Half Yearly Report
09 3월 2009 - 4:00PM
UK Regulatory
TIDMISPT
RNS Number : 4877O
Inspectron Holdings PLC
09 March 2009
9 March 2009
Inspectron Holdings plc ('Inspectron' or the 'Company')
Interim Results for the Six Months Ended 31 January 2009
I am pleased to report that the first half results continue to show a profit.
Management has concentrated on searching for and fulfilling new business,
primarily connected with production of electronic passports and security print
verification. This type of activity offers high gross margins, the highest
calibre of customers in the world and a good ongoing revenue stream as a result
of support contract income.
The result for the first half of this year shows a profit on operations of
c.GBP70,000 (2008: c.GBP67,000). Turnover for operations increased 14% to GBP1.4
million (2008: GBP1.2 million). Earnings per share were 0.60 pence (2008: 0.44
pence). Cash was GBP771,000 at 31 January 2009 (2008: GBP222,000), and net
assets were GBP96,000 (2008: GBP211,000 net liabilities). A large proportion of
our cash holdings are on deposit in the US. The significant change in the
pound/dollar rate since July 31 last year has flattered the balance sheet, as
this is reported in Sterling.
The Board does not propose the payment of an interim dividend.
Operational Review
Business for the first half year to January 31, 2009 has continued much as
expected. The primary activity on the e-passport side has been completion of one
contract in Korea and continued work on another in Africa. We are also near
completion of an existing order in the US. Significantly, we have won two new
contracts in Europe, which require us to install our tracking and Sentinel
solutions on to a variety of new e-passport making machines from different
manufacturers. This will broaden our experience and expand the target range for
future sales.
In November, we exhibited at the Graph Expo and Cartes exhibitions in Chicago
and Paris, respectively. Although both were less well attended than last year,
we are pleased with our own visitor response, from which one new project is
already progressing with a major US printing company. Our main focus at these
exhibitions is to identify and strengthen new strategic partnerships for all our
solutions.
On the high speed camera and MagVision side, we continue to demonstrate new
applications. Our contract support income is holding up well, and cash flow
continues to be on plan.
Current Trading
Ongoing projects, orders in hand and deals currently in negotiation lead us to
expect a satisfactory outcome for the rest of this year. Anecdotal evidence from
some of our peers suggests that business is being at best delayed, although,
with our own focus on security printing applications, we continue to see
attractive business opportunities.
The major components of our business expenses are salaries and travel. We have
made modest reductions to our payroll, and have always maintained a tight
control of expenses.
We continue to invest in marketing and new research and development, since these
are the lifeblood of our business.
Future Prospects
Our current business dynamics, type of customer, route to market and margin on
sales, have shown to hold up well in the past. In the current difficult economic
climate, we intend to continue with our existing operations, where we will
target winning new e-passport projects and the more specialist document tracking
requirements in security printing. To this end, we are aware of multiple new
tenders for such equipment around the world, which, together with our expanding
list of partners, we will aggressively pursue. By maintaining a close
relationship with all our customers, we become aware of new projects, which
guide our decisions on risk developments and speculative marketing activities.
Allan Harle
Chairman
Enquiries:
Allan Harle, Inspectron 01625 828407
Pascal Keane, Shore Capital 020 7408 4090
CONSOLIDATED INCOME STATEMENT
For the six months ended 31 January 2009
+------------------------------------------+------------+-+-----------+-+----------+
| | Unaudited | | Unaudited | | Audited |
| | Six months | | Six | | Year |
| | to | | months to | | Ended |
+------------------------------------------+------------+-+-----------+-+----------+
| | 31 January | | 31 | | 31 July |
| | | | January | | |
+------------------------------------------+------------+-+-----------+-+----------+
| | 2009 | | 2008 | | 2008 |
+------------------------------------------+------------+-+-----------+-+----------+
| | | | | | |
+------------------------------------------+------------+-+-----------+-+----------+
| | GBP'000 | | GBP'000 | | GBP'000 |
+------------------------------------------+------------+-+-----------+-+----------+
| | | | | | |
+------------------------------------------+------------+-+-----------+-+----------+
| Revenue | 1,389 | | 1,218 | | 2,587 |
+------------------------------------------+------------+-+-----------+-+----------+
| Cost of sales | (542) | | (377) | | (1,126) |
+------------------------------------------+------------+-+-----------+-+----------+
| Gross profit | 847 | | 841 | | 1,461 |
+------------------------------------------+------------+-+-----------+-+----------+
| | | | | | |
+------------------------------------------+------------+-+-----------+-+----------+
| Operating expenses | | | | | |
+------------------------------------------+------------+-+-----------+-+----------+
| Distribution costs | (60) | | (3) | | (46) |
+------------------------------------------+------------+-+-----------+-+----------+
| Administrative expenses | (717) | | (771) | | (1,262) |
+------------------------------------------+------------+-+-----------+-+----------+
| Operating profit (loss) | 70 | | 67 | | 153 |
+------------------------------------------+------------+-+-----------+-+----------+
| Interest receivable | 5 | | 2 | | 5 |
+------------------------------------------+------------+-+-----------+-+----------+
| Interest payable and similar charges | (4) | | (15) | | (27) |
+------------------------------------------+------------+-+-----------+-+----------+
| Profit (Loss) on ordinary activities | 71 | | 53 | | 131 |
| before exceptional item | | | | | |
+------------------------------------------+------------+-+-----------+-+----------+
| Exceptional item | - | | - | | - |
+------------------------------------------+------------+-+-----------+-+----------+
| | 71 | | 53 | | 131 |
+------------------------------------------+------------+-+-----------+-+----------+
| (Taxation)/Income Tax Credit | - | | - | | 62 |
+------------------------------------------+------------+-+-----------+-+----------+
| Profit (Loss) on ordinary activities | 71 | | 53 | | 193 |
| after taxation | | | | | |
+------------------------------------------+------------+-+-----------+-+----------+
| Attributable to equity holders of the | 71 | | 53 | | 193 |
| company | | | | | |
+------------------------------------------+------------+-+-----------+-+----------+
| | | | | | |
+------------------------------------------+------------+-+-----------+-+----------+
| Profit (loss) per share attributable to | | | | | |
| the equity holders of the company during | | | | | |
| the period | | | | | |
+------------------------------------------+------------+-+-----------+-+----------+
| Basic and diluted earnings (losses) per | .60p | | .44p | | 1.62p |
| share | | | | | |
+------------------------------------------+------------+-+-----------+-+----------+
| | | | | | |
+------------------------------------------+------------+-+-----------+-+----------+
CONSOLIDATED BALANCE SHEET
As at 31 January 2009
+-----------------------------+-+---------------+-+------------+-+---------------+
| | | Unaudited | | Unaudited | | |
| | | Six months | | Six months | | Audited |
| | | ended | | ended | | Year |
| | | 31 January | | 31 | | ended |
| | | 2009 | | January | | 31 July |
| | | | | 2008 | | 2008 |
| | | | | | | |
+-----------------------------+-+---------------+-+------------+-+---------------+
| | | GBP'000 | | GBP'000 | | GBP'000 |
+-----------------------------+-+---------------+-+------------+-+---------------+
| Assets | | | | | | |
| Non current assets | | | | | | |
+-----------------------------+-+---------------+-+------------+-+---------------+
| Goodwill | | 53 | | 43 | | 41 |
+-----------------------------+-+---------------+-+------------+-+---------------+
| Property, plant and | | 317 | | 322 | | 319 |
| equipment | | | | | | |
+-----------------------------+-+---------------+-+------------+-+---------------+
| | | 370 | | 365 | | 360 |
+-----------------------------+-+---------------+-+------------+-+---------------+
| Current Assets | | | | | | |
+-----------------------------+-+---------------+-+------------+-+---------------+
| Inventories | | 101 | | 31 | | 42 |
+-----------------------------+-+---------------+-+------------+-+---------------+
| Trade and other receivables | | 469 | | 521 | | 220 |
+-----------------------------+-+---------------+-+------------+-+---------------+
| Cash and cash equivalents | | 771 | | 222 | | 547 |
+-----------------------------+-+---------------+-+------------+-+---------------+
| | | 1,341 | | 774 | | 809 |
+-----------------------------+-+---------------+-+------------+-+---------------+
| | | | | | | |
+-----------------------------+-+---------------+-+------------+-+---------------+
| Total Assets | | 1,711 | | 1,139 | | 1,169 |
+-----------------------------+-+---------------+-+------------+-+---------------+
| | | | | | | |
+-----------------------------+-+---------------+-+------------+-+---------------+
| Equity | | | | | | |
+-----------------------------+-+---------------+-+------------+-+---------------+
| Share capital | | 119 | | 119 | | 119 |
+-----------------------------+-+---------------+-+------------+-+---------------+
| Share premium account | | 1,248 | | 1,248 | | 1,248 |
+-----------------------------+-+---------------+-+------------+-+---------------+
| Merger reserves | | 712 | | 712 | | 712 |
+-----------------------------+-+---------------+-+------------+-+---------------+
| Revaluation reserves | | 366 | | 366 | | 366 |
+-----------------------------+-+---------------+-+------------+-+---------------+
| Capital redemption reserve | | 5 | | 5 | | 5 |
+-----------------------------+-+---------------+-+------------+-+---------------+
| Retained earnings | | (2,354) | | (2,661) | | (2,521) |
+-----------------------------+-+---------------+-+------------+-+---------------+
| | | | | | | |
+-----------------------------+-+---------------+-+------------+-+---------------+
| Total equity | | 96 | | (211) | | (71) |
+-----------------------------+-+---------------+-+------------+-+---------------+
| | | | | | | |
| Liabilities | | | | | | |
+-----------------------------+-+---------------+-+------------+-+---------------+
| Current liabilities | | | | | | |
+-----------------------------+-+---------------+-+------------+-+---------------+
| Trade and other payables | | 1,615 | | 1,350 | | 1,240 |
+-----------------------------+-+---------------+-+------------+-+---------------+
| | | | | | | |
+-----------------------------+-+---------------+-+------------+-+---------------+
| Total Liabilities | | 1,615 | | 1,350 | | 1,240 |
+-----------------------------+-+---------------+-+------------+-+---------------+
| | | | | | | |
+-----------------------------+-+---------------+-+------------+-+---------------+
| Total equity and | | 1,711 | | 1,139 | | 1,169 |
| liabilities | | | | | | |
+-----------------------------+-+---------------+-+------------+-+---------------+
CONSOLIDATED INTERIM CASH FLOW STATEMENT
For the six months ended 31 January 2009
+-------------------------------+-+-----------+-+-----------+-+-------------+
| | | Unaudited | | Unaudited | | |
| | | Six | | Six | | Audited |
| | | months | | months | | Year ended |
| | | ended | | ended | | 31 July |
| | | 31 | | 31 | | 2008 |
| | | January | | January | | |
| | | 2009 | | 2008 | | |
+-------------------------------+-+-----------+-+-----------+-+-------------+
| | | GBP'000 | | GBP'000 | | GBP'000 |
+-------------------------------+-+-----------+-+-----------+-+-------------+
| | | | | | | |
+-------------------------------+-+-----------+-+-----------+-+-------------+
| Cash flow from operating | | (149) | | 210 | | 834 |
| activities | | | | | | |
+-------------------------------+-+-----------+-+-----------+-+-------------+
| | | | | | | |
+-------------------------------+-+-----------+-+-----------+-+-------------+
| Cash flows from investing | | | | | | |
| activities | | | | | | |
+-------------------------------+-+-----------+-+-----------+-+-------------+
| Interest received | | 5 | | 2 | | 5 |
+-------------------------------+-+-----------+-+-----------+-+-------------+
| Interest paid | | - | | - | | - |
+-------------------------------+-+-----------+-+-----------+-+-------------+
| Proceeds on disposal of | | - | | - | | 3 |
| property, plant and equipment | | | | | | |
+-------------------------------+-+-----------+-+-----------+-+-------------+
| Purchase of property, plant | | (5) | | (4) | | (15) |
| and equipment | | | | | | |
+-------------------------------+-+-----------+-+-----------+-+-------------+
| Net cash generated from | | - | | (2) | | (7) |
| investing activities | | | | | | |
+-------------------------------+-+-----------+-+-----------+-+-------------+
| Net increase in cash and cash | | (149) | | 208 | | 827 |
| equivalents | | | | | | |
+-------------------------------+-+-----------+-+-----------+-+-------------+
| Foreign translation | | 211 | | - | | - |
| difference | | | | | | |
+-------------------------------+-+-----------+-+-----------+-+-------------+
| Cash and cash equivalents at | | 504 | | (323) | | (323) |
| the beginning of the period | | | | | | |
+-------------------------------+-+-----------+-+-----------+-+-------------+
| | | | | | | |
+-------------------------------+-+-----------+-+-----------+-+-------------+
| Cash and cash equivalents at | | 566 | | (115) | | 504 |
| the end of the period | | | | | | |
+-------------------------------+-+-----------+-+-----------+-+-------------+
| | | | | | | |
+-------------------------------+-+-----------+-+-----------+-+-------------+
| Cash at bank and in hand | | 771 | | 222 | | 547 |
+-------------------------------+-+-----------+-+-----------+-+-------------+
| Bank overdraft | | (205) | | (337) | | (43) |
+-------------------------------+-+-----------+-+-----------+-+-------------+
| Cash and cash equivalents at | | 566 | | (115) | | 504 |
| the end of the period | | | | | | |
+-------------------------------+-+-----------+-+-----------+-+-------------+
Bank overdraft of GBP205,000 is included in trade and other payables of
GBP1,615,000 in the balance sheet.
CONSOLIDATED INTERIM STATEMENT OF CHANGES IN EQUITY
For the six months ended 31 January 2009
+-----------+---------+---------+----------+-------------+------------+----------+--------+
| | | | | | Capital | | |
| | Share | Share | Merger | Revaluation | Redemption | Retained | Total |
| | Capital | Premium | Reserves | Reserve | Reserve | Earnings | |
| | | | | | | | Equity |
+-----------+---------+---------+----------+-------------+------------+----------+--------+
| Balance | | | | | | | |
| at 31 | | | | | | | |
| July 2008 | 119 | 1,248 | 712 | 366 | 5 | (2,521) | (71) |
+-----------+---------+---------+----------+-------------+------------+----------+--------+
| Profit | | | | | | 71 | 71 |
| for the | | | | | | | |
| period | | | | | | | |
+-----------+---------+---------+----------+-------------+------------+----------+--------+
| Exchange | | | | | | 96 | 96 |
| gain | | | | | | | |
+-----------+---------+---------+----------+-------------+------------+----------+--------+
| Movement | | | | | | | |
| in share | - | - | - | - | - | - | - |
| capital | | | | | | | |
+-----------+---------+---------+----------+-------------+------------+----------+--------+
| Balance | | | | | | | |
| at 31 | | | | | | | |
| January | | | | | | | |
| 2009 | 119 | 1,248 | 712 | 366 | 5 | (2,354) | 96 |
+-----------+---------+---------+----------+-------------+------------+----------+--------+
ACCOUNTING POLICIES
The significant accounting policies, which have been consistently
applied in preparing the
financial statements are as follows:
1 BASIS OF PREPARATION
The financial information set out in the interim report does not
constitute statutory accounts as defined in section 240 of the Companies Act
1985. The Group's statutory financial statements for the year ended 31 July 2008
prepared under the requirements of International Financial Reporting Standards
as adopted by the European Union, IFRIC interpretations and the Companies Act
1985, have been filed with the Registrar of Companies. The auditor's report on
those financial statements was unqualified and did not contain a statement under
Section 237(2) of the Companies Act 1985.
These interim financial statements are for the six months ended 31
January 2009. They do not include all of the information required for full
annual financial statements, and should be read in conjunction with the
consolidated financial statements for the year ended 31 July 2008.
These interim financial statements have been prepared under the
historical cost convention.
These interim financial statements have been prepared in accordance with
the accounting policies set out in the most recently available public
information, which are based on the recognition and measurement principles of
IFRS in issue as adopted by the European Union (EU).
Inspectron Holdings plc's consolidated financial statements were
prepared in accordance with United Kingdom Accounting Standards (United Kingdom
Generally Accepted Accounting Practice) until 31 July 2007. The date of
transition to IFRS was 1 August 2008. The disclosures required by IFRS 1
concerning the transition from UK GAAP to IFRS are explained in note 5.
The accounting policies have been applied consistently throughout the
Group for the purposes of preparation of these interim financial statements.
BASIS OF CONSOLIDATION
The financial statements consolidate the results, cash flows and assets
and liabilities of the company and its wholly owned subsidiary undertakings.
2 TAXATION
Taxation charged for the period ended 31 January 2009 is calculated by applying
the directors' best estimate of the annual tax rate to the result for the
period.
3 SHARE CAPITAL
As at 31 January 2009, the company had an authorised share capital of 15,000,000
ordinary shares of 1p each, of which 11,890,904 had been issued and were fully
paid.
4 EARNINGS PER ORDINARY SHARE
The earnings per ordinary share have been calculated using the profit
for the period and the weighted average number of ordinary shares in issue
during the period as follows:
+-------------------------------------+-+------------+--------------------+
| | | | Six months to |
| | | | 31 January |
| | | | 2009 |
+-------------------------------------+-+------------+--------------------+
| | | | GBP'000 |
+-------------------------------------+-+------------+--------------------+
| Profit for the period after | | | 71 |
| taxation | | | |
+-------------------------------------+-+------------+--------------------+
| | | | |
+-------------------------------------+-+------------+--------------------+
| | | | Number |
+-------------------------------------+-+------------+--------------------+
| Basic weighted average of ordinary | | | 11,890,904 |
| shares of 1p each | | | |
+-------------------------------------+-+------------+--------------------+
| | | | |
+-------------------------------------+-+------------+--------------------+
| | | | Profit per |
| | | | share |
+-------------------------------------+-+------------+--------------------+
| Basic earnings (pence per share) | | | .60 |
| | | | |
+-------------------------------------+-+------------+--------------------+
The basic earnings per share are calculated on the weighted average
number of shares in issue during the period.
The share option schemes have expired and hence the basic and diluted profits
per share calculations are the same this year.
5 EXPLANATION OF TRANSITION TO IFRS
As stated in the basis of preparation, these are the Group's first condensed
consolidated interim financial statements for part of the period covered by the
first IFRS annual consolidated financial statements prepared in accordance with
IFRS.
An explanation of how the transition from UK GAAP to IFRS has affected the
Group's financial position, financial performance and cash flows is set out
below.
Explanation of material adjustments to the cash flow statement:
Changes to the cashflow statement previously reported under UK GAAP are mainly
presentational. For the purpose of the cashflow statement, cash and cash
equivalents comprise cash on hand less overdrafts.
There have been no changes to the figures in the cashflow statement due to the
transition to IFRS.
Explanation of reconciliation from UK GAAP to IFRS for the balance sheet and
income statement:
The adoption of IFRS by the Group has resulted in some reordering of the
presentation of certain balances within both the income statement and balance
sheet.
There have been no changes to the figures in the balance sheet and income
statement due to the transition to IFRS.
6 COPIES OF THE INTERIM REPORT
Copies of the interim report will be sent to shareholders and are available at
the company's registered office: Apex House, West End, Frome, Somerset, BA11 3AS
and at the company's website at www.inspectron.com.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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