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| Date/Time | Headline | Source |
|---|---|---|
| 1 | ||
| 09-11-09 | RNS |
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RNS Number : 1835C Stanelco PLC 09 November 2009 TR-1: NOTIFICATION OF MAJOR INTEREST IN SHARESi
of existing shares to which voting rights are
attached: ii
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):
3. Full name of person(s) subject to the
notification obligation: iii
4. Full name of shareholder(s)
(if different from 3.):iv
5. Date of the transaction and date on
which the threshold is crossed or
reached: v
6. Date on which issuer notified:
7. Threshold(s) that is/are crossed or
reached: vi, vii
8. Notified details:
A: Voting rights attached to shares viii, ix
if possible using
the ISIN CODE
GB0005814198
B: Qualifying Financial Instruments
Resulting situation after the triggering transaction
C: Financial Instruments with similar economic effect to Qualifying Financial Instruments xv, xvi
Resulting situation after the triggering transaction
Total (A+B+C)
9. Chain of controlled undertakings through which the voting rights and/or the financial instruments are effectively held, if applicable: xxi
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:
14. Contact name: 020 7658 6000 15. Contact telephone number: This information is provided by RNS The company news service from the London Stock Exchange END
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| 06-11-09 | RNS |
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This news article is displayed preformatted as it may contain results tables
RNS Number : 0801C
Stanelco PLC
06 November 2009
6 November 2009
Stanelco plc ("the Company" or "the Group")
Interim Management Statement
Stanelco plc issues its interim management statement for the period from 1 January 2009 to 5 November 2009, as required by the UK Listing Authority's Disclosure and Transparency Rules.
Highlights
* Sales to 30 September up 12% to £13.4m
* Trading performance in line with Board's expectations:
* Continued growth in bioplastics division driven by interest in adopting sustainable products; increasing applications in new sectors
* Radio frequency applications division sales order pipeline continued to strengthen; growing overseas sales in China and India
* Closing cash position at 30 September £3.7m, increased by working capital improvements
* Board confident in full year outlook
Trading Update
Group revenues grew strongly during the nine months to 30 September 2009 and the Group's overall trading performance was in line with the Board's expectations.
Group revenues increased from £12.0m to £13.4m in the nine months to 30 September 2009, an increase of 12% compared with the same period last year. This reflected a 29% increase in bioplastic sales made directly by the Company, a 30% increase in sales in RF Applications division and an 8% increase in third party sales from our joint venture, Biotec.
Our cash position at 30 September 2009 was £3.7m, strengthened since the half year by working capital improvements, including a reduction in stock levels following the summer production holiday.
Bioplastics division
In the Bioplastics division, the sales team that was established last year has had a number of successes in growing sales of the Group's existing biodegradable products into the market, delivering a 29% increase in the Company's bioplastic sales in the nine months to 30 September 2009. The division has broadened its customer base with over 40 new customers in 2009 and widened the set of end-use applications by a further 17 in the same period. The management remain encouraged by the division's opportunities for growth.
The product development team continues to work closely with a number of blue chip customers and mainstream plastics convertors to develop a widening range of biodegradable products that can substitute oil-based plastics. Whilst some of these development paths are still at an early stage, others are poised to deliver further growth in the coming months. The development team continues to focus on those accounts which we consider could have the maximum growth potential.
We continue to see strong demand for bioplastic products in the market, driven not only by concerns about waste disposal but also by the desire of many large corporations to switch to using sustainable resources in key brands. This switch to the use of "renewable" materials in advance of legislation is seen as both a branding enhancement and a hedge against further oil based price rises. Sectors in which we are gaining traction include packaging, waste disposal, paper products, personal care, horticulture and electronics. The sales development work undertaken in the USA over the past year is now also gaining momentum.
Our joint venture, Biotec, delivered 8% growth in its third party sales for the 9 months to 30 September 2009 compared with the same period last year.
Radio Frequency (RF) applications division
In the RF Applications division, the team has been fulfilling a number of significant orders that have been won in the nine months to 30 September 2009, including the £0.3m order for RF furnaces disclosed in our interim results. Sales in the period increased by 30% compared with the same period last year including growth in both optical fibre furnaces and more general industrial equipment in which we are building a portfolio of customers making repeat orders. The sales order pipeline continues to strengthen with a particular emphasis on sales in India and China. As a result, a new sales consultant has now been appointed for Stanelco dedicated to the Indian market, as this territory shows signs of increasing growth in the next few years.
Outlook
The Board continues to be confident in the outlook for the full year. Our focus continues to be on working closely with customers with the potential to deliver increases in revenue, whilst considering acquisition opportunities and other paths that could significantly increase the scale of the business and deliver shareholder value.
- Ends -
For further information please contact:
Paul Mines, Chief Executive, Stanelco plc Tel: +44 (0) 2380 867100
Sue Bygrave, Group Finance Director, Stanelco plc
Jonathon Brill/Caroline Stewart, Tel: +44 (0) 20 7831 3113
Financial Dynamics
This information is provided by RNS
The company news service from the London Stock Exchange
END
IMSBABRTMMJMBFL
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| 21-10-09 | RNS |
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RNS Number : 1761B Stanelco PLC 21 October 2009 TR-1: NOTIFICATION OF MAJOR INTEREST IN SHARESi
of existing shares to which voting rights are
attached: ii
2 Reason for the notification (please tick the appropriate box or boxes):
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: iii
4. Full name of shareholder(s)
(if different from 3.):iv
which the threshold is crossed or
reached: v
reached: vi, vii
8. Notified details:
A: Voting rights attached to shares viii, ix
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 xv, xvi
Resulting situation after the triggering transaction
Total (A+B+C)
9. Chain of controlled undertakings through which the voting rights and/or the financial instruments are effectively held, if applicable: xxi 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:
This information is provided by RNS The company news service from the London Stock Exchange END
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| 20-10-09 | RNS |
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RNS Number : 1119B Stanelco PLC 20 October 2009 Today's closing auction call period has been extended in this security by 5 minutes. Auction call extensions give London Stock Exchange electronic order book users a further opportunity to review the prices and sizes of orders entered in an individual security during the initial auction call before the execution occurs. A price monitoring extension is activated when the matching process would have otherwise resulted in an execution price that is a pre-determined percentage above or below the price of the last automated execution today. The applicable percentage is set by reference to a security's TradElect sector. This is set out in the Sector Breakdown tab of the TradElect Parameters document at www.londonstockexchange.com/en-gb/products/membershiptrading/tradingservices</f ipP> 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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RNS Number : 7277Y Stanelco PLC 08 September 2009 TR-1: NOTIFICATION OF MAJOR INTEREST IN SHARESi
of existing shares to which voting rights are
attached: ii
2 Reason for the notification (please tick the appropriate box or boxes):
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):
3. Full name of person(s) subject to the
notification obligation: iii
5. Date of the transaction and date on
which the threshold is crossed or
reached: v
6. Date on which issuer notified:
7. Threshold(s) that is/are crossed or
reached: vi, vii
8. Notified details:
A: Voting rights attached to shares viii, ix
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 xv, xvi
Resulting situation after the triggering transaction
Total (A+B+C)
9. Chain of controlled undertakings through which the voting rights and/or the financial instruments are effectively held, if applicable: xxi 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:
This information is provided by RNS The company news service from the London Stock Exchange END
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| 04-09-09 | RNS |
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RNS Number : 5886Y Stanelco PLC 04 September 2009 Today's closing auction call period has been extended in this security by 5 minutes. Auction call extensions give London Stock Exchange electronic order book users a further opportunity to review the prices and sizes of orders entered in an individual security during the initial auction call before the execution occurs. A price monitoring extension is activated when the matching process would have otherwise resulted in an execution price that is a pre-determined percentage above or below the price of the last automated execution today. The applicable percentage is set by reference to a security's TradElect sector. This is set out in the Sector Breakdown tab of the TradElect Parameters document at www.londonstockexchange.com/en-gb/products/membershiptrading/tradingservices</f ipP> This information is provided by RNS The company news service from the London Stock Exchange END
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| 03-09-09 | RNS |
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RNS Number : 5143Y Stanelco PLC 03 September 2009 A second and final Price Monitoring Extension has been activated in this security. The closing auction call period is extended in this security for a further 5 minutes. Following the first price monitoring extension this security would still execute more than a pre-determined percentage above or below the price of the previous automated execution today. London Stock Exchange electronic order book users have a final opportunity to review the prices and sizes of orders entered in this security prior to the auction call execution which will set today's closing price. The applicable percentage is set by reference to a security's TradElect sector. This is set out in the Sector Breakdown tab of the TradElect Parameters document at www.londonstockexchange.com/en-gb/products/membershiptrading/tradingservices</f ipP> This information is provided by RNS The company news service from the London Stock Exchange END
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| 03-09-09 | RNS |
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RNS Number : 5137Y Stanelco PLC 03 September 2009 Today's closing auction call period has been extended in this security by 5 minutes. Auction call extensions give London Stock Exchange electronic order book users a further opportunity to review the prices and sizes of orders entered in an individual security during the initial auction call before the execution occurs. A price monitoring extension is activated when the matching process would have otherwise resulted in an execution price that is a pre-determined percentage above or below the price of the last automated execution today. The applicable percentage is set by reference to a security's TradElect sector. This is set out in the Sector Breakdown tab of the TradElect Parameters document at www.londonstockexchange.com/en-gb/products/membershiptrading/tradingservices</f ipP> This information is provided by RNS The company news service from the London Stock Exchange END
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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 : 1519Y
Stanelco PLC
28 August 2009
28 August 2009
Stanelco plc ("Stanelco", "the Company" or "the Group")
Interim Results for the six months ended 30 June 2009
Financial Highlights
* Group revenue up 9% to £8.1m (2008: £7.4m)
* Loss from operations reduced to £1.5m (2008: loss £1.6m)
* Loss from operations before share option charges reduced to £1.4m (2008: loss £1.9m)
* Loss before tax increased to £2.7m (2008: loss £1.1m) after partial reversal of foreign exchange gain on intercompany loan
* Closing Group cash position £3.4m (2008: £6.2m)
* Investment of £1.3m of cash into working capital to meet increased sales and seasonal stock build ahead of summer production holiday
Business Highlights
* Continued levels of good growth:
* 29% growth in bioplastics sales made directly by the Company as focus on new products and growth continues; 29% growth in sales in RF Applications as business broadens into new market areas
* Significant progress made in developing new bioplastics products with major customers
* Benefitting from working closely with customers to develop products
* Confident in full year outlook
John Standen, Non-Executive Chairman said:
"In the first six months of this year Stanelco has made further significant progress in the development and delivery of its product range for the plastics market which will meet the needs of the 'sustainable' agenda. This is being delivered both from the intellectual property (IP), cash and other resources in place in 2007, when a more professional and appropriate approach was adopted by the Company, and from the impetus brought by well qualified and experienced personnel.
In the BioPlastics division, the R&D team have begun the commercial testing of new products based on novel IP built over the last 18 months. We have also begun material shipment in advance of a substantive product launch in the second half for one of our target markets of personal care. In the Radio Frequency division, a widening of the technology base is also beginning to deliver growth in a variety of markets.
Your Board believes that the growing evidence of success in these endeavours is the key to proving Stanelco's ability to build a cash generating business for the future. We will continue to work closely with our customers to deliver further revenue growth, while we assess acquisition opportunities that we believe would provide us with the size and scale to improve shareholder value."
- Ends -
For further information please contact:
Paul Mines, Chief Executive, Stanelco plc Tel: +44 (0) 2380 867100
Sue Bygrave, Group Finance Director, Stanelco plc
Jonathon Brill/Caroline Stewart, Tel: +44 (0) 20 7831 3113
Financial Dynamics
Chairman's Statement
In the first half of this year we have continued to grow and improve the profitability of the Company despite turbulent macro conditions. It is pleasing to see that the sustainable agenda is still being supported through current economic times, and that we are achieving good levels of growth.
We are already seeing the benefits of employing experienced executives to run our BioPlastics and RF Applications divisions following recent appointments. In BioPlastics, the R&D team has made significant progress in improving the functionality of our bioplastics products and we are working closely with a number of blue chip customers to bring these new products to market. In the RF Applications division, the new management and sales staff have reinvigorated the business, introducing new products, driving support services and filling the new sales pipeline.
Group Results
Group revenues increased from £7.4m to £8.1m in the six months ended 30 June 2009, an increase of 9% compared with the six months ended 30 June 2008. This reflected a 29% increase in bioplastics sales made directly by the Company, a 29% increase in sales in RF Applications and a 5% increase in third party sales from our joint venture, Biotec.
The Group's loss from operations for the six months ended 30 June 2009 reduced to £1.5m from £1.6m in the same period last year. This year's loss from operations, however, was after a charge of £58,000 in respect of the Group's share option scheme whereas the period last year benefitted from a share option credit of £237,000. Before share option charges, the loss from operations reduced to £1.4m compared with £1.9m in the same period last year.
Finance related costs, including foreign exchange losses, totalled £1.2m for the six months ended 30 June 2009 compared with income of £0.5m in the six months ended 30 June 2009. These costs included a £0.9m loss relating to the retranslation of an intercompany loan between Stanelco and Biotec which partly reversed the £1.9m gain on the loan recorded in the year ended 31 December 2008. The gain on the loan in the six months ended 30 June 2008 was £0.4m.
After the impact of the foreign exchange loss, the loss before taxation was £2.7m (2008: £1.1m), delivering a loss per share of 0.087 pence (2008: 0.032 pence).
Our cash position at 30 June 2009 was £3.4m reflecting the loss for the period and the absorption of £1.3m of cash into working capital owing to increased sales and the usual build up of stocks ahead of the summer production holiday. With close working capital management and a return of stock balances to more usual levels after the holiday period, some of this movement should reverse in the second half of the year, as happened in the second half of last year.
Stanelco BioPlastics
The BioPlastics business has continued to make progress with the Company's direct sales of bioplastics up 29% to £1.0m for the six months ended 30 June 2009 and total sales up 8% to £7.6m.
The Biotec subsidiary in Germany continues to perform as required. The leadership of the business has been changed in the period and the unit has continued its transformation to low-cost manufacturing hub.
The new product flow from our pilot/development at our HQ in Southampton has been particularly encouraging. As a result of the development work over the last 18 months a number of new products with novel properties are in the later stages of trials with customers. The process of industrialising these products is now underway with larger scale manufacturing trials being undertaken at Biotec in Germany.
Work continues in the product development area to both improve the functional capability of our bioplastics and to reduce raw material costs.
Stanelco RF Applications
The RF Applications division has made good progress in the period with revenues increasing to £0.5m in the six months ended 30 June 2009 compared with £0.4m in the six months ended 30 June 2008 and with a strong order book going into the second half of the year.
The work put into broadening the product offering into areas such as induction heating has yielded rapid success. Enquiries and orders in this area have been building and our professional approach is yielding a number of repeat customers.
The business has recently launched a new range of high frequency induction generators covering the range 35-400kHz. These new modular generators extend Stanelco's range into new areas of the industrial market.
In the period, the business won the largest order for RF furnaces since 2001. At over £0.3m this contract will be delivered over the next 6 months and is indicative of the continued strength of the fibre optic cable market and Stanelco's product capability in this area.
We are particularly pleased to note the division's improving performance during a period that has seen considerable turbulence and general reductions in the wider market for capital goods.
Biotec Litigation
Novamont S.p.A's proceedings against Biotec Biologische Naturverpackungen GmbH & Co KG, Germany ("Biotec") remain ongoing. Biotec continues to defend these claims robustly and Stanelco and Biotec continue to take professional and technical advice with regard to this litigation, and are confident of a successful outcome.
Outlook
We believe we are focussed on the right priorities to build value for shareholders and we remain confident of a satisfactory outcome for the full year.
We continue to work closely with a number of customers with the potential to deliver further substantial increases in revenue, while considering acquisition opportunities and other paths that would allow us to significantly increase the scale of the business and improve shareholder value.
John Standen
Chairman
CONSOLIDATED STATEMENT
OF COMPREHENSIVE INCOME
For the period ended 30 June 2009
6 Months 6 Months Year
ended ended ended
30 June 30 June 31 December
2009 2008 2008
Unaudited Unaudited Audited
Note £'000 £'000 £'000
REVENUE 4a - 4c 8,058 7,411 14,803
Cost of sales (6,135) (5,832) (11,976)
GROSS PROFIT 1,923 1,579 2,827
Recurring administrative expenses (3,397) (3,218) (5,628)
LOSS FROM OPERATIONS 4a - 4c (1,474) (1,639) (2,801)
Investment revenue 25 265 371
Finance charges (87) (135) (242)
Foreign exchange (loss)/ gain (1,142) 360 2,205
LOSS BEFORE TAXATION (2,678) (1,149) (467)
Taxation (3) 165 169
LOSS FOR THE PERIOD (2,681) (984) (298)
Other comprehensive income:
Exchange differences on
translating
foreign operations (828) 578 1,742
TOTAL COMPREHENSIVE INCOME FOR (3,509) (406) 1,444
THE PERIOD
Loss for the period attributable
to:
Equity holders of the parent (2,504) (850) 139
Minority interest (177) (134) (437)
LOSS FOR THE PERIOD (2,681) (984) (298)
Total comprehensive income for
the period attributable to:
Equity holders of the parent (2,847) (547) 1,482
Minority interest (662) 141 (38)
TOTAL COMPREHENSIVE INCOME FOR (3,509) (406) 1,444
THE PERIOD
Basic and diluted loss per share 6 (0.087) (0.032) (0.010)
- pence
CONSOLIDATED STATEMENT
OF FINANCIAL POSITION
As at 30 June 2009
At At At
30 June 30 June 31 December
2009 2008 2008
Unaudited Unaudited Audited
Note £'000 £'000 £'000
NON-CURRENT ASSETS
Goodwill 7 14,809 13,682 16,746
Other intangible assets 8 652 202 501
Property, plant and equipment 9 4,238 4,445 5,120
19,699 18,329 22,367
CURRENT ASSETS
Inventories 4,245 4,665 2,502
Trade and other receivables 2,951 3,293 2,157
Cash and cash equivalents 3,439 6,204 6,381
10,635 14,162 11,040
TOTAL ASSETS 30,334 32,491 33,407
CURRENT LIABILITIES
Trade and other payables 3,296 3,744 1,816
Promissory notes 10 6,710 6,205 7,543
Obligations under finance lease 271 212 294
Short term provisions - 387 -
10,277 10,548 9,653
NON-CURRENT LIABILITIES
Obligations under finance lease 653 794 899
TOTAL LIABILITIES 10,930 11,342 10,552
NET ASSETS 19,404 21,149 22,855
EQUITY
Share capital 3,078 3,078 3,078
Share premium account 38,623 38,615 38,623
Share options reserve 552 646 494
Translation reserve 1,102 405 1,445
Retained losses (27,421) (25,906) (24,917)
EQUITY ATTRIBUTABLE TO EQUITY 15,934 16,838 18,723
HOLDERS OF THE PARENT
Minority interest 3,470 4,311 4,132
TOTAL EQUITY 19,404 21,149 22,855
The interim statements were approved by the Board on 27 August 2009.
Signed on behalf of the Board of Directors
Paul R Mines (Chief Executive)
Susan J Bygrave (Group Finance Director)
27 August 2009
CONSOLIDATED STATEMENT
OF CHANGES IN EQUITY
As at 30 June 2009
Share capital Share premium Share options Translation reserves Retained losses Attributable to Minority interest TOTAL EQUITY
account reserve equity holders of
the parent
£'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000
Unaudited
Balance at 1 January 2009 3,078 38,623 494 1,445 (24,917) 18,723 4,132 22,855
Share options issued in share - - 58 - - 58 - 58
based payments
Transactions with owners - - 58 - - 58 - 58
Loss for the period - - - - (2,504) (2,504) (177) (2,681)
Other comprehensive income:
Exchange differences on - - - (343) - (343) (485) (828)
translation of foreign
operations
Total comprehensive income for - - - (343) (2,504) (2,847) (662) (3,509)
the period
Balance 30 June 2009 3,078 38,623 552 1,102 (27,421) 15,934 3,470 19,404
Unaudited
Balance at 1 January 2008 3,012 38,199 883 102 (25,056) 17,140 4,170 21,310
Share options issued in share - - (237) - - (237) - (237)
based payments
Issue of share capital 66 416 - - - 482 - 482
Transactions with owners 66 416 (237) - - 245 - 245
Loss for the period - - - - (850) (850) (134) (984)
Other comprehensive income:
Exchange differences on - - - 303 - 303 275 578
translation of foreign
operations
Total comprehensive income for - - - 303 (850) (547) 141 (406)
the period
Balance 30 June 2009 3,078 38,615 646 405 (25,906) 16,838 4,311 21,149
Audited
Balance at 1 January 2008 3,012 38,199 883 102 (25,056) 17,140 4,170 21,310
Share options issued in share - - (389) - - (389) - (389)
based payments
Issue of share capital 66 424 - - - 490 - 490
Transactions with owners 66 424 (389) - - 101 - 101
Loss for the year - - - - 139 139 (437) (298)
Other comprehensive income:
Exchange differences on - - - 1,343 - 1,343 399 1,742
translation of foreign
operations
Total comprehensive income for - - - 1,343 139 1,482 (38) 1,444
the year
Balance 31 December 2008 3,078 38,623 494 1,445 (24,917) 18,723 4,132 22,855
CONSOLIDATED STATEMENT
OF CASH FLOWS
For the period ended 30 June 2009
6 Months 6 Months Year
ended ended ended
30 June 30 June 31 December
2009 2008 2008
Unaudited Unaudited Audited
£'000 £'000 £'000
Loss from operations (1,474) (1,639) (2,801)
Adjustment for:
Amortisation and impairment of intangible 36 21 148
assets
Depreciation of property, plant and 350 188 681
equipment
Share based payments 58 (236) (389)
(Profit)/loss on disposal of (2) (2) 2
property,plant and equipment
Increase/(decrease) in provisions - 361 (441)
Foreign exchange (93) 359 81
Operating cash flows before movement of (1,125) (948) (2,719)
working capital
(Increase)/decrease in inventories (1,939) 1,432 4,956
(Increase)/decrease in receivables (928) (1,675) 12
Increase/(decrease) in payables 1,575 (922) (3,612)
Cash utilised by operations (2,417) (2,113) (1,363)
Corporation tax received - 165 169
Interest paid (55) (54) (160)
Net cash outflow from operating activities (2,472) (2,002) (1,354)
Cash flows from investing activities
Interest received 25 265 371
Proceeds on disposal of property, plant 2 - 2
and equipment
Investment in intangible assets (196) (4) (416)
Purchase of property, plant and equipment (17) (117) (307)
Settlement of deferred consideration - (487) (487)
Net cash used in investing activities (186) (343) (837)
Financing activities
Repayment of obligations under finance (126) (134) (219)
lease
Proceeds from the issue of shares - 483 482
Net cash from financing activities (126) 349 263
Net decrease in cash and cash equivalents (2,784) (1,996) (1,928)
Cash and cash equivalents at beginning of 6,381 8,059 8,059
period
Effect of foreign exchange rate changes (158) 141 250
Cash and cash equivalents at end of period 3,439 6,204 6,381
NOTES TO THE INTERIM CONSOLIDATED FINANCAL STATEMENTS
For the period ended 30 June 2009
1. CORPORATE INFORMATION
The financial information for the year ended 31 December 2008 set out in this interim report does not constitute statutory accounts as defined in Section 240 of the Companies Act 1985. The Group's statutory financial statements for the year ended 31 December 2008 have been filed with the Registrar of Companies. The auditor's report on those financial statements was unqualified and did not contain statements under Section 237 (2) or Section 237 (3) of the Companies Act 1985. The interim results are unaudited. Stanelco plc is a public limited company incorporated and domiciled in England & Wales. The company's shares are publicly traded on the London Stock Exchange.
2. BASIS OF PREPARATION
These interim consolidated financial statements are for the six months ended 30 June 2009. They have been prepared in accordance with IAS 34 Interim Financial Reporting. They do not include all of the information required for full annual financial statements, and should be read in conjunction with the consolidated financial statements of the Group for the year ended 31 December 2008.
These interim consolidated financial statements have been prepared under the historical cost convention.
These interim consolidated financial statements (the interim financial statements) have been prepared in accordance with the accounting policies adopted in the last annual financial statements for the year to 31 December 2008 except for the adoption of IAS 1 Presentation of Financial Statements (Revised 2007) and IFRS 8 Operating Segments.
The adoption of IAS 1 (Revised 2007) does not affect the financial position or profits of the Group, but gives rise to additional disclosures. The measurement and recognition of the Group's assets, liabilities, income and expenses is unchanged, however, some items that were recognised directly in equity are now recognised in other comprehensive income, for example exchange differences on translating foreign operations. IAS 1 (Revised 2007) affects the presentation of owner changes in equity and introduces a 'Statement of comprehensive income'. Further, a 'Statement of changes in equity' is now presented.
The adoption of IFRS 8 has not changed the segments that are disclosed in the interim financial statements. In the previous annual and interim financial statements, segments were identified by reference to the dominant source and nature of the Group's risks and returns. Under IFRS 8 the accounting policy for identifying segments is now based on internal management reporting information that is regularly reviewed by the chief operating decision maker. These are the same for the Group.
The accounting policies have been applied consistently throughout the Group for the purposes of preparation of these interim consolidated financial statements.
3. BASIS OF CONSOLIDATION
The Group interim financial statements consolidate the results of the Company and all of its subsidiary undertakings drawn up to 30 June 2009. Subsidiaries are entities over which the Group has the power to control the financial and operating policies so as to obtain benefits from its activities. The Group obtains and exercises control through voting rights. At 30 June 2009 the subsidiary undertakings were Stanelco RF Technologies Limited, InGel Technologies Limited, Adept Polymers Limited, Aquasol Limited, Stanelco Inc, Biotec Holding GmbH Group, Biotec Biologische Naturverpackungen GmbH & Co KG and Biotec Biologische Naturverpackungen Forschungs-und Entwicklungs GmbH.
The Group's shareholding in Biotec is 50 per cent. However the Group is party to an agreement giving it a casting vote over all material decisions and so Biotec is accounted for as a subsidiary on the basis of control. The casting vote expires on 31 December 2009. After this date Biotec will cease to be fully consolidated.
The assets and liabilities of the Stanelco plc Employee Benefit Trust ("EBT") are included within the consolidated statement of financial position on the basis that the Group has the ability to exercise control over the EBT.
4a. SEGMENTAL INFORMATION FOR 6 MONTHS ENDED 30 JUNE 2009
Bioplastics RF Applications Central Costs Total
6 Months 6 Months 6 Months 6 Months
ended ended ended ended
30 June 30 June 30 June 30 June
2009 2009 2009 2009
£'000 £'000 £'000 £'000
Unaudited
Revenue from external 7,554 504 - 8,058
customers
PROFIT/(LOSS) FROM OPERATIONS (530) 1 (945) (1,474)
Investment revenue 25
Finance charges (87)
Foreign exchange loss (1,142)
LOSS BEFORE TAXATION (2,678)
TOTAL ASSETS 25,672 1,515 3,147 30,334
4b. SEGMENTAL INFORMATION FOR 6 MONTHS ENDED 30 JUNE 2008
Bioplastics RF Applications Central Costs Total
6 Months 6 Months 6 Months 6 Months
ended ended ended ended
30 June 30 June 30 June 30 June
2008 2008 2008 2008
£'000 £'000 £'000 £'000
Unaudited
Revenue from external 7,021 390 - 7,411
customers
LOSS FROM OPERATIONS (71) (119) (1,449) (1,639)
Investment revenue 265
Finance charges (135)
Foreign exchange loss 360
LOSS BEFORE TAXATION (1,149)
TOTAL ASSETS 22,814 973 8,704 32,491
4c. SEGMENTAL INFORMATION FOR YEAR ENDED 31 DECEMBER 2008
Bioplastics RF Applications Central Costs Total
Year Year Year Year
ended ended ended ended
31 December 31 December 31 December 31 December
2008 2008 2008 2008
£'000 £'000 £'000 £'000
Audited
Revenue from external 13,728 1,075 - 14,803
customers
LOSS FROM OPERATIONS (844) (15) (1,942) (2,801)
Investment revenue 371
Finance charges (242)
Foreign exchange loss 2,205
LOSS BEFORE TAXATION (467)
TOTAL ASSETS 27,087 1,075 5,245 33,407
5. TAXATION
The Group's policy is to recognise tax credits resulting from tax R&D claims on a cash received basis. A claim has been submitted in respect of the year ended 31 December 2008 but has not yet been settled. A tax credit has not, therefore, been recognised in these accounts in respect of that claim.
6. EARNINGS PER SHARE
The calculation of earnings per share is based on the loss after tax for the six months of £2,680,711 (2008: £984,154) and a weighted average of 3,078,340,917 (2008: 3,021,403,333) ordinary shares in issue.
7. GOODWILL
The decrease in goodwill since 31 December 2008 is due to the depreciation of the Euro during the reporting period. This increase will reverse should the Euro appreciate in future periods.
8. OTHER INTANGIBLE ASSETS
Other intangible assets increased in the period as a result of the capitalisation of £196,000 of product development costs. The amortisation charge for the period was £36,000.
9. PROPERTY, PLANT AND EQUIPMENT
There were no significant additions to property, plant and equipment during the reporting period. The decrease in property, plant and equipment in the reporting period reflected the depreciation of the Euro and the depreciation charge for the period.
10. PROMISSORY NOTES
Promissory notes are amounts due from members of Biotec Holding GmbH Group to the 50 per cent shareholder, SPhere. Amounts due represent the principal loans plus unpaid interest. Interest is calculated at one per cent per annum on the outstanding loans. The promissory notes are repayable on demand. On this basis the notes are included on the balance sheet at the face value which is equivalent to fair value. The promissory notes are not subject to interest rate risk as interest is fixed at 1% and are repayable on demand. During the period between 31 December 2008 and 30 June 2009 the depreciation of the Euro resulted in a loss of £897,000 in the value of the promissory notes.
11. CONTINGENT LIABILITIES
Novamont S.p.A's ("Novamont's") proceedings against Biotec Biologische Naturverpackungen GmbH & Co KG, Germany ("Biotec") claiming infringement of the French and Italian designations of Novamont's European Patent Numbers EP 0 327 505, EP 0 947 559 and EP 0 937 120 remain ongoing.
Biotec is defending these claims robustly. The proceedings are continuing and a judgment is not expected for up to 18 months in either the French or Italian proceedings. Stanelco and Biotec continue to take professional and technical advice with regard to this litigation and are confident of a successful outcome.
12. RISKS AND UNCERTAINTIES
The principal risks and uncertainties affecting the business activities of the Group are detailed in the Directors' Report which can be found on pages 9-14 of the Annual Report and Financial Statements for the year ended 31 December 2008 ("the Annual Report"). A copy of the Annual Report and
Financial Statements is available on the Company's website at www.stanelcoplc.com
The risks affecting the business remain the same as in the Annual Report. In summary, these risks
include:
* changes in the regulatory environments in which the Group operates
* fluctuations in exchange rates, particularly Euro
* volatility in raw material prices
* breach of intellectual property rights
* competitors developing more attractive products
* failure to commercialise products
* financial risks including exchange rate risk, liquidity risk, interest rate risk and credit risk.
Further details of how these risks impact the business and how the directors attempt to mitigate
the risks can be found in the Annual Report.
STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors confirm that to the best of their knowledge:
* this 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 DTR 4.2.7 and DTR 4.2.8, namely:
* * An indication of important events that have occurred during the six months ended 30 June 2009 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 financial year; and
* * Material related party transactions in the six months ended 30 June 2009 and any material changes in the related party transactions described in the last annual report.
By order of the Board:
Paul R Mines (Chief Executive)
Susan J Bygrave (Group Finance Director)
27 August 2009
INDEPENDENT REVIEW REPORT FOR STANELCO 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 consolidated statement of comprehensive income, consolidated statement of financial position, consolidated statement of cash flow, consolidated statement of changes in equity and the related notes 1 to 12. We have read the other information contained in the half yearly financial report which comprises only the Chairman's Statement 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 guidance contained in ISRE (UK and Ireland) 2410, 'Review of Interim Financial Information performed by the Independent Auditor of the Entity'. Our review work has been undertaken so that we might state to the company those matters we are required to state to them in a review 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 conclusion we have formed.
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 Disclosure and Transparency Rules of the United Kingdom's Financial Services Authority.
As disclosed in Note 2, the annual financial statements of the group are prepared in accordance with IFRS, as adopted by the European Union. The condensed set of financial statements included in this half-yearly financial report has been prepared in accordance with International Accounting Standard 34, 'Interim Financial Reporting,' as adopted by the European Union.
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 United Kingdom. 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 International Accounting Standard 34 as adopted by the European Union and the Disclosure and Transparency Rules of the United Kingdom's Financial Services Authority.
GRANT THORNTON UK LLP
Southampton
27 August 2009
This information is provided by RNS
The company news service from the London Stock Exchange
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