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AquaSource (AAGP)

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Friday 27 May, 2011

AquaSource

Final Results

Final Results

AquaSource Algae Group

AquaSource Algae Group plc
Preliminary Announcement for the Year Ended 31 December 2010

CHAIRMAN’S STATEMENT

Once again I am delighted to be able report to shareholders about the continuing improvement in the financial performance of the Group, particularly with it being achieved against a weak economic back drop. The ongoing implementation of our strategy to enhance performance and deliver sustainable growth is showing the desired results with our main focus being on improvement within those underperforming markets and generating consistent profits for the future.

Following completion of the business restructuring in the Russian market, as mentioned in my interim report, the losses previously experienced from our operations there have been turned around into a positive financial contribution during the second half of the year as a result of the development of further business growth from our experienced local business partner in that region.

The small reduction in sales experienced in the first half of this financial year, which was a consequence of the restructuring mentioned above, was reversed during the second half, although we incurred exceptional non-recurring restructuring costs of approximately €75,000 in the first half of the year which was offset by exchange gains on restructuring in the second half. The Group’s financial performance for the year therefore saw sales of €3.79 million (€3.73 million in the previous financial year). Gross margin improved by 0.9 percentage points to 83.4%, which compensated for the small fall in sales and reduction in gross margin recorded in the first half of the year that was attributable to the changes in Russia. Profit on ordinary activities before tax has increased by 17% to €411k (2009 - €351k) with Group cash reserves now exceeding €1 million.

Following the successful implementation of our sales and marketing initiatives in existing key markets, an increase in the numbers of distributors combined with an increase in activity from our distributor base, the Group is now more confident that we will continue to generate consistent profits in the future. We are continually strengthening our sales generation and distributor network development capabilities for sustainable future expansion.

The constantly improving performance of the Group over the past three years is largely attributable to the dedication and hard work of our Distributors, Country Management Teams and Senior Managers, and the Board would once again like to take this opportunity to thank them.

Ratan Daryani
Chairman
27 May 2011


     

AquaSource Algae Group plc
Audited Consolidated Profit and Loss Account
for the Year Ended 31 December 2010

Notes 31.12.10 31.12.09
 

TURNOVER

Continuing operations 3,787,337 3,728,199
Cost of sales (627,904) (652,498)
 
GROSS PROFIT 3,159,433 3,075,701
 

Administrative expenses

(2,784,774) (2,759,767)
 
Other operating income 28,744 43,974

Operating profit

403,403 359,908
 
Interest receivable 18,207 14,643
Interest payable (10,223) (23,424)
 

PROFIT ON ORDINARY ACTIVITIES

BEFORE TAXATION

411,387 351,127
 
Tax on profit on ordinary
activities 2

(103,153)

(73,149)

 

PROFIT FOR THE FINANCIAL YEAR

AFTER TAXATION

308,234 277,978
 

Profit per share (€cents)

4 0.52 0.47
     

AquaSource Algae Group plc
Audited Consolidated Balance Sheet
31 December 2010

31.12.10 31.12.09
 
       

FIXED ASSETS:

Intangible assets 16,200 21,685
Tangible assets 546,169 417,225
Investments 43,115 44,049
 
605,484 482,959
 

CURRENT ASSETS:

Stocks 324,941 394,078
Debtors 168,253 287,272
Cash at bank 1,070,496 782,490
 
1,563,690 1,463,840

CREDITORS: Amounts falling

due within one year (730,564) (720,966)
 

NET CURRENT ASSETS:

833,126 742,874
 

TOTAL ASSETS LESS CURRENT

LIABILITIES:

1,438,610 1,225,833
 

CREDITORS: Amounts falling

due after one year (106,395) (207,537)
 
€1,332,215 €1,018,296
 

CAPITAL AND RESERVES:

Called up share capital 147,427 147,427
Share premium 4,403,766 4,403,766
Other reserves (53,856) (59,541)
Share based payments reserve 45,770 45,770
Profit and loss account (3,210,892) (3,519,126)
 

SHAREHOLDERS' FUNDS (All equity):

€1,332,215 €1,018,296
 
         

AquaSource Algae Group plc
Audited Consolidated Cash Flow Statement
for the Year Ended 31 December 2010

31.12.10 31.12.09
 
 
 
Notes

Net cash inflow

from operating activities

5 565,037 102,385
 

Returns on investments and

servicing of finance

7,984 (8,781)
 

Net cash (outflow)/inflow from capital

expenditure

(163,286) 54,274
 
 

Finance

(121,729) 132,125
 

Increase in cash in the year

6

€288,006

€280,003

 


AquaSource Algae Group plc
Notes to the Preliminary Announcement

1. BASIS OF PREPARATION

The preliminary announcement has been prepared in accordance with applicable accounting standards under the historical cost convention, and in accordance with the accounting policies set out in the annual report and financial statements for the year ended 31 December 2010.

The preliminary announcement has been approved by the Board of Directors on 27 May 2011 and has been agreed by the auditors. The preliminary announcement as set out does not constitute statutory accounts for the year ended 31 December 2010. The audit report for the year ended 31 December 2010 will be unqualified.


2.TAXATION

Analysis of the Group tax charge

     
The tax charge on the profit on ordinary activities for the year was as follows:
31.12.10 31.12.09
Current tax:
Corporation tax 15,024 9,234
Foreign tax 88,129 63,915
 
Tax on profit on ordinary activities 103,153 73,149
 

3. DIVIDENDS

No dividends have been distributed to shareholders during the period.


4.PROFIT PER SHARE

The calculation of the basic and fully diluted profit per share is based on the profit attributable to ordinary shareholders of €308,234 (2009: €277,978) divided by the weighted average number of shares in issue during the period of 58,970,591 (2009: 58,970,591).

There is no dilutive effect of share options on the basic profit per share.


5.NET CASH INFLOW FROM OPERATING ACTIVITIES

  31.12.10     31.12.09
 
Operating profit 403,403 359,908
Depreciation and amortisation charges 39,827 32,610
Decrease/(increase) in stock 69,137 (11,467)

Decrease/(increase) in debtors

119,019 (95,363)

Decrease in creditors

(91,544) (17,374)
Translation differences 135,265 (43,674)
Taxation paid (110,070) (122,255)

Net cash inflow

from operating activities

565,037 102,385
 

6. RECONCILIATION OF NET CASH FLOW TO MOVEMENT IN NET FUNDS

  31.12.10     31.12.09
Increase in cash in the year 288,006 280,003
Funds at beginning of year 782,490 502,487
 

Funds at end of year

1,070,496

782,490

 

The Directors of AquaSource Algae Group plc accept responsibility for this announcement.

ENDS

Enquiries:

 

Sian Lewis

 

AquaSource

 

+385 911 324270

Oliver Spurling

AquaSource

07769 647617

Stephen Foale

Fletcher Foale

07769 937708

 


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