TIDMSWP
RNS Number : 9671S
SWP Group PLC
23 March 2016
SWP Group plc (the "Group")
Half Yearly Results
for the six months ended 31 December 2015
Financial Highlights
n Group sales on a like for like basis decreased by 9% to
GBP5.68M (2014: GBP6.27M).
n Operating profit before exceptional costs and amortisation of
intangible assets fell by 31% to GBP457K (2014: GBP663K).
n Profits before tax decreased by 48% to GBP277K (2014:
GBP530K).
n Earnings per share decreased to 0.12p per share (2014:
0.14p).
n Group bank debt reduced by 16% to GBP723K (2014: GBP859K).
n Finance lease obligations decreased by 17% to GBP792K (2014:
GBP954K).
n Profit attributable to associate company decreased by 27% to
GBP60K (2014: GBP82K).
n Capital expenditure in period decreased to GBP88K (2014:
GBP703K).
Operational Highlights
n Production line at ULVAShield in Telford operating to high
levels of efficiency, margin generation, yield and quality.
n Production line facilities for ULVAGRP in West Bromwich on
hold pending the design, manufacture and commissioning of new
machine following the failure of the machine produced in
Germany.
n ULVA pipeline impacted by timing issues. Final Investment
Decisions (FID) by asset owners subject to delays, postponement
and/or cancellations due to oil price falling into the range of
US$28-40. Difficult to predict activity levels for FY2019 and
beyond.
n Fullflow in the UK progressing in accordance with budget and
planned profit improvement. Operating efficiencies and execution of
contracts/installations optimised.
n Nuclear sales on hold and/or deferred due to difficulties
experienced by EDF as reported in the media. Significant adverse
impact on Plasflow's revenue streams and operating profits.
n Serious commitment to R&D innovation and new processes at
Fullflow as well as product development at ULVAGRP ahead of the
market launch by the end of calendar year 2016.
n Cost control exercised throughout the continuing
businesses.
Alan Walker, Executive Chairman, commented:
"The results for the interim period to 31 December 2015 are
considered to be disappointing due to the adverse impact of the
timing associated with ULVA supply contracts and the deferment of
pipe supply solutions to EDF by Plasflow. Fortunately the second
half of the year will produce, as last year, a significant upturn
in revenues at ULVAShield whereas Plasflow's nuclear revenues will
be deferred for between 18 to 24 months due to EDF's austerity
plans. Fullflow in the UK continues to make good progress and the
development plans at ULVAGRP are back on track after the hiatus
caused in May 2015 by the German supplier's failure to deliver a
machine that was fit for purpose. Management focus is now entirely
concentrated and directed towards the ongoing development of the
Fullflow and ULVA brands".
Chairman's Statement
Corporate Review
As recently as 11 January 2016, at our latest Annual General
Meeting, my colleagues and I were able to debate with shareholders
the implications arising for a listed company of being engaged in
entirely project led activities. The unpredictable timing of
revenues has been exacerbated by the impact of dramatic falls in
oil prices over the last 18 months.
Following extensive reorganisation in the period to 30 June 2015
in which we closed our loss making Fullflow operations in Paris and
sold off the various assets engaged in the peripheral metal
staircase business at Crescent of Cambridge the Group now comprises
two distinct brand-led niche businesses both of which are
technically advanced in their respective areas of expertise.
Fullflow remains a leading supplier of rainwater management systems
to the UK domestic construction sector and also internationally on
large scale industrial sites which fall within Fullflow's chosen
areas of specialisation. These include stadia, car manufacturing
plants, airport terminals, industrial complexes and Energy from
Waste. ULVA remains a leading supplier of soft jacketing insulation
systems to the oil, gas and petrochemical sectors to prevent
corrosion under insulation ("CUI") for a wide range of oil and gas
majors.
Financial Results
Market conditions in the UK construction sector have remained
fairly buoyant allowing Fullflow to make headway in securing a
sound order book across a wide selection of industrial sites.
Plasflow, who deliver the fabrication needs of Fullflow as well as
supplying its own third party range of customers in addition to
pipe solutions to the nuclear sector, has experienced muted demand
in the period particularly in the nuclear sector to which I refer
below. Notwithstanding the dramatic falls in oil prices since the
summer of 2014 which is having a devastating impact on jobs and
future investment within the oil and gas sector ULVA has chartered
a course which, although producing disappointing results for the
six month period under review due to the phasing of major projects,
will see a significant recovery in revenues in the second half of
the financial year. The lumpy nature of ULVA's revenues is a
regular feature of the business with which management has become
familiar and is adept at handling the necessary adjustments which
are required in times of both feast and famine. The results which
are detailed below are considered to be disappointing but in line
with activity level forecast for the period.
Continuing Continuing
operations operations
Unaudited Unaudited
six months six months
ended ended
31.12.15 31.12.14
GBP'000 GBP'000
Revenue 5,676 6,269
Operating profit before
exceptional costs and amortisation
of intangible assets 457 663
Profit before tax 277 530
Taxation (37) (69)
Profit after tax 240 461
Loss for the year from discontinued
operations - 183
------------ ------------
Profit for the period after
tax 240 278
------------ ------------
Revenue in the period for continuing operations declined to
GBP5.68M (2014: GBP6.27M) with operating profits before exceptional
costs and amortisation of intangible assets falling to GBP457K
(2014: GBP663K) or by 31%. Profits before taxation fell to GBP277K
(2014: GBP530K). Profits after the elimination of discontinued
operations fell to GBP240K (2014: GBP278K).
Group Bank Debt
Notwithstanding these flat line and disappointing results the
Group continues to generate cash from its trading activities albeit
during a period of constrained capital expenditure. Bank debt has
reduced to GBP723K (2014: GBP859K) or by 16% and is expected to be
eliminated on or around the end of the financial year to 30 June
2016. Short and long term lease obligations have reduced to GBP792K
(2014: GBP954K) or by 17% and will continue to fall rapidly over
the next three year period.
The Consolidated Statement of Financial Position reflects a
strong balance sheet with investment in state of the art plant and
equipment and a working capital model which has been brought into
line with the reduced level of activities. Active attention is
being directed towards the real estate assets which have been
liberated as a result of the reorganisation and are deemed to be
surplus to our operating requirements. These are on course to
deliver attractive returns over time.
Operational Highlights
ULVA
At the Annual General Meeting on 11 January 2016, the Board
indicated that for the ULVA business unit the current financial
year and the next two financial years were expected to be broadly
in line with the revenues for FY2015 despite the crisis in the oil
and gas sectors. It was also indicated that beyond that, the
outlook was difficult to predict.
Subsequent to the AGM there have been a number of significant
movements to key projects for which ULVA is specified which will
impact upon activity levels.
n A major project for a Floating Liquefied Natural Gas (FLNG)
vessel, under construction in Korea has been placed on hold for two
years despite the hull construction being 80% complete. This is a
significant blow to ULVA's medium term prospects.
n A new construction platform project for the Gulf of Mexico has
adopted aluminium cladding rather than the specified ULVAShield
system. Aluminium cladding is not at all suitable for offshore
applications but is a third of the cost of ULVASheild and the
project is focussed entirely on capital cost. The increased
operating costs associated with the premature failure of the
aluminium has not been a factor in the decision making process.
n A new build platform for the North Sea, for a US major, has
been deferred indefinitely and a second delayed by at least one
year.
n A major project for the Middle East has been cancelled.
n Maintenance activity in the North Sea has halved.
At the half year, revenues at GBP2,403K were 90% of revenues for
the same period in the prior year. Not unlike the prior year, the
second half is more heavily loaded and it is anticipated that
revenues for the year as a whole will be broadly similar to FY
2015. At this point in time, expectations for FY 2017 are not
significantly impacted by the above and activity levels are
expected to be similar to FY 2015 and 2016. FY 2018, however, has
been significantly impacted by the above and expectations have
softened markedly as investment decisions are deferred or
cancelled.
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There is a good pipeline of future projects beyond this time
scale, which are specified for ULVAShield, however, a number are
awaiting Final Investment Decision (FID). FID at an oil price above
$80 is relatively straightforward, current oil prices make FID more
challenging which may result in further delays or postponements.
Against this background it is difficult to predict activity levels
for FY 2019 and beyond.
The design phase of the UK GRP process line, which is being
developed as an alternative to the failed German process line, is
approaching completion. The design principles of this line have
been tested and evaluated at an institute for composites technology
with positive results, which has allowed the design to be
optimised. Certain components of the system are on a longer lead
time than had been anticipated, pushing the project back by a few
months but full production is anticipated by the end of calendar
year 2016. The failure of the German process line to meet
contractual performance criteria in the spring of 2015 has
prevented ULVA from entering the market with the result that the
opportunity to supply material to three major projects has been
lost. The intention is to enter the market in a controlled manner
from the start of 2017 and prove competency and capability ahead of
the first targeted major project, supply to which is anticipated
for FY 2019.
Fullflow Group
Following changes to senior management in February 2015
Fullflow's performance for FY2015 improved considerably allowing
respectable results to be posted. I am pleased to report that this
momentum has been sustained for the six month period under review
with the UK construction sector enjoying a buoyant period of
activity across both the public and private sectors. This has
resulted in the award of contracts across a wide range of
industrial activities including, inter alia, airports, car plants,
energy from waste (EFW), retail, distribution, industrial factories
and educational establishments. As an innovator and leader Fullflow
has been investing in new installation techniques and in the
provision of bespoke outlets designed to improve operational
efficiencies on offer to discerning users in search of technical
solutions to drain their extensive roofs. Market conditions remain
both challenging and competitive but Fullflow is well equipped to
grow market share through its respected quality of installation and
service to increasingly receptive main contractors who recognise
the key advantages to be gained from the installation of rainwater
management systems designed and installed by Fullflow. The
operating efficiencies and project execution within the business
continue to improve as we strive for excellence whilst there is a
significant shift in promoting the sales pipeline through technical
selling resulting in a better conversion rate. Revenues for FY 2016
are likely to reflect the impact of the positive trend in which the
business is developing.
Fullflow International
The brand continues to gain traction in a number of key
international territories. Whilst the economic outlook in the UK
has been favourable with construction activity to the fore the same
cannot be said abroad where there has been an economic downturn in
a number of countries including Brazil where deep recession has
taken root notwithstanding the eminency of the 2016 Olympic Games
this summer. A number of projects have been successfully completed
using our adopted business model of supplying design, components to
order and project management allied to the utilisation of
international partners with proven competence to undertake
installation on a local basis. The results at the interim stage are
somewhat behind budget expectation but activity in the second half
of FY 2016 may produce revenues that are similar to the previous
year. This business continues to be well managed and remains a key
ingredient in Fullflow's strategic international development going
forward.
Plasflow
In contrast to the improved trading environment at Fullflow I
regret to advise that Plasflow has gone backwards during the six
month period under review with a consequential impact on both
revenues and profits. The explanation is simple to identify and
lies in the absence of any meaningful orders from the nuclear
sector where Plasflow is a respected player in providing pipe
solutions for most of the major nuclear plants in operation
throughout the UK. Whilst it was never envisaged that the six month
period under review would feature much nuclear activity we were
programmed to commence substantial works on the run up to the
closure of FY 2016. Shareholders will have seen adverse publicity
that has emerged in the past few weeks concerning Électricité de
France (EDF) casting doubt on their ability to raise the necessary
funding for their share in the redevelopment of Hinkley Point in
Somerset. This massive joint venture in conjunction with the
Chinese and British Governments appears pivotal to the provision of
nuclear energy in the UK for decades to come and is now under
scrutiny in terms of its financial viability. EDF's 2015 profits
fell 68% mainly due to writedowns on coal fired plants. The knock
on effects have resulted in EDF unilaterally deferring a major
outage project at one of their UK plants where Plasflow was
scheduled to play a prominent role from April this year through to
the end of FY 2016. The project has not been lost but has been
deferred for up to two years on the basis that EDF is currently
short of funds and cannot afford to undertake the work. This is
disappointing as Plasflow was already in preparation for the
planned outage. An upturn in activity from Fullflow is countered by
a downturn in orders for fabrications from third party customers to
such an extent that Plasflow will struggle to break even for FY
2016. Management is monitoring the EDF nuclear demand carefully as
the austerity programme which is emerging from EDF may spread to
other nuclear plants and lead to other deferred outages or even
cancellations. This is the essence of project-led businesses which
cannot rely on steady state income streams and where we are not in
control of the ultimate investment decisions.
Dividend
As last year considerable debate has taken place regarding the
payment of a dividend. Given the crisis facing the oil and gas
sector and the need to invest heavily in the ULVAGRP project as
well as the final elimination of external bank debt your Board has
deferred the declaration of a dividend at this time pending the
final outcome of the year as a whole and the prospects for the
businesses going forward at that time.
Research & Development
Shareholders will realise that the ULVAGRP initiative which
stalled in April 2015 remains a key priority for the rest of this
financial year and beyond. The delay is regrettable but not of
ULVA's making. Fullflow has been active in developing a number of
new components designed to improve installation efficiencies.
Fullflow will always attempt to be a technical innovator within the
syphonic sector where such innovation sets Fullflow apart from its
competitors.
Staff
Following the recession from 2008 to 2010 the staff levels
within your Group were trimmed to avoid excess costs. We weathered
the recession well and retired debt rapidly in the expectation of
economic growth. The drama surrounding the oil price has certainly
impacted our short to medium term aspirations and renders the
longer term predictions something of a lottery at this time.
To our highly proficient and technically driven employees we as
a Board offer our grateful thanks for their resilience, energy and
professionalism during highly challenging market conditions. At
both ULVA and Fullflow there is a united spirit to succeed which we
consider will stand us in good stead as and when market conditions
stabilise and return to some kind of level of normality.
Current Trading and Prospects
The Board is disappointed by these trading results at the
interim stage. However, as in FY 2015 there is a stronger trend in
revenues in the second half for FY 2016 at both ULVA and Fullflow
although Plasflow will disappoint for the reasons explained above.
Market conditions particularly in oil and gas remain extremely
demanding and almost impossible to predict at a time of crisis
within the oil and gas industry.
Shareholders should be aware that your Board is actively looking
at ways in which to maximise shareholder value notwithstanding the
crisis facing us in the oil and gas sector and the lack of
liquidity which our shares face on the AIM sector of the London
Stock Exchange. Shareholders will recognise that their interests
are very much aligned with those of members of the Board who are
major shareholders in their own right and that shareholders in
general should be reassured that their interests are at the
forefront of our strategic thinking and that we shall not allow the
underlying businesses to drift.
In the short term we intend to batten down the hatches,
eliminate debt, control our cost base and concentrate all of our
efforts in maximising the potential contained within our sales
pipelines.
J A F Walker
Chairman
23(rd) March 2016
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Unaudited Consolidated Statement of Comprehensive Income
Six Continuing Discontinued Six Year
months operations operations months ended
ended six six months ended 30.06.15
31.12.15 months ended 31.12.14 Audited
Unaudited ended 31.12.14 Unaudited GBP'000
GBP'000 31.12.14 Unaudited GBP'000
Unaudited GBP'000
GBP'000
Revenue 5,676 6,269 2,363 8,632 13,189
Cost of sales (2,826) (3,223) (1,832) (5,055) (6,629)
----------- ------------ ------------- ----------- ----------
Gross profit 2,850 3,046 531 3,577 6,560
Operating expenses (2,393) (2,383) (714) (3,097) (4,929)
----------- ------------ ------------- ----------- ----------
457 663 (183) 480 1,631
Profit attributable
to associate 60 82 - 82 144
Exceptional operating
expenses (33) - - - (22)
Amortisation of intangible
assets acquired through
business combinations
net of deferred tax (83) (83) - (83) (165)
Share based payment (40) (40) - (40) (80)
----------- ----------- ----------
Operating profit 361 622 (183) 439 1,508
Financial costs (84) (92) - (92) (218)
----------- ------------ ------------- ----------- ----------
Profit on ordinary
activities before taxation 277 530 (183) 347 1,290
Income tax charge (37) (69) - (69) 390
----------- ------------ ------------- ----------- ----------
Profit for the period 240 461 (183) 278 1,680
------------ -------------
Loss for the year from
discontinued operations - (183) - - (2,083)
Total comprehensive
income
Profit/(loss) for the
period and total comprehensive
income attributable
to equity holders of
the company 240 278 (183) 278 (403)
----------- ------------ ------------- ----------- ----------
Earnings per share
from continuing and
discontinued operations
attributable to the
equity holders of the
company during the
year
Basic and diluted earning
per share
From continuing operations 0.12p 0.23p - 0.14p 0.86p
From discontinued operations - (0.09)p (0.09)p - (1.07)p
----------- ------------ ------------- ----------- ----------
0.12p 0.14p (0.09)p 0.14p (0.21)p
----------- ------------ ------------- ----------- ----------
Unaudited Consolidated Statement of Changes in Equity
Called Other Re-valuation Retained Total
up share reserves reserve earnings Equity
capital
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
At 1 January
2014 1,016 241 210 12,896 14,363
Result for
the period - - - 674 674
Revaluation - - (6) - (6)
Dividend - - - (151) (151)
Share based
payment - 40 - - 40
Purchase of
treasury shares - - - (43) (43)
At 30 June
2014 1,016 281 204 13,376 14,877
Result for
the period - - - 278 278
Share based
payment - 40 - - 40
At 31 December
2014 1,016 321 204 13,654 15,195
Result for
the period - - - (681) (681)
Dividend - - - (181) (181)
Share based
payment - 40 - - 40
Purchase of
treasury shares - - - (61) (61)
---------- ---------- ------------- ---------- --------
At 30 June
2015 1,016 361 204 12,731 14,312
Result for
the period - - - 240 240
Share based
payment - 40 - - 40
At 31 December
2015 1,016 401 204 12,971 14,592
---------- ---------- ------------- ---------- --------
Unaudited Consolidated Statement of Financial Position
As at As at As at
31.12.15 31.12.14 30.06.15
Unaudited Unaudited Audited
GBP'000 GBP'000 GBP'000
Non-current assets
Intangible assets 7,500 7,740 7,621
Property, plant and
equipment 7,150 7,098 7,225
Trade and other receivables 90 226 57
Deferred tax assets 73 218 110
Investment 333 211 273
----------- ----------- ----------
15,146 15,493 15,286
----------- ----------- ----------
Current assets
Inventories 1,356 2,571 1,469
Trade and other receivables 3,583 4,396 4,224
----------
4,939 6,967 5,693
----------- ----------- ----------
Total assets 20,085 22,460 20,979
----------- ----------- ----------
Current liabilities
Trade and other payables (2,469) (3,452) (3,415)
Current tax liabilities (110) (270) (81)
Obligations under finance
leases (325) (359) (410)
Bank loans and overdrafts (723) (859) (737)
----------- ----------- ----------
(3,627) (4,940) (4,643)
----------- ----------- ----------
Non-current liabilities
Deferred tax liabilities (1,399) (1,730) (1,434)
Obligations under finance
leases (467) (595) (590)
----------- ----------- ----------
(1,866) (2,325) (2,024)
----------- ----------- ----------
Total liabilities (5,493) (7,265) (6,667)
----------- ----------- ----------
NET ASSETS 14,592 15,195 14,312
=========== =========== ==========
Capital and reserve
Called up share capital 1,016 1,016 1,016
Other reserves 401 321 361
Revaluation reserve 204 204 204
Retained earnings 12,971 13,654 12,731
----------- ----------- ----------
TOTAL EQUITY 14,592 15,195 14,312
=========== =========== ==========
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Unaudited Consolidated Statement of Cash Flows
Six months Six months Year
ended ended ended
31.12.15 31.12.14 30.06.15
Unaudited Unaudited Audited
GBP'000 GBP'000 GBP'000
Profit after tax 240 278 (403)
Adjustments for:
Net finance costs 84 92 218
Corporation tax charge/(credit) 37 69 (176)
Depreciation of property,
plant and equipment 143 184 294
Amortisation of intangible
assets 121 120 239
Loss on disposal of plant
and equipment - - 34
----------- ----------- ----------
Operating cash flows before
movement in working capital 625 743 206
Decrease/(increase) in
inventories 113 (189) 913
Decrease/(increase) in
receivables 608 1,417 1,758
(Decrease)/increase in
payables (1,003) (866) (1,112)
Interest paid (82) (90) (217)
Corporation tax paid 29 (97) (41)
----------- ----------- ----------
Net cash inflow from operating
activities 290 918 1,507
----------- ----------- ----------
Cash flow from investing
activities
Purchase of property,
plant and equipment (88) (703) (974)
Proceeds from disposals 20 - -
of property, plant and
equipment
----------- ----------- ----------
Net cash outflow from
investing activities (68) (703) (974)
----------- ----------- ----------
Cash flow from financing
activities
Dividend paid - - (181)
Purchase of treasury shares - - (61)
Finance lease repayments,
net (208) (206) (160)
----------- ----------- ----------
Net cash outflow from
financing
activities (208) (206) (402)
----------- ----------- ----------
Net increase in cash and
bank
overdrafts 14 9 131
Cash, cash equivalents
and bank overdrafts at
beginning of period (737) (868) (868)
----------- ----------- ----------
Cash, cash equivalents
and bank overdrafts at
end of period (723) (859) (737)
=========== =========== ==========
Notes to the Interim Report
1. Basis of Preparation
The Interim Financial Statements have been prepared using
accounting policies consistent with International Financial
Reporting Standards as adopted in the European Union and in
accordance with International Accounting Standards (IAS) 34 Interim
Financial Reporting.
The financial information for the six month periods ended 31
December 2015 and 31 December 2014 have not been audited by the
Group's auditors and does not constitute accounts within the
meaning of s240 of the Companies Act 2006. The financial
information for the year ended 30 June 2015 is an abridged version
of the Group's accounts which received an unqualified auditors'
report and did not contain a statement under s237(2) or (3) of the
Companies Act 2006 and have been filed with the Registrar of
Companies.
The same accounting policies, presentation and methods of
computation are followed in these interim financial statements as
were applied in the preparation of the Group's financial statements
for the year ended 30 June 2015 and which are expected to apply as
at 30 June 2015.
2. Taxation
Interim period income tax is accrued based on the estimated
average annual effective income tax rate. In reality this charge
will not fall to be paid in cash due to the incidence of Annual
Investment Allowances ("AIA") arising out of tax allowance on
capital expenditure during the period. As a result of timing
differences the payment of corporation tax is likely to be deferred
thereby requiring provision for deferred tax only.
3. Segmental Reporting
Rainwater Metal CUI prevention Corporate Total
management staircases six months six six
six months six months ended months months
ended ended 31.12.15 ended ended
31.12.15 31.12.15 31.12.15 31.12.15
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Revenue
External revenues 3,273 - 2,403 - 5,676
Intergroup sales 688 - - - 688
------------ ------------ --------------- ---------- ----------
Total revenues 3,961 - 2,403 - 6,364
Cost of sales (2,601) - (913) - (3,514)
------------ ------------ --------------- ---------- ----------
Gross profit 1,360 - 1,490 - 2,850
Operating expenses (1,084) - (881) (428) (2,393)
------------ ------------ --------------- ---------- ----------
276 - 609 (428) 457
Profit attributable
to associate - - - 60 60
Exceptional operating
expenses (20) - - (13) (33)
Amortisation of
intangible assets
acquired through
business combinations
net of deferred
tax - - - (83) (83)
Share based payment - - - (40) (40)
Intergroup royalty
(charge)/income - - (388) 388 -
Intergroup management
fees - - (114) 114 -
Intergroup rent
(charges)/income - - (36) 36 -
Operating profit/(loss) 256 - 71 34 361
Financial costs - - (29) (55) (84)
Intergroup financial
charges (13) - - 13 -
------------ ------------ --------------- ---------- ----------
Profit/(loss) on
ordinary activities
before taxation 243 - 42 (8) 277
Income tax charge (33) - (6) 2 (37)
------------ ------------ --------------- ---------- ----------
Profit/(loss) for
the period attributable
to equity holders
of the company 210 - 36 (6) 240
============ ============ =============== ========== ==========
Rainwater Metal CUI prevention Corporate Total
management staircases six months six six
six months six months ended months months
ended ended 31.12.14 ended ended
31.12.14 31.12.14 31.12.14 31.12.14
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Revenue
External revenues 4,675 1,283 2,674 - 8,632
Intergroup sales 745 - - - 745
------------ ------------ --------------- ---------- ----------
Total revenues 5,420 1,283 2,674 - 9,377
Cost of sales (3,718) (1,053) (1,029) - (5,800)
------------ ------------ --------------- ---------- ----------
Gross profit 1,702 230 1,645 - 3,577
Operating expenses (1,383) (367) (945) (402) (3,097)
------------ ------------ --------------- ---------- ----------
319 (137) 700 (402) 480
Exceptional operating
expenses - - - 82 82
Amortisation of
intangible assets
acquired through
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