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(LTS.L) Litho Supplies PLC Buy/Sell
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| Date/Time | Headline | Source |
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| 18-11-09 | RNS |
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This news article is displayed preformatted as it may contain results tables
RNS Number : 6530C
Litho Supplies PLC
18 November 2009
Litho Supplies Plc ("Litho Supplies" or the "Company")
Interim Management Statement
18th November 2009
As previously highlighted, the printing industry is a challenging environment in which to operate and this has been compounded by the uncertainty that remains in the economy and financial markets in general.
Lack of available funding continues to be a factor and capital equipment sales are still suppressed. In some cases orders have been secured and subsequently cancelled when customers have been unable to obtain finance. We have however seen an upturn in this area in the last quarter which, in the current climate, is an encouraging sign.
As a result of the economic downturn and the subsequent drop in activity we anticipate that turnover in the second half of the year will be slightly lower than the first half. However with the reduced level of overhead and with careful management of bad debts and working capital the Company expects the overall performance in the second half of the year to be significantly improved.
The Board has continued to respond to the challenges faced and further reorganisation has been undertaken to reduce operating costs and increase efficiencies. This in turn has left the business with a much reduced cost base moving into 2010.
The Company continues to be rigorous in its control processes and tight procedures are in place to manage cash collection and stock levels to assist in the critical area of working capital management.
The Board remains committed to developing the IT infrastructure of the business. Additional resources have been allocated to continue the development of the computer system and further improve the service we provide to our customers through online ordering.
The Mitsubishi partnership agreement, announced in August, has been well received with good performance to date and we anticipate a positive impact on the bottom line during 2009. Actions to develop this area of the business continue with the IPEX exhibition, at the NEC in April 2010, giving a further opportunity to market this and the remainder of our product offering to a wider customer base.
The Board remains committed to steering the Company through these difficult times and is extremely grateful to our suppliers, our customers, our finance providers and our shareholders for their support.
Contacts:
Michael Hammond, Chief Executive Tel: 01332 873921
Lindsay Mair, Astaire Securities Tel: 0207 448 4437
This information is provided by RNS
The company news service from the London Stock Exchange
END
IMSBUBDBLDBGGCR
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| 12-10-09 | RNS |
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RNS Number : 6303A Litho Supplies PLC 12 October 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):
notification obligation: 4. Full name of shareholder(s) (if different from Barclays Stockbrokers Ltd 3.):
threshold is crossed or reached:
8. Notified details: A: Voting rights attached to shares
if possible using
the ISIN CODE
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
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 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: 02071162913 This information is provided by RNS The company news service from the London Stock Exchange END
HOLEALEAFFNNFFE More |
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| 28-08-09 | RNS |
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This news article is displayed preformatted as it may contain results tables
RNS Number : 1399Y
Litho Supplies PLC
28 August 2009
LITHO SUPPLIES Plc
Unaudited results for the six months ended 30 June 2009
OVERVIEW
Litho Supplies Plc, the leading supplier of consumable products, analogue and digital equipment and related services to the printing, graphic arts and corporate markets in the UK, announces its unaudited results for the six months ended 30 June 2009.
Overview:
* Pre-tax loss (after the add back of reorganisation costs) of £1.31m (Profit £0.34m.)
* Sales of £18.93m (£25.38m).
* The board is not recommending an interim dividend reflecting current market conditions.
* Partnership agreement with Mitsubishi
Litho Supplies Chief Executive Michael Hammond said:
"The first half of 2009 has continued to be a challenging environment in which to operate.
Uncertainty in financial markets and overcapacity in the printing industry have contributed to suppressed revenues and margins.
The recently announced partnership agreement with Mitsubishi offers opportunities to increase sales when the economy starts to improve.
With a much reduced cost base we look forward to 2010 with more confidence."
Contacts:
Michael Hammond, Chief Executive Tel: 01332 873921
Eddie Williams, Sales Director Tel: 01332 873921
CHAIRMAN'S HALF YEARLY STATEMENT AND INTERIM MANAGEMENT REPORT
Unaudited results for the six months ended 30th June 2009
The unaudited half year results for the six months ended 30 June 2009 show a pre tax loss of £1.31m (Profit £0.34m) after adding back £0.35m (£0.30m) of costs associated with the reorganisation of the business. The loss before tax after reorganisation expenses was £1.66m (Profit £0.04m) and sales for the period were £18.93m (£25.38m).
Basic loss (-) / earnings (+) per share for the six months ended 30 June 2009 were (-7.49p) (+0.16p) Basic earnings per share before reorganisation costs were (-6.00p) (+1.52p).
Uncertainty in financial markets continues to have an impact on our customers who face difficulties in obtaining finance. Several major equipment orders had to be cancelled affecting sales of capital equipment in the period. The downturn in the economy, also, has affected confidence and this has been a factor reflected in our level of consumable sales.
Net borrowings at 30 June 2009 were £3.15m (£0.08m).
The Board remains resolute in its efforts to restore the strength of the balance sheet and continues to focus on reducing the working capital requirements of the business. Given the loss in the year to date and the borrowings, the board will not be recommending an interim dividend.
Trading performance
Sales in the UK of consumable and media products, digital electronic, wide format and finishing equipment, the core activity of the business, were £18.93m (£25.38m).
The decrease in the overall level of sales foreshadowed in previous trading statements reflects both the closure of our digital electronics division as well as the decline in the sales of consumable products driven by the general downturn in the economy. The loss of two large customers who went into liquidation in 2008 has also been a factor in the reduced level of sales.
Very weak economic conditions are aggravating the competitive nature of the market, continuing to impact both sales and gross margins which remained under pressure during the first half of 2009. A further factor has been the necessity to increase the provision for bad debts within the now closed electronics division.
However our telesales division continues to provide an additional service to customers and gross margins from this method of selling remain consistent. Also, in the last few months we have witnessed an increase in the number of online orders and we continue to work on improving this service with further upgrades to our computer system.
It is now evident that the decision not to exhibit at the Northprint exhibition at Harrogate earlier in the year proved correct; whilst our attendance at the successful Sign UK wide format show at the NEC in April resulted in a number of new orders and sales opportunities.
Prospects
Whilst business this year remains very difficult we have continued to address our reorganisation programme, with the benefits of these latest measures expected to start to come through in 2010.
The difficult economy and lack of available finance continues to force customers to use existing equipment rather than investing in new equipment. To offset this, we are concentrating our efforts on providing a reliable and cost effective service to our current consumable products customers, targeting new business to maintain and improve our market share.
The recently announced partnership agreement with Mitsubishi should offer opportunities for sales of printing presses as well as an opportunity to increase service revenues. It will provide us with a showroom in Leeds to compliment the one we already have in Perivale, West London, providing our customers with easy access to view our consumable product range alongside the equipment. We have already begun demonstrations at the showroom in Leeds and regard the 2010 IPEX exhibition at the NEC as providing the first real opportunity for us to market widely the Mitsubishi range of printing presses to a wider customer base. This latest addition to our portfolio puts us in a better position to take advantage of any improvement in the economy and with a much reduced cost base, an increase in turnover at existing gross margins enables us to look forward to 2010 with more confidence.
During these difficult times we are extremely grateful to our suppliers, our customers, our finance providers and our shareholders for their support.
As always I wish to thank all of our people for their loyalty and hard work. Their efforts are so important for the company and are very much appreciated.
Bernard Clark
Chairman
28 August 2009
Litho Supplies Plc
Responsibility statement
We confirm that to the best of our knowledge:
The condensed set of financial statements have been prepared in accordance with International Accounting Standard 34.
By order of the Board
Chief Executive Officer
M J HAMMOND
28 August 2009
Litho Supplies Plc
Condensed Consolidated Income Statement
6 months 6 months Year
ended ended ended
30 June 30 June 31 Dec
2009 2008 2008
Unaudited Unaudited Audited
£'000 £'000 £'000
Continuing operations
Revenue
Sale of goods 18,931 25,385 49,159
Cost of sales 16,740 21,427 42,565
Gross profit 2,191 3,958 6,594
Distribution costs 1,281 1,315 2,985
Administrative expenses 2,185 2,328 4,386
Reorganisation costs 345 300 693
(Loss)/profit from continuing operations
before tax and net finance income (1,620) 15 (1,470)
Finance costs 47 5 102
Finance income 5 26 31
(Loss)/profit before tax (1,662) 36 (1,541)
Income tax expense/credit - - (264)
(Loss)/profit for the period (1,662) 36 (1,277)
Attributable to:
Equity holders of the company (1,662) 36 (1,277)
Earnings per share
-basic (7.49)p 0.16p (6.95p)
-diluted (7.49)p 0.16p (6.95p)
Litho Supplies Plc
Condensed Consolidated Statement of Recognised Income and Expense
6 months 6 months Year
ended ended ended
30 June 30 June 31 Dec
2009 2008 2008
Unaudited Unaudited Audited
£'000 £'000 £'000
Income and expense recognised directly in
equity
Actuarial (loss) for the period (2,736) (501) (2,021)
Deferred tax credit 766 140 566
Net (expense) recognised directly in equity (1,970) (361) (1,455)
(Loss)/profit for the period (1,662) 36 (1,277)
Total recognised (expense) for the period (3,632) (325) (2,732)
Attributable to: Equity holders of the
company (3,632) (325) (2,732)
Litho Supplies Plc
Condensed Consolidated Balance Sheet
30 June 30 June 31 Dec
2009 2008 2008
Unaudited Unaudited Audited
£'000 £'000 £'000
Assets
Non-current assets
Property, plant and equipment 978 876 973
Intangible assets 3,834 4,084 3,777
Deferred tax asset 2,611 1,093 1,895
7,423 6,053 6,645
Current assets
Inventories 5,831 7,493 6,648
Trade receivables 8,213 10,451 9,704
Income tax receivable 78 113 114
Other current assets 1,731 1,880 1,593
Financial Instruments - - 205
Cash and cash equivalents 261 786 402
16,114 20,723 18,666
Total assets 23,537 26,776 25,311
Equity
Equity attributable to equity holders
of the parent
Share capital 2,219 2,219 2,219
Share premium 13,744 13,744 13,744
Other reserves 511 511 511
Retained earnings (13,534) (7,384) (9,902)
Total equity 2,940 9,090 6,572
Liabilities
Non-current liabilities
Interest bearing loans and borrowings 224 34 73
Retirement benefit obligation 6,507 2,594 3,605
6,731 2,628 3,678
Current liabilities
Trade and other payables 8,740 12,095 10,683
Interest bearing loans and borrowings 3,182 827 1,869
Accruals and deferred income 1,865 2,136 2,192
Income tax payable 44 - 168
Provisions for liabilities and charges 35 - 149
13,866 15,058 15,061
Total liabilities 20,597 17,686 18,739
Total equity and liabilities 23,537 26,776 25,311
Litho Supplies Plc
Consolidated Statement of Changes in Equity
Attributable to equity holders of the Parent Company
Share Share Retained Other Total
capital premium earnings reserves equity
£'000 £'000 £'000 £'000 £'000
At 1 January 2008 2,177 13,587 (6,791) 511 9,484
Actuarial (loss) - - (501) - (501)
Deferred tax credit - - 140 - 140
Net expense recognised - - (361) - (361)
directly in equity
Profit for the period - - 36 - 36
Total recognised expense for - - (325) - (325)
the year
Issue of shares 42 157 - - 199
Dividends - - (268) - (268)
At 30 June 2008 2,219 13,744 (7,384) 511 9,090
Actuarial (loss) - - (1,520) - (1,520)
Deferred tax credit - - 426 - 426
Net expense recognised - - (1,094) - (1,094)
directly in equity
Loss for the year - - (1,313) - (1,313)
Total recognised expense for - - (2,407) - (2,407)
the year
Dividends - - (111) - (111)
At 31 December 2008 - audited 2,219 13,744 (9,902) 511 6,572
Actuarial (loss) - - (2,736) - (2,736)
Deferred tax credit - - 766 - 766
Net expense recognised - - (1,970) - (1,970)
directly in equity
Loss for the year - - (1,662) - (1,662)
Total recognised expense for
the - - (3,632) - (3,632)
year
At 30 June 2009 2,219 13,744 (13,534) 511 2,940
Litho Supplies Plc
Condensed Consolidated Cash Flow
6 months 6 months Year
ended ended ended
30 June 30 June 31 Dec
2009 2008 2008
Unaudited Unaudited Audited
£'000 £'000 £'000
Cash flows from operating activities
Cash flows generated from/(used in) 223 (1,725) (2,978)
operations
Income tax (paid)/repaid (38) 95 95
Interest paid (51) (5) (103)
Net cash flows from/(used in) operating 134 (1,635) (2,986)
activities
Cash flows from investing activities
Proceeds from sale of property, 134 6 6
plant and equipment
Interest received 5 32 46
Purchase of property, plant and equipment (263) (209) (417)
Acquisitions net of cash acquired - (1,428) (1,428)
Purchase of customer list - (65) (65)
Net cash flows (used in)/from investing (124) (1,664) (1,858)
activities
Cash flows from financing activities
Proceeds from issue of shares - - 199
Finance lease 241 184 253
Payment of finance lease liabilities (167) (11) (76)
Long term finance - - 60
Payment of long term finance (16) - (17)
Repayment of bank borrowings (1,615) - -
Net finance facility borrowings 3,069
Dividends paid to equity holders of the - (268) (379)
company
Net cash flows (used in)/ from financing 1,512 (95) 40
activities
Net increase/(decrease) in cash andcash 1,522 (3,394) (4,804)
equivalents
Net cash and cash equivalents at start of (1,261) 3,543 3,543
period
Net cash and cash equivalents at end of 261 (149) (1,261)
period
Notes to the Condensed Financial Statements:
* The financial information in this half yearly statement for the six months ended 30 June 2009 and the comparative figures for the six months ended 30 June 2008 do not constitute statutory accounts as defined in Section 240 of the Companies Act 1985. The financial information for the full preceding year is extracted from the statutory accounts for the financial year ended 31 December 2008, as stated under IFRS as adapted for use in the European Union. Those statutory accounts, upon which the auditors issued an unqualified opinion, have been delivered to the Registrar of Companies.
* The half yearly condensed financial statements for the six months ended 30 June 2009 have been prepared on the basis of the IFRS expected to be in issue for the year ending 31 December 2009 and in accordance with the consistent use of accounting policies that are disclosed in the audited consolidated financial statements for the year ended 31 December 2008.
* The business risks disclosed in the directors' report and audited consolidated financial statements for the year ended 31 December 2008 were still applicable for the six months ended 30 June 2009 and the board considers they will still apply for the remainder of the financial year. Further information regarding potential business risks to the Group is disclosed above in the chairman's half yearly statement and interim management report.
4. EARNINGS PER SHARE
The earnings per share have been calculated as follows:
6 months 6 months Year
ended ended ended
30 June 30 June 31 Dec
2009 2008 2008
£'000 £'000 £'000
(Loss)/profit available for equity (1,662) 36 (1,541)
Shareholders
Basic:
Weighted average number of shares 22,191,897 22,122,072 22,165,204
of 10p each in issue
Earnings per share (7.49p) 0.16p (6.95p)
Diluted:
Weighted average number of shares 22,191,897 22,122,072 22,1165,204
of 10p each in issue
Earnings per share (7.49p) 0.16p (6.95p)
Taking into consideration the exercise price of the options, the number of dilutive potential shares from unexercised executive share options granted as at 30 June 2009 was nil and as at 30 June 2008 was nil.
5. DIVIDENDS
The dividends paid in May 2009 and May 2008 were 0.00p per share and 1.25p per share respectively.
The board is not declaring an interim dividend for 2009.
6. INTEREST BEARING LOANS AND BORROWINGS
Effective Maturity June June December
Interest rate 2009 2008 2008
% £'000 £'000 £'000
Current
Bank loan 2.50 32 2 32
Asset finance 1.50% over 1 week 3,069
LIBOR
Obligations under finance 188
leases and hire purchase
contracts
8.5 - 10.7 174
81
Bank overdrafts Base rate On demand -
+3.0 637 1,663
3,182 827 1,869
Non Current
Bank loans Base rate 2 - 18
+2.50
Obligations under finance
leases and hire purchase
contracts
8.5 - 10.7 222 34 55
224 34 73
7. PROVISIONS FOR LIABILITIES AND CHARGES
6 months 6 months Year
ended ended ended
30 June 30 June 31 Dec
2009 2008 2009
£'000 £'000 £'000
Balance at 1 January 3,605 2,531 2,531
Pension cost for the period 166 (11) (98)
Contributions during the period - (427) (849)
Actuarial losses 2,736 501 2,021
6,507 2,594 3,605
8. CASH AND CASH EQUIVALENTS
For the purposes of the cash flow statement, cash and cash equivalents comprise the following:
6 months 6 months Year
Ended Ended Ended
30 June 30 June 31 Dec
2009 2008 2008
£'000 £'000 £'000
Cash at bank and in hand 261 786 402
Bank overdraft - (637) (1,663)
Net cash at bank and in hand 261 149 (1,261)
9. ISSUED CAPITAL
30 June
2009
No.'000
Authorised Ordinary shares of 10p each 32,000
Share capital Share premium
No.'000 £'000 £'000
Ordinary shares issued
and fully paid
At 1 January 2009
22,192 2,219 13,744
Issued during period - -
At 30 June 2009 22,192 2,219 13,744
10. This half yearly statement was approved by the board on 28 August 2009 and copies of this statement together with the accounts for the year ended 31 December 2008 and the interim report for the period ended 30 June 2009, can be obtained from the Company Secretary at the Registered Office:- Longmoor Lane, Breaston, Derbyshire DE72 3BQ.
The 2009 half yearly statement is also available with other financial information on the company's website www.litho.co.uk, under the corporate section.
This information is provided by RNS
The company news service from the London Stock Exchange
END
IR SEUFIWSUSEFA
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| Wed 20:24 |
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Yes indeed! Bought recently at 5p and was beginning to wonder if it was a wise decision. Feel much better now!
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| Wed 18:16 | ||||
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I think the directors are doing a good job in tough times,and acting in the best interest of the company and shareholders. I intend holding for the longterm.
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| 10-11-09 | ||||
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Sad state of affairs.Litho are a 'victim' of changing technology and have been in decline for years their customers have been falling like nine pins.While the deal with Mitsubishi may help a bit on top of all the problems there is a big defined pension deficit.Hopefully they will survive in some form but little shareholder value left.Probably a management buyout of the remains and pension scheme going into wind up.
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| 02-11-09 | ||||
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Use to be at 40p so half of that will suffice.
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