RNS Number : 1043J
Black Arrow Group PLC
28 November 2008
BLACK ARROW GROUP PLC
SUMMARY OF GROUP INTERIM RESULTS (UNAUDITED)
CONSOLIDATED INCOME STATEMENT
�'000 Half year Year
September Ended
March
2008 2007 2008
Continuing Operations
Office furniture Manufacturing
Distribution and partitioning 4,046 6,844 12,095
Leasing & Instalment finance 451 405 855
Rental Income from Investment Properties
288 358 728
Revenue 4,785 7,607 13,678
Cost of Sale (2,724) (4,960) (7,921)
Gross Profit 2,061 2,647 5,757
Administration Expenses (2,226) (3,487) (7,203)
Distribution Costs (191) (627) (1,036)
Other Operating Income 45 91 455
Net gains on the disposal of property plant
and equipment - - 7,786
Actuarial gain on defined benefit pension
scheme 147 304 169
Operating (loss)/profit (164) (1,072) 5,928
Finance revenue 242 183 283
Other finance revenue - pensions 5 17 32
Profit/(loss) on ordinary activities before
taxation 83 (872) 6,243
Taxation on profit on ordinary activities
(Note 1) (7) (43) (1,509)
Profit/(loss) for the period on continuing 76 (915) 4,734
operations
Attributable to:
Equity holders of the parent 43 (965) 4,649
Minority interests 33 50 85
76 (915) 4,734
PER SHARE
Basic and diluted for profit/(loss) from
continuing operations attributable to ordinary
equity holders of the parent (note2)
0.40p (4.96p) 24.04p
STATEMENT OF TOTAL RECOGNISED INCOME AND EXPENSES (UNAUDITED)
For the half year to 30th Year
September Ended
March
�'000 2008 2007 2008
Profit/(loss) attributable to shareholders of the parent
undertaking 43 (965) 4,649
Profit attributable to minority
interests 33 50 85
76 (915) 4,734
SUMMARISED CONSOLIDATED BALANCE SHEET (UNAUDITED)
as at 30th September
31March
�'000 2008 2007 2008
NON CURRENT ASSETS
Property, plant and equipment 4,170 3,663 3,941
Investment Property 5,640 5,640 5,640
Trade and other receivables 1,619 1,773 1,741
11,429 11,076 11,322
CURRENT ASSETS
Stocks 619 492 451
Work in Progress 726 336 200
Trade and other receivables 2,966 4,315 12,962
Cash & cash equivalents 10,893 5,539 3,143
15,204 10,682 16,756
TOTAL ASSETS 26,633 21,758 28,078
CURRENT LIABILITIES
Trade and Other payables 1,639 2,164 2,321
Financial liabilities 34 -
Provisions 147 299 232
Income tax payable 1,751 555 2,002
Accruals 28 49 19
3,565 3,101 4,574
NON CURRENT LIABILITIES
Financial liabilities - 64 -
Provisions 203 364 202
Deferred tax liability 580 580 580
Retirement benefit obligations 19 53 167
802 1,061 949
TOTAL LIABILITIES 4,367 4,162 5,523
NET ASSETS 22,266 17,596 22,555
CAPITAL AND RESERVES
Equity share capital 3,744 3,890 3,819
Share premium account 312 312 312
Merger reserve 26 26 26
Capital Redemption Reserve 1,287 1,141 1,212
Profit & Loss Account 16,738 12,122 17,045
22,107 17,491 22,414
Minority Interests 159 105 141
TOTAL EQUITY 22,266 17,596 22,555
CONSOLIDATED CASH FLOWS STATEMENT (UNAUDITED)
For the half year to 30th September Year
Ended
March
�,000 2008 2007 2008
Operating Activities
Profit/(loss) for the period on continuing 76 (915) 4,734
operations
Adjustments to reconcile losses for the period
to net cash inflows from operating activities
Tax on continuing operations 7 43 1,509
Net finance revenue (242) (183) (283)
Other finance revenue - pensions (5) (17) (32)
Loss/(gain) on the sale of property, plant and
equipment 34 (13) (7,786)
Depreciation and impairment of plant and
equipment 104 267 401
Difference between pension contributions paid
and amounts recognised in the income statement
4 8 2
Actuarial gains on defined benefit pension plan
(147) (304) (169)
(Increase)/decrease in inventories (694) 479 656
Decrease/(Increase) in trade and other
receivables 1,118 (1,361) (976)
Increase/(decrease) in trade and other payables
(931) 237 418
Movement in provisions (84) (118) (347)
Cash outflow from operations (760) (1,877) (1,873)
Income taxes paid - - (73)
Net cash outflow from operating activities
(760) (1,877) (1,946)
Investing Activities
Interest received 242 183 283
Sale of property plant and equipment
9,047 22 356
Payments to acquire property, plant and
equipment (414) (55) (2,108)
Net cash /inflow/(outflow) from investing
activities 8,875 150 (1,469)
Financing Activities
Dividends paid to equity shareholders of the - -
parent (389)
Dividends paid to minority interests (15)
- (15)
Repayment of finance lease (16) (18)
Purchase of own shares (350) (30) (332)
Net cash outflow from financing activities
(365) (46) (754)
Increase/(decrease) in cash and cash
equivalents 7,750 (1,773) (4,169)
Cash and cash equivalents at the beginning of
the year 3,143 7,312 7,312
Cash and cash equivalents at the end of the
year 10,893 5,539 3,143
Reconciliation of movements in equity
Equity share capital Share premium Merger reserve Capital redemption Retained Earnings
account reserve
�'000 �'000 �'000 �'000 �'000
At 31 March 2008 3,819 312 26 1,212 17,045
Retained in period 43
Repurchase of shares (75) 75 (350)
At 30 September 2008 3,744 312 26 1,287 16,738
Equity share capital Share Premium Merger reserve Capital redemption Retained Earnings
account reserve
�'000 �'000 �'000 �'000 �'000
At 31 March 2007 3,899 312 26 1,132 11,770
Retained Loss for the period (965)
Transfer from revaluation
reserve 1,347
Repurchase of shares (9) 9 (30)
At 30 September 2007 3,890 312 26 1,141 12,122
1. The tax charge for the six months to 30 September 2008 is in respect of the 50% owned subsidiary where group losses cannot be
offset.
2. The basic losses/earnings per share calculation is based on losses/profit attributable to members and the weighted average number
of shares in issue during this period, excluding the shares held by the ESOP Trust.
3. The above financial information has neither been audited nor reviewed and does not constitute statutory accounts as defined in
section 240 of the Companies Act 1985 and has not been delivered to the Registrar of Companies.
4. The figures for the year ended 31 March 2008, are taken from the financial statements filed with the Registrar of Companies, the
auditor*s report on these accounts was unqualified.
5. During the period to 30 September 2008 the company received the sales proceeds of �9,000,000 on completion of the sale of the
Group*s headquarters.
6. Copies of the Chairman*s Statement and the Interim Results are posted on the company*s web-site www.logic-office.co.uk. Copies
will also be available from the Company Secretary, Black Arrow Group plc, 155-157 Staines Road, Hounslow, Middlesex TW3 3JB
CHAIRMAN'S COMMENTARY
Following the sale of our Paragon Business, furniture activities are now confined to the Logic brand and in consequence turnover in the
half-year to 30 September 2008 was lower than in the comparable period. Losses have been reduced and we are now focusing on the higher end
of the market.
Overall the group made a small pre-tax profit of �83,000 compared to a loss of �872,000 in the corresponding half-year.
Within these figures is an actuarial gain on our pension scheme of �147,000 compared to a gain of �304,000 last year.
Our leasing division produced increased profits in spite of the difficult credit environment.
Your Directors do not intend to recommend an interim dividend.
.
28th November 2008
Arnold Edward
Chairman
Telephone No: 020 8572 7474
This information is provided by RNS
The company news service from the London Stock Exchange
END
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