TIDMMRG
RNS Number : 1880P
Mercury Recycling Group PLC
30 September 2011
MERCURY RECYCLING GROUP PLC
Interim Report for the period ending 30 June 2011
CHAIRMAN'S STATEMENT
The Group's unaudited results for the 6 months ended 30th June
2011 show sales of GBP1,371,821 with Operating Profits of
GBP76,972. These figures compare to GBP1,330,154 and GBP158,000
respectively for the same period in 2010. Included in these figures
were GBP72,000 of non-recurring costs as detailed below. The cash
position remains strong at GBP422,524.
The volume of lamps recycled was reasonable, but price reduction
has had an effect. More important has been the expenditure to
prepare the premises (GBP34,000) for the new battery business. This
has saved much larger capital expenditure which would otherwise
have been required for new premises. In addition legal costs and
aborted acquisition costs accounted for a further GBP38,000.
The Department for Business Innovation and Skills (BIS), has
advised that the position is likely to change considerably in the
lamp recycling industry when the 'recast' Waste Electrical and
Electronic Equipment Directive (WEEE Directive) is implemented in
the UK (probably 2013). We have been assured that in addition to
transposing the new European Directive into UK legislation, it will
provide an opportunity for BIS to consider ways in which the
current requirements can be improved, and made fairer for all
involved. During 2012 we will be able to participate in the full
consultation of that process. This should ensure major changes and
a substantial increase in lamps recycled.
The second half of 2011 is difficult to predict, but the battery
business should be up and running strongly by the last quarter. We
already have orders in place, and this should help to offset any
reduced revenue for lamp recycling. We are also making major
savings to overheads in the second half of the year.
As I have mentioned previously, we have been exploring potential
projects in the Natural Resources field. We now hope to be able to
make an announcement shortly.
Prospects for 2012 for the moment remain uncertain on the lamp
recycling side, I am optimistic that the major expansion into
battery recycling, will broaden our business base and revenue
streams. Thereafter, the major European change in lamp recycling
under the new Re-cast Directive will ensure much higher levels of
recycling, and should substantially improve that side of our
business.
Once again I would like to thank all our staff for their
contribution and diligence during the last year.
The Rt Hon The Lord Barnett JP PC
Chairman
CONSOLIDATED INCOME STATEMENT
FOR THE PERIOD ENDED 30 JUNE 2011
6 Months 6 Months Year
ended ended ended
30.6.11 30.6.10 31.12.10
GBP'000 GBP'000 GBP'000
Revenue 1,372 1,330 2,668
Cost of sales (70) (109) (137)
Gross profit 1,302 1,221 2,531
Administrative
expenses (1,225) (1,063) (2,251)
Operating profit 77 158 280
Finance costs (2) (4) (7)
Profit before
taxation 75 154 273
Tax 13 (40) (13)
Profit for the
period 88 114 260
Earnings per share Basic (pence) 0.25p 0.34p 0.75p
:
Diluted 0.24p 0.33p 0.75p
(pence)
CONSOLIDATED STATEMENT OF COMPRENSIVE INCOME
FOR THE PERIOD ENDED 30 JUNE 2011
GBP'000 GBP'000 GBP'000
Profit for the period 88 114 260
Other comprehensive income
for the period - - -
Total comprehensive income
for the period 88 114 260
CONSOLIDATED BALANCE SHEET
AS AT 30 JUNE 2011
As at As at As at
30.6.11 30.6.10 31.12.10
GBP'000 GBP'000 GBP'000
Non-current assets
Goodwill 4,122 4,122 4,122
Property, plant and
equipment 1,445 1,513 1,495
5,567 5,635 5,617
Current assets
Trade and other receivables 525 511 441
Cash and cash equivalents 436 82 412
961 593 853
Total assets 6,528 6,228 6,470
Current liabilities
Trade and other payables (298) (281) (270)
Bank overdrafts and
loans (77) (103) (86)
Current tax liabilities (37) (58) (35)
(412) (442) (391)
Non-current liabilities
Trade and other payables (30) (39) (33)
Bank loans (123) (192) (155)
Deferred tax liabilities (124) (168) (140)
(277) (399) (328)
Total liabilities (689) (841) (719)
Net assets 5,839 5,387 5,751
Equity
Share capital 3,583 3,403 3,583
Share premium 235 242 235
Other reserves 386 365 386
Retained earnings
reserve 1,635 1,377 1,547
Total equity 5,839 5,387 5,751
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 30 JUNE 2011
Share Share Other Retained Total
Capital Premium Reserves Earnings Equity
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Balance at 1 January
2010 3,403 242 365 1,263 5,273
Profit for the period - - - 114 114
Balance at 30 June
2010 3,403 242 365 1,377 5,387
Balance at 1 January
2010 3,403 242 365 1,263 5,273
Profit for the year - - - 260 260
Warrants issued - - 21 - 21
Issue of share capital 180 (7) - - 173
Credit to equity
for equity-settled - - - 24 24
share based payments
Balance at 31 December
2010 3,583 235 386 1,547 5,751
Balance at 1 January
2011 3,583 235 386 1,547 5,751
Profit for the period - - - 88 88
Balance at 30 June
2011 3,583 235 386 1,635 5,839
CONSOLIDATED CASH FLOW STATEMENT
FOR THE PERIOD ENDED 30 JUNE 2011
6 Months 6 Months Year
ended ended ended
30.6.11 30.6.10 31.12.10
GBP'000 GBP'000 GBP'000
Net cash from operating activities 146 271 567
Investing activities
Purchases of plant and equipment (88) (121) (229)
Net cash used in investing activities (88) (121) (229)
Financing activities
Proceeds on issue of shares - - 194
Repayment of loans (34) (34) (66)
Net cash (used)/generated in financing
activities (34) (34) 128
Net increase in cash and cash
equivalents 24 116 466
Cash and cash equivalents at the
beginning of period 396 (70) (70)
Cash and cash equivalents at end
of period 420 46 396
Note to the cash flow statement
Operating profit 77 158 280
Depreciation on plant and equipment 138 117 241
Decrease in deferred income (5) (5) (9)
Share based payment expense - - 24
Loss on disposal of plant and equipment - - 1
Operating cash flows before movements
in working capital 210 270 537
Movement in receivables (84) (30) 40
Movement in payables 22 35 21
Cash generated by operations 148 275 598
Interest paid (2) (4) (7)
Tax paid - - (24)
Net cash from operating activities 146 271 567
NOTES TO CONSOLIDATED ACCOUNTS FOR THE PERIOD ENDED 30 JUNE
2011
1. Basis of preparation and accounting policies
The results for the six months to 30 June 2011 have been
prepared under International Financial Reporting Standards (IFRS)
as adopted by the EU and International Accounting Standards
Board.
The accounting policies applied are consistent with those of the
annual financial statements for the year ended 31 December 2010, as
described in those financial statements.
The financial information does not constitute statutory accounts
as defined by section 435 of the Companies Act 2006. Full accounts
of the company for the year ended 31 December 2010 on which the
Auditors gave an unqualified report, have been delivered to the
Registrar of Companies.
2. Earnings per share
The calculation of basic and diluted earnings per share is based
upon the profit for the period and the weighted average number of
shares in issue during the period.
Year
6 months 6 months to
to 30.6.11 to 30.6.10 31.12.10
'000 '000 '000
Weighted average number of
shares 35,827 34,026 34,510
Options - dilution 104 55 117
35,931 34,081 34,627
Year
6 months 6 months to
to 30.6.11 to 30.6.10 31.12.10
pence pence pence
Basic earnings per share 0.25 0.34 0.75
Diluted earnings per share 0.24 0.33 0.75
Under IAS 33, the share warrants in issue at the period end were
not considered diluting as the market based vesting conditions of
the warrants had not been met at the period end.
3. Copies of report
Copies of this interim statement will be despatched to
shareholders and will be available to the public at the Registered
Office, Mercury House, 17 Commerce Way, Trafford Park, Manchester,
M17 1HW.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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