TIDMMAN
RNS Number : 1168I
Manroy PLC
09 June 2011
9 June 2011
Manroy Plc
Interim Results for six months ended 31 March 2011
Manroy Plc ("Manroy" or the "Group") (AIM:MAN.L), "), the AIM
quoted leading UK machine gun manufacturer, announces its unaudited
interim results for the six months ended 31 March 2011.
Manroy's shares were admitted to trading on AIM in December 2010
following the reverse takeover of Manroy Systems Limited ("Manroy
Systems") by Hurlingham Plc. The results set out below therefore
include only a three month contribution from Manroy Systems.
Financial highlights
-- Revenue of GBP3.0m
-- Pre-tax profits of GBP1.14m against 2010 loss of GBP33,000
-- Basic earnings per share of 12.5p compared to 2010 loss per
share of 1.1p
-- Interim dividend of 1p per share declared earlier than previously
planned
-- Manroy Systems consolidated income statement for full six
month period shows:
Revenue up 32.1% to GBP6.1m (6 months to 31 March 2010:
GBP4.6m)
Pre-tax profits up 39.5% to GBP1.3m (6 months to 31 March
2010: GBP0.9m)
Operational highlights
-- Acquisition of Manroy Systems for GBP3.1m
-- Successful GBP6.0m fund raising
-- Four appointments to the Board including two non-executive
directors
-- Announcement of the following new orders:
GBP1.3m spare parts contract
Three year technical support contract with the MoD
Post period end
-- Acquisition of the business and assets of AEI Land Systems
for GBP250,000 in cash plus an earn out over two years
-- Option to acquire 49% of Manroy USA extended to 30 June 2011
-- GBP4.1m five year blank ammunition contract with the MoD
Andrew Blurton, Chairman of Manroy, commented: "The Board is
pleased with the progress made by Manroy during the first six
months of this financial year. The enlarged group has a positive
future with the ability to generate long term sustainable income
streams from its core business, as well as being able to grow
through acquisition. Barring unforeseen circumstances in the
countries and markets in which the Group operates, the Board
therefore views the future with confidence."
For further information please contact:
Manroy Plc Tel: 01252 874 177
Glyn Bottomley, Chief Executive
Paul Carter, Finance Director
Arbuthnot Securities Limited Tel: 020 7012 2000
Tom Griffiths
Ed Groome
Tavistock Communications Tel: 020 7920 3150
Baron Phillips
Simon Compton
Chairman's statement
I am pleased to present my first Chairman's statement since
completion of the reverse takeover of Manroy Systems Limited and
the subsequent admission to AIM in December 2010. This half yearly
report includes a three months' contribution from Manroy Systems
Limited from completion of the acquisition on 23 December 2010 to
31 March 2011.
Shareholders will be familiar from the AIM Admission Document
with the events of the first part of the period under review, which
led to Manroy Systems' GBP3.1m acquisition together with a GBP6.0m
fund raising through a share placing at 75p per share. The net
impact of this was to transform your company from an unquoted cash
shell into the UK's leading manufacturer of machine guns, in
particular the Heavy Machine Gun (HMG) along with the associated
provision of support services, maintenance and spares. The
Company's shares also became quoted and traded on AIM following
this acquisition.
The revenue contribution from Manroy Systems amounted to GBP3.0m
for the six months to 31 March 2011 resulting in pre-tax profits
for the period of GBP1,143,000 against a loss of GBP33,000 in the
comparable period a year earlier. The Company's results this year
reflect the expensing of costs incurred on the acquisition and the
positive effect of negative goodwill arising on the acquisition.
This negative goodwill arose from the increase in net assets of
Manroy Systems to the date of our purchase in comparison to the
purchase price paid, against which the Group is only recording
three months' results from Manroy Systems from the date of purchase
to 31 March 2011. These results translated into earnings per share
of 12.5p compared to a loss of 1.1p per share last year.
As a result of this strong first half performance, the Board has
declared an interim dividend of 1p per ordinary share, payable on
15 July 2011 to shareholders on the register on 17 June 2011. In
the Company's AIM Admission Document, the Board indicated that the
Company would recommence the payment of dividends on publication of
its financial statements for the year ending 30 September 2011. The
Board is pleased that the Company is able to recommence dividend
payments earlier than previously indicated, and it also intends to
recommend that the Company pays the same amount as a final dividend
on publication of those financial statements.
We have also included in the notes, the Consolidated Income
Statement for the Manroy Systems subgroup for the six months to 31
March 2011 which shows revenue of GBP6.1m for the period, a 32%
increase over the March 2010 half year, and pre-tax profits of
GBP1.3m against GBP0.9m in the comparable period.
The period under review has been one of transformation for the
Company. The board expects this process to continue as Manroy grows
both its product range and its area of operations. The Company has
made four appointments to the Board during the period. As well as
the addition in December 2010 of Glyn Bottomley and Paul Carter,
Chief Executive and Finance Director respectively, we have
appointed a further two non-executives - Gerry Clark and Brian
O'Donnell. These appointments were made in February this year and
we are pleased to have their additional expertise available to the
Company. Further key senior operational managers have also been
appointed demonstrating the Company's commitment to its ongoing
development.
Since the period end Manroy has acquired the business and assets
of AEI Land Systems for GBP250,000 in cash, together with an
earn-out at the lower of 7% of AEI related turnover and 50% of
post-tax profit generated from the acquired assets. The earn-out is
only payable for two years from the date of acquisition and will be
funded entirely from the profits of the AEI business acquired. The
Board sees this as an important transaction in that it brings a
profitable complementary business into the Company.
The Board considers Manroy's business has developed positively
during the first six months of this financial year. The enlarged
group has a strong future with the ability to generate long term
sustainable income streams from its core business, as well as being
able to grow through acquisition. Barring unforeseen circumstances
in the countries and markets in which the Group operates, I
therefore view the future with confidence.
Andrew Blurton
Chairman
9 June 2011
Chief Executive's review
This has been an exciting period for Manroy and I am delighted
to have joined the board of the Company as Chief Executive. We have
made a number of positive developments during the six months ended
31 March 2011 and since the period, details of which are set out in
this report.
In January 2011 Manroy announced the signing of a GBP1.3m spare
parts contract with a Middle East Government and a three year
technical support contract with the UK Ministry of Defence. This
was followed in May by the award of a five year blank ammunition
contract for GBP4.1m with the UK MoD. These all augur well for our
future performance.
During this first half of the Company's financial year, certain
overseas markets in which the Group operates have been adversely
affected. In some instances this has delayed sales orders that the
Company had previously expected to be awarded during this period.
Nevertheless, the Company has worked hard to secure alternative
business opportunities and expects profits and earnings per share
for the year ending 30 September 2011 to be broadly in line with
market expectations. These delayed sales orders are now expected to
be received during the year ending 30 September 2012.
It is worth explaining that the Group does not accept export
orders from any embargoed country and Manroy adheres strictly to UK
legislation concerning the sale of armaments and weapons to foreign
countries and governments.
There are a number of long term overseas contracts being
tendered for by the Group. These are in regions where our main
competitors have previously enjoyed success but where Manroy now
considers itself to be well positioned to compete for these
significant contracts. The acquisition of the AEI Land Systems
assets in April this year has also extended the Group's product
range and strength, thereby enabling Manroy to actively bid for
more wide ranging system solutions to existing and potential
customers in export opportunities.
Shareholders will recall that at the time of the Company's
Admission to AIM, the Company had an option to acquire 49% of
Manroy USA ("MUSA") from Caledonian Heritable Limited. This option
was to be exercised by the Company by 31 March 2011 for
approximately GBP1.6m, payable in cash or shares issued at the 75p
placing price at Caledonian Heritable's election. On 1 April 2011,
Manroy announced that this option had been extended to 30 June
2011.
This extension was necessitated because MUSA had acquired the
business and assets of Sabre Defence Industries (rather than the
company itself) for $6.0m in cash in March 2011. As a result of
this acquisition, further due diligence is being undertaken on the
enlarged business. This acquisition significantly increased MUSA's
size, capability and prospects in the US, which is the world's
largest defence market. The Board believes that Manroy's future
prospects in the US would be materially enhanced if the Company
exercises its option to acquire 49% of MUSA, as it provides Manroy
with access to high technology manufacturing capability for M2 HMG
barrels, Quick Change Barrel kits and parts, as well as production
capability for M4, M5 and M16 rifles. Sabre's principal customer
was the US Department of Defense, which it supplied for a number of
years.
The Board believes the potential acquisition of a major interest
in MUSA creates a key opportunity for Manroy to accelerate its
penetration of the US defence market, and enables the Group to
capitalise on its long and extensive experience of manufacturing
the M2 HMG, associated parts, and Quick Change Barrel technology. A
further announcement relating to the option to acquire 49% of MUSA
will be made in due course.
Overall, the six months ended 31 March 2011 was a positive
period for Manroy and this momentum has continued since the period
end. I would like to take this opportunity to thank all our
employees for their hard work during this transition period and all
our shareholders for their support. I look forward to the ongoing
development of the Group over the remainder of the financial year
and into the future.
Glyn Bottomley
Chief Executive
9 June 2011
CONDENSED CONSOLIDATED INCOME STATEMENT
for the six months ended 31 March 2011
6 months 6 months Year ended
ended 31 ended 31 30 September
Notes March 2011 March 2010 2010
GBP'000 GBP'000 GBP'000
Revenue 2 3,000 - -
Cost of sales (1,931) - -
Gross profit 1,069 - -
Costs of acquisition
of Manroy Systems
Limited 8 (348) - (130)
Negative goodwill
on acquisition of
Manroy Systems Limited 7.1 1,351
Administrative expenses (928) (37) (153)
------------------------- ------ ------------ ------------ --------------
Results from operating
activities 1,144 (37) (283)
Finance income 3 5 4 9
Finance expense 3 (6) - -
Profit / (loss) before
taxation 1,143 (33) (274)
Taxation 4 (101) - -
------------------------- ------ ------------ ------------ --------------
Profit/(loss) for
the period 1,042 (33) (274)
========================= ====== ============ ============ ==============
Earnings / (loss)
per share (basic) 5 12.5p (1.1p) (9.4p)
Earnings / (loss)
per share (diluted) 5 12.1p (1.0p) (8.7p)
------------------------- ------ ------------ ------------ --------------
There are no other recognised gains and losses other than those
shown in the Consolidated Income Statement.
All amounts relate to acquisitions.
CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION
31 March 31 March 30 September
2011 2010 2010
Notes GBP'000 GBP'000 GBP'000
----------------------------- ------ --------- --------- -------------
Non-current assets
Goodwill 7.1 6,538 - -
Investments - 101 -
Property, plant and
equipment 9 289 - -
6,827 101 -
----------------------------- ------ --------- --------- -------------
Current assets
Inventories 1,159 - -
Trade and other receivables 10 1,153 8 480
Cash and cash equivalents 11 4,409 1,679 1,423
----------------------------- ------ --------- --------- -------------
6,721 1,687 1,903
TOTAL ASSETS 13,548 1,788 1,903
----------------------------- ------ --------- --------- -------------
Current liabilities
Bank loans 14 (700) - -
Finance leases (30) - -
Derivative financial
instruments (17) - -
Trade and other payables 13 (2,362) (63) (419)
----------------------------- ------ --------- --------- -------------
(3,109) (63) (419)
----------------------------- ------ --------- --------- -------------
Non-current liabilities
Bank loans 14 (755) - -
Finance leases (36) - -
Deferred tax (8) - -
(799) - -
TOTAL LIABILITIES (3,908) (63) (419)
----------------------------- ------ --------- --------- -------------
NET ASSETS 9,640 1,725 1,484
============================= ====== ========= ========= =============
EQUITY
Share capital 15 649 2,179 2,179
Share premium 6,941 331 331
Capital redemption
reserve 15 2,034 - -
Retained earnings 16 (785) (1,026)
TOTAL EQUITY 9,640 1,725 1,484
============================= ====== ========= ========= =============
CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
for the six months ended 31 March 2011
Capital
Share Share redemption Retained Total
capital premium reserve earnings equity
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
----------------- ---------- ---------- ----------- --------- -----------
At 1 October
2009 2,179 331 - (752) 1,758
Total
recognised
income and
expense for
the period - - - (33) (33)
----------------- ---------- ---------- ----------- --------- -----------
At 31 March
2010 2,179 331 - (785) 1,725
Total
recognised
income and
expense for
the period - - - (241) (241)
----------------- ---------- ---------- ----------- --------- -----------
At 30 September
2010 2,179 331 - (1,026) 1,484
Capital
reconstruction
(note 15) (2,034) 2,034 -
Issue of
10,081,632,
new ordinary
shares 504 7,057 - - 7,561
Costs relating
to issue of
new shares
(note 8) - (447) - - (447)
Total
recognised
income and
expense for
the period - - - 1,042 1,042
----------------- ---------- ---------- ----------- --------- -----------
At 31 March
2011 649 6,941 2,034 16 9,640
================= ========== ========== =========== ========= ===========
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS
for the six months ended 31 March 2011
6 months 6 months Year ended
ended 31 ended 31 30 September
March 2011 March 2010 2010
Notes GBP'000 GBP'000 GBP'000
-------------------------- ------ ------------ ------------ --------------
Cash inflow / (outflow)
generated from
operations 12 2,246 (58) (183)
Finance income 5 4 9
Finance expense (23) - -
Taxation paid (172) (7) (7)
Net cash used in
operating activities 2,056 (61) (181)
-------------------------- ------ ------------ ------------ --------------
Cash flows from investing
activities
Purchase of property,
plant and equipment (102) - -
Purchase of subsidiary
undertaking (1,500) - -
Cash acquired on
acquisition of
subsidiary 1,874 - -
Net cash received from
investing activities 272 - -
-------------------------- ------ ------------ ------------ --------------
Net cash flows from
financing activities
Repayments of bank loans (167) - -
Costs incurred on issue
and cancellation of
shares in prior periods - - (197)
Issue of new ordinary
shares 6,000 - -
Costs of issuing new
shares 8 (447) (61) -
Repayment of subsidiary
shareholder loans (4,716) - -
Repayment of lease
capital (12) - -
Net cash from financing
activities 658 (61) (197)
-------------------------- ------ ------------ ------------ --------------
Net increase in cash
and cash equivalents
in the period 2,986 (122) (378)
Cash and cash equivalents
at beginning of period 1,423 1,801 1,801
Cash and cash equivalents
at end of period 4,409 1,679 1,423
========================== ====== ============ ============ ==============
Notes to the condensed consolidated financial statements
1. Statement of accounting policies
Manroy Plc (the "Company") is incorporated and domiciled in
England and Wales under company number 2451413.
Basis of preparation
This half-yearly financial report of the Company for the six
months ended 31 March 2010 has been prepared in accordance with IAS
34: 'Interim Financial Reporting' as adopted for use in the
European Union ("EU") and in accordance with the Disclosure and
Transparency Rules of the Financial Services Authority. The
financial information contained in this half-yearly financial
report has neither been audited nor reviewed by the auditors.
The annual financial statements of Manroy Plc are prepared in
accordance with IFRS as adopted by the European Union. The
comparative financial information for the year ended 30 September
2010 included within this report does not constitute the full
statutory accounts as defined in section 434 of the Companies Act
2006. The statutory Annual Report and Financial Statements for 2010
have been filed with the Registrar of Companies. The Independent
Auditors' Report on that Annual Report and Financial Statement for
2010 was unqualified, did not draw attention to any matters by way
of emphasis and did not contain a statement under 498(2) or 498(3)
of the Companies Act 2006.
This half-yearly financial report has been prepared on the basis
of the accounting policies adopted in the financial statements of
the Company for the year ended 30 September 2010, with the addition
of new standards, amendments to standards and interpretations that
have come into effect during the period under review and which have
a material impact on either the Company or its subsidiaries.
On 23 December 2010, Manroy Plc completed the acquisition of
Manroy Systems Limited. The financial information in this
half-yearly financial report for the six months ended 31 March 2011
therefore includes the consolidated results of Manroy Systems
Limited from the date of its acquisition on 23 December 2010, to 31
March 2011. The comparative information for the six months ended 31
March 2010 and for the year ended 30 September 2010 relates to the
only company in the Group at those dates.
2. Segmental reporting
There is only one operating and reportable segment in the Group,
being the supply of guns and spares. There are no significant
overseas assets or liabilities in the Group. The Board's strategy
is to increase the Group's penetration into the export market. The
below table shows an analysis of the Group's revenue by location of
customer for the trading periods covered by this financial
report:
6 Months 6 Months
ended ended Year ended
31 March 31 March 30 September
2011 2010 2010
Region GBP'000 % GBP'000 % GBP'000 %
United Kingdom 2,463 82 - - - -
Europe 486 16 - - - -
North America 49 2 - - - -
Asia and Australasia 2 0 - - - -
Total Revenue 3,000 100 - - - -
====================== ========== ==== ========== ==============
During the period ended 31 March 2011, revenues included
GBP2,381,000 from the Group's largest customer.
3. Finance income and expenses
6 months 6 months Year ended
ended 31 ended 31 30 September
March 2011 March 2010 2010
GBP'000 GBP'000 GBP'000
Bank interest (23) - -
Movement in fair value of
interest rate swaps 17 - -
(6) - -
Finance income 5 4 9
(1) 4 9
=========================== ============ ============ ==============
4. Taxation
6 months 6 months Year ended
ended 31 ended 31 30 September
March 2011 March 2010 2010
GBP'000 GBP'000 GBP'000
Continuing operations
Current tax (101) - -
====================== ============ ============ ==============
UK corporation tax has been calculated at 26% on the taxable
profits of the Group in the relevant periods.
5. Earnings / (loss) per share
Weighted average number of shares in issue during period:-
6 months 6 months
ended ended Year ended
31 March 31 March 30 September
2011 2010 2010
'000 '000 '000
-------------------------------- ---------- ---------- --------------
Number of shares in issue
at start of period 2,906 2,906 2,906
Shares issued during period 10,081 - -
Number of shares in issue
at end of period 12,987 2,906 2,906
-------------------------------- ---------- ---------- --------------
Weighted average number of
shares in issue during period 8,334 2,906 2,906
================================ ========== ========== ==============
The earnings / (loss) per share figures are calculated by
dividing the profit / (loss) for each period, by the weighted
average number of shares in issue during each period, as
follows:-
6 months 6 months
ended ended Year ended
31 March 31 March 30 September
2010 2010 2010
------------------------- --------- ---------- ---------- --------------
Profit / (loss) for
the period GBP'000 1,042 (33) (274)
------------------------- --------- ---------- ---------- --------------
Weighted average number
of ordinary shares
in issue during the
period '000 8,334 2,906 2,906
------------------------- --------- ---------- ---------- --------------
Basic earnings / (loss)
per share Pence 12.5 p (1.1p) (9.4p)
------------------------- --------- ---------- ---------- --------------
Diluted earnings /
(loss) per share Pence 12.1p (1.0p) (8.7p)
========================= ========= ========== ========== ==============
6. Dividends
No dividends were declared or paid by the Company in any of the
periods covered by this half yearly financial report. On 9 June
2011, the Board declared an interim dividend of 1p per share,
totalling GBP130,000 to shareholders on the register on 17 June
2011, which will be payable on 15 July 2011.
7. Acquisition of Manroy Systems Limited
7.1 Goodwill
31 March 2011 31 March 30 September
2010 2010
GBP'000 GBP'000 GBP'000
Cost and net book value
At date of acquisition and 6,538 - -
end of period
=========================== ============== ========= =============
Manroy Plc completed the acquisition of Manroy Systems Limited
for GBP3,061,000 on 23 December 2010. Professional and other fees
incurred on this acquisition are detailed in note 8.
Negative goodwill arose on this acquisition as follows:
Cash paid in accordance with the terms
of acquisition agreement 1,500
2,081,632 ordinary shares issued at 75p
per share 1,561
----------------------------------------- --------
Cost of acquisition 3,061
Net assets of Manroy Systems Limited
on acquisition (note 7.2) (4,412)
Negative goodwill credited to Income
Statement (1,351)
========================================= ========
7.2 Net assets of Manroy Systems Limited at acquisition
December
2010
GBP'000
---------------------------------------------------- ---------
Non-current assets
Goodwill 6,538
Property, plant and equipment 211
6,749
---------------------------------------------------- ---------
Current assets
Inventories 1,546
Trade and other receivables 3,304
Cash and cash equivalents 1,874
---------------------------------------------------- ---------
6,724
---------------------------------------------------- ---------
TOTAL ASSETS 13,473
---------------------------------------------------- ---------
Current liabilities
Bank loans (700)
Finance leases (41)
Derivative financial instruments (34)
Trade and other payables (4,135)
---------------------------------------------------- ---------
(4,910)
---------------------------------------------------- ---------
Non-current liabilities
Bank loans (922)
Finance leases (36)
Other payables (3185)
Deferred tax (8)
(4,151)
TOTAL LIABILITIES (9,061)
---------------------------------------------------- ---------
NET ASSETS 4,412
==================================================== =========
7.3 Six month consolidated income statement
Manroy Plc completed the acquisition of Manroy Systems Limited
on 23 December 2010. Accordingly, the results included in the
Condensed Consolidated Income Statement of the Group for the six
months ended 31 March 2011 incorporate the results of Manroy
Systems Limited for the 3[1/4] months from 23 December 2010 to 31
March 2011. The consolidated results below reflect the results of
Manroy Plc and Manroy Systems Limited for the full six month period
ended 31 March 2011.
6 months
ended 31
March 2011
GBP'000
Revenue 6,099
Cost of sales (3,993)
Gross profit 2,106
Costs on acquisition of Manroy Systems Limited (348)
Negative goodwill on acquisition of Manroy Systems
Limited 1,351
Administrative expenses (1,228)
---------------------------------------------------- ------------
Results from operating activities 1,881
Finance income 5
Finance expense (82)
Profit before taxation 1,804
Taxation (348)
---------------------------------------------------- ------------
Profit for the period 1,456
==================================================== ============
The above statement demonstrates the results of the combined
group as though the acquisition date for the business combination
had been at the beginning of this financial reporting period.
7.4 Manroy Systems Limited Consolidated Income statement
Income statement from date of acquisition on 23 December 2010 to
31 March 2011.
GBP'000
Revenue 2,975
Cost of sales (1,931)
Gross profit 1,044
Administrative expenses (398)
----------------------------------- --------
646
Results from operating activities
Finance income 3
Finance expense (4)
Profit before taxation 645
Taxation (101)
----------------------------------- --------
Profit for the period 544
=================================== ========
7.5 Manroy Systems Limited Historical Consolidated Income
statements
Year ended
6 months 6 months 30
ended 31 ended 31 September
March 2011 March 2010 2010
GBP'000 GBP'000 GBP'000
Revenue 6,074 4,599 12,308
Cost of sales (3,993) (2,804) (8,245)
Gross profit 2,081 1,795 4,063
Administrative expenses (695) (701) (959)
----------------------------------- ------------ ------------ -----------
Results from operating activities 1,386 1,094 3,104
Net finance expense (79) (157) (300)
Profit before taxation 1,307 937 2,804
Taxation (348) (271) (786)
----------------------------------- ------------ ------------ -----------
Profit for the period 959 666 2,018
=================================== ============ ============ ===========
8. Costs of acquisition of Manroy Systems Limited
Year ended
6 months 6 months 30
ended 31 ended 31 September
March 2011 March 2010 2010
GBP'000 GBP'000 GBP'000
Total costs incurred on acquisition
and issue of shares (795) (130)
Costs attributable to issue
of new shares charged to the
share premium account 447
------------------------------------- ------------ ------------ -----------
Costs of acquisition charged
to Income Statement (348) - (130)
===================================== ============ ============ ===========
9. Property, plant and equipment
Leasehold Plant and
improvements equipment Motor vehicles Total
GBP'000 GBP'000 GBP'000 GBP'000
Cost
At 31 March 2010 - - - -
Additions at cost - - - -
---------------------- -------------- ----------- --------------- --------
At 30 September 2010 - - - -
Acquisition of Manroy
Systems Limited 123 751 3 877
Additions at cost 51 33 18 102
---------------------- -------------- ----------- --------------- --------
At 31 March 2011 174 784 21 979
---------------------- -------------- ----------- --------------- --------
Accumulated
depreciation
At 31 March 2010 - - - -
Charge for the period - - - -
---------------------- -------------- ----------- --------------- --------
At 30 September 2010 - - - -
Acquisition of Manroy
Systems Limited (70) (593) (2) (665)
Charge for the period - (24) (1) (25)
---------------------- -------------- ----------- --------------- --------
At 31 March 2011 (70) (617) (3) (690)
---------------------- -------------- ----------- --------------- --------
Net book value at 31
March 2011 104 167 18 289
====================== ============== =========== =============== ========
Net book value at 30 - - - -
September 2010
====================== ============== =========== =============== ========
Net book value at 31 - - - -
March 2010
====================== ============== =========== =============== ========
The group is undertaking a leasehold improvement project which
became operational in April 2011. In accordance with the Group's
accounting policies, depreciation commenced to be charged on
completion of this project.
10. Trade and other receivables
31 March 31 March 30 September
2011 2010 2010
GBP'000 GBP'000 GBP'000
Trade receivables 721 - -
Other receivables 197 8 -
Prepayments and accrued income 235 - 480
-------------------------------- --------- --------- -------------
1,153 8 480
================================ ========= ========= =============
The book values of trade and other receivables, and other loans
receivable are considered to be equal to their fair value. No trade
receivables were impaired or provided for in the period ended 31
March 2011.
The ageing of trade receivables was as follows:
31 March 31 March 30 September
2011 2010 2010
GBP'000 GBP'000 GBP'000
Up to 3 months 701 - -
3 to 6 months 20 - -
----------------- --------- --------- -------------
At 31 March 2011 721 - -
================= ========= ========= =============
11. Cash and cash equivalents
31 March 31 March 30 September
2011 2010 2010
GBP'000 GBP'000 GBP'000
Cash at bank and in hand 354 21 60
Short term bank deposits 4,055 1,658 1,363
-------------------------- --------- --------- -------------
4,409 1,679 1,423
========================== ========= ========= =============
12. Cash generated from operations
6 Months 6 Months Year ended
ended 31 ended 31 30 September
March 2011 March 2010 2010
GBP'000 GBP'000 GBP'000
Profit / (loss) for the period 1,042 (33) (274)
Adjustments
Finance expenses 23 - -
Finance income (5) (4) (9)
Tax expense 101 - -
Movement in fair value of
interest rate swaps (17) - -
Negative goodwill (1,351)
Depreciation of property, plant
and equipment 25 - -
Cash flows from operations before
changes in working capital (182) (37) (283)
---------------------------------- ------------ ------------ --------------
Changes in working capital
Change in inventory 387 - -
Change in trade and other
receivables 2,631 (6) 1
Change in trade and other
payables (590) (15) 99
2,428 (21) 100
---------------------------------- ------------ ------------ --------------
Cash inflow / (outflow) generated
from operations 2,246 (58) (183)
================================== ============ ============ ==============
13. Trade and other payables
31 March 31 March 30 September
2011 2010 2010
GBP'000 GBP'000 GBP'000
Trade payables (793) - -
Corporation tax (283) - -
Other tax and social security (491) - -
Other creditors (2) (63) (2)
Accruals and deferred income (793) - (417)
------------------------------- --------- --------- -------------
(2,362) (63) (419)
=============================== ========= ========= =============
14. Bank loans
31 March 31 March 30 September
2011 2010 2010
GBP'000 GBP'000 GBP'000
Current
Secured (700) - -
(700) - -
Non-current
Repayable in two to five years (755) - -
(Secured)
(1,455) - -
=============================== ========= ========= =============
15. Share capital
Number of shares GBP'000
Issued and fully paid at 1 October
2010 2,905,606 2,179
Capital reconstruction December 2010 - (2,034)
Issue of ordinary shares 22 and 23
December 2010 10,081,632 504
At 31 March 2011 12,987,238 649
====================================== ================= ========
In accordance with the proposals set out in the Company's AIM
Admission Document each Ordinary Share in issue on 20 December 2010
was sub-divided into one ordinary share of 5 pence and one deferred
share of 70 pence. This change in nominal value of the Company's
Ordinary Shares had no effect on the net asset value or financial
interest of shareholders in the Company, nor on the number of
shares held by them. The Deferred Shares were purchased by the
Company and cancelled on 30 December 2010 in accordance with the
approval granted by Shareholders at the General Meeting held on 20
December 2010 and a capital redemption reserve of the same amount
of GBP2,034,000 was created.
16. Related party transactions
The Group had the following transactions and balances
outstanding at 31 March 2011 with AEI Land Systems Limited, a
company in which G. P. Bottomley is a director and a 50%
shareholder:
Revenue GBP25,000
Trade receivables GBP12,000
On 1 April 2011, the Company acquired the business and assets of
AEI Land Systems Limited for GBP250,000, payable in cash, together
with an earn-out at the lower of 7 per cent. of AEI related
turnover and 50 per cent. of profit after tax generated from the
acquired assets of the AEI business. The earn-out is only payable
for two years from the date of acquisition and will be funded from
the profits of the AEI business acquired.
17. Financial statements and half-yearly financial report
The financial information set out in this half-yearly financial
report in relation to Manroy Plc includes information for the six
months ended 31 March 2011, with comparative information for the
six months ended 31 March 2010 and the year ended 30 September
2010. The financial information contained within this half-yearly
financial report is unaudited and has not been reviewed by the
Company's auditors. Statutory financial statements for the year
ended 30 September 2010 for the companies forming the Manroy Plc
group have been delivered to the Registrar of Companies. The
auditors have reported on those financial statements; their reports
were unqualified and did not contain statements under Section
498(2) or (3) of the Companies Act 2006.
An electronic copy of this half-yearly financial report is
available on the Company's website at http://www.manroyplc.com. The
audited financial statements for the year ended 30 September 2010,
further copies of this half-yearly financial report and the
half-yearly financial report for the six months ended 31 March
2010, are available from the Finance Director at the registered
office of the Company, 6 Lakeside Business Park, Swan Lane,
Sandhurst, Berkshire GU47 9DN.
This information is provided by RNS
The company news service from the London Stock Exchange
END
IR QVLFBFQFXBBD
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