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Ambrian Capital PLC (AMBR)

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Wednesday 16 September, 2009

Ambrian Capital PLC

Interim Results

RNS Number : 1020Z
Ambrian Capital PLC
16 September 2009
 



Embargoed: 7am 16th September 2009 


Ambrian Capital Reports First Half Results


London, 16 September 2009 - Ambrian Capital plc ('Ambrian Capital'), the natural resources investment bank, today announces its unaudited results for the first half ended 30 June 2009.

Highlights

  • Total income was £10.13 million in the first half of 2009 compared to £3.74 million for the first half ended 30 June 2008.

  • Profit before tax was £2.28 million compared with a loss of £(2.79) million for the first half of 2008.

  • Commodities generated record first half revenue of £6.52 million, reflecting strength in physical metals merchanting.

  • Corporate Finance & Equities traded profitably in the first half of 2009 with revenue of £3.39 million, approximately unchanged compared to the first half of 2008.

  • Ambrian was ranked (a1st  in small cap metals & mining research (Thomson Reuters Extel Survey 2009); (b1st  by aggregate market capitalisation and number of retained corporate clients in the AIM Basic Materials Sector (Hemscott), and (c7th worldwide by number of announced mergers and acquisitions in the metals & mining sector for the first half of 2009 (Merger Market).

  • Own cash resources increased by £1.21 million during the half year to £23.77 million.

  • Net asset value per share increased 4.4% during the half year to 33.0p.

  • Basic earnings per share were 1.61p compared with a loss of (1.94)p for the first half of 2008.

  • Interim dividend maintained at 0.75p per share.


'Ambrian delivered a robust first half performance,' said Tom Gaffney, Chief Executive. 'Our results reflect a particularly strong performance by our physical metals merchanting business and the recovery in commodities prices since the start of the year.  Chinese demand for raw materials is unlikely to be maintained and, therefore, we do not expect our income in the second half of 2009 to reach the level achieved in the first half of the year. Nevertheless, any acceleration in global economic recovery should see export led demand for raw materials from China and rapid re-stocking in North America, Europe and Japan.

We are committed to maintaining a strong financial position and to our distinct business model. Further global growth in demand for natural resources will propel Ambrian’s growth across each of our activities – equities, futures and physicals.”

  For further information please contact:


Ambrian Capital plc
 
Tom Gaffney, Chief Executive 
+ 44 (0)20 7634 4700
 
 
Fox-Pitt, Kelton
 
Simon Law / Marc Milmo
+ 44 (0)20 7663 6000
 
 
M:Communications
 
Charlotte Kirkham / Ben Simons
+ 44 (0)20 7920 2331 / 2430

 


Notes to Editors:


Ambrian Capital plc

Ambrian Capital plc (AIM: AMBR) is the holding company of Ambrian Partners Limited, Ambrian Commodities Limited and Ambrian Metals Limited.


Ambrian Partners Limited is a specialist investment bank focussed on the metals & mining, oil & gas, and cleantech sectors. It provides corporate finance advice, equity research, sales and trading and market making services. Ambrian Partners is a member of the London Stock Exchange and is authorised and regulated by the Financial Services Authority.


Ambrian Commodities Limited is a trader and broker specialising in London Metals Exchange cleared base metals futures and options. Its customers include metals producers, consumers, merchants, traders and financial investors. Ambrian Commodities is an Associate Broker Member of the London Metal Exchange and is authorised and regulated by the Financial Services Authority.


Ambrian Metals Limited is an independent physical metals merchant with particular strengths in copper, aluminium and lead. Through Ambrian Metals' offices in London and Shanghai and agents in CalcuttaNew YorkSantiagoSão PauloSeoul and Tokyo, it sources non-ferrous metals from producers for distribution to an international client base of metals consumers and merchants.


Further information on Ambrian Capital is available on the Company's website:  

 
 

  CHIEF EXECUTIVE'S STATEMENT


Ambrian Capital delivered a robust performance in the first half of 2009 with total income of £10.13 million compared to £3.74 million in the first half of 2008. Revenue from operations of £9.91 million was up 83.9% compared to the first half of 2008 and exceeded the total for 2008.

Profit before tax of £2.28 million in the first half of 2009 represented a 22.5% pre-tax profit margin.

The growth in revenue and profitability primarily has been driven by the Commodities businesses, and in particular, physical metals merchanting which we started in June 2008. Ambrian Metals Limited ('Ambrian Metals') benefited from record inflows to China of raw materials in the first six months of the year.

Ambrian Partners Limited ('Ambrian Partners'), the Corporate Finance & Equities business, further strengthened its leading position in the London natural resources sector and made a good return to profitability based on its uniquely specialised focus and low cost base.

The legacy Investment Portfolio represented less than five per cent of Ambrian Capital's net asset value at 30 June 2009. Movements in the market value of holdings in the Investment Portfolio had a limited but positive impact on results for the first half of 2009.

We are committed to building a business that has intrinsic value substantially in excess of net asset value based on a differentiated business model and an enduring franchise.

Income and Pre-Tax Profits

Total income was £10.13 million for the first half of 2009, compared to £3.74 million for the first half of 2008.

Ambrian Capital's operating businesses comprise its Corporate Finance & Equities and Commodities businesses.  Revenue from operations was £9.91 million for the first half of 2009, compared to £5.39 million for the first half of 2008.

Total income for the first half of 2009 also includes gains on the Investment Portfolio of £0.22 million, compared to a loss of £(1.65) million for the first half of 2008.

Profit before tax was £2.28 million for the first half of 2009 compared to a loss of £(2.79) million in the first half of 2008.

Corporate Finance & Equities

Corporate Finance & Equities' revenue was £3.39 million for the first half of 2009, compared to £3.38 million for the first half of 2008 and £3.25 million for the whole of 2008.

During the first half of 2009, Ambrian Partners was recognised as the leading investment bank to the mid and small cap metals & mining sector:

  • Ambrian Partners ranked 1st  in the UK small cap metals & mining sector in the 2009 Thomson Reuters Extel Survey.

  • Ambrian Partners ranked 1st  in the AIM Basic Materials Sector both in terms of number and in terms of aggregate market capitalisation of retained corporate clients in the Hemscott 2nd Quarter 2009 Advisers Rankings Guide.

  • Ambrian Partners ranked 7th by number of worldwide announced mergers and acquisitions in the metals & mining sector for the first half of 2009 according to Merger Market.

Among the transactions announced during the first half of 2009 in which Ambrian Partners was involved were the following: 

  • Avocet Mining plc's US$145 million acquisition of Wega Mining ASA

  • Centamin Egypt plc's C$69 million equity placing

  • Kalahari Minerals plc's £17.9 million equity placing

Ambrian Partners made progress in further building its Cleantech franchise and completed equity placings for Dyesol Limited (solar technology) and Ramco Energy plc (marine renewables). Ambrian Partners was also appointed Nomad and Broker to Energetix Group plc (alternative energy technologies) and to VPhase plc (domestic energy effectiveness).

Ambrian Partners' strategy is to focus its resources on a selected group of retained Nomad and Corporate Broking clients which are of high quality, have high growth potential and offer Ambrian Partners the potential to generate significant fees on a recurring basis.  At 1 September 2009, Ambrian Partners had 35 retained corporate clients compared to 42 at 31 December 2008.  Ambrian Partners' retained listed clients had an average market capitalisation of £79 million at 1 September 2009 compared to the then average market capitalisation of an AIM listed company of £39 million.

Ambrian Partners' stockbroking and market making activities performed well as a result of the rebound in the share prices of natural resources companies during the first half of 2009.  Ambrian Partners has begun research coverage of the major London listed mining companies and this has already begun to have a positive impact on secondary commissions generated Market making was profitable in each of the first six months of 2009 and generated revenue of £0.76 million in the first half of 2009 compared to a loss of £(2.04) million in the year ended 2008. This is a particularly strong performance given that only £1 million of capital was allocated to Ambrian Partners' market making activities.

Ambrian Partners has taken advantage of the turmoil in the London stockbroking sector and made a number of key senior hires during the first half of 2009 in each of corporate finance, research and equity sales. We will continue to selectively recruit talented individuals both in our existing sectors of expertise and new sectors as the opportunity arises.

Our policy is to recruit only those individuals with proven skills who are able to make a tangible contribution in excess of their attributable costs in their first 12 months of employment.

Commodities

Commodities revenue was £6.52 million for the first half of 2009, compared to £2.01 million for the first half of 2008 and £6.39 million for the whole of 2008. Ambrian Capital's commodities business includes Ambrian Commodities, an LME broker-dealer, and Ambrian Metals, a physical metals merchant, which commenced operations in June 2008 and therefore made only a small contribution to revenue in the first half of 2008.

Ambrian Commodities Limited

Ambrian Commodities' performance in the first half of 2009 was slightly weaker than its performance in the first half of 2008.

Total LME trading volume was almost unchanged with 53.9 million lots traded in the first half of 2009 compared to 53.3 million lots in the 2008 first half.  Despite the slowdown in the global economy, LME volumes were maintained by the activity of financial investors.

Ambrian Commodities' client base primarily consists of industrial metals fabricators, of which approximately two-thirds are located in Continental Europe.

These industrial customers have a regular need for the metals price hedging services provided by Ambrian Commodities regardless of the actual level of metals prices; however, their volume of LME activity is directly related to their manufacturing production. Given the weak global economy, output in the first half of 2009 was reduced and this put some pressure on Ambrian Commodities' volume of activity.

The amount of capital required by Ambrian Commodities is linked to the total amount of margin credit lines granted to its customers. At 30 June 2009, Ambrian Commodities had a regulatory capital requirement of £8.3 million and had granted margin credit lines totalling US$69.7 million (£42.3 million).  

The strategic alliance with Mizuho Financial Group, one of Japan's largest financial institutions, has been slow to become operational nevertheless, we expect that in due course it will enable Ambrian Commodities to expand its business without the requirement for further capital.  

Ambrian Commodities is well positioned with its low cost base, close client relationships and alliance with Mizuho Financial Group to benefit from the eventual recovery in global manufacturing output.

Ambrian Metals Limited

Ambrian Metals benefited during the first half of 2009 from record flows of refined copper into China. The total volume of refined copper imported by China in the first half of 2009 was 1.78 million tonnes, compared to 1.76 million tonnes for the whole of 2008.

Chinese demand for copper in the first half of 2009 was fuelled in large part by the RMB 4 trillion (US$585 billion) stimulus package announced by China in November 2008 which included fiscal expenditure and rapid credit expansion. Approximately US$450 billion was targeted for investment in infrastructure, rural development and other fixed asset investment. These policies have also promoted domestic consumption, for example, passenger car sales in China rose 90% in August 2009 compared with a year earlier.

Ambrian Metals is focussed on merchanting refined copper in the form of LME-grade copper cathode and copper wire-rod.  Refined copper is converted into a range of products, with the building, construction and electrical sectors representing the largest end consumers.  Approximately two-thirds of Ambrian Metals' sales volume in the first half of 2009 was to Chinese customers through Ambrian Metals' office in Shanghai The balance was primarily taken up by customers in the Middle East and with some being sold to European and US customers.

During the first half of 2009, Ambrian Metals sourced refined copper from producers located around the world, including Russia, Kazakhstan, Japan, Zambia, Brazil, India and Chile.

In the first half of 2009, Ambrian Metals traded metal with a total market value of approximately US$969 million compared to US$524 million in the second half of 2008.

Investment Portfolio

The Investment Portfolio generated income of £0.22 million in the first half of 2009, compared to a loss of £(1.65) million in the first half of 2008 and a loss of £(10.71) million for the year ended 31 December 2008.

The total value of the Investment Portfolio at 30 June 2009 was £1.40 million compared with £1.50 million at 31 December 2008.

At 30 June 2009 the largest remaining publicly listed holdings in the Investment Portfolio were  Rivington Street Holdings plc (valued at £0.47 million) and Anglesey Mining plc (valued at £0.20 million).

The unlisted investments were valued at £0.27 million at 30 June 2009, unchanged from 31 December 2008.

The value of Ambrian Capital's investment in Minerva Resources plc ('Minerva') was marked down to £nil in the Group's accounts for the year ended 31 December 2008 and continued to be carried at £nil at 30 June 2009 as a result of the suspension of Minerva from AIM in January 2009.

On 23 June 2009, Dwyka Resources Limited ('Dwyka'), an Australian incorporated and registered minerals explorer and developer listed on AIM and the ASX, made a recommended all share offer for Minerva.  Ambrian Capital exchanged its holding in Minerva for 11,575,840 Dwyka ordinary shares which were admitted to trading on AIM on 21 July 2009. The market value of the holding at 1 September 2009 was £0.62 million.

Expenses

Administrative expenses were £7.85 million in the first half of 2009, compared to £6.53 million in the first half of 2008.

Remuneration expenses were £5.46 million in the first half of 2009 of which (i) £3.56 million was represented by salaries, employers' national insurance and benefits and (ii) £1.90 million represented a provision for year-end profit-related bonuses. The ratio of total remuneration expenses to total income was 53.9% for the first half of 2009. Total headcount at 30 June 2009 was 68, up one during the first half of 2009.

Non-personnel costs were £2.39 million, 7.4% lower than the first half of 2008.  The decrease compared with the first half of 2008 was principally attributable to rigorous focus on cost control in the first half of 2009 and one-off costs incurred in the first half of 2008 associated with the acquisition of Nabarro Wells & Co Limited, start-up costs associated with Ambrian Metals and costs associated with the move to new offices in April 2008.

Balance Sheet

As at 30 June 2009, shareholders' equity was £31.72 million. Net asset value per share was 33.0p and tangible net asset value per share was 30.5p, an increase of 4.4% and 4.8% respectively, during the first half. Net asset value per share and tangible net asset value per share are based on 96.24 million ordinary shares outstanding at 30 June 2009 (excluding Treasury shares and shares held by the Ambrian Capital EBT).

Own cash resources, net of amounts due to clients, totalled £23.77 million at 30 June 2009, compared to £22.56 million at 31 December 2008. The £1.21 million increase is after the payment of the 2008 final dividend, corporation tax payments and the payment of 2008 employee bonuses.

As at 30 June 2009, Ambrian Capital's capital resources substantially exceeded its then aggregate regulatory capital requirement of £10.00 million for the regulated subsidiaries (Ambrian Partners and Ambrian Commodities).

Dividend

The Board has declared a maintained interim dividend of 0.75p per share. The dividend will be paid on 23 October 2009 to all shareholders on the register as at 2 October 2009.

Outlook

Chinese demand for raw materials is unlikely to be maintained at the same high level in the second half of 2009 and, therefore, we do not expect our income in the second half to reach the level achieved in the first half of the year.  Nevertheless, any acceleration in global economic recovery should see export led demand for raw materials from China and rapid re-stocking in North America, Europe and Japan.

We are committed to maintaining a strong financial position and to our distinct business model. Further global growth in demand for natural resources will propel Ambrian's growth across each of our activities - equities, futures and physicals.


Tom Gaffney

Chief Executive

16 September 2009



 


AMBRIAN CAPITAL PLC

UNAUDITED

INTERIM FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 30 JUNE 2009


Unaudited condensed consolidated interim income statement


 



6 months to 30
June 2009

£

6 months to 30 June 2008

£

Year to 31
December 2008

£









Revenue

9,909,860

5,388,169

9,642,656

Investment portfolio gains and losses


 219,982


(1,647,473)


(10,711,147)


­­­­­­­­­­­­­­­­­­­­­  __________

­­­­­­­­­­­­­­­­­­­­­  __________

­­­­­­­­­­­­­­­­­­­­­  __________

Total income

10,129,842

3,740,696

(1,068,491)

Administrative expenditure

 (7,847,801)

(6,528,491)

(15,410,659)

Finance costs

-

 -

(20,928)



­­­­­­­­­­­­­­­­­­­­­  __________

­­­­­­­­­­­­­­­­­­­­­  __________

­­­­­­­­­­­­­­­­­­­­­  __________

Profit / (loss) before tax

 2,282,041

(2,787,795)

(16,500,078)

Taxation

(738,130)

844,766

4,765,777


­­­­­­­­­­­­­­­­­­­­­  __________

­­­­­­­­­­­­­­­­­­­­­  __________

­­­­­­­­­­­­­­­­­­­­­  __________

Profit / (loss) for the period from continuing activities


 1,543,911


(1,943,029)


(11,734,301)


­­­­­­­­­­­­­­­­­­­­­  __________

­­­­­­­­­­­­­­­­­­­­­  __________

­­­­­­­­­­­­­­­­­­­­­  __________

Profit / (loss) for the period

 1,543,911

(1,943,029)

(11,734,301)


=======

=======

=======

Attributable to:




Equity holders of the parent

 1,543,911

(1,943,029)

(11,734,301)


=======

=======

=======



Earnings per share:








Basic earnings per share:

1.61 pence

(1.94) pence

(11.78) pence


=======

=======

=======

Diluted earnings per share

1.60 pence

(1.94) pence

(11.78) pence


=======

=======

=======



Unaudited condensed consolidated interim balance sheet


 

 
30 June
2009
£
30 June
2008
£
31 December 2008
£
ASSETS
 
 
 
 
 
 
 
Non-current assets
 
 
 
Property, plant and equipment
374,836
466,538
352,317
Intangible assets
Deferred tax asset
2,360,109
451,157
2,536,828
-
2,430,109
1,051,417
 
­­­­­­­­­­­­­­­­­­­­­  __________
­­­­­­­­­­­­­­­­­­­­­  __________
­­­­­­­­­­­­­­­­­­­­­  __________
 
3,186,102
3,003,366
3,833,843
 
­­­­­­­­­­­­­­­­­­­­­  __________
­­­­­­­­­­­­­­­­­­­­­  __________
­­­­­­­­­­­­­­­­­­­­­  __________
 
 
 
 
Current assets
 
 
 
Financial assets at fair value through profit or loss
Inventory
2,471,651
20,353,398
19,044,311
-
2,636,135
9,008,759
Trade and other receivables
Current tax recoverable
74,819,557
1,107,496
59,526,155
-
30,578,089
1,169,155
Cash at bank and in hand 
40,530,176
28,815,027
47,123,092
 
­­­­­­­­­­­­­­­­­­­­­  __________
­­­­­­­­­­­­­­­­­­­­­  __________
­­­­­­­­­­­­­­­­­­­­­  __________
 
139,282,278
  107,385,493
90,515,230
 
__________
__________
__________
Total assets
142,468,380
110,388,859
94,349,073
 
=========
=========
=========
LIABILITIES
 
 
 
Current liabilities
 
 
 
Financial liabilities at fair value through profit or loss
(9,756,524) 
-
(19,981,091)
Trade and other payables
(100,858,218)
(65,973,053)
(43,633,216)
Current tax payable
(130,646)
(1,605,001)
(381,539)
 
­­­­­­­­­­­­­­­­­­­­­  __________
­­­­­­­­­­­­­­­­­­­­­  __________
­­­­­­­­­­­­­­­­­­­­­  __________
 
(110,745,388)
(67,578,054)
(63,995,846)
 
­­­­­­­­­­­­­­­­­­­­­  __________
­­­­­­­­­­­­­­­­­­­­­  __________
­­­­­­­­­­­­­­­­­­­­­  __________
 
 
 
 
Non-current liabilities
 
 
 
Deferred tax liabilities
-
  (715,657)
-
 
­­­­­­­­­­­­­­­­­­­­­  __________
­­­­­­­­­­­­­­­­­­­­­  __________
­­­­­­­­­­­­­­­­­­­­­  __________
Total Non-current liabilities
-
  (715,657)
-
 
­­­­­­­­­­­­­­­­­­­­­  __________
­­­­­­­­­­­­­­­­­­­­­  __________
­­­­­­­­­­­­­­­­­­­­­  __________
Total liabilities
(110,745,388)
(68,293,711)
(63,995,846)
 
­­­­­­­­­­­­­­­­­­­­­  __________
­­­­­­­­­­­­­­­­­­­­­  __________
­­­­­­­­­­­­­­­­­­­­­  __________
Net assets

31,722,992
=========

42,095,148
========
42,095,148
========
 
 
 
 



Unaudited condensed consolidated interim balance sheet (continued) 



30 June 

2009

£

30 June 

2008 

£

31 December 2008 

£





EQUITY








Equity

 

 

 

Called up share capital 

11,136,121

11,136,121

11,136,121

Share premium account

11,105,383

11,105,383

11,105,383

Merger reserve

1,245,256

1,245,256

1,245,256

Treasury shares

(1,098,728)

(163,217)

(1,092,831)

Retained earnings

14,326,087

24,015,082

13,503,722

Employee benefit trust

Reserve for share-based payments

Exchange reserve

(5,862,735)

966,640

(95,032)

(5,879,819)

636,342

-

(5,880,660)

835,281

(499,045)

 

__________
__________
__________

Total equity attributable to the holders of the parent

31,722,922

42,095,148

30,353,227


=======

=======

=======



Unaudited condensed consolidated interim statement of changes in equity


 

Share capital

Share premium account




Merger reserve


Reserve for share-based payments reserves



Employee

benefit

trust




Treasury shares



Profit and loss account





Total equity

 

£

£

£

£

£

£

£

£

Balance at 31 December 2007

11,136,121

11,105,383

1,245,256

636,342

(5,879,819)

(163,217)

26,957,576

45,037,642










Changes in equity for 2008



























Share option charge

-

-

-

-

-

-

-

-

Purchase of shares

-

-

-

-

-

 -

-

-

Exchange loss on consolidation of 

overseas subsidiary

-

-

-

-

-

-

-

-

Loss for the period

-

-

-

-

-

-

  (1,943,029)

  (1,943,029)










Total recognised income and expense 

for the period

11,136,121

11,105,383

1,245,256

636,342

(5,879,819)

(163,217)

25,014,547

43,094,613










Dividends

-

-

-

-

-

-

(999,465)

(999,465)










Balance at 30 June 2008

11,136,121

11,105,383

1,245,256

636,342

(5,879,819)

(163,217)

24,015,082

42,095,148











 

Unaudited condensed consolidated interim statement of changes in equity (continued) 




Share 

capital

Share premium account



Merger

 reserve

Reserve  

for share-

based 

payments

 reserves



Employee

benefit

trust




Treasury

 shares




Retained earnings




Exchange Reserve




Total

Equity

 

£

£

£

£

£

£

£

£

£

Balance at 31 December 2007

11,136,121

11,105,383

1,245,256

636,342

(5,879,819)

(163,217)

26,957,576 

-

45,037,642





















Total recognised income and expense 

for the period











Loss for the year

Exchange loss on consolidation of overseas 

subsidiary

-


-

-


-

-


-

-


-

-


-

-


-

(11,734,301)


-


(499,045)

(11,734,301)


(499,045)

Changes in equity in 2008

Share option charge

-

-



-



198,939



-



-



-



-



198,939

Purchase of shares

-

-

-

-

(841)

(929,614)

-

-

(930,455)

Elimination of minority interest

-

-

-

-

-

-

-

-

-

Dividends

-

-

-

-

-

-

(1,719,553)


(1,719,553)

Issue of share capital

-

-

-

-

-

-

-

-

-











Balance at 31 December 2008

11,136,121

11,105,383

1,245,256

835,281

(5,880,660)

(1,092,831)

13,503,722

(499,045)

30,353,227














Unaudited condensed consolidated interim statement of changes in equity (continued) 





















Share 

capital

Share premium account



Merger

 reserve

Reserve  

for share-

based 

payments

 reserves



Employee

benefit

trust




Treasury

 shares




Retained earnings




Exchange Reserve




Total

Equity

 

£

£

£

£

£

£

£

£

£

Balance at 31 December 2008

11,136,121

11,105,383

1,245,256

835,281

(5,880,660)

(1,092,831)

13,503,722 

(499,045)

30,353,227





















Total recognised income and expense 

for the period










Profit for the period

-

-

-

-

-

-

1,543,91

-

1,543,911


Changes in equity for first half of 2009

Share option charge

-

-



-



131,359



17,925



-



-



-



149,284

Purchase of shares

-

-

-

-

-

(5,897)

-

-

(5,897)

Dividends

-

-

-

-

-

-

(721,546)

-

(721,546)

Exchange profit on consolidation of overseas 

subsidiary

-

-


-


-


-


-


-


404,013


404,013











Balance at 30 June 2009

11,136,121

11,105,383

1,245,256

966,640

(5,862,735)

(1,098,728)

14,326,087

(95,032)

31,722,992












 

Unaudited condensed consolidated interim cash flow statement


6 months 

to 30 June 

2009

£

6 months

to 30 June 

2008 

£

Year to 31 December 2008 

£

Cash flows from operating activities




Profit/(loss) after taxation

1,543,911

(1,943,029)

(11,734,301)

Adjustments for:




  Depreciation 

92,252

65,442

174,691

  Impairment of property, plant & equipment

-

-

118,571

  Impairment of intangible assets

70,000

-

140,000

  Foreign exchange (gain)

-

(25,011)

(2,979)

  Taxation credit/(expense) recognised in income 

  statement


738,130


(844,766)


(4,765,777)

  Increase in trade and other receivables

(43,085,261)

(53,536,710)

(24,588,644)

  Decrease in financial assets designated at fair

   Value


164,484


4,843,712


1,148,420

  Unrealised gains on financial assets designated at

  fair value


-


-


9,532,263

  Unrealised losses on financial liabilities at fair value

-

-

19,981,091

  Net proceeds on disposals of financial assets

  designated at fair value


-


-


10,571,205

  (Increase) in inventory

(11,344,639)

-

(9,008,759)

  Increase/(decrease) in trade payables

45,844,227

49,285,690

33,321,622

  Increase/(decrease) in amounts owed to clients

-

6,375,769

 

  Share-based payment reserve

131,359

-

198,939


________

________

________

Cash generated from operations

(5,845,537)

4,221,097

25,086,342

Taxation

  (327,103)

(407,249)

(645,929)


________

________

________

Net cash from operating activities

(6,172,640)

3,813,848

24,440,413


________

________

________

Cash flows from investing activities




Purchase of property, plant and equipment

(114,771)

(405,128)

(577,559)

Disposal of property, plant and equipment

-

-

58,832

Acquisition of subsidiary

-

(700,000)

(733,281)


________

________

________

Net cash used in investing activities

(114,771)

(1,105,128)

(1,252,008)


________

________

________

Cash flows from financing activities




Employee share benefit trust

17,925

-

(841)

Treasury shares acquired

(5,897)

-

(929,614)

Dividends paid

(721,546)

(999,465)

(1,719,553)


________

________

________

Net cash used in financing activities

(709,518)

(999,465)

(2,650,008)


________

________

________






Net increase/(decrease) in cash and cash equivalents 

(6,996,929)

1,709,255

20,538,397

Cash and cash equivalents at the beginning of

period


47,123,092


27,080,761


27,080,761

Foreign exchange gains / (losses)

404,013

25,011

(496,066)


________

________

________

Cash and cash equivalents at end of period

40,530,176

28,815,027

47,123,092


=======

======

======








Notes to the unaudited condensed consolidated interim financial statements


1.    Basis of preparation

The interim financial statements have been prepared in accordance with the accounting policies previously adopted for the year ended 31 December 2008 are based on the recognition and measurement principles of IFRS in issue as adopted by the European Union (EU) and are effective at 31 December 2008.

The interim financial statements are for the six months ended 30 June 2009. 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.

The interim financial statements have been prepared under the historical cost convention, except for revaluation of certain financial assets.

The accounting policies have been applied consistently throughout the Group for the purposes of preparation of the interim financial statements.

The financial information set out in these interim financial statements 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, prepared under IFRS, have been filed with the Registrar of Companies. The auditor's report on those financial statements was unqualified and did not contain a statement under Section 237(2) of the Companies Act 1985.

These interim financial statements have neither been audited nor reviewed by the Group's external auditors.

The interim financial statements were approved by the Directors on 15 September 2009 and copies are available to the public free of charge from the company at Old Change House, 128 Queen Victoria StreetLondon EC4V 4BJ during normal office hours, Saturdays, Sundays and Bank Holidays excepted, for 14 days from today.

2.    Income

The group's income is derived from Corporate Finance & Equities, Commodities and the performance of the Group's investment portfolio. 


6 months to 30 June 2009 - unaudited


Corporate Finance & Equities

Commodities

Investment portfolio 

Total

Total income

£3,392,233

£6,517,627

£219,982

£10,129,842


=========================

=========================

=========================

========================

6 months to 30 June 2008 - unaudited

Corporate Finance & Equities

Commodities

Investment portfolio 

Total

Total income

£3,379,947

£2,008,222

£(1,647,473)

£3,740,696


=========================

=========================

=========================

========================

Year to 31 December 2008 - audited


Corporate Finance & Equities

Commodities

Investment portfolio 

Total

Total income

£3,253,727

£6,388,929

£(10,711,147)

£(1,068,491)


=========================

=========================

=========================

========================

Total income includes investment and other income. The investment portfolio includes realised and unrealised gains on financial assets.


3.    Cash at bank and in hand

Own cash resources included in cash at bank and in hand amounted to £23,770,660 as at 30 June 2009 (30 June 2008: £17,561,263 and 31 December 2008: £22,562,030).


4.    Shares in issue

Shares issued and authorised for the period to 30 June 2009 may be summarised as follows:


6 months to 30 June 2009 - unaudited


Number

£

At 1 January 2009

111,361,208

11,136,121

Issue of shares

-

-

At 30 June 2009

111,361,208

11,136,121


=========================

=========================



6 months to 30 June 2008 - unaudited


Number

£

At 1 January 2008

111,361,208

11,136,121

Issue of shares

-

-

At 30 June 2008

111,361,208

11,136,121


=========================

=========================


Year to 31 December 2008 - audited


Number

£

At 1 January 2008

111,361,208

11,136,121

Issue of shares

-

-

At 31 December 2008

111,361,208

11,136,121


=========================

=========================


5.    Earnings per share

The calculation of the basic earnings per share is based on the earnings attributable to ordinary shareholders divided by the weighted average number of shares in issue during the year, excluding shares held in the Employee Benefit Trust and Treasury shares.

The calculation of diluted earnings per share is based on the basic earnings per share, adjusted to allow for the issue of shares on the assumed conversion of all dilutive options.

Reconciliations of the earnings and weighted average number of shares used in the calculations are set out below.

Continuing operations


6 months to 30 June 2009 - unaudited 





Earnings



£

Weighted average number of shares

Per share amount


Pence





Basic earnings per share

1,543,911

96,188,563

1.61


========

========

========





Diluted earnings per share

1,543,911

96,694,340

1.60


========

========

========





6 months to 30 June 2008 - unaudited 





Earnings



£

Weighted average number of shares

Per share amount


Pence





Basic loss per share

(1,943,029)

99,944,165

(1.94)


_________

_________

_________

Diluted loss per share

(1,943,029)

99,944,165

(1.94)


=======

=======

=======







Year to 31 December 2008 - audited 





Earnings



£

Weighted average number of shares

Per share amount


Pence





Basic loss per share

(11,734,301)

99,579,821

(11.78)


_________

_________

_________

Diluted loss per share

(11,734,301)

99,579,821

(11.78)


========

========

========




This information is provided by RNS
The company news service from the London Stock Exchange
 
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