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| Date/Time | Headline | Source |
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| 02-03-10 | RNS |
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This news article is displayed preformatted as it may contain results tables
RNS Number : 9319H
Hydro International PLC
02 March 2010
This announcement replaces the Preliminary Results announcement released on the RNS system on RNS no 8957H on Tuesday 2 March at 07:00. An amendment has been made to show the correct Record date which is 30 April 2010, not 3 May 2010.The full announcement text appears below.
HYDRO INTERNATIONAL plc
PRELIMINARY RESULTS FOR THE YEAR ENDED 31 DECEMBER 2009
Hydro International plc ('Hydro' or 'the Group'), the provider of innovative products for the control and treatment of water, is pleased to announce its preliminary results for the year ended 31 December 2009.
KEY INDICATORS
Year ended Year ended
31 December 2009 31 December 2008
Statutory:
Revenue £27.3m £30.0m
Operating profit £2.0m £2.8m
Profit before tax £1.8m £2.7m
Earnings per share 7.97p 12.27p
Cash and cash equivalents £5.0m £5.8m
Non-Statutory:
Adjusted operating profit* £2.1m £3.2m
Adjusted earnings per share** 8.42p 13.98p
Closing order book £7.8m £8.8m
*excluding exceptional other operating income, amortisation of acquisition related intangible assets.
**excluding exceptional other operating income, amortisation of acquisition related intangible assets and related corporation tax effect at 37.7% (2008: 34.2%).
For further information, please contact:
Hydro International plc Tel: +44 (0) 1275 878371
Roger Lockwood, Chairman
Steve Hides, Chief Executive Officer
Tony Hollox, Chief Financial Officer
KBC Peel Hunt Tel: +44 (0) 20 7418 8900
Nominated adviser and broker
Julian Blunt (Corporate Finance)
Matthew Tyler (Corporate Broking)
2 March 2010
CHAIRMAN'S STATEMENT
As anticipated, 2009 proved to be a challenging year for Hydro International with overall Group revenues 9% lower than 2008. The Group's Stormwater businesses continued to be affected by the global recession and the consequent downturn in the development of new residential housing and commercial/industrial sites. In contrast, our Wastewater businesses, particularly in the US, performed extremely well allowing the Group as a whole to deliver a financial result in line with expectations.
Government stimulus spending in both the UK and US has, to a limited extent, mitigated the exposure to the sharp downturn in private sector development activity by providing funding for public infrastructure projects such as roads, airports, schools and other public buildings. Initiatives in the UK to address urban flooding are providing opportunities to apply Hydro flow control and storage products and this is an area that we expect to develop further following the anticipated enactment of the Flood and Water Management Bill. The major contract to supply Hydro Brake® Flow Control units as part of the Whitecart Water flood alleviation project in Glasgow is a good example of the type of project that are anticipated to become more common in the future.
In the US, Government stimulus spending associated with the American Recovery and Reinvestment Act of 2009 (ARRA) did help to bring forward some wastewater projects although the overall benefit of the ARRA programs has been relatively minor. Many customers opted not to take advantage of the ARRA funds due to the attendant limitations and restrictions placed on specification and procurement procedures associated with federal programmes.
Profitability in the year was affected by lower sales volumes and some adverse foreign exchange movements. In the light of lower activity levels we conducted a formal review of operating resources and structures in the Stormwater business, which resulted in a modest reduction in employee numbers. Despite these actions, and a general improvement in average gross margins generated by reducing product costs from a competitive supply chain, return on sales was lower at 7.5% (2008: 9.4%) and total Group operating profit was lower at £2.0m (2008: £2.8m).
Economic conditions affect Stormwater revenues
The demand for the Group's Stormwater products is driven by local planning requirements, environmental regulation and permits for new build residential and commercial construction.
Stormwater revenues reduced by 28% to £9.8m (2008: £13.6m) reflecting difficult trading conditions caused by contraction in the housing and construction sector in the UK and US. The small Irish market was particularly hard hit. Sales fell sharply in the early part of the year, but then stabilised at the lower level in the second half. The scale of the contraction is illustrated by the level of new housing starts in 2009, which were 50-60% down on 2007 levels in the UK and US. The smaller scale of the reduction in revenues seen by Hydro is due in part to the relatively wide diversification within the business between private and publicly funded projects.
In recent years the Stormwater market has become increasingly competitive with a greater number of suppliers pursuing what became in 2009 a diminished pool of work as the sector contracted. We remain confident that there will be a return to growth in the sector over the medium term and we are taking steps to strengthen our market leading position by continuing to invest in further improving existing products and developing new solutions for emerging needs. To that end, in 2009, the Group raised the bar in the vortex flow control sector of the market with the introduction of a new and improved range of Hydro-Brake® Flow Controls offering customers enhanced performance and providing clear differentiation from competitor products.
Markets move towards sustainable solutions
There is a growing movement in the market towards sustainable drainage systems (SUDS) and low impact development (LID) that is generating a demand for "natural" systems to manage surface water flows and treat and remove pollutants associated with urban stormwater runoff. In the UK this movement is being supported by the Flood and Water Management Bill which focuses on reducing the likelihood and impact of flooding and encourages sustainable drainage practices. The Bill will introduce the development of national standards for SUDS, and proprietary products such as those currently offered by Hydro are expected to form an important part in the overall range of solutions. We are actively involved with all stakeholders and are in consultation with Defra and the UK water industry bodies on the development of the national standards. In addition, Hydro is introducing further products to support and respond to the trend towards more natural solutions. A good example is illustrated by the new Hydro-Filterra bio-retention system that was brought to market, under licence in the UK, during 2009. This system uses natural processes to remove contaminants from stormwater and initial interest in the product has been strong.
Consultation has continued on the implementation of EU Water Framework Directive with key stakeholders in the industry. The Directive is focused on improvements in the management of stormwater quality across the EU and Hydro is well positioned to offer tested and proven technologies to address this problem. We are in the process of transferring into the UK and EU products first developed for the US market to address the National Pollution Discharge Elimination System (NPDES) legislation.
Key approval gained in US Stormwater market
Despite the economic turmoil of the past twelve months, the US remains the largest stormwater market in which Hydro operates. Poor trading in the first half year and a strategy aimed at aggressively increasing our US market share led to a restructuring at the half year stage and the appointment of a new National Sales Manager in the final quarter of 2009. The remit of this key appointment is to oversee management of the sales channels and refine the routes to market.
Regulatory approvals are a major barrier to entry into the US stormwater market. In December we were awarded a key regulatory approval by New Jersey Department of Environmental Protection for the Up-Flo® filter. Gaining this approval is seen as a major milestone for the US business and is expected to increase sales growth for the Up-Flo® Filter in 2010 and beyond. We have also partnered with our EU based partner to introduce Stormbloc® plastic storage media into the US.
Increased revenues in Wastewater
Wastewater revenues increased by 7% to £17.5m (2008: £16.4m) with growth seen in each of the Group's major markets. Sales and order intake were particularly strong in the US Wastewater business which benefitted from a combination of a wider acceptance of the new Headcell® grit removal system and the growing demand for fine grit removal systems needed to protect increasingly sophisticated wastewater treatment technologies. This business also handles the Group's Combined Sewer Overflow (CSO) treatment devices in the US. Hydro's independent network of wastewater sales representatives is now promoting our CSO product portfolio leading to increased exposure for the products and a marked rise in proposal activity. 2009 saw the Group's first Heliscreen® installations in the US CSO market. Heliscreen® is a mechanical screening device that is designed to remove debris and floatables from CSO's and is a product that sold well in the UK under the AMP3 programme.
UK Wastewater market prepares for AMP5
In the UK, the fourth asset management programme (AMP4) entered its final year on 1 April 2009. Order intake in the first half of the year was encouraging with a major order for £2.6m received early in the period, representing a repeat order for Zickert Scraper technology following a successful initial contract in 2008. Order flow slowed in the second half of the year as the UK Water and Sewerage Companies deferred expenditure until the next five year AMP cycle which starts on 1 April 2010.
Retrofit, maintenance and remedial works programmes are likely to be a focus for AMP5 and Hydro is well placed to continue offering existing solutions in this area. The UK Wastewater business is also expecting to build on the success of the Zickert product in AMP4 with further significant orders likely under the AMP5 programme. AMP5 is also expected to bring a greater focus on sewer flooding, which should create new opportunities for the flow control and storage products which we currently sell into Stormwater markets.
Across the water industry the energy efficiency and carbon minimisation agenda is starting to take a firm hold. In May 2009, the UK Wastewater business signed a licence agreement with Parkson Corporation to introduce the HiOx ultra-fine bubble aeration system into the UK and Irish markets. The HiOx diffuser is a flat membrane system that produces extremely fine bubbles to increase oxygen transfer efficiency and reduce power consumption at wastewater treatment plants.
Hydro's export business also made good progress in 2009 with solid growth resulting from a focused effort on promoting the Group's wastewater product portfolio in the Middle East. Most notable were orders for Grit King®, the Group's vortex based grit removal technology, from the Egyptian wastewater sector as part of a programme to introduce wastewater treatment to villages situated along the Nile.
People
I should like to thank all the members of the Hydro team who have helped contribute to our performance during a testing 2009.
Dividend
The Board is recommending an unchanged final dividend of 3.0 pence per share which, subject to approval at the Annual General Meeting on 20 May 2010, will be paid on 3 June 2010 to shareholders on the register on 30 April 2010.
Outlook
As we anticipated, 2009 proved to be a challenging year for Hydro. Whilst the economic downturn slowed growth, our recent efforts towards diversification in our core markets and core sectors has helped to mitigate the impact on the Group as a whole.
Residential housing and commercial construction sectors now appear to have stabilised, albeit at a low level, and we are not expecting to see meaningful recovery until at least the second half of 2010. Private sector recovery should benefit the Group's Stormwater businesses, but there remains considerable uncertainty around the impact on both private and public sector investment as governments look to balance public finances and review spending. Water is, however, high on governments' agendas and the move towards low impact development and sustainable drainage, supported by the introduction of new legislation in the UK, should benefit Hydro.
Prospects for the Group's Wastewater businesses are encouraging and further progress is expected in 2010, as we are well positioned on a number of strategic wastewater projects in the UK, US and Middle East.
The impact of winter weather conditions and the start of the new US fiscal year traditionally balance Hydro's results towards the second half of the year. With the end of AMP4 in April 2010 we would expect this influence to be more pronounced in 2010.
We continue to actively pursue implementation of the Group's strategic plan, whilst at the same time placing a short term emphasis on ensuring strength and focus in core markets, sectors and products. The Board is fully aware of the short term trading challenges associated with the recent economic slowdown, however it remains confident of the Group's ability to deliver long term growth.
Roger Lockwood
Chairman
Hydro International plcPreliminary ResultsGroup Income Statement (Unaudited) Year ended 31 December 2009
2009 2008
Continuing operations £000 £000
Revenue 27,326 30,013
Cost of sales (15,796) (17,865)
Gross profit 11,530 12,148
Administrative expenses (9,642) (9,333)
Exceptional other operating income 151 -
Operating profit before exceptional other operating 2,140 3,208
income and amortisation of acquired intangibles
Exceptional other operating income 151 -
Amortisation of acquired intangibles (252) (393)
Operating profit 2,039 2,815
Finance costs (213) (159)
Profit before tax 1,826 2,656
Tax (689) (908)
Profit for the period from continuing operations 1,137 1,748
Basic earnings per ordinary share 7.97p 12.27p
Diluted earnings per ordinary share 7.95p 12.17p
Consolidated Statement of Comprehensive Income (Unaudited)
Year ended 31 December 2009
2009 2008 2007
£000 £000 £000
Profit for the financial year 1,137 1,748 1,764
Exchange differences on (191) 527 31
translation of foreign operations
2,275 1,795
Total comprehensive income for the 946
year
Hydro International plc Preliminary Results
Consolidated Balance Sheet (Unaudited) 31 December 2009 2009 2008
£000 £000
ASSETS
Non-current assets
Intangible assets - Goodwill 5,064 5,619
Intangible assets - Other 2,346 2,825
Property, plant and equipment 1,805 2,027
Deferred tax assets 67 191
Trade receivables 774 64
10,056 10,726
Current assets
Inventories 553 687
Trade and other receivables 8,437 9,427
Cash and cash equivalents 5,040 5,808
Derivative financial assets 5 24
14,035 15,946
TOTAL ASSETS 24,091 26,672
LIABILITIES
Current liabilities
Trade and other payables 7,518 9,193
Current tax payable 499 593
Deferred tax liability 495 391
Borrowings 3,559 819
12,071 10,996
Non-current liabilities
Trade and other payables 773 991
Deferred tax liability 864 915
Borrowings - 3,938
1,637 5,844
TOTAL LIABILITIES 13,708 16,840
NET ASSETS 10,383 9,832
EQUITY
Called up share capital 714 713
Share premium account 975 967
Foreign currency translation reserve 301 492
Retained earnings 8,393 7,660
TOTAL EQUITY 10,383 9,832
Hydro International plc Preliminary Results
Consolidated Statement of Changes in Equity (Unaudited) Year ended 31 December 2009
Issued capital Share premium Foreign currency Retained earnings Total
reserve
£000 £000 £000 £000 £000
1 January 2008 710 953 (35) 6,296 7,924
Currency translation - - 527 - 527
difference
Profit for the period - - - 1,748 1,748
Comprehensive income - - 527 1,748 2,275
Equity shares issued 3 14 - - 17
Share based payments - - - 15 15
Dividends paid - - - (399) (399)
31 December 2008 713 967 492 7,660 9,832
Currency translation - (191) - (191)
difference
Profit for the period - - - 1,137 1,137
Comprehensive income - - (191) 1,137 946
Equity shares issued 1 8 - - 9
Share based payments - - - 24 24
Dividends paid - - - (428) (428)
31 December 2009 714 975 301 8,393 10,383
Hydro International plc Preliminary Results
Consolidated Cash Flow Statement (Unaudited) Year ended 31 December 2009
31 December 2009 31 December 2008
£000 £000
Cash generated from operations 2,068 2,443
Interest paid (211) (260)
Corporation tax paid (488) (596)
Net cash from operating activities 1,369 1,587
Cash flows from investing activities
Purchases of property, plant and (146) (320)
equipment
Proceeds from sale of property, plant and - 13
equipment
Purchases of patents and trademarks (114) (59)
Purchase of software assets (12) (25)
Expenditure on product development - (1)
Interest received 17 127
Cash acquired with subsidiary - 283
Acquisition of subsidiary (540) (3,376)
Net cash used in investing activities (795) (3,358)
Cash flows from financing activities
Proceeds from the issue of shares to 9 17
shareholders
Repayment of borrowings (742) (860)
Finance lease capital payments - (4)
Dividends paid to shareholders (428) (399)
New bank loans raised - 3,492
Net cash generated from financing (1,161) 2,246
activities
Net increase in cash and cash equivalents (587) 475
Cash and cash equivalents at the 5,808 4,848
beginning of the period
Exchange (losses)/gains on cash and cash (181) 485
equivalents
Cash and cash equivalents at the end of 5,040 5,808
the period
Hydro International plc Preliminary Results
Reconciliation of profit to net cash flow from operating activities (Unaudited)
Year ended 31 December 2009
31 December 2009 31 December 2008
£000 £000
Profit for the period 1,137 1,748
Finance costs 213 159
Corporation tax expense 689 908
Share based payment expense 24 15
Depreciation 338 326
Amortisation of intangibles 374 506
Decrease in inventories 134 167
Decrease/(Increase) in trade and other 534 (239)
receivables
(Decrease) in trade and other payables (1,375) (1,151)
Loss on sale of fixed assets - 4
Net cash generated from operations 2,068 2,443
Notes to the Preliminary Announcement
1. Basis of preparation
The preliminary announcement was approved by the board of directors on 1 March 2010. Whilst the financial information included in the preliminary announcement has been computed in accordance with International Financial Reporting Standards (IFRS), this announcement does not contain sufficient information to comply with IFRSs. The company expects to publish full financial statements that comply with IFRSs in April 2010.
2. Earnings per share
Earnings per ordinary share are based on profit on ordinary activities after taxation, divided by a weighted average of 14,265,823 (2008: 14,244,771) shares in issue during the year. The diluted earnings per share are calculated after the inclusion of share options and the weighted average of ordinary shares used in the calculation is 14,310,150 (2008: 14,359,114).
3. Segment analysis of results
The Group has adopted IFRS 8 Operating Segments with effect from 1 January 2009. IFRS 8 requires operating segments to be identified on the basis of internal reports about components of the Group that are regularly reviewed by the Board of Directors to allocate resources to the segments and to assess their performance. In contrast, the predecessor Standard (IAS 14 Segment Reporting) required the Group to identify two sets of segments (business and geographical), using a risks and returns approach, with the Group's system of internal financial reporting to key management personnel serving only as the starting point for the identification of such segments. As a result, following the adoption of IFRS 8, the identification of the Group's reportable segments has changed.
In prior years, segment information reported externally was analysed on the basis of activities undertaken by each of the Group's operating divisions. These divisions were as follows:
Stormwater - Products for controlling flow and removing pollutants from stormwater for application in the existing urban environment and for new residential and commercial development.
Wastewater - Products for screening, grit removal, primary, secondary and tertiary treatment, for application in the municipal and regulated water industry.
However, information reported to the Group's Board of Directors for the purpose of resource allocations and assessment of segment performance is more specifically focused on the destination of products sold by the operating divisions and the combination of business activity as detailed above and the destination of the product. The Group's reportable segments under IFRS 8 are therefore as follows:
Stormwater
- UK and Ireland
- US
- Rest of World
Wastewater
- UK and Ireland
- US
- Rest of World
Information regarding the Group's operating segments is reported below. Amounts reported for the prior year have been restated to conform to the requirements of IFRS8.
3. Segment analysis of results (continued)
2009 2008
£000 £000
Revenue by destination
Stormwater
UK and Ireland 6,844 10,294
US 2,319 2,757
Rest of World 656 529
9,819 13,580
Wastewater
UK and Ireland 8,022 7,629
US 8,237 8,062
Rest of World 1,248 742
17,507 16,433
Consolidated 27,326 30,013
There are no intersegment sales.
2009 2008
£000 £000
Operating profit by destination
Stormwater
UK and Ireland 971 1,771
US (284) 404
Rest of World 386 157
1,073 2,332
Wastewater
UK and Ireland 932 416
US 2,027 2,425
Rest of World 490 287
3,449 3,128
Group (2,382) (2,252)
Consolidated 2,140 3,208
Exceptional other operating income
US Wastewater 151 -
Amortisation of intangibles
US Wastewater (252) (393)
Operating profit 2,039 2,815
Finance costs (213) (159)
Profit before tax 1,826 2,656
Taxation (689) (908)
Profit after tax 1,137 1,748
The accounting policies of the reportable segments are the same as the Group's accounting policies. Segment profit represents the profit earned by each segment without allocation of amortisation of intangibles, central administration costs including director's salaries, investment revenue and finance costs, and income tax expense. This is the measure reported to the Group's Board of Directors for the purpose of resource allocation and assessment of segment performance.
3. Segment analysis of results (continued)
2009 2008
£000 £000
Gross assets by origin
Stormwater
UK and Ireland 4,256 3,571
US 1,465 760
5,721 4,331
Wastewater
UK and Ireland 5,688 4,136
US 11,363 12,239
17,051 16,375
Group 1,319 5,966
Consolidated 24,091 26,672
For the purposes of monitoring segment performance and allocating resources between segments, the Board of Directors monitor the tangible, intangible and financial assets attributable to each segment. All assets are allocated to reportable segments with the exception of other financial assets (except for trade and other receivables) and tax assets.
2009 2008
£000 £000
Capital expenditure by origin
Stormwater
UK and Ireland 6 20
US 22 -
28 20
Wastewater
UK and Ireland 18 9
US 126 45
144 54
Group 100 285
Consolidated 272 359
Depreciation and amortisation by origin
Stormwater
UK and Ireland 13 29
US 98 -
111 29
Wastewater
UK and Ireland 35 28
US 121 412
156 440
Group 445 363
Consolidated 712 832
4. Exceptional other operating income
The exceptional other operating income received during the year ended 31 December 2009 related to the reversal of a fair value adjustment made to the assets recognised on the acquisition of Eutek Systems, Inc. The circumstances giving rise to the reversal occurred more than 12 months after the date of the acquisition and as such could not be treated as an adjustment to restate the fair value of assets acquired.
5. Post balance sheet event
Subsequent to the year end the directors have recommended a dividend of 3.0 pence per share to be paid, totalling £428,000.
6. Going concern
Whilst the Group has considerable financial resources, the current economic conditions create uncertainty particularly over (a) the level of demand for the Group's products; (b) the exchange rate between sterling and the Euro and the consequent impact on the cost of the Group's imports of stormwater storage products sold through its UK Stormwater business; and (c) the exchange rate between sterling and the US dollar and the consequence for the value of external borrowings denominated in that currency and the associated cost of servicing that debt.
Group borrowing facilities comprise a $3.1m US dollar term loan expiring in May 2013, a $2.7m US dollar term advance (secured on the Group's freehold properties) expiring in May 2018 and a £1.8m overdraft facility which is repayable on demand and subject to review in May 2010. As at 31 December 2009 the overdraft facility was not in use and the Group maintained £5.0m of cash balances.
Borrowing facilities are subject to financial covenants which specify a maximum ratio of net debt to EBITDA of 2.0 times, a minimum interest cover of 3.0 times and a minimum ratio of cash flow to debt service of 1.25. In addition the term advance is subject to a further covenant under which the amount borrowed shall not exceed 80% of the value of the properties against which the advance is secured.
The Group has remained in compliance with these covenants during 2009 other than the minimum ratio of cash flow to debt service. As such, the full balance outstanding on both the bank loan and term advance are shown in the balance sheet as at 31 December 2009 as current liabilities. Since the year end the Group's bank has waived the measurement of compliance with this covenant at 31 December 2009. The bank has also waived compliance with this covenant at 30 June 2010 provided the cash flow to debt service ratio does not fall below 0.82. The directors have considered the measurement of the covenant that will be required at 30 June 2010 and at 31 December 2010, and consider that the group is expected to generate sufficient cashflow during 2010 to ensure compliance with this covenant.
The Group's forecasts and projections, taking account of reasonably possible changes in trading performance, show that the Group should be able to operate within the level of its current financial facilities for at least the next 12 months.
After making enquiries, the directors have concluded that the Company and the Group have adequate resources to continue in operational existence for the foreseeable future. Accordingly, they continue to adopt the going concern basis in preparing the annual report and accounts.
7. Status of information
The financial information set out in this announcement does not constitute the company's statutory accounts for the years ended 31 December 2009 or 2008. The financial information for the year ended 31 December 2008 is derived from the statutory accounts for that year which have been delivered to the Registrar of Companies. The auditors reported on those accounts; their report was unqualified, did not draw attention to any matters by way of emphasis without qualifying their report and did not contain a statement under s498(2) or (3) Companies Act 2006 or equivalent preceding legislation. The audit of the statutory accounts for the year ended 31 December 2009 is not yet complete. These accounts 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 following the company's Annual General Meeting.
Full audited accounts of Hydro International plc for the twelve months ended 31 December 2009 will be dispatched to shareholders, and made available on the Company's website at www.hydro-international.biz, on 7 April 2010 ahead of the AGM date of 20 May 2010. The AGM will be held at the Company's registered office at Shearwater House, Clevedon Hall Estate, Victoria Road, Clevedon, BS21 7RD. Copies of the Annual Report and Accounts will be available from the registered office from 7 April 2010. The audited accounts will be delivered to the Registrar of Companies following the Annual General Meeting.
This information is provided by RNS
The company news service from the London Stock Exchange
END
FR EAFDAEDNEEFF
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| 02-03-10 | RNS |
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This news article is displayed preformatted as it may contain results tables
RNS Number : 8957H
Hydro International PLC
02 March 2010
HYDRO INTERNATIONAL plc
PRELIMINARY RESULTS FOR THE YEAR ENDED 31 DECEMBER 2009
Hydro International plc ('Hydro' or 'the Group'), the provider of innovative products for the control and treatment of water, is pleased to announce its preliminary results for the year ended 31 December 2009.
KEY INDICATORS
Year ended Year ended
31 December 2009 31 December 2008
Statutory:
Revenue £27.3m £30.0m
Operating profit £2.0m £2.8m
Profit before tax £1.8m £2.7m
Earnings per share 7.97p 12.27p
Cash and cash equivalents £5.0m £5.8m
Non-Statutory:
Adjusted operating profit* £2.1m £3.2m
Adjusted earnings per share** 8.42p 13.98p
Closing order book £7.8m £8.8m
*excluding exceptional other operating income, amortisation of acquisition related intangible assets.
**excluding exceptional other operating income, amortisation of acquisition related intangible assets and related corporation tax effect at 37.7% (2008: 34.2%).
For further information, please contact:
Hydro International plc Tel: +44 (0) 1275 878371
Roger Lockwood, Chairman
Steve Hides, Chief Executive Officer
Tony Hollox, Chief Financial Officer
KBC Peel Hunt Tel: +44 (0) 20 7418 8900
Nominated adviser and broker
Julian Blunt (Corporate Finance)
Matthew Tyler (Corporate Broking)
2 March 2010
CHAIRMAN'S STATEMENT
As anticipated, 2009 proved to be a challenging year for Hydro International with overall Group revenues 9% lower than 2008. The Group's Stormwater businesses continued to be affected by the global recession and the consequent downturn in the development of new residential housing and commercial/industrial sites. In contrast, our Wastewater businesses, particularly in the US, performed extremely well allowing the Group as a whole to deliver a financial result in line with expectations.
Government stimulus spending in both the UK and US has, to a limited extent, mitigated the exposure to the sharp downturn in private sector development activity by providing funding for public infrastructure projects such as roads, airports, schools and other public buildings. Initiatives in the UK to address urban flooding are providing opportunities to apply Hydro flow control and storage products and this is an area that we expect to develop further following the anticipated enactment of the Flood and Water Management Bill. The major contract to supply Hydro Brake® Flow Control units as part of the Whitecart Water flood alleviation project in Glasgow is a good example of the type of project that are anticipated to become more common in the future.
In the US, Government stimulus spending associated with the American Recovery and Reinvestment Act of 2009 (ARRA) did help to bring forward some wastewater projects although the overall benefit of the ARRA programs has been relatively minor. Many customers opted not to take advantage of the ARRA funds due to the attendant limitations and restrictions placed on specification and procurement procedures associated with federal programmes.
Profitability in the year was affected by lower sales volumes and some adverse foreign exchange movements. In the light of lower activity levels we conducted a formal review of operating resources and structures in the Stormwater business, which resulted in a modest reduction in employee numbers. Despite these actions, and a general improvement in average gross margins generated by reducing product costs from a competitive supply chain, return on sales was lower at 7.5% (2008: 9.4%) and total Group operating profit was lower at £2.0m (2008: £2.8m).
Economic conditions affect Stormwater revenues
The demand for the Group's Stormwater products is driven by local planning requirements, environmental regulation and permits for new build residential and commercial construction.
Stormwater revenues reduced by 28% to £9.8m (2008: £13.6m) reflecting difficult trading conditions caused by contraction in the housing and construction sector in the UK and US. The small Irish market was particularly hard hit. Sales fell sharply in the early part of the year, but then stabilised at the lower level in the second half. The scale of the contraction is illustrated by the level of new housing starts in 2009, which were 50-60% down on 2007 levels in the UK and US. The smaller scale of the reduction in revenues seen by Hydro is due in part to the relatively wide diversification within the business between private and publicly funded projects.
In recent years the Stormwater market has become increasingly competitive with a greater number of suppliers pursuing what became in 2009 a diminished pool of work as the sector contracted. We remain confident that there will be a return to growth in the sector over the medium term and we are taking steps to strengthen our market leading position by continuing to invest in further improving existing products and developing new solutions for emerging needs. To that end, in 2009, the Group raised the bar in the vortex flow control sector of the market with the introduction of a new and improved range of Hydro-Brake® Flow Controls offering customers enhanced performance and providing clear differentiation from competitor products.
Markets move towards sustainable solutions
There is a growing movement in the market towards sustainable drainage systems (SUDS) and low impact development (LID) that is generating a demand for "natural" systems to manage surface water flows and treat and remove pollutants associated with urban stormwater runoff. In the UK this movement is being supported by the Flood and Water Management Bill which focuses on reducing the likelihood and impact of flooding and encourages sustainable drainage practices. The Bill will introduce the development of national standards for SUDS, and proprietary products such as those currently offered by Hydro are expected to form an important part in the overall range of solutions. We are actively involved with all stakeholders and are in consultation with Defra and the UK water industry bodies on the development of the national standards. In addition, Hydro is introducing further products to support and respond to the trend towards more natural solutions. A good example is illustrated by the new Hydro-Filterra bio-retention system that was brought to market, under licence in the UK, during 2009. This system uses natural processes to remove contaminants from stormwater and initial interest in the product has been strong.
Consultation has continued on the implementation of EU Water Framework Directive with key stakeholders in the industry. The Directive is focused on improvements in the management of stormwater quality across the EU and Hydro is well positioned to offer tested and proven technologies to address this problem. We are in the process of transferring into the UK and EU products first developed for the US market to address the National Pollution Discharge Elimination System (NPDES) legislation.
Key approval gained in US Stormwater market
Despite the economic turmoil of the past twelve months, the US remains the largest stormwater market in which Hydro operates. Poor trading in the first half year and a strategy aimed at aggressively increasing our US market share led to a restructuring at the half year stage and the appointment of a new National Sales Manager in the final quarter of 2009. The remit of this key appointment is to oversee management of the sales channels and refine the routes to market.
Regulatory approvals are a major barrier to entry into the US stormwater market. In December we were awarded a key regulatory approval by New Jersey Department of Environmental Protection for the Up-Flo® filter. Gaining this approval is seen as a major milestone for the US business and is expected to increase sales growth for the Up-Flo® Filter in 2010 and beyond. We have also partnered with our EU based partner to introduce Stormbloc® plastic storage media into the US.
Increased revenues in Wastewater
Wastewater revenues increased by 7% to £17.5m (2008: £16.4m) with growth seen in each of the Group's major markets. Sales and order intake were particularly strong in the US Wastewater business which benefitted from a combination of a wider acceptance of the new Headcell® grit removal system and the growing demand for fine grit removal systems needed to protect increasingly sophisticated wastewater treatment technologies. This business also handles the Group's Combined Sewer Overflow (CSO) treatment devices in the US. Hydro's independent network of wastewater sales representatives is now promoting our CSO product portfolio leading to increased exposure for the products and a marked rise in proposal activity. 2009 saw the Group's first Heliscreen® installations in the US CSO market. Heliscreen® is a mechanical screening device that is designed to remove debris and floatables from CSO's and is a product that sold well in the UK under the AMP3 programme.
UK Wastewater market prepares for AMP5
In the UK, the fourth asset management programme (AMP4) entered its final year on 1 April 2009. Order intake in the first half of the year was encouraging with a major order for £2.6m received early in the period, representing a repeat order for Zickert Scraper technology following a successful initial contract in 2008. Order flow slowed in the second half of the year as the UK Water and Sewerage Companies deferred expenditure until the next five year AMP cycle which starts on 1 April 2010.
Retrofit, maintenance and remedial works programmes are likely to be a focus for AMP5 and Hydro is well placed to continue offering existing solutions in this area. The UK Wastewater business is also expecting to build on the success of the Zickert product in AMP4 with further significant orders likely under the AMP5 programme. AMP5 is also expected to bring a greater focus on sewer flooding, which should create new opportunities for the flow control and storage products which we currently sell into Stormwater markets.
Across the water industry the energy efficiency and carbon minimisation agenda is starting to take a firm hold. In May 2009, the UK Wastewater business signed a licence agreement with Parkson Corporation to introduce the HiOx ultra-fine bubble aeration system into the UK and Irish markets. The HiOx diffuser is a flat membrane system that produces extremely fine bubbles to increase oxygen transfer efficiency and reduce power consumption at wastewater treatment plants.
Hydro's export business also made good progress in 2009 with solid growth resulting from a focused effort on promoting the Group's wastewater product portfolio in the Middle East. Most notable were orders for Grit King®, the Group's vortex based grit removal technology, from the Egyptian wastewater sector as part of a programme to introduce wastewater treatment to villages situated along the Nile.
People
I should like to thank all the members of the Hydro team who have helped contribute to our performance during a testing 2009.
Dividend
The Board is recommending an unchanged final dividend of 3.0 pence per share which, subject to approval at the Annual General Meeting on 20 May 2010, will be paid on 3 June 2010 to shareholders on the register on 3 May 2010.
Outlook
As we anticipated, 2009 proved to be a challenging year for Hydro. Whilst the economic downturn slowed growth, our recent efforts towards diversification in our core markets and core sectors has helped to mitigate the impact on the Group as a whole.
Residential housing and commercial construction sectors now appear to have stabilised, albeit at a low level, and we are not expecting to see meaningful recovery until at least the second half of 2010. Private sector recovery should benefit the Group's Stormwater businesses, but there remains considerable uncertainty around the impact on both private and public sector investment as governments look to balance public finances and review spending. Water is, however, high on governments' agendas and the move towards low impact development and sustainable drainage, supported by the introduction of new legislation in the UK, should benefit Hydro.
Prospects for the Group's Wastewater businesses are encouraging and further progress is expected in 2010, as we are well positioned on a number of strategic wastewater projects in the UK, US and Middle East.
The impact of winter weather conditions and the start of the new US fiscal year traditionally balance Hydro's results towards the second half of the year. With the end of AMP4 in April 2010 we would expect this influence to be more pronounced in 2010.
We continue to actively pursue implementation of the Group's strategic plan, whilst at the same time placing a short term emphasis on ensuring strength and focus in core markets, sectors and products. The Board is fully aware of the short term trading challenges associated with the recent economic slowdown, however it remains confident of the Group's ability to deliver long term growth.
Roger Lockwood
Chairman
Hydro International plcPreliminary ResultsGroup Income Statement (Unaudited) Year ended 31 December 2009
2009 2008
Continuing operations £000 £000
Revenue 27,326 30,013
Cost of sales (15,796) (17,865)
Gross profit 11,530 12,148
Administrative expenses (9,642) (9,333)
Exceptional other operating income 151 -
Operating profit before exceptional other operating 2,140 3,208
income and amortisation of acquired intangibles
Exceptional other operating income 151 -
Amortisation of acquired intangibles (252) (393)
Operating profit 2,039 2,815
Finance costs (213) (159)
Profit before tax 1,826 2,656
Tax (689) (908)
Profit for the period from continuing operations 1,137 1,748
Basic earnings per ordinary share 7.97p 12.27p
Diluted earnings per ordinary share 7.95p 12.17p
Consolidated Statement of Comprehensive Income (Unaudited)
Year ended 31 December 2009
2009 2008 2007
£000 £000 £000
Profit for the financial year 1,137 1,748 1,764
Exchange differences on (191) 527 31
translation of foreign operations
2,275 1,795
Total comprehensive income for the 946
year
Hydro International plc Preliminary Results
Consolidated Balance Sheet (Unaudited) 31 December 2009 2009 2008
£000 £000
ASSETS
Non-current assets
Intangible assets - Goodwill 5,064 5,619
Intangible assets - Other 2,346 2,825
Property, plant and equipment 1,805 2,027
Deferred tax assets 67 191
Trade receivables 774 64
10,056 10,726
Current assets
Inventories 553 687
Trade and other receivables 8,437 9,427
Cash and cash equivalents 5,040 5,808
Derivative financial assets 5 24
14,035 15,946
TOTAL ASSETS 24,091 26,672
LIABILITIES
Current liabilities
Trade and other payables 7,518 9,193
Current tax payable 499 593
Deferred tax liability 495 391
Borrowings 3,559 819
12,071 10,996
Non-current liabilities
Trade and other payables 773 991
Deferred tax liability 864 915
Borrowings - 3,938
1,637 5,844
TOTAL LIABILITIES 13,708 16,840
NET ASSETS 10,383 9,832
EQUITY
Called up share capital 714 713
Share premium account 975 967
Foreign currency translation reserve 301 492
Retained earnings 8,393 7,660
TOTAL EQUITY 10,383 9,832
Hydro International plc Preliminary Results
Consolidated Statement of Changes in Equity (Unaudited) Year ended 31 December 2009
Issued capital Share premium Foreign currency Retained earnings Total
reserve
£000 £000 £000 £000 £000
1 January 2008 710 953 (35) 6,296 7,924
Currency translation - - 527 - 527
difference
Profit for the period - - - 1,748 1,748
Comprehensive income - - 527 1,748 2,275
Equity shares issued 3 14 - - 17
Share based payments - - - 15 15
Dividends paid - - - (399) (399)
31 December 2008 713 967 492 7,660 9,832
Currency translation - (191) - (191)
difference
Profit for the period - - - 1,137 1,137
Comprehensive income - - (191) 1,137 946
Equity shares issued 1 8 - - 9
Share based payments - - - 24 24
Dividends paid - - - (428) (428)
31 December 2009 714 975 301 8,393 10,383
Hydro International plc Preliminary Results
Consolidated Cash Flow Statement (Unaudited) Year ended 31 December 2009
31 December 2009 31 December 2008
£000 £000
Cash generated from operations 2,068 2,443
Interest paid (211) (260)
Corporation tax paid (488) (596)
Net cash from operating activities 1,369 1,587
Cash flows from investing activities
Purchases of property, plant and (146) (320)
equipment
Proceeds from sale of property, plant and - 13
equipment
Purchases of patents and trademarks (114) (59)
Purchase of software assets (12) (25)
Expenditure on product development - (1)
Interest received 17 127
Cash acquired with subsidiary - 283
Acquisition of subsidiary (540) (3,376)
Net cash used in investing activities (795) (3,358)
Cash flows from financing activities
Proceeds from the issue of shares to 9 17
shareholders
Repayment of borrowings (742) (860)
Finance lease capital payments - (4)
Dividends paid to shareholders (428) (399)
New bank loans raised - 3,492
Net cash generated from financing (1,161) 2,246
activities
Net increase in cash and cash equivalents (587) 475
Cash and cash equivalents at the 5,808 4,848
beginning of the period
Exchange (losses)/gains on cash and cash (181) 485
equivalents
Cash and cash equivalents at the end of 5,040 5,808
the period
Hydro International plc Preliminary Results
Reconciliation of profit to net cash flow from operating activities (Unaudited)
Year ended 31 December 2009
31 December 2009 31 December 2008
£000 £000
Profit for the period 1,137 1,748
Finance costs 213 159
Corporation tax expense 689 908
Share based payment expense 24 15
Depreciation 338 326
Amortisation of intangibles 374 506
Decrease in inventories 134 167
Decrease/(Increase) in trade and other 534 (239)
receivables
(Decrease) in trade and other payables (1,375) (1,151)
Loss on sale of fixed assets - 4
Net cash generated from operations 2,068 2,443
Notes to the Preliminary Announcement
1. Basis of preparation
The preliminary announcement was approved by the board of directors on 1 March 2010. Whilst the financial information included in the preliminary announcement has been computed in accordance with International Financial Reporting Standards (IFRS), this announcement does not contain sufficient information to comply with IFRSs. The company expects to publish full financial statements that comply with IFRSs in April 2010.
2. Earnings per share
Earnings per ordinary share are based on profit on ordinary activities after taxation, divided by a weighted average of 14,265,823 (2008: 14,244,771) shares in issue during the year. The diluted earnings per share are calculated after the inclusion of share options and the weighted average of ordinary shares used in the calculation is 14,310,150 (2008: 14,359,114).
3. Segment analysis of results
The Group has adopted IFRS 8 Operating Segments with effect from 1 January 2009. IFRS 8 requires operating segments to be identified on the basis of internal reports about components of the Group that are regularly reviewed by the Board of Directors to allocate resources to the segments and to assess their performance. In contrast, the predecessor Standard (IAS 14 Segment Reporting) required the Group to identify two sets of segments (business and geographical), using a risks and returns approach, with the Group's system of internal financial reporting to key management personnel serving only as the starting point for the identification of such segments. As a result, following the adoption of IFRS 8, the identification of the Group's reportable segments has changed.
In prior years, segment information reported externally was analysed on the basis of activities undertaken by each of the Group's operating divisions. These divisions were as follows:
Stormwater - Products for controlling flow and removing pollutants from stormwater for application in the existing urban environment and for new residential and commercial development.
Wastewater - Products for screening, grit removal, primary, secondary and tertiary treatment, for application in the municipal and regulated water industry.
However, information reported to the Group's Board of Directors for the purpose of resource allocations and assessment of segment performance is more specifically focused on the destination of products sold by the operating divisions and the combination of business activity as detailed above and the destination of the product. The Group's reportable segments under IFRS 8 are therefore as follows:
Stormwater
- UK and Ireland
- US
- Rest of World
Wastewater
- UK and Ireland
- US
- Rest of World
Information regarding the Group's operating segments is reported below. Amounts reported for the prior year have been restated to conform to the requirements of IFRS8.
3. Segment analysis of results (continued)
2009 2008
£000 £000
Revenue by destination
Stormwater
UK and Ireland 6,844 10,294
US 2,319 2,757
Rest of World 656 529
9,819 13,580
Wastewater
UK and Ireland 8,022 7,629
US 8,237 8,062
Rest of World 1,248 742
17,507 16,433
Consolidated 27,326 30,013
There are no intersegment sales.
2009 2008
£000 £000
Operating profit by destination
Stormwater
UK and Ireland 971 1,771
US (284) 404
Rest of World 386 157
1,073 2,332
Wastewater
UK and Ireland 932 416
US 2,027 2,425
Rest of World 490 287
3,449 3,128
Group (2,382) (2,252)
Consolidated 2,140 3,208
Exceptional other operating income
US Wastewater 151 -
Amortisation of intangibles
US Wastewater (252) (393)
Operating profit 2,039 2,815
Finance costs (213) (159)
Profit before tax 1,826 2,656
Taxation (689) (908)
Profit after tax 1,137 1,748
The accounting policies of the reportable segments are the same as the Group's accounting policies. Segment profit represents the profit earned by each segment without allocation of amortisation of intangibles, central administration costs including director's salaries, investment revenue and finance costs, and income tax expense. This is the measure reported to the Group's Board of Directors for the purpose of resource allocation and assessment of segment performance.
3. Segment analysis of results (continued)
2009 2008
£000 £000
Gross assets by origin
Stormwater
UK and Ireland 4,256 3,571
US 1,465 760
5,721 4,331
Wastewater
UK and Ireland 5,688 4,136
US 11,363 12,239
17,051 16,375
Group 1,319 5,966
Consolidated 24,091 26,672
For the purposes of monitoring segment performance and allocating resources between segments, the Board of Directors monitor the tangible, intangible and financial assets attributable to each segment. All assets are allocated to reportable segments with the exception of other financial assets (except for trade and other receivables) and tax assets.
2009 2008
£000 £000
Capital expenditure by origin
Stormwater
UK and Ireland 6 20
US 22 -
28 20
Wastewater
UK and Ireland 18 9
US 126 45
144 54
Group 100 285
Consolidated 272 359
Depreciation and amortisation by origin
Stormwater
UK and Ireland 13 29
US 98 -
111 29
Wastewater
UK and Ireland 35 28
US 121 412
156 440
Group 445 363
Consolidated 712 832
4. Exceptional other operating income
The exceptional other operating income received during the year ended 31 December 2009 related to the reversal of a fair value adjustment made to the assets recognised on the acquisition of Eutek Systems, Inc. The circumstances giving rise to the reversal occurred more than 12 months after the date of the acquisition and as such could not be treated as an adjustment to restate the fair value of assets acquired.
5. Post balance sheet event
Subsequent to the year end the directors have recommended a dividend of 3.0 pence per share to be paid, totalling £428,000.
6. Going concern
Whilst the Group has considerable financial resources, the current economic conditions create uncertainty particularly over (a) the level of demand for the Group's products; (b) the exchange rate between sterling and the Euro and the consequent impact on the cost of the Group's imports of stormwater storage products sold through its UK Stormwater business; and (c) the exchange rate between sterling and the US dollar and the consequence for the value of external borrowings denominated in that currency and the associated cost of servicing that debt.
Group borrowing facilities comprise a $3.1m US dollar term loan expiring in May 2013, a $2.7m US dollar term advance (secured on the Group's freehold properties) expiring in May 2018 and a £1.8m overdraft facility which is repayable on demand and subject to review in May 2010. As at 31 December 2009 the overdraft facility was not in use and the Group maintained £5.0m of cash balances.
Borrowing facilities are subject to financial covenants which specify a maximum ratio of net debt to EBITDA of 2.0 times, a minimum interest cover of 3.0 times and a minimum ratio of cash flow to debt service of 1.25. In addition the term advance is subject to a further covenant under which the amount borrowed shall not exceed 80% of the value of the properties against which the advance is secured.
The Group has remained in compliance with these covenants during 2009 other than the minimum ratio of cash flow to debt service. As such, the full balance outstanding on both the bank loan and term advance are shown in the balance sheet as at 31 December 2009 as current liabilities. Since the year end the Group's bank has waived the measurement of compliance with this covenant at 31 December 2009. The bank has also waived compliance with this covenant at 30 June 2010 provided the cash flow to debt service ratio does not fall below 0.82. The directors have considered the measurement of the covenant that will be required at 30 June 2010 and at 31 December 2010, and consider that the group is expected to generate sufficient cashflow during 2010 to ensure compliance with this covenant.
The Group's forecasts and projections, taking account of reasonably possible changes in trading performance, show that the Group should be able to operate within the level of its current financial facilities for at least the next 12 months.
After making enquiries, the directors have concluded that the Company and the Group have adequate resources to continue in operational existence for the foreseeable future. Accordingly, they continue to adopt the going concern basis in preparing the annual report and accounts.
7. Status of information
The financial information set out in this announcement does not constitute the company's statutory accounts for the years ended 31 December 2009 or 2008. The financial information for the year ended 31 December 2008 is derived from the statutory accounts for that year which have been delivered to the Registrar of Companies. The auditors reported on those accounts; their report was unqualified, did not draw attention to any matters by way of emphasis without qualifying their report and did not contain a statement under s498(2) or (3) Companies Act 2006 or equivalent preceding legislation. The audit of the statutory accounts for the year ended 31 December 2009 is not yet complete. These accounts 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 following the company's Annual General Meeting.
Full audited accounts of Hydro International plc for the twelve months ended 31 December 2009 will be dispatched to shareholders, and made available on the Company's website at www.hydro-international.biz, on 7 April 2010 ahead of the AGM date of 20 May 2010. The AGM will be held at the Company's registered office at Shearwater House, Clevedon Hall Estate, Victoria Road, Clevedon, BS21 7RD. Copies of the Annual Report and Accounts will be available from the registered office from 7 April 2010. The audited accounts will be delivered to the Registrar of Companies following the Annual General Meeting.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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RNS Number : 2760H Hydro International PLC 17 February 2010
HYDRO INTERNATIONAL PLC
NOTICE OF PRELIMINARY ANNOUNCEMENT Hydro International plc will be releasing a preliminary announcement of its results for the year ended 31 December 2009 on Tuesday 2 March 2010. For further information please contact:
Chief Financial Officer Hydro International plc KBC Peel Hunt (Nominated Adviser and Broker)
Daniel Harris 17 February 2010 This information is provided by RNS The company news service from the London Stock Exchange END
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Speculative Buy rating from Growth Company Investor
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I keep topping up small amounts here because I just get the feeling that one day the management of water bombshell is going to hit home - big style.
Reaction to the results seems mixed - some suggesting it is really very poor on advfn forum. I'm here for the long haul so fingers crossed. |
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BUY
interims
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Used to hold this one four to five years ago, and have watched the decline in share price without significant earnings or profitability falls. Interim statement could have been worse in the current construction and funding climate IMHO, so i've just reinvested. Expecting 100p on the timed board and was warmly surprised to get in at 92p, just hope that wasn't the start of an MM slide to find more buyers. And i should have waited; anyway, tucked away for the next UK house Flood report (oh. that seems to be tomorrow, according to the weather reports...!)
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Ta for the info and nice to activity on this board.
I've been looking at this share for a while but the spread is off putting, maybe this will help? Luck to all Oggy |
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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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