For immediate release: 25 September 2006
BUCKLAND GROUP PLC
("Buckland" or the "Group")
Interim Report for the Six Months Ended 30 June 2006
Chairman's Statement
I present the interim results for Buckland for the six months ended 30 June
2006. These show an operating profit before tax from continuing operations of �
36,302 on sales of � 1,576,338 ; after losses from the discontinued operations
of DK Gas Components Ltd, the consolidated pre-tax loss was � 148,397 compared
with a loss of � 294,706 for the first half of 2005. The loss per share was
0.02p (2005: 0.15p loss per share). No interim dividend is proposed.
Review of Operations
During the first half of 2006 we successfully completed the transfer of DK Gas'
remaining manufacturing operations from Redditch to Bangkok and on 12th July DK
Gas in the UK was closed. All the group's spark ignition generators and
electrodes are now produced in Thailand and sold internationally under the
Derlite name. The logistics of this currently requires us to ship some product
by air to Europe whilst we build up the inventories in transit by sea; this
airfreight requirement is expected to be eliminated by the end of this year.
Demand for our range of products remained steady over the first half of 2006,
at volumes similar to the second half of last year, with the majority of our
output continuing to be for the gas cooker markets in the UK and North America.
In recent weeks we have taken on a number of major new customers in the UK gas
boiler market and we therefore anticipate that, over the next six months, the
group will be able to start generating some significant sales growth.
Balance sheet
These interim results include the trading losses incurred by DK Gas until
closure and the consolidated balance sheet at 30th June provides fully for the
impact of that closure. The group's short term liquidity was improved by the
placing of � 25,000 of new shares in July and by the issuance earlier this
month of � 125,000 of unlisted convertible loan notes.
Outlook
The military coup in Thailand last week has not caused any disruption to the
group's operations in that country and we think it unlikely that it will in the
future. The second half of this year will see the initial benefit of the much
reduced cost base following the transfer of all manufacturing to Bangkok, with
the full benefit coming through once we eliminate the need for airfreight.
The Board is confident that, after some very difficult times, the Group can
look forward to an increasing level of profitability.
Patrick Rogers
Chairman
29 September 2006
Interim Report
Consolidated profit and loss account for the six month period ended 30 June
2006
Unaudited Six Unaudited Six Twelve month
month period month period period ended
ended 30 June ended 30 June 31 December
2006 2005 2005
� � �
Turnover
Continuing 1,576,338
Operations
Acquisitions -
Discontinued -
Operations
1,576,338 1,992,480 3,443,290
Cost of sales (1,209,819) (1,400,104) (2,954,418)
Gross profit 366,519 592,376 488,872
Administrative (846,123) (861,477) (2,611,737)
expenses
Other operating 6,661 88,458 63,838
income
Operating profit/
(loss)
Continuing 36,302
Operations
Acquisitions -
Discontinued (534,245)
operations
(497,942) (180,643) (2,059,027)
Reorganisation - (90,000)
costs
Disposal of 370,106 - -
subsidiary
Operating (loss) (127,836) (270,643) (2,059,027)
Profit on disposal - 100,660
of fixed assets
Interest 54 2 218
receivable
Interest payable (20,615) (24,065) (71,267)
and similar
charges
(Loss) on ordinary (148,397) (294,706) (2,029,416)
activities before
taxation
Tax on ordinary - - -
activities
Retained (loss) (148,397) (294,706) (2,029,416)
transferred (from)
reserves
(Loss) per (0.02)p (0.15)p (0.15)p
ordinary share:
Basic and Diluted
Consolidated balance sheet at 30 June 2006
At 30 June 2006 At 31 December 2005
� � � �
Fixed assets
Intangible assets 225,513 243,387
Tangible assets 111,355 256,791
336,868 500,178
Current assets
Stocks 214,093 425,052
Debtors 204,198 937,668
Cash at bank and in hand 12,476 29,717
430,767 1,392,437
Creditors: amounts falling (1,423,662) (2,324,585)
due
within one year
Net current (liabilities)/ (992,895) (932,148)
assets
Total assets less current (656,027) (431,970)
liabilities
Creditors: amounts falling (33,121) (9,371)
due
after more than one year
Provision for liabilities - (99,410)
and charges
(689,148) (540,751)
Capital and reserves
Called up share capital 3,526,492 3,526,492
Share premium account 1,041,532 1,041,532
Profit and loss account (5,257,172) (5,108,775)
Equity shareholders' funds (689,148) (540,751)
Consolidated cash flow statement for the six month period ended 30 June 2006
Unaudited Year ended
Six month 31 December
period 2005
ended 30
June 2006
� �
Net cash (outflow)/inflow from operating (173,960) (657,039)
activities (see below)
Returns on investments and servicing of (20,561) (71,049)
finance
Taxation - -
Acquisitions - (1,254,243)
Capital expenditure 9,302 54,689
Cash outflow before management of liquid (185,219) (1,927,642)
resources and financing
Share issue - 1,414,497
Bank borrowings 64,707 483,942
Finance leases (4,923) (24,221)
(Decrease) in cash (125,435) (53,424)
Reconciliation of net cash flow to movement in
net funds
(Decrease) in cash in the period (125,435) (53,424)
Cash inflow from increase in debt (59,784) (459,721)
Non cash movements - (30,000)
Change in net debt resulting from cash flows (185,219) (543,145)
Exchange movement - 1,719
Movement in net debt in the period (185,219) (541,426)
Opening net debt (830,527) (289,102)
Closing net debt (1,015,746) (830,528)
Reconciliation of operating (loss)/profit to
net
cash outflow from operating activities
Operating (loss) (127,836) (2,059,027)
Depreciation and impairment 75,023 176,532
Amortisation of goodwill 17,875 171,450
Impairment of goodwill - 1,004,465
Reorganisation costs - 99,410
Cessation of subsidiary (370,106) -
(Profit) on sale of fixed assets 10,438 -
(Increase)/Decrease in stocks 167,853 317,464
(Increase)/Decrease in debtors 12,252 (606,425)
Increase in creditors 40,543 228,590
Other non cash operating adjustment (2) 10,502
Net cash (outflow) from operating activities (173,960) (657,039)
Notes to the Interim Results:
1
The consolidated profit and loss account incorporates the unaudited results of
Buckland Group Plc and all its subsidiary undertakings up to 30 June 2006, and
has been prepared on a basis consistent with the accounting policies set out in
the audited financial statements for the year ended 31 December 2005. Earnings/
(loss) per share for the six months to 30June 2006 have been calculated based
on the weighted average number of shares in issue for the period of
792,178,629.
2
This Interim Report was approved by the board of directors on 25 September
2006.
This interim financial information does not comprise statutory accounts as
defined in Section 240 of the Companies Act 1985.
The financial information for the period ended 31 December 2005 is an extract
from the latest company accounts. Those accounts received an unqualified
auditors report and have been filed with the Registrar of Companies.
The financial information for the period ended 30 June 2006 has not been
subject to review by the auditors.
For further information please contact,
Patrick Rogers, Chairman
Buckland Group Plc
Tel. 07711 420 702
Ben Simons
Hansard Group
Tel. 020 7245 1100
END
Built Cybernetics (LSE:BUC)
Historical Stock Chart
From Feb 2025 to Mar 2025
Built Cybernetics (LSE:BUC)
Historical Stock Chart
From Mar 2024 to Mar 2025
