RNS Number : 1467B
  Black Arrow Group PLC
  12 August 2008
   

    BLACK ARROW GROUP PLC 

 
The following amendment has been made to the 'Final Results' announcement released on 8 August 2008 at 10:00am under RNS No 9405A.
    Due to an error in translating the 2007 UK GAAP comparative figures into IFRS the preliminary results are being re-released. The 2008
figures are unaffected.

All other details remain unchanged.

 The full amended text is shown below.
    
8th  AUGUST 2008
 
BLACK ARROW GROUP PLC
UNAUDITED PRELIMINARY RESULTS FOR THE YEAR ENDED 31st MARCH 2008

At a meeting held today the board voted to recommend a final dividend of 4.00p per share (2007 - 2.00p) for the year ended 31st March 2008.
No interim dividend was paid (2007 * Nil p) and the total distribution for the year will be 4.00p per share (2007 - 2.00p).
               
    The results are as follows:-
                                                
     Group Income Statement                                                               
                      For the year ended 31 March 2008                                    
                                                                               Unaudited    Unaudited
                                                                                    2008         2007
                                                                                    �000         �000
                                                                                          
            Turnover                                                              13,678       17,614
         Cost of sales                                                           (7,921)      (9,455)
          Gross Profit                                                             5,757        8,159
       Distribution costs                                                        (1,036)      (1,554)
    Administrative expenses                                                      (7,203)      (8,301)
                                                                                 (8,239)      (9,855)
     Other operating income                                                          455          216
           Net gain on disposal of property, plant and equipment                   7,786            -
              Actuarial gain on defined benefit pension scheme                       169          278
         Unrealised surplus on revaluation of investment properties                    -          866
          Group operating profit/(loss) from continuing operations                 5,928        (336)
        Finance Revenue                                                              283          300
         Finance costs                                                                 -         (37)
    Other Finance revenue -                                                           32           26
            pensions                                                                      
          Profit/(loss) from continuing operations before taxation                 6,243         (47)
      Tax expense (note 1)                                                       (1,509)        (314)
           Profit/(loss) for the year from continuing operations                   4,734        (361)
        Attributable to:                                                                  
     Equity holders of the parent - profit/(loss)                                  4,649        (364)
       Minority Interests                                                             85            3
                                                                                   4,734        (361)
   Earnings/(loss) per share                                                              
  Basic and diluted, for profit from continuing operations attributable to        24.04p      (1.87p)
               ordinary equity holders of the parent (Note 3)                             
                                                                                          





      
                   Group Statement of Recognised Income and Expenses                     
           For the year ended 31 March 2008                                              
                                                                              Unaudited    Unaudited
                                                                                   2008         2007
                                                                                   �000         �000
                                                                                         
 Profit/(loss) attributable to shareholders of the parent undertaking             4,649        (364)
              Profit attributable to Minority Interests                              85            3
                                                                                  4,734        (361)



      
                Group Balance Sheet                              
                 At 31 March 2008                                
                                                      Unaudited    Unaudited
                                                           2008         2007
                                                           �000         �000
            Non current assets                                   
        Property plant & equipment                        3,941        3,900
           Investment property                            5,640        5,640
        Trade & other receivables                         1,741        1,437
                                                         11,322       10,977
              Current assets                                     
               Inventories                                  451        1,161
             Work in progress                               200          146
        Trade & other receivables                        12,962        3,290
         Cash & cash equivalents                          3,143        7,312
                                                         16,756       11,909
                                                                 
                  Total assets                           28,078       22,886
                                                                 
               Current liabilities                               
          Trade & other payables                          2,321        1,974
          Financial liabilities                               -           32
                Provisions                                  212          298
               Income tax payable                         2,002          478
                    Accruals                                 19           36
                                                          4,554        2,818
            Non current liabilities                              
          Financial liabilities                               -           82
                Provisions                                  222          483
          Deferred tax liability                            580          580
   Defined benefit pension plan deficit                     167          366
                                                            969        1,511
            Total liabilities                             5,523        4,329
                                                                 
                Net assets                               22,555       18,557
                                                                 
            Capital & reserves                                   
           Equity share capital                           3,819        3,899
          Share premium account                             312          312
              Merger reserve                                 26           26
        Capital redemption reserve                        1,212        1,132
            Retained earnings                            17,045       13,117
     Black Arrow Group shareholder's equity              22,414       18,486
       Minority interests - equity                          141           71
               Total equity                              22,555       18,557
                                                                 
      
                                    Group Cash Flow Statement                                                   
                                 For the year ended 31 March 2008                                               
                                                                                                     Unaudited    Unaudited
                                                                                                          2008         2007
                                                                                                          �000         �000
 Operating Activities                                                                                           
                           Profit/(loss) for the year                                                    4,734        (361)
      Adjustments to reconcile profit/(loss) for the year to net cash inflows from operating                    
                                            activities                                                          
          Tax on continuing operations                                                                   1,509          314
              Net finance revenue                                                                        (283)        (263)
         Other finance revenue-pensions                                                                   (32)         (26)
               Gain on the sale of property, plant and equipment                                       (7,786)          (8)
                    Unrealised surplus on revaluation of investment properties                               -        (866)
                 Depreciation & impairment of plant & equipment                                            401          611
                 Amortisation & Impairment of intangible assets                                              -           13
   Difference between pension contributions paid and amounts recognised in the income statement              2           16
                Actuarial gains on defined benefit pension plan                                          (169)        (278)
                       Decrease/(increase) in inventories                                                  656          (7)
               (Increase)/decrease in trade and other receivables                                        (976)        3,805
                         Increase/(decrease) in trade and other payables                                   418        (820)
     Movement in provisions                                                                              (347)        (136)
 Cash generated from operations                                                                         (1873)        1,994
       Income taxes paid                                                                                  (73)         (53)
                       Net cash (outflow)/inflow from operating activities                             (1,946)        1,941
                                                                                                                
 Investing activities                                                                                           
       Interest received                                                                                   283          300
   Sale of property, plant &                                                                               356        3,595
           equipment                                                                                            
                         Payments to acquire property, plant & equipment                               (2,108)        (180)
                       Net cash (outflow)/inflow from investing activities                             (1,469)        3,715
                                                                                                                
 Financing activities                                                                                           
         Interest paid                                                                                       -         (37)
 Dividends paid to equity shareholders of the parent                                                     (389)        (390)
   Dividends paid to minority                                                                             (15)            -
           Interests                                                                                            
                  Proceeds from issue of shares in ESOP trust                                                -           21
                 Repayment of capital element of finance lease                                            (18)         (48)
                    Proceeds from issue of new share capital                                                 -           48
     Purchase of own shares                                                                              (332)         (84)
                   Net cash outflow from financing activities                                            (754)        (490)
                                                                                                                
                 (Decrease)/increase in cash & cash equivalents                                        (4,169)        5,166
              Cash & cash equivalents at the beginning of the year                                       7,312        2,146
                 Cash & cash equivalents at the end of the year                                          3,143        7,312
                          

    Note 1

   Taxation                               Unaudited    Unaudited
                                               2008         2007
                                               �000         �000
                                                     
        Current income tax charge             1,509           72
 Adjustment in respect of previous years          -         (55)
            Deferred taxation                     -          297
               Tax expense                    1,509          314


    Note 2

  Reconciliation of movements in Shareholders Funds    Unaudited     Unaudited
                                                            2008          2007
                                                            �000          �000

             Opening shareholders' funds                  18,486        19,276
              Movement during the year:
  Profit/(loss) attributable to shareholders of the        4,649         (364)
                  parent undertaking
                       Dividend                            (389)         (390)
                 Repurchase of shares                      (332)          (84)
                   Issue of shares                             -            48
                                                                   
                           
    Net increase/(decrease) in shareholders' funds         3,928         (790)

             Closing shareholders' funds                  22,414        18,486



    Note 3

    The calculation of profit per share is based upon profits of �4,649,000 (2007-loss �364,000) and 19,340,234 (2007-19,500,037) ordinary
shares of 20p each being the weighted average number in issue during the year and the previous year. The diluted profit per share is based
on profits for the year of �4,649,000 (2007-loss �364,000) and on 19,340,234 (2007- 19,500,037) ordinary shares. 

    Note 4

    The figures for the year ended 31st March 2007 are unaudited and based on the Black Arrow Group plc Annual Report and Accounts 2007
filed with the Registrar of Companies, however the numbers have been restated from UK GAAP to IFRS. The auditors issued an unqualified audit
report on the 2007 UK GAAP accounts. The Group issued, within its unaudited interim results on 3rd December 2007, the impact of transition
to IFRS including a detailed reconciliation from UK GAAP to IFRS of the 2007 income statement and balance sheet. The unaudited 31 March 2007
figures shown above have been adjusted to correctly reflect the deferred tax liability on property valuations arising of �580,000.

    Note 5

    The figures for the year ended 31st March 2008 are un-audited and do not constitute statutory accounts within the meaning of S240 of the
Companies Act 1985.












    CHAIRMAN'S COMMENTARY

    This year's figures include the sale of our head office where we achieved a profit over our book value of some �7.8 million. Since the
year-end the sale proceeds have been received.

    Unfortunately the trading division continued to sustain losses. Our venture into government business did not prove a success and in
December Paragon was sold; this involved further considerable losses.

    Our leasing activities were profitable and contributed about �500,000 to the Group.

    In my previous half-year statement I said that we were closing two of our factories and consolidating our manufacturing in our Rotherham
plant. This process has been completed and we now have one factory.

    Although not justified by our trading results your directors think it appropriate that they recommend a dividend to reflect the one-off
profit that we have enjoyed from the property sale and accordingly a dividend of 4.00p will be proposed at the forthcoming AGM which will be
paid on 9th October 2008 to shareholders registered on the 12th September 2008.

      ------------------------------------------------------------------





    Enquiries: ARNOLD EDWARD  
    Telephone 020-8572-7474

    Nominated Advisor
    W H Ireland
    David Porter
    Telephone 020-7220-1666




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