result of the previous operational
inefficiencies and, encouragingly, the last 2 months of the period saw the
company move into profitability on a month by month basis which has continued
into the current trading period.
Given the losses sustained in the year the board does not recommend the payment
of a dividend
We believe the management changes implemented in November 2006 are now starting
to flow through into the Company's financial results and we also believe the
business is now in a position to expand in a controlled and manageable manner.
We have continued to develop our relationships with key customers and I am
delighted to report that we have been included in further local authority
contracts and have begun to develop trading relationships with a number of other
key customers. This is very pleasing and I believe has resulted directly from
the changes that were implemented at the beginning of this period.
In summary, the period has again been a challenging one, particularly in the
first 4 months of the period under review, but I believe we now have a solid
foundation for the future and have a team in place to deliver good operational
and financial performance in the remainder of this financial year.
Alan Rothwell
Chairman
26 June 2007
Consolidated Profit and Loss Account
6 months to 6 months to Year end
31.03.07 31.03.06 30.09.06
Unaudited Unaudited Audited
Notes #'000 #'000 #'000
Turnover 2,813 2,096 5,035
Cost of sales (2,116) (1,416) (3,731)
Gross Profit 697 680 1,304
Administrative expenses (944) (926) (1,899)
Other operating income - 31 3
Operating Loss (247) (215) (592)
Exceptional item - restructuring costs - (5) -
Interest receivable 11 - 73
Interest payable and similar charges (83) (23) (135)
Loss on Ordinary Activities Before Taxation (319) (243) (654)
Tax on loss on ordinary activities - - -
Loss for the Financial Year/Period (319) (243) (654)
Loss per ordinary share (pence) (1.1)p (0.87)p (2.3)p
Consolidated Balance Sheet
6 months to 6 months to Year to
31.03.07 31.03.06 30.09.06
Unaudited Unaudited Audited
Notes #'000 #'000 #'000
Fixed Assets
Intangible assets 3 2,814 2,975 2,894
Tangible assets 4 514 603 535
3,328 3,578 3,429
Current Assets
Stocks 208 181 252
Debtors 5 1,135 810 1,368
Short term deposits - 1,600 1,600
Cash in hand 96 - 1
1,439 2,591 3,221
Creditors: Amounts falling due within one year
6 (4,220) (4,813) (5,771)
Net Current Liabilities (2,781) (2,222) (2,550)
Total Assets Less Current Liabilities 547 1,356 879
Creditors: Amounts falling due after more than
one year
7 (86) (165) (99)
461 1,191 780
Capital and Reserves
Called-up equity share capital 139 139 139
Share premium account 2,769 2,769 2,769
Profit and loss account (2,447) (1,717) (2,128)
Shareholders' Funds 461 1,191 780
Consolidated Cash Flow Statement
6 months to 6 months to Year end
31.03.07 31.03.06 30.09.06
Unaudited Unaudited Audited
#'000 #'000 #'000
Net Cash Inflow from Operating Activities 89 154 107
Returns on Investments and Servicing of Finance
Interest received 10 - 73
Interest paid (64) (9) (121)
Interest element of hire purchase (19) (2) (14)
Net Cash (Outflow) from Returns on Investments & Servicing (73) (11) (62)
of Finance
Capital Expenditure
Payments to acquire tangible fixed assets (14) (326) (121)
Receipts from sale of fixed assets - - 29
Net Cash (Outflow) from Capital Expenditure (14) (326) (92)
Cash Inflow/(Outflow) Before Financing 2 (183) (47)
Financing
Proceeds from new short term loans 250 - -
Principal payment on hire purchase agreements (39) (11) (55)
Net Cash Inflow/(Outflow) from Financing 211 (11) (55)
Increase/(Decrease) in Cash 213 (194) (102)
RECONCILIATION OF OPERATING LOSS TO NET CASH INFLOW/(OUTFLOW) FROM OPERATING
ACTIVITIES
#'000 #'000 #'000
Operating loss (247) (215) (592)
Exceptional costs - (5) -
Amortisation 80 42 161
Depreciation 36 80 71
Loss on disposal of fixed assets - - 5
Decrease in stocks 44 110 38
Decrease/(Increase) in debtors 1,833 125 (432)
(Decrease)/Increase in creditors (1,657) 17 856
Net Cash Inflow from Operating Activities 89 154 107
1 ACCOUNTING POLICIES
Basis of preparation
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 LOSS PER SHARE
Loss per share has been calculated on the net basis on the loss on ordinary
activities after taxation of dividend by the average number of ordinary shares
in issue of 27,866,401 (2006: 27,866,401).
3 INTANGIBLE FIXED ASSETS
Cost Goodwill
#'000
At 30 September 2006 and 31 March 2007 3,216
Amortisation
At 30 September 2006 322
Charge for the period 80
At 30 September 2006 402
Net Book Value
At 31 March 2007 2,814
At 30 September 2006 2,894
4 TANGIBLE FIXED ASSETS Plant & Fixtures & Motor
Machinery Fittings Vehicles Total
Group #'000 #'000 #'000 #'000
At 30 September 2006 606 6 21 633
Additions 13 2 - 15
Disposals - - - -
At 31 March 2007 619 8 21 648
Depreciation
At 30 September 2005 82 3 13 98
Charge for the period 31 2 3 36
On disposals - - - -
At 31 March 2007 113 5 16 134
Net Book Value
At 31 March 2007 506 3 5 514
At 30 September 2006 524 3 8 535
6 months to 6 months to Year end
31.03.07 31.03.06 30.09.06
Unaudited Unaudited Audited
#'000 #'000 #'000
5 DEBTORS
Trade debtors 978 737 1,193
VAT recoverable 5 - 5
Prepayments & accrued income 152 73 170
1,135 810 1,368
6 CREDITORS: Amounts falling due within one year
Bank loans and overdrafts - 218 117
Trade creditors 749 618 1,063
Other tax and social security payable 491 222 240
Hire purchase agreements 86 90 111
Other creditors 2,832 3,557 4,119
Accruals & deferred income 62 108 121
4,220 4,813 5,771
7 CREDITORS: Amounts due after more than one year
Hire purchase agreements 86 165 99
8 SHARE CAPITAL
Authorised share capital: 31.3.2007 30.09.2006
#'000 #'000
31,000,000 Ordinary shares of #0.005 each 155 155
Allotted, called up and fully paid 31.3.2007 30.09.2006
Number # Number #
Ordinary shares of #0.005 each 27,886,401 139,432 27,886,401 139,432
9 RESERVES
Share
Premium P & L
Account Account
# #'000
Balance brought forward 2,769 (2,128)
Loss for the year - (319)
Balance carried forward 2,769 (2,447)
This information is provided by RNS
The company news service from the London Stock Exchange
END
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