TIDMDRV
RNS Number : 2100G
Driver Group plc
27 June 2012
27 June 2012
DRIVER GROUP PLC
("Driver" or "the Group")
Half Yearly Report
For the six months ended 31 March 2012
Key Points
6 months 6 months Change 6 months ended Change Year ended
ended ended 31 30 September 2011 31 March 2012 30 September 2011
31 31 March March GBP000 to 30 September 2011 GBP000
March 2011 2012
2012 GBP000 to
GBP000 31
March
2011
--------------------- --------- ---------- ------- ------------------- --------------------- -------------------
Revenue 10,640 7,893 2,747 9,472 1,168 17,365
Gross Profit % 30.1% 25.9% 4.2% 27.6% 2.5% 26.8%
Underlying* profit
/ (loss) before
tax 799 (48) 847 596 203 548
Exceptional items
and share-based
payment charge (68) (92) 24 (107) 39 (199)
Profit / (loss)
before tax 731 (140) 871 489 242 349
Profit / (loss)
after tax 619 (116) 735 384 235 268
Basic earnings /
(loss) per share 2.3p (0.6)p 2.9p 1.5p 0.8p 0.9p
Underlying* earnings
/ (loss) per share 2.6p (0.2)p 2.8p 1.9p 0.7p 1.7p
Proposed dividend
per share 0.3p Nil 0.3p 0.5p (0.2p) 0.5p
Net cash /
(borrowings)
at period end** 924 (603) 1,527 572 352 572
Access to available
funds*** 3,190 1,986 1,204 3,078 112 3,078
Total Equity 7,255 6,238 1,017 6,700 555 6,700
------- ---------------------
*Underlying figures are stated before the share-based payment
charge and exceptional items (note 6).
**Net cash / (borrowings) consist of cash equivalents, bank
loans and finance leases.
***Available funds include net undrawn bank facilities plus
other cash balances.
W Alan McClue, Chairman of Driver Group, said:
"The period continued the positive trends seen in the second
half of our last financial year and was another period in which we
achieved all of our objectives. The business entered the second
half of 2012 in good shape resulting in the Group issuing a further
positive trading update. In addition, we were delighted to announce
the completion of the acquisition of Trett Consulting ("Trett") in
May 2012 and I continue to be very confident and excited by the
opportunities that exist for the Group."
Enquiries:
Driver Group plc
David Webster, Chief Executive Tel: +44 (0) 1706 223999
Damien McDonald, Group
Finance Director
Alan McClue, Non-executive Tel: +44 (0) 7791 546798
Chairman
Charles Stanley Securities
Nominated Adviser & Broker
Marc Milmo / Carl Holmes Tel: +44 (0) 207 149 6000
INTRODUCTION
I am pleased to report on the Group's performance for the first
half of financial year 2011/2012. The period continued the positive
trends seen in the second half of our last financial year and was
another period in which we achieved all of our objectives including
growth in revenues, profits and cash position. The strength of our
trading and our continued optimism for the business allows us to
return to the payment of an interim dividend.
In my statement in the Annual Report & Accounts for
2010/2011, I said that we would develop our operations in Africa,
Qatar and the Power & Process market in the UK whilst
maintaining a stable environment in the remaining businesses.
Building on performance in that year, I am pleased to report that
we have delivered on each of these objectives. Indeed the Middle
East outperformed our expectations and contributed to us issuing
two positive trading updates in the period.
FINANCIAL RESULTS
Revenue for the six months ended 31 March 2012 increased by 35%
to GBP10.6m compared with GBP7.9m for the same period in 2011 and
was up 12% compared with the second half revenue for 2011 of
GBP9.5m.
The principal increase in revenue was in the Middle East where
revenue grew by 48% to GBP2.9m (2011: GBP2.0m; second half 2011:
GBP2.5m). Revenue from Europe increased 22% to GBP6.8m (2011:
GBP5.6m) and is 5% higher than the second half revenue of 2011
(GBP6.5m). Africa revenue increased to GBP0.92m compared to
GBP0.35m in the first half of 2011 and GBP0.47m in the second half
of 2011.
The Group reported an underlying pre-tax profit before the
charge for share options of GBP799,000. This compared with an
underlying pre-tax loss of GBP48,000 for the first half of 2011 and
an underlying pre-tax profit of GBP596,000 in the second half of
last year. After a charge for share options of GBP68,000 (2011:
GBP44,000) the pre-tax profit for the six months ended 31 March
2012 was GBP731,000 compared with a pre-tax loss of GBP140,000
after the share option charge and exceptional items of GBP48,000
for the same period in 2011.
The Group's effective tax rate has reduced to 15% (2011: full
year 23%) reflecting improved profits from overseas operations
which benefit from lower tax rates. The underlying earnings per
share, before the share option charge was 2.6p (2011: loss per
share before share options and exceptional items 0.2p). After the
share option charge the earnings per share was 2.3p (2011: loss per
share 0.6p after share options and exceptional items).
As a result of the continued revenue growth, trade and other
receivables increased by GBP0.74m over the first half (2011:
GBP0.54m) and trade and other payables increased by GBP0.48m (2011:
GBP0.37m). Net cash inflow from operations of GBP0.52m compares
with an outflow of GBP0.11m in the corresponding period last year
reflecting a return to profitability.
The Group had net cash at 31 March 2012 of GBP0.9m compared to
net borrowings at 31 March 2011 of GBP0.6m and net cash at 30
September 2011 of GBP0.6m.
DIVIDEND
In view of the first half trading results, the Board are
recommending an interim dividend for 2012 of 0.3 pence per share
(2011: nil) which will be paid on 3 August 2012 to shareholders on
the register at the close of business on 6 July 2012.
TRADING PERFORMANCE
The Group's performance continues to progress against all key
parameters when compared to the second half of 2011. Revenue is 12%
higher, underlying pre tax profit is 34% higher and our net cash
position has improved by 62% in the first six months of our
financial year.
This has been achieved in a trading environment that continues
to be challenging with significant macro-economic uncertainty
across the world and continued volatility in construction markets.
This is down to the strength of our personnel and our continued
focus on cost control and the development of targeted service
streams and additional sectors.
Our European business is performing as expected. Revenues have
increased by 5% on the second half of 2011. As we have expanded our
reach and offering we have increased our cost base in this region
which has enabled us to position the business for the continued
growth being experienced in the Power & Process sector. This
alignment of our business for the anticipated increase in revenues
from Power & Process has resulted in margins in the period from
our European business being reduced by 4%.
The Middle East region has outperformed our expectations as set
out in previous trading updates. The restructuring and refocusing
that was implemented during the middle of the last financial year
has been a success. Revenues are up 17% on the second half of 2011
and profits are up 160% on the same period. This has been achieved
by focusing the UAE business on the dispute market, the continued
development of the Oman business across all service offerings and
the commencement of more meaningful activity in the Qatar office.
Our focus on expert witness work across the region has also
contributed to the success.
Africa has developed well and is also ahead of expectations, as
previously reported. Revenue is up 94% on the second half of last
year and the GBP96k loss in the second half of 2011 has been
converted to a GBP93k profit in the first half of 2012. This has
been brought about by work in the PPP market, our planning services
and some significant expert witness appointments.
OUTLOOK
The business entered the second half of 2012 in good shape
resulting in the Group issuing a further positive trading update.
In addition, we were delighted to announce the completion of the
acquisition of Trett Consulting ("Trett") in May 2012.
This acquisition of Trett now ensures that we have a global
footprint with offices in UK, Mainland Europe, Middle East, Africa,
Asia Pacific and North America. Through our global network of
offices we are now able to offer the three key service streams of
the Group in Project Services, Dispute & Contract Advice and
Expert Witness & Litigation Support. The potential to leverage
these services and our client base across the network of offices
provides the potential for significant growth over the medium to
longer term.
The integration of Trett is progressing as planned and we
anticipate having fully integrated the Trett business by the end of
the financial year. This will allow us to build on the progress we
have already made with the Trett business and therefore enter the
following financial year set to develop on the opportunities
available to our enlarged business. An important objective will be
the development of our oil, gas and petrochemical expertise across
the network of oil and gas hubs in Houston, UAE and Kuala
Lumpur/Singapore.
We have within the last few days recently launched a fresh
branding for the Group's expert witness service under the brand
name of - 'Diales'. The aim of this is to promote a higher level of
focus on the expert witnesses we have within the Group and enhance
our ability to secure appointments on a larger number of high value
international arbitrations.
In respect of the current financial year our secured revenues
and revenue expected to be secured and delivered in the remainder
of the year, give the Board a high level of confidence in the
outlook for this financial year.
The combination of Trett and Driver, two of the strongest brands
in the dispute and advisory market, provides the Group with
excellent opportunities for strong growth on a global basis. We are
already starting to see the benefits of this acquisition, as
evidenced by the previously announced contract with one of the
world's largest independent oil and gas exploration and production
companies. Notwithstanding the economic backdrop and the continued
challenges we face as we operate in this environment, I continue to
be very confident and excited by the opportunities that exist for
the Group and look forward to working with our staff, both Driver
and Trett, to continue growing the revenue and profitability of the
business.
W. Alan McClue
Non-Executive Chairman
26 June 2012
6 months ended 6 months ended Year
31 March 2012 31 March 2011 ended
GBP000 GBP000 30 September 2011
GBP000
REVENUE 10,640 7,893 17,365
Cost of sales (7,439) (5,849) (12,704)
------------------------------------------------------------- ---------------- ---------------- -------------------
GROSS PROFIT 3,201 2,044 4,661
Administrative expenses (2,548) (2,234) (4,424)
Other operating income 75 57 123
Operating profit / (loss) before share-based payment charge
and exceptional items 796 (41) 559
Exceptional items (note 6) - (48) (125)
Share-based payment charge (68) (44) (74)
------------------------------------------------------------- ---------------- ---------------- -------------------
OPERATING PROFIT / (LOSS) 728 (133) 360
Finance income 4 - 2
Finance costs (1) (7) (13)
PROFIT / (LOSS) BEFORE TAXATION 731 (140) 349
Tax (expense) / credit (note 2) (112) 24 (81)
------------------------------------------------------------- ---------------- ---------------- -------------------
PROFIT / (LOSS) FOR THE PERIOD 619 (116) 268
Profit attributable to non-controlling interests 56 25 40
Profit / (loss) attributable to equity shareholders of the
parent 563 (141) 228
------------------------------------------------------------- ---------------- ---------------- -------------------
619 (116) 268
------------------------------------------------------------- ---------------- ---------------- -------------------
Basic earnings / (loss) per share (pence) (note 5) 2.3p (0.6)p 0.9p
Diluted earnings / (loss) per share (pence) (note 5) 2.3p (0.6)p 0.9p
Year
6 months ended 6 months ended ended
31 March 31 March 30 September
2012 2011 2011
GBP000 GBP000 GBP000
PROFIT / LOSS FOR THE PERIOD 619 (116) 268
--------------- --------------- --------------
Other comprehensive income:
Exchange differences on translating foreign operations (17) 5 23
Deferred tax credit on property revaluation 11 - 30
--------------- --------------- --------------
Other comprehensive income for the year net of tax (6) 5 53
--------------- --------------- --------------
TOTAL COMPREHENSIVE INCOME FOR THE PERIOD 613 (111) 321
--------------- --------------- --------------
Total comprehensive income attributable to:
Owners of the parent 557 (136) 281
Non-controlling interest 56 25 40
--------------- --------------- --------------
613 (111) 321
--------------- --------------- --------------
31 March 31 March 30 September
2012 2011 2011
GBP000 GBP000 GBP000
------------------------------- --------- --------- -------------
NON-CURRENT ASSETS
Goodwill 2,356 2,356 2,356
Property, plant and equipment 2,093 2,210 2,134
Deferred tax asset 77 - 67
4,526 4,566 4,557
------------------------------- --------- --------- -------------
CURRENT ASSETS
Trade and other receivables 5,579 4,553 4,839
Cash and cash equivalents 940 653 596
Current tax receivable - 210 -
------------------------------- --------- --------- -------------
6,519 5,416 5,435
------------------------------- --------- --------- -------------
TOTAL ASSETS 11,045 9,982 9,992
------------------------------- --------- --------- -------------
CURRENT LIABILITIES
Borrowings (16) (1,240) (12)
Trade and other payables (3,393) (2,231) (2,915)
Current tax payable (171) - (131)
------------------------------- --------- --------- -------------
(3,580) (3,471) (3,058)
------------------------------- --------- --------- -------------
NON-CURRENT LIABILITIES
Borrowings - (16) (12)
Deferred tax liabilities (210) (257) (222)
------------------------------- --------- --------- -------------
(210) (273) (234)
------------------------------- --------- --------- -------------
TOTAL LIABILITIES (3,790) (3,744) (3,292)
------------------------------- --------- --------- -------------
NET ASSETS 7,255 6,238 6,700
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 (33) (34) (16)
Capital redemption reserve 18 18 18
Retained earnings 3,892 3,183 3,493
Own shares (963) (1,202) (1,083)
------------------------------- --------- --------- -------------
TOTAL SHAREHOLDERS' EQUITY 7,162 6,213 6,660
NON-CONTROLLING INTEREST 93 25 40
------------------------------- --------- --------- -------------
TOTAL EQUITY 7,255 6,238 6,700
------------------------------- --------- --------- -------------
6 months 6 months Year
ended ended ended
31 March 31 March 30 September
2012 2011 2011
GBP'000 GBP'000 GBP'000
--------------------------------------- ---------- ---------- --------------
CASH FLOWS FROM OPERATING ACTIVITIES
Profit / (loss) before taxation 731 (140) 349
Adjustments for:
Depreciation 102 127 236
Exchange adjustments (12) 9 (10)
Loss on disposal of equipment - - 2
Finance income (4) - (2)
Finance costs 1 7 13
Equity settled share-based
payment charge 68 44 74
OPERATING CASH FLOW BEFORE
CHANGES IN WORKING CAPITAL
AND PROVISIONS 886 47 662
Increase in trade and other
receivables (740) (534) (825)
Increase in trade and other
payables 478 365 1,049
--------------------------------------- ---------- ---------- --------------
CASH GENERATED / (ABSORBED)
BY OPERATIONS 624 (122) 886
Tax (paid) / received (100) 12 197
NET CASH INFLOW / (OUTFLOW)
FROM OPERATING ACTIVITIES 524 (110) 1,083
--------------------------------------- ---------- ---------- --------------
CASH FLOWS FROM INVESTING ACTIVITIES
Interest received 4 - 2
Acquisition of property, plant
and equipment (61) (14) (49)
======================================= ========== ========== ==============
NET CASH OUTFLOW FROM INVESTING
ACTIVITIES (57) (14) (47)
--------------------------------------- ---------- ---------- --------------
CASH FLOWS FROM FINANCING ACTIVITIES
Interest paid (1) (7) (13)
Decrease in borrowings (8) (7) (1,239)
Payment of equity dividends (126) (4) (4)
NET CASH OUTFLOW FROM FINANCING
ACTIVITIES (135) (18) (1,256)
--------------------------------------- ---------- ---------- --------------
Net increase / (decrease) in
cash and cash equivalents 332 (142) (220)
Effect of foreign exchange
on cash and cash equivalents 12 (9) 12
Cash and cash equivalents at
start of period 596 804 804
--------------------------------------- ---------- ---------- --------------
CASH AND CASH EQUIVALENTS AT
END OF PERIOD 940 653 596
--------------------------------------- ---------- ---------- --------------
For the six months ended 31 March 2012:
Non-controlling
Share Share Merger Other Retained Own interest Total
capital premium reserve reserves(1) earnings shares Total* GBP000 Equity
GBP000 GBP000 GBP000 GBP000 GBP000 GBP000 GBP000 GBP000
--------------- -------- -------- -------- ------------ --------- --------- ------- ---------------- --------
Opening
balance
At 1 October
2011 106 2,649 1,493 2 3,493 (1,083) 6,660 40 6,700
--------------- -------- -------- -------- ------------ --------- --------- ------- ---------------- --------
Dividends - - - - (123) - (123) (3) (126)
Share-based
payment - - - - 68 - 68 - 68
Reserve
transfer(2) - - - - (120) 120 - - -
Total profit
for the
period - - - - 563 - 563 56 619
Other
comprehensive
income for
the period - - - (17) 11 - (6) - (6)
--------------- -------- -------- -------- ------------ --------- --------- ------- ---------------- --------
CLOSING
BALANCE
AT 31 MARCH
2012 106 2,649 1,493 (15) 3,892 (963) 7,162 93 7,255
--------------- -------- -------- -------- ------------ --------- --------- ------- ---------------- --------
For the six months ended 31 March 2011:
Non-controlling
Share Share Merger Other Retained Own interest Total
capital premium reserve reserves(1) earnings shares Total* GBP000 Equity
GBP000 GBP000 GBP000 GBP000 GBP000 GBP000 GBP000 GBP000
--------------- -------- -------- -------- ------------ --------- --------- ------- ---------------- --------
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 - - -
(Loss) /
profit for
the period - - - - (141) - (141) 25 (116)
Other
comprehensive
income for
the period - - - 5 - - 5 - 5
--------------- -------- -------- -------- ------------ --------- --------- ------- ---------------- --------
CLOSING
BALANCE
AT 31 MARCH
2011 106 2,649 1,493 (16) 3,183 (1,202) 6,213 25 6,238
--------------- -------- -------- -------- ------------ --------- --------- ------- ---------------- --------
For the year ended 30 September 2011:
Non-controlling
Share Share Merger Other Retained Own interest Total
capital premium reserve reserves(1) earnings shares Total* GBP000 Equity
GBP000 GBP000 GBP000 GBP000 GBP000 GBP000 GBP000 GBP000
--------------- -------- -------- -------- ------------ --------- --------- ------- ---------------- --------
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 - - - - 74 - 74 - 74
Reserve
transfer - - - - (159) 159 - - -
Profit for the
year - - - - 228 - 228 40 268
Other
comprehensive
income for
the year - - - 23 30 - 53 - 53
--------------- -------- -------- -------- ------------ --------- --------- ------- ---------------- --------
CLOSING
BALANCE
AT 30
SEPTEMBER
2011 106 2,649 1,493 2 3,493 (1,083) 6,660 40 6,700
--------------- -------- -------- -------- ------------ --------- --------- ------- ---------------- --------
*Total equity attributable to the equity shareholders of the
parent
(1) 'Other reserves' combines the translation reserve, capital
redemption reserve and other reserves.
(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.
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 2011 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 2012 and 31 March 2011 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 2011 included
within this report does not constitute the full statutory accounts
for that period. The statutory Annual Report and Financial
Statements for 2011 have been filed with the Registrar of
Companies. The Independent Auditor's Report on that Annual Report
and Financial Statements for 2011 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 expense on the profit for the half-year ended 31 March
2012 is based on the estimated tax rates in the jurisdictions in
which the Group operates, for the year ending 30 September
2012.
3 DIVIDEND
The directors propose an interim dividend for the half-year
ended 31 March 2012 of 0.3p per share (2011: 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 2012
Middle East
Europe GBP000 Africa Eliminations Unallocated Consolidated
GBP000 GBP000 GBP000 GBP000 GBP000
-------- ------------ -------- -------------- ------------- --------------
Total external revenue 6,782 2,939 919 - - 10,640
Total inter-segment revenue(2) 10 - - (10) - -
-------- ------------ -------- -------------- ------------- --------------
Total revenue 6,792 2,939 919 (10) - 10,640
======== ============ ======== ============== ============= ==============
Segmental profit 886 595 93 - - 1,574
Unallocated corporate expenses(1) - - - - (778) (778)
Share-based payment charge - - - - (68) (68)
Exceptional items (note 6) - - - - - -
-------- ------------ -------- -------------- ------------- --------------
Operating profit 886 595 93 - (846) 728
Finance Income - - - - 4 4
Finance costs - - - - (1) (1)
-------- ------------ -------- -------------- ------------- --------------
Profit before tax 886 595 93 - (843) 731
Tax expense - - - - (112) (112)
-------- ------------ -------- -------------- ------------- --------------
Profit for the period 886 595 93 - (955) 619
======== ============ ======== ============== ============= ==============
Six months ended 31 March 2011
Continuing Operations
Middle East
Europe GBP000 Africa Eliminations Unallocated Consolidated
GBP000 GBP000 GBP000 GBP000 GBP000
-------- ------------ -------- -------------- ------------- --------------
Total external revenue 5,561 1,987 345 - - 7,893
Total 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 (note 6) - - - - (48) (48)
-------- ------------ -------- -------------- ------------- --------------
Operating profit / (loss) 940 (315) (2) - (756) (133)
Finance costs - - - - (7) (7)
-------- ------------ -------- -------------- ------------- --------------
Profit / (loss) before tax 940 (315) (2) - (763) (140)
Tax expense - - - - 24 24
-------- ------------ -------- -------------- ------------- --------------
Profit / (loss) for the period 940 (315) (2) - (739) (116)
======== ============ ======== ============== ============= ==============
(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.
(1)
4 SUMMARY SEGMENTAL ANALYSIS - continued
Year ended 30 September 2011
Continuing Operations
Middle East
Europe GBP000 Africa Eliminations Unallocated Consolidated
GBP000 GBP000 GBP000 GBP000 GBP000
-------- ------------ -------- -------------- ------------- --------------
Total external revenue 12,044 4,503 818 - - 17,365
Total inter-segment revenue(2) 11 - - (11) - -
-------- ------------ -------- -------------- ------------- --------------
Total revenue 12,055 4,503 818 (11) - 17,365
======== ============ ======== ============== ============= ==============
Segmental profit / (loss) 2,067 (15) (98) - - 1,954
Unallocated corporate expenses(1) - - - - (1,395) (1,395)
Share-based payment charge - - - - (74) (74)
Exceptional items (note 6) - (71) - - (54) (125)
-------- ------------ -------- -------------- ------------- --------------
Operating profit / (loss) 2,067 (86) (98) - (1,523) 360
Finance income - - - - 2 2
Finance expense - - - - (13) (13)
-------- ------------ -------- -------------- ------------- --------------
Profit / (loss) before tax 2,067 (86) (98) - (1,534) 349
Tax expense - - - - (81) (81)
-------- ------------ -------- -------------- ------------- --------------
Profit / (loss) for the year 2,067 (86) (98) - (1,615) 268
======== ============ ======== ============== ============= ==============
(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
2012 2011 2011
GBP000 GBP000 GBP000
Profit / (loss) for the financial period attributable to equity
shareholders 563 (141) 228
Share-based payments charge 68 44 74
Exceptional items (note 6) - 48 125
-------------------------------------------------------------------------- ------------ ------------ --------------
Adjusted profit / (loss) for the financial period before share-based
payments and exceptional
items 631 (49) 427
-------------------------------------------------------------------------- ------------ ------------ --------------
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
-------------------------------------------------------------------------- ------------ ------------ --------------
Effects of employee share options 316,339 - -
-------------------------------------------------------------------------- ------------ ------------ --------------
Diluted weighted average number of shares 24,995,110 24,678,771 24,678,771
-------------------------------------------------------------------------- ------------ ------------ --------------
Basic profit / (loss) per share 2.3p (0.6)p 0.9p
-------------------------------------------------------------------------- ------------ ------------ --------------
Diluted profit / (loss) per share 2.3p (0.6)p 0.9p
-------------------------------------------------------------------------- ------------ ------------ --------------
Adjusted basic profit / (loss) per share before share-based payments and
exceptional items 2.6p (0.2)p 1.7p
-------------------------------------------------------------------------- ------------ ------------ --------------
Potential ordinary shares relating to 1,925,000 share options
(31 March 2011: 3,727,500; 30 September 2011: 4,402,500) have not
been included in the calculation of diluted earnings per share as
their value has no dilutive effect.
6 EXCEPTIONAL ITEMS
6 months 6 months Year
Ended Ended Ended
31 March 31 March 30 September
2012 2011 2011
GBP000 GBP000 GBP000
Severance costs(1) - 48 125
----------- ---------- --------------
(1) Severance costs include redundancy, ex-gratia, other
discretionary payments and associated legal costs.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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