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(HVE.L) Havelock Europa PLC Buy/Sell
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| Date/Time | Headline | Source |
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| 18-09-09 | RNS |
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RNS Number : 3061Z Havelock Europa PLC 18 September 2009 For filings with the FSA include the annex For filings with issuer exclude the annex TR-1: Notifications of Major Interests in Shares
existing shares to which voting rights are attached:
2. Reason for notification (yes/no)
An acquisition or disposal of financial instruments which may result in the acquisition of shares already issued to which voting rights are attached An event changing the breakdown of voting rights Other (please specify):______________
obligation:
4. Full name of shareholder(s) Barclays UK Smaller
date on which the threshold is
crossed or reached if
different):
notified:
crossed or reached: 8: Notified Details A: Voting rights attached to shares
If possible use ISIN code transaction
B: Financial Instruments Resulting situation after the triggering transaction
Type of financial instrument Expiration date Exercise/ conversion No. of voting rights Percentage of voting
Total (A+B)
Number of voting rights Percentage of voting rights
9. Chain of controlled undertakings through which the voting rights and /or the financial instruments are effectively held, if applicable: Proxy Voting: 10. Name of proxy holder: 11. Number of voting rights proxy holder will cease to hold: 12. Date on which proxy holder will cease to hold voting rights: 13. Additional information:
For notes on how to complete form TR-1 please see the FSA website. This information is provided by RNS The company news service from the London Stock Exchange END
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| 08-09-09 | RNS |
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This news article is displayed preformatted as it may contain results tables
RNS Number : 7188Y Havelock Europa PLC 08 September 2009 Havelock Europa PLC 8 September 2009 Tuesday 8 September 2009 This replaces the Interim Announcement released on the 25th August 2009 with RNS number: 9501X at 09:12am. Changes made are follows: HAVELOCK EUROPA PLC - INTERIM ANNOUNCEMENT AMENDMENT Havelock Europa PLC announces the following amendment to the Interim Announcement released on the 25 August 2009. The interim dividend of 1.2p will be paid to shareholders on the register at the 6 November, on 24 December 2009 and not 28 December 2009 as previously reported. Enquiries: Havelock Europa PLC 01383-820 044 Hew Balfour (Chief Executive) Grant Findlay (Finance Director) This information is provided by RNS The company news service from the London Stock Exchange END FURMGGGLDRRGLZM More |
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| 28-08-09 | RNS |
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RNS Number : 1838Y Havelock Europa PLC 28 August 2009 TR-1: NOTIFICATION OF MAJOR INTEREST IN SHARES
existing shares to which voting rights are attached:
2 Reason for the notification (please tick the appropriate box or boxes):
An acquisition or disposal of voting rights An acquisition or disposal of qualifying financial instruments which may result in the acquisition of shares already issued to which voting rights are attached An acquisition or disposal of instruments with similar economic effect to qualifying financial instruments An event changing the breakdown of voting rights Other (please specify):
subject to the notification obligation:
5. Date of the transaction and 25-Aug-09 date on which the threshold is crossed or reached:
notified:
crossed or reached: 8. Notified details: A: Voting rights attached to shares
if possible using
the ISIN CODE
GB0004149356 B: Qualifying Financial Instruments Resulting situation after the triggering transaction
C: Financial Instruments with similar economic effect to Qualifying Financial Instruments Resulting situation after the triggering transaction
Total (A+B+C)
Number of voting rights Percentage of voting rights
4,321,675 9. Chain of controlled undertakings through which the voting rights and/or the financial instruments are effectively held, if applicable: Barclays Bank PLC Barclays Stockbrokers Ltd Gerrard Investment Management Ltd Proxy Voting: 10. Name of the proxy holder: 11. Number of voting rights proxy holder will cease to hold: 12. Date on which proxy holder will cease to hold voting rights: 13. Additional information:
15. Contact telephone number: 020 7116 2913 This information is provided by RNS The company news service from the London Stock Exchange END
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| 25-08-09 | RNS |
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This news article is displayed preformatted as it may contain results tables
RNS Number : 9501X
Havelock Europa PLC
25 August 2009
Tuesday 25 August 2009
HAVELOCK EUROPA PLC - INTERIM ANNOUNCEMENT
Havelock, the educational and retail interiors and point of sale printing group, announces, as expected, a reduction in revenue and a loss before tax in the half year to 30 June 2009, the first half being historically much the quieter of the two halves.
This Interim Announcement is being made today, rather than on 27 August 2009 as previously indicated.
FINANCIAL HIGHLIGHTS
* Revenue from continuing operations decreased by 8% to £49.2m.
* The underlying pre-tax loss was £1.3m (2008: profit from continuing operations £1.2m) and the reported pre-tax loss was £1.8m (2008: profit from continuing operations £1.0m)
* Net debt at the period end, a seasonal high-point, was virtually unchanged at £15.3m (30 June 2008: £15.2m)
* The interim dividend per share is maintained at 1.2p
COMMERCIAL HIGHLIGHTS
* Revenue from Educational Interiors was up 37% at £27.2m as a result of ESA McIntosh's activity on Private Finance Initiative (PFI)) and Building Schools for the Future (BSF) projects. Activity levels remain strong.
* Retail Interiors, as expected, had a difficult first half, with revenue declining by 42% to £12.5m as a result of delays by customers in agreeing and implementing their plans for 2009. Divisional costs were reduced. Activity levels in the second half will be much lower than for many years.
* Revenue from Point of Sale were down 22% at £9.5m as a result of a generally lower level of promotional spend by customers as they looked to control costs and preserve margin. In the second half, the shortfall will be less than that experienced in the first half.
REORGANISATION
* It is proposed to combine the manufacturing activities and key operational functions of the ESA McIntosh and Retail Interiors businesses on one site at Kirkcaldy (Fife) and to merge the overall management of the two businesses into a single Interiors business.
* The integration will generate an exceptional charge of around £2.7m in 2009, of which £0.4m was incurred in the first half, and is expected to yield annualised benefits of £1.4m from 2010.
OVERALL PROSPECTS
* Malcolm Gourlay, Chairman, said, with regard to 2009, "Whilst the outlook for the second half of the year is uncertain, in particular for Retail Interiors, and although the second half of the year will, as usual, be considerably stronger than the first, it has become clear that the result for the year will be below our earlier expectations."
* In relation to 2010, Mr Gourlay added "With a cost base benefiting from savings as a result of the completion of the integration of ESA McIntosh and Retail Interiors, the Board believes that Havelock's prospects for 2010 are more encouraging."
Enquiries:
Havelock Europa PLC
01383-820 044
Hew Balfour (Chief Executive) 07801-683 851
Grant Findlay (Finance Director) 07768-745 960
Bankside Consultants Limited
Charles Ponsonby 020-7367 8851
Rose Oddy 020-7367 8853
INTERIM STATEMENT
As outlined at the Group's AGM in June, the first half of the year has proved to be challenging, with Group revenues running below the levels of the same period last year. In what is historically much the quieter of the two halves, this shortfall in revenue has, as expected, resulted in a loss before tax.
FINANCIAL REVIEW
Group revenue from continuing operations, for the six months ended 30 June 2009, decreased by 8% to £49.2 million (2008 : £53.7 million). The underlying pre-tax loss was £1.3 million (2008 : profit from continuing operations £1.2 million), after adding back exceptional costs of £0.4 million (2008: £nil) and the amortisation of intangibles (other than IT software) of £0.1 million (2008 : £0.2 million). The exceptional costs related to the integration of the Educational and Retail Interiors businesses which is described in more detail below. The loss before tax was £1.8 million (2008 : profit £1.0 million). The underlying fully diluted loss per share was 2.4p (2008 : earnings of 1.4p).
Continuing tight working capital controls resulted in net debt remaining unchanged at 30 June 2009 at £15.3 million (30 June 2008 : £15.2 million). Net debt is usually substantially higher at the half year end than at the year end and committed bank facilities continue to provide a comfortable amount of headroom. At 31 December 2008, net debt stood at £11.7 million.
DIVIDEND
The Board is pleased to declare an interim dividend of 1.2p per share (2008 : 1.2p). This dividend will be paid on 28 December 2009 to shareholders on the register on 6 November 2009.
TRADING REVIEW
Educational Interiors
Revenue in this Division was 37% ahead of last year at £27.2 million (2008 : £19.9 million). All of this increase was accounted for by activity on Private Finance Initiative (PFI) and Building Schools for the Future (BSF) projects. Progress on improving the operational efficiency of this Division has been significant and in consequence the Group intends to undertake a further step in the integration of its operations (other than the three smaller Educational Supplies businesses) with the rest of the Group, as set out below.
Retail Interiors
The Retail Interiors Division, as expected, had a difficult first half with revenue declining by 42% to £12.5 million (2008 : £21.7 million), as a result of delays by customers in agreeing and implementing their plans for 2009. Programmes, when agreed, have also been generally smaller, with no significant new builds underway, unlike last year, or immediately in prospect. Both the High Street retailing and retail banking categories have been quiet. Against this background, steps have been taken to ensure our cost base is kept in line with activity levels and, as a consequence, a programme of redundancies took place with additional spare capacity and resources directed to work on Educational projects.
Point of Sale
The Point of Sale Division achieved revenues of £9.5 million, a decline of 22% compared to the same period of the previous year (2008 continuing operations : £12.1 million). This resulted from a generally lower level of promotional spend by customers as they looked to control costs and preserve margin. Following investment in new digital printing technology, we have continued to add new customers.
PRINCIPAL RISKS AND UNCERTAINTIES
The principal risks and uncertainties which could have a material impact on Havelock's performance over the remainder of the financial year have not changed from those set out in the Annual Report for 2008.
REORGANISATION
Retail and Educational Interiors
The nature of many of the Group's educational interiors projects continues to underline the benefit of creating an integrated Interiors Division, embracing the Retail Interiors and ESA McIntosh businesses, with a common business process and common project management skills.
In the first half, a common IT platform has been successfully put in place and the two businesses are now ready to accelerate the process of integration. Manufacturing at the two production sites at Dalgety Bay and Kirkcaldy has become increasingly interchangeable, with staff moving to support different clients on different sites, according to customer demand, illustrating the opportunity for further efficiencies.
As a consequence, we intend to combine the manufacturing activities and key operational functions of the two businesses on one site at Kirkcaldy, and to merge the overall management of Retail Interiors and ESA McIntosh into a single Interiors business, with Richard Lowery as its Chief Executive.
This will allow the Group to be more flexible in its allocation of resources and will ensure that the Educational Interiors sector benefits from the standards of contract management, procurement and distribution performance that have enabled the Retail Interiors Division to improve its revenues and margins in each of the last four years.
This integration, together with other cost saving measures, will create a one-off exceptional charge in the full year 2009 of around £2.7 million, of which £0.4 million was incurred in the first six months of the year on the initial stages of the integration, involving the alignment of IT systems. It is expected to yield annualised benefits of £1.4 million from 2010, primarily as a result of reducing headcount, as duplication is eliminated and the efficiency savings of operating from one production and distribution site are realised. The Group will enter into a period of consultation with Trade Union and staff representatives over the next few weeks before proceeding to implementation.
PROSPECTS
2009
There is little sign, to date, of any improvement in the sectors of the economy in which Havelock operates. Nevertheless, the second half of the year is traditionally considerably stronger for Havelock and 2009 will be no exception.
In the Educational Interiors Division, activity levels remain strong, particularly in relation to PFI and BSF projects, where Havelock remains the market leader. There has been steady growth in the amount of business won in England. In the current year, thirteen PFI and seven BSF projects are already in progress or due to be commenced. However, prices are under pressure, as the construction sector competes for a reduced supply of building work, and this is likely to have some effect on margins in the second half.
In the Retail Interiors Division, the level of activity in the second half will be significantly higher than in the first half but, nevertheless, is likely to be at a much lower level than for many years. In the current climate, the risks of delay and cancellation remain higher than normal and visibility is very limited.
In the Point of Sale Division, whilst the level of order intake in the second half is expected to be lower than that experienced in 2008, a record year, the shortfall will be less than that experienced in the first half but again, as usual, visibility is limited.
Whilst the outlook for the second half of the year is uncertain, in particular in the Retail sector, it has become clear that the result for the year will be below our earlier expectations.
2010
Looking forward into 2010, against a background of continuing economic uncertainty, the Group is budgeting on the basis that there is unlikely to be a significant increase in the volume of work available in any of the sectors in which it operates. Nevertheless, the forward order book for Educational Interiors exhibits good visibility, with an increasing success rate in the conversion of BSF enquiries to confirmed contracts.
In Retail Interiors, whilst levels of activity are likely to remain muted in the High Street, the volume of enquiries and requests for survey suggest that the reorganisation of the retail banking sector is likely to produce some increase in the amount of work available, particularly towards the end of 2010 and into 2011. There are also signs that department store activity may recover from the very low volumes experienced in the current year.
In the Point of Sale Division, the contraction of the competitor supply base, coupled with the additional capacity created by Havelock's investment programme over the last four years, bodes well for an improved market share in what will otherwise be a fairly static market.
Accordingly, with a cost base benefiting from savings as a result of the completion of the integration of ESA McIntosh and Retail Interiors, the Board believes that Havelock's prospects for 2010 are more encouraging.
Malcolm Gourlay 25 August 2009
Chairman
CONDENSED CONSOLIDATED INCOME STATEMENT
for the 6 months ended 30 June 2009
6 months 6 months year
ended ended ended
30.06.09 30.06.08 31.12.08
£000 £000 £000
Continuing operations: Note
Revenue 3 49,207 53,687 137,577
Cost of sales (41,436) (42,649) (109,733)
Gross profit 7,771 11,038 27,844
Administrative expenses (9,108) (9,495) (19,066)
Operating (loss)/profit (1,337) 1,543 8,778
Analysed as:
Operating (loss)/profit before (952) 1,543 8,778
exceptional items
Exceptional items 12 (385) - -
Operating (loss)/profit (1,337) 1,543 8,778
Expected return on defined 696 940 1,871
benefit pension plan assets
Financial expenses - on bank (290) (585) (1,132)
borrowings and finance leases
Interest on defined benefit (860) (930) (1,842)
pension scheme liabilities
Net financing costs (454) (575) (1,103)
(Loss)/profit before income (1,791) 968 7,675
tax
Income tax credit/(expense) 4 528 (293) (2,230)
(Loss)/profit from continuing (1,263) 675 5,445
operations
Discontinued operation:
Loss from discontinued - (309) (375)
operation, net of tax
(Loss)/profit for the period (1,263) 366 5,070
(attributable to equity
holders of the parent)
Basic (loss)/earnings per 5 (3.4p) 1.0p 13.5p
share
Diluted (loss)/earnings per 5 (3.4p) 0.9p 13.1p
share
Continuing operations:
Basic (loss)/earnings per 5 (3.4p) 1.8p 14.5p
share
Diluted (loss)/earnings per 5 (3.4p) 1.7p 14.1p
share
CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
for the 6 months ended 30 June 2009
6 months 6 months year
ended ended ended
30.06.09 30.06.08 31.12.08
£000 £000 £000
Other comprehensive income
Actuarial gain/(loss) on defined 379 (2,400) (2,169)
benefit pension plan
Tax on items taken directly to (106) 672 607
equity
Cash flow hedges:
Effective portion of changes in 47 167 (348)
fair value
Other comprehensive income for the 320 (1,561) (1,910)
period
(Loss)/profit for the period (1,263) 366 5,070
Total comprehensive income for the
period
(attributable to equity holders of (943) (1,195) 3,160
the parent)
CONDENSED CONSOLIDATED BALANCE SHEET
as at 30 June 2009
as at as at as at
30.06.09 30.06.08 31.12.08
£000 £000 £000
Note
Assets
Non-current assets
Property, plant and equipment 7 12,608 13,611 13,025
Intangible assets 8 14,704 14,581 14,714
Deferred tax asset 1,708 2,089 1,803
29,020 30,281 29,542
Current assets
Inventories 16,487 15,279 12,593
Trade and other receivables 24,824 25,312 32,233
Income tax repayable 4 403 - -
Derivative financial instruments - 116 -
Cash and cash equivalents 9 808 2,914 4,736
42,522 43,621 49,562
Total assets 71,542 73,902 79,104
Liabilities
Current liabilities
Interest-bearing loans and borrowings 9 (1,552) (1,987) (1,531)
Derivative financial instruments (352) - (399)
Income tax payable 4 - (731) (1,148)
Trade and other payables (24,714) (25,008) (28,240)
(26,618) (27,726) (31,318)
Non-current liabilities
Interest-bearing loans and borrowings 9 (14,598) (16,144) (14,880)
Retirement benefit obligations (6,100) (7,500) (6,441)
Deferred tax liabilities (918) (1,007) (907)
(21,616) (24,651) (22,228)
Total liabilities (48,234) (52,377) (53,546)
Net assets 23,308 21,525 25,558
Equity
Issued share capital 3,853 3,853 3,853
Share premium 7,013 7,013 7,013
Other reserves 2,826 3,294 2,779
Revenue reserves 9,616 7,365 11,913
Total equity (attributable to equity 23,308 21,525 25,558
holders of the parent)
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS
for the 6 months ended 30 June 2009
6 months 6 months year
ended ended ended
30.06.09 30.06.08 31.12.08
£000 £000 £000
Cash flows from operating
activities
(Loss)/profit for the period (1,263) 366 5,070
Adjustments for:
Depreciation of property, plant and 903 899 1,811
equipment
Amortisation of intangible assets 220 263 441
(Gain)/loss on sale of property, - (2) 1
plant and equipment
Loss on sale of asset held for - 300 379
resale
Impairment losses on assets - 168 244
classified as held for sale
Net financing costs 454 575 1,103
IFRS 2 charge relating to equity 4 70 210
settled plans
Income tax (credit)/expense (528) 160 2,084
Operating cash flows before changes
in working capital
and provisions (210) 2,799 11,343
Decrease/(increase) in trade and 7,409 1,060 (5,861)
other receivables
Increase in inventories (3,894) (3,946) (1,260)
(Decrease)/increase in trade and (4,837) (2,332) 2,214
other payables
Movement relative to defined (126) (58) (867)
benefit pension scheme
Cash (absorbed by)/generated from (1,658) (2,477) 5,569
operations
Interest paid (290) (567) (1,121)
Income taxes paid (1,023) (519) (1,905)
Net cash from operating activities (2,971) (3,563) 2,543
Cash flows from investing
activities
Acquisition of property, plant and (486) (320) (720)
equipment
Acquisition of intangible assets (210) (191) (502)
Disposal of discontinued operation - 273 192
net of cash disposed of
Net cash outflow from investing (696) (238) (1,030)
activities
Cash flows from financing
activities
Repayment of loan notes - - (476)
New finance leases - 2,350 2,350
Repayment of bank borrowings - - (997)
Repayment of finance lease (261) (82) (329)
liabilities
Dividends paid - - (1,772)
Net cash from financing activities (261) 2,268 (1,224)
Net (decrease)/increase in cash and (3,928) (1,533) 289
cash equivalents
Cash and cash equivalents at 1 4,736 4,447 4,447
January
Cash and cash equivalents at end of 808 2,914 4,736
period
CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
for the 6 months ended 30 June 2009
Share Share Merger Hedging Other Revenue Total
capital premium Reserve Reserve Reserve Reserve £000
£000 £000 £000 £000 £000 £000
Current interim period
At 1 January 2009 3,853 7,013 2,184 (399) 994 11,913 25,558
Total comprehensive income for - - - 47 - (990) (943)
the period
Ordinary dividends - - - - - (1,310) (1,310)
Movements relating to
share-based payments
and ESOP Trust - - - - - 3 3
At 30 June 2009 3,853 7,013 2,184 (352) 994 9,616 23,308
Previous interim period
At 1 January 2008 3,853 7,013 2,184 (51) 994 9,967 23,960
Total comprehensive income for - - - 167 - (1,362) (1,195)
the period
Ordinary dividends - - - - - (1,310) (1,310)
Movements relating to
share-based payments
and ESOP Trust - - - - - 70 70
At 30 June 2008 3,853 7,013 2,184 116 994 7,365 21,525
Prior year
At 1 January 2008 3,853 7,013 2,184 (51) 994 9,967 23,960
Total comprehensive income for - - - (348) - 3,508 3,160
the year
Ordinary dividends - - - - - (1,772) (1,772)
Movements relating to
share-based payments
and ESOP Trust - - - - - 210 210
At 31 December 2008 3,853 7,013 2,184 (399) 994 11,913 25,558
NOTES TO THE FINANCIAL STATEMENTS
1. Basis of preparation
These interim financial statements represent the condensed consolidated financial information of the company and its subsidiaries (together referred to as "the Group") for the 6 months ended 30 June 2009. They have been prepared in accordance with the Disclosure and Transparency Rules of the UK's Financial Services Authority and the requirements of IAS 34 Interim Financial Reporting as adopted by the EU. The interim financial statements were approved by the Board of Directors on 26 August 2009. The interim financial statements do not constitute financial statements as defined in section 240 of the Companies Act 1985 and do not include all of the information and disclosures required for full annual financial statements. They should be read in conjunction with the Annual Report 2008 which is available on request from the company's registered office or to download from www.havelockeuropa.com
The financial information contained in this report in respect of the year ended 31 December 2008 has been extracted from the Annual Report 2008 which has been filed with the Registrar of Companies. The auditors report on these financial statements was unqualified and did not contain a statement under Section 237(2) or (3) of the Companies Act 1985.
The interim financial statements for the current and comparative periods are unaudited. The auditors have carried out a review of the interim financial statements and their report is set out below.
2. Significant accounting policies
The accounting policies applied by the Group in these condensed consolidated interim financial statements are the same as those applied by the Group as disclosed in its consolidated financial statements as at and for the year ended 31 December 2008 except for the impact of the standards disclosed below:
New standards
IFRS 8 'Operating Segments'
IFRS 8 replaces IAS 14, Segment reporting. It requires a 'management approach', under which segment information is presented on the same basis as that used for internal reporting purposes to the chief operating decision maker which has been identified as the board. The adoption of IFRS 8 has led to a change in the segmental information disclosed, but has had no impact on the Group's reportable segments or on the reported results or financial position of the group. Further information can be found at note 3.
IAS 1 (revised) 'Presentation of Financial Statements'
The revised standard has resulted in a number of changes in presentation and disclosure, most significantly changing the title of the Consolidated Statement of Recognised Income and Expense to Consolidated Statement of Comprehensive Income and the introduction of the Statement of Changes in Equity as a primary statement. It has had no impact on the reported results or financial position of the group.
The following new standards, amendments to standards and interpretations are mandatory for the first time for the financial year ending 31 December 2009 but have had no impact on the results of the group.
* IAS 23 (amendment) Borrowing costs.
* IFRS 2 (amendment) Share-based payment.
* IAS 32 (amendment) Financial instruments: Presentation.
* IFRIC 13 Customer loyalty programmes.
* IFRIC 15 Agreements for the construction of real estate.
* IFRIC 16 Hedges of a net investment in a foreign operation.
* IAS 39 (amendment) Financial instruments: Recognition and measurement.
3. Segmental reporting
The Group has adopted IFRS 8 Operating Segments with effect from 1 January 2009. After undertaking an exercise to assess the impact of the new standard, the Group has concluded that there is currently no change to the previously reported segments. Management information is presented to the main board (the chief operating decision maker) based upon business segments and comprises the following segments:
* Retail Interiors - design, manufacture and installation of interiors for retailers, financial services, hotels and
healthcare premises;
* Educational Interiors - design, manufacture and installation of classrooms, fitted and loose furniture, teaching aids,
display boards and fume cupboards for the education sector;
* Point of Sale - printing of promotional graphics for use in retail, financial services and branded goods businesses.
6 months 6 months year
ended ended ended
30.06.09 30.06.08 31.12.08
£000 £000 £000
Total revenue from external
customers
Retail Interiors 12,518 21,682 60,449
Educational Interiors 27,230 19,856 52,055
Point of Sale 9,459 12,149 25,073
Total revenue from external 49,207 53,687 137,577
customers
Inter-segment revenue
Retail Interiors 318 318 1,380
Educational Interiors 392 141 551
Point of Sale 14 14 39
Total inter-segment revenue 724 473 1,970
Total revenue
Retail Interiors 12,836 22,000 61,829
Educational Interiors 27,622 19,997 52,606
Point of Sale 9,473 12,163 25,112
Total revenue 49,931 54,160 139,547
Eliminate inter-segment (724) (473) (1,970)
revenue
Discontinued operations - 1,001 1,001
Consolidated revenue 49,207 54,688 138,578
Segment result
Retail Interiors (1,016) 1,025 3,728
Educational Interiors (309) (876) 2,939
Point of Sale 1,460 2,497 4,665
Amortisation of intangibles (112) (186) (296)
(all relating to Education
segment)
Total segment result from 23 2,460 11,036
continuing operations
Unallocated expenses (975) (917) (2,258)
Operating (loss)/profit from (952) 1,543 8,778
continuing operations
Net financing costs (454) (575) (1,103)
(Loss)/profit before income (1,406) 968 7,675
tax and exceptional costs
Exceptional costs (385) - -
(Loss)/profit before income (1,791) 968 7,675
tax
Income tax 528 (293) (2,230)
Discontinued operations, net - (309) (375)
of tax
(Loss)/profit for the period (1,263) 366 5,070
Segment assets
Retail Interiors 15,497 18,091 21,816
Educational Interiors 41,175 34,927 37,788
Point of Sale 10,216 14,836 12,024
Unallocated 4,654 6,048 7,476
Total assets 71,542 73,902 79,104
4. Income tax
A charge for current taxation has been included at 29.5% (2008 half year: 30%, 2008 full year: 28.5%), being the effective rate likely to be applied to the result for the full year to 31 December 2009.
5. Earnings per share
The calculation of basic earnings per share and underlying earnings per share for the period ended 30 June 2009 is based on the profit attributable to ordinary shareholders as follows:
6 months 6 months year 6 months 6 months year
ended ended ended ended ended ended
30.06.09 30.06.08 31.12.08 30.06.09 30.06.08 31.12.08
£000 £000 £000 EPS (pence) EPS (pence) EPS(pence)
Basic (1,263) 366 5,070 (3.4) 1.0 13.5
Adjusted for:
Amortisation of intangibles 112 186 296 0.3 0.5 0.7
that attract no tax deduction
Exceptional costs 385 - - 1.0 - -
Tax relief on exceptional (108) - - (0.3) - -
costs
Adjusted (874) 552 5,366 (2.4) 1.5 14.2
Diluted basic (loss)/earnings (3.4) 0.9 13.1
per share
Diluted adjusted (2.4) 1.4 13.9
(loss)/earnings per share
Continuing operations
6 months 6 months year 6 months 6 months year
ended ended ended ended ended ended
30.06.09 30.06.08 31.12.08 30.06.09 30.06.08 31.12.08
£000 £000 £000 EPS (pence) EPS (pence) EPS(pence)
Basic (1,263) 675 5,445 (3.4) 1.8 14.5
Adjusted for:
Amortisation of intangibles 112 186 296 0.3 0.5 0.7
that attract no tax deduction
Exceptional costs 385 - - 1.0 - -
Tax relief on exceptional (108) - - (0.3) - -
costs
Adjusted (874) 861 5,741 (2.4) 2.3 15.2
Diluted basic (loss)/earnings (3.4) 1.7 14.1
per share
Diluted adjusted (2.4) 2.2 14.9
(loss)/earnings per share
The weighted average number of ordinary shares used in each calculation is as follows:
Basic earnings per share
6 months 6 months year
ended ended ended
30.06.09 30.06.08 31.12.08
In thousands of shares
Issued ordinary shares at 1 38,532 38,532 38,532
January
Effect of own shares held (1,267) (802) (852)
Weighted average number of 37,265 37,730 37,680
ordinary shares for the period
Diluted earnings per share
6 months 6 months year
ended ended ended
30.06.09 30.06.08 31.12.08
In thousands of shares
Weighted average number of 37,265 37,730 37,680
ordinary shares
Effect of share options in issue 1,080 1,009 985
Weighted average number of 38,345 38,739 38,665
ordinary shares (diluted) for the
period
6. Equity dividends
The directors declared an interim dividend per equity share of 1.2p after the balance sheet date. In accordance with IFRS accounting requirements, this dividend has not been accrued in the interim consolidated financial statements.
Amounts recognised as
distributions to equity holders 6 months 6 months year
in the period ended ended ended
30.06.09 30.06.08 31.12.08
£000 £000 £000
Final dividend for the year ended 1,310 - -
31 December 2008 of 3.4p per
share
Final dividend for the year ended - 1,310 1,310
31 December 2007 of 3.4p per
share
Interim dividend for the year - - 462
ended 31 December 2008 of 1.2 per
share
1,310 1,310 1,772
7. Property, plant and equipment
6 months 6 months year
ended ended ended
30.06.09 30.06.08 31.12.08
£000 £000 £000
Carrying amount
At beginning of the period 13,025 14,117 14,117
Additions at cost 486 320 720
Transferred from assets held for - 73 -
sale
Disposals - - (1)
Depreciation charge for the (903) (899) (1,811)
period
At end of the period 12,608 13,611 13,025
Contracts placed for future capital expenditure not provided in the financial statements amount to £1,013,000 (30 June 2008 £391,000 , December 2008: £220,000)
8. Intangible assets
6 months 6 months year
ended ended ended
30.06.09 30.06.08 31.12.08
£000 £000 £000
Carrying amount
At beginning of the period 14,714 14,653 14,653
Additions 210 191 502
Amortisation for the period (220) (263) (441)
At end of the period 14,704 14,581 14,714
9. Analysis of net cash and financial liabilities
as at as at as at
30.06.09 30.06.08 31.12.08
£000 £000 £000
Cash and cash equivalents per cash flow 808 2,914 4,736
Secured bank loans (1,000) (1,000) (1,000)
Loan notes - (476) -
Finance lease obligations (552) (511) (531)
Current financial liabilities (excluding (1,552) (1,987) (1,531)
bank overdrafts)
Secured bank loans (12,977) (13,974) (12,977)
Finance lease obligations (1,621) (2,170) (1,903)
Non-current financial liabilities (14,598) (16,144) (14,880)
Net cash and financial liabilities (15,342) (15,217) (11,675)
10. Related parties
Transactions with key management personnel
Group key management personnel receive compensation in the form of salaries and short-term benefits, post-employment benefits and share-based payments. Group key management received total compensation of £ 878,000 for the six months ended 30 June 2009 (six months ended 30 June 2008: £ 895,000)
11. Pension liabilities
During the period, the pension deficit, net of deferred tax, fell to £4.4 million (December 2008 : £4.6 million) as a result of an increase in the value of the fund's investments.
12. Exceptional costs
Costs relating to the integration of the Retail Interiors and ESA businesses
Redundancies and other related costs £385,000
RESPONSIBILITY STATEMENT
We confirm that to the best of our knowledge:
* the condensed set of financial statements has been prepared in accordance with IAS 34 Interim Financial Reporting as adopted by the European Union;
* the interim management report includes a fair review of the information required by:
(a) DTR 4.2.7R of the Disclosure and Transparency Rules, being an indication of important events that have occurred during the first six months of the financial year and their impact on the condensed set of financial statements; and a description of the principal risks and uncertainties for the remaining six months of the year; and
(b) DTR 4.2.8R of the Disclosure and Transparency Rules, being related party transactions that have taken place in the first six months of the current financial year and that have materially affected the financial position or performance of the entity during that period; and any changes in the related party transactions described in the last annual report that could do so.
Hew Balfour Grant Findlay
Chief Executive Finance Director
25 August 2009
A list of current directors and their respective responsibilities can be found on page 15 of the Annual Report 2008. INDEPENDENT REVIEW REPORT TO HAVELOCK EUROPA PLC
Introduction
We have been engaged by the company to review the condensed set of financial statements in the half-yearly financial report for the six months ended 30 June 2009 which comprises the Condensed Consolidated Income Statement, the Condensed Consolidated Statement of Comprehensive Income, the Condensed Consolidated Balance Sheet, the Condensed Consolidated Cash Flow Statement, the Condensed Consolidated Statement of Changes in Equity and the related explanatory notes. We have read the other information contained in the half-yearly financial report and considered whether it contains any apparent misstatements or material inconsistencies with the information in the condensed set of financial statements.
This report is made solely to the company in accordance with the terms of our engagement to assist the company in meeting the requirements of the Disclosure and Transparency Rules ("the DTR") of the UK's Financial Services Authority ("the UK FSA"). Our review has been undertaken so that we might state to the company those matters we are required to state to it in this report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company for our review work, for this report, or for the conclusions we have reached.
Directors' responsibilities
The half-yearly financial report is the responsibility of, and has been approved by, the directors. The directors are responsible for preparing the half-yearly financial report in accordance with the DTR of the UK FSA.
As disclosed in note 1, the annual financial statements of the group are prepared in accordance with IFRSs as adopted by the EU. The condensed set of financial statements included in this half-yearly financial report has been prepared in accordance with IAS 34 Interim Financial Reporting as adopted by the EU.
Our responsibility
Our responsibility is to express to the company a conclusion on the condensed set of financial statements in the half-yearly financial report based on our review.
Scope of review
We conducted our review in accordance with International Standard on Review Engagements (UK and Ireland) 2410 Review of Interim Financial Information Performed by the Independent Auditor of the Entity issued by the Auditing Practices Board for use in the UK. A review of interim financial information consists of making enquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with International Standards on Auditing (UK and Ireland) and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.
Conclusion
Based on our review, nothing has come to our attention that causes us to believe that the condensed set of financial statements in the half-yearly financial report for the six months ended 30 June 2009 is not prepared, in all material respects, in accordance with IAS 34 as adopted by the EU and the DTR of the UK FSA.
M Ross
for and on behalf of KPMG Audit Plc
Chartered Accountants
191 West George Street
Glasgow
G2 2LJ
25 August 2009
This information is provided by RNS
The company news service from the London Stock Exchange
END
IR EAPPSAENNEEE
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Paleje - agreed, the sp movement seems overdone, especially today. As a holder who's seen the sp go from 57p to 36p in a few days it may seem perverse but I've been lucky! Tried to top up before results at c.48p but price had risen too far and then tried to top-up again at 41p last week - post results - but failed again.
This morning the sp briefly fell sharply and I managed to increase my holding at 36p - so previous failures have saved me soem money, albeit I'm still in the red. I recall the company did well from Woolworths closing down (printing all the 'sales' posters/boards) and I see no reason why it can't pick up some similar business. There's also refitting banks (rebranding?) - as the IMS said "suggest that the reorganisation of the retail banking sector is likely to produce some increase in the amount of work available, particularly towards the end of 2010 and into 2011". I guess patience may be required but if the sharpness of the fall has a silver lining, I'd suggest it' s that an sp rise could be just as swift - once the news justifies it. More | View thread (10) | Respond | Login to Vote up | Login to Vote down |
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| 01-09-09 |
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Paleje - I agree wholeheartedly with your measured comments.
I have bought this share over the years; in fact I recollect my first buy being at 147p or so when it was being tipped to go to 300p in very short order. Needless to say, it didn't and bombed out at about 29p when I started to top up my holding. My average is still considerably higher than the current sp BUT this share has been up to about 180p in the good times. Will it ever get there again? Heaven only knows but I value it at more than its current price and would actually predict £1 at some stage twixt now and 2 September 1st 2011 - the sooner the better obviously but the point is that this share is not liked by investors as it has 'form' mainly based on many years ago. It is interesting to read that whilst 9 years ago, current condtions could have seen this company in administration, the current Board IS much better placed with much more solid foundations. A word of warning - I always tell friends to ignore any financial musings that I might have! However, I'm prepared to put this one to paper - £1 in 2 years or I'll eat my hat! More | View thread (1) | Respond | Login to Vote up | Login to Vote down |
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| 01-09-09 |
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Don't know if I'm reading this wrong but hasn't the mkt overreacted a bit? The results were bad but maybe not that bad.
The co has 3 divisions - Schools which is trading 37% up with good future orders, Point of Sale which had a bad 1st half 22% down but forecast less bad 2nd half, then Retail Interiors which is down 42% and hardly surprising with retailers uncertain about their prospects. But retailers WILL start planning for recovery again, schools remains strong and could further increase, the company has planned redundancies and consolidation of its manufacturing to save money, it has managed recession before, the management is sound, the Nov divi is held, they are already saying 2010 should be better news. The divi might get trimmed somewhere along the way but currently standing at over 10% they could halve it and still give good value. Of course if they don't cut the divi, at some point over the next 6-12 months the sp has a lot of upside. Just my opinion as a buyer last week at 43 and again today at 36. More | View thread (10) | Respond | Login to Vote up | Login to Vote down |
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An excerpt from the article at
http://www.ft.com/cms/s/2/d6cfb5b8-93f9-11de-9c57-00144feabdc0.html reads: [start quote] I also sold a number of shares in my portfolio. Most were from positions that had accumulated high profits. Others were losers. A good example of the latter was my sale of Havelock Europa shares. The company issued a very negative interim announcement on Tuesday which frightened the devil out of me. I knew that I was in trouble when I learned that a mid-morning statement had been released days ahead of schedule. Unexpected mid-day announcements often spell trouble – and this was no exception. Havelock’s opening sentence set the scene with references to reduced revenues and a first-half loss. A few sentences later was the admission that activity in one division was the weakest in many years. As regular readers will recall, I was quite optimistic about Havelock Europa prospects a few weeks ago. I was wrong. Instead of an expected “green shoots” story, Tuesday’s statement was a major profit warning. I sold my entire position within minutes of reading the announcement. It was not an enjoyable experience, but years of trading have taught me that a quick sale in this situation is often the least painful option.[end] More | View thread (10) | Respond | Login to Vote up | Login to Vote down |
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The contents of the postings summarised here represents the opinions of the authors and not of Interactive Investor Trading Limited.
They have not been approved or issued by Interactive Investor Trading Limited.
They have not been approved or issued by Interactive Investor Trading Limited.
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