Slingsby(H.C.)Plc
28 September 2007
28 September 2007
H C Slingsby plc
Report for the half year ended 30 June 2007
Statement by the Chairman
I am pleased to report that for the six months ended 30 June 2007, the Group has
made encouraging progress in terms of the improvement in pre-tax profit to
£726,000 (2006: £363,000).
Whilst our margins have shown some improvement, the major reasons for our
increase in pre-tax profit are as a result of the overhead expenditure review,
the rationalisation plan implemented during the second half of 2006 and the
reduced costs of operating from one site.
Our order intake levels remain variable at present and we continue to take a
cautious view of the Group's future prospects as we feel that the UK's wider
economic outlook is currently more uncertain than it has been in recent times.
Your board is pleased to recommend an interim dividend of 7.0 p (2006: 5.0p).
This will be paid on 4 January 2008 to shareholders on the Register at the close
of business on 30 November 2007.
J R Waterhouse
Chairman
28 September 2007
Registered Office
Otley Road, Baildon, Shipley BD17 7LW
For further information please contact:
H C Slingsby plc
Dominic Slingsby, Managing Director 01274 535 030
Ray Hudson, Financial Director
Evolution Securities Limited
Joanne Lake/Peter Steel 0113 243 1619
Unaudited Consolidated Income Statement for the half year ended 30 June 2007
Half year Half year Year
ended ended ended
30/06/07 30/06/06 31/12/06
£'000 £'000 £'000
Turnover 9,942 9,694 19,044
--------- --------- ---------
Operating profit before exceptional item 742 392 1,058
Exceptional item 3 - - 102
-------- --------- ---------
Operating profit 742 392 1,160
-------- -------- --------
Finance income 46 53 89
Finance expense (62) (82) (156)
-------- -------- --------
Profit before taxation 716 363 1,093
Taxation (229) (101) (356)
-------- -------- --------
Profit for the period attributable to equity shareholders 497 262 737
Dividends (400) (450) (450)
Retained profit/(sustained loss) 97 (188) 287
-------- -------- --------
Basic and diluted earnings per share 49.7p 26.2p 73.7p
-------- -------- --------
Proposed interim dividend per share 7.0p 5.0p 5.0p
-------- -------- --------
The results set out above derive entirely from continuing operations.
Unaudited Statement of Consolidated Recognised Income and Expense for the half
year ended 30 June 2007
Half year Half year Year
ended ended ended
30/06/07 30/06/06 31/12/06
£'000 £'000 £'000
Actuarial gain on pension scheme 794 424 282
Movement in deferred tax relating to pension liability (221) (128) (85)
Exchange adjustment (9) (3) 9
-------- -------- --------
Net income recognised directly in equity 564 293 206
Profit for the period 497 262 737
-------- -------- --------
Total income recognised for the period attributable to
equity shareholders 1,061 555 943
-------- -------- --------
Unaudited Group Balance Sheet as at 30 June 2007
30/06/07 30/06/06 31/12/06
£'000 £'000 £'000
Assets
Non-current assets
Property, plant and equipment 7,038 7,112 6,982
Intangible asset 409 737 573
Deferred tax asset 399 549 675
--------- --------- --------
7,846 8,398 8,230
--------- --------- --------
Current assets
Inventories 1,352 1,609 1,583
Trade and other receivables 3,568 3,552 3,387
Current tax receivable - 31 -
Cash and cash equivalents 2,626 2,555 1,868
--------- --------- ---------
7,546 7,727 6,838
--------- --------- ---------
Liabilities
Current liabilities
Trade and other payables (3,707) (4,600) (2,905)
Current tax liabilities (207) - (308)
Obligations under finance leases (390) (335) (373)
--------- --------- ---------
(4,304) (4,935) (3,586)
--------- --------- ---------
Net current assets 3,242 2,792 3,252
--------- --------- ---------
Non-current liabilities
Pension liabilities (2,988) (3,765) (3,851)
Obligations under finance leases (59) (433) (251)
--------- --------- ---------
(3,047) (4,198) (4,102)
--------- --------- ---------
Net assets 8,041 6,992 7,380
--------- --------- ---------
Capital and reserves
Called up share capital 250 250 250
Retained earnings 7,793 6747 7,123
Translation reserve (2) (5) 7
--------- --------- ---------
Total equity 8,041 6,992 7,380
--------- --------- ---------
Unaudited Consolidated Cash Flow Statement for the half year ended 30 June 2007
Half year Half year Year
ended ended ended
30/06/07 30/06/06 31/12/06
£'000 £'000 £'000
Note
Cash flows from operating activities
Cash generated from operations 4 1,503 457 671
Interest received 45 53 90
Interest paid on finance leases (33) (79) (121)
UK corporation tax paid (275) (323) (323)
--------- --------- ---------
Cash generated from operating activities 1,240 108 317
--------- --------- ---------
Cash flows from investing activities
Purchase of property, plant and equipment (263) (1,312) (1,881)
Proceeds from sales of property, plant and equipment 15 2 197
--------- --------- ---------
Net cash used in investing activities (248) (1,310) (1,684)
Cash flows from financing activities
Equity dividends paid (50) (70) (450)
Capital element of finance leases (175) (226) (380)
--------- --------- ---------
Net cash used in financing activities (225) (296) (830)
--------- --------- ---------
Net increase/(decrease) in cash and cash equivalents 767 (1,498) (2,197)
Opening cash and cash equivalents 1,868 4,056 4,056
Exchange differences (9) (3) 9
--------- --------- ---------
Closing cash and cash equivalents 2,626 2,555 1,868
--------- --------- ---------
Notes to the Interim Report for the half year ended 30 June 2007
1. Basis of Preparation
The interim report has been prepared under the historical cost convention and, for the first time, under the
International Financial Reporting Standards (IFRS) accounting policies set out below, as required by AIM
rules. These policies have been applied consistently to all periods presented and are consistent with those
the Directors intend to use in the annual financial statements. Previously, the group has prepared its
accounts using UK Generally Accepted Accounting Principals (UK GAAP).
The disclosures required by IFRS 1 'First-time adoption of International Financial Reporting Standards'
concerning the transition from UK GAAP are set out in note 5. This interim report does not comply with IAS
34 'Interim Financial Reporting', which is not currently required to be complied with under the AIM Rules.
The financial information contained in this interim statement is unaudited and does not constitute statutory
accounts within the meaning of section 240 of the Companies Act 1985. The comparative figures for the year
ended 31 December 2006 are also unaudited and do not constitute full financial statements. They have been
extracted from the group's 2006 financial statements and adjusted for the transition to IFRS. The company's
annual report and financial statements for the year ended 31 December 2006, which were prepared under UK
GAAP in accordance with the Companies Act 1985, have been delivered to the Registrar of Companies with an
unqualified audit report. The interim financial information for the six months ended 30 June 2006 is also
unaudited, and have been extracted from the 2006 interim report and adjusted for the transition to IFRS.
2. Summary of Significant Accounting Policies
Basis of Preparation
These interim financial statements have been prepared, for the first time, in accordance with International
Financial Reporting Standards (IFRS), International Financial Reporting Interpretations Committee (IFRIC)
interpretations and with those parts of the Companies Act 1985 applicable to companies reporting under IFRS.
The standards used are those published by the International Accounting Standards Board (IASB) and endorsed
by the EU at the time of preparing these statements. The accounts have been prepared under the historical
cost convention, as modified by the accounting for derivative financial instruments at fair value through
profit or loss, and on the basis of the accounting policies set out below, which the group expects to apply
to its financial statements for 31 December 2007 and which are to be prepared in accordance with IFRS.
Basis of consolidation
The financial statements of the group consolidate the financial statements of H C Slingsby plc and its
subsidiary undertaking up to 30 June 2007 using acquisition accounting. The results of subsidiary
undertakings acquired during a financial period are included from the effective date of acquisition.
Intra-group sales and profits are eliminated fully on consolidation.
Accounting estimates and judgments
The preparation of these financial statements requires management to make estimates and judgements that
affect the reported amounts of assets and liabilities at the date of the financial statements and the
reported amounts of revenue during the reporting period. Actual results could materially differ from these
estimates. Information about such judgements and estimation is contained in individual accounting policies.
Key sources of estimation uncertainty that could cause an adjustment to be required to the carrying amount
of asset or liabilities within the next accounting period are:
• Assumptions used in the calculation of the defined benefit pension scheme liability; and
• Allowances against the valuation of inventories.
Turnover and recognition of income
Turnover comprises the fair value of the consideration received or receivable from the sale of goods and
services in the ordinary course of the group's activities. Turnover is shown net of value added tax,
returns, rebates and discounts. Turnover is recognised when title of the goods passes to the customer or
when the services have been provided.
Exceptional items
Exceptional items are non-recurring material items which are either outside of the group's ordinary
activities, or that due to their size or nature require separate disclosure in order for the financial
statements to provide a better indication of the underlying results of the business.
Employee benefits
The group operates a defined benefit and a defined contribution pension scheme for its employees.
Defined benefit scheme: The pension liability recognised in the balance sheet in respect of the defined
benefit scheme is the present value of the defined benefit obligation at the balance sheet date less the
fair value of the plan assets. The defined benefit obligation is calculated tri-annually by independent
actuaries using the projected unit method and this valuation is updated at each balance sheet date. The
present value of the defined benefit obligation is determined by discounting the estimated future cash
outflows using interest rates of high quality corporate bonds and that have terms to maturity approximating
to the terms of the related pension liability.
Current and past service costs are charged to operating profit and finance costs and expected returns on
assets to financing costs or income. Actuarial gains and losses arising from new valuations and from
updating the latest actuarial valuation to reflect conditions at the balance sheet date are recognised in
full in the statement of recognised income and expense.
Defined contribution scheme: contributions payable are charged to the income statement in the accounting
period in which they are incurred. The group has no further payment obligations once the contributions have
been paid to this scheme.
Leases
Where assets acquired under leasing agreements that give rights approximating to ownership, the costs are
capitalised in the balance sheet and depreciated over the shorter of the lease term or their expected useful
lives. The present value of future lease payments are included in liabilities. The interest element is
charged to the income statement within finance costs over the term of the lease in proportion to the balance
of capital payments outstanding.
Payments made under operating leases, net of any incentives received from the lessor, are charged to the
income statement on a straight line basis over the period of the lease.
Foreign Currency
Foreign currency transactions are translated using exchange rates prevailing at the date of the
transactions. Assets and liabilities are translated at exchange rates ruling at the end of each financial
period, gains and losses on retranslation are recognised in the income statement.
Assets and liabilities of subsidiaries in foreign currencies are translated into sterling at the average
rate of exchange for the year. Differences on exchange arising from the retranslation of the opening net
investment in subsidiary companies and from the translation of the results of those companies at average
rates, are recognised as a separate component of equity and are reported in the statement or recognised
income and expense.
Property, Plant and Equipment
Property, plant and equipment is stated at cost net of accumulated depreciation and any provision for
impairment. Cost comprises purchase cost together with any incidental costs of acquisition. Depreciation is
provided to write off the cost less the estimated residual value of the tangible fixed assets by equal
instalments over their estimated useful economic lives. The asset's residual values and useful economic
lives are reviewed, and adjusted as appropriate, at each balance sheet date. The following rates are
applied:
Freehold buildings 2% per annum
Equipment 10% - 20% per annum
Computer and electronic equipment 33% per annum
Motor vehicles 25% per annum
Freehold land is not depreciated
Intangible Assets
Intangible assets are recognised if it is possible that there will be future economic benefits attributable
to the asset, the cost of the asset can be measured reliably, the asset is separately identifiable and there
is control over the use of the asset. The assets are amortised over the period over which the group expects
to benefit from these assets. Provision is made for any impairment in value if applicable.
IT software costs are amortised at a rate of 33% per annum.
Investments
Investments are stated at cost, less provision for impairment where necessary.
Deferred Taxation
Deferred taxation is recognised, using the full liability method, on temporary differences arising between
the tax bases of assets and liabilities and their carrying amount in the consolidated financial statements.
Deferred taxation is determined using tax rates (and laws) that have been enacted, or substantially enacted,
by the balance sheet date, and are expected to apply when the related deferred taxation asset is realised or
deferred taxation liability is settled.
Deferred taxation assets are recognised only to the extent that it is probable that future taxable profits
will be available against which the temporary differences can be utilised.
Inventories
Inventories which include raw materials and work in progress are stated at the lower of cost and net
realisable value. Raw materials are valued on a first in first out basis. The cost of work in progress and
finished goods includes an appropriate proportion of production overheads.
Net realisable value is based on estimated selling price less additional costs to completion or disposal.
Allowance is made for obsolete, defective and slow moving items based on annual usage.
Trade and Other Receivables
Trade and other receivables are stated at cost less provisions, where appropriate.
Trade Catalogues
Expenditure relating to the production and distribution of the main catalogue and supplementary mailings is
apportioned to the relevant year after establishing their estimated useful lives. The cost carried forward
to the following accounting period is included in prepayments.
Cash and Cash Equivalents
Cash and cash equivalents include cash in hand, deposits held on call with banks, other short term highly
liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts
are shown within borrowings on the balance sheet.
Trade Payables
Trade payables are recognised initially at fair value and subsequently measured at amortised cost using the
effective interest method.
Financial instruments
Derivative financial instruments are initially recognised at fair value on the date a contract is entered
into and are subsequently re-measured at their fair value at each balance sheet date. The resulting gain or
loss is recognised directly in the income statement. The group does not apply hedge accounting in respect of
its financial instruments, nor does it trade in any financial instruments.
Share Capital
Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of new
shares are shown in equity as a deduction, net of tax, from the proceeds.
Dividends
Dividends proposed by the Board are recognised in the financial statements when they have been approved by
shareholders. Interim dividends are recognised when they are paid.
Segmental Reporting
A business segment is a group of assets and operations engaged in providing products or services that are
subject to risks and returns that are different from those of other segments. A geographical segment is
engaged in providing products or services within a particular economic environment that are subject to risks
and returns that are different from those of segments operating in other economic environments.
The group's primary reporting segment is by business segment. The group's secondary reporting segment is
geographical by country of destination. The group has only one business segment, which is its principal
activity.
3. Exceptional items
Half year Half year Year
ended ended ended
30/06/07 30/06/06 31/12/06
£'000 £'000 £'000
Profit on disposal of property, plant and equipment - - 144
Redundancy costs - - (42)
--------- --------- ---------
- - 102
--------- --------- ---------
4. Reconciliation of operating profit to net cash inflow from operating activities
Half year Half year Year
ended ended ended
30/06/07 30/06/06 31/12/06
£'000 £'000 £'000
Operating profit 742 392 1,160
Depreciation 336 330 677
Loss/(profit) on sale of property, plant and equipment 3 3 (144)
Difference between pension charge and contributions (97) 27 (61)
Decrease in inventories 231 14 40
(Increase)/decrease in trade and other receivables (180) 550 732
Increase/(decrease) in trade and other payables 468 (859) (1,733)
--------- --------- ---------
Net cash inflow from operating activities 1,503 457 671
--------- --------- ---------
5. Explanation of transition to IFRS
The group's financial statements for the year ending 31 December 2007 will be the first annual financial
statements prepared under IFRS. The group's date of transition to IFRS is 1 January 2006 (the start of its
2006 financial year). On transition to IFRS, an entity is generally required to apply IFRS retrospectively,
except where an exemption is available under IFRS 1. The group has not adopted any of the exemptions
available under the IFRS 1.
Impact of transition to IFRS
The effect of adopting new accounting policies under IFRS are set out below with the disclosures required in
the year of transition.
There are presentational changes arising from the move to IFRS, which have been dealt with using IAS 1 '
Presentation of Financial Statements'. The presentational changes are generally not significant, the most
significant difference being that the format of the group's cash flow statement has changed from reconciling
the opening cash held at bank and in hand to the closing cash held at bank and in hand to reconciling the
opening to closing cash and cash equivalents.
Deferred tax
Under IAS 12 'Income Taxes', deferred tax on rollover relief should always be recognised, but is not under
UK GAAP. The group's potential deferred tax liability relating to the rollover relief claimed on the
disposal of its Preston Street property in 2005 was not recognised under UK GAAP, but has now been included
within the group's deferred tax balance.
Retirement benefits
Under UK GAAP the assets of the defined benefit pension scheme were valued at mid market prices. IAS 19 '
Employee Benefits' states that assets must be valued at bid prices. The net pension liability has been
adjusted for this difference, which has resulted in an increase of the pension liability.
Under UK GAAP, the deferred tax asset relating to the net pension liability is netted off the liability,
whereas under IFRS the deferred tax asset is shown separately with the other deferred tax balances.
Intangible assets
IAS 38 'Intangible Assets' requires capitalised IT software costs to be presented as intangible assets,
rather than as property, plant and equipment or tangible fixed assets under UK GAAP. The group's IT software
costs have therefore been reclassified as intangible assets. There has been no change in the amount
capitalised or the period over which the costs are being depreciated.
Financial instruments
Under UK GAAP there is no requirement to value derivative financial instruments on the balance sheet. Under
IAS 39 'Financial Instruments: Recognition and Measurement' all derivatives must be recognised at fair value
on the balance sheet. Changes in the fair value of financial instruments that are not hedging instruments
are recognised in the income statement, unless hedge accounting is applied where changes are recognised
directly in equity.
The group has included the fair value of its forward foreign exchange contracts as assets or liabilities as
appropriate. Hedge accounting has not been applied, so the changes have been recognised in the income
statement. The deferred tax relating to the assets and liabilities has also been recognised.
a) Reconciliation of equity and net assets from UK GAAP to IFRS as at 1 January 2006
UK GAAP IFRS
31 December Deferred Retirement Intangible Financial 31 December
2005 tax benefits assets instruments 2005
£'000 £'000 £'000 £'000 £'000 £'000
Assets
Non-current assets
Property, plant and equipment 6,538 - - (901) - 5,637
Intangible assets - - - 901 - 901
Deferred tax asset (174) (278) 1,234 - (3) 779
-------- --------- --------- --------- --------- ---------
6,364 (278) 1,234 - (3) 7,317
-------- --------- --------- --------- --------- ---------
Current assets
Inventories 1,623 - - - - 1,623
Trade and other 4,105 - - - 11 4,116
receivables
Current tax receivable - - - - - -
Cash and cash equivalents 4,056 - - - - 4,056
--------- --------- --------- --------- --------- ---------
9,784 - - - 11 9,795
--------- --------- --------- --------- --------- ---------
Liabilities
Current liabilities
Trade and other payables (4,800) - - - - (4,800)
Current tax liabilities (294) - - - - (294)
Obligations under finance leases (391) - - - - (391)
--------- --------- --------- --------- --------- ---------
(5,485) - - - - (5,485)
--------- --------- --------- --------- --------- ---------
Net current assets 4,299 - - - 11 4,310
--------- --------- --------- --------- --------- ---------
Non-current liabilities
Pension liabilities (2,879) - (1,248) - - (4,127)
Obligations under finance leases (613) - - - - (613)
--------- --------- --------- --------- --------- ---------
(3,492) - (1,248) - - (4,740)
--------- --------- --------- --------- --------- ---------
Net assets 7,171 (278) (14) - 8 6,887
--------- --------- --------- --------- --------- ---------
Capital and reserves
Called up share capital 250 - - - - 250
Retained earnings 6,923 (278) (14) - 8 6,639
Translation reserve (2) - - - - (2)
--------- --------- --------- --------- --------- ---------
Total equity 7,171 (278) (14) - 8 6,887
--------- --------- --------- --------- --------- ---------
b) Reconciliation of equity and net assets from UK GAAP to IFRS as at 30 June 2006
UK GAAP Deferred Retirement Intangible Financial IFRS
30 June 2006 tax benefits assets instruments 30 June 2006
£'000 £'000 £'000 £'000 £'000 £'000
Assets
Non-current assets
Property, plant and equipment 7,849 - - (737) - 7,112
Intangible assets - - - 737 - 737
Deferred tax asset (294) (278) 1,125 - (4) 549
--------- --------- --------- --------- --------- ---------
7,555 (278) 1,125 - (4) 8,398
--------- --------- --------- --------- --------- ---------
Current assets
Inventories 1,609 - - - - 1,609
Trade and other 3,519 - - - 13 3,532
receivables
Current tax receivable 31 - - - - 31
Cash and cash equivalents 2,555 - - - - 2,555
--------- --------- --------- --------- --------- ---------
7,714 - - - 13 7,727
--------- --------- --------- --------- --------- ---------
Liabilities
Current liabilities
Trade and other payables (4,600) - - - - (4,600)
Current tax liabilities - - - - - -
Obligations under finance leases (335) - - - - (335)
--------- --------- --------- --------- --------- ---------
(4,935) - - - - (4,935)
--------- --------- --------- --------- --------- ---------
Net current assets 2,779 - - - 13 2,792
--------- --------- --------- --------- --------- ---------
Non-current liabilities
Pension liabilities (2,625) - (1,140) - - (3,765)
Obligations under finance leases (433) - - - - (433)
--------- --------- --------- --------- --------- ---------
(3,058) - (1,140) - - (4,198)
--------- --------- --------- --------- --------- ---------
Net assets 7,276 (278) (15) - 9 6,992
--------- --------- --------- --------- --------- ---------
Capital and reserves
Called up share capital 250 - - - - 250
Retained earnings 7,031 (278) (15) - 9 6,747
Translation reserve (5) - - - - (5)
--------- --------- --------- --------- --------- ---------
Total equity 7,276 (278) (15) - 9 6,992
--------- --------- --------- --------- --------- ---------
c) Reconciliation of equity and net assets from UK GAAP to IFRS as at 31 December 2006
UK GAAP IFRS
31 December Deferred Retirement Intangible Financial 31 December
2006 tax benefits assets instruments 2006
£'000 £'000 £'000 £'000 £'000 £'000
Assets
Non-current assets
Property, plant and equipment 7,555 - - (573) - 6,982
Intangible assets - - - 573 - 573
Deferred tax asset (202) (278) 1,151 - 4 675
-------- --------- --------- --------- --------- ---------
7,353 (278) 1,151 - 4 8,230
-------- --------- --------- --------- --------- ---------
Current assets
Inventories 1,583 - - - - 1,583
Trade and other 3,387 - - - - 3,387
receivables
Current tax receivable - - - - - -
Cash and cash equivalents 1,868 - - - - 1,868
--------- --------- --------- --------- --------- ---------
6,838 - - - - 6,838
--------- --------- --------- --------- --------- ---------
Liabilities
Current liabilities
Trade and other payables (2,889) - - - (16) (2,905)
Current tax liabilities (308) - - - - (308)
Obligations under finance leases (373) - - - - (373)
--------- --------- --------- --------- --------- ---------
(3,570) - - - (16) (3,586)
--------- --------- --------- --------- --------- ---------
Net current assets 3,268 - - - (16) 3,252
--------- --------- --------- --------- --------- ---------
Non-current liabilities
Pension liabilities (2,685) - (1,166) - - (3,851)
Obligations under finance leases (251) - - - - (251)
--------- --------- --------- --------- --------- ---------
(2,936) - (1,166) - - (4,102)
--------- --------- --------- --------- --------- ---------
Net assets 7,685 (278) (15) - (12) 7,380
--------- --------- --------- --------- --------- ---------
Capital and reserves
Called up share capital 250 - - - - 250
Retained earnings 7,428 (278) (15) - (12) 7,123
Translation reserve 7 - - - - 7
--------- --------- --------- --------- --------- ---------
Total equity 7,685 (278) (15) - (12) 7,380
--------- --------- --------- --------- --------- ---------
d) Reconciliation of Consolidated Income Statement from UK GAAP to IFRS for the six months ended 30 June 2006
UK GAAP Deferred Retirement Intangible Financial IFRS
30 June 2006 tax benefits assets instruments 30 June 2006
£'000 £'000 £'000 £'000 £'000 £'000
Turnover 9,694 - - - - 9,694
--------- --------- --------- --------- --------- ---------
Operating profit before exceptional 390 - - - 2 392
item
Exceptional item - - - - - -
--------- -------- -------- -------- -------- --------
Operating profit 390 - - - 2 392
Finance income 53 - - - - 53
Finance expense (82) - - - - (82)
-------- -------- -------- -------- -------- --------
Profit before taxation 361 - - - 2 363
Taxation (100) - - - (1) (101)
-------- -------- -------- -------- -------- --------
Profit for the period attributable
to equity
shareholders 261 - - - 1 262
Dividends (450) - - - - (450)
-------- -------- -------- -------- -------- --------
Retained profit/sustained (loss) (189) - - - 1 (188)
-------- -------- -------- -------- -------- --------
e) Reconciliation of Consolidated Income Statement from UK GAAP to IFRS for the year ended 31 December 2006
UIK GAAP Deferred Retirement Intangible Financial IFRS
31 December tax benefits assets instruments 31 December
2006 2006
£'000 £'000 £'000 £'000 £'000 £'000
Turnover 19,044 - - - - 19,044
--------- --------- --------- --------- --------- ---------
Operating profit before 1,085 - - - (27) 1,058
exceptional item
Exceptional item 102 - - - - 102
--------- -------- -------- -------- -------- --------
Operating profit 1,187 - - - (27) 1,160
Finance income 89 - - - - 89
Finance expense (156) - - - - (156)
-------- -------- -------- -------- -------- --------
Profit before taxation 1,120 - - - (27) 1,093
Taxation (363) - - - 7 (356)
-------- -------- -------- -------- -------- --------
Profit for the period
attributable to
shareholders 757 - - - (20) 737
Dividends (450) - - - - (450)
-------- -------- -------- -------- -------- --------
Retained profit/ sustained (loss) 307 - - - (20) 287
-------- -------- -------- -------- -------- --------
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