Regulatory News item
REG-SWP Group PLC Final Results - Part 2
Released: 18/11/2009
Released: 18/11/2009
Part 2 : For preceding part double-click [nRnsR6627C]
Segmental assets 11,537 3,140 4,130 10,330 29,137
Segmental liabilities (8,765) (987) (3,810) (4,653) (18,215)
Net assets as at
30 June 2008 2,772 2,153 320 5,677 10,922
GEOGRAPHICAL SEGMENTS
The Group's operations are located in the UK, France and Spain.
The following table provides an analysis of the Group's sales by geographical
market, irrespective of the origin of the goods/services
Year ended Year ended
30 June 2009 30 June 2008
£'000 £'000
UK 12,421 13,147
Europe 8,972 11,139
Far East 2,847 603
Africa and Middle East 501 153
USA 4 16
24,745 25,058
The following is an analysis of the carrying amount of segment net assets and
additions to property, plant and equipment and intangible assets, analysed by
the geographical area in which the assets are located.
Carrying Additions to
amount of property, plant
segment assets and equipment
and intangible assets
Year ended 30 June 2009 Year ended 30 June 2008 Year ended 30 June 2009 Year ended 30 June 2008
£'000 £'000 £'000 £'000
UK 12,314 11,546 368 10,008
France 444 (209) 7 7
Spain (285) (415) 19 46
12,473 10,922 394 10,061
3. EARNINGS PER SHARE
Basic earnings per share is calculated by dividing the profit attributable to
equity holders of the parent company by the weighted average number of ordinary
shares in issue during the year excluding ordinary shares purchased by group
companies and held as treasury shares.
The basic and diluted earnings per share is 9.02p (2008 - 45.05p). There is no
difference between basic and diluted earnings per share.
The underlying earnings per share calculation for the year ended 30 June 2009 is
based on the weighted average of 17,687,354 (2008 - 17,042,888) ordinary shares
in issue during the year and the profit of £1,595,000 (2008 - £1,503,000).
The total earnings per share calculation for the year ended 30 June 2009 is
based on the weighted average of 17,687,354 (2008 - 17,042,888) ordinary shares
in issue during the year and the profit of £1,595,000 (2008 - £7,678,000).
4. COMPARATIVE INFORMATION
Reinstatement of revaluation reserve
On 18 July 2007, the property owned by one of the subsidiaries, Crescent of
Cambridge Limited was valued on 18 July 2007 by D. H. Barford & Co., Chartered
Surveyors and the open market valuation was £229,000 higher than the carrying
value in the financial statements.
Although the valuation took place after the group's 2007 financial year, because
the valuation date was so close to the year end the Directors were of the
opinion that the valuation reflected the market value of the property at 30 June
2007 and they adjusted for the revaluation in the 2007 financial statements.
Under the group's first time adoption of IFRS, the Directors elected to use the
previous UK GAAP revaluation of their properties (including the revaluation of
Crescent of Cambridge Limited's premises) at the date of transition to IFRSs as
deemed cost and the entire revaluation reserve was transferred to retained
earnings.
IFRS 1, First-time Adoption of International Financial Reporting Standards, only
permits first-time adopters to restate the deemed cost of property to reflect
property revaluations taking place on or before the date of transition to IFRSs.
As the valuation of Crescent of Cambridge Limited's premises took place after
this date, a revaluation reserve of £229,000 should have been created. The
comparative figures have been amended to reinstate the revaluation reserve and
correct the value of retained earnings.
Amendment to the Group Cash Flow Statement
Cash, cash equivalents and bank overdrafts at the beginning and end of the 2008
financial year have been restated. Bank loans of £3,250,000 were incorrectly
included in the cash, cash equivalents and bank overdrafts figures in the prior
year financial statements.
The financial information set out above does not constitute the group's
statutory accounts for the years ended 30 June 2009 or 2008. Statutory accounts
for 2008 have been delivered to the Registrar of Companies. The auditors have
reported on the 2008 accounts; their reports were (i) unqualified (ii) did not
include references to any matters which the auditors drew attention by way of
emphasis without qualifying their reports and (iii) did not contain statements
under section 237(2) or (3) of the Companies Act 1985. The statutory accounts
for 2009, which are being prepared under IFRSs as adopted by the EU will be
finalised on the basis of the financial information presented by the Directors
in this preliminary announcement and will be delivered to the Registrar of
Companies in due course.
A copy of the financial report and accounts will be dispatched to shareholders
by no later than 7th December 2009 and a copy will also be available on the
Group's website, www.swpgroupplc.com
For further information or enquiries please contact:
J.A.F Walker D.J. Pett Richard Kauffer
Chairman Finance Director Nominated Advisor & Broker
SWP Group plc SWP Group plc KBC Peel Hunt
Tel office: 01353 723270 Tel office: 01353 723270 Tel office: 0207 418 8900
Mobile: 07800 951151 Mobile: 07940 523135
This information is provided by RNS
The company news service from the London Stock Exchange
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