TIDMAIEA
RNS Number : 9625G
Airea PLC
10 March 2015
AIREA PLC
Interim report for the six months ended 31 December 2014
The principal activity of the group is the manufacturing,
marketing and distribution of floor coverings.
Chairman's statement
It is pleasing to report that the success achieved in the second
half of the last financial year has been maintained and the dip in
sales seen in the first half of last year has been reversed.
The retail market in the UK continues to be challenging, however
there have been some signs of improved consumer confidence.
Statistics for the UK non-residential construction sectors that we
serve showed modest growth in refurbishment and maintenance work, a
flat picture on private new build, and public sector new build
remaining in negative territory. This picture of market conditions
in the UK, combined with strengthening sterling and continuing
difficulties in the Eurozone economies, meant that we continue to
operate in a fiercely competitive and difficult environment.
It is therefore encouraging that our strategy of strengthening
our product portfolio, investing in our sales resource and the
relentless pursuit of service improvements and efficiency gains has
delivered a promising advance in financial performance.
Group results
Revenue for the period was GBP13.5m (2013: GBP11.6m). The
operating profit was GBP700,000 (2013: GBP222,000). After charging
pension related finance costs of GBP215,000 (2013:GBP200,000) and
the appropriate tax charge the net profit for the period was
GBP371,000 (2013: GBP16,000). Basic earnings per share were 0.80p
(2013: 0.03p).
Operating cash flows before movements in working capital were
GBP1.1m (2013: GBP0.6m). Working capital increased by GBP400,000
(2013: GBP373,000) due to timing of payments to suppliers. Payment
of GBP115,000 was made in line with the provision made at the year
end in full and final settlement of a dilapidations dispute
concerning properties vacated in 2011. Contributions to the defined
benefit pension scheme were GBP200,000 (2013 GBP200,000), in line
with the agreement reached with the scheme trustees following the
last triennial valuation as at 1(st) July 2011. Capital expenditure
of GBP136,000 (2013: GBP113,000) was focussed on productivity
improvements and supporting new product launches.
Outlook
The Board does not detect any fundamental changes in the outlook
for the markets that we serve, and competition for business is
likely to remain intense. As a result the board has resolved to
determine the level of dividend at the year end, and there will not
be a dividend payment at the interim stage.
Martin Toogood
Chairman
10 March 2015
Enquiries:
Neil Rylance 01924 266561
Chief Executive Officer
Roger Salt 01924 266561
Group Finance Director
Richard Lindley 0113 388 4789
N+1 Singer
Consolidated Income
Statement
6 months ended 31st
December 2014
Unaudited Unaudited Audited
6 months 6 months year
ended ended ended
31st 31st 30th
December December June
2014 2013 2014
GBP000 GBP000 GBP000
Revenue 13,514 11,555 23,342
Operating costs (12,814) (11,333) (22,736)
Operating profit 700 222 606
Finance income 1 2 3
Finance costs (215) (200) (279)
---------- ---------- ------------
Profit before taxation 486 24 330
Taxation (115) (8) (29)
----------
Profit attributable
to shareholders of
the group 371 16 301
========== ========== ============
Earnings per share
(basic and diluted) 0.80p 0.03p 0.65p
All amounts relate
to continuing operations
Consolidated Statement of
Comprehensive Income
6 months ended 31st
December 2014
Unaudited Unaudited Audited
6 months 6 months year
ended ended ended
31st 31st 30th
December December June
2014 2013 2014
GBP000 GBP000 GBP000
Profit attributable
to shareholders of
the group 371 16 301
Actuarial loss recognised
in the pension scheme - - (189)
Related deferred
taxation - - (73)
Total comprehensive
income attributable
to shareholders of
the group 371 16 39
========== ========== ============
Consolidated Balance
Sheet
as at 31st December Unaudited Unaudited Audited
2014
31st 31st 30th
December December June
2014 2013 2014
GBP000 GBP000 GBP000
Non-current assets
Property, plant and
equipment 5,427 6,165 5,704
Deferred tax asset 1,288 1,476 1,323
6,715 7,641 7,027
---------- ---------- ------------
Current assets
Inventories 10,358 8,723 10,220
Trade and other receivables 3,832 3,205 4,313
Cash and cash equivalents 1,915 2,406 1,930
---------- ---------- ------------
16,105 14,334 16,463
---------- ---------- ------------
Total assets 22,820 21,975 23,490
---------- ---------- ------------
Current liabilities
Trade and other payables (4,457) (3,797) (5,121)
Provisions - - (115)
---------- ---------- ------------
(4,457) (3,797) (5,236)
---------- ---------- ------------
Non-current liabilities
Pension deficit (5,776) (5,668) (5,761)
Deferred tax (1) (41) (1)
(5,777) (5,709) (5,762)
---------- ---------- ------------
Total liabilities (10,234) (9,506) (10,998)
---------- ---------- ------------
12,586 12,469 12,492
========== ========== ============
Equity
Called up share capital 11,561 11,561 11,561
Share premium account 504 504 504
Capital redemption
reserve 2,395 2,395 2,395
Retained earnings (1,874) (1,991) (1,968)
12,586 12,469 12,492
========== ========== ============
Consolidated Cash
Flow Statement
6 months ended 31st Unaudited Unaudited Audited
December 2014
6 months 6 months year
ended ended ended
31st 31st 30th
December December June
2014 2013 2014
GBP000 GBP000 GBP000
Operating activities
Profit attributable
to shareholders of
the group 371 16 301
Tax charged 115 8 29
Finance costs 214 198 276
Depreciation 413 377 877
---------- ---------- ------------
Operating cash flows
before movements
in working capital 1,113 599 1,483
Increase in working
capital (400) (373) (1,633)
(Decrease) / increase
in provisions for
liabilities and charges (115) 115
Contributions to
defined benefit pension
scheme (200) (200) (375)
---------- ---------- ------------
Cash generated from
operations 398 26 (410)
---------- ---------- ------------
Investing activities
Purchase of property,
plant and equipment (136) (113) (153)
---------- ---------- ------------
Financing activities
Equity dividends
paid (277) (254) (254)
---------- ---------- ------------
Net decrease in cash
and cash equivalents (15) (341) (817)
Cash and cash equivalents
at start of period 1,930 2,747 2,747
Cash and cash equivalents
at end of period 1,915 2,406 1,930
========== ========== ============
Consolidated Statement of
Changes in Equity
6 months ended 31st
December 2014
Share Share Capital Retained Total
capital premium redemption Earnings equity
account reserve
GBP000 GBP000 GBP000 GBP000 GBP000
At 1st July 2013 11,561 504 2,395 (1,753) 12,707
Profit attributable
to shareholders of
the group - - - 16 16
Dividend paid - - - (254) (254)
---------- ---------- ------------ ---------- --------
At 1st January 2014 11,561 504 2,395 (1,991) 12,469
Profit attributable
to shareholders of
the group - - - 285 285
Other comprehensive
income for the period - - - (262) (262)
At 1st July 2014 11,561 504 2,395 (1,968) 12,492
Profit attributable
to shareholders of
the group - - - 371 371
Dividend paid - - - (277) (277)
At 31st December
2014 11,561 504 2,395 (1,874) 12,586
========== ========== ============ ========== ========
Note
BASIS OF PREPARATION
AND ACCOUNTING POLICIES
The financial information for the six month periods
ended 31(st) December 2014 and 31(st) December 2013
has not been audited and does not constitute full financial
statements within the meaning of Section 434 of the
Companies Act 2006.
The financial information relating to the year ended
30th June 2014 does not constitute full financial statements
within the meaning of Section 434 of the Companies Act
2006. This information is based on the group's statutory
accounts for that period. The statutory accounts were
prepared in accordance with International Financial
Reporting Standards as adopted by the European Union
("IFRS") and received an unqualified audit report and
did not contain statements under Section 498(2) or (3)
of the Companies Act 2006. These financial statements
have been filed with the Registrar of Companies.
These interim financial statements have been prepared
using the recognition and measurement principles of
International Financial Reporting Standards as adopted
by the European Union ("IFRS"). The accounting policies
used are the same as those used in preparing the financial
statements for the year ended 30th June 2014. These
policies are set out in the annual report and accounts
for the year ended 30th June 2014. The interim and annual
reports are available on the company's website at www.aireaplc.co.uk.
This information is provided by RNS
The company news service from the London Stock Exchange
END
IR MMGGFRLZGKZM
Airea (LSE:AIEA)
Historical Stock Chart
From Mar 2024 to Apr 2024
Airea (LSE:AIEA)
Historical Stock Chart
From Apr 2023 to Apr 2024
