TIDMPEG
RNS Number : 9218Z
Petards Group PLC
24 September 2020
24 September 2020
Petards Group plc
("Petards", "the Group" or "the Company")
Interim results for the six months ended 30 June 2020
Petards Group plc (AIM: PEG), the AIM quoted developer of
advanced security and surveillance systems, is pleased to report
its interim results for the six months ended 30 June 2020.
Key Highlights:
-- Operational
o Order book at 30 June 2020 over GBP12 million (H1 2019: GBP15
million)
o First half 2020 eyeTrain revenues impacted by COVID-19 related
factors
o All other Group operational performances ahead of H1 2019
o QRO acquisition of NASBox ANPR technology rights for
GBP149,000
o Significant reduction in the Group's on-going cost base
-- Financial
o Revenue GBP7.1 million (H1 2019: GBP8.9 million)
o Gross margin 34.4% (H1 2019: 35.9%)
o Adjusted EBITDA GBP337,000 (H1 2019: GBP625,000)(1)
o Adjusted post-tax loss GBP164,000 (H1 2019 profit:
GBP65,000)(2)
o Post-tax loss GBP469,000 (H1 2019: profit GBP65,000)
o Cash generated from operating activities GBP1,802,000 (H1
2019: GBP584,000 cash used)
o Net funds at 30 June 2020 increased to GBP1.0 million (31 Dec
2019: net debt GBP0.5 million)
o Renewal of Group's banking facilities to June 2022
o Diluted EPS 0.82p loss (H1 2019: 0.11p earnings)
(1. Earnings before financial income and expenses, tax,
depreciation, amortisation, share based payment charges and
exceptional restructuring costs.)
(2. Adjusted for exceptional restructuring costs of
GBP305,000.)
Commenting on the current outlook, Raschid Abdullah, Chairman,
said:
"The Group's strong cash performance in the first half of 2020
has strengthened the balance sheet and its undrawn GBP0.75 million
revolving credit facility was renewed in June for a further two
years. The closing order book at 30 June 2020 of over GBP12 million
continues to provide a solid base to build upon, although given the
uncertain business environment the provision of forward guidance
remains extremely challenging."
This announcement includes inside information as defined in
Article 7 of the Market Abuse Regulation No. 596/2014 and is
disclosed in accordance with the Company's obligations under
Article 17 of those Regulations.
Contacts:
Petards Group plc www.petards.com
Raschid Abdullah, Chairman Mb: 07768 905004
WH Ireland Limited, Nomad and www.whirelandcb .com
Joint Broker
Mike Coe, Chris Savidge Tel: 0207 220 1666
Hybridan LLP, Joint Broker www.hybridan.com
Claire Louise Noyce Tel: 020 3764 2341
claire.noyce@hybridan.com
Chairman's statement
Given the extremely challenging trading conditions I referred to
in my last statement, the Group made solid progress in the first
six months of 2020. While the results for the period were below our
expectations at the start of the year and have been affected by the
COVID-19 pandemic, they are much improved compared with those
reported for the second half of 2019.
Revenues for the six months to 30 June 2020 totalled GBP7.1
million and while down on the same period last year (H1 2019:
GBP8.9 million), they were ahead of those for the second half of
2019. More importantly the Group recorded adjusted earnings before
interest, tax, depreciation, amortisation, share based payment
charges and restructuring costs ("Adjusted EBITDA") of GBP337,000
and generated net cash from operations of GBP1.8 million, an
improvement over the results of the preceding six months (6 months
31 Dec 2019: EBITDA loss GBP906,000; net cash generated GBP0.7
million).
The Group closed the first half year with a strong cash
position, with cash balances of GBP2.2 million and net funds of
GBP1.0 million (31 Dec 2019: GBP0.8 million cash balances and
GBP0.5 million net debt).
Business overview
Petards' operations continue to be focused upon the development,
supply and maintenance of technologies used in advanced security,
surveillance and ruggedised electronic applications, the main
markets for which are:
-- Rail Technology - software driven video and other sensing
systems for on-train applications sold under the eyeTrain brand to
global train builders, integrators and rail operators, and
web-based real-time safety critical integrated software
applications supporting the UK rail network infrastructure sold
under the RTS brand;
-- Traffic Technology - Automatic Number Plate Recognition
(ANPR) systems for lane and speed enforcement and other
applications, and UK Home Office approved mobile speed enforcement
systems, sold under the QRO and ProVida brands to UK and overseas
law enforcement agencies and commercial customers; and
-- Defence Services - electronic countermeasure protection
systems, mobile radio systems and related engineering services sold
predominantly to the UK Ministry of Defence (MOD).
Operating review
Against the backdrop of COVID-19, the first six months of 2020
included some aspects which adversely affected the performance of
the Group's business, primarily revenues and order intake relating
to eyeTrain systems. However, the period closed with increased
revenues and profits for all of the Group's other areas of
business, together with a record order intake at QRO and the
acquisition of a new product line.
The Group's eyeTrain revenues in the first half experienced
delays due to customer driven production re-scheduling, and reduced
spares volumes due to fewer train services running post lock down
and the dramatic reduction in passenger numbers. Following on from
the cost reductions commenced in 2019, and given the changed market
conditions in 2020, a further significant reduction in eyeTrain's
cost base has been undertaken at a cost of GBP305,000, to realign
it to the supply of our present product range. Productivity is a
key measurement and we continue to explore areas where this metric
can be further improved.
The Department for Transport (DfT) has recently announced the
end of the UK rail franchising system that has been in place for
almost a quarter of a century. Until a new system of operating is
put in place, train operators have been placed on transitional
contracts first initiated following the pandemic. Together with yet
to be published recommendations from the Williams' Review, this
lack of certainty for the industry is likely to affect the demand
and timing of orders for new trains. However, undoubtedly some
level of orders will continue to be placed and we were pleased to
finalise an initial two-year maintenance contract with Siemens
Mobility UK for the provision of technical and software support,
servicing and repairs for eyeTrain systems fitted to Siemens Desiro
City trains used on Thameslink and Moorgate services.
RTS's software business performed well in the period, with
revenues two-thirds higher than in the same period in 2019. It
benefits from a high level of recurring revenues and underpinned
these when in May it secured the renewal of an existing software
support services contract with one of its major rail infrastructure
customers. The renewed contract commenced in June 2020 and extends
support for a further four years to June 2024.
QRO had an exceptional first half year and has been growing its
Traffic Technology product portfolio through both technology
acquisitions and in-house development. Revenues from systems and
support services were up by 34% and its profit contribution to the
Group was up threefold on the same period in 2019. These increased
revenues came from both systems supply and from service and support
activities, primarily in support of UK Police Forces, and during
the period QRO expanded its facilities at its Northamptonshire site
to support this and future growth.
As was announced in May, QRO acquired the software and hardware
intellectual property rights to Nexus ANPR Smart Box ("NASBox") for
GBP149,000 cash plus an on-going royalty, with the first
post-acquisition sales being that month. The NASBox solution
creates a fully compliant and cost effective roadside ANPR system
when interfaced with commercial off-the-shelf cameras, such as
QRO's latest competitively priced ANPR camera offering. Orders and
sales to date have been pleasing and we consider NASBox to be a
valuable addition to the Group's portfolio that will provide
opportunities to continue the growth in Traffic Technology.
Defence Services also delivered higher revenues and profit
contribution in the period than in the first six months of 2019.
The Group's core engineering service contracts with the MOD
continue to provide the bedrock of Defence Services revenues, with
the growth having arisen in two areas. The first was the earlier
than scheduled delivery of just over half of the GBP1.1 million
contract for electronic countermeasures equipment for a MOD
programme to which I referred in the 2019 Annual Report. The second
related to higher levels of engineering services for a specific
mobile radio systems project.
The Group has been seeking to develop its Defence Services
offering and encouragingly the MOD recently confirmed that the
eyeCraft360 spherical video systems developed by Petards had
completed successful trials in partnership with the British Army's
Armoured Trials and Development Unit. It is hoped that the
successful completion of the trials will generate increased
interest in eyeCraft360 and that this leads to it becoming an
essential component in providing the best available protection for
military personnel in the UK and other approved markets.
Financial review
Operating performance
Revenues for the six months ended 30 June 2020 totalled GBP7.1
million (H1 2019: GBP8.9 million). As reported above, revenue
increases for Traffic Technology, Defence Services and Rail
infrastructure software were insufficient to offset the reduction
in deliveries of eyeTrain systems and spares.
The Group gross profit margin was slightly lower at 34.4% (H1
2019: 35.9%). Of the two eyeTrain projects on which cost provisions
were taken at the 2019 year-end, one was fully installed within the
revised cost budget, and the other is on target to be similarly
completed. However, the much lower than usual margin on these
projects affected the overall gross profit margin in the first
half.
Before exceptional restructuring costs of GBP0.3 million,
administrative expenses were down 15% to GBP2.6 million (H1 2019:
GBP3.1 million) reflecting the measures taken to date to reduce
eyeTrain headcount. At 30 June 2020 GBP170,000 of the restructuring
costs had been settled in cash with the balance being paid in the
second half of the year.
Adjusted EBITDA for the period was GBP337,000 (H1 2019:
GBP625,000), and with amortisation and depreciation charges at
similar levels to the prior year, the Group incurred an operating
loss of GBP468,000 after exceptional restructuring charges (H1
2019: GBP114,000 profit). Net financial expenses, which
predominantly relate to the Group's term loan and lease
liabilities, totalled GBP38,000 (H1 2019: GBP49,000).
After a net tax credit of GBP37,000 (H1 2019: GBPnil), the
Group's loss after tax was GBP469,000 (H1 2019: GBP65,000 profit).
The tax credit related to the recognition of the Group's net
deferred tax assets at the newly enacted rate of 19% effective from
April 2020, and differences in the rate at which recognised tax
losses were surrendered for R&D credits during 2020. The basic
and diluted loss per share was 0.82p (H1 2019: earnings of
0.11p).
Cash, cash flow and net debt
The Group generated net cash from operating activities in the
period of GBP1.8 million (H1 2019: GBP0.6 million cash used) after
the payment of restructuring costs. This positive cash performance
reflected a reduction in working capital of GBP0.7 million and the
benefit of R&D tax credit receipts of GBP1.0 million.
The overall increase in cash for the period was GBP1.3 million
(H1 2019: GBP1.3 million decrease) and as anticipated, cash
outflows from investing activities were much lower than the first
half of 2019. Investment in development expenditure totalled GBP0.1
million (H1 2019: GBP0.5 million) and the initial GBP0.1 million
instalment was paid in respect of the acquisition of the NASBox
intellectual property rights.
After repayments of debt and interest of GBP0.2 million (H1
2019: GBP0.2 million), cash balances increased to GBP2.2 million at
30 June 2020 (31 Dec 2019: GBP0.8 million).
Net funds at 30 June 2020, after deducting the Group's term loan
and lease liabilities, had also much improved and totalled GBP1.0
million (December 2019: GBP0.5 million net debt).
Outlook
While to date 2020 has certainly proved to be an extremely
challenging period as being experienced by many other companies, I
am pleased that progress is being made by the Group. Other than the
impact of the pandemic and delays on its eyeTrain business, the
Group's operations returned a good performance in the first half of
2020. Further action was taken to reduce the cost base of the
eyeTrain business in the first half, the benefits of which are
expected to filter through in the final quarter of the year.
The strong order performance in Traffic Technology from the
Police sector seen in the first half year is expected to continue
in the coming months. Bid levels within Defence Services have
improved, and there remain some potential business opportunities
for eyeTrain.
The Group's strong cash performance in the first half of 2020
has strengthened the balance sheet and its undrawn GBP0.75 million
revolving credit facility was renewed in June for a further two
years. The closing order book at 30 June 2020 of over GBP12 million
continues to provide a solid base to build upon, although given the
uncertain business environment the provision of forward guidance
remains extremely challenging.
Raschid Abdullah
24 September 2020
Condensed Consolidated Income Statement
for the six months ended 30 June 2020
Unaudited Unaudited
6 months 6 months Audited
ended 30 ended 30 Year ended
June June 31 December
Note 2020 2019 2019
GBP000 GBP000 GBP000
Restated*
Revenue 7,092 8,851 15,706
Cost of sales (4,655) (5,677) (10,863)
Gross profit 2,437 3,174 4,843
Administrative expenses (2,905) (3,060) (6,130)
---------- --------- ------------
Adjusted EBITDA** 337 625 (281)
Amortisation of intangibles (315) (336) (639)
Depreciation of property,
plant and equipment (107) (109) (204)
Amortisation of right of
use assets (67) (51) (133)
Share based payment charges (11) (15) (30)
Exceptional restructuring
costs 6 (305) - -
Operating (loss)/profit (468) 114 (1,287)
Financial income 4 - 1
Financial expenses (42) (49) (176)
(Loss)/profit before tax (506) 65 (1,462)
Income tax 7 37 - 1,269
(Loss)/profit for the period
attributable to equity shareholders
of the company (469) 65 (193)
Other comprehensive income - - -
Total comprehensive (expense)/income
for the period (469) 65 (193)
---------- --------- ------------
(Loss)/earnings per ordinary
share (pence)
Basic 11 (0.82) 0.11 (0.34)
Diluted 11 (0.82) 0.11 (0.34)
---------- --------- ------------
* Details of the prior year restatement are provided at Note 5
.
** Earnings before financial income and expenses, tax,
depreciation, amortisation, share based payment charges and
exceptional restructuring costs .
Condensed Consolidated Statement of Changes in Equity
for the six months ended 30 June 2020
Share Share Equity Retained Total
capital premium reserve earnings equity
GBP000 GBP000 GBP000 GBP000 GBP000
At 1 January 2019 (audited) 575 1,617 14 5,885 8,091
Prior year adjustment, net
of tax* - - - (450) (450)
Adjusted balance at 1 January
2019 (audited) 575 1,617 14 5,435 7,641
Profit for the period as previously
stated - - - 206 206
Prior year adjustment, net
of tax* - - - (141) (141)
Total comprehensive income
for the period as restated - - - 65 65
Equity settled share based
payments - - - 15 15
At 30 June 2019 as restated
(unaudited) 575 1,617 14 5,515 7,721
-------- -------- -------- --------- -------
At 1 January 2019 (audited) 575 1,617 14 5,435 7,641
Loss for the year - - - (193) (193)
Total comprehensive expense
for the year - - - (193) (193)
Equity settled share based
payments - - - 30 30
At 31 December 2019 (audited) 575 1,617 14 5,272 7,478
-------- -------- -------- --------- -------
At 1 January 2019 (audited) 575 1,617 14 5,272 7,478
Loss for the period - - - (469) (469)
Total comprehensive expense
for the period - - - (469) (469)
Exercise of share options - 7 - - 7
Equity settled share based
payments - - - 11 11
At 30 June 2020 (unaudited) 575 1,624 14 4,814 7,027
-------- -------- -------- --------- -------
* Details of the prior year restatement are provided at Note 5
.
Condensed Consolidated Statement of Financial Position
at 30 June 2020
Unaudited Unaudited Audited
30 June 30 June 31 December
2020 2019 2019
GBP000 GBP000 GBP000
Restated*
ASSETS
Non-current assets
Property, plant and equipment 894 906 973
Right of use assets 397 460 466
Intangible assets 4,699 4,797 4,733
Deferred tax assets 469 390 528
--------- --------- ------------
6,459 6,553 6,700
--------- --------- ------------
Current assets
Inventories 2,420 2,941 2,430
Trade and other receivables 8 3,580 4,139 3,798
Cash and cash equivalents 2,174 815 827
--------- --------- ------------
8,174 7,895 7,055
--------- --------- ------------
Total assets 14,633 14,448 13,755
========= ========= ============
EQUITY AND LIABILITIES
Equity attributable to equity
holders
of the parent
Share capital 575 575 575
Share premium 1,624 1,617 1,617
Equity reserve 14 14 14
Retained earnings 4,814 5,515 5,272
Total equity 7,027 7,721 7,478
--------- --------- ------------
Non-current liabilities
Interest-bearing loans and
borrowings 10 784 1,140 338
--------- --------- ------------
784 1,140 338
--------- --------- ------------
Current liabilities
Interest-bearing loans and
borrowings 10 364 375 1,014
Trade and other payables 9 6,458 5,212 4,925
--------- --------- ------------
6,822 5,587 5,939
--------- --------- ------------
Total liabilities 7,606 6,727 6,277
--------- --------- ------------
Total equity and liabilities 14,633 14,448 13,755
========= ========= ============
* Details of the prior year restatement are provided at Note 5
.
Condensed Consolidated Statement of Cash Flows
for the six months ended 30 June 2020
Unaudited Unaudited Audited
6 months 6 months Year ended
ended 30 June ended 30 June 31 December
2020 2019 2019
GBP000 GBP000 GBP000
Cash flows from operating activities
(Loss)/profit for the period (469) 65 (193)
Adjustments for:
Depreciation of property, plant
and equipment 116 105 204
Amortisation of right of use
assets 58 55 133
Amortisation of intangible assets 315 336 639
Exceptional restructuring costs 305 - -
Financial income (4) - (1)
Financial expenses 42 49 176
Equity settled share-based payment
expenses 11 15 30
Income tax (credit)/charge (37) - (1,269)
Operating cash flows before
movement in
working capital 337 625 (281)
Change in inventories 10 607 1,118
Change in trade and other receivables (632) (1,674) (379)
Change in trade and other payables 1,291 (250) (425)
Cash generated from operations 1,006 (692) 33
Tax received 966 108 109
Payments in respect of exceptional
restructuring costs (170) - -
Net cash from operating activities 1,802 (584) 142
Cash flows from investing activities
Acquisition of property, plant
and equipment (23) (27) (263)
Acquisition of right of use
assets - - (5)
Acquisition of intellectual
property rights (80) - -
Capitalised development expenditure (131) (457) (696)
Interest received 4 - 1
Net cash outflow from investing
activities (230) (484) (963)
Cash flows from financing activities
Bank loan repaid (125) (125) (250)
Interest paid on lease liabilities (11) (12) (25)
Interest paid on loans and borrowings (20) (37) (53)
Principal paid on lease liabilities (65) (60) (117)
Other interest and foreign exchange (11) - (24)
Proceeds from exercise of share
options 7 - -
Net cash outflow from financing
activities (225) (234) (469)
Net increase/(decrease) in cash
and cash equivalents 1,347 (1,302) (1,290)
Total movement in cash and cash
equivalents
in the period 1,347 (1,302) (1,290)
Cash and cash equivalents at
1 January 827 2,117 2,117
Cash and cash equivalents 2,174 815 827
Notes to the financial statements
1. Reporting entity
Petards Group plc (the 'Company') is incorporated and domiciled
in England and its shares are publicly traded on the Alternative
Investment Market ('AIM') of the London Stock Exchange. These
condensed consolidated interim financial statements ('interim
financial statements') as at and for the six months ended 30 June
2020 comprise the Company and its subsidiaries (together referred
to as the 'Group').
Copies of these interim financial statements will be available
on the Company's website (www.petards.com) and from the Company's
registered office at Parallel House, 32 London Road, Guildford, GU1
2AB.
2. Basis of preparation
As permitted, these interim financial statements have been
prepared in accordance with AIM Rules for Companies and are not
required to comply with IAS 34 'Interim Financial Reporting' to
maintain compliance with IFRS. They should be read in conjunction
with the Group's last annual consolidated financial statements as
at and for the financial year ended 31 December 2019 ('last annual
financial statements'). They do not include all of the financial
information required for a complete set of IFRS financial
statements, however selected explanatory notes are included to
explain events and transactions that are significant to the
understanding of the changes in the Group's financial position and
performance since the last annual financial statements. This
financial information does not constitute statutory accounts as
defined in Section 435 of the Companies Act 2006.
The comparative figures for the financial year ended 31 December
2019 set out in these interim statements are not the Group's
statutory accounts for that financial year. Those accounts have
been reported on by the Company's auditors and delivered to the
Registrar of Companies. The report of the auditors was (i)
unqualified, (ii) did not include a reference to any matters to
which the auditor drew attention by way of emphasis without
qualifying their report, and (iii) did not contain a statement
under section 498 (2) or (3) of the Companies Act 2006.
Impact of accounting standards to be applied in future
periods
There are a number of standards and interpretations which have
been issued by the International Accounting Standards Board that
are effective for periods beginning subsequent to 31 December 2020
(the date on which the Company's next annual financial statements
will be prepared up to) that the Group has decided not to adopt
early. The Group does not believe these standards and
interpretations will have a material impact on the financial
statements once adopted.
3. Use of judgements and estimates
In preparing these interim financial statements, management has
made judgements and estimates that affect the application of
accounting policies and the reported amounts of assets,
liabilities, income and expense. Actual amounts may differ from
these estimates.
The significant judgements made by management in applying the
Group's accounting policies and the key sources of estimation
uncertainty were the same as those described in the last annual
financial statements.
The Board has reviewed the continuing effect of Covid-19 on the
Group's business and has concluded that there is no material effect
on areas requiring significant judgements and estimates.
4. Amendments to IFRS 16: Covid-19-Related Rent Concessions
Effective 1 June 2020, IFRS 16 was amended to provide a
practical expedient for lessees accounting for rent concessions
that arise as a direct consequence of the COVID-19 pandemic and
satisfy certain criteria. No rent concessions have been provided in
respect of any of the Group's leases and therefore this amendment
has no impact on the results for the period.
5. Prior year adjustment
The Group's 2019 annual consolidated financial statements
included a prior year adjustment concerning a costing error
identified in respect of the installation element of a project that
had been on-going since the latter part of 2016. This error led to
the profits taken at 31 December 2018 and 30 June 2019 to be
overstated. The impact was to reduce the previously reported profit
after tax for the year ended 31 December 2018 by GBP450,000 and
that for the six months ended 30 June 2019 by GBP141,000, and
reduced equity by the same amounts. The June 2019 adjustment
reduced gross profit by GBP141,000 with a corresponding reduction
in work in progress and there was no tax effect arising.
6. Exceptional restructuring costs
During the six-month period to 30 June 2020 the Group
restructured the cost base of certain parts of the business. The
cost of this exercise was GBP305,000 of which GBP170,000 was
settled before 30 June 2020.
7. Taxation
A tax credit of GBP37,000 (H1 2019: GBPnil) has been recognised
in the Condensed Consolidated Income Statement for the six months
to 30 June 2020 based on the estimated tax provision required for
the year ending 31 December 2020. This comprised a GBP62,000 credit
arising from recognising the Group's net deferred tax assets at
19%, the corporation tax rate enacted in March 2020, rather than
the previously enacted rate of 17% that was to apply from 1 April
2020, and a charge of GBP25,000 relating to tax losses surrendered
for R&D credits in 2020.
8. Trade and other receivables
Unaudited Unaudited
6 months 6 months Audited
ended 30 ended 30 Year ended
June June 31 December
2020 2019 2019
GBP000 GBP000 GBP000
Trade receivables 3,076 3,872 2,592
Corporation tax recoverable 96 - 942
Other receivables and prepayments 408 267 264
3,580 4,139 3,798
========== ========== =============
9. Trade and other payables
Unaudited
Unaudited 6 months Audited
6 months ended 30 Year ended
ended 30 June June 31 December
2020 2019 2019
GBP000 GBP000 GBP000
Trade payables 1,471 2,241 2,251
Contract liabilities 2,580 1,401 1,320
Non-trade payables and accrued
expenses 2,407 1,570 1,354
6,458 5,212 4,925
=============== ========== =============
10. Interest-bearing loans and borrowings
Current liabilities
Unaudited Unaudited
6 months 6 months Audited
ended 30 ended 30 Year ended
June June 31 December
2020 2019 2019
GBP000 GBP000 GBP000
Bank loan 250 250 881
Lease liabilities 114 125 133
---------- ---------- -------------
364 375 1,014
========== ========== =============
Non-current liabilities
Unaudited Unaudited
6 months 6 months Audited
ended 30 ended 30 Year ended
June June 31 December
2020 2019 2019
GBP000 GBP000 GBP000
Bank loan 500 750 -
Lease liabilities 284 390 338
---------- ---------- -------------
784 1,140 338
========== ========== =============
11. Earnings per share
Basic earnings per share
Basic earnings per share is calculated by dividing the profit
for the period attributable to the shareholders by the weighted
average number of shares in issue.
Unaudited Unaudited
6 months 6 months Audited
ended 30 ended 30 Year ended
June June 31 December
2020 2019 2019
Earnings
(Loss)/profit for the period
(GBP000) (469) 65 (193)
========= ========= ============
Number of shares
Weighted average number of ordinary
shares ('000) 57,524 57,468 57,468
========= ========= ============
Diluted earnings per share
Diluted earnings per share assumes conversion of all potentially
dilutive ordinary shares, which arise from share options that would
decrease earnings per share or increase loss per share from
continuing operations, and is calculated by dividing the adjusted
profit for the year attributable to the shareholders by the assumed
weighted average number of shares in issue. Due to the loss for the
period, share options in issue in 2020 had an anti-dilutive
effect.
Unaudited Unaudited
6 months 6 months Audited
ended 30 ended 30 Year ended
June June 31 December
2020 2019 2019
Earnings
(Loss)/profit for the period
(GBP000) (469) 65 (193)
========= ========= ============
Number of shares
Weighted average number of ordinary
shares ('000) 57,524 59,695 57,468
========= ========= ============
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END
IR KKNBNPBKDACB
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