Part 2 : For preceding part double-click [nRn1a0750Y]
Professional Business Services Inventory Total continuing operations
£'000 Systems & Services £'000 Discontinued operations
£'000 Other £'000 Group
£'000 £'000
Total gross segment revenue 37,011 26,515 2,941 66,467 9,691 76,158
Inter-segment revenue (104) - (2,941) (3,045) - (3,045)
Revenue 36,907 26,515 - 63,422 9,691 73,113
Operating (loss)/profit before exceptional items (3,396) 533 158 (2,705) (3,162) (5,867)
Exceptional items (1,964) - - (1,964) - (1,964)
Net loss on disposal of Retail Software business - - - - (6,193) (6,193)
Operating (loss)/profit after exceptional items (5,360) 533 158 (4,669) (9,355) (14,024)
Net financecredit 65 (1) 64
Loss before tax (4,604) (9,356) (13,960)
Taxation 1,182 (807) 375
Loss for the period after tax (3,422) (10,163) (13,585)
Segment assets consist primarily of property, plant and equipment, intangible
assets, inventories, receivables and operating cash. They exclude taxation.
The reportable segment assets at 30 June 2009 for the period then ended are as
follows:
Stock &
Inventory
Professional Business Services Systems & Services
£'000 £'000
Other Group
£'000 £'000
Assets 8,295 6,707 386 15,388
Deferred tax assets 2,572
17,960
The reportable segment assets at 30 June 2008 for the period then ended are as
follows:
Stock &
Inventory
Professional Business Services Systems & Services Total continuing operations
£'000 £'000 £'000 Discontinued operations
Other £'000 Group
£'000 £'000
Assets 14,040 7,371 (826) 20,585 5,645 26,230
Deferred tax assets 1,742
Current tax assets 408
28,380
The reportable segment assets at 31 December 2008 for the period then ended are
as follows:
Stock &
Professional Business Services Inventory
£'000 Systems & Services
£'000 Other Group
£'000 £'000
Assets 6,413 6,135 3,174 15,722
Deferred tax assets 2,063
Current tax assets 596
18,381
5. Taxation
The tax credit for the six months ended 30 June 2009 was based on an underlying
tax rate (current year corporation and deferred tax as a percentage of pre tax
losses) of 18% which includes the movement in deferred tax asset relating to
retirement benefit obligations. There was no tax charge arising on the results
for the six months ended 30 June 2008.
In addition to the tax credit for the 6 months ended 30 June 2009, a further
£834,000 tax credit has been recognised in order to reflect the full effect of
the £1,299,000 tax refund received during the period.
6. Discontinued operations
The results of the discontinued operations are summarised below:
Half year to 30 June2008 Year ended 31 December 2008
£'000 £'000
(Unaudited)
Profit on disposal of Retail Software business - 2,135
Fair value adjustment of Retail Software business assets (8,328) (8,328)
Loss for the period after tax of the Retail Software (2,514) (3,794)
business
Total loss of the Retail Software business (10,842) (9,987)
Loss for the period after tax of Christie Corporate (139) (176)
Finance
Loss for the period after tax (10,981) (10,163)
6a. Software Solutions Division
On 30 September 2008 the Group completed the disposal of its Retail Software
business for a consideration of E4,000,000 cash, translating to £3,164,000 on
exchange. Associated costs of disposal were £1,367,000, with net liabilities on
disposal amounting to £338,000, resulting in a profit on disposal of
£2,135,000.
6b. Christie Corporate Finance
On 1 August 2008 Christie Corporate Finance was closed. This was previously
included in the Professional Business Services segment. From this date it was
classified as a discontinued operation.
7. Earnings per share
Basic earnings per share is calculated by dividing the profit attributable to
equity holders of the Company by the weighted average number of ordinary shares
in issue during the period, which excludes the shares held in the Employee Share
Ownership Plan (ESOP) trust.
30 June 2009 30 June 2008 31 December 2008
£'000 £'000 £'000
(Loss)/profit from continuing operations attributable to (1,381) 998 (3,422)
equity holders of the Company
Loss from discontinued operations attributable to equity - (10,981) (10,163)
holders of the Company
Loss from total operations attributable to equity holders (1,381) (9,983) (13,585)
of the Company
30 June 2009 30 June 2008 31 December 2008
Thousands Thousands Thousands
Weighted average number of ordinary shares in issue 24,715 24,472 24,486
Adjustment for share options - 189 74
Weighted average number of ordinary shares for diluted 24,715 24,661 24,560
earnings per share
30 June 2009 30 June 2008 31 December 2008
Pence Pence Pence
Basic earnings per share
Continuing operations (5.59) 4.08 (13.98)
Discontinued operations - (44.87) (41.50)
Total operations (5.59) (40.79) (55.48)
Fully diluted earnings per share
Continuing operations (5.59) 4.08 (13.98)
Discontinued operations - (44.87) (41.50)
Total operations (5.59) (40.79) (55.48)
Diluted earnings per share is calculated adjusting the weighted average number
of ordinary shares outstanding to assume conversion of all dilutive potential
ordinary shares. The Company has only one category of potential dilutive
ordinary shares: share options. The basic and diluted loss per share is the
same, as the exercise of share options would reduce the loss per share and is,
therefore, anti-dilutive.
The calculation is performed for the share options to determine the number of
shares that could have been acquired at fair value (determined as the average
annual market share price of the Company's shares) based on the monetary value
of the subscription rights attached to outstanding share options. The number of
shares calculated as above is compared with the number of shares that would have
been issued assuming the exercise of the share options.
8. Dividends per share
30 June 2009 30 June 2008 31 December 2008
£'000 £'000 £'000
Interim
2008 interim, paid October 2008 (0.50p) - - 123
Final
2007 final, paid June 2008 (2.75p) - 671 671
- 671 794
9. Share capital
30 June 2009 30 June 2008 31 December 2008
Ordinary shares of 2p each Number £'000 Number £'000 Number £'000
Authorised: 30,000,000 600 30,000,000 600 30,000,000 600
At 1 January, 30 June and 31 December
Allotted and fully paid:
At beginning and end of period 25,263,551 505 25,263,551 505 25,263,551 505
The Company has one class of ordinary shares which carry no right to fixed
income.
Investment in own shares
The Group has established an Employee Share Ownership Plan (ESOP) trust in order
to meet its future contingent obligations under the Group's share option
schemes. The ESOP purchases shares in the market for distribution at a later
date in accordance with the terms of the Group's share option schemes. The
rights to dividend on the shares held have been waived.
At 30 June 2009 advances by the Group to the ESOP to finance the purchase of
ordinary shares were £2,069,000 (30 June 2008: £2,026,000; 31 December 2008:
£2,154,000). The market value at 30 June 2009 of the ordinary shares held in the
ESOP was £181,000 (30 June 2008: £510,000; 31 December 2008: £237,000). The
investment in own shares represents 533,000 shares (30 June 2008: 733,000; 31
December 2008: 775,000) with a nominal value of 2p each.
10. Retirement benefit obligations
The Group operates two defined benefit schemes (closed to new members) providing
pensions on final pensionable pay. The contributions are determined by qualified
actuaries on the basis of triennial valuations using the projected unit method.
When a member retires, the pension and any spouse's pension is either secured by
an annuity contract or paid from the managed fund. Assets of the schemes are
reduced by the purchase price of any annuity purchase and the benefits no longer
regarded as liabilities of the scheme.
The amounts recognised in the statement of comprehensive income and the movement
in the liability recognised in the statement of financial position have been
based on the forecasted position for the year to 31 December 2009 after
adjusting for the actual contributions to be paid in the period.
The amounts recognised in the statement of comprehensive income are as follows:
Half year to Half year to Year ended
30 June 2009 30 June 2008 31 December 2008
£'000 £'000 £'000
Current service cost (393) (421) (781)
Interest cost (988) (977) (1,803)
Expected return on plan assets 884 1,014 2,121
Net actuarial (loss)/gain recognised in the year (72) - 31
Total included in employee benefit expenses (569) (384) (432)
The movement in the liability recognised in the statement of financial position
is as follows:
Half year to Half year to Year ended
30 June 2009 30 June 2008 31 December 2008
£'000 £'000 £'000
Beginning of the period 3,225 4,293 4,293
Expenses included in employee benefit expenses 569 384 432
Contributions paid (415) (761) (1,500)
End of the period 3,379 3,916 3,225
The principal actuarial assumptions used were as follows:
Half year to 30 June 2009 Half year to 30 June 2008 Year ended 31 December 2008
% % %
Discount rate 5.8 5.8 - 6.6 5.8
Inflation rate 3.5 3.5 3.5
Expected return on plan assets 6.2 - 7.6 6.2 - 7.25 6.2 - 7.6
Future salary increases 3.5 - 3.6 3.5 3.5 - 3.6
Assumptions regarding future mortality experience were consistent with those
disclosed in the financial statements for the year ended 31 December 2008.
11. Note to the cash flow statement
Cash used in operations
Half year to Half year to Year to
30 June 2009 30 June 2008 31 December 2008
£'000 £'000 £'000
Continuing operations
(Loss)/profit for the period (1,381) 998 (3,422)
Adjustments for:
- Taxation (1,331) - (1,182)
- Finance credits (11) (68) (65)
- Depreciation 416 418 890
- Amortisation of intangible assets 28 14 16
- Profit on sale of property, plant and equipment - (29) (28)
- Loss on sale of intangible assets - 17 13
- Foreign currency translation 73 116 279
- Increase in provision for other liabilities and charges 297 176 1,861
- Movement in available-for-sale financial asset (81) - 19
- Movement in share option charge 40 60 98
- Movement in retirement benefit obligation 82 (378) (1,038)
- Increase in non-current other receivables - (21) -
Changes in working capital (excluding the effects of
exchange differences on consolidation):
- Decrease in inventories - 4 -
- (Increase)/decrease in trade and other receivables (724) (4,415) 1,260
- Increase/(decrease) in trade and other payables 678 (3,455) (3,473)
Cash used in continuing operations (1,914) (6,563) (4,772)
Discontinued operations
Loss for the period - (10,981) (10,163)
Adjustments for:
- Taxation - - 807
- Finance costs - 3 1
- Depreciation - 94 211
- Amortisation of intangible assets - 51 33
- Fair value adjustment of Retail Software business assets 8,328
- 8,328
- Profit on sale of Retail Software business - - (2,135)
- Foreign currency translation - (46) (529)
Changes in working capital (excluding the effects of
exchange differences on consolidation):
- Decrease/(increase) in inventories - 4 (145)
- Decrease/(increase) in trade and other receivables - 373 (837)
- Increase in trade and other payables - 4,088 3,947
Cash (used in)/generated from discontinued operations (482)
- 1,914
Cash used in operations (1,914) (4,649) (5,254)
12.Publication of Interim Report
The 2009 Interim Accounts are available on the company's website
www.christiegroup.com
This information is provided by RNS
The company news service from the London Stock Exchange
END
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