Financial Express (Holdings) Limited (“we”, “our”, “us” and derivatives) are committed to protecting and respecting your privacy. This Privacy Policy, together with our Terms of Use, sets out the basis on which any personal data that we collect from you, or that you provide to us, will be processed by us relating to your use of any of the below websites (“sites”).

  • Investegate.co.uk
  • Trustnetoffshore.com
  • Trustnetmiddleeast.com
  • FETransmission.com
  • Trustnet.hk
  • FEAnalytics.com

For the purposes of the Data Protection Act 1998, the data controller is Trustnet Limited of 2nd Floor, Golden House, 30 Great Pulteney Street, London, W1F 9NN. Our nominated representative for the purpose of this Act is Kirsty Witter.

WHAT INFORMATION DO WE COLLECT ABOUT YOU?

We collect information about you when you register with us or use any of our websites / services. Part of the registration process may include entering personal details & details of your investments.

We may collect information about your computer, including where available your operating system, browser version, domain name and IP address and details of the website that you came from, in order to improve this site.

You confirm that all information you supply is accurate.

COOKIES

In order to provide personalised services to and analyse site traffic, we may use a cookie file which is stored on your browser or the hard drive of your computer. Some of the cookies we use are essential for the sites to operate and may be used to deliver you different content, depending on the type of investor you are.

You can block cookies by activating the setting on your browser which allows you to refuse the setting of all or some cookies. However, if you use your browser settings to block all cookies (including essential cookies) you may not be able to access all or part of our sites. Unless you have adjusted your browser setting so that it will refuse cookies, our system will issue cookies as soon as you visit our sites.

HOW WE USE INFORMATION

We store and use information you provide as follows:

  • to present content effectively;
  • to provide you with information, products or services that you request from us or which may interest you, tailored to your specific interests, where you have consented to be contacted for such purposes;
  • to carry out our obligations arising from any contracts between you and us;
  • to enable you to participate in interactive features of our service, when you choose to do so;
  • to notify you about changes to our service;
  • to improve our content by tracking group information that describes the habits, usage, patterns and demographics of our customers.

We may also send you emails to provide information and keep you up to date with developments on our sites. It is our policy to have instructions on how to unsubscribe so that you will not receive any future e-mails. You can change your e-mail address at any time.

In order to provide support on the usage of our tools, our support team need access to all information provided in relation to the tool.

We will not disclose your name, email address or postal address or any data that could identify you to any third party without first receiving your permission.

However, you agree that we may disclose to any regulatory authority to which we are subject and to any investment exchange on which we may deal or to its related clearing house (or to investigators, inspectors or agents appointed by them), or to any person empowered to require such information by or under any legal enactment, any information they may request or require relating to you, or if relevant, any of your clients.

You agree that we may pass on information obtained under Money Laundering legislation as we consider necessary to comply with reporting requirements under such legislation.

ACCESS TO YOUR INFORMATION AND CORRECTION

We want to ensure that the personal information we hold about you is accurate and up to date. You may ask us to correct or remove information that is inaccurate.

You have the right under data protection legislation to access information held about you. If you wish to receive a copy of any personal information we hold, please write to us at 3rd Floor, Hollywood House, Church Street East, Woking, GU21 6HJ. Any access request may be subject to a fee of £10 to meet our costs in providing you with details of the information we hold about you.

WHERE WE STORE YOUR PERSONAL DATA

The data that we collect from you may be transferred to, and stored at, a destination outside the European Economic Area (“EEA”). It may be processed by staff operating outside the EEA who work for us or for one of our suppliers. Such staff may be engaged in, amongst other things, the provision of support services. By submitting your personal data, you agree to this transfer, storing and processing. We will take all steps reasonably necessary, including the use of encryption, to ensure that your data is treated securely and in accordance with this privacy policy.

Unfortunately, the transmission of information via the internet is not completely secure. Although we will do our best to protect your personal data, we cannot guarantee the security of your data transmitted to our sites; any transmission is at your own risk. You will not hold us responsible for any breach of security unless we have been negligent or in wilful default.

CHANGES TO OUR PRIVACY POLICY

Any changes we make to our privacy policy in the future will be posted on this page and, where appropriate, notified to you by e-mail.

OTHER WEBSITES

Our sites contain links to other websites. If you follow a link to any of these websites, please note that these websites have their own privacy policies and that we do not accept any responsibility or liability for these policies. Please check these policies before you submit any personal data to these websites.

CONTACT

If you want more information or have any questions or comments relating to our privacy policy please email publishing@financialexpress.net in the first instance.

 Information  X 
Enter a valid email address

Armour Group PLC (AMR)

  Print      Mail a friend       Annual reports

Tuesday 06 December, 2011

Armour Group PLC

Preliminary Results

RNS Number : 3857T
Armour Group PLC
06 December 2011
 



 

ARMOUR GROUP PLC

 ("Armour" or the "Group")

Preliminary Results for the year ended 31 August 2011

 

 

FINANCIAL HEADLINES

§ Sales £42.3 million (2010: £56.6 million).

§ Loss after taxation of continuing operations £2.5 million (2010: Profit £0.9 million).

§ Basic loss per ordinary share of continuing operations (3.1)p (2010: Earnings 1.4p).

§ Cash utilised in operations £1.3 million (2010: Generated by operations £1.8 million).

§ Net debt £6.9 million (2010: £5.7 million).

 

 

 

George Dexter, Chief Executive of Armour Group plc commented:

 

"The deterioration in consumer confidence caused by the weak economic environment, particularly in the UK, has made the year to 31 August 2011 the most challenging experienced by the Group. The performance of the Group has been severely affected by the collapse in retail demand, which has been felt most particularly in our home division. Whilst the UK is not technically in a recession, the impact on consumer confidence of the steady stream of poor economic data has resulted in a dramatic fall in consumer demand. The consumer electronics sector, which is our core market and by its very nature exposed to discretionary expenditure, has felt the full force of this downturn in consumer demand. 

 

In response to the very difficult trading environment, the Group has implemented a restructuring of the home division and a cost reduction programme throughout all our operations, which has included the closure of our Chinese manufacturing facility. These cost reduction initiatives are expected to realise over £2.5 million in annualised savings.

 

Armour Automotive has enjoyed an encouraging recovery in its performance, with profits before exceptional items in the year increasing from £0.2 million to £0.8 million. In addition, our operations in Asia have continued to grow, with sales increasing by 99% to £1.1 million with every expectation that this will become a profitable operation in 2012.

 

The economic outlook in our core markets continues to be uncertain and the prospects of a recovery in consumer confidence and demand in the near term remain weak. The actions taken by the Group have significantly reduced its cost base and we anticipate an improved trading performance in 2012."

 

 

 

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

Stephen Norcross (Sales)

 



 

ARMOUR GROUP PLC

 ("Armour" or the "Group")

Preliminary Results for the year ended 31 August 2011

 

CHAIRMAN'S STATEMENT

 

The deterioration in consumer confidence caused by the weak economic environment, particularly in the UK, has made the year to 31 August 2011 the most challenging experienced by the Group. Group sales fell to £42.3 million (2010: £56.6 million), which generated a loss from operations before exceptional items and discontinued operations of £1.7 million (2010: Profit £1.2 million). The basic loss per ordinary share, before exceptional items and discontinued operations, was 1.8p (2010: Earnings per ordinary share 1.4p). The Group's net debt at 31 August 2011 was £6.9 million (2010: £5.7 million).

 

The performance of the Group has been severely affected by the collapse in retail demand, which has been felt most particularly in our home division. Whilst the UK is not technically in a recession, the impact on consumer confidence of the steady stream of poor economic data has resulted in a dramatic fall in consumer demand. The consumer electronics sector, which is our core market and by its very nature exposed to discretionary expenditure, has felt the full force of this downturn in consumer demand. 

 

In response to the very difficult trading environment, the Group has implemented a restructuring of the home division and a cost reduction programme throughout all our operations, which has included the closure of our Chinese manufacturing facility. These cost reduction initiatives are expected to realise over £2.5 million in annualised savings. The major elements of the restructuring and cost reduction programmes are now complete and we have started the new financial year with a more streamlined structure and cost base, particularly in Armour Home.

 

Whilst Armour Home has found the market conditions very challenging, Armour Automotive has enjoyed an encouraging recovery in its performance, with profits before exceptional items in the year increasing from £0.2 million to £0.8 million. In addition, our operations in Asia have continued to grow, with sales increasing by 99% to £1.1 million with every expectation that this will become a profitable operation in 2012.

  

The recovery in Armour Automotive has been driven by strong demand for in-vehicle audio solutions supplied into the commercial vehicle market and our range of GPS and GSM antennae. As with the home division, retail sales in the automotive aftermarket have declined, although this decline has not been as marked as in home electronics. We remain confident that Armour Automotive will continue its recovery in 2012.

 

As with all other parts of the businesses, expenditure on new product development has been carefully reviewed. However, despite the market difficulties, the Group has continued to invest in new product development and has launched a number of new products during the year including two new ranges of award winning Q Acoustics speakers. New product development remains a fundamental part of the Group strategy and we believe it is a key ingredient to drive sales and deliver a sustainable recovery in performance. 

 

This year has been very testing for our employees who have had to manage a considerable amount of change in a very short period of time. Despite this, they have worked with dedication and professionalism for the good of the Group. I would like to acknowledge the Board's appreciation of their commitment and effort over the course of the year.

 

The economic outlook in our core markets continues to be uncertain and the prospects of a recovery in consumer confidence and demand in the near term remain weak. The actions taken by the Group have significantly reduced its cost base and we anticipate an improved trading performance in 2012.

 

BOB MORTON

Chairman

5 December 2011



 

ARMOUR GROUP PLC

 

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

For the year ended 31 August 2011

 

 


 

 

31 August

2011

31 August

2010


Note

£000

£000

Revenue

2

42,311

56,591





Changes in inventory of finished goods and work in progress


(503)

(1,057)

Raw materials and consumables


(25,386)

(33,559)

Employee benefits costs


(8,411)

(9,756)

Depreciation and amortisation expense


(1,660)

(1,573)

Other expenses


(8,016)

(9,474)

Total expenses excluding exceptional items


(43,976)

(55,419)

Exceptional items

3

(1,442)

-

Total expenses


(45,418)

(55,419)

(Loss)/profit from operations

2

(3,107)

1,172

Finance expense


(454)

(233)

Finance income


14

8

(Loss)/profit before taxation


(3,547)

947

Taxation credit/(expense)

5

1,078

(68)

(Loss)/profit from continuing operations


(2,469)

879


 



Loss on discontinued operation, net of tax

4

(485)

-

(Loss)/profit for the year

 

(2,954)

879


 



Other Comprehensive Income

 



Exchange gains on translation of foreign operations

 

56

19

Total Other Comprehensive Income

 

56

19

Total Comprehensive (Loss)/Income for the year

 

(2,898)

898





(Loss)/earnings per ordinary share

6



Continuing and discontinued operations




Basic


(3.7)p

1.4p

Diluted


(3.7)p

1.4p





Continuing operations




Basic


(3.1)p

1.4p

Diluted


(3.1)p

1.4p



 

ARMOUR GROUP PLC

 

CONSOLIDATED STATEMENT OF FINANCIAL POSITION

At 31 August 2011

 

 


 

Note

31 August

2011

£000

31 August

2010

£000





Non-current assets




Goodwill


21,084

21,084

Other intangible assets


3,842

4,319

Property, plant and equipment


1,415

1,829

Deferred taxation asset


26

-

Total non-current assets


26,367

27,232





Current assets




Inventories


9,967

10,653

Trade and other receivables


7,192

9,523

Cash and cash equivalents


756

397

Total current assets


17,915

20,573

Total assets

2

44,282

47,805





Current liabilities




Bank overdrafts and borrowings


(7,661)

(5,613)

Trade and other payables


(7,225)

(10,392)

Corporation taxation liability


(31)

(182)

Provisions


(328)

(132)

Total current liabilities


(15,245)

(16,319)





Non-current liabilities




Borrowings


-

(480)

Deferred taxation liability


-

(946)

Total non-current liabilities


-

(1,426)

Total liabilities

2

(15,245)

(17,745)

Total net assets

2

29,037

30,060

















Equity




Share capital

8

7,134

6,848

Share premium


10,084

8,513

Other reserves


871

871

Retained earnings


11,382

14,318

Translation reserve


138

82

Share trust reserve


(572)

(572)

Total equity


29,037

30,060

 



 

ARMOUR GROUP PLC

 

CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDERS' EQUITY

For the year ended 31 August 2011

 

 

 

 


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 2009

6,848

8,513

871

13,602

63

(572)

29,325









Total Comprehensive Income

-

-

-

879

19

-

898

Share-based payments

-

-

-

32

-

-

32

Dividend paid

-

-

-

(195)

-

-

(195)









At 31 August 2010

6,848

8,513

871

14,318

82

(572)

30,060









Total Comprehensive Loss

-

-

-

(2,954)

56

-

(2,898)

Issue of equity

286

1,571

-

-

-

-

1,857

Share-based payments

-

-

-

18

-

-

18









At 31 August 2011

7,134

10,084

871

11,382

138

(572)

29,037

 

 

 



 

ARMOUR GROUP PLC

 

CONSOLIDATED STATEMENT OF CASH FLOWS

For the year ended 31 August 2011

 

 


 

Note

31 August

2011

£000

31 August

2010

£000





Cash flow from operating activities




Cash (utilised in)/generated from operations

9

(1,308)

1,818

Income taxes recovered/(paid)


82

(178)

Net cash (outflow)/inflow from operating activities


(1,226)

1,640





Investing activities




Purchase of property, plant and equipment


(395)

(401)

Sale of property, plant and equipment


47

36

Expenditure on intangible assets


(1,071)

(1,684)

Interest received


14

8

Net cash used in investing activities


(1,405)

(2,041)





Financing activities




Dividend paid


-

(195)

Issue of equity


1,857

-

New loans


11,870

-

Refinancing arrangement costs


(305)

-

Repayment of loans


(5,473)

(1,000)

Interest paid


(365)

(196)

Net cash generated/(used) in financing activities


7,584

(1,391)

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

10

4,953

  (1,792)

Currency variations on cash, cash equivalents and bank overdrafts


63

23

Cash, cash equivalents and bank overdrafts at the start of the year


(4,260)

(2,491)

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


756

(4,260)

 

 

 

 

 



 

ARMOUR GROUP PLC

Preliminary Announcement of the audited financial statements for the year ended 31 August 2011

 

1.    Accounting Policies

Basis of preparation

The Group's Consolidated Financial Statements have been prepared in accordance with International Financial Reporting Standards, International Accounting Standards and Interpretations (collectively "IFRS") issued by the International Accounting Standards Board as adopted by the European Union ("Adopted IFRS") and with those parts of the Companies Act 2006 applicable to companies preparing their financial statements under IFRS.

 

While the financial information included in this preliminary announcement has been prepared in accordance with the recognition and measurement criteria of IFRS, this announcement does not itself contain sufficient information to comply with IFRS. The Group expects to publish full financial statements that comply with IFRS in December 2011.

 

Various new standards, interpretations and amendments have become effective since 1 September 2010, but have had no material effect on the financial statements.

 

 

2.    Segment Information

The Group operates in the following main business segments:

 

Armour Automotive:          The design, manufacture and supply of products for the in-vehicle communications and entertainment market;

 

Armour Home:                     The design, manufacture and supply of products into the Hi-Fi, home theatre, home entertainment and office furniture markets;

 

Armour Asia:                       The sale of Armour Automotive and Armour Home products into Asian markets and provision of supplier support services, including quality control, to the UK businesses; and

 

Central operations:            The provision of group-wide support services including finance and future product concepts to the other business segments within the Group.

 

These segments are considered on the basis of different products and services. The accounting policies of the operating segments are the same as those described in the accounting policies in note 1.

 

Year ended 31 August 2011

Armour

Automotive

£000

Armour

Home

£000

Armour

Asia

£000

Central

operations

£000

 

Total

£000

Revenue

14,354

26,870

1,087

-

42,311

Underlying profit/(loss) for the year

768

(1,059)

(275)

(1,099)

(1,665)

Exceptional items

(106)

(1,336)

-

-

(1,442)

Profit/(loss) from operations

662

(2,395)

(275)

(1,099)

(3,107)

Balance Sheet






Assets

10,415

14,287

422

19,158

44,282

Liabilities

(5,314)

(7,952)

(384)

(1,595)

(15,245)

Net Assets

5,101

6,335

38

17,563

29,037

Other






Additions to non-current assets

339

1,086

41

-

1,466

Finance Expense

(118)

(194)

-

(142)

(454)

Finance Income

6

6

-

2

14

Taxation credit/(expense)

14

1,122

(66)

8

1,078

Depreciation

161

597

8

8

774

Amortisation of intangible assets

250

1,297

-

1

1,548

Share-based payments

4

12

-

2

18

 

 

 

 

 

 

2.    Segment Information (continued)

 

Year ended 31 August 2010

Armour

Automotive

£000

Armour

Home

£000

Armour

Asia

£000

Central

operations

£000

 

Total

£000

Revenue

13,252

42,794

545

-

56,591

Profit/(loss) from operations

163

2,633

(499)

(1,125)

1,172

Balance Sheet






Assets

11,235

21,696

376

14,498

47,805

Liabilities

(3,680)

(9,274)

(344)

(4,447)

(17,745)

Net Assets

7,555

12,422

32

10,051

30,060

Other






Additions to non-current assets

350

1,724

9

2

2,085

Finance Expense

(19)

(11)

-

(203)

(233)

Finance Income

5

3

-

-

8

Taxation expense

(16)

(252)

(4)

204

(68)

Depreciation

178

403

7

8

596

Amortisation of intangible assets

213

762

-

2

977

Share-based payments

4

25

-

3

32

 

 

Geographical information

 


Revenue by location

of customers

Total non-current assets by location


2011

£000

2010

£000

2011

£000

2010

£000

United Kingdom

31,771

45,077

26,316

27,214

Sweden

2,103

1,927

8

10

France

1,328

1,461

-

-

Hong Kong

940

1,785

23

8

Other Countries

6,169

6,341

20

-


42,311

56,591

26,367

27,232

 

 

 

3.    Exceptional items

Over the course of the year and in response to the economic environment, the Group has implemented a restructuring programme, particularly within the Armour Home division. The restructuring involved redundancies and the closure of various UK operational activities, which in turn has necessitated the write-down of various assets held by the subsidiary undertakings. The exceptional costs incurred are shown below:

 

 

 

 

£000



Redundancy and agency termination costs

638

Amounts written-off tangible fixed assets

224

Amounts written-off intangible fixed assets

438

Property exit, re-location and other associated costs

142

Total exceptional items

1,442

 

 

 

 

 

 

 

 

4.    Discontinued operations

At the start of the year, in response to customer indicated demand, the Group set-up a Chinese manufacturing facility. Due to the subsequent curtailment of demand, continued operation of this facility which required a steady and reliable production volume, was no longer viable. Consequently, the facility was closed in May 2011. The costs of setting up and then terminating this now discontinued operation, and the associated tax credit, are shown below: 

 

 

 

Result of discontinued operation

31 August

2011

£000

31 August

2010

£000

Intra-group revenue

342

-

Operating expenses

(959)

-

Depreciation of tangible fixed assets

(2)

-

Tax credit

134

-

Loss for the year

(485)

-

 

 

 

 

Loss per share from discontinued operation

31 August

2011

pence

31 August

2010

pence

Basic loss per share

(0.6)

-

Diluted loss per share

(0.6)

-

 

 

The statement of cash flows includes the following amounts relating to discontinued operations:

 


31 August

2011

£000

31 August

2010

£000

Operating activities

(390)

-

Investing activities

(19)

-

Net cash utilised by discontinued operations

(409)

-

 

 

5.    Taxation

 


31 August

2011

£000

31 August

2010

£000

Current taxation credit/(expense)



UK Corporation Tax on result for the year

-

-

Adjustment in respect of prior years

258

261

Income taxation of overseas operations

(24)

(42)

Total current taxation credit

234

219

Deferred taxation credit/(expense)



UK operations

1,227

(70)

Adjustment in respect of prior years

(240)

(228)

Overseas operations

(9)

11

Total deferred taxation credit/(expense)

978

(287)

Total taxation credit/(expense)

1,212

(68)




Taxation credit/(expense) from continuing operations

1,078

(68)

Taxation credit from discontinued operations

134

-

Total taxation credit/(expense)

1,212

(68)

 

 

 

 

 

 

5.    Taxation (continued)

 

The reasons for the difference between the actual tax charge for the year and the standard rate of corporation tax in the United Kingdom applied to the result for the year are as follows:

 


31 August

2011

£000

31 August

2010

£000

(Loss)/profit for the year

(2,954)

879

Total taxation (credit)/expense

(1,212)

68

(Loss)/profit before taxation

(4,166)

947




(Loss)/profit multiplied by the rate of UK corporation tax of 27.16% (2010: 28%)

1,131

(265)

Effects of:



Expenses not deductible for taxation purposes

(52)

(31)

Taxation credits

134

189

Lower taxation rates on overseas profit and marginal relief

6

6

Differences arising from variation of taxation rates

(25)

-

Adjustments in respect of prior years

18

33

Total taxation credit/(expense)

1,212

(68)

 

 

6.    (Loss)/earnings per ordinary share

Basic (loss)/earnings per ordinary share are calculated using the weighted average number of ordinary shares in issue during the financial year of 79,850,588 (31 August 2010: 65,056,067). Diluted (loss)/earnings per ordinary share are calculated with reference to 79,850,588 (31 August 2010: 65,056,067) ordinary shares. The effect of the exercise of options on the weighted average number of ordinary shares in issue is Nil (31 August 2010: Nil).

 

At the Company's general meeting held on 23 February 2011, the share capital was reorganised which gave rise to the creation of deferred shares (Note 8). These deferred shares have restricted and minimal rights whereby holders are not entitled to receive any dividend or other distribution. The deferred shares are therefore excluded from the weighted average, and diluted weighted average, ordinary shares in issue during the financial year.

 

At 31 August 2011, the Armour Employees' Share Trust held 3,424,000 (31 August 2010: 3,424,000) ordinary shares. The weighted average number of ordinary shares held by the Armour Employees' Share Trust during the year of 3,424,000 (31 August 2010: 3,424,000) is not included in either the weighted average, or diluted weighted average, ordinary shares in issue during the financial year.

 

Underlying (loss)/earnings per ordinary share are also shown calculated by reference to earnings before exceptional items, discontinued operations and share-based payments. The Directors consider that this gives a useful additional indication of underlying performance. The term "underlying" is not defined under IFRS and may not therefore be comparable with similarly titled profit measures reported by other entities.

 

 


31 August 2011

31 August 2010


 

£000

Basic

pence

Diluted

pence

 

£000

Basic

pence

Diluted

pence

(Loss)/profit for the year

(2,954)

(3.7)

(3.7)

879

1.4

1.4

Discontinued operations, net of tax

485

0.6

0.6

-

-

-

Continuing operations

(2,469)

(3.1)

(3.1)

879

1.4

1.4

Exceptional items, net of tax

1,045

1.3

1.3

-

-

-

Share-based payments

18

-

-

32

-

-

Underlying (loss)/earnings

(1,406)

(1.8)

(1.8)

911

1.4

1.4

 

 

 

 

 

 

 

 

7.    Dividend

The Board did not recommend a dividend for the year ended 31 August 2010 and has not recommended a final dividend for the year ended 31 August 2011.

 

The dividend proposed in the financial statements as at 31 August 2009, and approved by shareholders at the Annual General Meeting held on 28 January 2010, is shown as paid in the 2010 comparative figures.

 

 

8.    Share capital

On 23 February 2011, each 10p ordinary share in issue was sub-divided into one new ordinary share of 1p each and one deferred share of 9p each. Each authorised but unissued ordinary share was sub-divided into 10 new ordinary shares of 1p each. On the same date, the Company issued 28,571,429 new ordinary shares of 1p each by way of a placing at 7p per share.

 


Nominal value


Number

 

 

 

Authorised

Ordinary shares of

10p each

£000

Ordinary shares of

1p each

£000

Deferred

shares of

9p each

£000


Ordinary shares of

10p each

'000

Ordinary shares of

1p each

'000

Deferred

shares of

9p each

'000

At 1 September 2010

15,000

-

-


150,000

-

-

Sub-division of shares in issue

(6,848)

685

6,163


(68,480)

68,480

68,480

Sub-division of unissued shares

(8,152)

8,152

-


(81,520)

815,199

-

At 31 August 2011

-

8,837

6,163


-

883,679

68,480

 

 

 

 

 

 

Allotted, called up and fully paid: number

Ordinary shares of

10p each

Number

'000

Ordinary shares of

1p each

Number

'000

Deferred

shares of

9p each

Number

'000

In issue at 1 September 2010

68,480

-

-

Sub-division of shares

(68,480)

68,480

68,480

Issued during the period

-

28,571

-

In issue at 31 August 2011

-

97,051

68,480

 

 

 

 

 

Allotted, called up and fully paid: £'000

Ordinary shares of

10p each

£000

Ordinary shares of

1p each

£000

Deferred

shares of

9p each

£000

 

 

Total

£000

In issue at 1 September 2010

6,848

-

-

-

Sub-division of shares

(6,848)

685

6,163

6,848

Issued during the period

-

286

-

286

In issue at 31 August 2011

-

971

6,163

7,134

 

The new ordinary shares of 1p each have the same rights as the previous ordinary shares of 10p each. No new share certificates were issued in respect to the new ordinary shares of 1p each, the existing certificates continuing to be valid and accepted as evidence of title for the new ordinary shares.

 

The deferred shares of 9p each have restricted and minimal rights, whereby:

·     Holders are not entitled to receive any dividend, or other distribution or to receive notice or speak or vote at general meetings of the Company,

·     On a return of assets on a winding up, holders are only entitled to amounts paid up on such shares after the repayment of £10 million per ordinary share,

·     The deferred shares are not freely transferable,

·     The creation and issue of further shares which rank equally or in priority to the deferred shares or the passing of a resolution of the Company to cancel the deferred shares or to effect a reduction of the capital shall not constitute a modification or abrogation of their rights,

·     The Company has the right at any time to purchase all of the deferred shares for an aggregate consideration of £1.00,

·     No application has or will be made for the deferred shares to be admitted to trading on AIM or any other stock exchange,

·     No share certificates have or will be issued for any of the deferred shares.

 

 

 

 

 

 

9.    Net cash flow from operations


31 August

2011

£000

31 August

2010

£000




(Loss)/profit for the year

(2,954)

879

Depreciation of property, plant and equipment

776

596

Amortisation of intangible assets

1,058

977

Impairment of intangible assets

490

-

Share-based payments

18

32

Finance income

(14)

(8)

Finance expense

454

233

Income tax (credit)/expense

(1,212)

68

EBITDA*

(1,384)

2,777

Gain on sale of property, plant and equipment and fair value adjustments

(14)

(165)

Decrease in inventories

686

1,028

Decrease in trade and other receivables

2,331

353

Decrease in trade, other payables and provisions

(2,927)

(2,175)


76

(959)

Net cash (utilised in)/generated from operations

(1,308)

1,818

* EBITDA is defined as the (loss)/profit before interest, taxation, depreciation, amortisation and share-based payments.

 

 

10.  Reconciliation of net cash flow to movement in net debt

Net debt incorporates the Group's borrowings and bank overdrafts, less cash and cash equivalents. A reconciliation of the movement in the net debt from the beginning to the end of the year is shown below:

 


31 August

2011

£000

31 August

2010

£000




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

4,953

(1,792)

New loans

(11,870)

-

Repayment of loans

5,473

1,000

Other non-cash movements

235

(17)

Increase in net debt  

(1,209)

(809)

Opening net debt

(5,696)

(4,887)

Closing net debt

(6,905)

(5,696)

 

 

11.  Publication of non-statutory accounts

The financial information set out in this preliminary announcement does not constitute the Group's financial statements for the year ended 31 August 2011 and the year ended 31 August 2010.

 

The financial statements for the year ended 31 August 2010 were prepared in accordance with Adopted IFRS and have been delivered to the Registrar of Companies. The financial statements for the year ended 31 August 2011 will be delivered to the Registrar of Companies following the Company's Annual General Meeting. The auditors' report on both accounts was unqualified, did not include references to any matters to which the auditors drew attention by way of emphasis without qualifying their report and did not contain statements under sections 498(2) or (3) of the Companies Act 2006.

 

The full audited financial statements of Armour Group plc for the period ended 31 August 2011 are expected to be posted to shareholders no later than 31 December 2011 and will be available to the public at the Company's registered office, Lonsdale House, 7-9 Lonsdale Gardens, Tunbridge Wells Kent, TN1 1NU and available to view on the Company's website at www.armourgroup.uk.com from that date.

 

 

12.  Annual General Meeting

The Annual General Meeting will be held at the offices of Armour Automotive Limited, Woolmer Industrial Estate, Bordon, Hants GU35 9QE on Tuesday 31 January 2012.

 



 

 

ABOUT ARMOUR

 

Armour Group is the United Kingdom's leading consumer electronics group within the home and in-vehicle communications and entertainment markets, committed to designing, manufacturing and distributing leading-edge audio and visual products and solutions.

 

Armour Group has two principal UK based operating divisions, Armour Home and Armour Automotive, and Armour Asia based in Hong Kong. The Group employs over 200 people across operating sites in the UK, Scandinavia and Hong Kong.

 

The Group possesses a strong brand portfolio, including more than 6,000 products and accessories, which is underpinned by innovative product development and investment in proprietary technology.

 

An unrivalled distribution capability ensures that products are supplied direct to more than 6,000 retail outlets within the UK and to customers in 66 countries worldwide. Armour Group is also a leading supplier of audio and visual technology to a host of non-retail customers including vehicle manufacturers, hotel chains, house builders and custom installers.

 

The Group's strength is based on 5 fundamentals:

 

·      Strong, recognised and award-winning brands

·      Quality product portfolio

·      Structured programme of product innovation

·      Unrivalled distribution into the UK's retail electronics market

·      First class customer service

 

 


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