TIDMRTS
RNS Number : 9300X
Robotic Technology Systems PLC
25 August 2009
Robotic Technology Systems PLC
Interim Results for the six months ended 30 June 2009
RTS is a high technology business supplying engineering solutions, products and
integrated systems to automate scientific and industrial processes. RTS today
announces its interim results for the six months ended 30 June 2009.
+----------------------+---------+------------+-------+----------------------+----------------------+
| | 6 months ended | 6 months ended | 12 months ended |
| | 30 June 2009 | 30 June 2008 | 31 December 2008GBPM |
| | GBPM | GBPM | |
+----------------------+------------------------------+----------------------+----------------------+
| Revenue | 5.5 | 4.6 | 10.5 |
| | | | |
+----------------------+------------------------------+----------------------+----------------------+
| Operating loss | (0.2) | (1.1) | (0.7) |
| before "exceptional" | | | |
| items | | | |
| | | | |
+----------------------+------------------------------+----------------------+----------------------+
| "Exceptional" items | (0.1)* | (1.1) | (5.6) |
+----------------------+------------------------------+----------------------+----------------------+
| Net finance Income | 0.2 | 0.3 | 1.5 |
+----------------------+------------------------------+----------------------+----------------------+
| Loss before taxation | (0.1) | (1.7) | (4.8) |
+----------------------+------------------------------+----------------------+----------------------+
| Profit/(loss) after | 0.0 | (1.8) | (4.5) |
| taxation | | | |
| | | | |
+----------------------+------------------------------+----------------------+----------------------+
| Profit/(loss) per | 0.02 p | (2.90)p | (7.20)p |
| share | | | |
+----------------------+------------------------------+----------------------+----------------------+
| Cash and cash | 3.0 | 2.9 | 2.8 |
| equivalents | | | |
+----------------------+------------------------------+----------------------+----------------------+
| | | | |
+----------------------+---------+------------+-------+----------------------+----------------------+
* The breakdown of "exceptional" items can be found in note 3
KEY POINTS
* RTS Group improved operational performance continued in the first half of 2009,
driven by a significant improvement in the RTS Life Science business.
* The balance sheet remains strong with a closing cash balance of GBP3.0m (2008
year end: GBP2.8m). We continued to receive loan note repayments of GBP0.2m in
the period, in line with the latest agreement with Doerfer.
* The Group order book at GBP5.0m has increased by 14% from the balance at the
half year in 2008.
* The Board declares a payment of a special interim dividend of 1 pence per share
to those shareholders on the register at the close of business on 4 September
2009. This takes the total dividends paid over the last two years to 5 pence per
share illustrating the Board's commitment to return excess funds to
shareholders.
* The Board remains in talks, as previously announced, that may or may not lead to
an offer for the Company. There is no certainty that the talks will result in
an offer for the Company. The Board will notify shareholders on progress in due
course.
Chris Brown, Chairman of RTS, said:
"Despite difficult market conditions I am pleased to report that the Group's
improved performance continued in the first half. With both businesses now
operating with a lower cost base and with strategies clearly focused on lower
risk work in higher growth areas, the Board is confident that this positive
trend can be maintained.
"We are therefore declaring a special interim dividend of 1 pence per share.
This takes the total dividends paid over the last two years to 5 pence per share
illustrating the Board's commitment to return excess funds to shareholders."
25 August 2009
Enquiries:
+----------------------------------------+----------------------------------+
| Robotic Technology Systems PLC | Tel: 0161 777 2000 |
+----------------------------------------+----------------------------------+
| Chris Brown, Chairman | |
+----------------------------------------+----------------------------------+
| Jon Sharrock, Finance Director | |
+----------------------------------------+----------------------------------+
| | |
+----------------------------------------+----------------------------------+
| College Hill | Tel: 020 7457 2020 |
+----------------------------------------+----------------------------------+
| Matthew Smallwood | |
+----------------------------------------+----------------------------------+
| Jamie Ramsay | |
+----------------------------------------+----------------------------------+
| Collins Stewart Europe Limited | Tel: 020 7523 8350 |
+----------------------------------------+----------------------------------+
| Stewart Wallace | |
| Owen Price | |
+----------------------------------------+----------------------------------+
Chairman's statement
Overview
With revenue growth in the Life Science business and cost reductions made at the
end of 2008 the RTS Group continued its operational improvement in the first
half of 2009.
RTS Life Science had a 70% increase in turnover compared to the same period in
2008, and combined with a reduced cost base it reversed the 2008 first half
operating loss (before "exceptional" items) of GBP0.6m to record an operating
profit of GBP0.3m in the period. The business is benefiting from a closing half
year order book 38% higher than at the same point last year and a strengthening
prospect list.
In RTS Flexible Systems the weak market conditions contributed to a 39% fall in
revenues compared to the first half of the year 2008, although cost savings made
in 2008 have mitigated some of this effect resulting in an operating loss
(before "exceptional" items) for the first half of GBP0.3m, marginally below the
prior year. However, the business expects to improve its order intake in the
second half of the year.
The balance sheet remains strong with a closing cash balance of GBP3.0m (2008
year end: GBP2.8m). We continued to receive loan note re-payments of GBP0.2m in
the period, in line with the latest agreed payment schedule.
In accordance with our policy of returning surplus cash to shareholders, the
Directors declare the payment of a special interim dividend of 1 pence per
share.
The Board remains in talks, as previously announced, that may or may not lead to
an offer for the Company. There is no certainty that the talks will result in
an offer for the Company. As a result, the Company has adopted the Disclosure
and Transparency Rules ("DTR") for these interim financial statements, in line
with the requirements of the Takeover Panel. The Board will notify shareholders
on progress in due course.
Operating Review
RTS Life Science
With a strong performance from our service and support business unit, and
consistent project delivery, RTS Life Science successfully converted the large
opening order book into a positive operational performance in the period.
Our market entry strategy into the growing biobanking market continues with
additional sales of two units of our high end Automated Blood Fractionation
instrument (ABF500). These units will be deployed at leading US and European
institutions who are at the forefront of the biobanking market and will serve as
excellent additional reference sites.
In addition, using the same technology platform we have secured a significant
order with a major biobank to process saliva and stabilised blood. This
demonstrates the versatility of the product, and potentially opens up a wider
market for us.
In the automated storage business we continue to develop innovative solutions to
meet our customers' changing needs. In collaboration with four major
pharmaceutical companies we commenced work on a new instrument that analyses and
reports valuable Quality Control ("QC") data on the contents of stored samples
as they are removed from a controlled storage environment. We are confident that
this new product will be a successful addition to our growing list of
storage-related solutions.
Our Drug Delivery business unit continues to increase its share of the inhaler
automation market with multiple new sales of the "Walkaway" range. In addition,
we are progressing with our tablet testing product range, and although market
penetration has been slower than we anticipated, we are confident that the
allocation of additional sales resource at the end of the period will accelerate
the sales growth of this product line.
RTS Flexible Systems
In RTS Flexible Systems the current market conditions have depressed order
intake and led to a disappointing operational performance in the first half of
the year. However, against this background we successfully completed a major
order for the packing of poppadums, and continued to expand the use of our
innovative vision-based technology in the food industry, securing an order for
case packing of pasta pots which we are confident will lead to repeat
opportunities. The planned growth from our service and support division is on
track with the launch of "24-7" telephone support in the period proving very
popular. Opportunities for control systems are developing and we will give this
area further emphasis in the second half of the year.
The unique set of skills of the Flexible System business continues to provide
opportunities across a range of industries, and we are currently working on a
number of prospects that we believe will convert into orders in the second half
of the year.
Financial Review
Group turnover increased to GBP5.5m (2008: GBP4.6m). The higher sales level was
primarily driven by an increase in RTS Life Science revenues to GBP4.2m (2008:
GBP2.4m).
Gross margins increased to 35.1% (2008: 22.3%), due primarily to improved
project performance.
This led to a reduced operating loss (before "exceptional" items) of GBP0.2m
(2008: GBP1.1m loss).
The "exceptional" expense of GBP0.1m (2008: GBP1.1m) predominantly related to
the ongoing dispute with a former customer in the Flexible Systems business. We
are not expecting a resolution to this matter until 2010, but the management of
the business remains confident in a successful outcome to the claim.
Net Financial Income for the Group includes GBP0.2m interest repayments relating
to the Doerfer loan notes. Although we are encouraged by these payments, which
are in line with the current deferral agreement, we will continue to hold the
loan notes at a zero book value against a contractual value of GBP4.3m.
The taxation credit of GBP0.1m related to a research and development claim in
the Life Science business for the 2008 financial year, this led to a break even
position after tax for the group (six month ended 30 June 2008: loss after
taxation of GBP1.8m).
The net cash balance increased to GBP3.0m (31 December 2008: GBP2.8m). With
neutral operational cash flow, the increase can be attributed to the loan note
repayments.
The Group reported in its Annual Report for the period ended 31 December 2008
that its activities expose it to a number of operational and financial risks.
These principal risks, as set out in the Directors' Report, remain unchanged at
the date of the interim report.
The principal risks are: managing economic conditions, delivery of complex
projects, cost management, working capital management, financial risks, the
dispute with a former customer in RTS Flexible Systems and competitor activity.
Outlook
RTS Life Science enters the second half of 2009 with a reduced cost base and an
order book that is 38% higher than at the corresponding period last year.
Despite a weak trading environment in RTS Flexible Systems, we anticipate that a
stronger prospect list will convert into an improved order book at the end of
the year.
We expect the Group's strong net cash position to continue in the second half of
2009, through both the improving performance of the operating businesses, and
further receipts from the Doerfer loan notes. It continues to be the Board's
intention to return surplus cash to shareholders, whilst retaining sufficient
money in the business to take advantage of opportunities to enhance shareholder
value.
Chris Brown, Chairman
24 August 2009
Responsibility Statement:
The Directors accept responsibility for the information contained in this
announcement. To the best of the knowledge and belief of the Directors (who
have taken all reasonable care to ensure that such is the case), the information
contained in this announcement for which they are responsible is in accordance
with the facts and does not omit anything likely to affect the import of such
information.
The Directors confirm that, to the best of their knowledge:
* The interim set of financial statements has been prepared in accordance with IAS
34 'Interim Financial Reporting', as adopted by the EU; and
* The interim management report includes a fair view of the information required
by:
* DTR 4.2.7R of the Disclosure and Transparency Rules, being an indication of
important events that have occurred during the first six months of the financial
year and their impact on the interim set of financial statements; and a
description of the principal risks and uncertainties for the remaining six
months of the year; and
* DTR 4.2.8R of the Disclosure and Transparency Rules, being related party
transactions that have taken place in the first six months of the current
financial year and that have materially affected the financial performance of
the entity during that period; and any changes in the related party transactions
described in the last annual report that could do so.
The Directors of Robotic Technology Systems plc are listed on page 11 of the
Group's Annual Report for the year ended 31 December 2008.
By order of the Board
C Brown, Chairman
J S Sharrock, Group Finance Director
Condensed consolidated statement of comprehensive income
for the six months ended 30 June 2009
+---------------------------------------------------+-------+----------+----------+-----------+
| | | | | |
+---------------------------------------------------+-------+----------+----------+-----------+
| | | 6 months | 6 months | 12 months |
| | | | | |
+---------------------------------------------------+-------+----------+----------+-----------+
| | | ended | ended | ended |
+---------------------------------------------------+-------+----------+----------+-----------+
| | | 30 June | 30 June | 31 |
| | | | | December |
+---------------------------------------------------+-------+----------+----------+-----------+
| | | 2009 | 2008 | 2008 |
+---------------------------------------------------+-------+----------+----------+-----------+
| |Notes | GBP'000 | GBP'000 | GBP'000 |
+---------------------------------------------------+-------+----------+----------+-----------+
| Revenue | 2 | 5,461 | 4,563 | 10,475 |
+---------------------------------------------------+-------+----------+----------+-----------+
| Cost of sales | | (3,546) | (3,546) | (7,919) |
+---------------------------------------------------+-------+----------+----------+-----------+
| Gross profit | | 1,915 | 1,017 | 2,556 |
+---------------------------------------------------+-------+----------+----------+-----------+
| Distribution expenses | | (593) | (634) | (1,256) |
+---------------------------------------------------+-------+----------+----------+-----------+
| Administration expenses | | (1,682) | (2,532) | (7,725) |
+---------------------------------------------------+-------+----------+----------+-----------+
| Other operating income | | 33 | 32 | 102 |
+---------------------------------------------------+-------+----------+----------+-----------+
| Operating loss | | (327) | (2,117) | (6,323) |
+---------------------------------------------------+-------+----------+----------+-----------+
| Operating loss before exceptional items | | (184) | (1,051) | (743) |
+---------------------------------------------------+-------+----------+----------+-----------+
| Exceptional items included in administrative | 3 | (143) | (1,066) | (5,580) |
| expenses above | | | | |
+---------------------------------------------------+-------+----------+----------+-----------+
| Loss before interest and taxation | | (327) | (2,117) | (6,323) |
+---------------------------------------------------+-------+----------+----------+-----------+
| Financial income | | 193 | 381 | 1,620 |
+---------------------------------------------------+-------+----------+----------+-----------+
| Financial expenses | | - | (50) | (74) |
+---------------------------------------------------+-------+----------+----------+-----------+
| Net financing income | | 193 | 331 | 1,546 |
+---------------------------------------------------+-------+----------+----------+-----------+
| Loss before taxation | | (134) | (1,786) | (4,777) |
+---------------------------------------------------+-------+----------+----------+-----------+
| Taxation | | 143 | (20) | 286 |
+---------------------------------------------------+-------+----------+----------+-----------+
| Profit/(loss) for the period, all attributable to | | 9 | (1,806) | (4,491) |
| equity shareholders of the parent | | | | |
+---------------------------------------------------+-------+----------+----------+-----------+
| | | | | |
+---------------------------------------------------+-------+----------+----------+-----------+
| Other comprehensive income | | | | |
+---------------------------------------------------+-------+----------+----------+-----------+
| Other comprehensive income for the period | | - | - | - |
+---------------------------------------------------+-------+----------+----------+-----------+
| Total comprehensive income/(loss) for the period, | | 9 | (1,806) | (4,491) |
| all attributable to equity shareholders of the | | | | |
| parent | | | | |
+---------------------------------------------------+-------+----------+----------+-----------+
| | | | | |
+---------------------------------------------------+-------+----------+----------+-----------+
| Basic and diluted earnings/(loss) per share | 4 | 0.02p | (2.90)p | (7.20)p |
+---------------------------------------------------+-------+----------+----------+-----------+
Condensed consolidated statement of financial position
at 30 June 2009
+------------------------------------------------------+------------+-----------+----------+
| | 30 June | 30 June | 31 |
| | | | December |
+------------------------------------------------------+------------+-----------+----------+
| | 2009 | 2008 | 2008 |
+------------------------------------------------------+------------+-----------+----------+
| | GBP'000 | GBP'000 | GBP'000 |
+------------------------------------------------------+------------+-----------+----------+
| Non-current assets | | | |
+------------------------------------------------------+------------+-----------+----------+
| Property, plant and equipment | 691 | 729 | 680 |
+------------------------------------------------------+------------+-----------+----------+
| Intangible assets | 1,244 | 1,319 | 1,284 |
+------------------------------------------------------+------------+-----------+----------+
| Other receivables | - | 357 | - |
+------------------------------------------------------+------------+-----------+----------+
| Deferred tax asset | 371 | 371 | 371 |
+------------------------------------------------------+------------+-----------+----------+
| Total non-current assets | 2,306 | 2,776 | 2,335 |
+------------------------------------------------------+------------+-----------+----------+
| Current assets | | | |
+------------------------------------------------------+------------+-----------+----------+
| Inventories | 168 | 162 | 179 |
+------------------------------------------------------+------------+-----------+----------+
| Current tax receivable | 102 | - | 283 |
+------------------------------------------------------+------------+-----------+----------+
| Trade and other receivables | 3,422 | 6,008 | 5,718 |
+------------------------------------------------------+------------+-----------+----------+
| Cash and cash equivalents | 3,028 | 2,909 | 2,824 |
+------------------------------------------------------+------------+-----------+----------+
| Total current assets | 6,720 | 9,079 | 9,004 |
+------------------------------------------------------+------------+-----------+----------+
| Total assets | 9,026 | 11,855 | 11,339 |
+------------------------------------------------------+------------+-----------+----------+
| Current liabilities | | | |
+------------------------------------------------------+------------+-----------+----------+
| Trade and other payables | (4,211) | (4,358) | (6,291) |
+------------------------------------------------------+------------+-----------+----------+
| Current tax payable | - | (17) | - |
+------------------------------------------------------+------------+-----------+----------+
| Total current liabilities | (4,211) | (4,375) | (6,291) |
+------------------------------------------------------+------------+-----------+----------+
| Non-current liabilities | | | |
+------------------------------------------------------+------------+-----------+----------+
| Other liabilities | (536) | (359) | (750) |
+------------------------------------------------------+------------+-----------+----------+
| Provisions | (411) | (640) | (472) |
+------------------------------------------------------+------------+-----------+----------+
| Total non-current liabilities | (947) | (999) | (1,222) |
+------------------------------------------------------+------------+-----------+----------+
| Total liabilities | (5,158) | (5,374) | (7,513) |
+------------------------------------------------------+------------+-----------+----------+
| Net assets | 3,868 | 6,481 | 3,826 |
+------------------------------------------------------+------------+-----------+----------+
| | | | |
+------------------------------------------------------+------------+-----------+----------+
| Equity | | | |
+------------------------------------------------------+------------+-----------+----------+
| Share capital | 623 | 623 | 623 |
+------------------------------------------------------+------------+-----------+----------+
| Share premium | 680 | 680 | 680 |
+------------------------------------------------------+------------+-----------+----------+
| Currency translation reserve | (126) | (127) | (126) |
+------------------------------------------------------+------------+-----------+----------+
| Retained earnings | 2,676 | 5,290 | 2,634 |
+------------------------------------------------------+------------+-----------+----------+
| Total equity attributable to equity shareholders | 3,853 | 6,466 | 3,811 |
+------------------------------------------------------+------------+-----------+----------+
| Minority interest | 15 | 15 | 15 |
+------------------------------------------------------+------------+-----------+----------+
| Total equity | 3,868 | 6,481 | 3,826 |
+------------------------------------------------------+------------+-----------+----------+
Condensed consolidated statement of changes in equity
for the six months ended 30 June 2009
+-----------------------------------+---------+----------+-------------+----------+----------+---------+
| | Share | Share | Currency | Retained | Minority | |
| | | | translation | | | |
+-----------------------------------+---------+----------+-------------+----------+----------+---------+
| | capital | premium | reserve | earnings | interest | Total |
+-----------------------------------+---------+----------+-------------+----------+----------+---------+
| For the 6 months ended 30 June | GBP'000 | GBP'000 | GBP'000 | GBP'000 | GBP'000 | GBP'000 |
| 2009 | | | | | | |
+-----------------------------------+---------+----------+-------------+----------+----------+---------+
| Balance at 1 January 2009 | 623 | 680 | (126) | 2,634 | 15 | 3,826 |
+-----------------------------------+---------+----------+-------------+----------+----------+---------+
| Total comprehensive income for | | | | | | |
| the period | | | | | | |
+-----------------------------------+---------+----------+-------------+----------+----------+---------+
| Profit | - | - | - | 9 | - | 9 |
+-----------------------------------+---------+----------+-------------+----------+----------+---------+
| Total comprehensive income for | - | - | - | 9 | - | 9 |
| the period | | | | | | |
+-----------------------------------+---------+----------+-------------+----------+----------+---------+
| | | | | | | |
+-----------------------------------+---------+----------+-------------+----------+----------+---------+
| Transactions recorded directly in | | | | | | |
| equity | | | | | | |
+-----------------------------------+---------+----------+-------------+----------+----------+---------+
| Share based payment transactions | - | - | - | 33 | - | 33 |
+-----------------------------------+---------+----------+-------------+----------+----------+---------+
| Total transactions recorded | - | - | - | 33 | - | 33 |
| directly in equity | | | | | | |
+-----------------------------------+---------+----------+-------------+----------+----------+---------+
| Balance 30 June 2009 | 623 | 680 | (126) | 2,676 | 15 | 3,868 |
+-----------------------------------+---------+----------+-------------+----------+----------+---------+
+-----------------------------------+---------+----------+-------------+----------+----------+---------+
| | Share | Share | Currency | Retained | Minority | |
| | | | translation | | | |
+-----------------------------------+---------+----------+-------------+----------+----------+---------+
| | capital | premium | reserve | earnings | interest | Total |
+-----------------------------------+---------+----------+-------------+----------+----------+---------+
| For the 6 months ended 30 June | GBP'000 | GBP'000 | GBP'000 | GBP'000 | GBP'000 | GBP'000 |
| 2008 | | | | | | |
+-----------------------------------+---------+----------+-------------+----------+----------+---------+
| Balance at 1 January 2008 | 623 | 680 | (126) | 8,320 | 15 | 9,512 |
+-----------------------------------+---------+----------+-------------+----------+----------+---------+
| Total comprehensive income for | | | | | | |
| the period | | | | | | |
+-----------------------------------+---------+----------+-------------+----------+----------+---------+
| Loss | - | - | - | (1,806) | - | (1,806) |
+-----------------------------------+---------+----------+-------------+----------+----------+---------+
| Total comprehensive income for | - | - | - | (1,806) | - | (1,806) |
| the period | | | | | | |
+-----------------------------------+---------+----------+-------------+----------+----------+---------+
| | | | | | | |
+-----------------------------------+---------+----------+-------------+----------+----------+---------+
| Transactions recorded directly in | | | | | | |
| equity | | | | | | |
+-----------------------------------+---------+----------+-------------+----------+----------+---------+
| Share based payment transactions | - | - | - | 23 | - | 23 |
+-----------------------------------+---------+----------+-------------+----------+----------+---------+
| Dividends to equity holders | - | - | - | (1,247) | - | (1,247) |
+-----------------------------------+---------+----------+-------------+----------+----------+---------+
| Exchange differences | - | - | (1) | - | - | (1) |
+-----------------------------------+---------+----------+-------------+----------+----------+---------+
| Total transactions recorded | - | - | (1) | (1,224) | - | (1,225) |
| directly in equity | | | | | | |
+-----------------------------------+---------+----------+-------------+----------+----------+---------+
| Balance 30 June 2008 | 623 | 680 | (127) | 5,290 | 15 | 6,481 |
+-----------------------------------+---------+----------+-------------+----------+----------+---------+
+-----------------------------------+---------+----------+-------------+----------+----------+---------+
| | Share | Share | Currency | Retained | Minority | |
| | | | translation | | | |
+-----------------------------------+---------+----------+-------------+----------+----------+---------+
| | capital | premium | reserve | earnings | interest | Total |
+-----------------------------------+---------+----------+-------------+----------+----------+---------+
| For the 12 months ended 31 | GBP'000 | GBP'000 | GBP'000 | GBP'000 | GBP'000 | GBP'000 |
| December 2008 | | | | | | |
+-----------------------------------+---------+----------+-------------+----------+----------+---------+
| Balance at 1 January 2008 | 623 | 680 | (126) | 8,320 | 15 | 9,512 |
+-----------------------------------+---------+----------+-------------+----------+----------+---------+
| Total comprehensive income for | | | | | | |
| the period | | | | | | |
+-----------------------------------+---------+----------+-------------+----------+----------+---------+
| Loss | - | - | - | (4,491) | - | (4,491) |
+-----------------------------------+---------+----------+-------------+----------+----------+---------+
| Total comprehensive income for | - | - | - | (4,491) | - | (4,491) |
| the period | | | | | | |
+-----------------------------------+---------+----------+-------------+----------+----------+---------+
| | | | | | | |
+-----------------------------------+---------+----------+-------------+----------+----------+---------+
| Transactions recorded directly in | | | | | | |
| equity | | | | | | |
+-----------------------------------+---------+----------+-------------+----------+----------+---------+
| Share based payment transactions | - | - | - | 52 | - | 52 |
+-----------------------------------+---------+----------+-------------+----------+----------+---------+
| Dividends to equity holders | - | - | - | (1,247) | - | (1,247) |
+-----------------------------------+---------+----------+-------------+----------+----------+---------+
| Total transactions recorded | - | - | - | (1,195) | - | (1,195) |
| directly in equity | | | | | | |
+-----------------------------------+---------+----------+-------------+----------+----------+---------+
| Balance 31 December 2008 | 623 | 680 | (126) | 2,634 | 15 | 3,826 |
+-----------------------------------+---------+----------+-------------+----------+----------+---------+
Condensed consolidated statement of cash flows
for the six months ended 30 June 2009
+--------------------------------------------------------+---------+------------+------------+
| | 6 | 6 months | 12 months |
| | months | | |
+--------------------------------------------------------+---------+------------+------------+
| | ended | ended | Ended |
+--------------------------------------------------------+---------+------------+------------+
| | 30 | 30 June | 31 |
| | June | | December |
+--------------------------------------------------------+---------+------------+------------+
| | 2009 | 2008 | 2008 |
+--------------------------------------------------------+---------+------------+------------+
| | GBP'000 | GBP'000 | GBP'000 |
+--------------------------------------------------------+---------+------------+------------+
| Continuing operations | | | |
+--------------------------------------------------------+---------+------------+------------+
| Profit/(loss) for the period | 9 | (1,806) | (4,491) |
+--------------------------------------------------------+---------+------------+------------+
| Adjusted for: | | | |
+--------------------------------------------------------+---------+------------+------------+
| Taxation | (143) | 20 | (286) |
+--------------------------------------------------------+---------+------------+------------+
| Depreciation charge | 92 | 83 | 158 |
+--------------------------------------------------------+---------+------------+------------+
| Amortisation | 42 | 39 | 78 |
+--------------------------------------------------------+---------+------------+------------+
| Profit on sale of non-current asset | - | - | 23 |
+--------------------------------------------------------+---------+------------+------------+
| Loss on sale of assets held for sale | - | 18 | - |
+--------------------------------------------------------+---------+------------+------------+
| Provision against loan notes | - | - | 3,418 |
+--------------------------------------------------------+---------+------------+------------+
| Foreign exchange (gains)/losses | 37 | (51) | (601) |
+--------------------------------------------------------+---------+------------+------------+
| Equity-settled share-based payment charges | 33 | 23 | 52 |
+--------------------------------------------------------+---------+------------+------------+
| Finance expense | - | 50 | 74 |
+--------------------------------------------------------+---------+------------+------------+
| Finance income | (193) | (381) | (1,620) |
+--------------------------------------------------------+---------+------------+------------+
| | (123) | (2,005) | (3,195) |
+--------------------------------------------------------+---------+------------+------------+
| Changes in working capital | | | |
+--------------------------------------------------------+---------+------------+------------+
| Decrease/(increase) in inventories | 11 | 4 | (13) |
+--------------------------------------------------------+---------+------------+------------+
| Decrease/(increase) in receivables | 2,293 | 1,419 | (1,022) |
+--------------------------------------------------------+---------+------------+------------+
| (Decrease)/increase in payables | (2,288) | (291) | 2,453 |
+--------------------------------------------------------+---------+------------+------------+
| (Decrease)/increase in provisions | (54) | 141 | 69 |
+--------------------------------------------------------+---------+------------+------------+
| Cash used in operating activities | (161) | (732) | (1,708) |
+--------------------------------------------------------+---------+------------+------------+
| Finance expense paid | - | (50) | (74) |
+--------------------------------------------------------+---------+------------+------------+
| Finance income received | 186 | 641 | 982 |
+--------------------------------------------------------+---------+------------+------------+
| Taxation received | 324 | 28 | 24 |
+--------------------------------------------------------+---------+------------+------------+
| Net cash generated from/(used in) operating activities | 349 | (113) | (776) |
+--------------------------------------------------------+---------+------------+------------+
| Cash flows from investing activities | | | |
+--------------------------------------------------------+---------+------------+------------+
| Payments to acquire property, plant and equipment | (103) | (19) | (45) |
+--------------------------------------------------------+---------+------------+------------+
| Payments to acquire intangible non-current assets | (2) | - | (3) |
+--------------------------------------------------------+---------+------------+------------+
| Receipt in respect of loan notes | - | 179 | 297 |
+--------------------------------------------------------+---------+------------+------------+
| Receipt from sale of land | - | 370 | 448 |
+--------------------------------------------------------+---------+------------+------------+
| Net cash (used in)/from investing activities | (105) | 530 | 697 |
+--------------------------------------------------------+---------+------------+------------+
| Cash flows from financing activities | | | |
+--------------------------------------------------------+---------+------------+------------+
| Dividend paid | - | (1,247) | (1,247) |
+--------------------------------------------------------+---------+------------+------------+
| Net cash used in financing activities | - | (1,247) | (1,247) |
+--------------------------------------------------------+---------+------------+------------+
| Net increase/(decrease) in cash and cash equivalents | 244 | (830) | (1,326) |
+--------------------------------------------------------+---------+------------+------------+
| Cash and cash equivalents at beginning of period | 2,824 | 3,708 | 3,708 |
+--------------------------------------------------------+---------+------------+------------+
| Exchange (losses)/gains on cash and cash equivalents | (40) | 31 | 442 |
+--------------------------------------------------------+---------+------------+------------+
| Cash and cash equivalents at end of period | 3,028 | 2,909 | 2,824 |
+--------------------------------------------------------+---------+------------+------------+
Notes to the financial information
for the six months ended 30 June 2009
1 Basis of preparation
These interim financial statements have been prepared in accordance with
International Financial Reporting Standard (IFRS) IAS 34 "Interim Financial
Reporting" as adopted by the EU. 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 of the Group for the year ended 31
December 2008.
The comparative figures for the financial year ended 31 December 2008 are not
the Company's statutory accounts for that financial year. These accounts, which
were prepared under adopted IFRSs, have been reported on by the
Company's auditors and delivered to the registrar of companies. The report of
the auditors was (i) unqualified, (ii) did not include a reference to any
matters to which the auditors drew attention by way of emphasis without
qualifying their reports, and (iii) did not contain a statement under Section
237 (2) or (3) of the Companies Act 1985.
The condensed consolidated interim financial statements are the responsibility
of the Directors and were authorised and approved by the Board of Directors on
24 August 2009.
2 Segmental analysis
The Group has two main trading segments which are the Group's strategic business
units. The strategic business units offer different products and services and
are managed separately because they require different technology and strategies.
For each of the strategic business units the Board review internal management
reports on a monthly basis. For the purposes of IFRS 8 it is these strategic
business units that form the Group's reportable segments and is in line with the
basis of segmentation adopted in the consolidated Group financial statements for
the year ended 31 December 2008. The following summary describes the operations
in each of the Group's reportable segments:
* RTS Life Science
A supplier of automated systems and products for sample storage and testing
within the laboratory environment. The market encompasses drug discovery and
drug delivery applications within pharmaceutical biobanking and biotechnology
organisations along with sample preparation and storage for medical research,
clinical trials and pharmaceutical manufacturing applications.
* RTS Flexible Systems
A robotic system integrator, supplying advanced robotic automation solutions to
the food, medical and consumer goods industries. The business provides
end-of-line packaging and handling systems with solutions based upon robotics
and leading commercially available components integrated with our own vision
technology to identify, track and analyse the products they are handling.
* Others
Non-trading subsidiaries of the Group.
Income Statement
+----------------+---------+---------+----------+---------+---------+----------+---------+---------+----------+---------+---------+----------+
| | Flexible Systems | Life Science | Other | Total |
+----------------+------------------------------+------------------------------+------------------------------+------------------------------+
| | 6 | 6 | 12 | 6 | 6 | 12 | 6 | 6 | 12 | 6 | 6 | 12 |
| | months | months | months | months | months | months | months | months | months | months | months | months |
+----------------+---------+---------+----------+---------+---------+----------+---------+---------+----------+---------+---------+----------+
| | ended | ended | ended | ended | ended | ended | ended | ended | ended | ended | ended | ended |
| | | | | | | | | | | | | |
+----------------+---------+---------+----------+---------+---------+----------+---------+---------+----------+---------+---------+----------+
| | 30 | 30 | 31 | 30 | 30 | 31 | 30 | 30 | 31 | 30 | 30 | 31 |
| | June | June | December | June | June | December | June | June | December | June | June | December |
+----------------+---------+---------+----------+---------+---------+----------+---------+---------+----------+---------+---------+----------+
| | 2009 | 2008 | 2008 | 2009 | 2008 | 2008 | 2009 | 2008 | 2008 | 2009 | 2008 | 2008 |
+----------------+---------+---------+----------+---------+---------+----------+---------+---------+----------+---------+---------+----------+
| | GBP'000 | GBP'000 | GBP'000 | GBP'000 | GBP'000 | GBP'000 | GBP'000 | GBP'000 | GBP'000 | GBP'000 | GBP'000 | GBP'000 |
+----------------+---------+---------+----------+---------+---------+----------+---------+---------+----------+---------+---------+----------+
| Gross | 1,291 | 2,117 | 3,506 | 4,154 | 2,445 | 6,908 | 70 | 1 | 61 | 5,515 | 4,563 | 10,475 |
| revenue | | | | | | | | | | | | |
+----------------+---------+---------+----------+---------+---------+----------+---------+---------+----------+---------+---------+----------+
| Inter-segment | (54) | - | - | - | - | - | - | - | - | (54) | - | - |
| revenue | | | | | | | | | | | | |
+----------------+---------+---------+----------+---------+---------+----------+---------+---------+----------+---------+---------+----------+
| External | 1,237 | 2,117 | 3,506 | 4,154 | 2,445 | 6,908 | 70 | 1 | 61 | 5,461 | 4,563 | 10,475 |
| revenue | | | | | | | | | | | | |
+----------------+---------+---------+----------+---------+---------+----------+---------+---------+----------+---------+---------+----------+
| Depreciation | (7) | (5) | (10) | (41) | (36) | (69) | (44) | (42) | (79) | (92) | (83) | (158) |
| | | | | | | | | | | | | |
+----------------+---------+---------+----------+---------+---------+----------+---------+---------+----------+---------+---------+----------+
| Amortisation | (20) | (18) | (39) | (19) | (19) | (36) | (3) | (2) | (3) | (42) | (39) | (78) |
+----------------+---------+---------+----------+---------+---------+----------+---------+---------+----------+---------+---------+----------+
| Grant income | - | - | - | - | - | - | 19 | 19 | 40 | 19 | 19 | 40 |
+----------------+---------+---------+----------+---------+---------+----------+---------+---------+----------+---------+---------+----------+
| Inter-company | (39) | (40) | (83) | 8 | 25 | 40 | 31 | 15 | 43 | - | - | - |
| transactions | | | | | | | | | | | | |
+----------------+---------+---------+----------+---------+---------+----------+---------+---------+----------+---------+---------+----------+
| Operating | (258) | (303) | (699) | 349 | (560) | (220) | (238) | (239) | (425) | (147) | (1,102) | (1,344) |
| profit/(loss) | | | | | | | | | | | | |
| before | | | | | | | | | | | | |
| exceptional | | | | | | | | | | | | |
| items and | | | | | | | | | | | | |
| exchange | | | | | | | | | | | | |
| (losses)/gains | | | | | | | | | | | | |
+----------------+---------+---------+----------+---------+---------+----------+---------+---------+----------+---------+---------+----------+
| Exchange | (1) | - | (1) | 3 | 4 | 439 | (39) | 47 | 163 | (37) | 51 | 601 |
| (losses)/gains | | | | | | | | | | | | |
+----------------+---------+---------+----------+---------+---------+----------+---------+---------+----------+---------+---------+----------+
| Exceptional | (95) | (688) | (1,207) | - | (378) | (1,155) | (48) | - | (3,218) | (143) | (1,066) | (5,580) |
| items | | | | | | | | | | | | |
| included in | | | | | | | | | | | | |
| administrative | | | | | | | | | | | | |
| expenses | | | | | | | | | | | | |
+----------------+---------+---------+----------+---------+---------+----------+---------+---------+----------+---------+---------+----------+
| Profit/(loss) | (354) | (991) | (1,907) | 352 | (934) | (936) | (325) | (192) | (3,480) | (327) | (2,117) | (6,323) |
| before | | | | | | | | | | | | |
| interest and | | | | | | | | | | | | |
| taxation | | | | | | | | | | | | |
+----------------+---------+---------+----------+---------+---------+----------+---------+---------+----------+---------+---------+----------+
| Net | | | | | | | | | | 193 | 331 | 1,546 |
| financing | | | | | | | | | | | | |
| income | | | | | | | | | | | | |
+----------------+---------+---------+----------+---------+---------+----------+---------+---------+----------+---------+---------+----------+
| Loss before | | | | | | | | | | (134) | (1,786) | (4,777) |
| taxation | | | | | | | | | | | | |
+----------------+---------+---------+----------+---------+---------+----------+---------+---------+----------+---------+---------+----------+
| Taxation | | | | | | | | | | 143 | (20) | 286 |
+----------------+---------+---------+----------+---------+---------+----------+---------+---------+----------+---------+---------+----------+
| Profit/(loss) | | | | | | | | | | 9 | (1,806) | (4,491) |
| after | | | | | | | | | | | | |
| taxation | | | | | | | | | | | | |
+----------------+---------+---------+----------+---------+---------+----------+---------+---------+----------+---------+---------+----------+
Balance Sheet
+----------------------+---------+---------+----------+---------+---------+----------+---------+---------+----------+---------+---------+----------+
| | Flexible Systems | Life Science | Other | Total |
+----------------------+------------------------------+------------------------------+------------------------------+------------------------------+
| | 30 | 30 | 31 | 30 | 30 | 31 | 30 | 30 | 31 | 30 | 30 | 31 |
| | June | June | December | June | June | December | June | June | December | June | June | December |
+----------------------+---------+---------+----------+---------+---------+----------+---------+---------+----------+---------+---------+----------+
| | 2009 | 2008 | 2008 | 2009 | 2008 | 2008 | 2009 | 2008 | 2008 | 2009 | 2008 | 2008 |
+----------------------+---------+---------+----------+---------+---------+----------+---------+---------+----------+---------+---------+----------+
| | GBP'000 | GBP'000 | GBP'000 | GBP'000 | GBP'000 | GBP'000 | GBP'000 | GBP'000 | GBP'000 | GBP'000 | GBP'000 | GBP'000 |
+----------------------+---------+---------+----------+---------+---------+----------+---------+---------+----------+---------+---------+----------+
| Segment | 1,685 | 1,998 | 2,025 | 2,762 | 2,613 | 4,910 | 1,551 | 4,335 | 1,580 | 5,998 | 8,946 | 8,515 |
| assets | | | | | | | | | | | | |
| excluding | | | | | | | | | | | | |
| inter-company | | | | | | | | | | | | |
| balances | | | | | | | | | | | | |
+----------------------+---------+---------+----------+---------+---------+----------+---------+---------+----------+---------+---------+----------+
| Cash/(overdraft) | (3,637) | (1,453) | (2,480) | (416) | 1,299 | 1,790 | 7,081 | 3,063 | 3,514 | 3,028 | 2,909 | 2,824 |
+----------------------+---------+---------+----------+---------+---------+----------+---------+---------+----------+---------+---------+----------+
| Segment | (671) | (1,204) | (958) | (3,090) | (2,709) | (5,260) | (1,397) | (1,461) | (1,295) | (5,158) | (5,374) | (7,513) |
| liabilities | | | | | | | | | | | | |
| excluding | | | | | | | | | | | | |
| inter-company | | | | | | | | | | | | |
| balances | | | | | | | | | | | | |
+----------------------+---------+---------+----------+---------+---------+----------+---------+---------+----------+---------+---------+----------+
| Net segment | (2,623) | (659) | (1,413) | (744) | 1,203 | 1,440 | 7,235 | 5,937 | 3,799 | 3,868 | 6,481 | 3,826 |
| assets/(liabilities) | | | | | | | | | | | | |
+----------------------+---------+---------+----------+---------+---------+----------+---------+---------+----------+---------+---------+----------+
3 Exceptional items
Loss on ordinary activities before taxation is stated after charging the
following exceptional items:
+----------------------------------+-+-+---+----------+----------+-----------+----------+----------+
| | | | | | | 6 months | 6 months | 12 |
| | | | | | | | | months |
+----------------------------------+-+-+---+----------+----------+-----------+----------+----------+
| | | | | | | ended | ended | ended |
+----------------------------------+-+-+---+----------+----------+-----------+----------+----------+
| | | | | | | 30 June | 30 June | 31 |
| | | | | | | | | December |
+----------------------------------+-+-+---+----------+----------+-----------+----------+----------+
| | | | | | | 2009 | 2008 | 2008 |
+----------------------------------+-+-+---+----------+----------+-----------+----------+----------+
| | | | | | | GBP'000 | GBP'000 | GBP'000 |
+----------------------------------+-+-+---+----------+----------+-----------+----------+----------+
| Legal costs | | | | | | 95 | 688 | 950 |
+----------------------------------+-+-+---+----------+----------+-----------+----------+----------+
| Restructuring costs | | | | | | - | - | 93 |
+----------------------------------+-+-+---+----------+----------+-----------+----------+----------+
| One-off project completion costs | | | | | | - | 378 | 1,119 |
+----------------------------------+-+-+---+----------+----------+-----------+----------+----------+
| Provision against loan notes | | | | | | - | - | 3,418 |
+----------------------------------+-+-+---+----------+----------+-----------+----------+----------+
| Other exceptional administration | | | | | | 48 | - | - |
| expenses | | | | | | | | |
+----------------------------------+-+-+---+----------+----------+-----------+----------+----------+
| | | | | | | 143 | 1,066 | 5,580 |
+----------------------------------+-+-+---+----------+----------+-----------+----------+----------+
The exceptional administrative expenses consist of the following:
* The exceptional legal expense of GBP95,000 (30 June 2008: GBP688,000, 31
December 2008: GBP950,000) relates to a dispute with a former customer in our
Flexible Systems business. The Company has reserved its right not to disclose
further information required by IAS 37 on the grounds that it may prejudice the
outcome of the claim;
* The GBP48,000 other exceptional charge relates to professional advice regarding
restructuring.
Prior period exceptional administrative expenses:
*
*
* The provision against loan notes of GBP3,418,000 at 31 December 2008 (30 June
2008 GBPnil) was a provision against US loan notes receivable from the purchaser
of the trade and certain assets and liabilities of RTS Wright Industries, LLC
following its sale in 2004. Given the low level of loan note receipts from
Doerfer Industries Inc in the second half of 2008, the Directors decided to
fully provide against the debt. This treatment has continued in 2009 with the
Group only recognising interest received from Doerfer on a paid basis. The
unprovided amount at 30 June 2009 is GBPnil (30 June 2008: GBP2,665,000, 31
December 2008: GBPnil). Further details can be found in Note 10 of these
financial statements
4 Earnings per ordinary share
Earnings/(loss) per ordinary share has been calculated using the weighted
average number of shares in issue during the relevant period. The calculations
of both basic and diluted earnings/(loss) per share for the six months ended 30
June 2009 are based upon a profit after tax of GBP9,000 (30 June 2008:
GBP1,806,000 loss after tax; 31 December 2008: GBP4,491,000 loss after tax). The
weighted average number of shares used in the basic and diluted calculation is
62,335,374 (30 June 2008: 62,335,374; 31 December 2008: 62,335,374).
The calculation for diluted earnings per ordinary share is identical to that
used for the basic earnings per share. This is because there were no share
options outstanding with an exercise price lower than the average share
price for the period and the exercise of share options in prior periods where a
loss was made, would have had the effect of reducing the loss per ordinary share
and is therefore not dilutive under the terms of IAS 33 "Earnings Per Share".
+-------------------------------------+-+--+---+----+-----------+--------------+-------------+
| | | | | | 6 months | 6 months | 12 months |
+-------------------------------------+-+--+---+----+-----------+--------------+-------------+
| | | | | | ended | ended | ended |
+-------------------------------------+-+--+---+----+-----------+--------------+-------------+
| | | | | | 30 June | 30 June | 31 December |
+-------------------------------------+-+--+---+----+-----------+--------------+-------------+
| | | | | | 2009 | 2008 | 2008 |
+-------------------------------------+-+--+---+----+-----------+--------------+-------------+
| | | | | | Pence | Pence | Pence |
+-------------------------------------+-+--+---+----+-----------+--------------+-------------+
| Basic and diluted earnings/(loss) | | | | | 0.02 | (2.90) | (7.20) |
| per share | | | | | | | |
+-------------------------------------+-+--+---+----+-----------+--------------+-------------+
5 Dividends
A special interim dividend of 1 pence per ordinary share (2008: 2 pence per
ordinary share) will be paid to those shareholders on the register at the close
of business on 4 September 2009.
This information is provided by RNS
The company news service from the London Stock Exchange
END
IR USVNRKURWUAR
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