Half-yearly Report
30 9월 2009 - 11:10PM
UK Regulatory
TIDMEXC
30 September 2009
EXC PLC
("EXC" or "the Company")
Half-yearly results for the six months ended 30 June 2009
CHAIRMAN'S STATEMENT
Introduction
I report on the Group's results for the interim period 1 January 2009 to 30
June 2009.
Results and dividends
The loss after taxation for the six month period amounted to GBP256,000 (six
month period ended 30 June 2008 - GBP701,000) and the loss per share was 0.07
pence (six month period ended 30 June 2008 - 0.19 pence). The directors do not
recommend the payment of a dividend.
Trading
Although the Group's revenues and gross margins have improved compared to the
same period in 2008, the Group has continued to generate operating losses. The
Group's core procurement services are beginning to show signs of revenue growth
as customers enter into new budgetary phases, although gross margins remain
tight due to competition for orders. The Group's rental division currently has
27 pieces of heavy equipment leased out to customers and this area continues to
be a relatively small but stable profit centre. Our ground work to obtain
orders in the oil sector continues, but after two years we are still waiting
for our first order in this area, although negotiations are progressing very
slowly.
Outlook
In my statement dated 30 June 2009 covering the Group's financial statements
for the year ended 31 December 2008, I reported that, in addition to cutting
Group costs, in line with many AIM quoted companies, serious consideration was
being given to de-listing the Company from AIM. The Board have subsequently
concluded that de-listing is in the best interests of shareholders. A circular
is due to be posted to all shareholders shortly outlining the Board's rationale
for proposing the de-listing, together with a notice of general meeting at
which shareholders will be asked to approve the proposal which, to be passed,
must be approved by at least 75 per cent of the votes cast on the resolution.
Michael Edelson
Chairman
30 September 2009
FURTHER ENQUIRIES
EXC plc Tel: 0161 975 0434
Michael Edelson - Chairman
John East & Partners Limited, a subsidiary of Merchant Tel: 020 7628 2200
Securities plc
David Worlidge / Simon Clements
CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE SIX MONTHS ENDED 30 JUNE 2009
1 January 1 January Year
2009 2008 ended
to 30 June to 30 June 31 December
2009 2008 2008
(unaudited) (unaudited) (audited)
GBP000 GBP000 GBP000
Continuing operations
Revenue 1,281 756 1,468
Cost of sales (1,159) (692) (1,230)
Gross profit 122 64 238
Administrative expenses (376) (313) (813)
Operating loss (254) (249) (575)
Investment income - 6 14
Finance costs (9) (7) (24)
Loss on ordinary activities before (263) (250) (585)
taxation
Income tax credit 7 - 6
Loss from continuing operations (256) (250) (579)
Loss from discontinued operations - (451) (518)
Loss for the financial period (256) (701) (1,097)
Other comprehensive (expense)/
income
Foreign currency translation (121) (10) 51
differences for foreign operations
Total comprehensive loss for the (377) (711) (1,046)
period
Loss per share - basic and diluted
From continuing operations (0.07p) (0.07p) (0.15p)
From discontinued operations - (0.12p) (0.14p)
From continuing and discontinued (0.07p) (0.19p) (0.29p)
operations
CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN TOTAL EQUITY
FOR THE SIX MONTHS ENDED 30 JUNE 2009
1 January 1 January Year
2009 2008 ended
to 30 June to 30 June 31 December
2009 2008 2008
(unaudited) (unaudited) (audited)
GBP000 GBP000 GBP000
Balance at the beginning of the 1,281 1,985 1,985
period
Total comprehensive loss for the
period
Loss for the period (377) (711) (1,046)
Other comprehensive income
Foreign currency translation - - 342
differences
Balance at the end of the period 904 1,274 1,281
CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT 30 JUNE 2009
30 June 30 June 31 December
2009 2008 2008
(unaudited) (unaudited) (audited)
GBP000 GBP000 GBP000
Assets
Non-current assets
Intangible assets 108 108 108
Property, plant and equipment 753 618 886
861 726 994
Current assets
Trade and other receivables 404 520 941
Cash and cash equivalents 183 245 380
587 765 1,321
Assets of a disposal group classified as 3 533 13
held for sale
590 1,298 1,334
Total assets 1,451 2,024 2,328
Current liabilities
Trade and other payables (297) (236) (400)
Current borrowings (213) (86) (607)
(510) (322) (1,007)
Liabilities of a disposal group (37) (428) (40)
classified as held for sale
(547) (750) (1,047)
Total liabilities (547) (750) (1,047)
Net current assets 43 548 287
Net assets 904 1,274 1,281
Equity attributable to equity holders of
the parent
Called up share capital 373 373 373
Share premium account 185 185 185
Translation reserve 214 (128) 214
Retained earnings 132 844 509
Total equity 904 1,274 1,281
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE SIX MONTHS ENDED 30 JUNE 2009
1 January 1 January Year
2009 2008 ended
to 30 June to 30 June 31 December
2009 2008 2008
GBP000 GBP000 GBP000
Cash flows from operating activities
Net cash from continuing operations 201 723 294
Net cash (used in)/generated from (11) 1,266 1,313
discontinued operations
Cash generated from operations 190 1,989 1,607
Investment income - (6) (14)
Finance costs 9 7 24
Net cash generated from operating 199 1,990 1,617
activities
Cash flow used in investing activities
Investment income received - 6 14
Purchase of property, plant and equipment (1) (122) (339)
Net cash used in investing activities (1) (116) (325)
Cash flow used in financing activities
Finance costs paid (9) (7) (24)
Net cash used in financing activities (9) (7) (24)
Net increase in cash and cash equivalents 189 1,867 1,268
Effects of exchange rate changes 12 (10) 205
Cash and cash equivalents at the (228) (1,701) (1,701)
beginning of the period
Cash and cash equivalents at the end of (27) 156 (228)
the period
Cash and cash equivalents per balance (30) 159 (227)
sheet
Cash and cash equivalents classified as 3 (3) (1)
held for sale
Cash and cash equivalents at the end of (27) 156 (228)
the period
NOTES TO THE INTERIM REPORT
FOR THE SIX MONTHS ENDED 30 JUNE 2009
1. Reporting entity
EXC plc (the "Company") is a company registered in England and Wales. The
condensed consolidated interim financial statements of the Company for the six
month period ended 30 June 2009 comprise the Company and its subsidiaries
(together the "Group").
2. Statement of compliance
This interim financial report has been prepared on the basis of the recognition
and measurement requirements of IFRS in issue that are either endorsed by the
EU and effective (or available for early adoption) at 31 December 2009.
These condensed consolidated interim financial statements should be read in
conjunction with the Report and Accounts for the year ended 31 December 2008,
which were approved for issue by the Board of Directors on 30 June 2009, as it
provides an update of previously reported information. The comparative figures
for the year ended 31 December 2008 are not the company's statutory accounts
for the financial year.
The comparative figures for the year ended 31 December 2008 were derived from
the statutory accounts for that year which have been delivered to the Registrar
of Companies. Those accounts received an unqualified audit report which did not
contain statements under sections 498 (2) or (3) of the Companies Act 2006.
These condensed consolidated interim financial statements were approved by the
Board on 30 September 2009. The financial information contained therein for the
six month period ended 30 June 2009 and similarly the six month period ended 30
June 2008 has neither been audited nor reviewed.
3. Significant accounting policies
The accounting policies used in the presentation of these condensed
consolidated interim financial statements are consistent with those used in the
consolidated financial statements for the year ended 31 December 2008.
4. Estimates
The preparation of interim financial statements requires management to make
judgements, estimates and assumptions that affect the application of accounting
policies and the reported amounts of assets and liabilities, income and
expense. Actual results may differ from these estimates.
In preparing these condensed consolidated interim financial statements, the
significant judgements made by management in applying the Group's accounting
policies and the key sources of estimation uncertainty were the same as those
that applied to the consolidated financial statements for the year ended 31
December 2008.
5. Operating segments
The Group operates in a sector where no significant seasonal or cyclical
variations in revenues and operating results are experienced during the
financial year.
Subsequent to the close down of operations of David Conrad (International)
Limited during the year ended 31 December 2008, the Group is currently
organised into one operating subsidiary, Excalibur Ventures Limited, and its UK
holding company EXC plc. This is the basis on which the Group reports its
primary segmental information. In the table below, all revenues are generated
by sales to external parties.
Excalibur EXC Total
GBP000 GBP000 GBP000
Performance by activity:
Revenue:
- six months ended 30 June 2009 1,281 - 1,281
- six months ended 30 June 2008 756 - 756
- year ended 31 December 2008 1,468 - 1,468
Operating loss:
- six months ended 30 June 2009 (170) (84) (254)
- six months ended 30 June 2008 (173) (76) (249)
- year ended 31 December 2008 (434) (141) (575)
Total assets:
- 30 June 2009 1,419 24 1,443
- 30 June 2008 1,464 27 1,491
- 31 December 2008 2,304 11 2,315
6. Financial risk management
The Group's financial risk management objectives and policies are consistent
with those disclosed in the consolidated financial statements for the year
ended 31 December 2008.
7. Loss per share
The calculation of basic loss per share is based on the following:
1 January 1 January Year
2009 to 2008 to ended
30 June 30 June 31 December
2008 2008 2008
Loss for the period from (256) (250) (579)
continuing operations (GBP000)
Loss for the period from - (451) (518)
discontinued operations (GBP
000)
Loss for the period from (256) (701) (1,097)
continuing and discontinued
operations (GBP000)
Weighted average number of 372,669,990 372,669,990 372,669,990
shares
Loss per share from (0.07) (0.07) (0.15)
continuing operations (pence)
Loss per share from - (0.12) (0.14)
discontinued operations
Loss per share from (0.07) (0.19) (0.29)
continuing and discontinued
operations (pence)
Diluted loss per share is calculated by adjusting the weighted average number
of ordinary shares in issue assuming conversion of all dilutive potential
ordinary shares. The Company's potential ordinary shares consist of share
options. Due to losses in the current and preceding periods there are no
dilutive ordinary shares.
8. Dividends
No dividend is proposed for the six month period ended 30 June 2009. No
dividend was paid in or proposed for the year ended 31 December 2008.
9. Analysis of cash and cash equivalents
Six months Six months Year
ended ended ended
30 June 30 June 31 December
2009 2008 2008
GBP000 GBP000 GBP000
Bank balances 183 245 380
Bank overdrafts (213) (86) (607)
(30) 159 (227)
10. Copies of the Report & Accounts
Copies of this half-yearly report will be posted to all of the Company's
shareholders shortly. Further copies can be obtained by writing to The Company
Secretary, EXC plc, Number 14, The Embankment, Vale Road, Heaton Mersey,
Stockport, Cheshire SK4 3GN, England. This half-yearly report can also be found
on the Company's website, www.excplc.com.
END
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