TIDMMPG
RNS Number : 9660Z
Maypole Group plc
30 September 2009
30 September 2009
Maypole Group plc
("Maypole", "Maypole Group" or the "Group")
Unaudited Interim Results for the six months ended 30 June 2009
Maypole Group plc, the AIM quoted UK countryside hotels with restaurants group,
is pleased to announce its half year results for the six months ended 30 June
2009.
Highlights:
* Group sales, on a like for like basis, increased by 5% to GBP2,569,000 (2008:
GBP2,448,000)
* Operating profit increased to GBP140,000 (2008: loss of GBP119,000)
* Loss before tax reduced to GBP364,000 (2008: loss of GBP507,000)
* Net cash generated from operating activities GBP202,000 (2008: GBP464,000 used
by operating activities)
* The Group is benefiting from cost cutting measures taken in 2008
* Trading over the Summer months, since the period end, has exceeded management
expectations
Simon Bentley, Chairman of Maypole commented:
"After a difficult second half last year, we are pleased that management actions
to improve performance have led to an increase in like for like sales and a
return to operating profit with operating expenses tightly controlled. Against
a background of a very testing market, trading since the period end has exceeded
our expectations but we remain cautious given the current climate. The Group has
agreed the terms of a re-financing with its existing bankers, Clydesdale Bank
plc and this will be formalised in the very near future."
For further information:
+----------------------------------------------+----------------------------+
| Maypole Group plc | 020 7317 8022 |
+----------------------------------------------+----------------------------+
| Simon Bentley - Chairman | |
+----------------------------------------------+----------------------------+
| Alastair McEwen - Chief Executive | |
+----------------------------------------------+----------------------------+
| | |
+----------------------------------------------+----------------------------+
| Blomfield Corporate Finance Ltd | 020 7489 4500 |
+----------------------------------------------+----------------------------+
| Peter Trevelyan-Clark / Alan MacKenzie / | |
| Ben Jeynes | |
+----------------------------------------------+----------------------------+
| | |
+----------------------------------------------+----------------------------+
| Alexander David Securities Ltd | 020 7448 9820 |
+----------------------------------------------+----------------------------+
| David Scott / Bill Sharp | |
+----------------------------------------------+----------------------------+
| | |
+----------------------------------------------+----------------------------+
| Weber Shandwick Financial | 020 7067 0700 |
+----------------------------------------------+----------------------------+
| Nick Dibden / Katie Matthews | |
+----------------------------------------------+----------------------------+
Maypole Group plc Interim Results
Chairman's Statement
Operating Performance
Revenue across all our hotels has seen an improvement on the corresponding
period last year. with all but one showing an increased contribution to
operating profit. We finished extending the kitchen at The Bridge Inn, Acle at
the start of the year and this was followed by the installation of new
equipment. This, in conjunction with additional outside seating, has greatly
improved the offering there and led to a marked financial improvement. In
addition, to hedge against inclement weather, we erected a permanent marquee at
The Bridge Inn. This has been very well received by our patrons.
At The Wayford Bridge Inn, Stalham we also installed new equipment and increased
the outside seating. Given the success of the pilot project at The Bridge Inn,
we are considering erecting a marquee at this venue as well.
The Lifeboat Inn, and Old Coach House, Thornham benefitted from the upgrades
introduced last year with Wi-Fi installed throughout the properties and the
redesign of the restaurant at Old Coach House, respectively.
The Angel, Lavenham has performed well in the face of very tough competition.
We have undertaken substantial improvements to the kitchen and our promotions
have resulted in an overall increase in the number of covers sold.
The Pear Tree Inn, Wiltshire, continues to perform in line with our
expectations. We have also made improvements to the kitchen and operating profit
has improved on the same period last year.
Financial Results
The Group reported revenues of GBP2,569,000 (2008: GBP2,894,000) although on a
continuing basis, following the disposal of Wroxton House Hotel, revenues
increased by GBP121,000 or 4.9%.
We reported an operating profit of GBP140,000 compared to an operating loss in
2008 of GBP119,000 This marked improvement is reflective of management's focus
on maintaining a tight control on costs with net operating expenses sharply
reduced to GBP1,749,000 (2008: GBP2,258,000). Group's finance charges were
higher than last year however, despite this, the Group succeeded in reducing pre
tax losses to GBP364,000 (2008: loss of GBP507,000). The Group generated
cashflows of GBP202,000 during the period which compares to a net usage of
GBP464,000 for the corresponding period. As in 2008, the Board does not propose
the payment of an interim dividend.
Total assets at 30 June 2009 reduced, on a corresponding basis, by GBP561,000 to
GBP11,464,000 reflecting primarily the disposal of the Group's original
investment, the Wroxton House Hotel, which it sold in December 2008.
The Group has agreed the terms of a re-financing with its existing bankers,
Clydesdale Bank plc and this will be formalised in the very near future.
Outlook
Set against a backdrop of a very testing market, the Board is pleased with the
marked improvement on the corresponding period. Although we remain mindful of
the challenges ahead, we expect to continue to derive the benefits from the
reorganisation and cost cutting measures we undertook last year, Following a
healthy trading performance since the period end, the Board remains cautiously
optimistic over the medium to long term.
+----------------------------------+----------------+--+-------------+--+-------------+--+
| Maypole Group plc | | | | | |
+---------------------------------------------------+--+-------------+--+-------------+--+
| Condensed Consolidated Statement of Comprehensive Income | | | |
+--------------------------------------------------------------------+--+-------------+--+
| For The Period: | | | | | |
+----------------------------------+-------------------+-------------+--+-------------+--+
| | Note | Six Months | | Six Months | |
| | | ended | | ended | |
| | | 30 June | | 30 June | |
| | | 2009 | | 2008 | |
+----------------------------------+-------------------+-------------+--+-------------+--+
| | | Unaudited | | Unaudited | |
+----------------------------------+-------------------+-------------+--+-------------+--+
| | | GBP | | GBP | |
+----------------------------------+-------------------+-------------+--+-------------+--+
| | | | | | |
+----------------------------------+-------------------+-------------+--+-------------+--+
| REVENUE | | 2,568,912 | | 2,893,738 | |
+----------------------------------+-------------------+-------------+--+-------------+--+
| Cost of sales | | (680,532) | | (754,816) | |
+----------------------------------+-------------------+-------------+--+-------------+--+
| GROSS PROFIT | | 1,888,380 | | 2,138,922 | |
+----------------------------------+-------------------+-------------+--+-------------+--+
| Net operating expenses | | (1,748,649) | | (2,257,873) | |
+----------------------------------+-------------------+-------------+--+-------------+--+
| OPERATING PROFIT/(LOSS) | | 139,731 | | (118,951) | |
+----------------------------------+-------------------+-------------+--+-------------+--+
| Exceptional costs | | (58,448) | | 0 | |
+----------------------------------+-------------------+-------------+--+-------------+--+
| | | 81,283 | | (118,951) | |
+----------------------------------+-------------------+-------------+--+-------------+--+
| Finance costs | | (445,297) | | (388,552) | |
+----------------------------------+-------------------+-------------+--+-------------+--+
| Investment revenue | | 23 | | 211 | |
+----------------------------------+-------------------+-------------+--+-------------+--+
| LOSS ON ORDINARY ACTIVITIES | | (363,991) | | (507,292) | |
| BEFORE TAXATION | | | | | |
+----------------------------------+-------------------+-------------+--+-------------+--+
| Earnings per Ordinary share | 4 | (0.23)p | | (0.32)p | |
+----------------------------------+-------------------+-------------+--+-------------+--+
| Diluted earnings per Ordinary | 4 | (0.23)p | | (0.32)p | |
| share | | | | | |
+----------------------------------+----------------+--+-------------+--+-------------+--+
The loss for the period is all attributable to the equity holders of the parent.
+----------------------------------+---------------+--+-------------+--+-------------+--+
| Maypole Group plc | | | | | |
+--------------------------------------------------+--+-------------+--+-------------+--+
| Condensed Consolidated Statement of Financial Position | | | |
+-------------------------------------------------------------------+--+-------------+--+
| As At | | | | | |
+----------------------------------+------------------+-------------+--+-------------+--+
| | Note | 30 June | | 31 December | |
| | | 2009 | | 2008 | |
+----------------------------------+------------------+-------------+--+-------------+--+
| | | Unaudited | | Audited | |
+----------------------------------+------------------+-------------+--+-------------+--+
| | | GBP | | GBP | |
+----------------------------------+------------------+-------------+--+-------------+--+
| | | | | | |
+----------------------------------+------------------+-------------+--+-------------+--+
| ASSETS | | | | | |
+----------------------------------+------------------+-------------+--+-------------+--+
| NON CURRENT ASSETS | | | | | |
+----------------------------------+------------------+-------------+--+-------------+--+
| Property, plant and equipment | | 8,305,398 | | 8,340,449 | |
+----------------------------------+------------------+-------------+--+-------------+--+
| Goodwill | | 376,451 | | 376,451 | |
+----------------------------------+------------------+-------------+--+-------------+--+
| Deferred tax assets | | 1,950 | | 1,950 | |
+----------------------------------+------------------+-------------+--+-------------+--+
| | | | | | |
+----------------------------------+------------------+-------------+--+-------------+--+
| TOTAL NON CURRENT ASSETS | | 8,683,799 | | 8,718,850 | |
+----------------------------------+------------------+-------------+--+-------------+--+
| | | | | | |
+----------------------------------+------------------+-------------+--+-------------+--+
| CURRENT ASSETS | | | | | |
+----------------------------------+------------------+-------------+--+-------------+--+
| Inventories | | 88,049 | | 98,753 | |
+----------------------------------+------------------+-------------+--+-------------+--+
| Trade and other receivables | | 154,704 | | 84,731 | |
+----------------------------------+------------------+-------------+--+-------------+--+
| Prepayments | | 281,715 | | 220,085 | |
+----------------------------------+------------------+-------------+--+-------------+--+
| Cash and bank balances | | 2,256,152 | | 2,110,542 | |
+----------------------------------+------------------+-------------+--+-------------+--+
| | | | | | |
+----------------------------------+------------------+-------------+--+-------------+--+
| TOTAL CURRENT ASSETS | | 2,780,620 | | 2,514,111 | |
+----------------------------------+------------------+-------------+--+-------------+--+
| | | | | | |
+----------------------------------+------------------+-------------+--+-------------+--+
| TOTAL ASSETS | | 11,464,419 | | 11,232,961 | |
+----------------------------------+------------------+-------------+--+-------------+--+
| | | | | | |
+----------------------------------+------------------+-------------+--+-------------+--+
| EQUITY | | | | | |
+----------------------------------+------------------+-------------+--+-------------+--+
| ISSUED CAPITAL AND RESERVES | | | | | |
+----------------------------------+------------------+-------------+--+-------------+--+
| Issued capital | | 2,304,268 | | 2,304,268 | |
+----------------------------------+------------------+-------------+--+-------------+--+
| Retained earnings | | (3,578,477) | | (3,214,486) | |
+----------------------------------+------------------+-------------+--+-------------+--+
| | | | | | |
+----------------------------------+------------------+-------------+--+-------------+--+
| TOTAL EQUITY | | (1,274,209) | | (910,218) | |
+----------------------------------+------------------+-------------+--+-------------+--+
| | | | | | |
+----------------------------------+------------------+-------------+--+-------------+--+
| NON CURRENT LIABILITIES | | | | | |
+----------------------------------+------------------+-------------+--+-------------+--+
| Borrowings | | 7,509,454 | | 7,702,992 | |
+----------------------------------+------------------+-------------+--+-------------+--+
| Deferred tax liabilities | | 1,306,267 | | 1,306,267 | |
+----------------------------------+------------------+-------------+--+-------------+--+
| | | | | | |
+----------------------------------+------------------+-------------+--+-------------+--+
| TOTAL NON CURRENT LIABILITIES | | 8,815,721 | | 9,009,259 | |
+----------------------------------+------------------+-------------+--+-------------+--+
| | | | | | |
+----------------------------------+------------------+-------------+--+-------------+--+
| CURRENT LIABILITIES | | | | | |
+----------------------------------+------------------+-------------+--+-------------+--+
| Trade and other payables | 5 | 1,460,578 | | 837,502 | |
+----------------------------------+------------------+-------------+--+-------------+--+
| Borrowings | | 2,462,329 | | 2,296,418 | |
+----------------------------------+------------------+-------------+--+-------------+--+
| | | | | | |
+----------------------------------+------------------+-------------+--+-------------+--+
| TOTAL CURRENT LIABILITIES | | 3,922,907 | | 3,133,920 | |
+----------------------------------+------------------+-------------+--+-------------+--+
| | | | | | |
+----------------------------------+------------------+-------------+--+-------------+--+
| TOTAL LIABILITIES | | 12,738,628 | | 12,143,179 | |
+----------------------------------+------------------+-------------+--+-------------+--+
| | | | | | |
+----------------------------------+------------------+-------------+--+-------------+--+
| TOTAL EQUITY AND LIABILITIES | | 11,464,419 | | 11,232,961 | |
+----------------------------------+---------------+--+-------------+--+-------------+--+
+--------------------------------------+--+------------+--+-------------+--+-------------+
| Maypole Group plc | | | | | | |
+--------------------------------------+--+------------+--+-------------+--+-------------+
| Condensed Consolidated Statement of Changes in | | | | |
| Equity | | | | |
+------------------------------------------------------+--+-------------+--+-------------+
| | | | | | | |
+--------------------------------------+--+------------+--+-------------+--+-------------+
| | | Issued | | Retained | | Total |
| | | capital | | earnings | | |
+--------------------------------------+--+------------+--+-------------+--+-------------+
| | | Unaudited | | Unaudited | | Unaudited |
+--------------------------------------+--+------------+--+-------------+--+-------------+
| | | GBP | | GBP | | GBP |
+--------------------------------------+--+------------+--+-------------+--+-------------+
| | | | | | | |
+--------------------------------------+--+------------+--+-------------+--+-------------+
| Balance as at 1 January 2008 | | 2,182,767 | | (1,898,491) | | 284,276 |
+--------------------------------------+--+------------+--+-------------+--+-------------+
| | | | | | | |
+--------------------------------------+--+------------+--+-------------+--+-------------+
| Issue of share capital | | 121,501 | | - | | 121,501 |
+--------------------------------------+--+------------+--+-------------+--+-------------+
| Loss for the period | | - | | (507,292) | | (507,292) |
+--------------------------------------+--+------------+--+-------------+--+-------------+
| | | | | | | |
+--------------------------------------+--+------------+--+-------------+--+-------------+
| Balance as at 30 June 2008 | | 2,304,268 | | (2,405,783) | | (101,515) |
+--------------------------------------+--+------------+--+-------------+--+-------------+
| | | | | | | |
+--------------------------------------+--+------------+--+-------------+--+-------------+
| Balance as at 1 January 2009 | | 2,304,268 | | (3,214,486) | | (910,218) |
+--------------------------------------+--+------------+--+-------------+--+-------------+
| | | | | | | |
+--------------------------------------+--+------------+--+-------------+--+-------------+
| Loss for the period | | - | | (363,991) | | (363,991) |
+--------------------------------------+--+------------+--+-------------+--+-------------+
| | | | | | | |
+--------------------------------------+--+------------+--+-------------+--+-------------+
| Balance as at 30 June 2009 | | 2,304,268 | | (3,578,477) | | (1,274,209) |
+--------------------------------------+--+------------+--+-------------+--+-------------+
| | | | | | | |
+--------------------------------------+--+------------+--+-------------+--+-------------+
| | | | | | | |
+--------------------------------------+--+------------+--+-------------+--+-------------+
+----------------------------------------------+--+------------+--+------------+--+
| Maypole Group plc | | | | | |
+----------------------------------------------+--+------------+--+------------+--+
| Condensed Consolidated Statement of Cash | | | | | |
| Flows | | | | | |
+----------------------------------------------+--+------------+--+------------+--+
| For The Period: | | | | | |
+----------------------------------------------+--+------------+--+------------+--+
| | | Six Months | | Six Months | |
| | | ended | | ended | |
| | | 30 June | | 30 June | |
| | | 2009 | | 2008 | |
+----------------------------------------------+--+------------+--+------------+--+
| | | Unaudited | | Unaudited | |
+----------------------------------------------+--+------------+--+------------+--+
| | | GBP | | GBP | |
+----------------------------------------------+--+------------+--+------------+--+
| | | | | | |
+----------------------------------------------+--+------------+--+------------+--+
| CASHFLOWS FROM OPERATING ACTIVITIES | | | | | |
+----------------------------------------------+--+------------+--+------------+--+
| Loss for the period | | (363,991) | | (507,290) | |
+----------------------------------------------+--+------------+--+------------+--+
| Finance costs recognised in loss | | 445,274 | | 388,341 | |
+----------------------------------------------+--+------------+--+------------+--+
| Depreciation and amortisation of non current | | 63,715 | | 62,692 | |
| assets | | | | | |
+----------------------------------------------+--+------------+--+------------+--+
| | | | | | |
+----------------------------------------------+--+------------+--+------------+--+
| | | 144,998 | | (56,257) | |
+----------------------------------------------+--+------------+--+------------+--+
| Movements in working capital | | | | | |
+----------------------------------------------+--+------------+--+------------+--+
| Increase in trade and other receivables | | (131,602) | | (108,054) | |
+----------------------------------------------+--+------------+--+------------+--+
| Decrease in inventories | | 10,704 | | 16,027 | |
+----------------------------------------------+--+------------+--+------------+--+
| Increase/(decrease) in trade and other | | 485,949 | | (14,050) | |
| payables | | | | | |
+----------------------------------------------+--+------------+--+------------+--+
| | | | | | |
+----------------------------------------------+--+------------+--+------------+--+
| Cash generated from/(used by) operations | | 510,049 | | (162,334) | |
+----------------------------------------------+--+------------+--+------------+--+
| Interest received | | 24 | | 836 | |
+----------------------------------------------+--+------------+--+------------+--+
| Interest paid | | (308,172) | | (302,749) | |
+----------------------------------------------+--+------------+--+------------+--+
| | | | | | |
+----------------------------------------------+--+------------+--+------------+--+
| Net cash generated from/(used by) operating | | 201,901 | | (464,247) | |
| activities | | | | | |
+----------------------------------------------+--+------------+--+------------+--+
| | | | | | |
+----------------------------------------------+--+------------+--+------------+--+
| CASH FLOWS FROM INVESTING ACTIVITIES | | | | | |
+----------------------------------------------+--+------------+--+------------+--+
| Payments for property, plant and equipment | | (28,664) | | (128,699) | |
+----------------------------------------------+--+------------+--+------------+--+
| Acquisition of subsidiaries | | - | | (5,009) | |
+----------------------------------------------+--+------------+--+------------+--+
| | | | | | |
+----------------------------------------------+--+------------+--+------------+--+
| Net cash used in investing activities | | (28,664) | | (133,708) | |
+----------------------------------------------+--+------------+--+------------+--+
| | | | | | |
+----------------------------------------------+--+------------+--+------------+--+
| CASH FLOWS FROM FINANCING ACTIVITIES | | | | | |
+----------------------------------------------+--+------------+--+------------+--+
| Proceeds from issues of equity shares | | - | | 121,501 | |
+----------------------------------------------+--+------------+--+------------+--+
| Proceeds from borrowings | | 100,000 | | 841,886 | |
+----------------------------------------------+--+------------+--+------------+--+
| Repayment of borrowings | | (118,310) | | (69,434) | |
+----------------------------------------------+--+------------+--+------------+--+
| | | | | | |
+----------------------------------------------+--+------------+--+------------+--+
| Net cash (used in)/generated by financing | | (18,310) | | 893,953 | |
| activities | | | | | |
+----------------------------------------------+--+------------+--+------------+--+
| | | | | | |
+----------------------------------------------+--+------------+--+------------+--+
| Net increase in cash and cash equivalents | | 154,927 | | 295,998 | |
+----------------------------------------------+--+------------+--+------------+--+
| | | | | | |
+----------------------------------------------+--+------------+--+------------+--+
| Cash and cash equivalents at 1 January | | 1,709,016 | | (352,693) | |
+----------------------------------------------+--+------------+--+------------+--+
| | | | | | |
+----------------------------------------------+--+------------+--+------------+--+
| Cash and cash equivalents at 30 June | | 1,863,943 | | (56,695) | |
+----------------------------------------------+--+------------+--+------------+--+
Notes to the Condensed Consolidated Financial Statements
1. General Information -
The condensed interim financial statements for the half-year ended 30 June 2009
have not been audited and were approved for issue by the Board on 30 September
2009. The financial information contained in these interim financial statements
does not constitute statutory accounts as defined in section 435 of the
Companies Act 2006. The financial information for the year ended 31 December
2008 has been extracted from the statutory accounts for the Group for that year.
Statutory accounts for the year ended 31 December 2008, upon which the auditors
have given an unqualified audit report and which did not contain a statement
under Section 237(2) or 237(3) of the Companies Act 1985, have been filed with
the Registrar of Companies. The audit report contained an emphasis of matter
paragraph regarding the fact that in order to pay its debts as they fall due,
the Group was reliant on the financial support of its bankers and the Group's
chairman. As reported above, negotiations with the Group's bankers have been
successfully concluded and completion of the re-financing with them is expected
shortly. Copies of the Interim Report for the half-year ended 30 June 2009 and
the Annual Report for the year ended 31 December 2008 are available free of
charge from the Company Secretary at the registered office of the Company and on
the Company's website at www.maypolehotels.com
2. Basis of Preparation and significant accounting policies
The condensed financial statements have been prepared in accordance with
International Accounting Standard 34 Interim Financial Reporting.
The same accounting policies, presentation and methods of computation have been
followed in these condensed financial statements as were applied in the
preparation of the Group's financial statements for the year ended 31 December
2008 except for the adoption in the period of IAS 1 Presentation of Financial
Statements (revised September 2007). This standard introduced a number of
terminology changes (including revised titles for the condensed financial
statements) and a number of changes in presentation and disclosure. The revised
standard has had no effect on the reported results or financial position of the
group.
3. Taxation
No provision has been made for taxation for the period as there are losses
incurred in the period and also losses brought forward.
+----+------------------------------+--+--+-----------+-----------+--------------+---------------+
| 4 | EARNINGS PER SHARE | | | | | | |
+----+------------------------------+--+--+-----------+-----------+--------------+---------------+
| | | | | | | | |
+----+------------------------------+--+--+-----------+-----------+--------------+---------------+
| | The calculation of the basic earnings per share is based on the loss on ordinary |
| | activities after taxation and on the weighted average number of ordinary shares in |
| | issue during the period. |
+----+-------------------------------------------------------------------------------------------+
| | | | | | | 30 June | 30 June |
+----+------------------------------+--+--+-----------+-----------+--------------+---------------+
| | | | | | | 2009 | 2008 |
+----+------------------------------+--+--+-----------+-----------+--------------+---------------+
| | | | | | | pence | pence |
| | | | | | | per share | per share |
+----+------------------------------+--+--+-----------+-----------+--------------+---------------+
| | Basic earnings per ordinary | | | | | | |
| | share | | | | | | |
+----+------------------------------+--+--+-----------+-----------+--------------+---------------+
| | Loss | | | | | (0.23)p | (0.32)p |
+----+------------------------------+--+--+-----------+-----------+--------------+---------------+
| | | | | | | | |
+----+------------------------------+--+--+-----------+-----------+--------------+---------------+
| | Diluted earnings per | | | | | | |
| | ordinary share | | | | | | |
+----+------------------------------+--+--+-----------+-----------+--------------+---------------+
| | Loss | | | | | (0.23)p | (0.32)p |
+----+------------------------------+--+--+-----------+-----------+--------------+---------------+
| | | | | | | | |
+----+------------------------------+--+--+-----------+-----------+--------------+---------------+
| | | | | | | | |
+----+------------------------------+--+--+-----------+-----------+--------------+---------------+
| | | | | | | 30 June | 30 June |
+----+------------------------------+--+--+-----------+-----------+--------------+---------------+
| | | | | | | 2009 | 2008 |
+----+------------------------------+--+--+-----------+-----------+--------------+---------------+
| | | | | | | GBP | GBP |
+----+------------------------------+--+--+-----------+-----------+--------------+---------------+
| | Basic earnings per ordinary | | | | | | |
| | share | | | | | | |
+----+------------------------------+--+--+-----------+-----------+--------------+---------------+
| | Earnings used in the calculation of basic earnings per | (363,991) | (507,292) |
| | share | | |
+----+------------------------------------------------------------+--------------+---------------+
| | | | | | | | |
+----+------------------------------+--+--+-----------+-----------+--------------+---------------+
| | Weighted average number of ordinary shares for the | 161,569,058 | 157,096,256 |
| | purposes of basic earnings per share | | |
+----+------------------------------------------------------------+--------------+---------------+
| | | | | | | | |
+----+------------------------------+--+--+-----------+-----------+--------------+---------------+
| | Diluted earnings per | | | | | | |
| | ordinary share | | | | | | |
+----+------------------------------+--+--+-----------+-----------+--------------+---------------+
| | | | | | | | |
+----+------------------------------+--+--+-----------+-----------+--------------+---------------+
| | The calculation of diluted earnings per share is based on the basic loss per share |
| | adjusted to allow for the issue of shares on all share options granted at a price |
| | less than the average market price for the year. They are assumed to be converted |
| | at the date of issue. |
+----+-------------------------------------------------------------------------------------------+
| | | | | | | 30 June | 30 June |
+----+------------------------------+--+--+-----------+-----------+--------------+---------------+
| | | | | | | 2009 | 2008 |
+----+------------------------------+--+--+-----------+-----------+--------------+---------------+
| | | | | | | GBP | GBP |
+----+------------------------------+--+--+-----------+-----------+--------------+---------------+
| | Weighted average number of ordinary shares used in the | 161,569,058 | 157,096,256 |
| | calculation of basic and diluted earnings per share | | |
+----+------------------------------+--+--+-----------+-----------+--------------+---------------+
5. Trade and other payables
At the period end trade and other payables were higher compared to 31 December
due to a greater volume of trade during the months leading up to June 2009
compared to the months leading up to December 2008.
This information is provided by RNS
The company news service from the London Stock Exchange
END
IR CKKKDBBKDACN
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