Half Yearly Report

RNS Number : 6817T
Jaywing PLC
22 November 2013
 



 

    

 

 

Jaywing plc

Interim Results 2013/2014

 

Jaywing plc (AIM: JWNG) today announced its interim results for the six months ended 30 September 2013.

 

Performance Highlights

 

·      Gross profit £16.3m; (2012: £14.7m)

 

·      EBITDA* before other income £1.66m; (2012: £1.31m)

 

·      Net debt £1.8m; (2012: £1.4m); undrawn banking facilities of £2.1million

 

 

·      Adjusted basic earnings per share 1.05 pence; (2012: 0.88 pence)

 

·      Adjusted diluted earnings per share 1.01 pence (2012: 0.83 pence)   

 

 

*Before amortisation, share based charges, impairment and exceptional items

 

 

Commenting on the results, Andrew Wilson, Chairman of Jaywing plc, said:

"As the Group continues its restructuring and repositioning I am pleased to report a stable underlying operating performance from continuing operations.  The disposal of our e-Commerce arm positions us well for strategic investment in the coming period and we remain on plan in our efforts to turnaround the business."

 

 

 

 

Enquiries:

 

 

Jaywing plc

Michael Sprot (Company Secretary)

Tel: 0114 281 1200

 

Cenkos Securities plc

Nicholas Wells/Ivonne Cantu (Nomad)

Tel: 020 7397 8900

 

                         



INTERIM RESULTS

 

In what continues to be a relatively flat economic environment, the Group's performance for the first half of the financial year has been marginally above budget and shows an improvement in overall EBITDA to £1.7m (2012: £1.3m). 

 

The Group has continued its repositioning, changing its name early in this period of trading to avoid legal distractions and consolidating into the wholly owned name of Jaywing.  It continues to operate in two divisions of Agency (Brand, Digital Marketing and Contact) and Consulting.  In addition, shortly after the end of the first half year, the plc completed the sale of the e-commerce arm, Tryzens Limited, for a total transaction value of £6.0 million in cash. The funds were provided by Scottish Equity Partners to allow for the acquisition of the total share capital of Tryzens through a management buyout.

 

The Agency side of the business has recovered well from a difficult prior year with EBITDA of £1.4m (2012: £0.6m).  The integration of Iris Associates into the Brand Communications team is now complete and its success is reflected in the improved operating performance of this part of the business.

 

Consulting's profits have fallen marginally to £1.5m (2012: £1.6m).  Underlying figures for the continuing part of the business post Tryzens disposal show a more marked decline within Consulting to £0.9m (2012: £1.7m); this reflects the planned completion of a substantial consultancy engagement supporting a Financial Services client. Total EBITDA for the continuing business after central costs is £1.1m (2013 H1: £1.4m and 2013 H2: £1.1m)

 

Continuing business EBITDA


6 months to 30 September 2012

6 months to 31 March 2013

6 months to 30 September 2013


£'000

£'000

£'000

Revenue

12,954

13,923

13,204

Direct costs

(2,542)

(3,698)

(2,805)

Gross profit

10,412

10,225

10,399

Operating expenses excluding depreciation, amortisation, exceptional items, acquisition costs and charges for share based payments

(8,971)

(9,136)

(9,305)

Operating profit before depreciation, amortisation, exceptional items, acquisition costs and charges for share based payments

1,441

1,089

1,094

 

Overall, the sale of Tryzens has meant a post-tax statutory loss of £4.6m (following the recognition of £4.8m of losses relating to measurement to fair value).

 

The interim results also benefit from a further distribution from the administrator of a client of £170k (2012: £567k).   A further dividend is expected in H2.

 

Underlying net debt at 30 September 2013 was £1.8m, down from £2.3m in March 2013 (2012: £1.4m) and cash receipts for Tryzens transform this position to a positive cash balance of £3.6m.

 

The first half of the year has seen stable underlying operating performance in line with our budgets.  The further changes that have been made in the operating structure continue to place the company on a firmer footing in its core business area of Marketing services. The disposal of Tryzens has positioned us well to invest in areas of closer strategic fit and concentrate on our core proposition. 

 

 

 

 

Andrew Wilson

Chairman

21 November 2013

Consolidated interim statement of comprehensive income (unaudited)

 



Six months ended

30 Sept 2013

Six months ended

30 Sept 2012

Year

ended

31 March 2013


Note

£'000

£'000

£'000











Revenue

    4

13,204

12,954

26,877

Direct costs


(2,805)

(2,542)

(6,240)

Gross profit


10,399

10,412

20,637

Other operating income


170

567

738

Amortisation


(733)

(669)

(1,402)

Operating expenses


(9,785)

(9,263)

(18,753)

Operating profit


51

1,047

1,220

Finance income


-

1

1

Finance costs


(35)

(131)

(205)

Net financing costs


(35)

(130)

(204)

Profit before tax


16

917

1,016

Tax expense

  

(39)

(192)

(425)

(Loss) / profit for the period from continuing operations


(23)

725

591

Profit / (loss) for the period from discontinued operations

10

256

(268)

42

Loss on measurement to fair value less costs to sell of discontinued operation

10

(4,847)

-

-

(Loss) / profit for the period attributable to the equity holders of the parent


(4,614)

457

633

Other comprehensive income:





Items that will be reclassified subsequently to profit or loss





Cash flow hedging


-

51

52

(Loss) and total comprehensive income


(4,614)

508

685






(Loss) / earnings per ordinary share

     6









Basic earnings per share





- (Loss) / earnings from continuing operations


(0.03p)

0.97p

0.79p

- (Loss) / earnings from discontinued operations


(6.16p)

(0.36p)

0.06p



(6.19p)

0.61p

0.85p

Diluted earnings per share





- (Loss) / earnings from continuing operations


(0.03p)

0.92p

0.76p

- (Loss) / earnings from discontinued operations


(5.94p)

(0.34p)

0.06p



(5.97p)

0.58p

0.82p






 


 

Consolidated interim balance sheet (unaudited)



30 Sept 2013

30 Sept 2012

31 March 2013


Note

£'000

£'000

£'000

Assets





Non-current assets





Property, plant and equipment


336

431

384

Goodwill


24,621

24,621

24,621

Other intangible assets


5,487

5,670

6,219



30,444

30,722

31,224






Current assets





Inventories


-

20

-

Trade and other receivables


6,612

5,636

6,649

Cash and cash equivalents


1

542

1

Assets included in disposal group classified as held for sale


8,041

12,586

12,572



14,654

18,784

19,222

Total assets


45,098

49,506

50,446




Liabilities





Current liabilities





Bank overdraft


(1,374)

-

(960)

Other interest bearing loans and borrowings

7

(500)

(1,700)

(1,500)

Trade and other payables


(3,339)

(2,617)

(3,260)

Tax payable


(540)

(899)

(656)

Provisions


-

(40)

-



(5,753)

(5,256)

(6,376)






Non-current liabilities





Deferred tax liabilities


(1,261)

(1,358)

(1,429)

Liabilities included in disposal group classified as held for sale

10

(4,245)

(4,511)

(4,188)



(5,506)

(5,869)

(5,617)

Total liabilities


(11,259)

(11,125)

(11,993)






Net assets


33,839

38,381

38,453






Equity





 

Capital and reserves attributable to equity holders of the company





Share capital


34,051

34,051

34,051

Share premium account


6,608

6,608

6,608

Capital redemption reserve


125

125

125

Shares purchased for treasury


(25)

(25)

(25)

Share option reserve


137

207

137

Retained earnings


(7,057)

(2,585)

(2,443)

Total equity


33,839

38,381

38,453

 

 

 

 

Consolidated interim cash flow statement (unaudited)



Six months ended

30 Sept 2013

Six months ended

30 Sept 2012

Year

 ended

31 March 2013


Note

£'000

£'000

£'000

Cash flow from operating activities





(Loss) / profit for the period


(4,614)

457

633

Adjustment for:





Depreciation, amortisation and impairment


5,931

1,031

2,164

(Profit) / loss on disposal of property, plant and equipment


-

(9)

4

Movement in provisions


-

(76)

(11)

Finance income


-

(1)

(6)

Finance costs


35

131

205

Share based payment expense


-

146

(8)

Taxation


116

108

399

Operating cash flow before changes in working capital


1,468

1,787

3,380






Increase in trade and other receivables


(591)

(386)

(1,000)

Decrease in inventories


-

61

81

Increase in trade and other payables


55

149

518

Cash generated from operations


932

1,611

2,979

Interest received


-

1

6

Interest paid


(35)

(122)

(203)

Tax paid


(314)

-

(976)

Net cash flow from operating activities


583

1,490

1,806

Cash flows from investing activities





Acquisition of subsidiary Iris net of cash acquired


-

-

(1,080)

Acquisition of property, plant and equipment


(93)

(411)

(546)

Proceeds from disposal of property, plant and equipment


-

687

677

Net cash (outflow) / inflow from investing activities


(93)

276

(949)

Cash flows from financing activities





Repayment of borrowings


(1,000)

(1,300)

(1,500)

Net cash outflow from financing activities


(1,000)

(1,300)

(1,500)

Net (decrease) / increase in cash, cash equivalents and bank overdrafts


(510)

466

(643)

Cash and cash equivalents at beginning of period


(815)

(172)

(172)

Cash and cash equivalents at end of period


(1,325)

294

(815)






Cash and cash equivalents comprise:





Cash at bank and in hand


1

294

1

Bank overdrafts

7

(1,326)

-

(816)

Cash and cash equivalents at end of period


(1,325)

294

(815)






Included in continuing operations


(1,373)

542

(959)

Included in disposal group


48

(248)

144



(1,325)

294

(815)











 

 

 

 



Consolidated interim statement of changes in equity (unaudited)

 


Share capital

Share premium account

Hedging reserve

Capital redemption reserve

Treasury Shares

Share option reserve

Retained earnings

Total  equity


£'000

£'000

£'000

£'000

£'000

£'000

£'000

£'000

Balance at 31 March 2012

34,051

6,608

(52)

125

(25)

207

(3,170)

37,744

Credit in respect of share based payments

-

-

-

-

-

-

128

128

Transactions with owners

-

-

-

-

-

-

128

128

Profit for the period







457

457

Other comprehensive income:









Cash flow hedges

-

-

52

-

-

-

-

52

Total comprehensive income for the period

-

-

52

-

-

-

457

509

Balance at 30 September 2012

34,051

6,608

-

125

(25)

207

(2,585)

38,381

 

Allotment of shares from Treasury on the exercise of options









Credit in respect of share based payments

-

-

-

-

-

-

(104)

(104)

Transfer from share option reserve

-

-

-

-

-

(70)

70

-

Transactions with owners

-

-

-

-

-

(70)

(34)

(104)

Profit for the period

-

-

-

-

-

-

176

176

Total comprehensive income for the period

-

-

-

-

-

-

176

176

Balance at 31 March 2013

34,051

6,608

-

125

(25)

137

(2,443)

38,453

 

Profit for the period

-

-

-

-

-

-

(4,614)

(4,614)

Total comprehensive income for the period

-

-

-

-

-

-

(4,614)

(4,614)

Balance at 30 September 2013

34,051

6,608

-

125

(25)

137

(7,057)

33,839

 

 

 

 

 

1.     General Information

 

Jaywing plc (the "Company") is incorporated and domiciled in the United Kingdom. The Company is listed on the AIM market of the London Stock Exchange. The registered address is Players House, 300 Attercliffe Common, Sheffield, S9 2AG.

 

The interim financial information was approved for issue on 21 November 2013.                        . 

 

 

2.     Basis of preparation

 

The consolidated interim financial statements for the six months ended 30 September 2013 have been prepared in accordance with applicable accounting standards and under the historical cost convention except for certain financial instruments that are carried at fair value.

 

The financial information for the year ended 31 March 2013 set out in this interim report does not constitute statutory accounts as defined in Section 434 of the Companies Act 2006.  The Group's statutory financial statements for the year ended 31 March 2013 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 498 (2) or Section 498 (3) of the Companies Act 2006.

 

The consolidated interim financial information should be read in conjunction with the annual financial statements for the year ended 31 March 2013, which have been prepared in accordance with International Financial Reporting Standards (IFRSs) as adopted by the European Union.

 

 

 

3.     Accounting policies

 

Except as described below, the principal accounting policies of Jaywing plc and its subsidiaries ("the Group") are consistent with those set out in the Group's 2013 annual report and financial statements.

 

Taxes on income in the interim periods are accrued using the tax rate that would be applicable to expected total annual earnings.

 

The following standards and interpretations of relevance to the Group have been issued but are not yet effective and have not been adopted by the Group:

· IFRS 9 Financial Instruments (effective 1 January 2015)

· IFRS 10 Consolidated Financial Statements (effective 1 January 2014)

· IFRS 11 Joint Arrangements (effective 1 January 2014)

· IFRS 12 Disclosure of Interests in Other Entities (effective 1 January 2014)

· IAS 27 (Revised), Separate Financial Statements (effective 1 January 2014)

· IAS 28 (Revised), Investments in Associates and Joint Ventures (effective 1 January 2014)

 

These standards and interpretations are not expected to have any significant impact on the Group's financial statements.

 

Other standards and interpretations in issue but not yet effective are not considered to have any relevance to the Group.

 

 

4.     Segment information (unaudited)

 

The Group reports its business activities in two areas: Agency Services and Consulting being its two primary business activities. Unallocated represents the Group's head office function, along with intragroup transactions.

 

Total assets exclude intangible assets, cash and external borrowings which have not been allocated to operating segments.

 

All the Group's activities are carried out within the UK. During the period one customer included within the Consulting segment accounted for greater than 10% of the Group's revenue. This customer accounted for 10.6% (2012: 19.1%) of total Group revenue.

 

 

 

 

 

 

 

4.     Segment information (unaudited) (continued)

 

Six months ended 30 September 2013







Agency Services

Consulting

Unallocated

Continuing Group

Disposal Group

Total


£'000

£'000

£'000

£'000

£'000

£'000

Revenue

9,491

4,455

(742)

13,204

7,382

20,586

Direct costs

(2,185)

(1,362)

742

(2,805)

(1,439)

(4,244)

Gross profit

7,306

3,093

-

10,399

5,943

16,342

Operating expenses excluding depreciation, amortisation, exceptional items, acquisition costs and charges for share based payments

(5,938)

(2,190)

(1,177)

(9,305)

(5,375)

(14,680)

Operating profit before depreciation, amortisation, exceptional items, acquisition costs and charges for share based payments

1,368

903

(1,177)

1,094

568

1,662

Other operating income

153

17

-

170

-

170

Depreciation

(92)

(21)

(4)

(117)

(48)

(165)

Amortisation

(464)

(269)

-

(733)

(187)

(920)

Exceptional costs

(41)

-

(115)

(156)

-

(156)

Acquisition related costs

(207)

-

-

(207)

-

(207)

Operating profit / (loss)

717

630

(1,296)

51

333

384

Finance costs




(35)

-

(35)

Profit before tax




16

333

349

Tax expense




(39)

(77)

(116)

(Loss) / profit for the period before loss on measurement to fair value




(23)

256

233








 

Six months ended 30 September 2012







Agency Services

Consulting

Unallocated

Continuing Group

Disposal Group

Total


£'000

£'000

£'000

£'000

£'000

£'000

Revenue

7,963

5,059

(68)

12,954

4,245

17,199

Direct costs

(1,590)

(1,058)

106

(2,542)

-

(2,542)

Gross profit

6,373

4,001

38

10,412

4,245

14,657

Operating expenses excluding depreciation, amortisation, exceptional items, acquisition costs and charges for share based payments

(5,769)

(2,278)

(924)

(8,971)

(4,381)

(13,352)

Operating profit before depreciation, amortisation, exceptional items, acquisition costs and charges for share based payments

604

1,723

(886)

1,441

(136)

1,305

Other operating income

512

55

-

567

-

567

Depreciation

(110)

(36)

-

(146)

(33)

(179)

Amortisation

(400)

(269)

-

(669)

(183)

(852)

Charges for share based payments

-

-

(146)

(146)

-

(146)

Operating profit / (loss)

606

1,473

(1,032)

1,047

(352)

695

Finance income




1

-

1

Finance costs




(131)

-

(131)

Profit / (loss) before tax




917

(352)

565

Tax expense




(192)

84

(108)

Profit / (loss) for the period




725

(268)

457

 

 



 

4.   Segment information (unaudited) (continued)

 

Year ended 31 March 2013








Agency Services

Consulting

Unallocated

Continuing Group

Disposal Group

Total


£'000

£'000

£'000

£'000

£'000

£'000

Revenue

17,303

10,301

(727)

26,877

9,441

36,318

Direct costs

(4,128)

(2,968)

856

(6,240)

-

(6,240)

Gross profit

13,175

7,333

129

20,637

9,441

30,078

Operating expenses excluding depreciation, amortisation, exceptional items, acquisition costs and charges for share based payments

(11,691)

(4,413)

(2,003)

(18,107)

(8,957)

(27,064)

Operating profit before depreciation, amortisation, exceptional items, acquisition costs and charges for share based payments

1,484

2,920

(1,874)

2,530

484

3,014

Other operating income

665

73

-

738

2

740

Depreciation

(218)

(62)

(7)

(287)

(106)

(393)

Amortisation

(862)

(540)

-

(1,402)

(369)

(1,771)

Acquisition related costs

(367)

-

-

(367)

-

(367)

Charges for share based payments

-

-

8

8

-

8

Operating profit / (loss)

702

2,391

(1,873)

1,220

11

1,231

Finance income




1

5

6

Finance costs




(205)

-

(205)

Profit before tax




1,016

16

1,032

Tax expense




(425)

26

(399)

Profit for the period




591

42

633








 

Total assets

Agency Services

Consulting

Unallocated

Continuing Group

Disposal Group

Total


£'000

£'000

£'000

£'000

£'000

£'000

30 September 2013

24,864

12,087

106

37,057

8,041

45,098

31 March 2013

25,965

11,879

30

37,874

12,572

50,446

30 September 2012

23,443

13,085

392

36,920

12,586

49,506








 



 

5.     Tax expense (unaudited)

 

A reconciliation of the charge that would result from applying the standard UK corporation tax rate to profit before tax to the tax charge is given below.

 



Six months ended

30 Sept 2013

Six months ended

30 Sept 2012

Year

 ended

31 March 2013



£'000

£'000

£'000

Recognised in the consolidated statement of comprehensive income:





Current year tax


320

343

958

Origination and reversal of temporary differences


(204)

(235)

(559)

Total tax charge


116

108

399

(Loss) / profit before tax


(4,498)

565

1,032

Tax charge thereon at UK corporation tax rate of 23% (2012: 24%)


(1,035)

136

248

Effects of:





Non-deductible expenses


-

2

20

Impairment of goodwill


1,115

-

-

Share based payment charges


-

31

2

Capital allowances in excess of depreciation


(191)

(60)

(38)

Other


227

(1)

132

Prior year adjustment


-

-

35

Total tax charge


116

108

399

 

 

6.     (Loss) / earnings per share (unaudited)

 



Six months ended

30 Sept 2013

Six months ended

30 Sept 2012

Year

 ended

31 March 2013



Pence per share

Pence per share

Pence per

share

Basic earnings per share





- (Loss) / earnings from continuing operations


(0.03p)

0.97p

0.79p

- (Loss) / earnings from discontinued operations


(6.16p)

(0.36p)

0.06p



(6.19p)

0.61p

0.85p

Diluted earnings per share





- (Loss) / earnings from continuing operations


(0.03p)

0.92p

0.76p

- (Loss) / earnings from discontinued operations


(5.94p)

(0.34p)

0.06p



(5.97p)

0.58p

0.82p

 

(Loss) / earnings per share have been calculated by dividing the (loss) / profit attributable to shareholders by the weighted average number of ordinary shares in issue during the period. The calculations of basic and diluted (loss) / earnings per share are:

 



Six months ended

30 Sept 2013

Six months ended

30 Sept 2012

Year

 ended

31 March 2013



£'000

£'000

£'000

(Loss)/profit for the period from continuing operations


(23)

725

589

(Loss)/profit for the period from discontinued operations


(4,591)

(268)

42






Weighted average number of ordinary shares in issue:


Number '000

Number '000

Number '000

Basic


74,505

74,505

74,505

Adjustment for share options, warrants and contingent shares


2,737

4,137

2,737

Diluted


77,242

78,642

77,242






 

 

 

 

 

 





Adjusted earnings per share







Six months ended

30 Sept 2013

Six months ended

30 Sept 2012

Year

 ended

31 March 2013



Pence per share

Pence per share

Pence per

share






Basic adjusted earnings per share


1.05p

0.88p

1.47p

Diluted adjusted earnings per share


1.01p

0.83p

1.42p

 

 

Adjusted earnings per share have been calculated by dividing the profit attributable to shareholders before other income, amortisation, impairment and charges for share based payments by the weighted average number of ordinary shares in issue during the period. The numbers used in calculating the basic and diluted adjusted earnings per share are reconciled below:








Six months ended

30 Sept 2013

Six months ended

30 Sept 2012

Year

 ended

31 March 2013



£'000

£'000

£'000

Profit before tax and impairment


349

565

1,032

Other income


(170)

(567)

(740)

Amortisation


920

852

1,771

Charges for share based payments


-

146

(8)

Adjusted profit attributable to shareholders


1,099

996

2,055

Current period tax charge


(320)

(343)

(958)



779

653

1,097






 

 

7.     Bank overdraft, borrowings and loans (unaudited)



30 Sept 2013

30 Sept 2012

31 March 2013

Summary


£'000

£'000

£'000

Bank overdraft


1,326

-

816

Borrowings, undiscounted cash flows


500

1,700

1,500



1,826

1,700

2,316






Borrowings are repayable as follows:





Within 1 year





  Bank overdraft


1,326

-

816

  Borrowings


500

1,700

1,500

Total due within 1 year


1,826

1,700

2,316

Less future interest


-

-

-

Total due within 1 year


1,826

1,700

2,316











Average interest rates at the balance sheet date were:


%

%

%

  Overdraft


3.35

3.35

3.35

  Revolving credit facility


3.35

3.35

3.35

 

As the loans are at variable market rates their carrying amount is equivalent to their fair value.

 

The borrowing facilities available to the Group at 30 September 2013 were £3.9 million (2012: £5.7 million) and, taking into account cash balances within the Group, there was £2.1 million (2012: £4.3 million) of available borrowing facilities.

 

A composite accounting system is set up with the Group's bankers, which allows debit balances on overdraft to be offset across the Group with credit balances.

 

Reconciliation of net debt

Cash at bank and in hand

Overdraft

Borrowings

Net debt


£'000

£'000

£'000

£'000

30 September 2013

1

(1,326)

(500)

(1,825)

31 March 2013

1

(816)

(1,500)

(2,315)

30 September 2012

294

-

(1,700)

(1,406)






 

 

8.     Provisions (unaudited)

 



30 Sept 2013

30 Sept 2012

31 March 2013



£'000

£'000

£'000

At the beginning of the period


-

116

116

Released


-

-

(11)

Utilised during the year


-

(76)

(105)

At the end of the period


-

40

-






Provisions relate to leases in the Group where the commercial benefit has either ceased or will cease before the normal expiry period.

 

9.     Share capital (unaudited)

 

Authorised:







45p deferred shares

5p ordinary shares

 


£'000

£'000

 

Authorised share capital at 31 March 2013 and 30 September 2013

45,000

10,000

 




 

 

Allotted, issued and fully paid

 


45p deferred shares

5p ordinary shares



Number

Number

£'000

Issued share capital at 31 March 2013 and at 30 September 2013

67,378,520

74,604,999

34,051





 

No shares were issued in the period.

 



 

10.   Post Balance Sheet event

On 7 October 2013 Jaywing plc announced that it had completed the sale of its e-commerce arm, Tryzens Limited, for a total transaction value of £6.0 million in cash. The funds were provided by Scottish Equity Partners to allow for the acquisition of the total share capital of Tryzens through a management buyout.

 

 

Tryzens Limited Interim Statement of Comprehensive Income (unaudited)

 



Six months ended

30 Sept 2013

Six months ended

30 Sept 2012

Year

ended

31 March 2013



£'000

£'000

£'000






Revenue


7,382

4,245

9,441

Direct costs


(1,439)

-

-

Gross profit


5,943

4,245

9,441

Other operating income


-

-

2

Amortisation


(187)

(183)

(369)

Operating expenses


(5,423)

(4,414)

(9,063)

Operating profit / (loss)


333

(352)

11

Finance income


-

-

5

Net financing costs


-

-

5

Profit / (loss) before tax


333

(352)

16

Tax expense


(77)

84

26

Profit / (loss) for the period from discontinued operations


256

(268)

42

Loss on measurement to fair value less costs to sell of discontinued operations


(4,847)



Total loss from discontinued operations


(4,591)



 

 



 

Tryzens Limited interim balance sheet (unaudited)



30 Sept 2013

30 Sept 2012

31 March 2013



£'000

£'000

£'000

Assets





Non-current assets





Property, plant and equipment


305

295

329

Goodwill


5,132

5,132

5,132

Other intangible assets


2,578

2,951

2,765



8,015

8,378

8,226






Current assets





Trade and other receivables


4,825

4,208

4,202

Cash and cash equivalents


48

-

144



4,873

4,208

4,346

Total assets


12,888

12,586

12,572




Liabilities





Current liabilities





Bank overdraft


-

(248)

-

Trade and other payables


(3,447)

(3,389)

(3,471)

Tax payable


(210)

(172)

(86)



(3,657)

(3,809)

(3,557)






Non-current liabilities





Deferred tax liabilities


(588)

(702)

(631)



(588)

(702)

(631)

Total liabilities


(4,245)

(4,511)

(4,188)






Net assets of disposal group


8,643

8,075

8,384






Disposal proceeds (net of professional fees)


(3,796)








Loss on measurement to fair value less costs to sell of discontinued operations


4,847



 

Tryzens Limited interim cash flow statement (unaudited)



Six months ended

30 Sept 2013

Six months ended

30 Sept 2012

Year

 ended

31 March 2013



£'000

£'000

£'000

Net cash (outflow)/inflow from operating activities


(73)

(362)

52

Net cash outflow from investing activities


(23)

(263)

(285)






Net decrease in cash, cash equivalents and bank overdrafts


(96)

(625)

(233)

Cash and cash equivalents at beginning of period


144

377

377

Cash and cash equivalents at end of period


48

(248)

144






Cash and cash equivalents comprise:





Cash at bank and in hand


48

-

144

Bank overdrafts

7

-

(248)

-

Cash and cash equivalents at end of period


48

(248)

144

 

 

11.   Related party transactions (unaudited)

 

There were no significant changes in the nature and size of related party transactions for the period from those disclosed in the Annual Report for the year ended 31 March 2013.



 

 

INDEPENDENT REVIEW REPORT TO JAYWING PLC

 

Introduction

We have been engaged by the company to review the interim financial information in the interim report for the six months ended 30 September 2013 which comprises the consolidated interim statement of comprehensive income, the consolidated interim balance sheet, the consolidated interim cash flow statement, the consolidated interim statement of changes in equity and the related notes 1 to 11.  We have read the other information contained in the interim report and considered whether it contains any apparent misstatements or material inconsistencies with the interim financial information.

 

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 interim report is the responsibility of, and has been approved by, the directors. The AIM rules of the London Stock Exchange require that the accounting policies and presentation applied to the interim financial information are consistent with those which will be adopted in the annual accounts having regard to the accounting standards applicable for such accounts.

 

As disclosed in note 2, the annual financial statements of the Group are prepared in accordance with International Financial Reporting Standards as adopted by the European Union. The interim financial information in the interim report has been prepared in accordance with the basis of preparation in note 2. 

 

Our responsibility

Our responsibility is to express to the company a conclusion on the interim financial information in the interim 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'. 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.

 

Based on our review, nothing has come to our attention that causes us to believe that the interim financial information in the interim report for the six months ended 30 September 2013 is not prepared, in all material respects, in accordance with the basis of accounting described in note 2.

 

 

 

 

 

 

 

 

 

 

Grant Thornton UK LLP

Chartered Accountants

Sheffield

21 November 2013

 

 

 


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