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Armour Group PLC (AMR)

  Print      Mail a friend       Annual reports

Thursday 14 May, 2009

Armour Group PLC

Half Yearly Report

RNS Number : 2039S
Armour Group PLC
14 May 2009
 

Armour Group plc

                     (AIM: AMR)


Unaudited Interim Statement

For the six months to 28 February 2009


Armour Group plc is the United Kingdom's leading consumer electronics group focused on the in-car communications and entertainment and home entertainment markets. The Board is pleased to announce interim results for the six months to 28 February 2009 


Financial Headlines

  • Sales of £26.7 million (2008£30.2 million).
  • EBITDA * of £1.7 million (2008: £3.4 million).
  • Profit after taxation of £0.5 million (2008: £1.8 million).
  • Cash inflow from operating activities of £3.0 million (2008: £1.6 million).
  • Basic earnings per ordinary share of 0.8p (20082.7p).
  • Underlying basic earnings per ordinary share of 0.9p (20082.8p).


* EBITDA is defined as earnings before interest, taxation, depreciation, amortisation and share-based payments.


Commenting on today's results, George Dexter, CEO, said:


'The Group's results for the six months to 28 February 2009 reflect the challenging economic environment. In light of these market conditions, the Group's performance has been satisfactory with all of our operating businesses trading profitably, generating cash and securing new and significant business in the first six months of the financial year.


We have continued to invest in new product development and have a number of exciting new products scheduled for launch in the coming months. We believe that these new products will drive sales and be an important element in determining the speed of our recovery when the economic conditions improve.


These are undoubtedly difficult times and we do not expect the conditions in our markets to improve significantly over the coming months. However, the prompt actions taken by the Group to protect profitability, combined with the expectation of incremental revenue from the new business wins and new products gives the Board confidence with regard to the future prospects for the Group. The Group has a robust business model with the capability to ride through this economic downturn and to prosper when the economy recovers in due course.'


For further information please contact: 


Armour Group plc                                                           Tel: 01892 502700

George Dexter, Chief Executive        

John Harris, Finance Director


FinnCap, Nominated Adviser and Broker                        Tel: 0207 600 1658

Geoff Nash, Corporate Finance Director


Threadneedle Communications, Financial PR                Tel: 0207 653 9850

Trevor Bass, Alex White


  ABOUT ARMOUR

www.armourgroup.uk.com


Armour Group plc is the United Kingdom's leading consumer electronics group, focused on the in-car communications and entertainment and home entertainment markets. 


The Group has an impressive brand portfolio, which boasts some of the United Kingdom's market leaders, regularly winning industry awards for quality and innovation. In the United Kingdom consumer electronics market, the Group has direct access to over 5,000 retail outlets.


It comprises two divisions: Armour Home and Armour Auto.


Armour Home

www.armourhome.co.uk

www.alphasondesigns.com


The Home division is a market leader in the United Kingdom's specialist home entertainment market. It designs, manufactures, distributes and sells product into the hi-fi, home theatre and home entertainment markets.


Its proprietary brands include QED (quality cables and interconnects), Systemline (multi-room home entertainment systems), Alphason (hi-fi and audio-visual furniture), Goldring (turntables, styli and headphones), Q Acoustics (award winning speakers) and Myryad (mid to high end hi-fi separates). 


The Home division also distributes third party brands, typically on an exclusive basis in the United Kingdom. These brands include Grado headphones, Nevo remote controls, Sonance speakers, NAD hi-fi separates, Tivoli radios and Audica speakers. 


The Home division's customers are both retail and non-retail and include Comet, Argos, John LewisMarks & Spencer, Tesco, Sevenoaks Sound and Vision, Berkeley Homes and David Wilson Homes


Armour Auto

www.armourautomotive.uk.com


The Automotive division is the market leader in Europe in the design, manufacture and supply of products for the in-car entertainment and communications markets.


Its proprietary brands include Autoleads (connectivity leads and smartleads such as the telemute lead used in mobile telephone hands free kits), iO (Bluetooth music streaming and mobile phone hands free solutions for the in-car environment), CTI (GSM and GPS aerials), VEBA (a range of in-car audio-visual entertainment systems) and Mutant (a range of quality amplifiers and speakers for the in-car entertainment enthusiast).


Armour Auto exclusively distributes third party brands which include Kicker and Orion (high-performance amplifiers and speakers) and Clifford, Viper and Hornet (market leading brands for vehicle security and remote start). 


Armour Auto has recently launched VI ('Virtual Instrumentation'), which breaks new ground in allowing the motorist to view a host of engine and performance data, and even identify vehicle fault codes, formerly only accessible to garages with expensive diagnostics equipment. 


Armour Auto supplies both retail and non-retail customers which include Halfords, Carphone Warehouse, Scania, Claas and Case New Holland. 




  Interim Statement for the six months to 28 February 2009


Results and Dividend

The Group's results for the six months to 28 February 2009 reflect the challenging economic environment. In light of these market conditions, the Group's performance has been satisfactory with all of our operating businesses trading profitably, generating cash and securing new and significant business in the first six months of the financial year.


  • Sales of £26.7 million (2008: £30.2 million)

  • EBITDA* of £1.7 million (2008: £3.4 million)

  • Profit after taxation of £0.5 million (2008: £1.8 million)

  • Cash inflow from operating activities of £3.0 million (2008: £1.6 million)

  • Basic earnings per ordinary share of 0.8p (2008: 2.7p)

  • Underlying basic earnings per ordinary share of 0.9p (2008: 2.8p)


The Board is not recommending an interim dividend.


* EBITDA is defined as earnings before interest, taxation, depreciation, amortisation and share-based payments.


Operations 

In response to the economic downturn, we have adapted our operating plan to protect profitability whilst maintaining our competitiveness and market leading positions. The actions taken across the Group in the first six months of the financial year have focused on a programme of product price increases and cost reduction initiatives, including redundancies. 


We have continued to invest in new product development and have a number of exciting new products scheduled for launch in the coming months. We believe that these new products will drive sales and be an important element in determining the speed of our recovery when the economic conditions improve.



Armour Home 

Armour Home has found its target markets in retail and house building difficult in the first six months of the financial year, with sales and profit down when compared with 2008. However, the division has delivered an encouraging performance in these turbulent market conditions, winning new business and signing new distribution agreements.


In the retail channel, our sales have felt the tightening of consumer spending patterns with almost all brands affected, which was not unexpected given the current environment. However, we have made significant progress building our relationships with the major multiple retailers and expect to see new business come on stream with these customers in the last quarter of this financial year.


In the home automation market, the slowdown in house building has caused weaker sales in this channel. Whilst slower, demand remains steady for home automation systems, but this is typically at the higher end of the market in the larger and more specialist house building sector. Consequently, we have seen good sales performances from our Systemline S6 multi-room product, Sonance speakers, Epson projectors and our in-wall touchscreen control pad, which are targeted at this sector of the market. 


In the hotel sales channel, which we have been developing over the past year, we are now engaged in over 15 projects covering more than 1,500 hotel rooms in the United KingdomIndia and the Far East. We believe that this market sector will continue to grow for Armour Home and offers considerable potential over the next few years.


In February 2009, Armour Home was appointed as the exclusive United Kingdom distributor for the Imerge product range of hard disk media servers. Imerge is a global leader in the market for entertainment media storage and its S3000 product is the world's best selling music server. The product range complements our Systemline range of multi-room audio and video distribution systems and will strengthen our overall product offering to the home automation market.


The second half of the financial year will be challenging, but the weak market conditions will in part be offset by new business, expected to commence in June, and new product launches, which are scheduled for the last quarter of the financial year.



Armour Auto 

Conditions in the automotive market are very testing across all channels, which have affected both the sales and profit performance of Armour Auto in the first half of the financial year.  


In the retail market, we have again seen year on year sales improvement through the independent retailer channel, which is very encouraging. In the national accounts channel, sales have fallen in the first half of the financial year, which is due to a mixture of the general slowness in the market and specific trading difficulties encountered by one of our secondary national account customers.


Our non-retail business to commercial, leisure and agricultural vehicle manufacturers has had mixed fortunes. Our existing customers have had to cut back their production schedules as a result of falling demand, which, in turn, has hit our sales to date and will continue to do so for the rest of this year. However, Armour Auto has won a significant amount of new business in the first half of the financial year, primarily with new customers in the agricultural vehicle sector, which will come on stream over the coming months. Whilst this new business is unlikely to have a major impact in this financial year, it will provide an important contribution in 2010. 


Our iO branded range of in-car Bluetooth music streaming and handsfree products has made steady progress with sales volumes increasing across a much broader customer base. Our strategy of targeting the car distributor channel is proving successful and we have added over 60 new customers this year. We believe that we will continue to expand both in the United Kingdom and internationally over the second half of the financial year and are pleased to report our first sales into the United States market.  


Our business in Sweden has had a good first six months of the financial year with sales and profit exceeding our expectations. In February 2009, we extended our geographical reach to include Norway. In March 2009, we changed the name of the business to Armour Nordic and launched the Armour Home brands to be sold directly into the Scandinavian market.


In the second half of the financial year, we expect the trading conditions to remain difficult in the automotive market. However, balanced against this, we anticipate sales will receive some uplift from the new product launches and the new business won.



Outlook

These are undoubtedly difficult times and we do not expect the conditions in our markets to improve significantly over the coming months. However, the prompt actions taken by the Group to protect profitability, combined with the expectation of incremental revenue from the new business wins and new products gives the Board confidence with regard to the future prospects for the Group. The Group has a robust business model with the capability to ride through this economic downturn and to prosper when the economy recovers in due course.



Bob Morton                                George Dexter

Chairman                                     Chief Executive

14 May 2009

  CONSOLIDATED INCOME STATEMENT

For the six months to 28 February 2009








Notes

Six months to

28 February

2009 

Unaudited

£000

Six months to

29 February

2008

Unaudited

£000

Twelve months to

31 August

2008


£000











Revenue

2

26,663

30,225

54,008






Profit from operations


1,010

2,864

4,029

Share of loss of associated undertakings


(20)

(7)

(7)

Finance income


12

23

166

Finance expense


(271)

(304)

(703)

Profit before taxation


731

2,576

3,485

Taxation expense

3

(201)

(747)

(991)

Profit for the financial period


530

1,829

2,494











Earnings per ordinary share

4









Basic


0.8p

2.7p

3.7p

Diluted


0.8p

2.7p

3.7p









  CONSOLIDATED BALANCE SHEET

At 28 February 2009







28 February

2009

Unaudited

£000

29 February

2008

Unaudited

£000

31 August

2008


£000






Non-current assets





Goodwill


21,082

21,082

21,082

Other intangible assets


2,317

1,233

2,041

Property, plant and equipment


2,014

1,425

2,102

Investment in associated undertakings


348

368

368

Total non-current assets


25,761

24,108

25,593






Current assets





Inventories


11,710

11,561

12,826

Trade and other receivables


9,185

11,055

10,220

Cash and cash equivalents


115

245

170

Total current assets


21,010

22,861

23,216

Total assets


46,771

46,969

48,809











Current liabilities





Bank overdrafts and borrowings


(5,418)

(4,176)

(6,650)

Trade and other payables


(8,898)

(9,855)

(9,755)

Corporation taxation liability


(639)

(1,400)

(326)

Provisions


(120)

(266)

(136)

Total current liabilities


(15,075)

(15,697)

(16,867)






Non-current liabilities





Borrowings


(1,917)

(2,739)

(2,394)

Provisions


(197)

-

(226)

Deferred taxation liability


(659)

(84)

(520)

Total non-current liabilities


(2,773)

(2,823)

(3,140)

Total liabilities


(17,848)

(18,520)

(20,007)

Total net assets


28,923

28,449

28,802
















Equity





Share capital


6,848

6,848

6,848

Share premium 


8,513

8,513

8,513

Other reserves


871

871

871

Retained earnings


13,218

12,375

13,074

Translation reserve


45

42

68

Share trust reserve


(572)

(200)

(572)

Total equity 


28,923

28,449

28,802




  CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDERS' EQUITY



For the six months to 28 February 2009 (unaudited)



Share

capital

Share

premium

Other

reserves

Retained

earnings

Translation

reserve

Share trust

reserve

Total

equity


£'000

£'000

£'000

£'000

£'000

£'000

£'000

At 1 September 2008

6,848

8,513

871

13,074

68

(572)

28,802

Profit for the financial period

-

-

-

530

-

-

530

Currency translation

-

-

-

-

(23)

-

(23)

Share-based payments

-

-

-

37

-

-

37

Dividend paid

-

-

-

(423)

-

-

(423)

At 28 February 2009

6,848

8,513

871

13,218

45

(572)

28,923




For the six months to 29 February 2008 (unaudited)



Share

capital

Share

premium

Other

reserves

Retained

earnings

Translation

reserve

Share trust

reserve

Total

equity


£'000

£'000

£'000

£'000

£'000

£'000

£'000

At 1 September 2007

6,848

8,513

871

10,919

(7)

(200)

26,944

Profit for the financial period

-

-

-

1,829

-

-

1,829

Currency translation

-

-

-

-

49

-

49

Share-based payments

-

-

-

66

-

-

66

Dividend paid

-

-

-

(439)

-

-

(439)

At 29 February 2008

6,848

8,513

871

12,375

42

(200)

28,449



For the twelve months ended 31 August 2008



Share

capital

Share

premium

Other

reserves

Retained

earnings

Translation

reserve

Share trust

reserve

Total

equity


£'000

£'000

£'000

£'000

£'000

£'000

£'000

At 1 September 2007

6,848

8,513

871

10,919

(7)

(200)

26,944

Profit for the year

-

-

-

2,494

-

-

2,494

Currency translation

-

-

-

-

75

-

75

Shares acquired by   share trust

-

-

-

-

-

(372)

(372)

Share-based payments

-

-

-

100

-

-

100

Dividend paid

-

-

-

(439)

-

-

(439)

At 31 August 2008

6,848

8,513

871

13,074

68

(572)

28,802

  CONSOLIDATED CASH FLOW STATEMENT

For the six months to 28 February 2009









Notes

Six months to

28 February

2009

Unaudited

£000

Six months to

29 February

2008

Unaudited

£000

Twelve months to

31 August

2008


£000






Cash flow from operating activities





Cash generated from operations

5

2,999

1,614

3,124

Income taxes repaid/(paid)


251

(427)

(1,308)

Net cash from operating activities


3,250

1,187

1,816






Investing activities





Acquisition of subsidiary undertaking, net of cash acquired


-

(4,302)

(4,302)

Disposal of subsidiary undertaking, net of cash disposed


-

400

400

Purchase of property, plant and equipment


(229)

(146)

(1,196)

Sale of property, plant and equipment


20

126

147

Expenditure on intangible assets 


(608)

(384)

(1,506)

Interest received


12

23

166

Net cash used in investing activities


(805)

(4,283)

(6,291)






Financing activities





Dividend paid


(423)

(439)

(439)

Repayment of bank loans


(360)

(360)

(720)

Repayment of finance lease creditors


-

(16)

(26)

Shares acquired by share trust


-

-

(372)

Interest paid


(326)

(263)

(726)

Net cash used in financing activities


(1,109)

(1,078)

(2,283)






Net increase/(decrease) in cash, cash equivalents

   and bank overdrafts

6

1,336

(4,174)

(6,758)

Currency variations 


(23)

49

74

Cash, cash equivalents and bank overdrafts

  at the start of the period


(5,792)

892

892

Cash, cash equivalents and bank overdrafts   at the end of the period


(4,479)

(3,233)

(5,792)



  Notes to the Interim Financial Statements

 

1.      Basis of Preparation

These interim financial statements have been prepared using the recognition and measurement principles of International Accounting Standards, International Financial Reporting Standards and Interpretations adopted for use in the European Union (collectively 'Adopted IFRS'). 


The principal accounting policies used in preparing these interim financial statements are those expected to apply to the Company's consolidated financial statements for the year ending 31 August 2009 and are unchanged from those disclosed in the Group's Annual Report for the year ended 31 August 2008. 


The financial information for the six months ended 28 February 2009 and 29 February 2008 is unaudited and does not constitute statutory financial statements for those periods. 


The comparative financial information for the twelve months ended 31 August 2008 has been derived from the audited statutory financial statements for that yearThese financial statements were approved by shareholders at the Annual General Meeting and have been delivered to the Registrar of Companies. The Auditors' Report on those financial statements was unqualified, did not include a reference to any matters to which the Auditors drew attention by way of emphasis without qualifying their report and did not include a statement under section 498(2) or 498(3) of the Companies Act 2006.


The Board of Directors approved this interim report on 14 May 2009.


2.      Business Segments

The Group's primary reporting format for reporting segment information is business segments.




Six months to

28 February

2009

Unaudited

£000

Six months to

29 February

2008

Unaudited

£000

Twelve months to

31 August

2008


£000






Revenue by business segment





Armour Auto


6,264

7,360

14,409

Armour Home 


20,399

22,865

39,599

Total 


26,663

30,225

54,008


The Group's secondary reporting format for reporting segment information is geographic segments.




Six months to

28 February

2009

Unaudited

£000

Six months to

29 February

2008

Unaudited

£000

Twelve months to

31 August

2008


£000






Revenue by location of customers





United Kingdom


21,848

25,725

45,855

Rest of Europe


2,978

3,499

6,346

Rest of world


1,837

1,001

1,807

Total


26,663

30,225

54,008


 

3.      Taxation

The taxation charge for the six months to 28 February 2009 is based on the effective taxation rate, which is estimated will apply to earnings for the year ending 31 August 2009.


4.      Earnings per Ordinary Share

Basic earnings per ordinary share are calculated using the weighted average number of shares in issue during the financial period of 65,056,067 (29 February 2008: 67,514,067 and 31 August 2008: 67,191,706).


Diluted earnings per ordinary share are calculated using the weighted average number of shares in issue during the financial period of 65,056,067 (29 February 2008: 68,506,387 and 31 August 2008: 68,044,400). 


The weighted average number of ordinary shares held by the Armour Employees' Share Trust of 3,424,000 (29 February 2008966,000 and 31 August 20081,288,361) are not included in either the weighted average, or diluted weighted average, ordinary shares in issue during the financial period.


Underlying earnings per ordinary share is also shown calculated by reference to earnings before share-based payments. The Directors consider that this gives a useful additional indication of underlying performance. 





Six months to

28 February 2009

Unaudited


Six months to

29 February 2008

Unaudited

Twelve months to

31 August 2008



£000

p

£000

p

£000

p








Basic earnings per ordinary share







Profit for the financial period

530

0.8

1,829

2.7

2,494

3.7

Share-based payments 

37

0.1

48

0.1

100

0.2

Underlying earnings

567

0.9

1,877

2.8

2,594

3.9















Diluted earnings per ordinary share







Profit for the financial period

530

0.8

1,829

2.7

2,494

3.7

Share-based payments 

37

0.1

48

-

100

0.1

Underlying earnings

567

0.9

1,877

2.7

2,594

3.8


5.      Net Cash Inflow from Operations



Six months to

28 February

2009

Unaudited

£000

Six months to

29 February

2008

Unaudited

£000

Twelve months to

31 August

2008


£000





Profit from operations

1,010

2,864

4,029

Depreciation of property, plant and equipment

309

307

619

Amortisation of intangible assets

332

142

456

Share-based payments

37

66

100

Gain on sale of property, plant and equipment

(12)

(108)

(68)

Decrease/(increase) in inventories

1,116

(1,071)

(2,335)

Decrease/(increase) in trade and other receivables

1,035

(25)

810

Decrease in trade, other payables and provisions

(828)

(561)

(487)

Net cash from operations

2,999

1,614

3,124


6.      Reconciliation of Net Cash Flow to Movement in Net Debt

Net debt incorporates the Group's borrowings, bank overdrafts and obligations under finance leases less cash and cash equivalents. A reconciliation of the movement in the net debt is shown below:




Six months to

28 February

2009

 Unaudited

£000

Six months to

29 February

2008

Unaudited

£000

Twelve months to

31 August

2008


£000





Net increase/(decrease) in cash and cash equivalents

1,336

(4,174)

(6,758)

Net cash outflow from debt and lease financing

360

376

746

Other non-cash movements

(42)

32

42

Decrease/(increase) in net debt in the financial period

1,654

(3,766)

(5,970)

Opening net debt

(8,874)

(2,904)

(2,904)

Closing net debt

(7,220)

(6,670)

(8,874)



7.      Copies of Interim Report

Copies of this interim report are being sent to shareholders and will also be made available upon request to members of the public at the Company's Registered Office, Lonsdale House, 7 - 9 Lonsdale GardensTunbridge WellsKentTN1 1NU. This interim report can also be viewed on the Group's website: www.armourgroup.uk.com.



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