Information  X 
Enter a valid email address

Crystalband PLC (FRME)

  Print      Mail a friend

Thursday 30 June, 2005

Crystalband PLC

Interim Results - Replacement

Crystalband PLC
30 June 2005

This announcement replaces the interim results announcement which was released
today at 8.40 a.m. under the RNS number 25890.


There is a change of text in the second paragraph of the Chairman's statement.


The full amended text appears below.






                                Crystalband PLC



                     Unaudited Interim Financial Statements

                     For the Six Months Ended 31 March 2005



Crystalband PLC ('the Company or Crystalband')

Unaudited Interim Results for the Six Months Ended 31 March 2005

Chairman's Statement




The Company acquired the entire issued share capital of Frame 1 (2004) Limited
on 16 November 2004 and in the period under review, which is the Company's first
since admission to Aim in February 2005, Group turnover was £1.1 million
producing a loss before taxation of £0.6 million.



A tremendous amount of operational rationalisation has been achieved in this six
month period.  Principally, the customer base has been transformed from low
margin, low visibility and highly working capital intensive 'DIY sheds', to a
higher visibility, long term social housing contract, worth in excess of £1
million p.a. in turnover, which is supplemented with an ever growing higher
margin trade customer business.



There has also been rationalisation of the cost base, principally manufacturing
headcount reductions with associated redundancy costs. Rationalisation of the
cost base will continue into the second half of the year, with further
reductions in distribution and administration costs expected to deliver
annualised savings of £0.4m at minimal cost. Now that a significant amount of
rationalisation is complete, this has negated the need for a full time Finance
Director and accordingly Stephen Collins will move to a part time position with
immediate effect.



Investment in new machinery is ongoing and the Schirma flow line, for which £0.5
million was raised via a placing in April 2005, is due to be installed before
the end of the summer which should further enhance product quality and
operational efficiency.



With the further recent placing, a growing higher margin customer base and the
benefits of the above changes now starting to come through the Directors look
forward to the remainder of the year with confidence. The Company is expecting
to be generating cash at the operational level before the end of the financial
year in September.





Gavin Johnson
30 June 2005







Crystalband PLC

Group Profit and Loss Account

Six Months ended 31 March 2005

                                                                                              Unaudited
                                                                                            6 months to
                                                                                             31 Mar '05
                                                                             Note                 £'000

Turnover                                                                                          1,108

Cost of sales                                                                                     (800)

Gross Profit                                                                                        308

Administrative expenses                                                                           (945)
Other operating income                                                                               47

Operating Loss                                                                                    (590)

Exceptionals                                                                                       (68)
Disposal of fixed assets                                                                             22
Interest receivable                                                                                   5

Loss on Ordinary Activities Before Taxation                                                       (631)

Tax on ordinary activities                                                                            0

Retained Loss                                                                                     (631)

Earnings per share (pence)                                                    2.                (3.87)p

Adjusted earnings per share (pence)                                           2.                (3.54)p






Crystalband PLC

Group Balance Sheet

As at 31 March 2005

                                                                                              Unaudited
                                                                                                  As at
                                                                                             31 Mar '05
                                                                    Note         £'000            £'000

Fixed Assets
Intangible                                                           4.                           3,166
Tangible                                                             5.                             507
                                                                                                  3,673
Current Assets
Stock                                                                              163
Debtors                                                              6.          2,071
Cash at bank and in hand                                                            13
                                                                                 2,247

Creditors: Amounts Falling Due Within One Year                       7.        (2,277)

Net Current Assets                                                                                 (30)

Total Assets Less Current Liabilities                                                             3,643

Creditors: Amounts Falling Due After More Than One Year              8.                         (1,969)

Net Assets                                                                                        1,674

Capital and Reserves
Share capital                                                        9.                             112
Share premium                                                        10.                          2,193
Profit and loss account                                                                           (631)

Shareholders Funds                                                                                1,674







Crystalband PLC

Group Cash Flow Statement

Six Months ended 31 March 2005

                                                                                              Unaudited
                                                                                            6 months to
                                                                                             31 Mar '05

                                                                                 £'000            £'000

Net Cash Outflow from Operating Activities                                                        (163)

Capital Expenditure
Purchase of fixed assets                                                          (78)

Net Cash Outflow from Capital Expenditure                                                          (78)

Acquisition
Share capital                                                                    (660)
Loan notes                                                                     (3,200)
Costs of acquisition                                                             (415)
Cash acquired with subsidiary                                                      186

Net Cash Outflow from Acquisition                                                               (4,089)

Returns on Investment and Servicing Finance
Interest received                                                                    5

Net Cash Inflow from Returns on Investments                                                           5

Cash Outflow Before Financing                                                                   (4,325)

Financing
Loan notes                                                                       1,600
Capital element of finance lease payments                                           18
Issue of shares                                                                     48
Share premium on issue of shares                                                 2,672

Net Cash Inflow from Financing                                                                    4,338


Increase in Cash                                                                                     13










Reconciliation of Operating Profit to Net Cash Outflow from Operating Activities


Operating profit                                                                                  (590)
Exceptionals                                                                                       (68)
Depreciation                                                                                         22
Amortisation of goodwill                                                                             54
Stock decrease                                                                                      130
Debtors decrease                                                                                    184
Creditors Increase                                                                                  105

Net Cash Outflow from Operating Activities                                                        (163)









Crystalband PLC

Notes to the Interim Financial Statements

Six Months ended 31 March 2005



      1.        The unaudited results for the six month period have been prepared on a basis consistent
                With the accounting policies of the Group and do not constitute statutory accounts within
                the meaning of section 240 of the Companies Act 1985.


      2.        The calculation of the basic earnings per share for the period is based on the profit after
                taxation divided by the average number of ordinary shares in issue, being 16,283,946.
                The calculation of the adjusted earnings per share for the period is based on the profit
                after taxation excluding goodwill amortisation divided by the average number of ordinary
                shares in issue, being 16,283,946.


      3.        The Group commenced trading on 16 November 2004 and therefore no comparative figures
                exist for the corresponding period in the preceding financial period.


      4.        Intangible Fixed Assets
                                                                                   Goodwill
                                                                                      £'000

                    Addition                                                          3,220

                    Amortisation                                                       (54)

                    Net book value                                                    3,166



      5.        Tangible Fixed Assets
                                                                        Plant and Machinery
                                                                                      £'000

                    Cost                                                                451

                    Additions                                                            78

                    Depreciation                                                       (22)

                    Net book value                                                      507






     6.      Debtors
                                                                                          £'000

                        Trade debtors                                                       364
                        Other debtors                                                     1,707

                                                                                          2,071

     7.      Creditors: Amounts Falling Due Within One Year
                                                                                          £'000

                        Trade creditors                                                     394
                        Other taxation and social                                            63
                        security
                        HP creditors                                                          6
                        Other creditors                                                   1,814

                                                                                          2,277

     8.      Creditors: Amounts Falling Due After More Than One Year
                                                                                          £'000

                        HP creditors                                                         12
                        Loan notes                                                        1,600
                        External loans                                                      357

                                                                                          1,969


     9.      Share Capital

                        Authorised                                                            £

                        25,000,000 ordinary shares of 0.5p each                         125,000

                        Allotted and Called Up                                                £

                        22,469,734 ordinary shares of 0.5p each                         112,349


    10.      Share Premium
                                                                                              £

                        Arising on issue of shares                                    2,671,733
                        Bonus Issue                                                    (64,080)
                        Costs of issue of shares                                      (414,464)

                                                                                      2,193,189




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

a d v e r t i s e m e n t