Petards Group PLC Half Yearly Report -3-
30 September 2013 - 4:02PM
UK Regulatory
Net cash from operating activities (1,029) 916 667
Cash flows from investing activities
Acquisition of property, plant and equipment (34) (70) (74)
Capitalised development expenditure (3) (156) (176)
Cash deposits held in escrow 77 - -
Net cash inflow/(outflow) from investing
activities 40 (226) (250)
Cash flows from financing activities
Proceeds from share issue - - 1,125
Expenses of share issue - - (151)
New short term borrowings 1,334 - -
Repayment of bank borrowings (42) (210) (505)
Net cash inflow/(outflow) from financing
activities 1,292 (210) 469
Net increase in cash and cash equivalents 303 480 886
Cash and cash equivalents at start of
period (47) (933) (933)
Effect of exchange rate fluctuations on
cash held - (1) -
Cash and cash equivalents at end of period 256 (454) (47)
Cash and cash equivalents comprise:
Cash and cash equivalents per balance
sheet 256 23 5
Secured overdraft - (477) (52)
256 (454) (47)
Notes
1 Basis of preparation
The interim financial information set out in this statement for
the six months ended 30 June 2013 and the comparative figures for
the six months ended 30 June 2012 are unaudited. This financial
information does not constitute statutory accounts as defined in
Section 435 of the Companies Act 2006.
The comparative figures for the financial year ended 31 December
2012 are not the Company's statutory accounts for that financial
year. Those accounts have been reported on by the Company's
auditors and delivered to the Registrar of Companies. The report of
the auditors was (i) unqualified, (ii) did not contain an emphasis
of matter paragraph, and (iii) did not contain a statement under
section 498(2) or (3) of the Companies Act 2006.
This interim statement, which is neither audited nor reviewed,
has been prepared in accordance with the measurement and
recognition criteria of Adopted IFRSs. It does not include all the
information required for the full annual financial statements, and
should be read in conjunction with the financial statements of the
Group as at and for the year ended 31 December 2012. It does not
comply with IAS 34 'Interim Financial Reporting' as is permissible
under the rules of the AIM Market ("AIM").
The accounting policies applied in preparing these interim
financial statements are the same as those applied in the
preparation of the annual financial statements for the year ended
31 December 2012, as described in those financial statements other
than standards, amendments and interpretations which became
effective after 1 January 2013 and were adopted by the Group. These
have had no significant impact on the Group's profit for the period
or equity. The Board approved these interim financial statements on
27 September 2013.
Copies of this interim statement will be available on the
Company's website (www.petards.com) and from the Company's
registered office at 390 Princesway, Team Valley, Gateshead, Tyne
and Wear, NE11 0TU.
2 Taxation
No provision for taxation has been made in the Condensed
Consolidated Income Statement for the six months to 30 June 2013
based on the estimated tax provision required for the year ending
31 December 2012. No provision was required in the six months to 30
June 2012.
3 Earnings per share
Basic earnings per share is calculated by dividing the profit
for the period attributable to the shareholders by the weighted
average number of shares in issue. The calculation of diluted
earnings per share assumes conversion of all potentially dilutive
ordinary shares, all of which arise from share options.
The calculation of earnings per share is based on the profit for
the period and on the weighted average number of ordinary shares
outstanding in the period.
Unaudited Unaudited Audited
6 months 6 months year
ended ended ended
30 June 30 June 31 December
2013 2012 2012
Earnings
(Loss)/profit for the period (GBP000) (338) 22 200
Number of shares
Weighted average number of ordinary shares
('000) 10,866 6,367 6,847
Diluted earnings per share is identical to the basic earnings
per share. None of the share options are dilutive as the exercise
prices are higher than the average market price of the shares.
4 Events occurring after the reporting period
On 1 July 2013 the Company announced an agreed offer to acquire
the entire share capital of Water Hall Group plc ("Water Hall") for
a consideration valued at GBP3.067 million. The consideration is
comprised of 10,954,854 new Petards ordinary shares of 1 pence each
and 1,752,775 new convertible redeemable loan notes of GBP1 each
with a coupon of 7% p.a. The loan notes have a five year term and
may be converted at any time into new Petards shares at a
subscription price of 8 pence per share.
Water Hall is an AIM traded investing company which at 30 June
2013 had a market capitalisation of approximately GBP1.5 million.
Its assets comprise a loan facility to Petards, cash, and a 29.99
per cent. shareholding in Petards together with a possible claim
for recovery of Aggregates Levy of GBP539,000 plus interest in a
class action against HM Revenue & Customs.
The Company's shareholders authorised the issue of the
consideration shares and convertible redeemable loan notes on 8
August 2013 and on 20 August 2013 the offer was declared
unconditional. The offer was declared wholly unconditional on 30
August 2013 and consequently application was made for the
cancellation of admission to trading of Water Hall shares on AIM
which is expected to be effective on 30 September 2013.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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