Petards Group PLC Half Yearly Report -2-
30 September 2013 - 4:02PM
UK Regulatory
The Company currently has no bank borrowings. However the Board
recognises that to sustain and grow the business additional working
capital finance is required and it is presently reviewing its
options for raising additional equity and debt.
While orders have been slow in the first half of 2013 all of the
signs are that order intake will improve in the second half
although it is largely 2014 that will see the benefit of this
trend.
Raschid Abdullah
30 September 2013
Condensed Consolidated Income Statement
for the six months ended 30 June 2013
Unaudited Unaudited Audited
6 months 6 months year
ended ended ended
30 June 30 June 31 December
Note 2013 2012 2012
GBP000 GBP000 GBP000
Revenue 3,572 4,667 9,013
Cost of sales (2,147) (2,741) (5,125)
Gross profit 1,425 1,926 3,888
Administrative expenses (1,724) (1,875) (3,561)
Operating (loss)/profit (299) 51 327
Financial income 15 - -
Financial expenses (54) (29) (121)
(Loss)/profit before tax (338) 22 206
Income tax 2 - - (6)
(Loss)/profit for the period
attributable to equity
shareholders of the company (338) 22 200
Basic and diluted earnings
per share 3 (3.11)p 0.35p 2.92p
The above results are derived from continuing operations.
Condensed Consolidated Statement of Comprehensive Income
for the six month period ended 30 June 2013
Unaudited Unaudited Audited
6 months 6 months year
ended ended ended
30 June 30 June 31 December
2013 2012 2012
GBP000 GBP000 GBP000
(Loss)/profit for period (338) 22 200
Other comprehensive income
Currency translation on foreign
currency net investments (13) - 16
Total comprehensive income for
the period (351) 22 216
Condensed Consolidated Statement of Changes in Equity
for the six month period ended 30 June 2013
Currency
Share Share Retained translation Total
capital premium earnings differences equity
GBP000 GBP000 GBP000 GBP000 GBP000
Balance at 1 January 2012
(audited) 6,367 23,223 (29,016) (214) 360
Profit for the period - - 22 - 22
Other comprehensive income - - - - -
Total comprehensive income
for the period - - 22 - 22
Equity-settled share based
payments - - 1 - 1
Balance at 30 June 2012
(unaudited) 6,367 23,223 (28,993) (214) 383
Balance at 1 January 2012
(audited) 6,367 23,223 (29,016) (214) 360
Profit for the year - - 200 - 200
Other comprehensive income - - - 16 16
Total comprehensive income
for the year - - 200 16 216
Equity-settled share based
payments - - (33) - (33)
Share issue: open offer
and placing 45 1,080 - - 1,125
Expenses of share issue - (151) - - (151)
Balance at 31 December
2012 (audited) 6,412 24,152 (28,849) (198) 1,517
Balance at 1 January 2013
(audited) 6,412 24,152 (28,849) (198) 1,517
Loss for the period - - (338) - (338)
Other comprehensive income - - - (13) (13)
Total comprehensive income
for the period - - (338) (13) (351)
Equity-settled share based - - - - -
payments
Balance at 30 June 2013
(unaudited) 6,412 24,152 (29,187) (211) 1,166
Condensed Consolidated Balance Sheet
at 30 June 2013
Unaudited Unaudited Audited
30 June 30 June 31 December
2013 2012 2012
ASSETS GBP000 GBP000 GBP000
Non-current assets
Property, plant and equipment 182 192 172
Goodwill 401 401 401
Development costs 488 575 530
Deferred tax assets 587 669 587
1,658 1,837 1,690
Current assets
Inventories 1,924 823 1,211
Trade and other receivables 1,311 1,662 1,528
Cash and cash equivalents -
escrow deposits - 77 77
Cash and cash equivalents 256 23 5
3,491 2,585 2,821
Total assets 5,149 4,422 4,511
EQUITY AND LIABILITIES
Equity attributable to equity
holders of the parent
Share capital 6,412 6,367 6,412
Share premium 24,152 23,223 24,152
Currency translation reserve (211) (214) (198)
Retained earnings deficit (29,187) (28,993) (28,849)
Total equity 1,166 383 1,517
Non-current liabilities
Deferred tax liabilities 122 132 122
122 132 122
Current liabilities
Interest-bearing loans and
borrowings 1,334 814 94
Trade and other payables 2,527 3,093 2,778
3,861 3,907 2,872
Total liabilities 3,983 4,039 2,994
Total equity and liabilities 5,149 4,422 4,511
Condensed Consolidated Statement of Cash Flows
for the six month period ended 30 June 2013
Unaudited Unaudited Audited
6 months 6 months year
ended ended ended
30 June 30 June 31 December
2013 2012 2012
GBP000 GBP000 GBP000
Cash flows from operating activities
(Loss)/profit for the period (338) 22 200
Adjustments for:
Depreciation 24 33 57
Amortisation of intangible assets 45 158 223
Financial income (15) - -
Financial expense 54 29 121
Equity settled share-based payment expenses - 1 (33)
Income tax charge - - 6
Exchange differences (13) - 16
Operating cash flows before movement in
working capital (243) 243 590
Change in trade and other receivables 217 1,425 1,559
Change in inventories (713) 414 26
Change in trade and other payables (251) (1,299) (1,581)
Cash (absorbed by)/generated from operations (990) 783 594
Interest paid (39) (29) (123)
Income tax received - 162 196
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