Final Results

RNS Number : 4354G
Optare PLC
29 June 2012
 



Optare plc

("Optare" or the "Company")

Audited Results for the period ended 31 March 2012

Operational Highlights

·      Major operational and business restructuring complete, with closure of the Leeds and Blackburn facilities along with the sale of the Rotherham site.

·      Move successfully completed to new factory in Sherburn in Elmet.

·      Over 150 new Hybrid and Electric buses now in operation in UK and export markets.

·      Europe's first 11.1m Electric bus launched.

·      Major export success achieved in South Africa with initial £18m order.

·      Ashok Leyland increased its stake in Optare to 75.1% in January 2012 and committed to maintaining its AIM market listing.

·      Board strengthened by the appointment of four new Non-executives including Jorma Halonen, former Chairman of Volvo Bus corporation.

 

Financial Highlights

·      Revenue for the 15 month period £72m.

·      Capital investment of £2.2m made in new Factory.

·      Direct labour was 13.6% of revenue over the 15 month period (14.3% 2010), this compares with the last three months run-rate at the new Sherburn facility of 9.4%, demonstrating the significant efficiency improvements of the new single site.

·      Administration costs pre-exceptional were 14.4% of revenue over the 15 month period (14.7% 2010). This compares with the last 3 months of 9.0% with the full impact of the Blackburn closure yet to be fully reflected.

·      EBITDA losses for the 15 month period were £6.8m pre-exceptional. Management estimate this includes around £2.9m of costs that could have been avoided had it not been for needing to stagger factory closures and outsourcing activities, undertake major site clearance work and retain skills during production transfers.

·      Exceptional costs for restructuring, redundancies, relocation and the factory moves totalled £4.6m.

·      Loss per share reduced from 2.1p per share to 1.4p per share

·      Remaining term debt with Lloyds Bank of Scotland paid down and all fixed and floating charges released.

·      New working capital facility agreed with HSBC and supported by Ashok.

·      Tax losses at current corporation tax rates equivalent to approximately £9.3m will be useable when the Group achieves profitability.

·      Order book stood at £45.7m at year end 31st March 2012.

 

Jim Sumner, CEO commented, "from an extremely challenging position 3 years ago all the principle objectives of turnaround plan have been achieved in terms of restructuring, new factory investment, low carbon product developments and re-financing. The benefit of this in showing in Optare's UK registrations up 62% so far in 2012 and revenue annualising at over £100m following record revenues for the past 3 months of £26m. With increasing revenue, a lower single site cost base and the restructuring costs behind us the company is on course to move into profitability this year."

For further information, please contact:

Optare plc                      Tel: 0845 838 9901

Jim Sumner  -  Chief Executive

Cenkos Securities plc        Tel: +44 (0) 20 7397 8900

Stephen Keys/Camilla Hume   



Chief Executive's Statement

Three year turnaround summary

The management and Board agreed on a three year turnaround plan in June 2009 against what was an extremely challenging situation for the company. This radical strategy involved four key objectives focused not only on ensuring survival but also putting in place the long term foundations for business growth and success. On now completing the three years, a summary follows on the progress achieved;

1.  Single site location

Central to the turnaround strategy has been the consolidation of operations from three sites onto a single modern site to reduce fixed costs, increase capacity and improve productivity. Having withdrawn production from Rotherham in Q3 2009, Optare completed the transfer of production from its former Leeds site to a brand new facility in Sherburn in Elmet in Q4 2011. The Leeds facility was subsequently handed back to the landlord following site clearance in December 2011 and has no ongoing liabilities. Finally the Blackburn facility was closed in May this year and the site is currently being cleared in readiness for hand back to its landlord. Additionally, while it has been a protracted process in a difficult commercial property market, the sale of the balance of the former Rotherham site has also been completed on 28 June 2012.

This consolidation of production involved a major investment in new facilities, outsourcing of component manufacturing and structure fabrication, operator training, improved IT systems, engineering data management and assembly process documentation. The key result of these changes has been to move Optare from a legacy of low volume traditional 'coach building' to a 'high volume assembly' model. This is expected to provide the business with the ability to support growth in fleet sales and in export markets including providing CKD kits.

The new facility at Sherburn in Elmet has already enabled the business to clearly identify further opportunities for operational efficiency improvements. The high visibility assembly process in the new factory has provided opportunities for enhanced engineering controls, better stock management, de-bottlenecking and improvements in build and supplier quality. It is very pleasing that the greater part of the existing Leeds workforce have been capable of making the change to the new Sherburn facility and we continue to upgrade the skills and competencies of the workforce as new practises roll out across the business.

The past year of transition has been a particular challenge for the business, which had to keep production running, whilst investing in and starting up a new site, shutting down the old sites, developing a CKD operation in South Africa along with introducing a number of new products. Within this context, we also had to manage some exceptional supplier issues, with causes ranging from the knock-on effect of the Japanese Tsunami to a component failure from a key supplier.

During the period ending 31st March a capital investment of £2.2m was made in the new factory.

2. New product and business development

Following a substantial investment of £3.2 million in 2010, we invested a further £1.7 million in 2011/12 into new product development. Highlights during the period include;

·      Launch of the first full-sized single deck electric buses in the UK and now in service.

·      Development and launch of an innovative lighter weight hybrid school bus in association with Transport for Greater Manchester. It has a capacity to seat 55 children and is now in service with five operators in the Greater Manchester area.

·      We continue to make strong progress on a low cost flywheel system as an alternative approach to Diesel-electric hybrid technology.

·      Full development of the export CKD Solo in kit form, initially for use in South Africa.

·      Development with Ashok for the export of CKD Solo kits for the Indian and Middle East markets. Demonstrator vehicles have been completed and the first kits are to be supplied in Q3 2012.

·      Launch of the new more fuel efficient Tempo SR 12m bus, which has now entered service.

·      Development and launch later this year of a Versa product, principally for the London market, which addresses operators' needs for a high capacity lighter-weight single deck product.

·      Development of an 11.7m Versa targeted at the fleet market, with the initial vehicles going into major UK operators for evaluation in Q3.

·      Work continues on the prototype of a new double deck bus, which is currently undergoing reliability trials.

·      Further improvements to the Solo SR following the retirement of the original Solo.

 

Over the past three years from the initial development of the design concepts we have now delivered over 150 hybrid and electric vehicles in the UK and Europe, and are the leading European manufacturer of single deck hybrid and electric buses. In addition Optare is realigning its Versa product range to allow it to compete in the fleet market for larger single deck busses.

We were also very pleased to win a large CKD export order from the City of Cape Town, in cooperation with our South African partner, Busmark. This order was two years in the making and vindicated the long term strategy of seeding the right product into the right market well ahead of the competition, putting us in pole position to win the contract.

Finally in terms of export market development we are working closely with Ashok in terms of the geographic clusters of West Asia, Africa, ASEAN and Latin America they are actively developing as export markets. In addition we are working with Ashok sales teams in the Middle East where they have a well established base.

3. Strategic partnership

Given the increasingly global nature of the commercial vehicle industry, Optare's limited scale and its intrinsic challenges, the Board recognised that the best option to secure the future of the business was to secure a long-term partnership with a major volume bus manufacturer.

Following extensive discussions with other European and Asian manufacturers, in July 2010 we were delighted to announce that Optare had entered into a strategic co-operation with Ashok Leyland Limited (Ashok), part of the Hinduja Group, when Ashok acquired a 26% holding in Optare. Following a period of cooperation and joint assignments in 2011, Ashok and its associated companies increased their stake in the business to 75.1% and provided corporate guarantees which enabled Optare to pay down the balance of its fixed term debt with Lloyds/Bank of Scotland (BoS) and facilitated re-banking with HSBC, thereby providing working capital facilities as needed.

This move also enabled Optare to become more closely integrated into Ashok's ambitious global bus strategy which seeks to maintain and improve on their aspiration to be among top five global bus manufacturers. Through leveraging the synergies of the two companies, we are confident that going forward we will be able to reduce supply chain costs, accelerate technology sharing and fast-track growth in export markets.

4. Long-term Refinancing

Optare has suffered during the turnaround from its legacy of relatively high term debt and its incumbent covenant conditions coupled with the lack of general credit insurance in the market, both putting substantial pressure on day to day working capital requirements of the business.

The full extent of £7.5m of term debt owed to Lloyds/BoS in June 2009 has been paid back with all fixed and floating charges held over the business now released. Optare has now re-banked with HSBC and has a working capital facility supported by Ashok at competitive borrowing rates.

Financial performance

The Group's financial performance for the period ended 31 March 2012 is reported in the Directors' Report, however key highlights for the period ending are;

·      Revenue for the 15 month period £72m.

·      Capital investment of £2.2m made in the new factory.

·      Direct labour costs were 13.6% of revenue over the 15 month period (14.3% 2010), this compares with the last three months run-rate at the new Sherburn facility of 9.4%, demonstrating the significant efficiency improvements of the new single site.

·      Administration costs pre-exceptional were 14.4% of revenue over the 15 month period (14.7% 2010). this compares with the last three months run-rate of 9.0% with the cost benefits of the Blackburn closure yet to be fully reflected.

·      EBITDA losses for the 15 month period were £6.8m pre-exceptional. Management estimate this includes around £2.9m of costs that could have been avoided had it not been for needing to stagger factory closures and outsourcing activities, undertake major site clearance work and retain skills during production transfers.

·      Exceptional costs for restructuring, redundancies, relocation and the factory moves totalled £4.6m.

·      Loss per share reduced from 2.1p per share to 1.4p per share

·      Remaining term debt with Lloyds Bank of Scotland paid down and all fixed and floating charges released.

·      New working capital facility agreed with HSBC and supported by Ashok.

·      Tax losses at current corporation tax rates equivalent to approximately £9.3 will be useable when the Group returns to profitability.

 

Current trading

On the 31st March 2012, the order book stood at £45.7 million. However while the current economic environment remains challenging, particularly in the Eurozone, Optare's UK market registrations are up 62% so far in 2012 and revenue is now annualising at over £100m following record revenues for the past three months of £26m.

In addition we are seeing the benefits as shown in the financial summary of the efficiency improvements of the new single site in Sherburn with Labour cost for the last three months reducing to 9.4% of sales, and administration costs reducing to 9.0% of sales. With increasing revenue, a lower single site cost base and the restructuring costs behind us the company is on target to move into profit during 2012.

Following the introduction into service of our 11.1m electric Versa along with our fast charging system we have had customers show very strong interest. The feedback we are receiving from many operators is that, with the increase in fuel costs and greater environmental challenges, a key market trend will be towards electric buses. Optare is uniquely positioned to exploit this opportunity and is actively working to develop supply chains to allow production to be quickly scaled as demand develops.

We are currently working on a number of tenders in the Middle East and Far East to further expand our  export operations, as well as building on the South African presence. We are also looking to exploit opportunities in a number of Western Europe markets as fiscal pressures are moving operators to consider smaller more fuel efficient buses for which we have a strong product offering.

Board and management changes

Following the increase in Ashok's stake in the company, the Board has been reorganised to take advantage of the supporting strengths of Ashok executives, as well as a very experienced industry professional during the year. Mr Halonen, a former Chairman of Volvo Bus Corporation, joined the Board in September 2011. Mr Sridharan, CFO of Ashok, Mr Nilsson, International Operations Director, Ashok, and Mr Kathuria, Global Strategic Sourcing and Supply Chain Director of Ashok, joined the Board in March 2012.

To support growth of the business, the company continues to strengthen its senior and middle management team following the significant restructuring, both drawing on Ashok resources and key industry experienced personnel.



 

Outlook

The focus and thrust during the last three years was on the turnaround of Optare from an extremely challenging position.  Although trading conditions during 2010 and 2011 have been tough, we have successfully reshaped the business so that it is well positioned to take advantage of the opportunities that we foresee in the UK and export markets.

The Board anticipates an increase in the UK demand, particularly for single-deck buses in 2013, driven by an expected pre-buy of buses ahead of Euro VI introduction and to comply with the Disability Discrimination legislation mandated for all single-decker buses by 2014. The increased capacity at our new site in Sherburn is timely and will enable us to be able to meet this anticipated extra production demand. In addition the Company is making good progress in export markets and is qualifying to tender for substantial contracts with the support of Ashok.

The Board looks forward to 2012 and beyond with confidence given the benefits of the new factory in Sherburn, the investment in low carbon bus technology, a developing export business and the support of its major shareholder Ashok. With the objectives of the three year turnaround plan largely achieved, and with the formation of deeper and wider cooperation with Ashok, focus has now turned to accelerating growth from the firmly established foundations.

Jim Sumner

Chief Executive Officer


Chairman's Statement

Introduction

2011/12 was a period of major change to prepare the business for future growth. The major achievements in the period include:

·      completing the move to a new bus manufacturing facility in Sherburn in Elmet, the first major bus manufacturing facility in the UK since the 1970s, and the closure of the old facilities in Blackburn, Leeds and Rotherham;

·      becoming part of Ashok Leyland Limited (Ashok) and of the wider Hinduja Group;

·      delivering a large number of green bus products following the extensive development investment, giving  Optare the position of the leading single deck hybrid bus manufacturer in Europe;

·      completing the rebanking of the business to a level commensurate with the anticipated growth requirements;

·      securing a major export contract with the City of Cape Town, which  is expected to be the precursor to significant long term volume business.

As a strategic partner, Ashok were extremely supportive of the needs of the business. Ashok Leyland and its associates increased their stake in the Company in January 2012 to 75.1%, Subsequent to this increased stake, their support has both deepened and widened to a large measure, with cooperation across the business driving continuous improvements. I would like to thank Ashok for this support and we look forward to realising the significant mutual benefits from our renewed relationship.

Strategic development

We remain committed to our aims of:-

·      being an European leader in green bus technologies through the development of the full range of options from fuel-efficient diesels to dual fuel, hybrid and electric vehicles;

·      consolidating and maintaining the UK leadership in the midi-bus market;

·      offering a product portfolio with the full range of buses that is demanded by the UK bus market;

·      becoming a significant exporter of buses;

·      expanding the market share in UK and Europe by selling buses to global standards at competitive prices.

The Board is very pleased with the progress that has been made on all the above fronts during the period, as detailed in the Business and Financial Review.

Our customers

Despite the significant changes to the business over the period, our customers have been very patient during a time of some disruption to the smooth process of meeting customer requirements. Their patience is appreciated and gratefully acknowledged.

Overwhelmingly, we have received excellent feedback from customers who have had the opportunity to visit the new Sherburn plant. They share our excitement at the opportunities that the plant presents for future products and innovation, and we remain committed to delivering high quality, innovative and value for money products.

Our people

The period continued to bring new challenges, which I am proud to say our management and workforce have risen to. Whilst some of the decisions have been difficult, I would like to thank all our employees for their dedication, flexibility and commitment during what has been a very difficult period.

Annual Report and Accounts

The Company advises that its annual report and accounts for the period ending 31st March 2012 will be posted to shareholders and available on the Company's website at www.optare.com on or before 9th July 2012. Additional copies will be available from the Company's registered office at Unit 3, Hurricane Way South, Sherburn in Elmet, Leeds, North Yorkshire, LS25 6PT.

Summary

2011/12 was a period of significant strategic progress in a difficult market.  We look forward to working closely with Ashok Leyland in developing the business in both the UK and export markets in the years to follow.

John Fickling

Non-executive Chairman



 

Consolidated Income Statement for the period ended 31 March 2012


Before

Exceptional

 items

Exceptional

items

Total

Before   

Exceptional

items

Exceptional

items

Total


Period

Ended

Period

Ended

Period

Ended

Year

 ended

Year

 ended

Year

 ended

 


31 Mar

 2012

31 Mar

 2012

31 Mar

 2012

31 Dec

2010

31 Dec

2010

31 Dec

2010

 


£'000

£'000

£'000

£'000

 £'000

 £'000








 

Revenue

71,935

-

71,935

52,271

-

52,271

 

Cost of sales

(68,370)

(3,823)

(72,193)

(47,826)      

 (1,430)

(49,256)

 

Gross profit/(loss)

           3,565

(3,823)

(258)

4,445

(1,430)

3,015

 

Administrative expenses

(10,812)

(776)

(11,588)

(7,681)

(733)

(8,414)

 

Distribution costs

(493)

-

(493)

(524)

-

 (524)

 

Amortisation of

intangible assets

(422)

-

(422)

(290)

-

(290)

 

Loss from operations

(8,162)                                         

(4,599)

(12,761)

(4,050)

 (2,163)

(6,213)

 








 

Finance costs

(853)


(853)

(393)

-

(393)

 

Finance income

222

-

222

93

-

 93

 

Loss for the period from continuing operations

(8,793)

(4,599)

(13,392)

(4,350)

(2,163)

(6,513)

Loss on ordinary activities before taxation

(8,793)

(4,599)

(13,392)

(4,350)

(2,163)

 (6,513)

 

Taxation

-

-

-

73

-

73

 

Loss attributable to the equity holders of the parent company

(8,793)

(4,599)

(13,392)

 (4,277)

(2,163)

( 6,440)

 

There are no other recognised items of income and expense other than those presented above.

 

Consolidated Statement of Changes in Equity for the period ended 31 March 2012


Share capital

Share premium

Merger reserve

Retained losses

Share based payment reserve

Total









£'000

£'000

£'000

£'000

£'000

£'000








Balance at 1 January 2010

2,324

22,620

5,542

(26,345)

27

4,168

Loss for the year

-                     

-

-

(6,440)

-

(6,440)

Total comprehensive income for the year

-                    

-

-

(6,440)

-

(6,440)

Transactions with owners in their capacity as owners:-







Issue of shares

1,497

4,139

-

1,648

-

7,284

Total transactions with owners in their capacity as owners

1,497

4,139

-

1,648

-

7,284

Balance at 31 December 2010

3,821

26,759

5,542

(31,137)

27

5,012

Loss for the period




(13,392)


(13,392)

Total comprehensive income for the period

-

-

-

(13,392)

-

(13,392)

Transactions with owners in their capacity as owners:-







Issue of shares

5,184

6,219

-

-

171

11,574

Transaction costs

-

(582)

-

-

-

(582)

Total transactions with owners in their capacity as owners

5,184

5,637

-

-

171

10,992

Balance at 31 March 2012

9,005

32,396

5,542

(44,529)

198

2,612





























 

Consolidated Balance Sheet at 31 March 2012


31 March 2012

 

 31 December 2010


£'000

£'000

Non - Current Assets



Goodwill

8,574

8,574

Other intangible assets

8,032

6,872

Property, plant and equipment

3,126

2,312


19,732

17,758

Current Assets



Inventories

11,275

7,742

Trade and other receivables

8,143

4,774

Cash & cash equivalents

587

-


20,005

12,516

Assets held for sale

1,000

2,000

Total Assets

40,737

32,274

Current Liabilities



Trade and other payables

20,167

17,031

Loans and overdrafts

15,207

5,427

Provisions

1,405

1,245

Obligations under finance leases

49

23


36,828

23,726

Non Current Liabilities



Bank loans

-

1,912

Provisions

1,053

1,600

Obligations under finance leases

245

24





1,297

3,536

Total Liabilities

38,125

27,262

Net Assets

2,612

5,012




Equity



Share capital

9,005

3,821

Share premium

32,396

26,759

Share based payment reserve

198

27

Merger reserve

5,542

5,542

Retained loss

(44,529)

(31,137)

Total equity attributable to equity holders of the parent

2,612

5,012

 















Consolidated Cash Flow Statement for the period ended 31 March 2012

 


Period ended

 31 March 2012

Year ended

 31 December 2010



£'000

£'000


Operating activities




Cash absorbed by operations

(14,946)

(3,418)


Interest paid

(853)

(393)


Net cash used in operating activities

(15,799)

(3,811)


 

Disposal of assets held for sale

1,000

-


Purchase of property, plant and equipment

(1,920)

(75)


Internal capitalised costs

(1,582)

(3,209)


Interest received

222

93


Net cash used in investing activities

(2,280)

(3,191)


Financing activities




Proceeds from issuance of ordinary shares

10,821

7,284


Hire purchase agreement repayments

(23)

-


Loan repayments

(3,395)

(3,407)


Short term loan

9,995

1,224


Net cash generated from financing activities

17,398

5,101


Net (decrease) in cash and cash equivalents

(681)

(1,901)


Cash and cash equivalents at end of period

(3,401)

(2,720)






Notes

1 The financial information set out herein does not constitute the Group's statutory accounts for the period ended 31 March 2012 or the year ended 31 December 2010 but is derived from those accounts. The information in respect of 2012 statutory accounts has been derived from the audited statutory accounts for the period ended on that date on which an unqualified audit opinion was expressed and which did not contain a statement under section 498 (2) or (3) of the Companies Act 2006. The comparative information in respect of the year ended 31 December 2010 has been derived from the audited statutory accounts for the year ended on that date upon which an unqualified audit opinion was expressed and which did not contain a statement under section 498 (2) or (3) of the Companies Act 2006. The audited accounts will be posted to all shareholders in due course and will be available on request by contacting the Company Secretary at the Company's Registered Office.

 

2 BASIS OF PREPARATION

Optare plc is a company incorporated and domiciled in the UK.

The group changed its financial period end from the 31st December 2011 to 31st March 2012, to align with its new parent company.

The financial statements have been prepared on a historical cost basis. The historical financial statements consolidate those of Optare plc and its subsidiaries.

The historical financial statements have been prepared in accordance with International Financial Reporting Standards and IFRIC interpretations issued by the International Accounting Standards Board (IASB) and adopted by the European Union ("Endorsed IFRS") and with those parts of the Companies Act 2006 applicable to companies preparing their accounts under Endorsed IFRS.

The financial statements have been prepared on the going concern basis, which assumes that the Group will continue to be able to meet its liabilities as they fall due for the foreseeable future. The Group's banking facilities of £12.0m were renegotiated in December 2011, are guaranteed by Ashok Leyland Limited, are annually renewable, and fall due for renewal in January 2013. They are guaranteed by Ashok Leyland Limited. The directors are confident that the bank facilities will be renewed. There are no fixed or floating charges on the assets of the Company following the full repayment of facilities provided by the Company's previous bankers. The Group also has a £3.2m short term loan facility from one of its major shareholders as at 31st March 2012, which has a duration of up to two years, but repayable on 30 days notice if requested by the lender. The Group is additionally in advanced discussions with a second bank to provide additional loan finance of £1.8m and expect this facility to be in place in July 2012.

The Group has prepared trading forecasts through to March 2015 which include detailed cash flow calculations. The forecasts are based on detailed assumptions as to sales performance, variable and fixed costs. The forecasts reflect the move to a single site, the strength of the current order book and prospects, together with the continued emphasis on launching new products from within its development portfolio. This includes an increased level of exports, both fully built and CKD, and continued sales of Green Bus vehicles - both electric vehicles and hybrids. The forecast assumes a gradual increase in the level of savings in material costs over the forecast period, achieved both through the Company's own efforts and through joint initiatives with Ashok. Improvement in labour productivity is factored in, recognising what has been achieved so far in 2012 and from further efficiency gains from the new modern assembly plant as well as redesigns of the buses for easier manufacturing. Tax losses at current corporation tax rates equivalent to approximately £9.3m will be useable when the Group achieves profitability, so no tax charge is foreseen within the forecast period.

There is inherent uncertainty in any forecast. In assessing such forecasts the Directors have considered the impact of such uncertainties, including the risks involved in managing increases in output volumes in a new plant, the financial strength of customers, any lack of visibility regarding sales beyond the current order book, the ability of suppliers to meet demand, the achievability of material and labour savings and the possibility that the external economic environment might worsen. The Directors feel that a reasonably conservative approach has been taken in the forecast.

Against these uncertainties, there are upside opportunities which are not reflected in the forecast but which would offset or mitigate the impact of downside risks which might occur. These include achieving the internally targeted higher level of a) material savings than included in the forecast, arising from joint initiatives with Ashok, and b) productivity savings. Further sales opportunities exist in Europe, Southern Africa, the Middle East and Asia in excess of the forecast volumes, both as a standalone business and in conjunction with Ashok. 

The Directors are confident that the assumptions underlying their forecast are reasonable and that the Group will be able to operate within its current funding limits and those currently being arranged with support from Ashok. Ashok have confirmed that they will defer £1.8 million of loan repayment for a period of three months from the date of approval of the financial statements to provide additional headroom.

On the above basis the Board believes that it is appropriate to prepare the financial statements on the going concern basis. The financial statements do not include any adjustment to the value of the balance sheet assets or provisions for further liabilities, which would result should the going concern concept not be valid.

The financial statements have been prepared on a historical cost basis.

3. Loss Per Share


The calculation of the basic and diluted loss per share is based on the following data:

Period ended

 31 March 2012

Year ended

31 December 2010



£'000

£'000


Loss:




Loss for the purposes of basic loss per share




(net loss for the period attributable to equity holders of the parent)

(13,392)

(6,440)



Number

Number






Weighted average number of ordinary share for the purposes of basic earnings per share

967,052,981

307,965,208



(1.4)p

(2.1)p


Basic and fully diluted loss per share









Period ended

 31 March 2012

Year ended

31 December 2010


Excluding Exceptional Items

£'000

£'000


Net loss for the period attributable to equity holders of the parent

(13,392)

(6,440)


Adjustment to exclude exceptional costs

4,599

2,163


Loss from continuing operations for the purposes of basic earnings per share

(8,793)

(4,277)






Basic and fully diluted loss per share

(0.9)p

(1.4)p

There are no dilutive potential ordinary shares in issue.

 


This information is provided by RNS
The company news service from the London Stock Exchange
 
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