TIDMDRV
RNS Number : 2962J
Driver Group plc
29 June 2011
DRV
29 June 2011
DRIVER GROUP PLC
("Driver" or "the Group)
Half Yearly Report
For the six months ended 31 March 2011
Key Points
6 6 Change
months months 31 Change 31
ended ended March 6 months March Year
31 31 2011 to ended 30 2011 To ended 30
March March 31 September 30 September
2011 2010 March 2010 September 2010
GBP000 GBP000 2010 GBP000 2010 GBP000
------------- ------- -------- -------- ---------- ---------- ----------
Revenue 7,893 8,836 (11%) 7,579 4% 16,415
Gross Profit
% 25.9% 25.4% 0.5% 20.7% 5.2% 23.2%
Underlying*
loss before
tax (48) (259) 211 (171) 123 (430)
Exceptional
items and
share-based
payment
charge (92) (188) 96 (191) 99 (379)
Loss before
tax (140) (447) 307 (362) 222 (809)
Loss after
tax (116) (338) 222 (325) 209 (663)
Basic loss
per share (0.6)p (1.4)p 0.8p (1.3)p 0.7p (2.7)p
Underlying*
loss per
share (0.2)p (0.6)p 0.4p (0.6)p 0.4p (1.2)p
Net
borrowings
at period
end (603) (1,170) 567 (459) (144) (459)
Access to
available
funds** 1,986 2,650 (664) 1,653 333 1,653
Total Equity 6,238 6,644 (6.1%) 6,309 (1.1%) 6,309
-------- ----------
*Underlying figures are stated before the share-based payment
charge and exceptional items (note 6)
**Available funds include net undrawn bank facilities plus other
cash balances
W Alan McClue, Chairman of Driver Group, said,
"The Board is committed to the delivery of sustainable profits
and a firm program of objectives is in place to deliver this."
Enquiries:
Driver Group Dave Webster, Chief Executive T: 01706 223999
plc Officer
Damien McDonald, Finance Director
W H Ireland John Wakefield T: 0117 945 3471
Limited Marc Davies
Chairman's Statement
INTRODUCTION
I write this statement two months into my role as Chairman
following my appointment in April. I am delighted to have joined
the Group at this time of transition and in the short time I have
been on the Board it is encouraging to see benefits from
implementing the objectives that the Board has set itself beginning
to accrue to shareholders. In particular the Group has made
considerable progress in reducing the cost base across all areas of
the business.
Since joining the Board I have, in conjunction with the Chief
Executive and Finance Director, conducted a review of our
operations and the resultant planned programme of change arising
from that review will, we believe, lead to a strengthening of our
balance sheet and continue the progress to returning the Group to
sustainable profitability.
I would like to thank the staff whom I have met for welcoming me
into the business. I would also like to thank all staff who have
worked hard for the Group during the first half of the year in the
challenging markets and in implementing the changes designed to
return the Group to profitability.
FINANCIAL RESULTS
Revenue for the six months ended 31 March 2011 reduced by 11% to
GBP7.89m compared with GBP8.84m for the same period in 2010.
However, compared with the second half revenue for 2010 of
GBP7.58m, total revenue was up by 4%.
The principal fall in revenue was the Middle East where revenue
fell by 26% to GBP1.99m (2010: GBP2.68m; second half 2010:
GBP2.40m). Europe revenue fell 6% to GBP5.56m in comparison to the
first half of 2010 (GBP5.9m) but is 13% higher than the second half
revenue of 2010 (GBP4.90m). Africa revenue increased to GBP0.35m
compared to GBP0.25m in the first half of 2010 and GBP0.27m in the
second half of 2010.
As predicted in the 2010 Annual Report and Accounts the accounts
for the six months ended 31 March 2011 show a small underlying
pre-tax loss, before the charge for share options and exceptional
items (note 6), of GBP48,000. This reflected a loss for the first
quarter partially offset by a return to profit in the second
quarter. This compared with an underlying pre-tax loss of
GBP259,000 for the first half and a pre-tax loss of GBP171,000 in
the second half of last year. After a charge for share options of
GBP44,000 (2010: GBP66,000) and exceptional items of GBP48,000
(2010: GBP122,000) the pre-tax loss for the six months ended 31
March 2011 was GBP140,000 (2010: GBP447,000).
The Group's effective tax rate has remained low at 17% (2010:
full year 18%) reflecting low tax rates of overseas operations. The
underlying loss per share, before the share options and exceptional
items, was 0.2p (2010: 0.6p). After both the share options and
exceptional items the loss per share was 0.6p (2010: 1.4p).
As a result of revenue growth in the second quarter trade and
other receivables increased by GBP0.53m over the first half (2010:
GBP0.09m) and trade and other payables increased by GBP0.37m (2010:
reduced by GBP0.37m). The net cash outflow from operations of
GBP0.11m (2010: GBP0.68m) reflects the first quarter losses and
these working capital movements.
Net borrowings at 31 March 2011 were GBP0.6m (31 March 2010:
GBP1.17m; 30 September 2010: GBP0.46m). At the period end, the
Group's principal borrowing facilities consisted of a term loan of
GBP1.225m (repayable 27 February 2012) and an effective overdraft
of GBP1.333m. Net funds available to the Group (including
unutilised borrowing facilities) at 31 March 2011 were GBP1.99m (31
March 2010: GBP2.65m; 30 September 2010: GBP1.65m).
DIVIDEND
In view of the first half trading results, the Board will not be
declaring an interim dividend for 2011 (2010: nil). However the
Board will continue to assess the dividend policy in light of
on-going profitability and the Group's cash position.
TRADING PERFORMANCE
Overall the Group returned to profit in the second quarter of
the year and our first half performance for 2011 when compared to
the second half of 2010 is up on all key indicators. Revenue is 4%
higher, Gross Profit is 5.2% higher, the reported pre tax loss has
reduced by GBP222,000 and the reported loss per share has improved
by 0.7p.
This has been achieved in a trading environment that continues
to be challenging, reflecting the economic environment within the
markets served by the Group and has been achieved as a result of
the Board implementing a policy of consolidation and tight cost
control across its established businesses in both the UK and Middle
East and making investments in Africa and the UK power and process
sector.
Our European business is performing as expected notwithstanding
the challenges in the UK construction market. Cost reduction
measures have seen the average cost per billable hour within Driver
Consult reduce by 24% from that in quarter 4 of 2010. Our focus on
marketing to the infrastructure sector has seen utilisation 15
percentage points better in the same period and resultant gross
margin 15 percentage points higher.
Within Driver Project Services performance has benefited from
the new business generated within the power and process sector and
is currently outperforming management expectations; average sales
rates are up 9% on quarter 4 of 2010, average cost per billable
hour is down 2% over the same period and as a result gross margins
have increased by 9 percentage points on quarter 4 of 2010.
In Africa we are continuing to build a strong pipeline of
opportunities in the Public Private Partnership market and the
business is performing in line with our expectations.
As shareholders are aware, the Middle East region is currently
both politically and economically volatile and the UAE in
particular has been affected by the collapse of the world economic
market in 2008. As a result the region has made a loss in the first
half of 2011. Qatar has not yet experienced any benefit of the
widely reported significant levels of construction work planned.
Towards the end of the period a full review of the region was
conducted and a number of planned changes implemented, the first
stage of which was the appointment of a new Managing Director (from
our Oman office) and making Oman the administrative centre for the
region. The Board will continue to actively review its strategy in
the region and further changes will be made during the second half
of the year.
BOARD CHANGES
As per the objective detailed in the Annual Report and Accounts
for 2010 the Board was active in identifying a new Chairman which
concluded in my appointment post the half year and Steve Driver
stepping down from his role of Executive Chairman to that of a Non
Executive Director.
The final changes to the Board structure were the appointment of
Colin Davies as Non Executive Director and Chairman of the Audit
Committee and Gary Turner has resigned from the Board to
concentrate on his consultancy role with the Group.
OUTLOOK
As a result of the consolidation and cost cutting measures
implemented in the first half of 2011 which were a continuation and
development of those commenced in the second half of 2010 the
business is in better shape than it has been since the impact of
the economic crash of 2008.
Our focus remains on maintaining appropriate levels of
professional expertise in the business whilst at the same time
continuing to reduce costs where appropriate.
We anticipate growth in the UK power and process division of
Driver Project Services and benefits from the strong pipeline of
opportunities we are developing in Africa.
The UK business of Driver Consult is looking to build on the
stable position created during the first half of 2011, particularly
in the infrastructure sector and our expert witness services. We
expect to expand our expert witness services within the
international arbitration market.
As stated above we have taken action to turn around the Middle
East business and we will continue to monitor our performance in
the Middle East and take further action where necessary.
In respect of the current financial year our secured revenues
and revenue expected to be secured and delivered in the remainder
of the year are nearing those required to achieve current market
expectations. Whilst the markets of the UK and Middle East continue
to be fragile we have in place flexible plans that will enable us
to respond appropriately.
I am excited by the challenges ahead and look forward to working
with the Board and our staff to deliver a strengthening performance
and balance sheet over the short to medium term.
Alan McClue
Non Executive Chairman
28 June 2011
Condensed Consolidated Income Statement (Unaudited)
Half yearly report for the six months ended 31 March 2011
Year
6 months ended 6 months ended ended
31 March 2011 31 March 2010 30 September 2010
GBP'000 GBP'000 GBP'000
REVENUE 7,893 8,836 16,415
Cost of sales (5,849) (6,596) (12,607)
----------------------- --------------- --------------- -------------------
GROSS PROFIT 2,044 2,240 3,808
Administrative
expenses (2,234) (2,756) (4,736)
Other operating income 57 76 135
Operating loss before
share-based payment
charge and
exceptional items (41) (252) (414)
Exceptional items
(note 6) (48) (122) (291)
Share-based payment
charge (44) (66) (88)
----------------------- --------------- --------------- -------------------
OPERATING LOSS (133) (440) (793)
Finance costs (7) (7) (16)
LOSS BEFORE TAXATION (140) (447) (809)
Tax credit (note 2) 24 109 146
----------------------- --------------- --------------- -------------------
LOSS FOR THE PERIOD (116) (338) (663)
Profit attributable to
non-controlling
interests 25 4 4
Loss attributable to
equity shareholders
of the parent (141) (342) (667)
----------------------- --------------- --------------- -------------------
(116) (338) (663)
----------------------- --------------- --------------- -------------------
Basic loss per share
(pence) (note 5) (0.6)p (1.4)p (2.7)p
Diluted loss per share
(pence) (note 5) (0.6)p (1.4)p (2.7)p
All amounts relate to the Group's continuing operations.
Condensed Consolidated Statement Of Comprehensive Income
(Unaudited)
Half yearly report for the six months ended 31 March 2011
Year
6 months ended 6 months ended ended
31 March 31 March 30 September
2011 2010 2010
GBP'000 GBP'000 GBP'000
LOSS FOR THE PERIOD (116) (338) (663)
--------------- --------------- --------------
Other comprehensive income:
Exchange differences on
translating foreign
operations 5 29 (15)
Deferred tax credit on
property revaluation - - 12
--------------- --------------- --------------
Other comprehensive income
for the year net of tax 5 29 (3)
--------------- --------------- --------------
TOTAL COMPREHENSIVE INCOME
FOR THE PERIOD (111) (309) (666)
--------------- --------------- --------------
Total comprehensive income
attributable to:
Equity shareholders of the
parent (136) (313) (670)
Non-controlling interest 25 4 4
--------------- --------------- --------------
(111) (309) (666)
--------------- --------------- --------------
Condensed Consolidated Statement Of Financial Position
(Unaudited)
Half yearly report for the six months ended 31 March 2011
31 March 31 March 30 September
2011 2010 2010
GBP'000 GBP'000 GBP'000
------------------------------------ --------- --------- -------------
NON-CURRENT ASSETS
Goodwill 2,356 2,356 2,356
Property, plant and equipment 2,210 2,996 2,323
Deferred tax asset - 189 -
4,566 5,541 4,679
------------------------------------ --------- --------- -------------
CURRENT ASSETS
Trade and other receivables 4,553 4,662 4,014
Cash and cash equivalents 653 475 804
Current tax receivable 210 - 198
------------------------------------ --------- --------- -------------
5,416 5,137 5,016
------------------------------------ --------- --------- -------------
TOTAL ASSETS 9,982 10,678 9,695
------------------------------------ --------- --------- -------------
CURRENT LIABILITIES
Borrowings (1,240) (14) (15)
Trade and other payables (2,231) (2,018) (1,866)
Current tax payable - (79) -
------------------------------------ --------- --------- -------------
(3,471) (2,111) (1,881)
------------------------------------ --------- --------- -------------
NON-CURRENT LIABILITIES
Borrowings (16) (1,631) (1,248)
Deferred tax liabilities (257) (292) (257)
------------------------------------ --------- --------- -------------
(273) (1,923) (1,505)
------------------------------------ --------- --------- -------------
TOTAL LIABILITIES (3,744) (4,034) (3,386)
------------------------------------ --------- --------- -------------
NET ASSETS 6,238 6,644 6,309
------------------------------------ --------- --------- -------------
SHAREHOLDERS' EQUITY
Share capital 106 106 106
Share premium 2,649 2,649 2,649
Merger reserve 1,493 1,493 1,493
Translation reserve (34) 5 (39)
Capital redemption reserve 18 18 18
Retained earnings 3,183 3,611 3,320
Own shares (1,202) (1,242) (1,242)
------------------------------------ --------- --------- -------------
TOTAL SHAREHOLDERS' EQUITY 6,213 6,640 6,305
NON-CONTROLLING INTEREST IN EQUITY 25 4 4
------------------------------------ --------- --------- -------------
TOTAL EQUITY 6,238 6,644 6,309
------------------------------------ --------- --------- -------------
Condensed Consolidated Cashflow Statement (Unaudited) Half
yearly report for the six months ended 31 March 2011
6 months 6 months Year
ended ended ended
31 March 31 March 30 September
2011 2010 2010
GBP'000 GBP'000 GBP'000
-------------------------------------- ---------- ---------- --------------
CASH FLOWS FROM OPERATING ACTIVITIES
Loss before taxation (140) (447) (809)
Adjustments for:
Depreciation 127 119 254
Exchange adjustments 9 - 12
Impairment loss - 122 122
Finance costs 7 7 16
Equity settled share-based payment
charge 44 66 88
OPERATING CASH FLOW BEFORE CHANGES
IN WORKING
CAPITAL AND PROVISIONS 47 (133) (317)
(Increase) / decrease in trade and
other receivables (534) (94) 510
Increase / (decrease) in trade and
other payables 365 (373) (525)
-------------------------------------- ---------- ---------- --------------
CASH ABSORBED BY OPERATIONS (122) (600) (332)
Tax received / (paid) 12 (82) (156)
-------------------------------------- ---------- ---------- --------------
NET CASH OUTFLOW
FROM OPERATING ACTIVITIES (110) (682) (488)
-------------------------------------- ---------- ---------- --------------
CASH FLOWS FROM INVESTING ACTIVITIES
Acquisition of property, plant and
equipment (14) (64) (126)
Proceeds from disposal of property - - 600
-------------------------------------- ---------- ---------- --------------
NET CASH (OUTFLOW) / INFLOW FROM
INVESTING ACTIVITIES (14) (64) 474
-------------------------------------- ---------- ---------- --------------
CASH FLOWS FROM FINANCING ACTIVITIES
Interest paid (7) (7) (16)
(Decrease) / increase in borrowings (7) 794 412
Payment of equity dividends (4) (253) (253)
-------------------------------------- ---------- ---------- --------------
NET CASH (OUTFLOW) / INFLOW
FROM FINANCING ACTIVITIES (18) 534 143
-------------------------------------- ---------- ---------- --------------
Net (decrease) / increase in cash
and cash equivalents (142) (212) 129
Effect of foreign exchange on cash
and cash equivalents (9) - (12)
Cash and cash equivalents at start
of period 804 687 687
-------------------------------------- ---------- ---------- --------------
CASH AND CASH EQUIVALENTS AT END OF
PERIOD 653 475 804
-------------------------------------- ---------- ---------- --------------
Condensed Consolidated Statement Of Changes In Equity
(Unaudited)
Half yearly report for the six months ended 31 March 2011
For the six months ended 31 March 2011:
Share Share Merger Other Retained Own Non-controlling Total
capital premium reserve reserves(1) earnings shares Total* interest Equity
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
--------------- -------- -------- -------- ------------ --------- -------- -------- ---------------- --------
Opening
balance At 1
October 2010 106 2,649 1,493 (21) 3,320 (1,242) 6,305 4 6,309
--------------- -------- -------- -------- ------------ --------- -------- -------- ---------------- --------
Dividends - - - - - - - (4) (4)
Share-based
payment - - - - 44 - 44 - 44
Reserve
transfer(2) - - - - (40) 40 - - -
Total
comprehensive
income for
the period - - - 5 (141) - (136) 25 (111)
--------------- -------- -------- -------- ------------ --------- -------- -------- ---------------- --------
CLOSING
BALANCE AT 31
MARCH 2011 106 2,649 1,493 (16) 3,183 (1,202) 6,213 25 6,238
--------------- -------- -------- -------- ------------ --------- -------- -------- ---------------- --------
For the six months ended 31 March 2010:
Share Share Merger Other Retained Own Non-controlling Total
capital premium reserve reserves(1) earnings shares Total* interest Equity
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
--------------- -------- -------- -------- ------------ --------- -------- -------- ---------------- --------
Opening
balance At 1
October 2009 106 2,649 1,493 (6) 4,134 (1,242) 7,134 6 7,140
--------------- -------- -------- -------- ------------ --------- -------- -------- ---------------- --------
Dividends - - - - (247) - (247) (6) (253)
Share-based
payment - - - - 66 - 66 - 66
Total
comprehensive
income for
the period - - - 29 (342) - (313) 4 (309)
--------------- -------- -------- -------- ------------ --------- -------- -------- ---------------- --------
CLOSING
BALANCE AT 31
MARCH 2010 106 2,649 1,493 23 3,611 (1,242) 6,640 4 6,644
--------------- -------- -------- -------- ------------ --------- -------- -------- ---------------- --------
For the year ended 30 September 2010:
Share Share Merger Other Retained Own Non-controlling Total
capital premium reserve reserves(1) earnings shares Total* interest Equity
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
--------------- -------- -------- -------- ------------ --------- -------- -------- ---------------- --------
Opening
balance At 1
October 2009 106 2,649 1,493 (6) 4,134 (1,242) 7,134 6 7,140
--------------- -------- -------- -------- ------------ --------- -------- -------- ---------------- --------
Dividends - - - - (247) - (247) (6) (253)
Share-based
payment - - - - 88 - 88 - 88
Total
comprehensive
income for
the year - - - (15) (655) - (670) 4 (666)
--------------- -------- -------- -------- ------------ --------- -------- -------- ---------------- --------
CLOSING
BALANCE AT 30
SEPTEMBER
2010 106 2,649 1,493 (21) 3,320 (1,242) 6,305 4 6,309
--------------- -------- -------- -------- ------------ --------- -------- -------- ---------------- --------
*Total equity attributable to the equity shareholders of the
parent
(1) 'Other reserves' combine the translation reserve and the capital redemption reserve.
(2) The shortfall between the exercise price of share options granted and the outstanding loan due from the EBT is transferred from own shares to retained earnings over the vesting period.
Notes To The Interim Financial Statements
1 BASIS OF PREPARATION
These condensed consolidated financial statements have been
prepared in accordance with IFRSs as adopted by the European Union.
They do not include all disclosures that would otherwise be
required in a complete set of financial statements and should be
read in conjunction with the 2010 Annual Report. The accounting
policies used are consistent with those in the most recent annual
financial statements. The financial information for the half years
ended 31 March 2011 and 31 March 2010 does not constitute statutory
accounts within the meaning of Section 434(3) of the Companies Act
2006 and is unaudited.
The annual financial statements of Driver Group plc are prepared
in accordance with
IFRSs as adopted by the European Union. The comparative
financial information for the year ended 30 September 2010 included
within this report does not constitute the full statutory accounts
for that period. The statutory Annual Report and Financial
Statements for 2010 have been filed with the Registrar of
Companies. The Independent Auditor's Report on that Annual Report
and Financial Statements for 2010 was unqualified, did not draw
attention to any matters by way of emphasis, and did not contain a
statement under 498(2) or 498(3) of the Companies Act 2006.
After making enquiries, the directors have a reasonable
expectation that the Company and the Group have adequate resources
to continue in operational existence for the foreseeable future.
Accordingly, they continue to adopt the going concern basis in
preparing the half-yearly condensed consolidated financial
statements.
2 TAXATION
The tax credit on the loss for the half-year ended 31 March 2011
is based on the estimated tax rates in the jurisdictions in which
the Group operates, for the year ending 30 September 2011.
3 DIVIDEND
The directors do not propose an interim dividend for the
half-year ended 31 March 2011 (2010: nil).
4 SUMMARY SEGMENTAL ANALYSIS
Reportable segments
For management purposes, the Group is organised into three
operating divisions: Europe, Middle East and Africa. These
divisions are the basis on which the Group is structured and
managed, based on its geographic structure. In each of the
divisions the key service provisions are: quantity surveying,
planning / programming, quantum and planning experts, dispute
avoidance / resolution, litigation support, contract
administration, commercial advice / management and strategic
project management.
Segment information about these reportable segments is presented
below.
Six months ended 31 March 2011
Continuing Operations
Middle
Europe East Africa Eliminations Unallocated(1) Consolidated
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Total external
revenue 5,561 1,987 345 - - 7,893
Inter-segment
revenue(2) 77 3 - (80) - -
-------- -------- -------- ------------- --------------- -------------
Total revenue 5,638 1,990 345 (80) - 7,893
======== ======== ======== ============= =============== =============
Segmental profit
/ (loss) 940 (315) (2) - - 623
Unallocated
corporate
Expenses(1) - - - - (664) (664)
Share-based
payment charge - - - - (44) (44)
Exceptional items - - - - (48) (48)
-------- -------- -------- ------------- --------------- -------------
Operating profit
/ (loss) 940 (315) (2) - (756) (133)
Finance costs - - - - (7) (7)
-------- -------- -------- ------------- --------------- -------------
Profit / (loss)
before tax 940 (315) (2) - (763) (140)
Tax credit - - - - 24 24
-------- -------- -------- ------------- --------------- -------------
Profit / (loss)
for the period 940 (315) (2) - (739) (116)
======== ======== ======== ============= =============== =============
Six months ended 31 March 2010
Continuing Operations
Middle
Europe East Africa Eliminations Unallocated(1) Consolidated
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Total external
revenue 5,913 2,675 248 - - 8,836
Inter-segment
revenue(2) 164 18 - (182) - -
-------- -------- -------- ------------- --------------- -------------
Total revenue 6,077 2,693 248 (182) - 8,836
Segmental
profit /
(loss) 475 164 (66) - - 573
Unallocated
corporate
expenses(1) - - - - (825) (825)
Share-based
payment
charge - - - - (66) (66)
Exceptional
items - - - - (122) (122)
-------- -------- -------- ------------- --------------- -------------
Operating
profit /
(loss) 475 164 (66) - (1,013) (440)
Finance costs - - - - (7) (7)
-------- -------- -------- ------------- --------------- -------------
Profit / (loss)
before tax 475 164 (66) - (1,020) (447)
Tax credit - - - - 109 109
-------- -------- -------- ------------- --------------- -------------
Profit / (loss)
for the
period 475 164 (66) - (911) (338)
======== ======== ======== ============= =============== =============
(1) Unallocated costs represent Directors' remuneration, administrative staff, corporate head office costs and expenses associated with AIM.
(2) Inter-segment revenue is charged at prevailing market rates.
(3) The segmental information for 31 March 2010 has been restated to reflect a change in the basis in which information is presented to the chief operating decision maker. The chief operating decision maker is the Chief Executive Officer.
Year ended 30 September 2010
Continuing Operations
Middle
Europe East Africa Eliminations Unallocated(1) Consolidated
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Total external
revenue 10,814 5,083 518 - - 16,415
Inter-segment
revenue(2) 219 97 - (316) - -
-------- -------- -------- ------------- --------------- -------------
Total revenue 11,033 5,180 518 (316) - 16,415
======== ======== ======== ============= =============== =============
Segmental profit
/ (loss) 889 257 (131) - - 1,015
Unallocated
corporate
expenses(1) - - - - (1,429) (1,429)
Share-based
payment charge - - - - (88) (88)
Exceptional items (61) - - - (230) (291)
-------- -------- -------- ------------- --------------- -------------
Operating profit
/ (loss) 828 257 (131) - (1,747) (793)
Finance expense - - - - (16) (16)
-------- -------- -------- ------------- --------------- -------------
Profit / (loss)
before tax 828 257 (131) - (1,763) (809)
Tax credit - - - - 146 146
-------- -------- -------- ------------- --------------- -------------
Profit / (loss)
for the year 828 257 (131) - (1,617) (663)
======== ======== ======== ============= =============== =============
(1) Unallocated costs represent Directors' remuneration, administrative staff, corporate head office costs and expenses associated with AIM.
(2) Inter-segment revenue is charged at prevailing market rates.
5 EARNINGS PER SHARE
6 months 6 months Year
Ended Ended Ended
31 March 31 March 30 September
2011 2010 2010
GBP'000 GBP'000 GBP'000
Loss for the financial period
attributable to equity
shareholders (141) (342) (667)
Share-based payments charge 44 66 88
Exceptional items (note 6) 48 122 291
---------------------------------- ------------ ------------ --------------
Adjusted loss for the financial
period before share-based
payments and exceptional items (49) (154) (288)
---------------------------------- ------------ ------------ --------------
Weighted average number of
shares:
- Ordinary shares in
issue 26,379,416 26,379,416 26,379,416
- Shares held by EBT (1,700,645) (1,700,645) (1,700,645)
Basic weighted average number of
shares 24,678,771 24,678,771 24,678,771
---------------------------------- ------------ ------------ --------------
Diluted weighted average number
of shares 24,678,771 24,678,771 24,678,771
---------------------------------- ------------ ------------ --------------
Basic loss per share (0.6)p (1.4)p (2.7)p
---------------------------------- ------------ ------------ --------------
Diluted loss per share (0.6)p (1.4)p (2.7)p
---------------------------------- ------------ ------------ --------------
Adjusted basic loss per share
before share-based payments and
exceptional items (0.2)p (0.6)p (1.2)p
---------------------------------- ------------ ------------ --------------
Potential ordinary shares relating to 3,727,500 share options
(31 March 2010: 2,235,000; 30 September 2010: 1,935,000) have not
been included in the calculation of diluted earnings per share as
their value has no dilutive effect. Therefore, dilutive and basic
loss per ordinary share are identical.
6 EXCEPTIONAL ITEMS
6 months 6 months Year
Ended Ended Ended
31 March 31 March 30 September
2011 2010 2010
GBP'000 GBP'000 GBP'000
Impairment loss (1) - 122 122
Severance costs (2) 48 - 169
---------- ---------- --------------
48 122 291
---------- ---------- --------------
(1) During the six month period ended 31 March 2010 the Directors carried out an impairment review in accordance with IAS 36 as a result of specific concerns in relation to the value of one of the Group's fixed assets. This review identified the need for an impairment charge of GBP122,000 relating to the Group's Edinburgh freehold property, which was recognised in the Consolidated Statement of Comprehensive Income. Subsequent to this review the property was sold for net disposal proceeds of GBP600,000, with no further loss on disposal arising. The Directors have identified no further evidence of impairment in relation to other Group assets.
(2) Severance costs include redundancy, ex-gratia and other discretionary payments.
This information is provided by RNS
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END
IR LLFFERAITFIL
Driver (LSE:DRV)
過去 株価チャート
から 6 2024 まで 7 2024
Driver (LSE:DRV)
過去 株価チャート
から 7 2023 まで 7 2024
