Half-yearly Report
10 February 2010
Avingtrans plc
("Avingtrans" or the "Group")
Interim results for the six months ended 30 November 2009
Avingtrans plc, which designs, manufactures and supplies critical components
and associated services to the medical, energy, industrial and global aerospace
sectors, today announces its interim results for the six months ended 30
November 2009.
Financial Highlights (vs previous half year, except where stated)
* Turnover decreased by 23% to £13.5m (H1 2009: £17.5m)
* Gross profit margin decreased to 23% (H1 2009: 28%)
* Fully diluted, adjusted1 EPS of 1.2 pence per share (H1 2009: 2.1 pence per
share)
* Cash generated from operations up to £2.6m (H1 2009: £1.9m)
* Net debt down to £8.5m, representing gearing of 37% (2009 year end: £10.1m
and 37%)
1 - fully diluted earnings per share adjusted to add back amortisation and
exceptional items
Operational highlights
With all divisions experiencing significant turnover reductions in the first
half, highlights were a little thinner on the ground than usual. However, we
are pleased to note the following important events:
* Sigma China achieved its first quarterly profit in the second quarter of
our financial year, building on previous momentum and winning the Cathay
Pacific Rising Stars Award.
* The Aerospace division secured an initial 4-year contract worth €4m for the
supply of self-locking nut solutions to a major European OEM.
* The warranty claim against the former owners of B&D Patterns was settled in
the first half, returning £932k cash to the Group.
* A new £8m contract is being finalised with Cummins, providing Metalcraft
with volume production for Generator Frames with the Cummins UK business
over the next 3 years.
* Metalcraft are making significant headway in the Nuclear sector, winning
orders with Costain and Doosan Babcock and achieving accreditation with
AREVA for Nuclear new build supply in the UK.
* Crown received the first major order (£1.25m) from Balfour Beatty for its
new motorway signage product.
* Jena Tec received first orders worth an initial £0.5m from a leading
European utility company for safety-critical actuation systems, for
delivery in the second half of this year.
Commenting on the results, Roger McDowell, Chairman, said:
"The protracted downturn in global manufacturing seriously affected our results
in the first half, which was disappointing. We believe that the last six months
represented the nadir in our fortunes, however, and we continue to place
confidence in our strategy which is beginning to bear fruit, with important
contract wins in the period. The first half order weakness means that we will
not meet the original management expectation by year end, but we expect the
second half to deliver results closer to normality."
Enquiries:
Avingtrans plc tel. 01159 499 020
Roger McDowell, Chairman
Steve McQuillan, Chief Executive Officer
Stephen King, Finance Director
KBC Peel Hunt Ltd (Nominated Adviser and Broker ) tel. 020 7418 8900
Matthew Tyler / Richard Kauffer
Hansard Communications tel. 020 7245 1100
John Bick
About Avingtrans plc:
Avingtrans has become a significant organisation in the design, manufacture and
supply of critical components and associated services to global industrial
markets from three divisions: aerospace, energy and medical and industrial
products.
Aerospace
B&D Patterns Ltd - UK
B&D Patterns is a market leader in rigid and flexible pipe assemblies
and components for prestigious aerospace customers such as Rolls Royce,
Messier Dowty and Meggitt.
Sigma Precision Components Ltd - UK and China
Sigma Precision Components manufacture precision prismatic components
for the aerospace industry from their purpose-built facility in
Chengdu, China. With offices in the UK and China, the company offers a
range of services to the global aerospace market.
CH Precision Finishers Ltd - UK
C&H provides final polishing and specialist finishing on aeroengine
turbine blades, compressor blades and vanes for the power generation
industries. Operating from two strategically located centres to offer a
local service to the UK aerospace industry.
Energy and Medical
Stainless Metalcraft (Chatteris) Ltd - UK
Provider of safety-critical equipment for the energy, medical, science
and research communities, worldwide, specialising in precision pressure
and vacuum vessels and associated sub-assemblies and systems.
Crown UK Ltd - UK
Design and manufacture leading pole and support fabrication units,
known as the `Crown Pole' for roadside safety cameras, rail track
signalling, gantries and roadside signage poles.
Industrial products
Jenaer Gewindetechnik GmbH - Germany
Design and manufacture precision ballscrews and related products from
plant in Jena, Germany. Ballscrews are critical in the running and
precise movement of (CNC) computer controlled machine tools and
precision instrumentation.
Jena Rotary Technology Ltd - UK
Market Jena product range of precision ballscrews. Operate fast service
repair for UK ballscrew users. Design and manufacture (B&T) Boneham &
Turner range of spindles. UK sales and service for GMN (Spindles) and a
range of other OEMs
Jena-Tec Inc - USA
Sales and support operation for the Jena-Tec product range throughout
North America
Chairman's Statement
The last 12 months have proven to be a near perfect storm for engineering
businesses and we have suffered in common with many others. We have had a
disappointing first half to the year, as the protracted downturn in global
manufacturing markets continued and affected every major sector that we compete
in. As a result, cost cutting and efficiency improvement activities have
continued apace.
With first half turnover down by 23% versus last year, it has been difficult to
strike the balance between short term profit maintenance and longer term
business health. We believe that we have balanced this equation to the best of
our abilities and left the Group in a strong position to take advantage of the
recovery, as it emerges.
This first half of this year marked the nadir in our fortunes. Our order book
is gradually recovering now, though at a slower pace than we had hoped and
budgeted for when we set out our original plans. Pleasingly, our strategy of
building market-leading, niche positions in our defined market sectors is
intact and we can point to a number of key contract wins as evidence that we
are steering the right course through current adverse market conditions. As
examples, our €4m contract in Aerospace for specialist self-locking nuts, our £
8m pending contract with Cummins for generator frames and our initial £0.5m
contract for safety-critical actuator systems with a major European utility
company give us confidence in our actions.
The weakness in the first half was more marked than expected, however, and we
therefore are unlikely to meet the original market expectations for the year,
even though we expect improved performance in the second half. We remain very
guardedly optimistic about our prospects throughout the downturn, with a
significant pipeline of opportunities beginning to be realised, albeit much
more slowly than we previously envisaged.
We have taken decisive actions in the last few months to maintain the business
on something of an even keel and remain focused on improving returns for
shareholders. As we continue to execute our strategy, this will enable us to
deliver strong value growth in future and we believe that our relationships
with key blue chip customers will bring us through the current turbulent cycle
poised for a future of growth in attractive global markets.
Our people have performed very well indeed in the most trying and difficult of
circumstances and we thank them, as ever, for their continuing hard work and
dedication in bringing us through this once-in-a-lifetime downturn.
Roger McDowell
Chairman
10 February 2010
Business Review
Group Performance
Turnover:
As previously anticipated, first half turnover was severely impacted by the
on-going slowdown in world engineering markets, declining to £13.5m (2009:
17.5m). It is important to note that we have not lost any major contracts or
customers in the period. All three divisions experienced turnover falls, with
the most significant being at Energy and Medical, where new business for
Metalcraft and Crown has not kicked-in fast enough to prevent a very poor first
half. This was driven by weak order intake, though this is now improving in all
divisions.
Profit:
Despite aggressive cost cutting, we were unable to prevent a slide in gross
margins, down in the first half to 23% (2009: 28%). The margin reduction was
partly down to lower sales causing relative inefficiencies and partly a sales
mix effect. Operating profit (after share based payments and amortisation) was
correspondingly down, at £208k (2009: £885k). As last year, our first half /
second half split is strongly skewed, though by a number of projects, rather
than just one. The split is driven by the weak order intake in the first half.
Earnings per Share (EPS):
Adjusted diluted earnings per share for the period ending 30th November 2009
was 1.2 pence per share (2009: 2.1 pence per share) based on weighted average
number of shares of 25,517,268 (2009: 18,518,072).
Funding and Liquidity:
The net cashflow from operations was £2,626k (2009: £1,892k). A credible
result, given the reduction in turnover experienced in the first half.
Net indebtedness at 30 November 2009 stood at £8.5m, £1.6m lower than at the
year end. Balance sheet gearing was 37%, down from 48% at 31 May 2009.
Dividend:
The Board believes it is still prudent to preserve cash in the business at this
time and, consequently, recommends that no dividend should be paid in respect
of the half year (2009: Nil pence). Looking forward, the Board will keep the
year end dividend under review, taking account of the on-going gradual
improvements in trading positions in our markets.
Operations
Aerospace Division
As widely reported, the aerospace market has suffered significant declines in
volume with the reductions in global passenger traffic causing consequent
reductions in new aircraft orders and, in turn, this has rippled through the
supply chain for aerospace components. Despite this, we are cautiously
optimistic about our aerospace prospects, given some important wins in the
period and the on-going development of strategic relationships with our major
OEM accounts. Maiden flights by the Boeing 787 and A400M were also a welcome
boost to the market, though there is no significant impact on our order
position in the near term.
B&D Patterns has seen a reduction in business in the period due to prevailing
market trends, but is winning plaudits from key customers for continuous
quality improvements. This has led to customers placing new business with us,
including: new orders from Eaton worth £0.5m per annum; long term agreement
discussions with Meggitt; and, recently, a new €4m four year contract for
self-locking nuts with a major European aerospace OEM. Volume deliveries for
this latter contract will start in the new financial year, after a suitable
qualification period. Other important pieces of new business are under
discussion and we would expect to secure these for commencement of deliveries
in the new financial year also.
Significant cost cutting at B&D has seen the headcount reduced by 30% in the
last 12 months in response to demand reductions. This has helped to keep the
business on an even keel during this turbulent interlude and we expect to reap
the benefit from this leaner operation, as the demand increases again with new
order intake.
The successful conclusion of the warranty claim with the former owners of B&D
saw the return of £932k of cash to the business after costs.
Sigma in China has made a significant breakthrough by recording its first
quarterly profit in the second quarter of our financial year, following a
modest loss in the first quarter. The improved performance was on the back of
increases in output driven by efficiency gains, as the business continues to
progress up a steep learning curve. Further gradual capital investment is
adding to capacity, providing us with the stable platform we need to build on
this beneficial result.
Whilst orders were also delayed at Sigma, a new Long Term Agreement (worth £1m)
was signed with Moog in the period, locking in this business stream and we
completed in depth audits with a number of aerospace OEMs looking to
potentially secure capacity from us in future. In particular, Meggitt have now
approved Sigma for long term component supply. We were very pleased that Sigma
was recognised by winning the Cathay Pacific Rising Stars Award, underlining
the nature of the achievement in setting up this fully fledged aerospace supply
business in China.
C&H, like B&D, has seen demand softening that has resulted in headcount
reductions of over 25% from the peak. As a more labour intensive business, C&H
is easier to scale up and down in this respect and recent extensions to
business with a major UK aerospace customer (worth an estimated £0.5m per
annum) have meant that we are now hiring new people again in this business.
The maturing C&H Cheltenham facility is running smoothly, albeit on reduced
volumes of undercarriage components from Messier Dowty and its other supply
chain partners.
Energy and Medical Division
Trading conditions for Metalcraft were particularly tough in the first half of
this year. As expected, there were reductions in a number of the market sectors
within which Metalcraft operates. What was unexpected was the time taken to
begin to see a reversal of these reductions and the fruition of the work to
develop new sectors - eg Power Generation and Nuclear.
The long awaited contract with Cummins (Power Generation) is being finalised at
present, though modest initial deliveries of test batches commenced in November
2009. This contract is worth an estimated £8m to Avingtrans over its three year
term and is expected to grow in subsequent years, subject to recovery of the
Cummins market for pre-integrated power systems. This is very welcome news, but
it is several months later than planned and the ramp up has been slower than
expected.
In the Nuclear Decommissioning sector, we are pleased to have been chosen as a
vessel supplier by Costain and have thus far garnered contracts to the value of
£0.6m this year. We have also secured vessel supply contracts from Doosan
Babcock for use in nuclear decommissioning at Sellafield.
In addition, AREVA have now qualified Metalcraft as a supplier for nuclear new
build components. This is an important potential development for us, as AREVA
plans to site new reactors at Hinckley Point in Somerset and Sizewell in
Suffolk. Whilst the reactors will not be operational until 2018, the relevant
equipment and vessels will commence manufacture in the supply chain in 2011.
From an order trend point of view, there was no repeat so far of the large
scale (£4m) order for Exterran that we completed in the second half of last
year, though we are working on a smaller order for them at present and possible
further orders are in the pipeline.
We are delighted to announce that funding from a number of sources has been
approved for Metalcraft to develop a technical training school for the local
Fenland area which will be located on the Metalcraft site and will commence
operations in September 2010.
Crown received the first material order for its new variable motorway signage
pole (VMC) from Balfour Beatty, worth £1.25m. Crown therefore expects a
positive second half performance from the commencement of deliveries of the VMC
to Balfour Beatty for the Welsh Assembly Government's M4 upgrade. One of the
new designs has been included in the tender for the UK Managed Motorway Scheme,
which is due for award in 2010.
Orders at Crown have been further supported by OEM call off of the new
SmartPoleTM for roadside safety cameras.
Industrial Products Division
As foreseen, the Jena Tec businesses had a weak first half, with turnover down
39% versus the first half of last year. Given the late cycle nature of the
global industrial markets this business serves, the pattern of reduction has
been largely as anticipated and we took early steps to reduce costs in the
business (Jena's main competitors saw similar or greater market reductions).
In particular, we moved our German subsidiary on to part time working early in
the new financial year, with most departments reducing their activity level
down to 50%. We have taken full advantage of German government financial
support to sustain the business through this lean period.
Global purchasing manager's indices in key industrial markets - notably Germany
and the USA - have seen a slow but sustained recovery, matched by improving
orders for the Jena Tec businesses and we believe that this gradual recovery
will continue into the second half.
Importantly for future growth, Jena Tec received first orders for a safety
critical actuation system upgrade from a major European utility company for
installation in a UK facility. This first upgrade will be worth just under £
0.5m to us and should be followed by further orders in the next financial year
once successful operation of the system is proven.
Our investments in capacity for miniature ballscrew production for medical
applications have begun to bear fruit in the development of a new OEM account
in this sector. The work done over the last eighteen months to develop our
Asian market is also showing encouraging signs, with growing accounts in China,
India and Korea, amongst others.
Despite a severe downturn in its sector, Jena Tec will progress its growth
plans through delivery of higher value added automated systems, niche
applications and bespoke precision products and believes it is sufficiently
prepared to buck the trend and capitalise on opportunities as the global market
emerges from recession.
Outlook
The global downturn in engineering has turned out to be worse than we
anticipated and no-one can be certain that a "double-dip" will not adversely
affect us in the months to come. Nonetheless, our prompt cost control has
limited the damage thus far. Our clear strategic positioning, coupled with our
strong focus on customer service and quality has maintained or strengthened our
key OEM relationships and brought important new customers to us.
Despite our best efforts, this year is going to be short of the original market
expectations due to the weak first half. We expect that the situation in the
second half will improve and return to something closer to normality, assuming
that the double-dip scenario does not emerge. Looking further forward, we are
cautiously optimistic about the next financial year, given the new contract
wins that we have already secured and further prospects in the pipeline.
Overall, Avingtrans remains well placed to benefit from structural changes in
our markets and to grow again as global industrial markets recover.
Roger McDowell Steve McQuillan Stephen King
Chairman Chief Executive Finance Director
10 February 2010 10 February 2010 10 February 2010
Consolidated Income Statement (Unaudited)
for the six months ended 30 November 2009
6 months to 6 months to Year to
30 Nov 30 Nov 31 May
2009 2008 2009
£'000 £'000 £'000
Revenue 13,453 17,527 37,559
Cost of sales (10,417) (12,587) (27,427)
Gross profit 3,036 4,940 10,132
Distribution costs (414) (479) (955)
Administrative expenses (3,201) (3,565) (6,635)
Share based payment expense (8) (18) 88
Amortisation of intangibles from business (69) (69) (137)
combinations
Restructuring costs (145) (11) (71)
Warranty claim 932 - -
Operating profit 131 798 2,422
Finance income - - 2
Finance costs (192) (381) (595)
(Loss)/profit before taxation (61) 417 1,829
Taxation (Note 3) 288 (475) (701)
Profit/(loss) for the financial period 227 (58) 1,128
Earnings/(loss)/earnings per share :
From continuing operations
- Basic 0.9p (0.2)p 5.1p
- Diluted 0.9p (0.2)p 5.1p
All the above results are from continuing operations
Consolidated statement of comprehensive income (Unaudited)
for the six months ended 30 November 2009
6 months to 6 months to Year to
30 Nov 30 Nov 31 May
2009 2008 2009
£'000 £'000 £'000
Profit/(loss) for the period 227 (58) 1,128
Exchange differences on translation of 41 240 338
foreign operations
Total comprehensive income for the period 268 182 1,466
Consolidated cash flow statement (Unaudited)
for the six months ended 30 November 2009
6 months to 6 months to Year to
30 Nov 30 Nov 31 May
2009 2008 2009
£'000 £'000 £'000
Net cash inflow/(outflow) from 2,574 1,476 (386)
operating activities
Investing activities
Interest received - - 2
Purchase of intangible assets (188) (90) (420)
Purchase of property, plant and (540) (1,178) (2,022)
equipment
Proceeds from sale of property, 18 15 19
plant and equipment
Net cash used in investing (710) (1,253) (2,421)
activities
Financing activities
Dividends paid - (132) (132)
Repayments of borrowings (333) (302) (642)
Repayments of obligations under (668) (545) (1,103)
finance leases
Proceeds from issue of ordinary - 3,358 3,654
shares
Borrowings raised 363 469 1,271
Net cash (outflow)/inflow from (638) 2,848 (3,048)
financing activities
Net increase in cash and cash 1,226 3,071 241
equivalents
Cash and cash equivalents at (2,255) (2,534) (2,534)
beginning of period
Effect of foreign exchange rate (52) (89) 38
changes
Cash and cash equivalents at end of (1,081) 448 (2,255)
period
Cash generated from operating activities:
for the six months ended 30 November 2009
6 months to 6 months to Year to
30 Nov 30 Nov 31 May
2009 2008 2009
£'000 £'000 £'000
Profit/(loss) for the period 227 (58) 1,128
Adjustments for:
Finance costs 192 381 593
Taxation (288) 475 701
Depreciation of property, plant and 736 706 1,434
equipment
Amortisation of intangible assets 148 92 264
(Gain) on disposal of property, plant (8) (11) (9)
and equipment
Share based payment expense 8 18 (88)
Operating cashflow before movements 1,015 1,603 4,023
in working capital
Decrease/(increase) in inventories 305 (1,978) (255)
Decrease/(increase) in trade and 3,025 (515) (1,845)
other receivables
(Decrease)/increase in trade and (1,726) 2,773 (1,584)
other payables
Other non cash charges 7 9 17
Cash generated by operations 2,626 1,892 356
Income taxes received/(paid) 140 (34) (145)
Interest paid (192) (382) (597)
Net cash inflow/(outflow)from 2,574 1476 (386)
operating activities
Summarised consolidated balance sheet (Unaudited)
at 30 November 2009
30 Nov 30 Nov 31 May
2009 2008 2009
£'000 £'000 £'000
Non current assets
Goodwill 10,242 10,242 10,242
Other intangible assets 1,982 1,817 1,941
Property, plant and equipment 11,210 10,991 11,308
Deferred tax 38 24 38
Investments 219 219 219
23,691 23,293 23,748
Current assets
Inventories 6,706 8,636 6,952
Trade and other receivables 5,927 7,557 8,914
Current tax asset 242 119 321
Cash and bank balances 1,001 2,533 634
13,876 18,845 16,821
Total assets 37,567 42,138 40,569
Current liabilities
Trade and other payables (4,686) (9,910) (6,323)
Obligations under finance leases (1,312) (926) (1,247)
Borrowings (2,736) (2,585) (3,543)
Current tax liabilities (561) (492) (759)
Total current liabilities (9,295) (13,913) (11,872)
Non-current liabilities
Borrowings (3,938) (4,749) (4,264)
Obligations under finance leases (1,420) (1,762) (1,729)
Deferred tax (1,416) (1,370) (1,436)
Deferred consideration (154) (750) (200)
Total non-current liabilities (6,928) (8,631) (7,629)
Total liabilities (16,223) (22,544) (19,501)
Net assets 21,344 19,594 21,068
Equity
Share capital 1,274 1,232 1,274
Share premium account 9,534 9,280 9,534
Capital redemption reserve 814 814 814
Merger reserve 402 402 402
Translation reserve 677 538 636
Other reserves 180 180 180
Retained earnings 8,463 7,148 8,228
Equity attributable to owners of 21,344 19,594 21,068
the Company
Consolidated statement of changes in equity (Unaudited)
at 30 November 2009
Share Share Capital Merger Trans- Other Retained Total
Capital premium redemp- reserve lation reserves earnings
Account account tion reserve
reserve
£'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000
At 1 June 2008 882 6,272 814 402 298 180 7,320 16,168
Loss for the - - - - - - (58) (58)
period
Dividends paid - - - - - - (132) (132)
Exchange rate - - - - 240 - - 240
gain
Share-based - - - - - - 18 18
Payments
New share issue 350 3,150 - - - - - 3,500
Costs of share - (142) - - - - - (142)
issue
At 30 Nov 2008 1,232 9,280 814 402 538 180 7,148 19,594
Profit for the - - - - - - 1,186 1,186
period
Exchange rate - - - - 98 - - 98
gain
Share-based - - - - - - (106) (106)
Payments
New share issue 42 255 - - - - - 297
Costs of share - (1) - - - - - (1)
issue
At 31 May 2009 1,274 9,534 814 402 636 180 8,228 21,068
Profit for the - - - - - - 227 227
period
Exchange rate - - - - 41 - - 41
gain
Share-based - - - - - - 8 8
payments
At 31 May 2009 1,274 9,534 814 402 677 180 8,463 21,344
Notes to the half year statement
30 November 2009
1. Basis of preparation
The Group's interim results for the six month period ended 30 November 2009 are
prepared in accordance with the Group's accounting policies which are based on
the recognition and measurement principles of International Financial Reporting
Standards (`IFRS') as adopted by the EU and effective, or expected to be
adopted and effective, at 31 May 2010. As permitted, this interim report has
been prepared in accordance with the AIM rules and not in accordance with IAS34
`Interim financial reporting'.
These interim results do not constitute full statutory accounts within the
meaning of section 434 of the Companies Act 2006 and are unaudited. The
unaudited interim financial statements were approved by the Board of Directors
on 9 February 2010 and will shortly be available on the Group's website at
http://www.avingtrans.plc.uk/pages/reports.html.
The consolidated financial statements are prepared under the historical cost
convention as modified to include the revaluation of financial instruments. The
accounting policies used in the interim financial statements are consistent
with IFRS and those which will be adopted in the preparation of the Group's
annual report and financial statements for the year ended 31 May 2010. The
statutory accounts for the year ended 31 May 2009, which were prepared under
IFRS, have been filed with the Registrar of Companies. These statutory accounts
carried an unqualified Auditors' Report and did not contain a statement under
either Section 498 of the Companies Act 2006.
2. Segmental analysis
Aerospace Energy and Industrial Unallocated Total
Medical Products Central
items
£'000 £'000 £'000 £'000 £'000
6 months ended 30 Nov
2009
Revenue 4,859 5,758 2,836 - 13,453
Operating profit/ 4 (294) (283) 704 131
(loss)
Year ended 31 May
2009
Revenue 10,716 17,509 9,334 - 37,559
Operating (loss)/ (73) 1,583 1,051 (139) 2,422
profit
6 months ended 30 Nov
2008
Revenue 5,576 7,342 4,609 - 17,527
Operating profit/ 3 315 617 (137) 798
(loss)
3. Taxation
The taxation credit/(charge) is based upon the expected rate for the year ended
31 May 2010.
4. Earnings/(loss) per share
Basic earnings per share is based on the earnings attributable to ordinary
shareholders and the weighted average number of ordinary shares in issue during
the year.
For diluted earnings per share the weighted average number of ordinary shares
is adjusted to assume conversion of all dilutive potential ordinary shares,
being the CSOP and EMI share options.
6 months to 6 months to Year to
30 Nov 2009 30 Nov 2008 31 May 2009
No No No
Weighted average number of 25,480,577 18,493,591 21,933,317
shares - basic
Share Option adjustment 36,691 24,481 6,961
Weighted average number of 25,517,268 18,518,072 21,940,278
shares - diluted
£'000 £'000 £'000
Earnings/(loss) attributable to 227 (58) 1,127
shareholders
Share based payments 8 18 (88)
Amortisation of intangibles 69 69 137
Deferred tax charge re abolition - 367 383
of UK IBA's
Sigma deferred consideration - - (201)
release
Adjusted earnings attributable 304 396 1,358
to shareholders
Basic earnings per share 0.9p (0.2)p 5.1p
Diluted earnings per share 0.9p (0.2)p 5.1p
Adjusted basic earnings per 1.2p 2.1p 6.2p
share
Adjusted diluted earnings per 1.2p 2.1p 6.2p
share
The Directors believe that the above adjusted earnings per share calculation is
a more appropriate reflection of the Group performance. Owing to the loss
reported in the 6 months ended 30 November 2008 the share options and warrants
are not dilutive.
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