TIDMHNN
RNS Number : 7780J
Norman Hay PLC
07 April 2010
07 April 2010
Norman Hay plc
Unaudited preliminary results for the year ended 31 December 2009
Norman Hay plc today announces preliminary results for the year ended
31 December 2009.
FINANCIAL HIGHLIGHTS
· Continued profitability in difficult conditions
· Pre-tax profits GBP865,000 (2008: GBP2.4m)
· Revenue GBP26.2m (2008: GBP27m)
· Increased dividend for the year of 4.3p (2008: 4.0p)
· International Revenues 51% (2008: 48%)
CHAIRMAN'S STATEMENT
I am delighted to announce that, following a challenging first half, the Norman
Hay Group saw a significant recovery in the second half of 2009.
We view our pre-tax profit for the year as an extremely satisfactory result.
Our full year result includes profit on the disposal of the remaining wet
processing operations on our Coventry City Centre site, as reported in our
interim statement. This is a profit on sale of GBP862,000 on a deferred
consideration basis, after taking into account the direct costs of the disposal.
The cost reduction programme we undertook in the first half of 2009 mitigated
the effects of a downturn in global trading. Additionally, revenue in the second
half rose by 11% compared to the first half.
Our exposure to the economic downturn in the UK was limited by the international
diversification of our product-led businesses. In addition, our automotive
sealants and construction chemicals companies now generate the majority of their
business overseas, as will the engineering business in 2010 and 2011.
Our surface coatings division, in which most business units are UK-based,
requires its operations to be sited geographically close to its customers
because of the sub-contract nature of its business. It has therefore been
significantly affected by the severe downturn in UK manufacturing.
However, we have successfully won business from competitors who have struggled
in the recent financial climate.
Also, following the successful example of our overseas product based divisions,
we are in the process of building an international market for our sub-contract
coatings businesses with operations recently opening up and developing in
Malaysia, Australia and mainland China.
Dividends
A second interim dividend for the year of 2.3p, announced on 2 March 2010, was
paid to Shareholders on 26 March 2010 in place of a final dividend for the year,
making the total for the full year 4.3p (2008: 4.0p).
It is intended that future dividend payments will be paid in line with the
normal dividend schedule.
Business Overview
"Ultraseal" - Automotive Sealants
Despite the challenges facing the global automotive industry, Ultraseal
International was the largest contributor to Group profits during the year.
The main effect of the downturn in general for this sector was the cancellation
or delay of major projects. This resulted in a very low order book for capital
equipment, although consumable sealant sales were affected to a lesser degree.
Despite this, the business still managed to trade profitably in the first half
of the year and saw an excellent recovery in the second half as demand began to
recover in the USA. Chinese automotive manufacturing returned to significant
levels production, which is particularly positive for our operation in Shanghai.
We expect these trends to continue in 2010.
"Armourcote" - Surface Coatings
Overall, the second half of 2009 was less profitable than the first half as a
result of weakened demand from the oil & gas sector as many major projects were
delayed.
Our Hi-Tech Coatings operation in Perth, Western Australia, reported a small
loss for the year. This was primarily due to the costs associated with a
management restructure in 2009 and trading in the first quarter of 2010 has been
encouraging.
Our operation in Port Klang, Malaysia, which we opened in late 2007, has seen a
great improvement year on year, and is expected to benefit significantly from
any return to new levels of capital investment in the oil extraction industries
in that region.
Both our Australian and Malaysian coating facilities are now accredited to ISO
9001/2008 and ISO 14001, which are important factors in our relationship with
multinational suppliers to the oil & gas industry.
In most instances, we are the preferred supplier of advanced surface coatings
used by the oil & gas industry to protect the sophisticated drilling, production
and transmission equipment utilised to harvest hydrocarbons from all over the
world in the harshest of conditions and extremes of climate.
Our automotive surface coatings business in the UK also suffered in the
downturn. Despite having centralised all zinc and alloy electroplating on to one
site in Coventry during 2008, the conditions in UK manufacturing proved to be so
severe that we continued to suffer significant operating losses in the business.
We undertook a significant restructure and cost reduction programme at our
Coventry operation in 2009 and the unit is trading significantly better than
this time last year.
ASTEC Dalian in Eastern China performed well and profitably in 2009. The future
for this business looks promising, on the back of a recovering US automotive
market and the continuing expansion of the Chinese domestic automotive market.
"TAM International" - Construction Chemicals
We have made significant progress in developing our construction chemicals
business in the three years that we have controlled TAM.
During that time, we have built it into a well-respected brand leader in
construction chemicals and broadened its potential market place with the
creation of a Tunnelling & Mining division. This now supplies our niche products
to many of the major underground projects in the regions where we already have
sales or manufacturing operations.
The business performed better in the second half of the year, although not all
locations are yet profitable at the operating level. This is a result of major
infrastructure projects being delayed in Hong Kong and Taiwan and difficult
economic conditions continuing to prevail in the UK.
Australia was less affected by the global economic slump and this, coupled with
strengthening the management team, saw the TAM Australia business return to
profitability in the year.
"Norman Hay Engineering" - Chemical Engineering
Following a strong performance in 2009 with continuing profitability, the year
ended with a record order book which will provide significant growth for the
business during 2010 and 2011.
As a manufacturer of bespoke process plants, primarily for the aerospace and
automotive markets, our chemical engineering group combines elements of both
service-related and product-led businesses.
As such, we have been able to develop the business internationally, with the
majority of plant installations in the next two years being outside of the UK -
the latest of our businesses to benefit from our expansion into international
markets.
During 2009, we were awarded a number of significant overseas contracts:-
· In March we were selected to supply and install a large Repair and
Overhaul facility for aircraft landing gear in Saudi Arabia.
· In May we secured a major contract in Turkey for an NDT booth system to
carry out dye penetrant application and inspection at the critical stage in the
repair and overhaul of aircraft engines.
· In December we were proud to be awarded our largest ever single contract
- an order from Rolls-Royce for process plant and equipment to be installed in
Singapore during 2011.
Staff
I would like to pay tribute to all of our Group staff, who have been operating
under significant pressure while our businesses have been adjusting to changing
world economic conditions.
Their professionalism, dedication and flexibility has been instrumental in
recovering the Group's operating profitability in a short period of time.
Outlook
In last year's annual statement, I said that our efforts were being carefully
targeted at our most significant sales opportunities.
TAM International, our construction chemicals division, has been working closely
in 2009 with Normet International who are manufacturers of specialist
underground construction machinery.
The synergies between TAM and Normet have worked well and the joint co-operation
has led to a Euro 6.2 million machinery deal in Hong Kong, along with the supply
of the construction chemicals. A similar deal has also been arranged in Taiwan
and we plan to build further on this successful partnership in other markets.
We are particularly pleased with the progress and prospects for our Ultraseal
and Armourcote businesses as the market in mainland China continues to pick up.
I expect that the Group's trading performance will continue to improve and will
be further enhanced as the world economy returns to growth.
Peter L Hay
Chairman
7 April 2010
Further information:
Nick Ogden
Group Financial Controller
Norman Hay plc
Tel: +44 (0) 24 7622 9373
David Haggie / Juliet Tilley
Haggie Financial
Tel: +44 (0)20 7417 8989
+---------------------+------+------+---------+---------+--------------+
| Unaudited statement of comprehensive income for the year ended |
| 31 December 2009 |
+----------------------------------------------------------------------+
| | | | | | |
+---------------------+------+------+---------+---------+--------------+
| | | | 2009 | 2008 | |
+---------------------+------+------+---------+---------+--------------+
| | | | GBP000 | GBP000 | |
+---------------------+------+------+---------+---------+--------------+
| | | | | | |
+---------------------+------+------+---------+---------+--------------+
| Revenue | | | 26,200 | 27,001 | |
+---------------------+------+------+---------+---------+--------------+
| | | | | | |
+---------------------+------+------+---------+---------+--------------+
| Cost of sales | | | -17,446 | -17,175 | |
+---------------------+------+------+---------+---------+--------------+
| | | | | | |
+---------------------+------+------+---------+---------+--------------+
| Gross profit | | | 8,754 | 9,826 | |
+---------------------+------+------+---------+---------+--------------+
| | | | | | |
+---------------------+------+------+---------+---------+--------------+
| Distribution costs | | | -1,064 | -1,036 | |
+---------------------+------+------+---------+---------+--------------+
| | | | | | |
+---------------------+------+------+---------+---------+--------------+
| Administrative | | | -7,692 | -6,857 | |
| expenses | | | | | |
+---------------------+------+------+---------+---------+--------------+
| | | | | | |
+---------------------+------+------+---------+---------+--------------+
| Other income | | | 71 | 497 | |
+---------------------+------+------+---------+---------+--------------+
| | | | 862 | - | |
| Profit on disposal | | | | | |
| of operation | | | | | |
+---------------------+------+------+---------+---------+--------------+
| | | | | | |
+---------------------+------+------+---------+---------+--------------+
| Profit from | | | 931 | 2,430 | |
| operations | | | | | |
+---------------------+------+------+---------+---------+--------------+
| | | | | | |
+---------------------+------+------+---------+---------+--------------+
| Finance income | | | 40 | 139 | |
+---------------------+------+------+---------+---------+--------------+
| | | | | | |
+---------------------+------+------+---------+---------+--------------+
| Finance costs | | | -106 | -206 | |
+---------------------+------+------+---------+---------+--------------+
| | | | | | |
+---------------------+------+------+---------+---------+--------------+
| Profit before | | | 865 | 2,363 | |
| taxation | | | | | |
+---------------------+------+------+---------+---------+--------------+
| | | | | | |
+---------------------+------+------+---------+---------+--------------+
| Taxation | | | -96 | -810 | |
+---------------------+------+------+---------+---------+--------------+
| | | | | | |
+---------------------+------+------+---------+---------+--------------+
| Profit after | | | 769 | 1,553 | |
| taxation | | | | | |
+---------------------+------+------+---------+---------+--------------+
| | | | | | |
+---------------------+------+------+---------+---------+--------------+
| Other comprehensive income for | | | |
| the year, after tax | | | |
+-----------------------------------+---------+---------+--------------+
| | | | | | |
+---------------------+------+------+---------+---------+--------------+
| Exchange | | | -140 | 723 | |
| differences on | | | | | |
| translation of | | | | | |
| foreign operations | | | | | |
+---------------------+------+------+---------+---------+--------------+
| | | | | | |
+---------------------+------+------+---------+---------+--------------+
| Deferred tax on | | | -27 | 4 | |
| items taken | | | | | |
| directly to equity | | | | | |
+---------------------+------+------+---------+---------+--------------+
| | | | | | |
+---------------------+------+------+---------+---------+--------------+
| Other comprehensive | | | -167 | 727 | |
| income for the | | | | | |
| year, net of tax | | | | | |
+---------------------+------+------+---------+---------+--------------+
| | | | | | |
+---------------------+------+------+---------+---------+--------------+
| Total comprehensive | | | 602 | 2,280 | |
| income for the year | | | | | |
+---------------------+------+------+---------+---------+--------------+
| | | | | | |
+---------------------+------+------+---------+---------+--------------+
| Profit attributable | | | | | |
| to: | | | | | |
+---------------------+------+------+---------+---------+--------------+
| Owners of the | | | 925 | 1,562 | |
| parent | | | | | |
+---------------------+------+------+---------+---------+--------------+
| Minority interest | | | -156 | -9 | |
+---------------------+------+------+---------+---------+--------------+
| | | | | | |
+---------------------+------+------+---------+---------+--------------+
| | | | 769 | 1,553 | |
+---------------------+------+------+---------+---------+--------------+
| | | | | | |
+---------------------+------+------+---------+---------+--------------+
| Total comprehensive | | | | | |
| income attributable | | | | | |
| to: | | | | | |
+---------------------+------+------+---------+---------+--------------+
| Owners of the | | | 750 | 2,302 | |
| parent | | | | | |
+---------------------+------+------+---------+---------+--------------+
| Minority interest | | | -148 | -22 | |
+---------------------+------+------+---------+---------+--------------+
| | | | | | |
+---------------------+------+------+---------+---------+--------------+
| | | | 602 | 2,280 | |
+---------------------+------+------+---------+---------+--------------+
| | | | | | |
+---------------------+------+------+---------+---------+--------------+
| Earnings per share | | | | | |
+---------------------+------+------+---------+---------+--------------+
| Basic earnings per | | | 6.4p | 10.7p | |
| share | | | | | |
+---------------------+------+------+---------+---------+--------------+
| Diluted earnings | | | 6.3p | 10.4p | |
| per share | | | | | |
+---------------------+------+------+---------+---------+--------------+
| | | | | | |
+---------------------+------+------+---------+---------+--------------+
+--------------------+--------+--------+--------+---------+------------+---------+---------+
| Unaudited Statement of Financial Position at 31 December 2009 | |
+--------------------------------------------------------------------------------+---------+
| | | | | | | | |
+--------------------+--------+--------+--------+---------+------------+---------+---------+
| | | | | | | | |
+--------------------+--------+--------+--------+---------+------------+---------+---------+
| | | | | 2009 | 2008 |
+--------------------+--------+--------+--------+----------------------+-------------------+
| | | | |GBP'000 | GBP'000 |GBP'000 |GBP'000 |
+--------------------+--------+--------+--------+---------+------------+---------+---------+
| Assets | | | | | | | |
+--------------------+--------+--------+--------+---------+------------+---------+---------+
| Non-current assets | | | | | | |
+-----------------------------+--------+--------+---------+------------+---------+---------+
| Intangible assets | | | 2,981 | | 2,952 | |
+-----------------------------+--------+--------+---------+------------+---------+---------+
| Property, plant and equipment | 5,702 | | 5,837 | |
+-----------------------------------------------+---------+------------+---------+---------+
| Investments | | | 26 | | 26 | |
+-----------------------------+--------+--------+---------+------------+---------+---------+
| Other receivables | | | 858 | | - | |
+-----------------------------+--------+--------+---------+------------+---------+---------+
| | | | | | | | |
+--------------------+--------+--------+--------+---------+------------+---------+---------+
| Total non-current assets | | | 9,567 | | 8,815 |
+--------------------------------------+--------+---------+------------+---------+---------+
| | | | | | | | |
+--------------------+--------+--------+--------+---------+------------+---------+---------+
| Current assets | | | | | | |
+-----------------------------+--------+--------+---------+------------+---------+---------+
| Inventories | | | 2,510 | | 2,846 | |
+-----------------------------+--------+--------+---------+------------+---------+---------+
| Trade and other receivables | | 8,555 | | 7,206 | |
+--------------------------------------+--------+---------+------------+---------+---------+
| Cash and cash equivalents | | 1,160 | | 1,015 | |
+--------------------------------------+--------+---------+------------+---------+---------+
| | | | | | | | |
+--------------------+--------+--------+--------+---------+------------+---------+---------+
| Total current assets | | | | 12,225 | | 11,067 |
+-----------------------------+--------+--------+---------+------------+---------+---------+
| | | | | | | | |
+--------------------+--------+--------+--------+---------+------------+---------+---------+
| Total assets | | | | 21,792 | | 19,882 |
+-----------------------------+--------+--------+---------+------------+---------+---------+
| | | | | | | | |
+--------------------+--------+--------+--------+---------+------------+---------+---------+
| Liabilities | | | | | | |
+-----------------------------+--------+--------+---------+------------+---------+---------+
| Current liabilities | | | | | | |
+-----------------------------+--------+--------+---------+------------+---------+---------+
| Financial liabilities | | | 529 | | 512 | |
+-----------------------------+--------+--------+---------+------------+---------+---------+
| Trade and other payables | | 7,402 | | 4,380 | |
+--------------------------------------+--------+---------+------------+---------+---------+
| Provisions | | | 99 | | 114 | |
+-----------------------------+--------+--------+---------+------------+---------+---------+
| Current tax liabilities | | 18 | | 653 | |
+--------------------------------------+--------+---------+------------+---------+---------+
| | | | | | | | |
+--------------------+--------+--------+--------+---------+------------+---------+---------+
| Total current liabilities | | | 8,048 | | 5,659 |
+--------------------------------------+--------+---------+------------+---------+---------+
| | | | | | | | |
+--------------------+--------+--------+--------+---------+------------+---------+---------+
| Non-current liabilities | | | | | |
+--------------------------------------+--------+---------+------------+---------+---------+
| Financial liabilities | | | 1,460 | | 2,000 | |
+-----------------------------+--------+--------+---------+------------+---------+---------+
| Trade and other payables | | - | | 21 | |
+--------------------------------------+--------+---------+------------+---------+---------+
| Deferred tax liabilities | | 481 | | 422 | |
+--------------------------------------+--------+---------+------------+---------+---------+
| | | | | | | | |
+--------------------+--------+--------+--------+---------+------------+---------+---------+
| Total non-current liabilities | | | 1,941 | | 2,443 |
+--------------------------------------+--------+---------+------------+---------+---------+
| | | | | | | | |
+--------------------+--------+--------+--------+---------+------------+---------+---------+
| Total liabilities | | | | 9,989 | | 8,102 |
+-----------------------------+--------+--------+---------+------------+---------+---------+
| | | | | | | | |
+--------------------+--------+--------+--------+---------+------------+---------+---------+
| Net assets | | | | 11,803 | | 11,780 |
+-----------------------------+--------+--------+---------+------------+---------+---------+
| | | | | | | | |
+--------------------+--------+--------+--------+---------+------------+---------+---------+
| | | | | | | | |
| | | | | | | | |
| | | | | | | | |
+--------------------+--------+--------+--------+---------+------------+---------+---------+
| Equity | | | | | | | |
+--------------------+--------+--------+--------+---------+------------+---------+---------+
| Share capital | | | | 1,481 | | 1,481 |
+-----------------------------+--------+--------+---------+------------+---------+---------+
| Share premium account | | | 1,254 | | 1,254 |
+--------------------------------------+--------+---------+------------+---------+---------+
| Capital redemption reserve | | | 94 | | 94 |
+--------------------------------------+--------+---------+------------+---------+---------+
| Other reserves | | | | 766 | | 766 |
+-----------------------------+--------+--------+---------+------------+---------+---------+
| Reserve for own shares | | | (322) | | (322) |
+--------------------------------------+--------+---------+------------+---------+---------+
| Share scheme reserve | | | 43 | | 43 |
+--------------------------------------+--------+---------+------------+---------+---------+
| Foreign exchange reserve | | | 624 | | 772 |
+--------------------------------------+--------+---------+------------+---------+---------+
| Retained earnings | | | | 7,688 | | 7,372 |
+-----------------------------+--------+--------+---------+------------+---------+---------+
| | | | | | | | |
+--------------------+--------+--------+--------+---------+------------+---------+---------+
| Equity attributable to equity holders of | | | | |
+-----------------------------------------------+---------+------------+---------+---------+
| the parent company | | | 11,628 | | 11,460 |
+--------------------------------------+--------+---------+------------+---------+---------+
| | | | | | | | |
+--------------------+--------+--------+--------+---------+------------+---------+---------+
| Minority interest | | | | 175 | | 320 |
+-----------------------------+--------+--------+---------+------------+---------+---------+
| | | | | | | | |
+--------------------+--------+--------+--------+---------+------------+---------+---------+
| Total equity | | | | 11,803 | | 11,780 |
+-----------------------------+--------+--------+---------+------------+---------+---------+
| | | | | | | | |
+--------------------+--------+--------+--------+---------+------------+---------+---------+
+------+-------+-------+----------+---------+----+----+----------+-+-------------------+---------+---------+----------+----------+--------+----------+--------+
| Unaudited consolidated cashflow statement for the year ended 31 December 2009 | | |
+---------------------------------------------------------------------------------------------------------------------+-------------------+-------------------+
| | | | | | | | | | |
+------+-------+-------+-------------------------+---------------+---------------------+-------------------+----------+-------------------+-------------------+
| | | | | | | | 2009 | 2008 | |
+------+-------+-------+-------------------------+---------------+---------------------+-------------------+----------+-------------------+-------------------+
| Cashflows from operating activities | | | | GBP000 | GBP000 | |
+------------------------------------------------+---------------+---------------------+-------------------+----------+-------------------+-------------------+
| | | | | | | | | | |
+------+-------+-------+-------------------------+---------------+---------------------+-------------------+----------+-------------------+-------------------+
| Profit from | | | | | 931 | 2,430 | |
| operations | | | | | | | |
+----------------------+-------------------------+---------------+---------------------+-------------------+----------+-------------------+-------------------+
| Release of negative | | | | | - | (231) | |
| goodwill | | | | | | | |
+----------------------+-------------------------+---------------+---------------------+-------------------+----------+-------------------+-------------------+
| Depreciation | | | | | | 655 | 566 | |
+--------------+-------+-------------------------+---------------+---------------------+-------------------+----------+-------------------+-------------------+
| Impairment of goodwill | | 15 | - | |
+--------------------------------------------------------------------------------------+-------------------+----------+-------------------+-------------------+
| Loss/(profit) on sale of property, plant and equipment | | 16 | (378) | |
+--------------------------------------------------------------------------------------+-------------------+----------+-------------------+-------------------+
| Share option | | | | | | - | 17 | |
| charge | | | | | | | | |
+--------------+-------+-------------------------+---------------+---------------------+-------------------+----------+-------------------+-------------------+
| Decrease/(increase) in inventories | | | | 304 | (614) | |
+------------------------------------------------+---------------+---------------------+-------------------+----------+-------------------+-------------------+
| (Increase)/decrease in receivables | | | | (2,105) | 886 | |
+------------------------------------------------+---------------+---------------------+-------------------+----------+-------------------+-------------------+
| Increase/(decrease) in payables | | | | 2,697 | (721) | |
+------------------------------------------------+---------------+---------------------+-------------------+----------+-------------------+-------------------+
| Exchange movements on working capital | | | | 76 | - | |
+------------------------------------------------+---------------+---------------------+-------------------+----------+-------------------+-------------------+
| Increase/(decrease) in provisions | | | | 15 | (28) | |
+------------------------------------------------+---------------+---------------------+-------------------+----------+-------------------+-------------------+
| | | | | | | 2,604 | 1,927 | |
| Cash | | | | | | | | |
| generated | | | | | | | | |
| from | | | | | | | | |
| operations | | | | | | | | |
+--------------+-------+-------------------------+---------------+---------------------+-------------------+----------+-------------------+-------------------+
| | | | | | | 40 | 139 | |
| Finance | | | | | | | | |
| income | | | | | | | | |
+--------------+-------+-------------------------+---------------+---------------------+-------------------+----------+-------------------+-------------------+
| Finance | | | | | | (106) | (206) | |
| costs | | | | | | | | |
+--------------+-------+-------------------------+---------------+---------------------+-------------------+----------+-------------------+-------------------+
| Tax | | | | | | | (690) | (781) | |
| paid | | | | | | | | | |
+------+-------+-------+-------------------------+---------------+---------------------+-------------------+----------+-------------------+-------------------+
| | | | | | | | | | |
+------+-------+-------+-------------------------+---------------+---------------------+-------------------+----------+-------------------+-------------------+
| Net cash generated from operating activities | | | 1,848 | 1,079 | |
+----------------------------------------------------------------+---------------------+-------------------+----------+-------------------+-------------------+
| | | | | | | | | | |
+------+-------+-------+-------------------------+---------------+---------------------+-------------------+----------+-------------------+-------------------+
| Cash flows from investing activities | | | | | | |
+------------------------------------------------+---------------+---------------------+-------------------+----------+-------------------+-------------------+
| Acquisition of subsidiaries net of cash acquired | | | 8 | (210) | |
+----------------------------------------------------------------+---------------------+-------------------+----------+-------------------+-------------------+
| Expenditure on intangible assets | | | | (49) | - | |
+------------------------------------------------+---------------+---------------------+-------------------+----------+-------------------+-------------------+
| Purchase of property, plant and equipment | | | (452) | (1,030) | |
+----------------------------------------------------------------+---------------------+-------------------+----------+-------------------+-------------------+
| Proceeds of disposal of property, plant and equipment | | 16 | 691 | |
+--------------------------------------------------------------------------------------+-------------------+----------+-------------------+-------------------+
| | | | | | | | | | |
+------+-------+-------+-------------------------+---------------+---------------------+-------------------+----------+-------------------+-------------------+
| Net cash used in investing activities | | | | (477) | (549) | |
+------------------------------------------------+---------------+---------------------+-------------------+----------+-------------------+-------------------+
| | | | | | | | | | |
+------+-------+-------+-------------------------+---------------+---------------------+-------------------+----------+-------------------+-------------------+
| Cash flows from financing activities | | | | | | |
+------------------------------------------------+---------------+---------------------+-------------------+----------+-------------------+-------------------+
| Dividends paid to shareholders | | | | (582) | (669) | |
+------------------------------------------------+---------------+---------------------+-------------------+----------+-------------------+-------------------+
| Payments for purchase of share capital in subsidiary | | - | (26) | |
+--------------------------------------------------------------------------------------+-------------------+----------+-------------------+-------------------+
| Net proceeds from issue of share capital to minority shareholders | 3 | 197 | |
+----------------------------------------------------------------------------------------------------------+----------+-------------------+-------------------+
| Finance lease | | | | | (76) | (59) | |
| repayment | | | | | | | |
+----------------------+-------------------------+---------------+---------------------+-------------------+----------+-------------------+-------------------+
| New loans | | | | | | 265 | 303 | |
| raised | | | | | | | | |
+--------------+-------+-------------------------+---------------+---------------------+-------------------+----------+-------------------+-------------------+
| Repayment of | | | | | | (698) | (214) | |
| loans | | | | | | | | |
+--------------+-------+-------------------------+---------------+---------------------+-------------------+----------+-------------------+-------------------+
| | | | | | | | | | |
+------+-------+-------+-------------------------+---------------+---------------------+-------------------+----------+-------------------+-------------------+
| Net cash used in financing activities | | | | (1,088) | (468) | |
+------------------------------------------------+---------------+---------------------+-------------------+----------+-------------------+-------------------+
| | | | | | | | | | |
+------+-------+-------+-------------------------+---------------+---------------------+-------------------+----------+-------------------+-------------------+
| Net increase in cash and cash equivalents | | | 283 | 62 | |
+----------------------------------------------------------------+---------------------+-------------------+----------+-------------------+-------------------+
| | | | | | | | | | |
| | | | | | | | | | |
| | | | | | | | | | |
| | | | | | | | | | |
| | | | | | | | | | |
+------+-------+-------+-------------------------+---------------+---------------------+-------------------+----------+-------------------+-------------------+
| Cash and cash equivalents at the beginning of the year | | 827 | 541 | |
+--------------------------------------------------------------------------------------+-------------------+----------+-------------------+-------------------+
| Effects of foreign exchange changes | | | | -120 | 224 | |
+------------------------------------------------+---------------+---------------------+-------------------+----------+-------------------+-------------------+
| | | | | | | | | | |
+------+-------+-------+-------------------------+---------------+---------------------+-------------------+----------+-------------------+-------------------+
| Cash and cash equivalents at the end of the year | | | 990 | 827 | |
+----------------------------------------------------------------+---------------------+-------------------+----------+-------------------+-------------------+
| | | | | | | | | | |
+------+-------+-------+-------------------------+---------------+---------------------+-------------------+----------+-------------------+-------------------+
| Unaudited statement of changes in equity for | | | | | | | | | |
| the year ended 31 December 2009 | | | | | | | | | |
+-----------------------------------------------------+------------+-------------------+---------+---------+----------+----------+--------+----------+--------+
| | | | | | | | | | | | | |
+----------------------+----------+---------+---------+------------+-------------------+---------+---------+----------+----------+--------+----------+--------+
| | | Share | Share | Capital | Other |Reserve | Share | Foreign |Retained | Total |Minority | Total |
| | |capital |premium |redemption |non-distributable |for own | scheme |exchange |earnings | |interest |equity |
| | | |account | reserve | reserve | shares |reserve | reserve | | | | |
+----------------------+----------+---------+---------+------------+-------------------+---------+---------+----------+----------+--------+----------+--------+
| | | GBP000 | GBP000 | GBP000 | GBP000 | GBP000 | GBP000 | GBP000 | GBP000 | GBP000 | GBP000 | GBP000 |
+----------------------+----------+---------+---------+------------+-------------------+---------+---------+----------+----------+--------+----------+--------+
| | | | | | | | | | | | | |
+----------------------+----------+---------+---------+------------+-------------------+---------+---------+----------+----------+--------+----------+--------+
| At 1 January 2008 | | 1,481 | 1,254 | 94 | 766 | -322 | 26 | 36 | 6,475 | 9,810 | 171 | 9,981 |
+----------------------+----------+---------+---------+------------+-------------------+---------+---------+----------+----------+--------+----------+--------+
| Share scheme charge | | | | | | | 17 | | | 17 | | 17 |
+----------------------+----------+---------+---------+------------+-------------------+---------+---------+----------+----------+--------+----------+--------+
| Minority interest in | | | | | | | | | | 0 | 197 | 197 |
| subsidiary | | | | | | | | | | | | |
| incorporated | | | | | | | | | | | | |
+----------------------+----------+---------+---------+------------+-------------------+---------+---------+----------+----------+--------+----------+--------+
| Minority interest in | | | | | | | | | | 0 | -26 | -26 |
| subsidiary acquired | | | | | | | | | | | | |
+----------------------+----------+---------+---------+------------+-------------------+---------+---------+----------+----------+--------+----------+--------+
| Dividends paid in | | | | | | | | | -669 | -669 | 0 | -669 |
| year | | | | | | | | | | | | |
+----------------------+----------+---------+---------+------------+-------------------+---------+---------+----------+----------+--------+----------+--------+
| Total comprehensive | | | | | | | | 736 | 1,566 | 2,302 | -22 | 2,280 |
| income for the year | | | | | | | | | | | | |
+----------------------+----------+---------+---------+------------+-------------------+---------+---------+----------+----------+--------+----------+--------+
| | | | | | | | | | | | | |
+----------------------+----------+---------+---------+------------+-------------------+---------+---------+----------+----------+--------+----------+--------+
| | | 1,481 | 1,254 | 94 | 766 | -322 | 43 | 772 | 7,372 | 11,460 | 320 | |
| | | | | | | | | | | | | |
| | | | | | | | | | | | |11,780 |
+----------------------+----------+---------+---------+------------+-------------------+---------+---------+----------+----------+--------+----------+--------+
| | | | | | | | | | | | | |
+----------------------+----------+---------+---------+------------+-------------------+---------+---------+----------+----------+--------+----------+--------+
| At 1 January 2009 | | | | | | | | | | | | |
+----------------------+----------+---------+---------+------------+-------------------+---------+---------+----------+----------+--------+----------+--------+
| Minority interest in | | | | | | | | | | | 3 | 3 |
| subsidiary shares | | | | | | | | | | | | |
| issued during the | | | | | | | | | | | | |
| year | | | | | | | | | | | | |
+----------------------+----------+---------+---------+------------+-------------------+---------+---------+----------+----------+--------+----------+--------+
| | | | | | | | | | | | | |
+----------------------+----------+---------+---------+------------+-------------------+---------+---------+----------+----------+--------+----------+--------+
| Dividends paid in | | | | | | | | | -582 | -582 | | -582 |
| year | | | | | | | | | | | | |
+----------------------+----------+---------+---------+------------+-------------------+---------+---------+----------+----------+--------+----------+--------+
| Total comprehensive | | | | | | | | -148 | 898 | 750 | -148 | 602 |
| income for the year | | | | | | | | | | | | |
+----------------------+----------+---------+---------+------------+-------------------+---------+---------+----------+----------+--------+----------+--------+
| | | | | | | | | | | | | |
+----------------------+----------+---------+---------+------------+-------------------+---------+---------+----------+----------+--------+----------+--------+
| | | | | | | | | | | | | |
+----------------------+----------+---------+---------+------------+-------------------+---------+---------+----------+----------+--------+----------+--------+
| | | 1,481 | 1,254 | 94 | 766 | -322 | 43 | 624 | 7,688 | 11,628 | 175 | 11,803 |
+----------------------+----------+---------+---------+------------+-------------------+---------+---------+----------+----------+--------+----------+--------+
| | | | | | | | | | | | | |
+----------------------+----------+---------+---------+------------+-------------------+---------+---------+----------+----------+--------+----------+--------+
| | | | | | | | | | | | | | | | | |
+------+-------+-------+----------+---------+----+----+----------+-+-------------------+---------+---------+----------+----------+--------+----------+--------+
Notes:
1. The calculation of basic earnings per share is based on the profit of
GBP925,000 (2008: GBP1,562,000) and on 14,546,000 weighted average ordinary
shares (2008: 14,546,000) in issue. The calculation of diluted earnings per
share is based on 14,588,000 (2008: 15,053,000) shares in issue.
2. The consideration receivable for the disposal of the operation has been
calculated as the total of the expected annual amounts receivable from the
purchaser discounted at an appropriate rate. The expected annual amounts
receivable are based on a percentage of the sales of the purchaser. The other
receivables of GBP858,000 included within total non-current assets in the
Statement of Financial Position is the long term receivable element of the
disposal. The utilisation of capital losses brought forward means that no
taxation is payable on the profit on disposal. There is no set termination date
for this agreement.
3. The cash and cash equivalents shown in the cashflow statement comprises
cash and cash equivalents
and bank overdrafts.
4. The financial information set out above has been prepared in accordance
with the recognition and measurement principles of IFRS as endorsed for use in
the European Union, using the accounting policies that were set out in the
Group's Financial Statements for the year ended 31 December 2008.
5. The financial information set out above does not constitute the company's
statutory accounts for 2008 or 2009. Statutory accounts for the year 31 December
2008 have been reported on by the Independent Auditors. The Independent
Auditors' Report on the Annual Report and Financial Statements for 2008 was
unqualified, did not draw attention to any matters by way of emphasis, and did
not contain a statement under 237(2) or 237(3) of the Companies Act 1985.
Statutory accounts for the year ended 31 December 2008 have been filed with the
Registrar of Companies. The results for 2009 are unaudited. Statutory accounts
for the year ended 31 December 2009 will be finalised based on the information
presented in this announcement. The statutory accounts for the year ended 31
December 2009 will be delivered to the Registrar. The Auditors have consented
to the release of this preliminary statement.
This information is provided by RNS
The company news service from the London Stock Exchange
END
FR ZMGGDKVMGGZM
Norman Hay (LSE:HNN)
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Norman Hay (LSE:HNN)
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