TIDMTLT
RNS Number : 6999Z
Tolent PLC
25 September 2009
Tolent plc ("Tolent" or the "Group")
Unaudited Interim Results for the six months ended 30 June 2009
25th September 2009
Chairman's Statement
Results
The trading result for the first half of 2009 has been maintained against 2008
levels despite a reduction in Group turnover from GBP85 million to GBP50
million. This has been achieved by taking the necessary action to reduce
overheads wherever possible to ensure that operating costs remain in line with
current activity levels. This has resulted in a one-off redundancy and
reorganisation charge. Trading in the period has been difficult with lower
levels of activity, projects have been deferred or cancelled and those that have
gone ahead are at very competitive prices. The results are in line with
expectations.
The trading result for the first half of 2009 has improved to GBP721,000 from
GBP667,000 in the first half of 2008, before redundancy and reorganisation costs
of GBP560,000.
Net interest receivable in 2008 of GBP391,000 became interest payable of
GBP42,000 for the first six months of 2009. This relates to the significantly
lower interest rates on our deposits and the expensing of interest on the
Echo Building development following completion which had been capitalised in the
first half of 2008.
Profit before taxation was GBP110,000 (2008: GBP1,100,000) and earnings per
share at 0.23 pence compared with 5.8 pence per share for the first half of
2008. The tax percentage is high at 74% due to the presence of items not
deductible for tax purposes and the restrictions on capital allowances allowed
against the depreciation charge in the income statement.
Dividend
In view of the results to date in 2009 and the continued uncertainty of the
general market conditions the Directors do not recommend payment of an interim
dividend (2008: 4 pence).
Liquidity and Capital Resources
The Group had cash and cash equivalents at 30 June 2009 of GBP8 million,
compared with GBP10.7 million at 30 June 2008.
Shareholders funds stand at GBP11.74 million having increased from the GBP11.54
million at 31 December 2008.
Prospects
As noted above conditions remain extremely challenging with stiff competition
for new work giving rise to pressure on pricing and margins. Although we are
encouraged by recent signs of an increase in the level of enquiries for 2010,
funding remains an issue for many potential developments. Accordingly there
remains a requirement to secure further workload.
We have worked hard to reduce operating costs during the course of 2009 to
reflect current activity levels. Changes made will benefit 2009 and further
still in 2010. Together with our strong balance sheet and a leading position in
our markets, this gives us confidence in our ability to trade through this
difficult period in the construction industry and economy in general.
Peter Hems
25th September 2009
Condensed consolidated interim income statement
+---+----------------------------------+-----------+-----+-----------+-----+-----------+
| | |Unaudited | |Unaudited | | Audited |
| | | Six | | Six | | Twelve |
| | |months to | |months to | | months |
| | |30th June | |30th June | | to 31st |
| | | 2009 | | 2008 | | December |
| | | | | | | 2008 |
+---+----------------------------------+-----------+-----+-----------+-----+-----------+
| | | GBP000s | | GBP000s | | GBP000s |
+---+----------------------------------+-----------+-----+-----------+-----+-----------+
| Group Revenue | 49,767 | | 85,084 | | 153,510 |
+--------------------------------------+-----------+-----+-----------+-----+-----------+
| Raw materials and consumables | (3,548) | | (5,762) | | (9,837) |
+--------------------------------------+-----------+-----+-----------+-----+-----------+
| Other external charges | (33,629) | | (63,447) | | (112,924) |
+--------------------------------------+-----------+-----+-----------+-----+-----------+
| Group Profit | 12,590 | | 15,875 | | 30,749 |
+--------------------------------------+-----------+-----+-----------+-----+-----------+
| Staff costs | (10,075) | | (12,434) | | (24,397) |
+--------------------------------------+-----------+-----+-----------+-----+-----------+
| Depreciation | (188) | | (161) | | (348) |
+--------------------------------------+-----------+-----+-----------+-----+-----------+
| Other operating charges | (1,606) | | (2,613) | | (3,989) |
+--------------------------------------+-----------+-----+-----------+-----+-----------+
| | | 721 | | 667 | | 2,015 |
+---+----------------------------------+-----------+-----+-----------+-----+-----------+
| Redundancy and reorganisation costs | (560) | | 0 | | 0 |
+--------------------------------------+-----------+-----+-----------+-----+-----------+
| | 161 | | 667 | | 2,015 |
+--------------------------------------+-----------+-----+-----------+-----+-----------+
| Result from investment property | 0 | | 0 | | (1,287) |
+--------------------------------------+-----------+-----+-----------+-----+-----------+
| Share of post tax profit/(loss) in | (9) | | 42 | | 11 |
| joint ventures and associates | | | | | |
+--------------------------------------+-----------+-----+-----------+-----+-----------+
| Operating Profit | 152 | | 709 | | 739 |
+--------------------------------------+-----------+-----+-----------+-----+-----------+
| Finance income | 30 | | 391 | | 664 |
+--------------------------------------+-----------+-----+-----------+-----+-----------+
| Finance cost | (72) | | 0 | | (104) |
+--------------------------------------+-----------+-----+-----------+-----+-----------+
| Profit before taxation | 110 | | 1,100 | | 1,299 |
+--------------------------------------+-----------+-----+-----------+-----+-----------+
| Taxation | (81) | | (376) | | (626) |
+--------------------------------------+-----------+-----+-----------+-----+-----------+
| Profit after taxation | 29 | | 724 | | 673 |
+--------------------------------------+-----------+-----+-----------+-----+-----------+
| Attributable to equity shareholders | 29 | | 724 | | 673 |
| of Tolent Plc | | | | | |
+--------------------------------------+-----------+-----+-----------+-----+-----------+
| Basic and diluted earnings per share | 0.23 p | | 5.8p | | 5.40 p |
+---+----------------------------------+-----------+-----+-----------+-----+-----------+
Condensed consolidated interim statement of comprehensive income
+---+----------------------------------+-----------+-----+-----------+-----+----------+
| | |Unaudited | |Unaudited | | Audited |
| | | Six | | Six | | Twelve |
| | |months to | |months to | | months |
| | |30th June | |30th June | | to 31st |
| | | 2009 | | 2008 | |December |
| | | | | | | 2008 |
+---+----------------------------------+-----------+-----+-----------+-----+----------+
| | | GBP000s | | GBP000s | | GBP000s |
+---+----------------------------------+-----------+-----+-----------+-----+----------+
| Profit for the period | 29 | | 724 | | 673 |
+--------------------------------------+-----------+-----+-----------+-----+----------+
| Other comprehensive income: | | | | | |
+--------------------------------------+-----------+-----+-----------+-----+----------+
| Cash flow hedge - share of current | 237 | | 0 | | (771) |
| year gain/(loss) in respect of joint | | | | | |
| venture | | | | | |
+--------------------------------------+-----------+-----+-----------+-----+----------+
| - related deferred tax | (67) | | 0 | | 216 |
+--------------------------------------+-----------+-----+-----------+-----+----------+
| Other comprehensive income for the | 170 | | 0 | | (555) |
| year, net of tax | | | | | |
+--------------------------------------+-----------+-----+-----------+-----+----------+
| Total comprehensive income for the | 199 | | 724 | | 118 |
| year | | | | | |
+--------------------------------------+-----------+-----+-----------+-----+----------+
| Attributable to equity shareholders | 199 | | 724 | | 118 |
| of Tolent Plc | | | | | |
+---+----------------------------------+-----------+-----+-----------+-----+----------+
Condensed consolidated interim statement of financial position
+---+----+--------------------------------+-----------+--+------------+---+------------+
| | | |Unaudited | | Unaudited | | Audited |
| | | | | | | | |
+---+----+--------------------------------+-----------+--+------------+---+------------+
| | | | 30th | | 30th | | 31st |
| | | | June | | June | | December |
+---+----+--------------------------------+-----------+--+------------+---+------------+
| | | | 2009 | | 2008 | | 2008 |
+---+----+--------------------------------+-----------+--+------------+---+------------+
| | | | GBP000s | | GBP000s | | GBP000s |
+---+----+--------------------------------+-----------+--+------------+---+------------+
| Assets | | | |(restated) | | |
+--------+--------------------------------+-----------+--+------------+---+------------+
| | Non-Current Assets | | | | | |
+---+-------------------------------------+-----------+--+------------+---+------------+
| | Property, plant and equipment | 4,486 | | 4,425 | | 4,637 |
+---+-------------------------------------+-----------+--+------------+---+------------+
| | Investment properties | 5,468 | | 6,755 | | 5,468 |
+---+-------------------------------------+-----------+--+------------+---+------------+
| | Investments in associates and joint | 499 | | 919 | | 333 |
| | ventures | | | | | |
+---+-------------------------------------+-----------+--+------------+---+------------+
| | Investments - available for sale | 10 | | 10 | | 10 |
+---+-------------------------------------+-----------+--+------------+---+------------+
| | Trade and other receivables | 0 | | 519 | | 0 |
+---+-------------------------------------+-----------+--+------------+---+------------+
| | | | 10,463 | | 12,628 | | 10,448 |
+---+----+--------------------------------+-----------+--+------------+---+------------+
| | Current assets | | | | | |
+---+-------------------------------------+-----------+--+------------+---+------------+
| | Amounts recoverable on contracts | 5,650 | | 10,391 | | 6,406 |
+---+-------------------------------------+-----------+--+------------+---+------------+
| | Inventory | 12,065 | | 9,155 | | 12,002 |
+---+-------------------------------------+-----------+--+------------+---+------------+
| | Trade and other receivables | 11,695 | | 16,341 | | 13,766 |
+---+-------------------------------------+-----------+--+------------+---+------------+
| | Cash and cash equivalents | 8,035 | | 10,746 | | 12,887 |
+---+-------------------------------------+-----------+--+------------+---+------------+
| | | | 37,445 | | 46,633 | | 45,061 |
+---+----+--------------------------------+-----------+--+------------+---+------------+
| | | | | | | | |
+---+----+--------------------------------+-----------+--+------------+---+------------+
| Total assets | 47,908 | | 59,261 | | 55,509 |
+-----------------------------------------+-----------+--+------------+---+------------+
| Liabilities | | | | | |
+-----------------------------------------+-----------+--+------------+---+------------+
| | Non-current liabilities | | | | | |
+---+-------------------------------------+-----------+--+------------+---+------------+
| | Trade and other payables | 188 | | 0 | | 226 |
+---+-------------------------------------+-----------+--+------------+---+------------+
| | Provisions | 100 | | 100 | | 100 |
+---+-------------------------------------+-----------+--+------------+---+------------+
| | Borrowings | 2,810 | | 0 | | 2,835 |
+---+-------------------------------------+-----------+--+------------+---+------------+
| | Deferred tax liabilities | 612 | | 794 | | 620 |
+---+-------------------------------------+-----------+--+------------+---+------------+
| | | | 3,710 | | 894 | | 3,781 |
+---+----+--------------------------------+-----------+--+------------+---+------------+
| | Current liabilities | | | | | |
+---+-------------------------------------+-----------+--+------------+---+------------+
| | Trade and other payables | 32,109 | | 41,609 | | 39,530 |
+---+-------------------------------------+-----------+--+------------+---+------------+
| | Provisions | 78 | | 747 | | 114 |
+---+-------------------------------------+-----------+--+------------+---+------------+
| | Borrowings | 161 | | 2,912 | | 150 |
+---+-------------------------------------+-----------+--+------------+---+------------+
| | Current tax payable | 110 | | 453 | | 393 |
+---+-------------------------------------+-----------+--+------------+---+------------+
| | | | 32,458 | | 45,721 | | 40,187 |
+---+----+--------------------------------+-----------+--+------------+---+------------+
| | | | | | | | |
+---+----+--------------------------------+-----------+--+------------+---+------------+
| Total liabilities | 36,168 | | 46,615 | | 43,968 |
+-----------------------------------------+-----------+--+------------+---+------------+
| | | | | | | | |
+---+----+--------------------------------+-----------+--+------------+---+------------+
| Net Assets | 11,740 | | 12,646 | | 11,541 |
+-----------------------------------------+-----------+--+------------+---+------------+
| Equity | | | | | | |
+--------+--------------------------------+-----------+--+------------+---+------------+
| | Share capital | 1,283 | | 1,283 | | 1,283 |
+---+-------------------------------------+-----------+--+------------+---+------------+
| | Other reserve | (256) | | (256) | | (256) |
+---+-------------------------------------+-----------+--+------------+---+------------+
| | Cash flow hedge reserve | (385) | | 0 | | (555) |
+---+-------------------------------------+-----------+--+------------+---+------------+
| | Profit and loss account | 11,098 | | 11,619 | | 11,069 |
+---+-------------------------------------+-----------+--+------------+---+------------+
| | Total Equity | 11,740 | | 12,646 | | 11,541 |
+---+----+--------------------------------+-----------+--+------------+---+------------+
Condensed consolidated interim statement of changes in equity (unaudited)
+-------+------------------+----------+----------+---------+-----------+-----------+
| | | | | Cash | Profit | |
| | | | | | and | |
+-------+------------------+----------+----------+---------+-----------+-----------+
| | | Share | Other | Flow | Loss | Total |
+-------+------------------+----------+----------+---------+-----------+-----------+
| | | Capital | Reserve | Hedge | Account | Equity |
+-------+------------------+----------+----------+---------+-----------+-----------+
| | | GBP000s | GBP000s |GBP000s | GBP000s | GBP000s |
+-------+------------------+----------+----------+---------+-----------+-----------+
| At 1 January 2008 | 1,283 | (256) | 0 | 12,204 | 13,231 |
+--------------------------+----------+----------+---------+-----------+-----------+
| Equity dividends paid | 0 | 0 | 0 | (1,309) | (1,309) |
+--------------------------+----------+----------+---------+-----------+-----------+
| Transactions with owners | 0 | 0 | 0 | (1,309) | (1,309) |
+--------------------------+----------+----------+---------+-----------+-----------+
| Profit after taxation | 0 | 0 | 0 | 724 | 724 |
| for the period | | | | | |
+--------------------------+----------+----------+---------+-----------+-----------+
| Total comprehensive | 0 | 0 | 0 | 724 | 724 |
| income and expense for | | | | | |
| the period | | | | | |
+--------------------------+----------+----------+---------+-----------+-----------+
| | | | | | |
+--------------------------+----------+----------+---------+-----------+-----------+
| At 30 June 2008 | 1,283 | (256) | 0 | 11,619 | 12,646 |
+--------------------------+----------+----------+---------+-----------+-----------+
| | | | | | |
+--------------------------+----------+----------+---------+-----------+-----------+
| At 1 July 2008 | 1,283 | (256) | 0 | 11,619 | 12,646 |
+--------------------------+----------+----------+---------+-----------+-----------+
| | | | | | |
+--------------------------+----------+----------+---------+-----------+-----------+
| Equity dividends paid | 0 | 0 | 0 | (499) | (499) |
+--------------------------+----------+----------+---------+-----------+-----------+
| Transactions with owners | 0 | 0 | 0 | (499) | (499) |
+--------------------------+----------+----------+---------+-----------+-----------+
| | | | | | | |
+-------+------------------+----------+----------+---------+-----------+-----------+
| Profit after taxation | 0 | 0 | 0 | (51) | (51) |
| for the period | | | | | |
+--------------------------+----------+----------+---------+-----------+-----------+
| Other comprehensive | | | | | |
| income: | | | | | |
+--------------------------+----------+----------+---------+-----------+-----------+
| Cash flow hedge - share | 0 | 0 | (771) | 0 | (771) |
| of current year loss in | | | | | |
| respect of joint venture | | | | | |
+--------------------------+----------+----------+---------+-----------+-----------+
| | - related | 0 | 0 | 216 | 0 | 216 |
| | deferred tax | | | | | |
+-------+------------------+----------+----------+---------+-----------+-----------+
| Total comprehensive | 0 | 0 | (555) | (51) | (606) |
| income and expense for | | | | | |
| the period | | | | | |
+--------------------------+----------+----------+---------+-----------+-----------+
| | | | | | | |
+-------+------------------+----------+----------+---------+-----------+-----------+
| At 31 December 2008 | 1,283 | (256) | (555) | 11,069 | 11,541 |
+--------------------------+----------+----------+---------+-----------+-----------+
| | | | | | | |
+-------+------------------+----------+----------+---------+-----------+-----------+
| At 1 January 2009 | 1,283 | (256) | (555) | 11,069 | 11,541 |
+--------------------------+----------+----------+---------+-----------+-----------+
| | | | | | | |
+-------+------------------+----------+----------+---------+-----------+-----------+
| Equity dividends paid | 0 | 0 | 0 | 0 | 0 |
+--------------------------+----------+----------+---------+-----------+-----------+
| Transactions with owners | 0 | 0 | 0 | 0 | 0 |
+--------------------------+----------+----------+---------+-----------+-----------+
| | | | | | | |
+-------+------------------+----------+----------+---------+-----------+-----------+
| Profit after taxation | 0 | 0 | 0 | 29 | 29 |
| for the year | | | | | |
+--------------------------+----------+----------+---------+-----------+-----------+
| Other comprehensive | | | | | |
| income: | | | | | |
+--------------------------+----------+----------+---------+-----------+-----------+
| Cash flow hedge - share | 0 | 0 | 237 | 0 | 237 |
| of current year loss in | | | | | |
| respect of joint venture | | | | | |
+--------------------------+----------+----------+---------+-----------+-----------+
| | - related | 0 | 0 | (67) | 0 | (67) |
| | deferred tax | | | | | |
+-------+------------------+----------+----------+---------+-----------+-----------+
| Total comprehensive | 0 | 0 | 170 | 29 | 199 |
| income and expense for | | | | | |
| the period | | | | | |
+--------------------------+----------+----------+---------+-----------+-----------+
| | | | | | | |
+-------+------------------+----------+----------+---------+-----------+-----------+
| At 30 June 2009 | 1,283 | (256) | (385) | 11,098 | 11,740 |
+--------------------------+----------+----------+---------+-----------+-----------+
| | | | | | | |
+-------+------------------+----------+----------+---------+-----------+-----------+
Condensed consolidated interim statement of cash flow
+---+---------------------------------------+------------+--+------------+--+------------+
| | | Unaudited | | Unaudited | | Audited |
+---+---------------------------------------+------------+--+------------+--+------------+
| | |Six months | | Six | | Twelve |
| | | | | months | | months |
+---+---------------------------------------+------------+--+------------+--+------------+
| | | To 30th | | To 30th | | to 31st |
| | | June | | June | | December |
+---+---------------------------------------+------------+--+------------+--+------------+
| | | 2009 | | 2008 | | 2008 |
+---+---------------------------------------+------------+--+------------+--+------------+
| | | GBP000s | | GBP000s | | GBP000s |
+---+---------------------------------------+------------+--+------------+--+------------+
| Cash flows from operating activities | | |(restated) | | |
+-------------------------------------------+------------+--+------------+--+------------+
| | Profit after taxation | 29 | | 724 | | 673 |
+---+---------------------------------------+------------+--+------------+--+------------+
| | Depreciation on property, plant and | 188 | | 161 | | 348 |
| | equipment | | | | | |
+---+---------------------------------------+------------+--+------------+--+------------+
| | Valuation decreases in investment | 0 | | 0 | | 1,287 |
| | properties | | | | | |
+---+---------------------------------------+------------+--+------------+--+------------+
| | Taxation expense recognised in income | 81 | | 376 | | 626 |
| | statement | | | | | |
+---+---------------------------------------+------------+--+------------+--+------------+
| | Finance income and cost | 42 | | (391) | | (560) |
+---+---------------------------------------+------------+--+------------+--+------------+
| | Decrease in trade and other | 2,071 | | 4,752 | | 7,846 |
| | receivables | | | | | |
+---+---------------------------------------+------------+--+------------+--+------------+
| | Decrease/(increase) in amounts | 756 | | (68) | | 3,917 |
| | recoverable on contracts | | | | | |
+---+---------------------------------------+------------+--+------------+--+------------+
| | (Increase)/decrease in inventory | (63) | | 1,548 | | (1,299) |
+---+---------------------------------------+------------+--+------------+--+------------+
| | (Decrease) in trade and other | (7,434) | | (11,864) | | (14,065) |
| | payables | | | | | |
+---+---------------------------------------+------------+--+------------+--+------------+
| | Movement in provisions | (36) | | 7 | | (626) |
+---+---------------------------------------+------------+--+------------+--+------------+
| | Share of loss/(profit) after tax from | 9 | | (42) | | (11) |
| | joint ventures and associates | | | | | |
+---+---------------------------------------+------------+--+------------+--+------------+
| | Net cash used in operating activities | (4,357) | | (4,797) | | (1,864) |
+---+---------------------------------------+------------+--+------------+--+------------+
| | Finance cost paid | (72) | | 0 | | (104) |
+---+---------------------------------------+------------+--+------------+--+------------+
| | Tax paid | (372) | | (840) | | (1,324) |
+---+---------------------------------------+------------+--+------------+--+------------+
| Net cash from operating activities | (4,801) | | (5,637) | | (3,292) |
+-------------------------------------------+------------+--+------------+--+------------+
| | | | | | | |
+---+---------------------------------------+------------+--+------------+--+------------+
| | | | | | | |
+---+---------------------------------------+------------+--+------------+--+------------+
| Cash flows from investing activities | | | | | |
+-------------------------------------------+------------+--+------------+--+------------+
| | Purchase of property, plant and | 0 | | (230) | | (263) |
| | equipment | | | | | |
+---+---------------------------------------+------------+--+------------+--+------------+
| | Increase in investment in joint | (5) | | 0 | | 0 |
| | venture and associates | | | | | |
+---+---------------------------------------+------------+--+------------+--+------------+
| | Cash on acquisition | 0 | | 329 | | 329 |
+---+---------------------------------------+------------+--+------------+--+------------+
| | Interest received | 30 | | 391 | | 664 |
+---+---------------------------------------+------------+--+------------+--+------------+
| Net cash raised in investing activities | 25 | | 490 | | 730 |
+-------------------------------------------+------------+--+------------+--+------------+
| | | | | | | |
+---+---------------------------------------+------------+--+------------+--+------------+
| Cash flows from financing activities | | | | | |
+-------------------------------------------+------------+--+------------+--+------------+
| | Hire purchase financing - capital | (62) | | 0 | | (18) |
| | repayments | | | | | |
+---+---------------------------------------+------------+--+------------+--+------------+
| | Repayment of borrowings | (14) | | (2,986) | | (2,913) |
+---+---------------------------------------+------------+--+------------+--+------------+
| | Dividends paid | 0 | | (1,309) | | (1,808) |
+---+---------------------------------------+------------+--+------------+--+------------+
| Net cash used in financing activities | (76) | | (4,295) | | (4,739) |
+-------------------------------------------+------------+--+------------+--+------------+
| | | | | | | |
+---+---------------------------------------+------------+--+------------+--+------------+
| Net (decrease) in cash and cash | (4,852) | | (9,442) | | (7,301) |
| equivalents | | | | | |
+-------------------------------------------+------------+--+------------+--+------------+
| Cash and cash equivalents at beginning of | 12,887 | | 20,188 | | 20,188 |
| period | | | | | |
+-------------------------------------------+------------+--+------------+--+------------+
| Cash and cash equivalents at end of | 8,035 | | 10,746 | | 12,887 |
| period | | | | | |
+---+---------------------------------------+------------+--+------------+--+------------+
Notes
1. General information
The financial information set out in this condensed interim report for the six
months ended 30th June 2009 and the comparative figures for the six months ended
30th June 2008 are unaudited. This financial information does not constitute
statutory accounts as defined in Section 434 of the Companies Act 2006. The
Group's statutory financial statements for the year ended 31st December 2008,
prepared under International Financial Reporting Standards (IFRS), received an
unmodified audit report, did not contain statements under section 237(2) or (3)
of the Companies Act 1985 and have been filed with the Registrar of Companies.
1. Basis of preparation
These June 2009 condensed consolidated interim financial statements of Tolent
PLC are for the six months ended 30 June 2009. They have been prepared taking
into account the requirements of IAS 34, Interim Financial Reporting. They do
not include all of the information required for full annual financial
statements, and should be read in conjunction with the consolidated financial
statements of the Group for the year ended 31 December 2008, which have been
prepared in accordance with IFRS.
The accounting policies applied are largely consistent with those of the annual
financial statements for the year ended 31st December 2008, as described in
those financial statements except for the adoption of IFRS 8 - Operating
Segments. The only other exception relates to the taxation policy where for the
purpose of the interims the tax charge on the underlying business performance is
calculated by reference to the estimated effective rate for the full year.
The June 2008 statement of financial position and statement of cash flow has
been adjusted for the reclassification of certain amounts recoverable on
contracts as inventory totalling GBP9,155,000 reflecting the disclosure adopted
for the statutory financial statements for the year ended 31st December 2008.
1. Segmental analysis
The Group's primary reporting format is business segment and its secondary is
geographical segment by origin of revenue. All revenue originates from the
United Kingdom and is analysed below.
The Group currently reports its primary segment information as follows:
* Construction and building operations;
* Property operations, inclusive of property investment; and
* Group overheads and other, comprising central services, head office
administration and other 'not for profit' activities.
+--------+--------+--------+------------+--------+-----------+---+---------------+---+----------+
| Revenue | | | External sales | |Inter-segment | | Total |
| | | | | | sales | | |
+-----------------+--------+------------+--------------------+---+---------------+---+----------+
| | | | GBP000s | | GBP000s | | GBP000s |
+-----------------+--------+------------+--------------------+---+---------------+---+----------+
| | | | | | | | |
+-----------------+--------+------------+--------------------+---+---------------+---+----------+
| Six months to 30th June | | | | | |
| 2009 (unaudited) | | | | | |
+---------------------------------------+--------------------+---+---------------+---+----------+
| Construction and building activities | 49,479 | | 81 | | 49,560 |
+---------------------------------------+--------------------+---+---------------+---+----------+
| Property Operations | | 288 | | 8,874 | | 9,162 |
+--------------------------+------------+--------------------+---+---------------+---+----------+
| Group overheads and other | 0 | | 101 | | 101 |
+---------------------------------------+--------------------+---+---------------+---+----------+
| | | | 47,767 | | 9,056 | | 58,823 |
+--------+-----------------+------------+--------------------+---+---------------+---+----------+
| Eliminations | 0 | | (9,056) | | (9,056) |
+---------------------------------------+--------------------+---+---------------+---+----------+
| | | | 49,767 | | 0 | | 49,767 |
+--------+-----------------+------------+--------------------+---+---------------+---+----------+
| | | | | | | | |
+--------+-----------------+------------+--------------------+---+---------------+---+----------+
| Six months to 30th June 2008 | | | | | |
| (unaudited) | | | | | |
+---------------------------------------+--------------------+---+---------------+---+----------+
| Construction and building activities | 81,648 | | 0 | | 81,648 |
+---------------------------------------+--------------------+---+---------------+---+----------+
| Property Operations | 3,436 | | 199 | | 3,635 |
+---------------------------------------+--------------------+---+---------------+---+----------+
| Group overheads and other | 0 | | 49 | | 49 |
+---------------------------------------+--------------------+---+---------------+---+----------+
| | | | 85,084 | | 248 | | 85,332 |
+--------+-----------------+------------+--------------------+---+---------------+---+----------+
| Eliminations | 0 | | (248) | | (248) |
+---------------------------------------+--------------------+---+---------------+---+----------+
| | | | 85,084 | | 0 | | 85,084 |
+--------+-----------------+------------+--------------------+---+---------------+---+----------+
| | | | | | | | |
+--------+-----------------+------------+--------------------+---+---------------+---+----------+
| | | | | | | | |
+--------+-----------------+------------+--------------------+---+---------------+---+----------+
| Twelve months to 31st December 2008 (audited) | | | | | |
+------------------------------------------------+-----------+---+---------------+---+----------+
| Construction and building activities | 149,411 | | 466 | | 149,877 |
+---------------------------------------+--------------------+---+---------------+---+----------+
| Property Operations | 4,099 | | 398 | | 4,497 |
+---------------------------------------+--------------------+---+---------------+---+----------+
| Group overheads and other | 0 | | 120 | | 120 |
+---------------------------------------+--------------------+---+---------------+---+----------+
| | | | 153,510 | | 984 | | 154,494 |
+--------+-----------------+------------+--------------------+---+---------------+---+----------+
| Eliminations | 0 | | (984) | | (984) |
+---------------------------------------+--------------------+---+---------------+---+----------+
| | | | 153,510 | | 0 | | 153,510 |
+--------+-----------------+------------+--------------------+---+---------------+---+----------+
| | | | | | | | |
+--------+-----------------+------------+--------------------+---+---------------+---+----------+
| Result | | | Unaudited Six | | Unaudited | | Audited |
| | | | months to 30th | | Six | | Twelve |
| | | | June 2009 | | months to | | months |
| | | | | | 30th June | | to 31st |
| | | | | | 2008 | |December |
| | | | | | | | 2008 |
+--------+-----------------+------------+--------------------+---+---------------+---+----------+
| | | | | | | | |
+--------+-----------------+------------+--------------------+---+---------------+---+----------+
| Construction and building activities | 112 | | 441 | | 1,628 |
+---------------------------------------+--------------------+---+---------------+---+----------+
| Property Operations | | 124 | | 277 | | 456 |
+--------------------------+------------+--------------------+---+---------------+---+----------+
| Group overheads and other | (75) | | (51) | | (69) |
+---------------------------------------+--------------------+---+---------------+---+----------+
| Segment result | | 161 | | 667 | | 2,015 |
+--------------------------+------------+--------------------+---+---------------+---+----------+
| Result from investment property - | 0 | | 0 | | (1,287) |
| property operations | | | | | |
+---------------------------------------+--------------------+---+---------------+---+----------+
| Share of post tax profit/(loss) in | (9) | | 42 | | 11 |
| joint ventures and associates - | | | | | |
| property operations | | | | | |
+---------------------------------------+--------------------+---+---------------+---+----------+
| Finance income | | 30 | | 391 | | 664 |
+--------------------------+------------+--------------------+---+---------------+---+----------+
| Finance cost | | (72) | | 0 | | (104) |
+--------------------------+------------+--------------------+---+---------------+---+----------+
| Profit before taxation | | 110 | | 1,100 | | 1,299 |
+--------------------------+------------+--------------------+---+---------------+---+----------+
| | | | | | | | |
+--------+-----------------+------------+--------------------+---+---------------+---+----------+
| Assets/(liabilities) | | | | | | |
+--------------------------+------------+--------------------+---+---------------+---+----------+
| | | | | | | | |
+--------+-----------------+------------+--------------------+---+---------------+---+----------+
| Construction and building activities | 11,060 | | 10,526 | | 11,112 |
+---------------------------------------+--------------------+---+---------------+---+----------+
| Property Operations | | 3,639 | | 5,309 | | 3,526 |
+--------------------------+------------+--------------------+---+---------------+---+----------+
| Group overheads and other | (2,959) | | (3,189) | | (3,097) |
+---------------------------------------+--------------------+---+---------------+---+----------+
| | | | 11,740 | | 12,646 | | 11,541 |
+--------+--------+--------+------------+--------+-----------+---+---------------+---+----------+
1. Earnings per share
Earnings per share, which is both basic and diluted, is calculated on the basis
of profit for the period after tax, divided by 12,467,626 (June and December
2008 - 12,467,626) fully paid ordinary shares, being the weighted average number
of ordinary shares in issue in the period, after adjusting for own shares held
by the Employee Share Ownership Plan of 365,000 (June and December 2008 -
365,000). There are no options or potential ordinary shares in issue.
Interim results will be circulated to shareholders and copies of the
announcement will be available from the Company's registered office and web
site.
Contacts:
Tolent plc 0191 487 0505
Peter Hems, Chairman
Brewin Dolphin Investment Banking 0845 270 8610
Andrew Emmott
ENDS
This information is provided by RNS
The company news service from the London Stock Exchange
END
IR PUUPCBUPBGWA
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