TIDMSLM
RNS Number : 5411J
Slimma PLC
31 March 2010
The following amendment has been made to the final results announcement released
on 31 March 2010 at 7.00 am under RNS 4690J. A paragraph relating to "Going
Concern" was omitted from Note 1 in the announcement. All other details remain
unchanged. A full amended text is shown below.
Slimma plc
Unaudited Final Results
for the period ended 2 October 2009
STATEMENT BY THE CHAIRMAN, CAROLYN SIMONS
The continuing and challenging global economic circumstances have had a major
adverse effect on the Company's local and international market sector and are
reflected in the results for the year ended 2 October 2009.
Sales for the year amounted to GBP10.46million (2008: GBP13.49million), a fall
of 22%. Some of this decrease was a direct result of the withdrawal from low
margin contract sales and, excluding the lost revenue attributable to this,
sales were down 18% as compared to the same period last year. Export sales
accounted for 28% of Company sales (2008: 26%).
Despite a very competitive market place, margins were held at the same level as
last year. Operating losses for the year, before exceptional costs, amounted to
GBP617,000 (2008: GBP436,000). This loss includes GBP100,000 of additional bad
debt provisions compared to last year.
International accounting standards require the recognition of unrealised losses
on derivative contracts. The Company entered into a cap and floor agreement with
the bank in June 2008, which has resulted in the requirement for a provision of
GBP168,000 in the year and a restatement of last year's pre tax losses by
GBP173,000.
The significantly increased bad debt risks associated with the sector in which
the Company operates, the lack of credit insurance, and the tightened and more
expensive credit facilities on offer to small businesses in conjunction with the
Company's own strengthened credit controls, have contributed to the shortfall in
sales and made it increasingly difficult to predict future sales with any degree
of certainty. With this in mind, and with the potential for further sales
losses, the Company has accelerated its reorganisation programme based upon a
revision of the Company's 2008 strategic financial model. The revised plan is
due to be completed by the end of March 2010 and includes the closure of smaller
loss-making brands to allow full concentration by management on the Company's
key brands. This revised model should assist the Company in its efforts to move
away from its loss making position and provide a better platform for success on
the back of an eventual economic recovery. We are making satisfactory progress
towards this goal.
Although results continue to be disappointing, management and staff are working
extremely hard to ensure the right platform is in place to build for future
recovery. Despite the current market conditions, the board believes the Company
will be well placed to take advantage of what it hopes to be an improving
economic situation in the coming financial years.
+------------------------+-----------------+--------------------------+
| Enquiries: | | |
+------------------------+-----------------+--------------------------+
| Stephen Thwaite, Chief | Dan Bate | Katie Dale |
| Executive | | |
+------------------------+-----------------+--------------------------+
| Slimma plc | WH Ireland | Golley Slater |
| | Limited | |
+------------------------+-----------------+--------------------------+
| Tel: 01538 399 141 | Tel: 0161 832 | Tel: 0121 384 9743 |
| | 2174 | |
+------------------------+-----------------+--------------------------+
| www.slimma.com | | Mobile: 07918 716 754 |
+------------------------+-----------------+--------------------------+
INCOME STATEMENT
For the 52 week period ended 2 October 2009
+----------------------------------------+--------------+-------------+
| | 52 weeks | 53 weeks |
| | ended | ended |
| | 2 October | 3 October |
| | 2009 | 2008 |
| | | (As |
| | | restated) |
| | | |
+----------------------------------------+--------------+-------------+
| | GBP000 | GBP000 |
+----------------------------------------+--------------+-------------+
| | | |
+----------------------------------------+--------------+-------------+
| REVENUE - continuing operations | 10,459 | 13,494 |
+----------------------------------------+--------------+-------------+
| | | |
+----------------------------------------+--------------+-------------+
| Direct costs before exceptional | (11,076) | (13,930) |
| expenses | | |
+----------------------------------------+--------------+-------------+
| Exceptional expenses - redundancy | (182) | (173) |
| costs | | |
+----------------------------------------+--------------+-------------+
| Exceptional trade receivable | (313) | - |
| impairment | | |
+----------------------------------------+--------------+-------------+
| | | |
+----------------------------------------+--------------+-------------+
| Operating expenses | (11,571) | (14,103) |
+----------------------------------------+--------------+-------------+
| | | |
+----------------------------------------+--------------+-------------+
| OPERATING LOSS - continuing operations | (1,112) | (609) |
+----------------------------------------+--------------+-------------+
| Finance income | 20 | 16 |
+----------------------------------------+--------------+-------------+
| Finance costs | (179) | (237) |
+----------------------------------------+--------------+-------------+
| Losses from derivatives not designated | | |
| as hedging instruments | (168) | (173) |
+----------------------------------------+--------------+-------------+
| | | |
+----------------------------------------+--------------+-------------+
| LOSS BEFORE INCOME TAX | (1,439) | (1,003) |
+----------------------------------------+--------------+-------------+
| Income tax (charge)/credit | (297) | 216 |
+----------------------------------------+--------------+-------------+
| | | |
+----------------------------------------+--------------+-------------+
| LOSS FOR THE PERIOD | (1,736) | (787) |
+----------------------------------------+--------------+-------------+
| | | |
+----------------------------------------+--------------+-------------+
| LOSS ATTRIBUTABLE TO EQUITY HOLDERS OF | | |
| THE COMPANY | (1,736) | (787) |
+----------------------------------------+--------------+-------------+
| | | |
+----------------------------------------+--------------+-------------+
| EARNINGS PER ORDINARY SHARE (basic and | (18.50p) | (8.39p) |
| diluted) | | |
+----------------------------------------+--------------+-------------+
STATEMENT OF RECOGNISED INCOME AND EXPENSE
For the 52 week period ended 2 October 2009
+----------------------------------------+--------------+-------------+
| | 52 weeks | 53 weeks |
| | ended | ended |
| | 2 October | 3 October |
| | 2009 | 2008 |
| | | (As |
| | | restated) |
+----------------------------------------+--------------+-------------+
| | GBP000 | GBP000 |
+----------------------------------------+--------------+-------------+
| | | |
+----------------------------------------+--------------+-------------+
| Loss for the period as previously | (1,736) | (614) |
| reported | | |
+----------------------------------------+--------------+-------------+
| Actuarial gain on defined benefit | - | 4 |
| pension scheme | | |
+----------------------------------------+--------------+-------------+
| Related deferred tax on actuarial gain | - | (1) |
| | | |
+----------------------------------------+--------------+-------------+
| Prior period adjustment (see note 4) | - | (173) |
+----------------------------------------+--------------+-------------+
| | | |
+----------------------------------------+--------------+-------------+
| TOTAL RECOGNISED INCOME AND EXPENSE | (1,736) | (784) |
+----------------------------------------+--------------+-------------+
| ATTRIBUTABLE TO EQUITY HOLDERS OF THE | | |
| COMPANY | (1,736) | (784) |
+----------------------------------------+--------------+-------------+
BALANCE SHEET
At 2 October 2009
+---------------------+---------------------+--------------------------+
| | 2 October 2009 | 3 October 2008 |
| | | (As restated) |
+---------------------+---------------------+--------------------------+
| ASSETS | GBP000 | GBP000 |
+---------------------+---------------------+--------------------------+
| NON-CURRENT ASSETS | | |
+---------------------+---------------------+--------------------------+
| Property, plant and | 433 | 498 |
| equipment | | |
+---------------------+---------------------+--------------------------+
| Intangible assets | 537 | 529 |
+---------------------+---------------------+--------------------------+
| Deferred tax assets | 58 | 355 |
+---------------------+---------------------+--------------------------+
| Pension scheme | 383 | 383 |
| surplus | | |
+---------------------+---------------------+--------------------------+
| | 1,411 | 1,765 |
+---------------------+---------------------+--------------------------+
| | | |
+---------------------+---------------------+--------------------------+
| CURRENT ASSETS | | |
+---------------------+---------------------+--------------------------+
| Inventories | 2,887 | 2,151 |
+---------------------+---------------------+--------------------------+
| Trade and other | 2,839 | 4,149 |
| receivables | | |
+---------------------+---------------------+--------------------------+
| Financial assets | - | 15 |
+---------------------+---------------------+--------------------------+
| Cash at bank and in | 33 | 61 |
| hand | | |
+---------------------+---------------------+--------------------------+
| | | |
+---------------------+---------------------+--------------------------+
| TOTAL CURRENT | 5,759 | 6,376 |
| ASSETS | | |
+---------------------+---------------------+--------------------------+
| | | |
+---------------------+---------------------+--------------------------+
| TOTAL ASSETS | 7,170 | 8,141 |
+---------------------+---------------------+--------------------------+
| | | |
+---------------------+---------------------+--------------------------+
| CURRENT LIABILITIES | | |
+---------------------+---------------------+--------------------------+
| Financial | 3,560 | 3,219 |
| liabilities | | |
+---------------------+---------------------+--------------------------+
| Trade and other | 1,820 | 1,592 |
| payables | | |
+---------------------+---------------------+--------------------------+
| | | |
+---------------------+---------------------+--------------------------+
| TOTAL CURRENT | | |
| LIABILITIES | 5,380 | 4,811 |
+---------------------+---------------------+--------------------------+
| | | |
+---------------------+---------------------+--------------------------+
| NON-CURRENT | | |
| LIABILITIES | | |
+---------------------+---------------------+--------------------------+
| Financial liability | 341 | 173 |
+---------------------+---------------------+--------------------------+
| | 341 | 173 |
+---------------------+---------------------+--------------------------+
| | | |
+---------------------+---------------------+--------------------------+
| TOTAL LIABILITIES | 5,721 | 4,984 |
+---------------------+---------------------+--------------------------+
| | | |
+---------------------+---------------------+--------------------------+
| TOTAL NET ASSETS | 1,449 | 3,157 |
+---------------------+---------------------+--------------------------+
| | | |
+---------------------+---------------------+--------------------------+
| EQUITY | | |
+---------------------+---------------------+--------------------------+
| Share capital | 521 | 521 |
+---------------------+---------------------+--------------------------+
| Share premium | 3,052 | 3,024 |
+---------------------+---------------------+--------------------------+
| Capital redemption | 285 | 285 |
| reserve | | |
+---------------------+---------------------+--------------------------+
| Treasury shares | (600) | (600) |
+---------------------+---------------------+--------------------------+
| Retained | (1,809) | (73) |
| (losses)/earnings | | |
+---------------------+---------------------+--------------------------+
| | | |
+---------------------+---------------------+--------------------------+
| TOTAL EQUITY | | |
| ATTRIBUTABLE TO THE | | |
| EQUITY HOLDERS OF | | |
| THE COMPANY | 1,449 | 3,157 |
+---------------------+---------------------+--------------------------+
STATEMENT OF CHANGES IN EQUITY
For the 52 week period ended 2 October 2009
+------------------+---------+---------+------------+----------+----------+----------+
| | Share | Share | Capital | Treasury | Retained | Total |
| | | | | | Earnings | |
| | Capital | Premium | Redemption | Shares | | Equity |
| | | | | | | |
| | | | Reserve | | | |
+------------------+---------+---------+------------+----------+----------+----------+
| | GBP000 | GBP000 | GBP000 | GBP000 | GBP000 | GBP000 |
+------------------+---------+---------+------------+----------+----------+----------+
| | | | | | | |
+------------------+---------+---------+------------+----------+----------+----------+
| At 28 September | 521 | 3,024 | 285 | (600) | 711 | 3,941 |
| 2007 | | | | | | |
+------------------+---------+---------+------------+----------+----------+----------+
| Loss for the | | | | | | |
| period to 3 | | | | | | |
| October 2008 (as | - | - | - | - | (614) | (614) |
| previously | | | | | | |
| stated) | | | | | | |
+------------------+---------+---------+------------+----------+----------+----------+
| Prior period | - | - | - | - | (173) | (173) |
| adjustment | | | | | | |
+------------------+---------+---------+------------+----------+----------+----------+
| Actuarial gain | | | | | | |
| on pension | - | - | - | - | 3 | 3 |
| scheme net of | | | | | | |
| tax | | | | | | |
+------------------+---------+---------+------------+----------+----------+----------+
| At 3 October | 521 | 3,024 | 285 | (600) | (73) | 3,157 |
| 2008 | | | | | | |
+------------------+---------+---------+------------+----------+----------+----------+
| Loss for the | | | | | | |
| period to 2 | - | - | - | - | (1,736) | (1,736) |
| October 2009 | | | | | | |
+------------------+---------+---------+------------+----------+----------+----------+
| VAT refund | | | | | | |
| received on | - | 28 | - | - | - | 28 |
| share issue | | | | | | |
| costs | | | | | | |
+------------------+---------+---------+------------+----------+----------+----------+
| At 2 October | 521 | 3,052 | 285 | (600) | (1,809) | 1,449 |
| 2009 | | | | | | |
+------------------+---------+---------+------------+----------+----------+----------+
CASH FLOW STATEMENT
For the 52 week period ended 2 October 2009
+--------------------------------+---------------+---------------+
| | 52 weeks | 53 weeks |
| | ended 2 | ended 3 |
| | October 2009 | October 2008 |
| | | (as restated) |
+--------------------------------+---------------+---------------+
| | GBP000 | GBP000 |
+--------------------------------+---------------+---------------+
| OPERATING ACTIVITIES | | |
+--------------------------------+---------------+---------------+
| Loss before income tax | (1,439) | (1,003) |
+--------------------------------+---------------+---------------+
| Finance income | (20) | (16) |
+--------------------------------+---------------+---------------+
| Finance costs | 179 | 237 |
+--------------------------------+---------------+---------------+
| Impact of defined benefit | - | (42) |
| pension scheme | | |
+--------------------------------+---------------+---------------+
| Losses from interest rate | 168 | 173 |
| derivatives | | |
+--------------------------------+---------------+---------------+
| Losses/(gains) from foreign | | |
| currency forward contracts | 15 | (87) |
+--------------------------------+---------------+---------------+
| Depreciation charge | 79 | 117 |
+--------------------------------+---------------+---------------+
| Amortisation of designs, | 79 | 69 |
| patents and trademarks | | |
+--------------------------------+---------------+---------------+
| Amortisation of development | 391 | 404 |
| costs | | |
+--------------------------------+---------------+---------------+
| | (548) | (148) |
+--------------------------------+---------------+---------------+
| | | |
+--------------------------------+---------------+---------------+
| CHANGES IN WORKING CAPITAL | | |
+--------------------------------+---------------+---------------+
| Inventories | (736) | 290 |
+--------------------------------+---------------+---------------+
| Trade and other receivables | 1,310 | (121) |
+--------------------------------+---------------+---------------+
| Trade and other payables | 193 | 12 |
+--------------------------------+---------------+---------------+
| | 767 | 181 |
+--------------------------------+---------------+---------------+
| | | |
+--------------------------------+---------------+---------------+
| CASH FROM OPERATING ACTIVITIES | 219 | 33 |
| | | |
+--------------------------------+---------------+---------------+
| Net financing cost | (159) | (221) |
+--------------------------------+---------------+---------------+
| Taxation repaid | - | - |
+--------------------------------+---------------+---------------+
| | | |
+--------------------------------+---------------+---------------+
| | | |
| NET CASH GENERATED FROM/(USED | | |
| IN) OPERATING ACTIVITIES | 60 | (188) |
+--------------------------------+---------------+---------------+
| | | |
+--------------------------------+---------------+---------------+
| INVESTING ACTIVITIES | | |
+--------------------------------+---------------+---------------+
| Capital expenditure | (14) | (31) |
+--------------------------------+---------------+---------------+
| Capitalisation of expenditure | (378) | (373) |
| on design asset | | |
+--------------------------------+---------------+---------------+
| Purchase of new brand | (65) | - |
+--------------------------------+---------------+---------------+
| | | |
+--------------------------------+---------------+---------------+
| NET CASH USED IN INVESTING | | |
| ACTIVITIES | (457) | (404) |
+--------------------------------+---------------+---------------+
| | | |
+--------------------------------+---------------+---------------+
| FINANCING ACTIVITIES | | |
+--------------------------------+---------------+---------------+
| VAT refund on share issue | 28 | - |
| costs | | |
+--------------------------------+---------------+---------------+
| | | |
+--------------------------------+---------------+---------------+
| NET CASH GENERATED FROM | | |
| FINANCING ACTIVITIES | 28 | - |
+--------------------------------+---------------+---------------+
| | | |
+--------------------------------+---------------+---------------+
| NET REDUCTION IN CASH AND CASH | | |
| EQUIVALENTS | (369) | (592) |
+--------------------------------+---------------+---------------+
| | | |
+--------------------------------+---------------+---------------+
| Cash and cash equivalents at | | |
| beginning of the period | (3,158) | (2,566) |
+--------------------------------+---------------+---------------+
| | | |
+--------------------------------+---------------+---------------+
| CASH AND CASH EQUIVALENTS AT | | |
| END OF THE PERIOD | (3,527) | (3,158) |
+--------------------------------+---------------+---------------+
Slimma plc
NOTES
1. Preparation of the financial statement
The information in this unaudited preliminary results announcement has been
prepared on the basis of the accounting policies which will be set out in the
full financial statements for the period ended 2 October 2009 and does not
constitute statutory accounts within the meaning of Section 434 of the Companies
Act 2006.
The results for the period ended 3 October 2008 are an abridged version of the
Company's full financial statements for that period, which have been filed with
the Registrar of Companies. The report of the auditors thereon was unqualified
and did not contain statements under Section 237(2) of the Companies Act 1985.
The full financial statements for the period ended 2 October 2009 will be
delivered to the Registrar of Companies on 31 March 2010.
GOING CONCERN
The Company's business activities and financial position, together with the
factors likely to affect its future development, performance and position are
set out in the Chairman's Statement.
The directors have carefully considered the likely working capital requirements
for the forthcoming period to 30 September 2011. They have prepared detailed
profit and cash flow forecasts which, based on conservative assumptions,
indicate that they will be able to operate within the proposed overdraft
facilities offered by the Company's bank.
On 17 March 2010 the Company's banker informed the Company that it was prepared
to grant additional overdraft facilities to the Company subject to agreeing
satisfactory terms and conditions. The discussions with the Company's banker
indicate that it is supportive and that there is no intention to withdraw the
facilities. The renewal letter for the facilities offered by the Company's bank
includes certain conditions which the Board is considering, and negotiations on
renewal of the facilities are ongoing.
The current global economic environment remains challenging and the Company has
reported an operating loss for the year. The directors consider that the outlook
presents significant challenges in terms of sales volumes and competition.
Whilst the directors have implemented a reorganisation plan, including measures
to preserve cash having implemented substantial cost savings, these
circumstances create material uncertainties over future trading results and cash
flows and the availability of adequate finance facilities.
The directors have concluded that the combination of these circumstances
represent a material uncertainty that casts significant doubt over the Company's
ability to continue as a going concern. Nevertheless after making enquiries, and
considering the uncertainties described above, the directors have a reasonable
expectation that the Company has adequate resources to continue in operational
existence for the foreseeable future. For these reasons, they continue to adopt
the going concern basis in preparing the annual report and accounts.
2. Segmental Report
For management purposes, the Company's primary segments are analysed by
geographical markets in which the business operates. The Company's risks and
rates of return are affected predominantly by the countries in which it
operates. As a result the Company's primary reporting format is geographical
segments. The Company's revenue, profit before taxation and net assets were all
derived from its principal activities.
PRIMARY REPORTING FORMAT - Geographical segments
+-------------------+----------+----------+---------+--------+---------------+
| 52 week period | UK | Other | North | Rest | Consolidation |
| ended | | European | America | of | |
| 2 October 2009 | | | | World | |
| | | | | | |
+-------------------+----------+----------+---------+--------+---------------+
| | GBP000 | GBP000 | GBP000 | GBP000 | GBP000 |
+-------------------+----------+----------+---------+--------+---------------+
| | | | | | |
+-------------------+----------+----------+---------+--------+---------------+
| Revenue | 7,514 | 2,565 | 116 | 264 | 10,459 |
+-------------------+----------+----------+---------+--------+---------------+
| | | | | | |
+-------------------+----------+----------+---------+--------+---------------+
| RESULT | | | | | |
+-------------------+----------+----------+---------+--------+---------------+
| Operating loss | (574) | (196) | (322) | (20) | (1,112) |
+-------------------+----------+----------+---------+--------+---------------+
| Finance income | | | | | 20 |
+-------------------+----------+----------+---------+--------+---------------+
| Finance costs | | | | | (179) |
+-------------------+----------+----------+---------+--------+---------------+
| Losses from | | | | | (168) |
| derivatives | | | | | |
+-------------------+----------+----------+---------+--------+---------------+
| | | | | | |
+-------------------+----------+----------+---------+--------+---------------+
| Loss before tax | | | | | (1,439) |
+-------------------+----------+----------+---------+--------+---------------+
| | | | | | |
+-------------------+----------+----------+---------+--------+---------------+
| Income tax | | | | | (297) |
| (expenses)/credit | | | | | |
+-------------------+----------+----------+---------+--------+---------------+
| | | | | | |
+-------------------+----------+----------+---------+--------+---------------+
| Loss after tax | | | | | (1,736) |
+-------------------+----------+----------+---------+--------+---------------+
| | | | | | |
+-------------------+----------+----------+---------+--------+---------------+
| Capital | | | | | |
| additions | 14 | - | - | - | 14 |
| (property, plant | | | | | |
| and equipment) | | | | | |
+-------------------+----------+----------+---------+--------+---------------+
| Capital | | | | | |
| additions | 478 | - | - | - | 478 |
| (intangible | | | | | |
| assets) | | | | | |
+-------------------+----------+----------+---------+--------+---------------+
| Depreciation | 79 | - | - | - | 79 |
+-------------------+----------+----------+---------+--------+---------------+
| Amortisation | 391 | - | - | - | 470 |
+-------------------+----------+----------+---------+--------+---------------+
| | | | | | |
+-------------------+----------+----------+---------+--------+---------------+
| Assets | 6,327 | 973 | - | - | 7,300 |
+-------------------+----------+----------+---------+--------+---------------+
| Liabilities | (5,532) | (132) | (187) | | (5,851) |
+-------------------+----------+----------+---------+--------+---------------+
Segmental report (continued)
+-------------------+--------+----------+---------+--------+---------------+
| 53 week period | UK | Other | North | Rest | Consolidation |
| ended 3 October | | European | America | of | |
| 2008 (As | | | | World | |
| restated) | | | | | |
+-------------------+--------+----------+---------+--------+---------------+
| | GBP000 | GBP000 | GBP000 | GBP000 | GBP000 |
+-------------------+--------+----------+---------+--------+---------------+
| | | | | | |
+-------------------+--------+----------+---------+--------+---------------+
| Revenue | 9,955 | 2,692 | 440 | 407 | 13,494 |
+-------------------+--------+----------+---------+--------+---------------+
| | | | | | |
+-------------------+--------+----------+---------+--------+---------------+
| RESULT | | | | | |
+-------------------+--------+----------+---------+--------+---------------+
| Operating loss | (449) | (122) | (20) | (18) | (609) |
+-------------------+--------+----------+---------+--------+---------------+
| Finance income | | | | | 16 |
+-------------------+--------+----------+---------+--------+---------------+
| Finance costs | | | | | (237) |
+-------------------+--------+----------+---------+--------+---------------+
| Losses from | | | | | (173) |
| derivatives | | | | | |
+-------------------+--------+----------+---------+--------+---------------+
| | | | | | |
+-------------------+--------+----------+---------+--------+---------------+
| Loss before tax | | | | | (1,003) |
+-------------------+--------+----------+---------+--------+---------------+
| | | | | | |
+-------------------+--------+----------+---------+--------+---------------+
| Income tax | | | | | 216 |
| (expenses)/credit | | | | | |
+-------------------+--------+----------+---------+--------+---------------+
| | | | | | |
+-------------------+--------+----------+---------+--------+---------------+
| Loss after tax | | | | | (787) |
+-------------------+--------+----------+---------+--------+---------------+
| | | | | | |
+-------------------+--------+----------+---------+--------+---------------+
| Capital additions | | | | | |
| (property, plant | 31 | - | - | - | 31 |
| and equipment) | | | | | |
+-------------------+--------+----------+---------+--------+---------------+
| Capital additions | | | | | |
| (intangible | 373 | - | - | - | 373 |
| assets) | | | | | |
+-------------------+--------+----------+---------+--------+---------------+
| Depreciation | 117 | - | - | - | 117 |
+-------------------+--------+----------+---------+--------+---------------+
| Amortisation | 473 | - | - | - | 473 |
+-------------------+--------+----------+---------+--------+---------------+
| | | | | | |
+-------------------+--------+----------+---------+--------+---------------+
| | | | | | |
+-------------------+--------+----------+---------+--------+---------------+
| Assets | 6,377 | 927 | 944 | - | 8,248 |
+-------------------+--------+----------+---------+--------+---------------+
| Liabilities | 4,126 | (822) | (143) | - | (5,091) |
+-------------------+--------+----------+---------+--------+---------------+
3. Earnings per Ordinary Share
The calculations of earnings per share are based on the following profits and
number of shares:
+------------------------+----------+----------+-----------+-----------+
| | Basic | Basic | Basic | Basic |
| | 52 weeks | adjusted | 53 weeks | adjusted |
| | | | | |
| | ended | 52 weeks | ended | 53 weeks |
| | 2 | | 3 | |
| | October | ended | October | ended 3 |
| | 2009 | 2 | 2008 | October |
| | | October | (As | 2008 |
| | | 2009 | restated) | (As |
| | | | | restated) |
+------------------------+----------+----------+-----------+-----------+
| | GBP000 | GBP000 | GBP000 | GBP000 |
+------------------------+----------+----------+-----------+-----------+
| | | | | |
+------------------------+----------+----------+-----------+-----------+
| Loss for the financial | (1,736) | (1,736) | (787) | (787) |
| period | | | | |
+------------------------+----------+----------+-----------+-----------+
| Exceptional items | - | 495 | - | 173 |
+------------------------+----------+----------+-----------+-----------+
| Tax effect | - | (139) | - | (48) |
+------------------------+----------+----------+-----------+-----------+
| | | | | |
+------------------------+----------+----------+-----------+-----------+
| Adjusted loss for the | (1,736) | (1,380) | (787) | (662) |
| financial period | | | | |
+------------------------+----------+----------+-----------+-----------+
+----------------------------------+-----------------+-----------------+
| Weighted average number of | 52 weeks ended | 53 weeks ended |
| shares | 2 October 2009 | 3 October 2008 |
+----------------------------------+-----------------+-----------------+
| | Number | Number |
+----------------------------------+-----------------+-----------------+
| For basic, diluted and basic | 9,382,442 | 9,382,442 |
| adjusted earnings per share * | | |
+----------------------------------+-----------------+-----------------+
| | | |
+----------------------------------+-----------------+-----------------+
| | | |
+----------------------------------+-----------------+-----------------+
| The Company's earnings per share | 2009 | 2008 |
| are as follows: | | (As restated) |
+----------------------------------+-----------------+-----------------+
| | | |
+----------------------------------+-----------------+-----------------+
| - Basic | (18.50p) | (8.39p) |
+----------------------------------+-----------------+-----------------+
| - Basic adjusted | (14.71p) | (7.05p) |
+----------------------------------+-----------------+-----------------+
* Excludes treasury shares
The effect of the prior period adjustment on the earnings per share for 2008 was
to increase the basic loss per share from 6.54p to 8.39p per share.
4. Prior period adjustment
The prior period adjustment is caused by the recognition of an interest rate
collar agreement entered into on 12 June 2008. The agreement was for a 15 year
duration and fixes the interest rate at 5.99% on borrowings of GBP1.5 million.
The valuation of the derivative as at 3 October 2008 was GBP173,000 and as at 2
October 2009 was GBP341,000.
The change in fair value of these contacts is recognised in the Income
Statement.
The movement in the fair value of the contact between inception and 3 October
2008 was a loss of GBP173,000. This was not recorded in the financial
statements for the period ended 3 October 2008 and has therefore been recorded
as a prior period adjustment in the current year financial statements.
The derivative contract was not in place at the commencement of the period ended
3 October 2008.
5. Approval of the Financial Statements
This preliminary announcement was approved by the Board of Directors on 30th
March 2010.
6. Annual General Meeting
The Annual General Meeting will be held at Slimma plc, Slimma House, Barngate
Street, Leek, Staffordshire, ST13 8AR at 10.00am on 23rd April 2010.
7. Availability of the Financial Statements
The full Report and Financial Statements will be dispatched to all shareholders
on or before 31 March 2010 and will be available to the public free of charge
from the Company's Registered Office at Slimma plc, Slimma House, Barngate
Street, Leek, Staffordshire, ST13 8AR. They will also appear on the Company's
website www.slimma.com in due course.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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