TIDMRGD
RNS Number : 0678J
Real Good Food Company Plc (The)
24 March 2010
The Real Good Food Company plc (AIM: RGD)
Preliminary Results for the year ended 31 December 2009
The Real Good Food Company plc ("the Group"), owns the largest independent
non-refining distributor of sugar in Europe (Napier Brown) and is a supplier of
bakery ingredients and a manufacturer of sweet bakery products for a range of
major retail customers.
Highlights
Ø Significantly improved operating performance in Bakery Ingredients and Bakery
Ø Total group sales down 1% to GBP215.6m (2008: GBP218.7m)
Ø Profit before taxation and significant items of GBP2.15m (2008: GBP0.9m)
Ø Earnings per share (basic and diluted) of 1.3p (2008: loss per share of 1.7p)
Ø Net cash from operating activities GBP8.6m versus GBP3.1 deficit in 2008
Ø Substantial reduction in Net Debt to GBP24.1m from GBP31.4m last year
Ø Substantial reduction in net bank borrowings to GBP20.9m (2008: GBP27.9m)
Pieter Totté, Chairman of The Real Good Food Company plc, comments:
"The Group is better placed than ever to plan for growth and improved
profitability. Since the restructuring, our various business units are organised
in such a way that there is clear accountability and performance visibility,
which gives management a much better view of how to structure their growth
plans. This, together with the prospect of a stabilisation of the EU sugar
market, means that I look forward to coming year with considerable confidence."
24 March 2010
ENQUIRIES:
+---------------------------------------+------------------------+
| The Real Good Food Company plc | Tel: 0151 706 8200 |
+---------------------------------------+------------------------+
| Pieter Totté, Chairman | |
+---------------------------------------+------------------------+
| Mike McDonough, Group Finance | |
| Director | |
+---------------------------------------+------------------------+
| | |
+---------------------------------------+------------------------+
| Shore Capital | Tel: 020 7408 4090 |
+---------------------------------------+------------------------+
| Guy Peters | |
| Stephane Auton | |
+---------------------------------------+------------------------+
| | |
+---------------------------------------+------------------------+
| College Hill | Tel: 020 7457 2020 |
+---------------------------------------+------------------------+
| Gareth David | |
+---------------------------------------+------------------------+
CHAIRMAN'S STATEMENT & REVIEW OF OPERATIONS
Results
The past year has been one of great change at The Real Good Food Company, as our
new management team has tackled a range of operational and financial issues. In
this, my first annual results announcement since taking an executive role last
November, I am therefore pleased to be able to report that we have made
considerable strides towards achieving our strategic goals.
We have made significant progress over the past year in improving operational
efficiencies, driving sales growth and reducing bank borrowings. This has
enabled us to achieve an increase in profit before tax from GBP0.9m to GBP2.15m,
and also enabled us to substantially cut our bank borrowings from GBP27.8m to
GBP20.9m at the year end.
Total group sales were down slightly at GBP215.6m (2008: GBP218.7m), due
principally to the weak market for bulk sugar sales in the period leading up to
the final phase of EU Sugar Regime changes. By contrast to the picture in bulk
sugar however, we achieved improved sales in retail and specialist sugars, and
in our bakery ingredients business, Renshaw, and bakery division, Hayden's.
Key features of the past year were a significant increase during the second half
in sugar sales to small industrial customers, followed by the launch of a new
Whitworths 25kg Pure Cane Sugar in January 2010, with further investment in
flexibility of pack format planned this year to promote medium term growth. The
business also continues to develop its added value sugars, sourcing a range of
specialist, organic and fair trade products for both retail and industrial
customers.
Within our bakery ingredients business, we benefited from a resurgence of home
baking and crafting, which drove growth in export as well as domestic markets,
helping the ingredients business successfully recover and mitigating key
commodity cost increases. A company-wide Innovations team has been established
to increase focus on research to understand consumers and to drive investment in
product development and innovation.
At Hayden's, our bakery division, we achieved significant growth in sales to all
three of our major customers - Marks & Spencer, Waitrose and Costa Coffee.
Overall sales increased by 15%, with double-digit growth achieved at all major
customers. In addition, food service sales, which only started in 2008, grew
steadily and now account for almost 10% of total revenues.
Sugar (Napier Brown)
Napier Brown Foods supplies a range of sugar and dry ingredients to food
manufacturers and packs sugar for retail grocery and foodservice customers from
its facilities at Normanton, near Leeds. A second unit at Thornbury, near
Bristol, supplies a range of dairy powders, blends, and specialist ingredients,
in addition to sugars to the ice cream and bakery industries.
+--------------------+----------+----------+
| | Year | Year |
| | ended | ended |
| | 31 | 31 |
| | December | December |
| | 2009 | 2008 |
| | GBP'000s | GBP'000s |
+--------------------+----------+----------+
| | | |
+--------------------+----------+----------+
| Revenue¹ | 168,034 | 176,694 |
+--------------------+----------+----------+
| EBITDA | 3,304 | 4,209 |
+--------------------+----------+----------+
| Operating profit² | 2,737 | 3,616 |
+--------------------+----------+----------+
| Operating profit % | 1.6 | 2.0 |
+--------------------+----------+----------+
¹ Including inter-company trading.
² Normalised operating profit before significant items and central costs.
Sugar regime changes set by Brussels have dominated the last three years'
results within the industry. We have, under very difficult trading circumstances
and with margins under pressure, maintained our market share in most sectors.
Retail, and our trading company in Thornbury have both delivered volume growth;
retail volume was up 5% year on year, whilst the market was in decline by 6%,
while sugar volumes at Thornbury in the second half of the year were up 45%
year-on-year.
A new General Manager for Thornbury has been appointed and started on 1st March
with a brief to build on the success of this business unit, further developing
the product and service offering as well as looking for logistics efficiencies.
I expect 2010 to be a year where the sugar industry in Europe will start to
stabilise though, while the market in Europe is now in balance, there remain
uncertainties in the market place that have to be resolved. The volatile market
globally has seen world prices double in 2009, which will have an effect on the
European market as well, and one can imagine both price rises and potentially
shortages with some of the suppliers.
For 2010, we expect margins on the whole still to be under pressure with some
potential for recovery towards the last quarter. We have adapted our supply
strategy accordingly and have secured new sources, which have been in operation
since last summer. I see 2010 as a year of transition to a more stable market
towards the end of this year and into 2011.
Napier Brown - Overview
Napier Brown has focused on widening its sources of supply following changes in
the structure of the EU sugar regime and the emergence of a more balanced
market. Alternative cane and beet sugars have been successfully sourced,
researched and trialled and this will strengthen the business' market position
going forward.
Developing the Whitworths brand
Retail sales hit record levels as a result of investment in new packs and pack
formats. The Whitworths retail sugar brand has been refreshed and updated
together with new colour coded packaging highlighting specific sugars, their
benefits and uses. A Whitworths 25kg cane granulated pack was launched for food
service customers following increased demand for cane sugars. The business is
also seeing growth in the demand for specialist sugars amongst small industrial
customers.
Buying capabilities
The company values its independence and this has been strengthened during the
year by importing more cane and beet sugar involving the use of a new dedicated
container system. This new process complements traditional routes to market and
gives the company a competitive advantage in customer service.
Looking forward
With its multiple supply sources, the business is well positioned for growth
following the completion of the changes in the EU sugar regime. The business has
segmented its operation into four sectors, all of which now receive focused
management: bulk, industrial bags, retail and Thornbury. Investment in new sales
resource, systems and customer service are already paying dividends.
Bakery Ingredients (Renshaw)
Renshaw supplies a range of high quality food ingredients primarily to the
bakery sector, comprising craft bakers and major cake manufacturers and also to
grocery retailers. It operates two facilities, one in Liverpool and the other in
Carluke, south-east of Glasgow.
+----------------------+-----------+----------+
| | Year | Year |
| | ended | ended |
| | 31 | 31 |
| | December | December |
| | 2009 | 2008 |
| | GBP'000s | GBP'000s |
+----------------------+-----------+----------+
| | | |
+----------------------+-----------+----------+
| Revenue¹ | 37,785 | 35,000 |
+----------------------+-----------+----------+
| EBITDA | 3,260 | 2,529 |
+----------------------+-----------+----------+
| Operating profit² | 2,493 | 1,824 |
+----------------------+-----------+----------+
| Operating profit % | 6.6 | 5.2 |
+----------------------+-----------+----------+
¹ Including inter-company trading.
² Normalised operating profit before significant items and central costs.
The Renshaw division of Renshawnapier produces a wide range of high quality
ingredients and products, primarily for the bakery sector both in the UK and
abroad; comprising craft bakers, major food manufacturers and the UK's leading
retailers. Renshaw has a heritage stretching back over 100 years and the Renshaw
brand occupies a unique place in the bakery trade with its reassurance of
quality and consistency. It operates out of two facilities, one in Liverpool and
the other in Carluke, Scotland.
The Carluke site has both expertise and heritage in producing quality jams and
preserves under the Scotts brand, being a particular favourite in the Canadian
and American markets. Carluke also produces premium, chocolate flavoured
coatings supplied to many different market sectors. The Liverpool site is the
leading producer of both sugarpaste and marzipan in the UK, under the Renshaw
brand. Caramel, sauces, frostings and mallows are also produced here under
expert guidance of specialist teams. The products and brands provide reliable
solutions for customers and are constantly being developed to provide
inspiration and innovation.
2009 saw a resurgence of home baking and crafting driving growth in both export
and domestic markets. This trend is set to continue in 2010 and the business
will develop its core categories further to capitalise on this.
Bakery Ingredients - Overview
Renshaw performed well above expectations in 2009. The main drivers being
increases in volume and market share in both our export and domestic markets
stimulated by a growing trend in home baking and crafting. Margin improvements
were made in core categories through increases in efficiency and continued
mitigation and recovery of raw material increases. Christmas 2009 was our
busiest ever with increasing demand right up to the end of the year, fulfilled
through both the dedication and flexibility of our skilled operations team and
investment in new plant earlier in the year, enabling us to maintain high levels
of service.
Innovation
During 2009 a companywide Innovations team was established to increase both
focus on research, in order to understand our consumers better and to drive
investment in product development and innovation. We launched a number of
innovative workshops demonstrating new applications and techniques for using our
products and provided category insights to help our customers maximise their
potential markets. As a result of these initiatives we have a number of new and
unique products under development for launch in 2010 which will add further
value to the business.
Looking forward
The strategy going forward is to build on the last 12 months growth through the
heritage and strength of the Renshaw brand. In 2010 we will be investing in our
core brands and driving innovation to initiate a number of new branded product
opportunities.
We will also continue to work with key customers on bespoke product
developments, continually searching for innovative ingredients and developing
new and exciting ways of presenting finished products helping customers to
deliver a point of difference and achieve the most cost effective and efficient
solutions to their needs.
We are investing in additional resource focussed on category management, product
development, customer service and operational excellence to develop new and
existing products and markets that will contribute to our three year growth
plan.
Bakery Division (Hayden's Bakeries)
Hayden's Bakeries produces chilled and ambient premium patisserie and dessert
products to retail grocery customers. It operates from a site in Devizes,
Wiltshire.
+----------------------+-----------+----------+
| | Year | Year |
| | ended | ended |
| | 31 | 31 |
| | December | December |
| | 2009 | 2008 |
| | GBP'000s | GBP'000s |
+----------------------+-----------+----------+
| | | |
+----------------------+-----------+----------+
| Revenue¹ | 21,086 | 18,342 |
+----------------------+-----------+----------+
| EBITDA | 305 | 75 |
+----------------------+-----------+----------+
| Operating profit² | (394) | (555) |
+----------------------+-----------+----------+
| Operating profit % | (1.9) | (3.0) |
+----------------------+-----------+----------+
¹ Including inter-company trading.
² Normalised operating profit before significant items and central costs.
This business has had some real growing pains over the last three years but
since the restructuring in 2009 we have now got an excellent experienced
management team led by Paul Smith in place. Paul has been with the company for
the last eighteen months and has succeeded in turning this business unit around
into a very exciting project with real earning prospects. Sales have almost
tripled since 2003 and I am confident that in the years ahead we will report and
deliver a business that is unique in its objective and ahead of competition.
The business always had an excellent name for producing high quality, hand
crafted products. This skill will be proudly maintained, whilst we eliminate
those parts of the process that add no value and we invest in appropriate
capacity and equipment. At Hayden's we are planning to build on the Artisan
foundation, a business that is capable of producing daily small runs of product
in a smart modern manufacturing process. We feel that the business is now fully
aware of its customers needs and is also confident in being able to pro-actively
answer those needs in the near future.
In addition, in the last two years the business has strategically started to
explore opportunities to balance their retail production by entering into the
Foodservice sector, this has added revenue of GBP2m a year and the business is
ready to build on this further through a three year strategic plan.
Bakery Division - Overview
2009 may prove to have been a pivotal year for Hayden's of Devizes, which has
been established for over 30 years. A re-structuring process, led by Paul Smith,
has positioned a strong senior team committed to driving real growth for the
future. During the 12 month period the business consolidated the entry position
established in the Foodservice market with an additional GBP2m of sales in this
sector, whilst simultaneously growing existing markets by over 11%.
This was the year when (as one leading supermarket put it) 'everyday to gourmet'
became a reality. Strong new product development in the second half led to over
40 new products being launched from great value for money Yum Yums through to
exclusive hand decorated chilled desserts. This substantial development
programme has further strengthened Hayden's position as a leading supplier of
hand crafted bakery, patisserie and chilled dessert products.
In the final quarter, sales of seasonal products broke new records, with mince
pie sales topping 1.5million. Consumer reaction to these products was such that
an additional 250,000 pies were requested and produced in the final few days
before Christmas to keep up with the unprecedented demand.
We are delighted with the solid foundation that we have been able to achieve in
2009. In this time we have established a strong senior team, showed significant
growth and demonstrated the ability to bring exciting new products to the
market. We are now progressing our three year plan across four principal
platforms:
People: We are investing heavily in training over the next two years and are
working closely with two local colleges and exclusively with an employment
training company. This investment of over GBP0.2m over the next two years will
ensure that all our teams are able to operate at the highest level required to
consistently produce the fantastic quality to which we continually aspire.
Plant: Hayden's is planning significant investment in the manufacturing process
over the period of the plan. The preparation for this is already underway and
Phase 1 will be complete by the year end.
Process: Plans for a new integrated system are well advanced and the first phase
will be complete by the end of 2010. A range of lean manufacturing initiatives
are being introduced to reduce waste, improve quality and strengthen overall
operational effectiveness.
Product: A significant increase in the development capability is already
underway and will be complete by the end of the 3rd quarter of the year with
emphasis on all three core competencies bringing together bakery skills, chilled
dessert manufacture and in house fresh fruit preparation.
Outlook
In my half year statement, I mentioned that in my view our business was on the
verge of turning the corner. I now feel very strongly that results in the second
half of the year, but more importantly the underlying trading improvements at
the start of 2010, confirm this and give us cause for optimism in both growth
and profitability.
I would like to thank all our management teams for the excellent work they have
done in implementing all the plans we set ourselves in not only prudently
examining our costs at every level, but also our investment programmes in both
people and equipment in order to make ourselves a stronger player and competitor
in all the markets we operate in.
We have started a process of a new three year plan for every business unit to be
presented to the board and the first indications show us a strong sustainable
growth. We are now in the process of facilitating all the different resources
for these plans to be implemented.
The Group is better placed than ever to plan for growth and improved
profitability. Since the restructuring, our various business units are organised
in such a way that there is clear accountability and performance visibility,
which gives management a much better view of how to structure their growth
plans. This, together with the prospect of a stabilisation of the EU sugar
market, means that I look forward to the coming year with considerable
confidence.
Pieter Totté
Chairman
24 March 2010
FINANCE DIRECTOR'S REPORT
Group revenue from continuing operations was GBP215.6m (2008: GBP218.7m).
Revenue in Sugar was down 4.9% on the prior year, driven primarily by weaker
bulk volumes. Bakery Ingredients delivered Sales 8% up on the prior year driven
primarily by increased retail sales both in the UK and in US. Haydens Bakeries
increased revenue 15% over 2008 with growth in both Retail and Foodservice.
Margins
Margin after Distribution costs (delivered margins) at GBP15.6m (2008: GBP15.5m)
was in line with 2008 with 11% improvements in both Bakery and Bakery
Ingredients driven by increased revenue. 2009 proved still to be a year of
transition for Sugar with Delivered Margin down 12% driven by tough trading in
the lead up to the final regime changes in October.
Profit before Tax and Interest
In a difficult year of transistion for our Sugar business, overall operating
profits for the Group at GBP3.5m have been maintained at 2008 levels. Action
taken early in 2009 to reduce our overhead cost base enabled us to reduce our
ongoing cost base by GBP0.9m per annum and hold Overheads at 2008 levels of
GBP12m
Financing Costs
2009 has seen a significant reduction in our net finance costs (pre significant
items and other finance income) for the year to GBP1.38m (2008: GBP2.96m)
benefiting from lower debt levels during the year along with the end of the
impact of the interest rate swap positions.
Significant Items
During the year the Group incurred costs of GBP0.5m primarily related to the
reorganisation of the Bakery Ingredients and Sugar Divisions announced in last
year's annual report.
Cash Flow and Debt
The Group's total net debt (after Cash) as at 31 December was GBP24.1m (2008:
GBP31.4m). The GBP7.3m reduction is driven primarily by improvements in trading
terms and working capital management. This has been an exceptional result, not
expected to be repeated at this level in 2010.
The Group's borrowing facilities with KBC Business Capital comprise GBP37m of
total facilities of which GBP20.9m (incl GBP5.65m cash) was utilised as at 31
December 2009, at a blended average cost of 2.76% over base rate.
Pensions
The subsidiaries of the Group, Napier Brown Foods Limited and Napier Brown and
Company Limited, operate a defined benefit pension scheme. The scheme is closed
to new members. The IAS 19 valuation of the scheme at the year end identified a
GBP0.6m deficit, a deterioration of GBP0.3m on the prior year. During the year
the Group contributed GBP98k (2008: GBP98k) to the scheme.
Key Performance Indicators
The Group's Board monitors a range of financial and non-financial key
performance indicators, reported on a periodic basis, to measure the Group's
performance over time. The key performance indicators are set out below:
+------+----------------------+----------+----------+--+----------+---+-------+
| | | | Year | | Year | | |
| | | | ended | | ended | | |
| | | | 31 | | 31 | | |
| | | | December | | December | | |
| | | | 2009 | | 2008 | | |
+------+----------------------+----------+----------+--+----------+---+-------+
| | | | | | | |
+------+----------------------+----------+----------+--+----------+-----------+
| Revenue growth1 | | (1.4%) | | (5.4%) | |
+-----------------------------+----------+----------+--+----------+-----------+
| Operating margin2 | | 1.6% | | 1.6% | |
+-----------------------------+----------+----------+--+----------+-----------+
| Debt cover (net | | 4.3 | | 5.7 | |
| debt:EBITDA)3 | | | | | |
+-----------------------------+----------+----------+--+----------+-----------+
| Interest cover4 | | 4.0 | | 1.9 | |
+-----------------------------+----------+----------+--+----------+-----------+
| Health & Safety score5 | | 75% | | 69% | |
+-----------------------------+----------+----------+--+----------+-----------+
| | | | | | |
+------+----------------------+----------+----------+--+----------------------+
| 1 - | Revenue growth is calculated for continuing operations . |
| | |
+------+----------------------------------------------------------------------+
| 2 - | Operating margin is stated for continuing operations only ) and is |
| | calculated by dividing profit before tax and before significant |
| | items by revenue from continuing operations. |
| | |
+------+----------------------------------------------------------------------+
| 3 - | Debt cover is calculated by dividing total net debt by continuing |
| | EBITDA. EBITDA is defined as earnings before significant items, |
| | interest, tax, depreciation and intangible asset amortisation. |
| | |
+------+----------------------------------------------------------------------+
| 4 - | Interest cover is calculated by dividing EBITDA by net interest |
| | payments (gross interest payable less interest receivables). |
| | |
+------+----------------------------------------------------------------------+
| 5 - | |
+------+----------------------+----------+----------+--+----------+---+-------+
Mike McDonough
Group Finance Director
24 March 2010
CONSOLIDATED STATEMENT of comprehensive income
for the year ended 31 December 2009
+----------------------+----+-------------+-------------+------------+-------------+-------------+------------+
| | | Year ended 31 | Year ended 31 |
| | | December 2009 | December 2008 |
+----------------------+----+----------------------------------------+----------------------------------------+
| | | | Significant | Total | | | Total |
| | | | Items | | | Significant | |
| | | | (Note 6) | | Before | Items | |
| | | Before | | | Significant | (Note 6) | |
| | | Significant | | | Items | | |
| | | Items | | | | | |
+----------------------+----+-------------+-------------+------------+-------------+-------------+------------+
| CONTINUING | | GBP'000s | GBP'000s | GBP'000s | GBP'000s | GBP'000s | GBP'000s |
| OPERATIONS | | | | | | | |
+----------------------+----+-------------+-------------+------------+-------------+-------------+------------+
| | | | | | | | |
+----------------------+----+-------------+-------------+------------+-------------+-------------+------------+
| REVENUE | | 215,613 | - | 215,613 | 218,656 | - | 218,656 |
+----------------------+----+-------------+-------------+------------+-------------+-------------+------------+
| Cost of sales | | (191,606) | - | (191,606) | (193,725) | - | (193,725) |
+----------------------+----+-------------+-------------+------------+-------------+-------------+------------+
| | | | | | | | |
+----------------------+----+-------------+-------------+------------+-------------+-------------+------------+
| GROSS PROFIT | | 24,007 | - | 24,007 | 24,931 | - | 24,931 |
+----------------------+----+-------------+-------------+------------+-------------+-------------+------------+
| Distribution costs | | (8,433) | - | (8,433) | (9,405) | - | (9,405) |
+----------------------+----+-------------+-------------+------------+-------------+-------------+------------+
| Administration | | (12,030) | (525) | (12,555) | (11,994) | (1,956) | (13,950) |
| expenses | | | | | | | |
+----------------------+----+-------------+-------------+------------+-------------+-------------+------------+
| | | | | | | | |
+----------------------+----+-------------+-------------+------------+-------------+-------------+------------+
| OPERATING PROFIT | | 3,544 | (525) | 3,019 | 3,532 | (1,956) | 1,576 |
+----------------------+----+-------------+-------------+------------+-------------+-------------+------------+
| | | | | | | | |
+----------------------+----+-------------+-------------+------------+-------------+-------------+------------+
| Finance income | | 92 | - | 92 | 133 | - | 133 |
+----------------------+----+-------------+-------------+------------+-------------+-------------+------------+
| Finance costs | | (1,472) | - | (1,472) | (3,098) | 648 | (2,450) |
+----------------------+----+-------------+-------------+------------+-------------+-------------+------------+
| Other finance income | | (13) | - | (13) | 320 | - | 320 |
+----------------------+----+-------------+-------------+------------+-------------+-------------+------------+
| | | | | | | | |
+----------------------+----+-------------+-------------+------------+-------------+-------------+------------+
| PROFIT/(LOSS) BEFORE | | 2,151 | (525) | 1,626 | 887 | (1,308) | (421) |
| TAXATION | | | | | | | |
+----------------------+----+-------------+-------------+------------+-------------+-------------+------------+
| | | | | | | | |
+----------------------+----+-------------+-------------+------------+-------------+-------------+------------+
| Income tax expense | | (945) | 149 | (796) | (1,078) | 366 | (712) |
+----------------------+----+-------------+-------------+------------+-------------+-------------+------------+
| | | | | | | | |
+----------------------+----+-------------+-------------+------------+-------------+-------------+------------+
| PROFIT/(LOSS) FROM | | | | | | | |
| CONTINUING | | 1,206 | (376) | 830 | (191) | (942) | (1,133) |
| OPERATIONS | | | | | | | |
+----------------------+----+-------------+-------------+------------+-------------+-------------+------------+
| DISCONTINUED | | | | | | | |
| OPERATIONS | | | | | | | |
+----------------------+----+-------------+-------------+------------+-------------+-------------+------------+
| (Loss) on sale of | | - | - | - | - | (12) | (12) |
| division | | | | | | | |
+----------------------+----+-------------+-------------+------------+-------------+-------------+------------+
| (LOSS) BEFORE | | - | - | - | - | (12) | (12) |
| TAXATION | | | | | | | |
+----------------------+----+-------------+-------------+------------+-------------+-------------+------------+
| | | | | | | | |
+----------------------+----+-------------+-------------+------------+-------------+-------------+------------+
| (LOSS) FROM | | | | | | | |
| DISCONTINUED | | - | - | - | - | (12) | (12) |
| OPERATIONS | | | | | | | |
+----------------------+----+-------------+-------------+------------+-------------+-------------+------------+
| | | | | | | | |
+----------------------+----+-------------+-------------+------------+-------------+-------------+------------+
| PROFIT/(LOSS) FOR | | 1,206 | (376) | 830 | (191) | (954) | (1,145) |
| THE YEAR | | | | | | | |
+----------------------+----+-------------+-------------+------------+-------------+-------------+------------+
| OTHER COMPREHENSIVE | | | | | | | |
| INCOME | | | | | | | |
+----------------------+----+-------------+-------------+------------+-------------+-------------+------------+
| Actuarial losses on | | (520) | - | (520) | (679) | - | (679) |
| defined benefit | | | | | | | |
| plans | | | | | | | |
+----------------------+----+-------------+-------------+------------+-------------+-------------+------------+
| Income tax relating | | 146 | - | 146 | 190 | - | 190 |
| to components of | | | | | | | |
| other comprehensive | | | | | | | |
| income | | | | | | | |
+----------------------+----+-------------+-------------+------------+-------------+-------------+------------+
| TOTAL COMPREHENSIVE | | 832 | (376) | 456 | (680) | (954) | (1,634) |
| INCOME FOR THE YEAR | | | | | | | |
+----------------------+----+-------------+-------------+------------+-------------+-------------+------------+
| Earnings/(Loss) per | | | | | | | |
| share from | | | | | | | |
| continuing and | | | | | | | |
| discontinued | | | | | | | |
| operations: | | | | | | | |
+----------------------+----+-------------+-------------+------------+-------------+-------------+------------+
| - basic | | | | 1.3p | | | (1.7)p |
+----------------------+----+-------------+-------------+------------+-------------+-------------+------------+
| - diluted | | | | 1.3p | | | (1.7)p |
+----------------------+----+-------------+-------------+------------+-------------+-------------+------------+
| Earnings/(Loss) per | | | | | | | |
| share from | | | | | | | |
| continuing | | | | | | | |
| operations: | | | | | | | |
+----------------------+----+-------------+-------------+------------+-------------+-------------+------------+
| - basic | | | | 1.3p | | | (1.7)p |
+----------------------+----+-------------+-------------+------------+-------------+-------------+------------+
| - diluted | | | | 1.3p | | | (1.7)p |
+----------------------+----+-------------+-------------+------------+-------------+-------------+------------+
Consolidated STATEMENT OF Changes in equity
for the year ended 31 December 2009
+-----------------------+----------+----------+----------+----------+----------+----------+
| | | Issued | Share | Share | Retained | Total |
| | | Share | Premium | Option | Earnings | |
| | | Capital | Account | Reserve | | |
+-----------------------+----------+----------+----------+----------+----------+----------+
| | | GBP'000s | GBP'000s | GBP'000s | GBP'000s | GBP'000s |
+-----------------------+----------+----------+----------+----------+----------+----------+
| | | | | | | |
+-----------------------+----------+----------+----------+----------+----------+----------+
| Balance as at 1 | | 1,300 | 68,870 | 66 | 8,965 | 79,201 |
| January 2008 | | | | | | |
+-----------------------+----------+----------+----------+----------+----------+----------+
| | | | | | | |
+-----------------------+----------+----------+----------+----------+----------+----------+
| Shares options to be | | - | - | 7 | - | 7 |
| issued | | | | | | |
+-----------------------+----------+----------+----------+----------+----------+----------+
| | | | | | | |
+-----------------------+----------+----------+----------+----------+----------+----------+
| Total comprehensive | | - | - | - | (1,634) | (1,634) |
| income for the year | | | | | | |
+-----------------------+----------+----------+----------+----------+----------+----------+
| | | | | | | |
+-----------------------+----------+----------+----------+----------+----------+----------+
| | | | | | | |
+-----------------------+----------+----------+----------+----------+----------+----------+
| | | | | | | |
+-----------------------+----------+----------+----------+----------+----------+----------+
| | | | | | | |
+-----------------------+----------+----------+----------+----------+----------+----------+
| Balance as at 31 | | 1,300 | 68,870 | 73 | 7,331 | 77,574 |
| December 2008 | | | | | | |
+-----------------------+----------+----------+----------+----------+----------+----------+
| | | | | | | |
+-----------------------+----------+----------+----------+----------+----------+----------+
| | | | | | | |
+-----------------------+----------+----------+----------+----------+----------+----------+
| Balance as at 1 | | 1,300 | 68,870 | 73 | 7,331 | 77,574 |
| January 2009 | | | | | | |
+-----------------------+----------+----------+----------+----------+----------+----------+
| | | | | | | |
+-----------------------+----------+----------+----------+----------+----------+----------+
| Shares options to be | | - | - | - | - | - |
| issued | | | | | | |
+-----------------------+----------+----------+----------+----------+----------+----------+
| | | | | | | |
+-----------------------+----------+----------+----------+----------+----------+----------+
| | | | | | | |
+-----------------------+----------+----------+----------+----------+----------+----------+
| | | | | | | |
+-----------------------+----------+----------+----------+----------+----------+----------+
| Total comprehensive | | - | - | - | 456 | 456 |
| income for the year | | | | | | |
+-----------------------+----------+----------+----------+----------+----------+----------+
| | | | | | | |
+-----------------------+----------+----------+----------+----------+----------+----------+
| | | | | | | |
+-----------------------+----------+----------+----------+----------+----------+----------+
| | | | | | | |
+-----------------------+----------+----------+----------+----------+----------+----------+
| Balance as at 31 | | 1,300 | 68,870 | 73 | 7,787 | 78,030 |
| December 2009 | | | | | | |
+-----------------------+----------+----------+----------+----------+----------+----------+
consolidated STATEMENT OF FINANCIAL POSITION
As at 31 December 2009
+----------------------------------+--+-------------+----------+
| | | 31 December | 31 |
| | | 2009 | December |
| | | GBP'000s | 2008 |
| | | | GBP'000s |
| | | | |
+----------------------------------+--+ + +
| | | | |
+----------------------------------+--+ + +
| | | | |
+----------------------------------+--+-------------+----------+
| NON CURRENT ASSETS | | | |
+----------------------------------+--+-------------+----------+
| Goodwill | | 75,796 | 75,796 |
+----------------------------------+--+-------------+----------+
| Other intangible assets | | 651 | 513 |
+----------------------------------+--+-------------+----------+
| Property, plant and equipment | | 15,226 | 16,408 |
+----------------------------------+--+-------------+----------+
| Deferred tax asset | | 431 | 853 |
+----------------------------------+--+-------------+----------+
| | | 92,104 | 93,570 |
+----------------------------------+--+-------------+----------+
| CURRENT ASSETS | | | |
+----------------------------------+--+-------------+----------+
| Inventories | | 9,570 | 10,963 |
+----------------------------------+--+-------------+----------+
| Trade and other receivables | | 23,452 | 24,763 |
+----------------------------------+--+-------------+----------+
| Current tax asset | | - | 839 |
+----------------------------------+--+-------------+----------+
| Derived financial instruments | | - | 117 |
+----------------------------------+--+-------------+----------+
| Cash and cash equivalents | | 5,657 | 1,464 |
+----------------------------------+--+-------------+----------+
| | | 38,679 | 38,146 |
+----------------------------------+--+-------------+----------+
| | | | |
+----------------------------------+--+-------------+----------+
| TOTAL ASSETS | | 130,783 | 131,716 |
+----------------------------------+--+-------------+----------+
| | | | |
+----------------------------------+--+-------------+----------+
| CURRENT LIABILITIES | | | |
+----------------------------------+--+-------------+----------+
| Trade and other payables | | 18,901 | 16,787 |
+----------------------------------+--+-------------+----------+
| Borrowings | | 18,373 | 19,258 |
+----------------------------------+--+-------------+----------+
| Derived financial instruments | | - | 524 |
+----------------------------------+--+-------------+----------+
| Current tax liabilities | | 158 | - |
+----------------------------------+--+-------------+----------+
| | | 37,432 | 36,569 |
+----------------------------------+--+-------------+----------+
| | | | |
+----------------------------------+--+-------------+----------+
| NON CURRENT LIABILITIES | | | |
+----------------------------------+--+-------------+----------+
| Borrowings | | 11,430 | 13,652 |
+----------------------------------+--+-------------+----------+
| Deferred tax liabilities | | 3,187 | 2,973 |
+----------------------------------+--+-------------+----------+
| Provisions | | 122 | 684 |
+----------------------------------+--+-------------+----------+
| Retirement benefit obligations | | 582 | 264 |
+----------------------------------+--+-------------+----------+
| | | 15,321 | 17,573 |
+----------------------------------+--+-------------+----------+
| | | 52,753 | |
| TOTAL LIABILITIES | | | 54,142 |
+----------------------------------+--+-------------+----------+
| | | | |
+----------------------------------+--+-------------+----------+
| NET ASSETS | | 78,030 | 77,574 |
+----------------------------------+--+-------------+----------+
| | | | |
+----------------------------------+--+-------------+----------+
| EQUITY | | | |
+----------------------------------+--+-------------+----------+
| Share capital | | 1,300 | 1,300 |
+----------------------------------+--+-------------+----------+
| Share premium account | | 68,870 | 68,870 |
+----------------------------------+--+-------------+----------+
| Share option reserve | | 73 | 73 |
+----------------------------------+--+-------------+----------+
| Retained earnings | | 7,787 | 7,331 |
+----------------------------------+--+-------------+----------+
| | | | |
+----------------------------------+--+-------------+----------+
| TOTAL EQUITY | | 78,030 | 77,574 |
+----------------------------------+--+-------------+----------+
Consolidated Cash Flow Statement
for the year ended 31 December 2009
+-------------------------------------+----------+-----------+--+----------+
| | | Year | | Year |
| | | ended 31 | | ended |
| | | December | | 31 |
| | | 2009 | | December |
| | | | | 2008 |
+-------------------------------------+----------+-----------+--+----------+
| | | GBP'000s | | GBP'000s |
| | | | | |
+-------------------------------------+----------+-----------+--+----------+
| CASH FLOW FROM OPERATING ACTIVITIES | | | | |
+-------------------------------------+----------+-----------+--+----------+
| Adjusted for: | | | | |
+-------------------------------------+----------+-----------+--+----------+
| Profit/(loss) before taxation | | 1,626 | | (433) |
+-------------------------------------+----------+-----------+--+----------+
| Finance costs | | 1,472 | | 2,450 |
+-------------------------------------+----------+-----------+--+----------+
| Finance income | | (92) | | (133) |
+-------------------------------------+----------+-----------+--+----------+
| IAS 19 income | | 13 | | (320) |
+-------------------------------------+----------+-----------+--+----------+
| Depreciation of property, plant & | | 1,895 | | 1,729 |
| equipment | | | | |
+-------------------------------------+----------+-----------+--+----------+
| Amortisation of intangibles | | 127 | | 206 |
+-------------------------------------+----------+-----------+--+----------+
| Share based payment expense | | - | | 7 |
+-------------------------------------+----------+-----------+--+----------+
| Expense on disposal of discontinued | | - | | 12 |
| operation | | | | |
+-------------------------------------+----------+-----------+--+----------+
| Operating Cash Flow | | 5,041 | | 3,518 |
+-------------------------------------+----------+-----------+--+----------+
| | | | | |
+-------------------------------------+----------+-----------+--+----------+
| Decrease/(Increase) in inventories | | 1,393 | | (1,610) |
+-------------------------------------+----------+-----------+--+----------+
| Decrease/(Increase) in receivables | | 1,736 | | (1,246) |
+-------------------------------------+----------+-----------+--+----------+
| Increase/(Decrease) in payables | | 1,414 | | (486) |
+-------------------------------------+----------+-----------+--+----------+
| Cash generated from operations | | 9,584 | | 176 |
+-------------------------------------+----------+-----------+--+----------+
| | | | | |
+-------------------------------------+----------+-----------+--+----------+
| Income taxes recovered/(paid) | | 987 | | (849) |
+-------------------------------------+----------+-----------+--+----------+
| Interest paid | | (1,960) | | (2,438) |
+-------------------------------------+----------+-----------+--+----------+
| Net cash from operating activities | | 8,611 | | (3,111) |
+-------------------------------------+----------+-----------+--+----------+
| | | | | |
+-------------------------------------+----------+-----------+--+----------+
| CASH FLOW FROM INVESTING ACTIVITIES | | | | |
+-------------------------------------+----------+-----------+--+----------+
| Interest received | | 92 | | 222 |
+-------------------------------------+----------+-----------+--+----------+
| Disposal of division | | - | | 738 |
+-------------------------------------+----------+-----------+--+----------+
| Income tax paid on disposal of | | - | | (2,919) |
| division | | | | |
+-------------------------------------+----------+-----------+--+----------+
| Purchase of intangible assets | | (265) | | (172) |
+-------------------------------------+----------+-----------+--+----------+
| Purchase of property, plant & | | (713) | | (1,416) |
| equipment | | | | |
+-------------------------------------+----------+-----------+--+----------+
| Net cash (used in)/from investing | | (886) | | (3,547) |
| activities | | | | |
+-------------------------------------+----------+-----------+--+----------+
| | | | | |
+-------------------------------------+----------+-----------+--+----------+
| CASH FLOW USED IN FINANCING | | | | |
| ACTIVITIES | | | | |
+-------------------------------------+----------+-----------+--+----------+
| Repayment of borrowings | | (3,236) | | (51,846) |
+-------------------------------------+----------+-----------+--+----------+
| Short term financial investments | | - | | 3,472 |
+-------------------------------------+----------+-----------+--+----------+
| Loan advances | | - | | 49,437 |
+-------------------------------------+----------+-----------+--+----------+
| Repayment of obligations under | | (296) | | (254) |
| finance leases | | | | |
+-------------------------------------+----------+-----------+--+----------+
| | | | | |
+-------------------------------------+----------+-----------+--+----------+
| | | | | |
+-------------------------------------+----------+-----------+--+----------+
| Net cash used in financing | | (3,532) | | 809 |
| activities | | | | |
+-------------------------------------+----------+-----------+--+----------+
| | | 4,193 | | (5,849) |
| NET INCREASE/(DECREASE) IN CASH AND | | | | |
| CASH EQUIVALENTS | | | | |
+-------------------------------------+----------+-----------+--+----------+
| | | | | |
+-------------------------------------+----------+-----------+--+----------+
| CASH AND CASH EQUIVALENTS | | | | |
+-------------------------------------+----------+-----------+--+----------+
| Cash and cash equivalents at | | 1,464 | | 7,313 |
| beginning of year | | | | |
+-------------------------------------+----------+-----------+--+----------+
| Net movement in cash and cash | | 4,193 | | (5,849) |
| equivalents | | | | |
+-------------------------------------+----------+-----------+--+----------+
| | | |
+-------------------------------------+----------+-------------------------+
| Cash and cash equivalents at end of | | 5,657 | | 1,464 |
| year | | | | |
+-------------------------------------+----------+-----------+--+----------+
| | | | | |
+-------------------------------------+----------+-----------+--+----------+
| Cash and cash equivalents comprise: | | | | |
+-------------------------------------+----------+-----------+--+----------+
| Cash | | 5,657 | | 1,464 |
+-------------------------------------+----------+-----------+--+----------+
| Overdrafts | | - | | - |
+-------------------------------------+----------+-----------+--+----------+
| | | 5,657 | | 1,464 |
+-------------------------------------+----------+-----------+--+----------+
| |
+--------------------------------------------------------------------------+
| | | |
+-------------------------------------+----------+-----------+--+----------+
1. SEGMENT REPORTING
Business segments
The Group's operating segments are Sugar, Bakery Ingredients and Bakery as the
Group's management and reporting structure is set out along these lines.
The following table shows the Group's revenue and results for the year under
review analysed by operating segment. Segment profit represents the trading
profit after depreciation but before any interest and significant items.
+----------------------+----------+--+-------------+----------+------------+-------------+----------+
| Year Ended 31 December 2009 | | | | | | |
+---------------------------------+--+-------------+----------+------------+-------------+----------+
| | | Bakery | Bakery | Continuing | Significant | Total |
| | Sugar | Ingredients | | Operations | items | Group |
| | | | | Total | | |
+----------------------+-------------+-------------+----------+------------+-------------+----------+
| | GBP'000s | GBP'000s | GBP'000s | GBP'000s | GBP'000s | GBP'000s |
+----------------------+-------------+-------------+----------+------------+-------------+----------+
| | | | | | | |
+----------------------+-------------+-------------+----------+------------+-------------+----------+
| Total Revenue | 168,034 | 37,785 | 21,086 | 226,905 | - | 226,905 |
+----------------------+-------------+-------------+----------+------------+-------------+----------+
| Revenue - Internal | (8,471) | (2,821) | - | (11,292) | - | (11,292) |
+----------------------+-------------+-------------+----------+------------+-------------+----------+
| | | | | | | |
+----------------------+-------------+-------------+----------+------------+-------------+----------+
| External Revenue | 159,563 | 34,964 | 21,086 | 215,613 | - | 215,613 |
+----------------------+-------------+-------------+----------+------------+-------------+----------+
| | | | | | | |
+----------------------+-------------+-------------+----------+------------+-------------+----------+
| Operating Profit | 2,737 | 2,493 | (394) | 4,836 | (525) | 4,311 |
+----------------------+-------------+-------------+----------+------------+-------------+----------+
| | | | | | | |
| | | | | | | |
+----------------------+-------------+-------------+----------+------------+-------------+----------+
| Head Office and | | | | (1,292) | -- | (1,292) |
| consolidation | | | | | | |
| adjustments | | | | | | |
+----------------------+-------------+-------------+----------+------------+-------------+----------+
| | | | | | | |
| | | | | | | |
+----------------------+-------------+-------------+----------+------------+-------------+----------+
| Finance Costs (net | | | | (1,380) | - | (1,380) |
| of interest | | | | | | |
| received) | | | | | | |
+----------------------+-------------+-------------+----------+------------+-------------+----------+
| Pension finance | | | | (13) | - | (13) |
| income | | | | | | |
+----------------------+-------------+-------------+----------+------------+-------------+----------+
| | | 2,151 | (525) | 1,626 |
| Profit/(loss) before tax | | | | |
| | | | | |
+--------------------------------------------------+----------+------------+-------------+----------+
| | | | | |
+--------------------------------------------------+----------+------------+-------------+----------+
| Tax | | | | (945) | 149 | (796) |
+----------------------+-------------+-------------+----------+------------+-------------+----------+
| | | | | | | |
+----------------------+-------------+-------------+----------+------------+-------------+----------+
| Profit/(loss) after tax as per income | | 1,206 | (376) | 830 |
| statement | | | | |
+--------------------------------------------------+----------+------------+-------------+----------+
| | | | | | | | |
+----------------------+----------+--+-------------+----------+------------+-------------+----------+
Inter-segment sales are charged at prevailing market rates
The Group operates a central function, finance costs cannot be meaningfully
allocated to individual operating segment
2. SIGNIFICANT ITEMS
+-------------------------------------+-----+-------------+-------------+
| | | Year | Year |
| | | ended | ended |
| | | 31 | 31 |
| | | December | December |
| | | 2009 | 2008 |
+-------------------------------------+-----+-------------+-------------+
| | | GBP'000s | GBP'000s |
+-------------------------------------+-----+-------------+-------------+
| | | | |
+-------------------------------------+-----+-------------+-------------+
| (Loss) on disposal of division | | - | (12) |
+-------------------------------------+-----+-------------+-------------+
| Management restructuring costs | | (634) | (968) |
+-------------------------------------+-----+-------------+-------------+
| Bank restructuring fees | | - | (827) |
+-------------------------------------+-----+-------------+-------------+
| Onerous lease provision released | | 109 | (161) |
+-------------------------------------+-----+-------------+-------------+
| | | (525) | (1,968) |
+-------------------------------------+-----+-------------+-------------+
| | | | |
+-------------------------------------+-----+-------------+-------------+
| Interest on loan notes | | - | 648 |
+-------------------------------------+-----+-------------+-------------+
| | | (525) | (1,320) |
+-------------------------------------+-----+-------------+-------------+
| Taxation credit on significant | | 149 | 366 |
| items | | | |
+-------------------------------------+-----+-------------+-------------+
| | | | |
| | | (376) | (954) |
+-------------------------------------+-----+-------------+-------------+
During the year the Group incurred a number of significant costs as detailed
above. The management restructuring costs reflect a number of fundamental
reorganisations within our operating divisions during the year, arising from the
formation of Renshawnapier, along with a number of other material changes to the
operations of the Divisions.
The release of the onerous lease provision arises following the successful
negotiations to sub-let a vacant property that the Group had been previously
unable to sub-let.
3. Taxation
+-------------------------------------------+-----------+----------+
| | Year | Year |
| | ended | ended |
+-------------------------------------------+-----------+----------+
| | 31 | 31 |
| | December | December |
+-------------------------------------------+-----------+----------+
| | 2009 | 2008 |
+-------------------------------------------+-----------+----------+
| | GBP'000s | GBP'000s |
+-------------------------------------------+-----------+----------+
| CURRENT TAX | | |
+-------------------------------------------+-----------+----------+
| UK Current tax on profits/(loss) of the | 221 | (8) |
| year | | |
+-------------------------------------------+-----------+----------+
| UK Current tax on significant items | (149) | (287) |
+-------------------------------------------+-----------+----------+
| Adjustments in respect of prior years | (58) | (392) |
+-------------------------------------------+-----------+----------+
| | | |
+-------------------------------------------+-----------+----------+
| Total current tax | 14 | (687) |
+-------------------------------------------+-----------+----------+
| | | |
+-------------------------------------------+-----------+----------+
| Deferred Tax | | |
+-------------------------------------------+-----------+----------+
| Deferred tax charge re pension scheme | 57 | 116 |
+-------------------------------------------+-----------+----------+
| Origination and reversal of timing | 455 | 108 |
| differences | | |
+-------------------------------------------+-----------+----------+
| Deferred tax charge/(credit) on | - | (79) |
| significant items | | |
+-------------------------------------------+-----------+----------+
| Adjustments in respect of prior years | (12) | 380 |
+-------------------------------------------+-----------+----------+
| Deferred tax asset re losses brought | 282 | - |
| forward | | |
+-------------------------------------------+-----------+----------+
| Deferred tax impact of withdrawal of | | |
| industrial | | |
+-------------------------------------------+-----------+----------+
| buildings allowance | - | 874 |
+-------------------------------------------+-----------+----------+
| | | |
+-------------------------------------------+-----------+----------+
| Total deferred tax | 782 | 1,399 |
+-------------------------------------------+-----------+----------+
| | | |
+-------------------------------------------+-----------+----------+
| Tax on profit/(loss) on ordinary | 796 | 712 |
| activities | | |
+-------------------------------------------+-----------+----------+
3. Taxation (continued)
Factors affecting tax charge for the year:
The tax assessed for the year is higher (2008 - higher) than the standard rate
of corporation tax in the UK (28%). The differences are explained below:
+-------------------------------------------+----------------+----------------+
| | Year | Year |
| | ended | ended |
+-------------------------------------------+----------------+----------------+
| | 31 | 31 |
| | December | December |
+-------------------------------------------+----------------+----------------+
| | 2009 | 2008 |
+-------------------------------------------+----------------+----------------+
| | GBP'000s | GBP'000s |
+-------------------------------------------+----------------+----------------+
| TAX RECONCILIATION | | |
+-------------------------------------------+----------------+----------------+
| | | |
+-------------------------------------------+----------------+----------------+
| Profit/(loss) per accounts before | 1,626 | (433) |
| taxation | | |
+-------------------------------------------+----------------+----------------+
| | | |
+-------------------------------------------+----------------+----------------+
| Tax on (loss)/profit on ordinary | | |
| activities at standard CT rate of | 455 | (122) |
| (28%/30%) | | |
+-------------------------------------------+----------------+----------------+
| | | |
+-------------------------------------------+----------------+----------------+
| | | |
+-------------------------------------------+----------------+----------------+
| Expenses not deductible for tax purposes | 22 | 25 |
+-------------------------------------------+----------------+----------------+
| Income not taxable | 107 | - |
+-------------------------------------------+----------------+----------------+
| Additional deduction for R&D expenditure | (33) | (33) |
+-------------------------------------------+----------------+----------------+
| Losses carried back and relieved at | - | (20) |
| higher tax rate | | |
+-------------------------------------------+----------------+----------------+
| Deferred tax asset re losses brought | 282 | |
| forward | | |
+-------------------------------------------+----------------+----------------+
| Marginal relief | (4) | - |
+-------------------------------------------+----------------+----------------+
| Deferred tax impact of withdrawal of | | |
| industrial buildings allowance | - | 874 |
+-------------------------------------------+----------------+----------------+
| Adjustments to tax in respect of prior | (33) | (12) |
| years | | |
+-------------------------------------------+----------------+----------------+
| | | |
+-------------------------------------------+----------------+----------------+
| Tax charge for the year | 796 | 712 |
+-------------------------------------------+----------------+----------------+
| | | |
+-------------------------------------------+----------------+----------------+
4. EARNINGS per share
Basic earnings per share
Basic earnings per share is calculated on the basis of dividing the
profit/(loss) attributable to ordinary shareholders of the company by the
weighted average number of ordinary shares in issue during the year.
+---------------------------------------------------+-------------------+-------------------+
| | Year | Year |
| | ended | ended |
| | 31 | 31 |
| | December | December |
| | 2009 | 2008 |
+---------------------------------------------------+-------------------+-------------------+
| | Continuing | |
| | Operations | Continuing |
| | | Operations |
+---------------------------------------------------+-------------------+-------------------+
| | | |
+---------------------------------------------------+-------------------+-------------------+
| Earnings after tax attributable to ordinary | 830 | (1,133) |
| shareholders (GBP000's) | | |
+---------------------------------------------------+-------------------+-------------------+
| | | |
+---------------------------------------------------+-------------------+-------------------+
| Weighted Average No. of shares in issue (000's) | 65,014 | 65,014 |
+---------------------------------------------------+-------------------+-------------------+
| | | |
+---------------------------------------------------+-------------------+-------------------+
| Basic earnings/(loss) per share | 1.3p | (1.7)p |
+---------------------------------------------------+-------------------+-------------------+
Diluted earnings per share
Diluted earnings per share is calculated by adjusting the weighted average
number of ordinary shares outstanding to assume conversion of all potential
dilutive ordinary shares. Potential dilutive ordinary shares arise from share
options and warrants. For these, a calculation is performed to determine the
number of shares that could have been acquired at fair value (determined as the
average annual market share price of the Company's shares) based on the monetary
value of the exercise price attached to outstanding share options. Thus the
total potential dilutive weighted average number of shares considers the number
of shares that would have been issued assuming the exercise of the share
options.
+---------------------------------------------------+--------------+--------------+
| | Year | Year |
| | ended | ended |
| | 31 | 31 |
| | December | December |
| | 2009 | 2008 |
+---------------------------------------------------+--------------+--------------+
| | Continuing | |
| | Operations | Continuing |
| | | Operations |
+---------------------------------------------------+--------------+--------------+
| | | |
+---------------------------------------------------+--------------+--------------+
| Earnings after tax attributable to ordinary | 830 | (1,133) |
| shareholders (GBP000's) | | |
+---------------------------------------------------+--------------+--------------+
| | | |
+---------------------------------------------------+--------------+--------------+
| Total Potential Weighted Average No. of shares in | 65,590 | 65,014 |
| issue (000's) | | |
+---------------------------------------------------+--------------+--------------+
| | | |
+---------------------------------------------------+--------------+--------------+
| Diluted earnings/(loss) per share | 1.3p | (1.7)p |
+---------------------------------------------------+--------------+--------------+
4. EARNINGS per SHARE (continued)
Adjusted earnings per share
An adjusted earnings per share and a diluted adjusted earnings per share, which
exclude significant items, has also been calculated as in the opinion of the
Board this allows shareholders to gain a clearer understanding of the trading
performance of the Group.
+--------------------------------------------------+--------------+---------------+
| | Year | Year ended |
| | ended 31 | 31 |
| | December | December |
| | 2009 | 2008 |
+--------------------------------------------------+--------------+---------------+
| | Continuing | |
| | Operations | Continuing |
| | | |
| | | Operations |
+--------------------------------------------------+--------------+---------------+
| | | |
+--------------------------------------------------+--------------+---------------+
| Earnings after tax attributable to ordinary | 830 | (1,133) |
| shareholders (GBP000's) | | |
+--------------------------------------------------+--------------+---------------+
| | | |
+--------------------------------------------------+--------------+---------------+
| Add back significant items (note 6) | 525 | 1,308 |
+--------------------------------------------------+--------------+---------------+
| | | |
+--------------------------------------------------+--------------+---------------+
| Add back tax on significant items | (149) | (366) |
+--------------------------------------------------+--------------+---------------+
| | | |
+--------------------------------------------------+--------------+---------------+
| Adjusted earnings after tax attributable to | 1,206 | (191) |
| ordinary shareholders (GBP000's) | | |
+--------------------------------------------------+--------------+---------------+
| | | |
+--------------------------------------------------+--------------+---------------+
| | | |
+--------------------------------------------------+--------------+---------------+
| Weighted Average No. of shares in issue (000's) | 65,014 | 65,014 |
+--------------------------------------------------+--------------+---------------+
| | | |
+--------------------------------------------------+--------------+---------------+
| Basic earnings/(loss) per share | 1.9p | (0.03)p |
+--------------------------------------------------+--------------+---------------+
| | | |
+--------------------------------------------------+--------------+---------------+
| | | |
+--------------------------------------------------+--------------+---------------+
| Total Potential Weighted Average No. of shares | 65,590 | 65,014 |
| in issue (000's) | | |
+--------------------------------------------------+--------------+---------------+
| | | |
+--------------------------------------------------+--------------+---------------+
| Basic diluted earnings/(loss) per share | 1.8p | (0.03)p |
+--------------------------------------------------+--------------+---------------+
5. goodwill
+---------------------------------------+------------+------------+
| | | |
+---------------------------------------+------------+------------+
| | | GROUP |
+---------------------------------------+------------+------------+
| | | GBP'000s |
+---------------------------------------+------------+------------+
| | | |
+---------------------------------------+------------+------------+
| Cost | | |
+---------------------------------------+------------+------------+
| Brought forward 1 January 2009 | | 75,796 |
+---------------------------------------+------------+------------+
| | | |
| Carried forward 31 December 2009 | | 75,796 |
+---------------------------------------+------------+------------+
| | | |
+---------------------------------------+------------+------------+
| Goodwill acquired on business combinations is allocated at |
| acquisition to the Cash Generating Units that are expected to |
| benefit from that business combination. Before any recognition |
| of impairment losses, the carrying amount of goodwill has been |
| allocated as follows: |
| |
+-----------------------------------------------------------------+
| | Year ended | Year ended |
| | | |
| | 31 | 31 |
| | December | December |
| | 2009 | 2008 |
+---------------------------------------+------------+------------+
| | GBP'000s | GBP'000s |
+---------------------------------------+------------+------------+
| | | |
+---------------------------------------+------------+------------+
| Sugar and Bakery Ingredients | 75,796 | 75,796 |
| division* | | |
+---------------------------------------+------------+------------+
| | | |
+---------------------------------------+------------+------------+
| | | |
+---------------------------------------+------------+------------+
| Carried forward 31 December 2009 | 75,796 | 75,796 |
+---------------------------------------+------------+------------+
* The goodwill relating to the Sugar and Bakery Ingredients Divisions
arose out of the single acquisition of Napier Brown Foods by The Real Good Food
Company plc in 2005. It has not been possible to allocate this goodwill between
individual Cash Generating Units.
The Group tests goodwill annually for impairment or more frequently if there are
indications that goodwill may be impaired.
The recoverable amounts of the Cash Generating Units are determined from value
in use calculations. The key assumptions for the value in use calculations are
those regarding discount rates and expected changes to selling prices and direct
costs.
The rate used to discount the forecast cash flows is the Group's pre-tax
weighted average cost of capital of 3.57% (2008 - 4.71%). The Group prepares
cash flow forecasts derived from the most recent financial plans approved by the
board for the next financial year and extrapolates this over a rolling 19 years
assuming a 4.5% growth per annum over the first four years and then a zero
growth rate for the purpose of conducting the impairment review. A period of 19
years has been applied as the Directors used this period to assess the viability
of the acquisition when the business was acquired in 2005. Changes in selling
prices and direct costs are based on past practices and expectations of future
changes in the market. Using these parameters and allowing for disposal income
at the end of this time scale the recoverable amounts exceeds the carrying value
by GBP39 million.
An increase in the Group's weighted average cost of capital to above 7.6% (2008
- 5.9%) would cause the Board to impair the carrying value of goodwill.
6. Borrowings
+-----------------------+--------------+--------------+--------------+--------------+
| | Year | Year | Year | Year |
| | ended | ended | ended | ended |
| | 31 | 31 | 31 | 31 |
| | December | December | December | December |
| | 2009 | 2009 | 2008 | 2008 |
+-----------------------+--------------+--------------+--------------+--------------+
| | Group | Company | Group | Company |
+-----------------------+--------------+--------------+--------------+--------------+
| | GBP'000s | GBP'000s | GBP'000s | GBP'000s |
+-----------------------+--------------+--------------+--------------+--------------+
| Unsecured borrowings | | | | |
| at amortised cost | | | | |
+-----------------------+--------------+--------------+--------------+--------------+
| Loan notes | 2,774 | - | 2,773 | - |
+-----------------------+--------------+--------------+--------------+--------------+
| | | | | |
+-----------------------+--------------+--------------+--------------+--------------+
| Secured borrowings at | | | | |
| amortised cost | | | | |
+-----------------------+--------------+--------------+--------------+--------------+
| Bank term loans | 10,379 | 10,379 | 12,227 | 12,227 |
+-----------------------+--------------+--------------+--------------+--------------+
| Revolving credit | 16,145 | 1,598 | 17,112 | 748 |
| facilities | | | | |
+-----------------------+--------------+--------------+--------------+--------------+
| Hire purchase | 505 | 199 | 798 | 327 |
+-----------------------+--------------+--------------+--------------+--------------+
| | | | | |
+-----------------------+--------------+--------------+--------------+--------------+
| | 29,803 | 12,176 | 32,910 | 13,302 |
+-----------------------+--------------+--------------+--------------+--------------+
| Amounts due for | 18,373 | 3,647 | 19,258 | 2,730 |
| settlement within 12 | | | | |
| months | | | | |
+-----------------------+--------------+--------------+--------------+--------------+
| Amounts due for | 11,430 | 8,529 | 13,652 | 10,572 |
| settlement after 12 | | | | |
| months | | | | |
+-----------------------+--------------+--------------+--------------+--------------+
| | | | 32,910 | 13,302 |
| | 29,803 | 12,176 | | |
+-----------------------+--------------+--------------+--------------+--------------+
7. Pensions ARRANGEMENTS
The Group operates a defined benefit pension plan in the UK. The actuarial
valuation showed a deficit of GBP582,000. The company has agreed with the
trustees that it will aim to eliminate the deficit over a period of 9 years from
1 April 2008 by the payment of annual contributions of GBP97,740 in respect of
the deficit. It has been suggested in the April 2009 valuation that the level
of contributions be increased to GBP215,000 per annum and the difference has
been accured in these accounts. In addition and in accordance with the actuarial
valuation, the company has agreed with the trustees that it will meet expenses
of the scheme and levies to the Pension Protection Fund.
The next valuation was due as at 1 April 2009, but has yet to be agreed
For the purposes of FRS17 the actuarial valuation as at 1 April 2007, which was
carried out by a qualified independent actuary, has been updated on an
approximate basis to 31 December 2009.
The estimated value of liabilities at the date of the last full actuarial
valuation was GBP26,310,000 compared to assets of GBP16,849,000.
Employer contributions are currently paid at the rate of GBP8,145 per month.
It is the policy of the company to recognise all actuarial gains and losses in
the year in which they occur in the comprehensive statement of recognised
income.
7. Pensions ARRANGEMENTS (continued)
Present values of defined benefit obligations, fair value of assets and
deficit
+------------------------------+---------------+---------------+---------------+
| | Year | Year | Year |
| | ended | ended | ended |
| | 31 | 31 | 31 |
| | December | December | December |
| | 2009 | 2008 | 2007 |
| | GBP'000s | GBP'000s | GBP'000s |
| | | | |
+------------------------------+---------------+---------------+---------------+
| Present value of defined | 15,945 | 15,094 | 16,268 |
| benefit obligation | | | |
+------------------------------+---------------+---------------+---------------+
| | | | |
+------------------------------+---------------+---------------+---------------+
| Fair value of plan assets | (15,363) | (14,830) | (18,052) |
+------------------------------+---------------+---------------+---------------+
| | | | |
+------------------------------+---------------+---------------+---------------+
| Deficit/(surplus) in plan | 582 | 264 | (1,784) |
+------------------------------+---------------+---------------+---------------+
| | | | |
+------------------------------+---------------+---------------+---------------+
| Amount not recognised in | - | - | 1,784 |
| accordance with IAS I9 | | | |
| paragraph 58b | | | |
+------------------------------+---------------+---------------+---------------+
| | | | |
| Gross amount recognised | 582 | 264 | - |
+------------------------------+---------------+---------------+---------------+
| | | | |
+------------------------------+---------------+---------------+---------------+
| Deferred tax at 28% / 30% | (163) | (74) | - |
+------------------------------+---------------+---------------+---------------+
| | | | |
+------------------------------+---------------+---------------+---------------+
| Net liability | 419 | 190 | - |
+------------------------------+---------------+---------------+---------------+
| | | | |
+------------------------------+---------------+---------------+---------------+
The present value of scheme liabilities is measured by discounting the best
estimate of future cash flows to be paid out by the scheme using the projected
unit method. The value calculated in this way is reflected in the next
liability in the statement of financial position as shown above.
A further measure of the scheme liabilities is the solvency basis, often taken
as an estimate of the cost of buying out the benefits with a suitable insurer.
This amount represents the amount that would be required to settle the scheme
liabilities rather than the Company continuing to fund the ongoing liabilities
of the scheme. The estimated value of liabilities at the date of the last full
actuarial valuation prepared for the trustees of the pension scheme as at 1
April 2007 was GBP26,310,000 compared with the assets at the same date of
GBP16,849,000.
Reconciliation of opening and closing balances of the present value of the
defined benefit obligations
+-------------------------------------------+--------------+--------------+
| | Year | Year |
| | ended | ended |
+-------------------------------------------+--------------+--------------+
| | 31 | 31 |
| | December | December |
+-------------------------------------------+--------------+--------------+
| | 2009 | 2008 |
+-------------------------------------------+--------------+--------------+
| | GBP'000s | GBP'000s |
+-------------------------------------------+--------------+--------------+
| | | |
+-------------------------------------------+--------------+--------------+
| Defined benefit obligation at start of | 15,094 | 16,268 |
| year | | |
+-------------------------------------------+--------------+--------------+
| Interest cost | 930 | 925 |
+-------------------------------------------+--------------+--------------+
| Actuarial losses/(gains) | 633 | (1,474) |
+-------------------------------------------+--------------+--------------+
| Benefits paid, death in service insurance | | |
| premiums and expenses | (712) | (625) |
+-------------------------------------------+--------------+--------------+
| | | |
| Defined benefit obligation at end of year | 15,945 | 15,094 |
+-------------------------------------------+--------------+--------------+
7. Pensions ARRANGEMENTS (continued)
Reconciliation of opening and closing balances of the fair value of plan assets
+-------------------------------------------+--------------+--------------+
| | Year | Year |
| | ended | ended |
+-------------------------------------------+--------------+--------------+
| | 31 | 31 |
| | December | December |
+-------------------------------------------+--------------+--------------+
| | 2009 | 2008 |
+-------------------------------------------+--------------+--------------+
| | GBP'000s | GBP'000s |
+-------------------------------------------+--------------+--------------+
| | | |
+-------------------------------------------+--------------+--------------+
| Fair value of scheme assets at start of | 14,830 | 18,052 |
| the year | | |
+-------------------------------------------+--------------+--------------+
| Expected return on scheme assets | 917 | 1,245 |
+-------------------------------------------+--------------+--------------+
| Actuarial gains/(losses) | 113 | (3,937) |
+-------------------------------------------+--------------+--------------+
| Contributions by employer paid | 98 | 95 |
+-------------------------------------------+--------------+--------------+
| Contributions by employer poroposed not | 117 | - |
| yet agreed | | |
+-------------------------------------------+--------------+--------------+
| Benefits paid, death in service insurance | (712) | (625) |
| premiums and expenses | | |
+-------------------------------------------+--------------+--------------+
| | 15,363 | |
| Fair value of scheme assets at end of the | | 14,830 |
| year | | |
+-------------------------------------------+--------------+--------------+
The actual return on the scheme assets over the year ending 31 December 2009 was
2,692,000 (2008 - GBP1,986,000).
Total expense recognised in the income statement within other finance costs
+-------------------------------------------+----------+-------------+
| | Year | Year |
| | ended | ended |
+-------------------------------------------+----------+-------------+
| | 31 | 31 |
| | December | December |
+-------------------------------------------+----------+-------------+
| | 2009 | 2008 |
+-------------------------------------------+----------+-------------+
| | GBP'000s | GBP'000s |
+-------------------------------------------+----------+-------------+
| Interest on liabilities | 930 | 925 |
+-------------------------------------------+----------+-------------+
| Expected return on scheme assets | (917) | (1,245) |
+-------------------------------------------+----------+-------------+
| | | |
+-------------------------------------------+----------+-------------+
| | | |
| Total cost/(income) | 13 | (320) |
+-------------------------------------------+----------+-------------+
Statement of recognised income and expenses
+-------------------------------------------+-------------+-------------+
| | Year | Year |
| | ended | ended |
+-------------------------------------------+-------------+-------------+
| | 31 | 31 |
| | December | December |
+-------------------------------------------+-------------+-------------+
| | 2009 | 2008 |
+-------------------------------------------+-------------+-------------+
| | GBP'000s | GBP'000s |
+-------------------------------------------+-------------+-------------+
| | | |
+-------------------------------------------+-------------+-------------+
| Difference between expected and actual | 113 | (3,937) |
| return on scheme assets: gain/(loss) | | |
+-------------------------------------------+-------------+-------------+
| Experience gains and losses arising on | 18 | (114) |
| the scheme liabilities: gain/(loss) | | |
+-------------------------------------------+-------------+-------------+
| Effects of changes in the demographic and | (651) | 1,588 |
| financial assumptions underlying the | | |
| present value of the scheme liabilities: | | |
| gain | | |
+-------------------------------------------+-------------+-------------+
| | | |
+-------------------------------------------+-------------+-------------+
| Reversal of the limit under IAS19 | - | 1,784 |
| paragraph 58b | | |
+-------------------------------------------+-------------+-------------+
| | | |
+-------------------------------------------+-------------+-------------+
| | | |
| Total amount recognised in statement of | (520) | (679) |
| changes in equity | | |
+-------------------------------------------+-------------+-------------+
7. Pensions ARRANGEMENTS (continued)
Assets
+------------------------------+-----------+----------+-----------+
| | Year | Year | Year |
| | ending | ending | ending |
| | 31 | 31 | 31 |
| | December | December | December |
| | 2009 | 2008 | 2007 |
| | GBP'000s | GBP'000s | GBP'000s |
+------------------------------+-----------+----------+-----------+
| | | | |
+------------------------------+-----------+----------+-----------+
| Equities | 10,274 | 8,547 | 14,348 |
+------------------------------+-----------+----------+-----------+
| Bonds | 3,919 | 5,092 | 2,847 |
+------------------------------+-----------+----------+-----------+
| Property | 449 | 563 | 420 |
+------------------------------+-----------+----------+-----------+
| Cash | 721 | 628 | 437 |
+------------------------------+-----------+----------+-----------+
| | | | |
+------------------------------+-----------+----------+-----------+
| Total assets | 15,363 | 14,830 | 18,052 |
+------------------------------+-----------+----------+-----------+
None of the fair values of the assets shown above include any of the Group's own
financial instruments or any property occupied by, or other assets used by,
the Group.
Assumptions
+----------------------------+-----------+-----------+-----------+
| | Year | Year | Year |
| | ended | ended | ended |
| | 31 | 31 | 31 |
| | December | December | December |
| | 2009 | 2008 | 2007 |
| | % per | % per | % per |
| | annum | annum | annum |
| | | | |
+----------------------------+-----------+-----------+-----------+
| Inflation | 3.10 | 3.10 | 3.45 |
+----------------------------+-----------+-----------+-----------+
| | | | |
+----------------------------+-----------+-----------+-----------+
| Salary increases | - | - | - |
+----------------------------+-----------+-----------+-----------+
| | | | |
+----------------------------+-----------+-----------+-----------+
| Rate of discount | 6.00 | 6.30 | 5.80 |
+----------------------------+-----------+-----------+-----------+
| | | | |
+----------------------------+-----------+-----------+-----------+
| Allowance for pension in | 3.10 | 3.10 | 3.45 |
| payment increases of RPI | | | |
| or 5% p.a. if less | | | |
+----------------------------+-----------+-----------+-----------+
| | | | |
+----------------------------+-----------+-----------+-----------+
| Allowance for revaluation | 3.10 | 3.10 | 3.45 |
| of deferred pensions of | | | |
| RPI or 5% if less | | | |
+----------------------------+-----------+-----------+-----------+
| | | | |
+----------------------------+-----------+-----------+-----------+
| Allowance for commutation | 50% of | 50% of | 50% of |
| of pension for cash at | max | max | max |
| retirement | allowance | allowance | allowance |
| | | | |
+----------------------------+-----------+-----------+-----------+
+------------------+----------------------+----------------------+
| Assumption |Change in assumption | Change in liability |
+------------------+----------------------+----------------------+
| | | |
+------------------+----------------------+----------------------+
| Discount rate | Increase / decrease | Decrease / increase |
| Rate of | of 0.5% p.a. | by 7.9% |
| inflation | Increase / decrease | Increase / decrease |
| Rate of morality | of 0.5% p.a. | by 3.1% |
| | 1 year increase in | Increase by 2.1% |
| | life expectancy | |
+------------------+----------------------+----------------------+
The mortality assumptions adopted at 31 December 2009 imply the following life
expectancies:
Male retiring at age 65 in 2009 22.0
Female retiring at age 65 in 2009 24.9
Male retiring at age 65 in 2028 23.1
Female retiring at age 65 in 2028 25.9
7. Pensions ARRANGEMENTS (continued)
The long-term expected rate of return on cash is determined by reference to UK
long dated government bond yields at the balance sheet date. The long-term
expected return on bonds is determined by reference to UK long dated government
and corporate bond yields at the balance sheet date. The long-term expected
rate of return on equities is based on the rate of return on bonds with an
allowance for out-performance.
Expected long term rates of return
The expected long term rates of return applicable at the start of each period
are as follows:
+----------------------------+-----------------+-----------------+------------------+
| | Year | Year | Year |
| | ended | ended | ended |
| | 31 | 31 | 31 |
| | December | December | December |
| | 2009 | 2008 | 2007 |
| | % per | % per | % per |
| | annum | annum | annum |
+----------------------------+-----------------+-----------------+------------------+
| Equities | 6.90 | 6.90 | 7.50 |
+----------------------------+-----------------+-----------------+------------------+
| Bonds | 5.64 | 5.64 | 5.00 |
+----------------------------+-----------------+-----------------+------------------+
| Property | 5.9 | 5.90 | 6.00 |
+----------------------------+-----------------+-----------------+------------------+
| Cash | 3.5 | 3.50 | 4.50 |
+----------------------------+-----------------+-----------------+------------------+
| Overall for scheme | 6.29 | 6.29 | 7.00 |
+----------------------------+-----------------+-----------------+------------------+
+-----------------------+----------------+----------------+----------------+---------+----------+
| | Year | Year | Year | Year ended |
| | ended | ended | ended | 31 December |
| | 31 | 31 | 31 | 2006 |
| | December | December | December | GBP'000s |
| | 2009 | 2008 | 2007 | |
| | GBP'000s | GBP'000s | GBP'000s | |
| | | | | |
+-----------------------+----------------+----------------+----------------+--------------------+
| Fair value of assets | 15,363 | 14,830 | 18,052 | 16,585 |
+-----------------------+----------------+----------------+----------------+--------------------+
| | | | | | |
+-----------------------+----------------+----------------+----------------+---------+----------+
| Defined benefit | (15,945) | (15,094) | (16,268) | (17,808) |
| obligation | | | | |
+-----------------------+----------------+----------------+----------------+--------------------+
| | | | | |
+-----------------------+----------------+----------------+----------------+--------------------+
| Surplus /(deficit) in | (582) | (264) | 1,784 | (1,223) |
| scheme | | | | |
+-----------------------+----------------+----------------+----------------+--------------------+
| | | | | |
+-----------------------+----------------+----------------+----------------+--------------------+
| Experience adjustment | | | | |
| on | | | | |
+-----------------------+----------------+----------------+----------------+--------------------+
| scheme assets | 113 | (3,937) | 893 | (244) |
+-----------------------+----------------+----------------+----------------+--------------------+
| | | | | |
+-----------------------+----------------+----------------+----------------+--------------------+
| Experience adjustment | | | | |
| on | | | | |
+-----------------------+----------------+----------------+----------------+--------------------+
| scheme liabilities | 18 | (114) | 464 | 280 |
+-----------------------+----------------+----------------+----------------+--------------------+
| | | | | |
+-----------------------+----------------+----------------+----------------+--------------------+
| | | | | |
+-----------------------+----------------+----------------+----------------+---------+----------+
8. Audit status
The financial information set out above does not constitute the company's
statutory financial statements for the years ended 31 December 2009 or 2008, but
is derived from those financial statements. Statutory financial statements for
2008 have been delivered to the Registrar of Companies and those for 2009 will
be delivered following the company's annual general meeting. The auditors have
not yet reported on the 2009 financial statements.
Whilst the financial information included in this preliminary announcement has
been computed in accordance with International Financial Reporting Standards
(IFRS), this announcement does not in itself contain sufficient information to
comply with IFRS. The accounting policies used in the preparation of this
preliminary announcement are consistent with those in the full financial
statements which have yet to be published. The preliminary results for the year
ended 31 December 2009 were approved by the Board of Directors on 23 March 2010
This information is provided by RNS
The company news service from the London Stock Exchange
END
FR DGGDXDXDBGGX
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