TIDMBLKA
RNS Number : 6332D
Black Arrow Group PLC
04 December 2009
BLACK ARROW GROUP PLC
SUMMARY OF GROUP INTERIM RESULTS (UNAUDITED)
CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
+--------------------------------+----+------------+------------+-------+------------+
| GBP'000 | | Half year | | Year |
+--------------------------------+----+-------------------------+-------+------------+
| | | September | | Ended |
+--------------------------------+----+-------------------------+-------+------------+
| | | | | | March |
+--------------------------------+----+------------+------------+-------+------------+
| | | 2009 | 2008 | | 2009 |
+--------------------------------+----+------------+------------+-------+------------+
| Continuing Operations | | | (restated) | |(restated) |
+--------------------------------+----+------------+------------+-------+------------+
| | | | | | |
+--------------------------------+----+------------+------------+-------+------------+
| Leasing & instalment finance | | 452 | 451 | | 851 |
+--------------------------------+----+------------+------------+-------+------------+
| Rental income from investment | | 299 | 288 | | 560 |
| properties | | | | | |
+--------------------------------+----+------------+------------+-------+------------+
| Revenue and gross profit | | 751 | 739 | | 1,411 |
+--------------------------------+----+------------+------------+-------+------------+
| Administration expenses | | (504) | (684) | | (2,127) |
+--------------------------------+----+------------+------------+-------+------------+
| Other operating income | | 32 | 27 | | 53 |
+--------------------------------+----+------------+------------+-------+------------+
| Negative fair value movement | | - | - | | (1,360) |
| on revaluation of investment | | | | | |
| properties | | | | | |
+--------------------------------+----+------------+------------+-------+------------+
| Actuarial (loss)/gain on | | (51) | 12 | | (33) |
| defined benefit pension scheme | | | | | |
+--------------------------------+----+------------+------------+-------+------------+
| Group operating profit/(loss) | | 228 | 94 | | (2,056) |
| from continuing operations | | | | | |
+--------------------------------+----+------------+------------+-------+------------+
| Finance revenue | | 34 | 242 | | 433 |
+--------------------------------+----+------------+------------+-------+------------+
| Other finance costs/revenue - | | (2) | | | 1 |
| pensions | | | | | |
+--------------------------------+----+------------+------------+-------+------------+
| | | | | | |
+--------------------------------+----+------------+------------+-------+------------+
| Profit/(loss) from continuing | | 260 | 336 | | (1,622) |
| activities before taxation | | | | | |
+--------------------------------+----+------------+------------+-------+------------+
| Tax expense (Note 2) | | (18) | (7) | | 285 |
+--------------------------------+----+------------+------------+-------+------------+
| Profit/(loss) for the period | | 242 | 329 | | (1,337) |
| on continuing operations | | | | | |
+--------------------------------+----+------------+------------+-------+------------+
| Discontinued Operations | | | | | |
+--------------------------------+----+------------+------------+-------+------------+
| Loss for the period on | | (593) | (253) | | (610) |
| discontinued operations (note | | | | | |
| 1) | | | | | |
+--------------------------------+----+------------+------------+-------+------------+
| (Loss)/profit for the period | | (351) | 76 | | (1,947) |
+--------------------------------+----+------------+------------+-------+------------+
| Other comprehensive income for | | - | - | | - |
| the period, net of tax | | | | | |
+--------------------------------+----+------------+------------+-------+------------+
| Total comprehensive income for | | (351) | 76 | | (1,947) |
| the period, net of tax | | | | | |
+--------------------------------+----+------------+------------+-------+------------+
| Attributable to | | | | | |
+--------------------------------+----+------------+------------+-------+------------+
| Equity holders of the parent | | (406) | 43 | | (2,053) |
+--------------------------------+----+------------+------------+-------+------------+
| Non- controlling interests | | 55 | 33 | | 106 |
+--------------------------------+----+------------+------------+-------+------------+
| | | (351) | 76 | | (1,947) |
+--------------------------------+----+------------+------------+-------+------------+
| Per share on continuing | | | | | |
| operations | | | | | |
+--------------------------------+----+------------+------------+-------+------------+
| Basic and diluted for | | 1.29p | 1.75p | | (7.09p) |
| profit/(loss) from continuing | | | | | |
| operations attributable to | | | | | |
| equity holders of the parent. | | | | | |
+--------------------------------+----+------------+------------+-------+------------+
| Basic and diluted for (loss)/ | | (2.17p) | 0.23p | | (10.89p) |
| profit attributable to equity | | | | | |
| holders of the parent. | | | | | |
+--------------------------------+----+------------+------------+-------+------------+
+--------------------------------+----+------------+-----+-----+-------+-----+-----+-----+
| | | | | | |
+--------------------------------+----+------------+-----------+-------+-----------+
| CONDENSED STATEMENT OF FINANCIAL POSITION (UNAUDITED) | |
+--------------------------------------------------------+-------------------+
| as at 30th September | | | | | |
| | | | | | |
+--------------------------------+----+------------+-----------+-------+-----------+
| | | | | | 31March |
+--------------------------------+----+------------+-----------+-------+-----------+
| GBP'000 | | 2009 | 2008 | | 2009 |
+--------------------------------+----+------------+-----------+-------+-----------+
| | | | | | |
+--------------------------------+----+------------+-----------+-------+-----------+
| NON CURRENT ASSETS | | | | | |
+--------------------------------+----+------------+-----------+-------+-----------+
| Property, plant and equipment | | 2,348 | 4,170 | | 3,524 |
+--------------------------------+----+------------+-----------+-------+-----------+
| Investment property | | 5,603 | 5,640 | | 4,839 |
+--------------------------------+----+------------+-----------+-------+-----------+
| Investments in associate | | 9 | - | | - |
+--------------------------------+----+------------+-----------+-------+-----------+
| Trade and other receivables | | 3,465 | 1,619 | | 1,522 |
+--------------------------------+----+------------+-----------+-------+-----------+
| | | 11,425 | 11,429 | | 9,885 |
+--------------------------------+----+------------+-----------+-------+-----------+
| | | | | | |
+--------------------------------+----+------------+-----------+-------+-----------+
| CURRENT ASSETS | | | | | |
+--------------------------------+----+------------+-----------+-------+-----------+
| Stocks | | 55 | 619 | | 180 |
+--------------------------------+----+------------+-----------+-------+-----------+
| Work in progress | 1,503 | 726 | | 278 |
+-------------------------------------+------------+-----------+-------+-----------+
| Trade and other receivables | 2,093 | 2,966 | | 1,921 |
+-------------------------------------+------------+-----------+-------+-----------+
| Income tax recoverable | 233 | - | | 233 |
+-------------------------------------+------------+-----------+-------+-----------+
| Cash & cash equivalents | | 7,681 | 10,893 | | 9,451 |
+--------------------------------+----+------------+-----------+-------+-----------+
| | | 11,565 | 15,204 | | 12,063 |
+--------------------------------+----+------------+-----------+-------+-----------+
| | | | | | |
+--------------------------------+----+------------+-----------+-------+-----------+
| TOTAL ASSETS | 22,990 | 26,633 | | 21,948 |
+-------------------------------------+------------+-----------+-------+-----------------+
| | | | | |
+-------------------------------------+------------+-----------+-------+-----------------+
| CURRENT LIABILITIES | | | | |
+-------------------------------------+------------+-----------+-------+-----------------+
| Trade and other payables | | 1,973 | 1,639 | | 829 |
+--------------------------------+----+------------+-----------+-------+-----------+
| Provisions | | 103 | 147 | | 167 |
+--------------------------------+----+------------+-----------+-------+-----------+
| Income tax payable | | 56 | 1,751 | | - |
+--------------------------------+----+------------+-----------+-------+-----------+
| Accruals | | 5 | 28 | | 132 |
+--------------------------------+----+------------+-----------+-------+-----------+
| | | 2,137 | 3,565 | | 1,128 |
+--------------------------------+----+------------+-----------+-------+-----------+
| | | | | | |
+--------------------------------+----+------------+-----------+-------+-----------+
| NON CURRENT LIABILITIES | | | | | |
+--------------------------------+----+------------+-----------+-------+-----------+
| Provisions | | 408 | 203 | | 639 |
+--------------------------------+----+------------+-----------+-------+-----------+
| Deferred tax liability | | 160 | 580 | | 160 |
+--------------------------------+----+------------+-----------+-------+-----------+
| Retirement benefit obligations | | 1,168 | 19 | | 528 |
+--------------------------------+----+------------+-----------+-------+-----------+
| | | 1,736 | 802 | | 1,327 |
+--------------------------------+----+------------+-----------+-------+-----------+
| | | | | | |
+--------------------------------+----+------------+-----------+-------+-----------+
| TOTAL LIABILITIES | | 3,873 | 4,367 | | 2,455 |
+--------------------------------+----+------------+-----------+-------+-----------+
| | | | | | |
+--------------------------------+----+------------+-----------+-------+-----------+
| NET ASSETS | | 19,117 | 22,266 | | 19,493 |
+--------------------------------+----+------------+-----------+-------+-----------+
| | | | | | |
+--------------------------------+----+------------+-----------+-------+-----------+
| | | | | | |
+--------------------------------+----+------------+-----------+-------+-----------+
| | | | | | |
+--------------------------------+----+------------+-----------+-------+-----------+
| | | | | | |
+--------------------------------+----+------------+-----------+-------+-----------+
| | | | | | |
+--------------------------------+----+------------+-----------+-------+-----------+
| CAPITAL AND RESERVES | | | | | |
+--------------------------------+----+------------+-----------+-------+-----------+
| Equity share capital | | 3,744 | 3,744 | | 3,744 |
+--------------------------------+----+------------+-----------+-------+-----------+
| Share premium account | | 312 | 312 | | 312 |
+--------------------------------+----+------------+-----------+-------+-----------+
| Merger reserve | | 26 | 26 | | 26 |
+--------------------------------+----+------------+-----------+-------+-----------+
| Capital redemption reserve | | 1,287 | 1,287 | | 1,287 |
+--------------------------------+----+------------+-----------+-------+-----------+
| Profit & loss account | | 13,486 | 16,738 | | 13,892 |
+--------------------------------+----+------------+-----------+-------+-----------+
| | | 18,855 | 22,107 | | 19,261 |
+--------------------------------+----+------------+-----------+-------+-----------+
| Non-controlling interests | | 262 | 159 | | 232 |
+--------------------------------+----+------------+-----------+-------+-----------+
| | | | | | |
+--------------------------------+----+------------+-----------+-------+-----------+
| TOTAL EQUITY | | 19,117 | 22,266 | | 19,493 |
+--------------------------------+----+------------+-----------+-------+-----------+
| | | | | | |
+--------------------------------+----+------------+-----+-----+-------+-----+-----+-----+
+--------------------------------+----+------------+------+------+-------+------+------+
| CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS | |
| (UNAUDITED) | |
+---------------------------------------------------------+---------------------+
| For the half year to 30th | | | | | Year |
| September | | | | | Ended |
+--------------------------------+----+------------+-------------+-------+-------------+
| | | | | | March |
+--------------------------------+----+------------+-------------+-------+-------------+
| GBP,000 | | 2009 | 2008 | | 2009 |
+--------------------------------+----+------------+-------------+-------+-------------+
| Operating Activities | | | | |
+-------------------------------------+------------+-------------+-------+-------------+
| (Loss)/profit for the period | | (351) | 76 | | (1,947) |
+--------------------------------+----+------------+-------------+-------+-------------+
| Adjustments to reconcile | | | | | |
| losses for the period to net | | | | | |
| cash inflows from operating | | | | | |
| activities | | | | | |
+--------------------------------+----+------------+-------------+-------+-------------+
| Tax on continuing operations | | 18 | 7 | | (285) |
+--------------------------------+----+------------+-------------+-------+-------------+
| Tax on discontinued operations | | - | - | | (383) |
+--------------------------------+----+------------+-------------+-------+-------------+
| Net finance revenue | | (34) | (242) | | (433) |
+--------------------------------+----+------------+-------------+-------+-------------+
| Other finance revenue - | | 26 | (5) | | (9) |
| pensions | | | | | |
+--------------------------------+----+------------+-------------+-------+-------------+
| Profit on disposal of goodwill | | (500) | - | | - |
| arising on the sale of the | | | | | |
| furniture and fit out | | | | | |
| operation | | | | | |
+--------------------------------+----+------------+-------------+-------+-------------+
| Loss/(gain) on the sale of | | 21 | 34 | | 37 |
| property, plant and equipment | | | | | |
+--------------------------------+----+------------+-------------+-------+-------------+
| Negative fair value movement | | - | - | | 1,360 |
| on revaluation of investment | | | | | |
| properties | | | | | |
+--------------------------------+----+------------+-------------+-------+-------------+
| Depreciation and impairment of | | 61 | 104 | | 205 |
| plant and equipment | | | | | |
+--------------------------------+----+------------+-------------+-------+-------------+
| Difference between pension | | 11 | 4 | | (8) |
| contributions paid and amounts | | | | | |
| recognised in the income | | | | | |
| statement | | | | | |
+--------------------------------+----+------------+-------------+-------+-------------+
| Actuarial losses/(gains) on | | 603 | (147) | | 378 |
| defined benefit pension plan | | | | | |
+--------------------------------+----+------------+-------------+-------+-------------+
| (Increase)/decrease in | | (1,100) | (694) | | 193 |
| inventories | | | | | |
+--------------------------------+----+------------+-------------+-------+-------------+
| (Increase)/decrease in trade | | (865) | 1,118 | | 2,260 |
| and other receivables | | | | | |
+--------------------------------+----+------------+-------------+-------+-------------+
| Increase/(decrease) in trade | | 1,055 | (931) | | (1,871) |
| and other payables | | | | | |
+--------------------------------+----+------------+-------------+-------+-------------+
| Movement in provisions | | (295) | (84) | | 372 |
+--------------------------------+----+------------+-------------+-------+-------------+
| Cash outflow from operations | | (1,350) | (760) | | (131) |
+--------------------------------+----+------------+-------------+-------+-------------+
| Income taxes paid | | - | - | | (1,495) |
+--------------------------------+----+------------+-------------+-------+-------------+
| Net cash outflow from | | (1,350) | (760) | | (1,626) |
| operating activities | | | | | |
+--------------------------------+----+------------+-------------+-------+-------------+
| Investing Activities | | | | | |
+--------------------------------+----+------------+-------------+-------+-------------+
| Interest received | | 34 | 242 | | 433 |
+--------------------------------+----+------------+-------------+-------+-------------+
| Sale of property plant and | | 335 | 9,047 | | 9,059 |
| equipment | | | | | |
+--------------------------------+----+------------+-------------+-------+-------------+
| Sale of goodwill arising on | | 500 | - | | - |
| the disposal of the furniture | | | | | |
| and fit out operation | | | | | |
+--------------------------------+----+------------+-------------+-------+-------------+
| | | | | | |
+--------------------------------+----+------------+-------------+-------+-------------+
| Purchase of investment in | | (9) | - | | - |
| associate | | | | | |
+--------------------------------+----+------------+-------------+-------+-------------+
| Payments to acquire property, | | (5) | (414) | | (443) |
| plant and equipment | | | | | |
+--------------------------------+----+------------+-------------+-------+-------------+
| Net cash inflow from investing | | 855 | 8,875 | | 9,049 |
| activities | | | | | |
+--------------------------------+----+------------+-------------+-------+-------------+
| | | | | | |
+--------------------------------+----+------------+-------------+-------+-------------+
| Financing Activities | | | | | |
+--------------------------------+----+------------+-------------+-------+-------------+
| Dividends paid to equity | | - | - | | (750) |
| shareholders of the parent | | | | | |
+--------------------------------+----+------------+-------------+-------+-------------+
| Dividends paid to minority | | (25) | (15) | | (15) |
| interests | | | | | |
+--------------------------------+----+------------+-------------+-------+-------------+
| Long term loan to purchaser of | | (1,250) | - | | - |
| business undertaking | | | | | |
+--------------------------------+----+------------+-------------+-------+-------------+
| Purchase of own shares | | - | (350) | | (350) |
+--------------------------------+----+------------+-------------+-------+-------------+
| Net cash outflow from | | (1,275) | (365) | | (1,115) |
| financing activities | | | | | |
+--------------------------------+----+------------+-------------+-------+-------------+
| | | | | | |
+--------------------------------+----+------------+-------------+-------+-------------+
| (Decrease)/increase in cash | | (1770) | 7,750 | | 6,308 |
| and cash equivalents | | | | | |
+--------------------------------+----+------------+-------------+-------+-------------+
| Cash and cash equivalents at | | 9,451 | 3,143 | | 3,143 |
| the beginning of the period | | | | | |
+--------------------------------+----+------------+-------------+-------+-------------+
| Cash and cash equivalents at | | 7,681 | 10,893 | | 9,451 |
| the end of the period | | | | | |
+--------------------------------+----+------------+------+------+-------+------+------+
Condensed Consolidated Statement of Changes in Equity (Unaudited)
+----------------------------+---------+---------+---------+------------+----------+
| | Equity | Share | Merger | Capital | Retained |
| | share | premium | reserve | redemption | Earnings |
| | capital | account | | reserve | |
+----------------------------+---------+---------+---------+------------+----------+
| | GBP'000 | GBP'000 | GBP'000 | GBP'000 | GBP'000 |
+----------------------------+---------+---------+---------+------------+----------+
| At 31 March 2009 | 3,744 | 312 | 26 | 1,287 | 13,892 |
+----------------------------+---------+---------+---------+------------+----------+
| Retained in period | | | | | (406) |
+----------------------------+---------+---------+---------+------------+----------+
| | | | | | |
+----------------------------+---------+---------+---------+------------+----------+
| At 30 September 2009 | 3,744 | 312 | 26 | 1,287 | 13,486 |
+----------------------------+---------+---------+---------+------------+----------+
| | | | | | |
+----------------------------+---------+---------+---------+------------+----------+
+-----------------------------+---------+---------+---------+------------+-----------+
| | Equity | Share | Merger | Capital | Retained |
| | share | Premium | reserve | redemption | Earnings |
| | capital | account | | reserve | |
+-----------------------------+---------+---------+---------+------------+-----------+
| | GBP'000 | GBP'000 | GBP'000 | GBP'000 | GBP'000 |
+-----------------------------+---------+---------+---------+------------+-----------+
| At 31 March 2008 | 3,819 | 312 | 26 | 1,212 | 17,045 |
+-----------------------------+---------+---------+---------+------------+-----------+
| Retained profit for the | | | | | 43 |
| period | | | | | |
+-----------------------------+---------+---------+---------+------------+-----------+
| Repurchase of shares | (75) | | | 75 | (350) |
+-----------------------------+---------+---------+---------+------------+-----------+
| At 30 September 2008 | 3,744 | 312 | 26 | 1,287 | 16,738 |
+-----------------------------+---------+---------+---------+------------+-----------+
| | | | | | |
+-----------------------------+---------+---------+---------+------------+-----------+
1.Continuing and discontinued operations
Half years to September 2009 and 2008
+-----------------------+---+---------+-------------+--------------+---+---------+--------------+----------------+
| Revenue | | 2009 | Continuing | Discontinued | | 2008 | Continuing | Discontinued |
| GBP000 | | Total | Operations | Operations | | Total | Operations | Operations |
+-----------------------+---+---------+-------------+--------------+---+---------+--------------+----------------+
| Leasing and | | | | | | | | |
| instalment finance | | 452 | 452 | - | | 451 | 451 | - |
+-----------------------+---+---------+-------------+--------------+---+---------+--------------+----------------+
| Rental income from | | | | | | | | |
| investment properties | | 299 | 299 | - | | 288 | 288 | - |
+-----------------------+---+---------+-------------+--------------+---+---------+--------------+----------------+
| Office furniture | | | | | | | | |
| Manufacturing and | | 1,834 | - | 1,834 | | 4,046 | - | 4,046 |
| office fit out | | | | | | | | |
+-----------------------+---+---------+-------------+--------------+---+---------+--------------+----------------+
| | | 2,585 | 751 | 1,834 | | 4,785 | 739 | 4,046 |
+-----------------------+---+---------+-------------+--------------+---+---------+--------------+----------------+
| Cost of sales | | (1,667) | - | (1,667) | | (2,724) | - | (2,724) |
+-----------------------+---+---------+-------------+--------------+---+---------+--------------+----------------+
| Gross Profit | | 918 | 751 | 167 | | 2,061 | 739 | 1,322 |
+-----------------------+---+---------+-------------+--------------+---+---------+--------------+----------------+
| Administration costs | | (1,190) | (504) | (686) | | (2,226) | (684) | (1,542) |
+-----------------------+---+---------+-------------+--------------+---+---------+--------------+----------------+
| Distribution costs | | (86) | - | (86) | | (191) | - | (191) |
+-----------------------+---+---------+-------------+--------------+---+---------+--------------+----------------+
| Other operating | | | | | | | | |
| income | | 141 | 32 | 109 | | 45 | 27 | 18 |
+-----------------------+---+---------+-------------+--------------+---+---------+--------------+----------------+
| Profit on disposal of | | | | | | | | |
| goodwill on the sale | | | | | | | | |
| of the furniture and | | 500 | - | 500 | | - | - | - |
| fit out operation | | | | | | | | |
+-----------------------+---+---------+-------------+--------------+---+---------+--------------+----------------+
| Actuarial loss/(gain) | | | | | | | | |
| on defined benefit | | (603) | (51) | (552) | | 147 | 12 | 135 |
| pension scheme | | | | | | | | |
+-----------------------+---+---------+-------------+--------------+---+---------+--------------+----------------+
| Loss on disposal of | | | | | | | | |
| property plant and | | (21) | - | (21) | | - | - | - |
| equipment | | | | | | | | |
+-----------------------+---+---------+-------------+--------------+---+---------+--------------+----------------+
| Operating | | (341) | 228 | (569) | | (164) | 94 | (258) |
| (loss)/profit | | | | | | | | |
+-----------------------+---+---------+-------------+--------------+---+---------+--------------+----------------+
| Finance revenue | | 34 | 34 | - | | 242 | 242 | - |
+-----------------------+---+---------+-------------+--------------+---+---------+--------------+----------------+
| Other finance revenue | | | | | | | | |
| - pensions | | (26) | (2) | (24) | | 5 | - | 5 |
+-----------------------+---+---------+-------------+--------------+---+---------+--------------+----------------+
| (Loss)/profit on | | | | | | | | |
| ordinary activities | | (333) | 260 | (593) | | 83 | 336 | (253) |
| before taxation | | | | | | | | |
+-----------------------+---+---------+-------------+--------------+---+---------+--------------+----------------+
| Tax (expense)/credit | | (18) | (18) | - | | (7) | (7) | - |
+-----------------------+---+---------+-------------+--------------+---+---------+--------------+----------------+
| (loss)/profit for the | | | | | | | | |
| period | | (351) | | (593) | | 76 | | (253) |
+-----------------------+---+---------+-------------+--------------+---+---------+--------------+----------------+
| Profit for the period | | | | | | | | |
| on continuing | | | 242 | | | | 329 | |
| operations | | | | | | | | |
+-----------------------+---+---------+-------------+--------------+---+---------+--------------+----------------+
| Attributable to: | | | | | | | | |
+-----------------------+---+---------+-------------+--------------+---+---------+--------------+----------------+
| Equity holders of the | | (406) | | | | 43 | | |
| parent | | | | | | | | |
+-----------------------+---+---------+-------------+--------------+---+---------+--------------+----------------+
| Non-controlling | | 55 | | | | 33 | | |
| interests | | | | | | | | |
+-----------------------+---+---------+-------------+--------------+---+---------+--------------+----------------+
| | | (351) | | | | 76 | | |
+-----------------------+---+---------+-------------+--------------+---+---------+--------------+----------------+
| | | | | | | | | |
+-----------------------+---+---------+-------------+--------------+---+---------+--------------+----------------+
Continuing and discontinued operations (continued)
year to 31 March 2009
+-----------------------+---+---------+--------------+---------------+---+
| Revenue | | 2009 | Continuing | Discontinued | |
| GBP000 | | Total | Operations | Operations | |
+-----------------------+---+---------+--------------+---------------+---+
| Leasing and | | | | | |
| instalment finance | | 851 | 851 | - | |
+-----------------------+---+---------+--------------+---------------+---+
| Rental income from | | | | | |
| investment properties | | 560 | 560 | - | |
+-----------------------+---+---------+--------------+---------------+---+
| Office furniture | | | | | |
| Manufacturing and | | 7,552 | - | 7,552 | |
| office fit out | | | | | |
+-----------------------+---+---------+--------------+---------------+---+
| | | 8,963 | 1,411 | 7,552 | |
+-----------------------+---+---------+--------------+---------------+---+
| Cost of sales | | (4,847) | - | (4,847) | |
+-----------------------+---+---------+--------------+---------------+---+
| Gross Profit | | 4,116 | 1,411 | 2,705 | |
+-----------------------+---+---------+--------------+---------------+---+
| Administration costs | | (5,131) | (2,127) | (3,004) | |
+-----------------------+---+---------+--------------+---------------+---+
| Distribution costs | | (363) | - | (363) | |
+-----------------------+---+---------+--------------+---------------+---+
| Other operating | | | | | |
| income | | 96 | 53 | 43 | |
+-----------------------+---+---------+--------------+---------------+---+
| Negative fair value | | | | | |
| movement on | | (1,360) | (1,360) | - | |
| revaluation of | | | | | |
| investment proprties | | | | | |
+-----------------------+---+---------+--------------+---------------+---+
| Actuarial loss/(gain) | | | | | |
| on defined benefit | | (378) | (33) | (345) | |
| pension scheme | | | | | |
+-----------------------+---+---------+--------------+---------------+---+
| Loss on disposal of | | | | | |
| property plant and | | (37) | - | (37) | |
| equipment | | | | | |
+-----------------------+---+---------+--------------+---------------+---+
| Operating | | (3,057) | (2,056) | (1,001) | |
| (loss)/profit | | | | | |
+-----------------------+---+---------+--------------+---------------+---+
| Finance revenue | | 433 | 433 | - | |
+-----------------------+---+---------+--------------+---------------+---+
| Other finance revenue | | | | | |
| - pensions | | 9 | 1 | 8 | |
+-----------------------+---+---------+--------------+---------------+---+
| (Loss)/profit on | | | | | |
| ordinary activities | | (2,615) | (1,622) | (993) | |
| before taxation | | | | | |
+-----------------------+---+---------+--------------+---------------+---+
| Tax (expense)/credit | | 668 | 285 | 383 | |
+-----------------------+---+---------+--------------+---------------+---+
| (loss) for the period | | (1,947) | | (610) | |
+-----------------------+---+---------+--------------+---------------+---+
| Loss for the period | | | | | |
| on continuing | | | (1,337) | | |
| operations | | | | | |
+-----------------------+---+---------+--------------+---------------+---+
| Attributable to: | | | | | |
+-----------------------+---+---------+--------------+---------------+---+
| Equity holders of the | | (2,053) | | | |
| parent | | | | | |
+-----------------------+---+---------+--------------+---------------+---+
| Non-controlling | | 106 | | | |
| interests | | | | | |
+-----------------------+---+---------+--------------+---------------+---+
| | | (1,947) | | | |
+-----------------------+---+---------+--------------+---------------+---+
| | | | | | |
+-----------------------+---+---------+--------------+---------------+---+
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| 2. | The tax charge for the six months to 30 September 2009 is in respect of the 50% owned subsidiary where group losses cannot be offset. |
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| | |
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| 3. | 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. |
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| | |
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| 4. | 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. |
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| | |
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| 5. | The figures for the year ended 31 March 2009, are taken from the financial statements filed with the Registrar of Companies, the auditor's report on these accounts was unqualified. |
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| | |
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| 6. | During the period to 30 September 2009 the company disposed of its furniture and fit out division. The results of that division for the period from 1 April 2009 to 30 June 2009, the date of disposal, are shown as discontinued operations. |
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| | |
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| 7. | These interim financial statements for the six months ended 30 September 2009 have been prepared using accounting policies consistent with International Financial Reporting Standards (IFRS) and International Financial Reporting Interpretations Committee (IFRIC) interpretations issued and effective or issued and early adopted as at the time of preparing these statements that management expect to apply in its 2010 financial statements. |
| | The company has adopted all IFRS with the exception of IAS 34 "Interim Financial Reporting" which is not mandatory for the company. |
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| | |
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| | 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. |
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| 8. | The results for the half year to September 2008 and the year ended March 2009 have been restated to reflect only the continuing operations. Please refer to note 1 |
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CHAIRMAN'S COMMENTARY
These results include three months trading from the office furniture division
that was sold on the 1 July 2009.
During that period the losses of that division were GBP593,000.
Ongoing activities produced a profit of GBP260,000 and the net Group results
showed a pre-tax loss of GBP333,000.
We have been able to reduce our variable costs to take account of the smaller
size of our remaining businesses and will continue to do so, although we are
still saddled with certain fixed costs from which we cannot escape. While it is
anticipated that the remaining businesses will continue to be profitable, they
are overshadowed somewhat by the impact that our pension fund deficit is likely
to have on future earnings.
Our actuaries have given us an indication, following the latest triennial
valuation, that the cost of winding up the scheme is likely to be in the region
of GBP4 million.
Your Directors will not be recommending an interim dividend.
4th December 2009
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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