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AquaSource (AAGP)

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Friday 30 September, 2011

AquaSource

Half-yearly Report

Half-yearly Report

AquaSource Algae Group

AQUASOURCE ALGAE GROUP PLC

INTERIM RESULTS TO 30TH JUNE 2011

CHAIRMAN'S STATEMENT

Once again I am pleased to report on improving circumstances. The Group’s profit on ordinary activities before taxation increased by 89% compared to the same period last year with gross margin up by 1.1 percentage points. The Group financial performance for the half year shows sales of €1.97 million, €200k over the €1.77 million achieved in the previous half year. Profit on ordinary activities before tax at €217.8K was 89% above the €114.8K recorded in 2010 and post-tax profit has increased by 128% on the same period last year. The Group’s cash reserves now exceed €1.2 million, even after reducing borrowings by approx €123K since September 2010.

The reported strategy introduced to deliver sustainable growth is, I believe, now proven, and our continued efforts to improve the performance of each market in which we trade is considered by the Board to be an ongoing success. Our key markets continue to show growth in both sales and profit contribution, and the restructuring steps taken last year in our under performing Russian business have been rewarded with Russia now generating a positive contribution. The initiatives taken in other poorer performing markets are also having the desired effect with definite signs of growth also seen in these regions.

The Board continues to develop and implement innovative sales and marketing initiatives to drive the growth, activity and productivity of our distributor base, and we use the lessons learned from each market to enhance the performance in others. We also continue to look for new opportunities to drive future business expansion.

I could not have been able to give you such a positive report had it not been for 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 all for their contribution over the past year to this success.

Ratan Daryani
Chairman
30th September 2011

AQUASOURCE ALGAE GROUP PLC
CONSOLIDATED SUMMARISED PROFIT AND LOSS ACCOUNT
       
6 MONTHS TO 6 MONTHS TO 12 MONTHS TO
30 JUNE 30 JUNE 31 DEC.
2011 2010 2010
UNAUDITED UNAUDITED AUDITED

NOTE EUROS EUROS EUROS
TURNOVER 1,973,591 1,768,236 3,787,337
 
Cost of sales (338,195) (329,689) (627,904)
 
GROSS PROFIT 1,635,396 1,438,547 3,159,433
 
ADMINISTRATIVE EXPENSES:
Exceptional / non-recurring items 1 - (75,856) -
Other (1,440,815) (1,261,963) (2,784,774)
 
 
Other operating income 9,453 11,594 28,744
 
OPERATING PROFIT:
 
Continuing operations-
before exceptional and
non-recurring items 204,034 188,178 403,403
 
Continuing operations-
after exceptional and
non-recurring items 204,034 112,322 403,403
 
 
Interest receivable and 15,072 8,984 18,207
similar income
 
Interest payable and (1,254) (6,478) (10,223)
similar charges
 
PROFIT ON ORDINARY ACTIVITIES 217,852 114,828 411,387
BEFORE TAXATION
 
Tax on profit on ordinary 2 (63,160) (47,118) (103,153)
activities
 
 
PROFIT FOR THE FINANCIAL 154,692 67,710 308,234
PERIOD
 
BASIC PROFIT PER
SHARE (EURCENT) 3 0.26 0.12 0.52
 
PROFIT PER SHARE PRE EXCEPTIONAL
AND NON-RECURRING ITEMS (EURCENT) 3 0.26 0.24 0.52

All operations are continuing. There were no recognised gains or losses other than the results above.

AQUASOURCE ALGAE GROUP PLC
CONSOLIDATED SUMMARISED BALANCE SHEET
    30 JUNE   30 JUNE   31 DEC.
2011 2010 2010
UNAUDITED UNAUDITED AUDITED
 
NOTE EUROS EUROS EUROS
FIXED ASSETS
Intangible assets 12,985 17,142 16,200
Tangible assets 534,588 410,030 546,169
Investments 39,515 46,696 43,115
587,088 473,868 605,484
CURRENT ASSETS
Stocks 327,479 356,833 324,941
Debtors 191,269 267,688 168,253
Cash at bank and in hand 1,239,094 974,386 1,070,496
1,757,842 1,598,907 1,563,690
 
CREDITORS: AMOUNTS FALLING DUE WITHIN
ONE YEAR 772,831 773,702 730,564
 
Net current assets 985,011 825,205 833,126
 
TOTAL ASSETS LESS CURRENT LIABILITIES 1,572,099 1,299,073 1,438,610
 
CREDITORS: Amounts falling due after
one year 89,994 210,916 106,395
1,482,105 1,088,157 1,332,215
CAPITAL AND RESERVES
Called up share capital 147,427 147,427 147,427
Share premium account 4,403,766 4,403,766 4,403,766
Other reserves (58,658) (57,391) (53,856)
Share based payment reserve 45,770 45,770 45,770
Profit and loss account (3,056,200) (3,451,415) (3,210,892)
SHAREHOLDERS' FUNDS 1,482,105 1,088,157 1,332,215

NOTES TO THE INTERIM REPORT

1 EXCEPTIONAL/NON-RECURRING ITEMS

The exceptional item in 2010 relates to the reorganisation costs of the operation in Russia. In the opinion of the directors these costs were particular to the Accounting period in question and have therefore been shown separately to distinguish them from recurring expenditure.

2 TAXATION

Tax on the profits for the period has been accrued for at the varying rates applicable to the respective country in which the profits arose.

3 PROFIT/(LOSS) PER SHARE

The calculation of basic profit per share is based on the profit attributable to ordinary shareholders divided by 58,970,591 being the weighted average number of shares in issue during the period (June 2010 - 58,970,591). The calculation of the basic profit per share pre exceptional/non-recurring items is based on the profit before exceptional/non-recurring items of EUR 154,692 (June 2010 EUR 143,566) divided by the weighted average number of shares in issue during the period of 58,970,591 (June 2010 58,970,591).

There was no dilutive effect in respect of the granting of share options.

4 INTERIM REPORT

This interim report was approved by the Board on 30th September 2011. It has been prepared using accounting policies that are consistent with those adopted in the statutory accounts for the year ended 31 December 2010.

5 PUBLICATION OF NON-STATUTORY ACCOUNTS

The financial information set out above does not constitute statutory accounts within the meaning of Section 240 of the Companies Act 1985. The figures for the period ended 31 December 2010 have been extracted from the statutory financial statements, which have been filed with the Registrar of Companies. The auditors' report on those financial statements was unqualified.

THE DIRECTORS OF AQUASOURCE 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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