TIDMDSN
RNS Number : 5421W
Densitron Technologies PLC
20 August 2015
Densitron Technologies plc
Unaudited Interim Results
Densitron Technologies plc ("Densitron" or "the Company" or "the
Group") is pleased to announce its unaudited interim results for
the six months ended 30(th) June 2015.
Summary
-- Revenue increased by 22.6% to GBP11.4m (2014: GBP9.3m).
-- Operating profit before exceptional items GBP0.3m (2014:
GBP0.1m loss)
-- Orderbook increased by 7.2% to GBP13.4m (2014: GBP12.5m).
Financial Summary
6 months to 6 months to
30(th) June 2015 30(th) June 2014
Unaudited Unaudited
---------------------- ------------------ ------------------
Revenue GBP11.40m GBP9.27m
---------------------- ------------------ ------------------
Loss from operations GBP(0.15m)* GBP(0.13m)
---------------------- ------------------ ------------------
Loss before taxation GBP(0.23)m* GBP(0.17)m
---------------------- ------------------ ------------------
Loss per share (0.51)p (0.31)p
---------------------- ------------------ ------------------
* After the cost of the lease surrender of the property in
Newcastle totalling GBP0.4m
Enquiries:
Densitron Technologies plc
Grahame Falconer / Tim Pearson
Tel: 0207 648 4200
Westhouse Securities Limited
Martin Davison / David Coaten
Tel: 020 7601 6100
Chairman's Statement
Operation review
I am pleased to report that the business has continued to
strengthen in the first six months of the year and has achieved a
significant increase in revenues following the increase in the
level of orders booked during 2014. In addition orders booked
during the first half of the year have enabled the business to
maintain a strong orderbook and helped to improve the visibility of
the business into the future.
The operating results for the first six months of the year
demonstrate the progress that the Group has made over the last 18
months. Revenues have increased by 22.6% to GBP11.4 million
compared with GBP9.3 million in 2014. Gross profit has increased by
21.8% to GBP3.0 million compared with GBP2.5 million in 2014. With
administrative expenses having only marginally increased by 3.2% to
GBP2.8 million from GBP2.7 million in 2014, profit from operations
before exceptional items achieved in the period was GBP0.3 million
compared with a loss of GBP0.1 million in 2014.
At 30th June 2015 the business had confirmed orders from
customers of GBP13.4 million compared with GBP12.5 million at 30
June 2014, an increase of 7.2%, demonstrating the continued
progress that the business has made during the first half of 2015.
These orders will be delivered during the second half of the
current year and into 2016.
The second half of the year is traditionally stronger than the
first half year and looking at the revenues already scheduled over
the remainder of the year I would anticipate this trend continuing
during the second half of 2015. For this reason the Board is
confident that the business will achieve its market expectations
for the full year.
The growth that has been reported in the first six months of the
year has been largely from the core business with the US, France
and Taiwan performing particularly strongly. The UK has continued
to underperform but has revenues scheduled in the second half of
the year substantially higher than those achieved in the first half
of the year. I have previously reported that the business has
undertaken three investments in new product lines and I am pleased
to report that in the first six months of the year the Bonding line
that was set up in Taiwan is now delivering good revenues. Work has
continued with the other investments in Ripdraw and Densipaper to
build the pipeline of opportunities and there remain significant
opportunities for both of these investments to deliver a return for
the Group.
Other matters
The Group retains a piece of land located at Blackheath in South
East London. The Board continues to work with its advisors on
realising the potential of the land and will advise Shareholders
when there is further information to report.
Jan G Holmstrom
Chairman
19 August 2015
Unaudited Condensed Consolidated Income Statement
For the six months ended 30th June 2015
6 months 6 months Year to
to 30(th) to 30(th) 31st December
June June 2014
2015 2014 GBP000
GBP000 GBP000
Revenue 11,396 9,267 20,678
Cost of sales (8,356) (6,771) (15,122)
----------- ----------- ---------------
Gross profit 3,040 2,496 5,556
Other operating income 34 87 -
Distribution costs (25) (24) (47)
----------- ----------- ---------------
Administrative expenses (2,775) (2,689) (5,090)
Exceptional costs in respect (424) - -
of lease surrender
----------- ----------- ---------------
(3,199) (2,689) (5,090)
----------- ----------- ---------------
(Loss)/profit from operations (150) (130) 419
Financial income - 1 -
Financial expenses (75) (39) (79)
----------- ----------- ---------------
(Loss)/profit before tax (225) (168) 340
Income tax expense (131) (53) (185)
----------- ----------- ---------------
(Loss)/profit for the period (356) (221) 155
----------- ----------- ---------------
Attributable to:
Equity holders of the parent (355) (216) 159
Non-controlling interest (1) (5) (4)
----------- ----------- ---------------
(356) (221) 155
----------- ----------- ---------------
Basic and diluted (loss)/earnings
per share (0.51)p (0.31)p 0.23p
----------- ----------- ---------------
Unaudited Condensed Statement of Comprehensive Income
For the six months to 30th June 2015
6 months 6 months Year to
to to 31st December
30th June 30th June 2014
2015 2014 Audited
GBP000
GBP000 GBP000
(Loss)/profit for the period (356) (221) 155
----------- ----------- ---------------
Other comprehensive income:
Foreign currency translation
differences for foreign
operations (80) (168) (37)
Total other comprehensive
loss (80) (168) (37)
----------- ----------- ---------------
Total comprehensive loss
for the period (436) (389) 118
----------- ----------- ---------------
Attributable to:
Equity holders of the parent (434) (384) 123
Non-controlling interest (2) (5) (5)
(436) (389) 118
----------- ----------- ---------------
Unaudited Condensed Consolidated Balance Sheet
As at 30th June 2015
30th 30th 31st
June June December
2015 2014 2014
Audited
GBP000
GBP000 GBP000
Non-current assets
Property, plant and equipment 107 208 173
Investment property 500 500 500
Goodwill 143 143 143
Other intangible assets 714 583 770
Deferred tax assets 86 7 86
-------- -------- ----------
1,550 1,441 1,672
-------- -------- ----------
Current assets
Inventories 2,255 1,412 1,931
Trade and other receivables 4,172 3,801 5,129
Income tax recoverable 17 99 57
Cash and cash equivalents 1,190 801 948
-------- -------- ----------
7,634 6,113 8,065
(MORE TO FOLLOW) Dow Jones Newswires
August 20, 2015 02:00 ET (06:00 GMT)
-------- -------- ----------
Total assets 9,184 7,554 9,737
-------- -------- ----------
Current liabilities
Borrowings 2,535 1,862 2,380
Trade and other payables 3,741 3,269 4,348
Current tax payable 21 56 59
Provisions 9 9 9
-------- -------- ----------
6,306 5,196 6,796
-------- -------- ----------
Non-current liabilities
Borrowings 416 56 41
Trade and other payables - 30 -
Provisions 107 111 108
Deferred tax liabilities 124 1 125
-------- -------- ----------
647 198 274
-------- -------- ----------
Total liabilities 6,953 5,394 7,070
2,231 2,160 2,667
-------- -------- ----------
Equity
Share Capital 697 697 697
Retained earnings 1,736 1,705 2,086
Special reserve 72 83 77
Revaluation reserve 450 450 450
Translation reserve (732) (785) (653)
-------- -------- ----------
Equity attributable to
shareholders of Densitron 2,223 2,150 2,657
Minority interests 8 10 10
Total equity 2,231 2,160 2,667
-------- -------- ----------
Unaudited Condensed Statement of Changes in Shareholders'
Equity
For the 6 months to 30th June 2015
Share Translation Special Revaluation Retained Total Non-controlling Total
capital reserve reserve reserve earnings Attributable interest equity
to equity
holders
of the GBP000
GBP000 GBP000 GBP000 GBP000 GBP000 parent GBP000
GBP000
Balance at
1 January
2014 697 (617) 87 450 1,917 2,534 15 2,549
Loss for the
period - - - - (216) (216) (5) (221)
Other total
comprehensive
income for
the period - (168) - - - (168) - (168)
Transfer from
special
reserve - - (4) - 4 - - -
-------- ------------ -------- ------------ --------- ------------- ---------------- --------
Balance at
30 June 2014 697 (785) 83 450 1,705 2,150 10 2,160
Profit for
the period - - - - 375 375 1 376
Other total
comprehensive
income for
the period - 132 - - - 132 (1) 131
Transfer from
special
reserve - - (6) - 6 - - -
-------- ------------ -------- ------------ --------- ------------- ---------------- --------
Balance at
31 December
2014 697 (653) 77 450 2,086 2,657 10 2,667
Loss for the
period - - - - (355) (355) (1) (356)
Other total
comprehensive
income for
the period - (79) - - - (79) (1) (80)
Transfer from
special
reserve - - (5) - 5 - - -
-------- ------------ -------- ------------ --------- ------------- ---------------- --------
Balance at
30 June 2015 697 (732) 72 450 1,736 2,223 8 2,231
-------- ------------ -------- ------------ --------- ------------- ---------------- --------
Unaudited Condensed Consolidated Cash Flow Statement
For the 6 months ended 30th June 2015
6 months 6 months Year to
to to 31st December
30th June 30th June 2014
2015 2014 Audited
GBP000
GBP000 GBP000
Cash flows from operating
activities
(Loss)/profit before taxation (225) (168) 340
Adjustments for:
Depreciation 69 52 142
Amortisation 73 58 85
Net finance expense 75 38 79
(8) (20) 646
Change in inventories (364) (23) (497)
Change in trade and other
receivables 898 73 (1,220)
Change in trade and other
payables (565) 31 1,111
Change in provisions - - (3)
----------- ----------- ---------------
(39) 61 37
Income tax paid (135) (46) (93)
Net cash (used in)/from
operating activities (174) 15 (56)
----------- ----------- ---------------
Cash flows from investing
activities
Interest received - 1 -
Payment for intangible assets (21) (2) (260)
Acquisition of plant, property
and equipment (7) (71) (49)
Net cash used in investing
activities (28) (72) (309)
----------- ----------- ---------------
Cash flows from financing
activities
Inception of new loans 1,509 176 322
Repayment of borrowings (269) (79) (216)
Interest paid (65) (39) (80)
Change in trade finance
creditor (87) (124) 503
Change in letters of credit (161) 22 231
Net cash from/(used in)
financing activities 927 (44) 760
----------- ----------- ---------------
Net increase/(decrease)
in cash and cash equivalents 725 (101) 395
Cash and cash equivalents
at 1(st) January 484 111 111
Effect of exchange rate
fluctuation on cash held (19) (17) (22)
Cash and cash equivalents
at the end of the period 1,190 (7) 484
----------- ----------- ---------------
Notes to the Unaudited Condensed Financial Statements
For the six months ended 30th June 2015
1. General information
Densitron Technologies plc is a public limited company
incorporated in the United Kingdom under the Companies Act 2006
(registration number 1962726).
The Company is domiciled in the United Kingdom and its
registered address is 4(th) Floor, 72 Cannon Street, London, EC4N
6AE. The Company's Ordinary Shares are traded on the AIM Market of
the London Stock Exchange. The Group's principal activities are the
design, development and delivery of electronic display and display
related technologies.
2. Basis of preparation
This unaudited consolidated interim financial information has
been prepared using the recognition and measurement principles of
International Accounting Standards, International Financial
Reporting Standards and Interpretations adopted for use in the
European Union (collectively EU IFRSs). The principal accounting
policies used in preparing the interim results are those it expects
to apply in its financial statements for the year ended 31 December
2015 and are unchanged from those disclosed in the group's Annual
Report for the year ended 31 December 2014.
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