5 March 2010

 

("Eleco" or the "Group")

The Building Systems and Software Group

 

Interim Results for the Six Months Ended 31 December 2009

 

Financial performance 

·     Turnover amounted to £32.5m (H1 2008: £37.2m)

·     Adjusted group operating loss of £0.7m (H1 2008: profit £0.7m)

·     Loss before tax of £2.2m (H1 2008: profit £270,000)

·     Loss per share of 3.5p (H1 2008: EPS 0.3p)

·     Net bank debt at 31 December 2009 of £2.1m (H1 2008: net cash of £1.0m)

 

Operational performance

·    Deterioration in operating performance was principally caused by a substantial decline in our German connector plate business and by lower sales and margins in Building Systems

·     Losses partly offset by cost reduction programmes implemented throughout the Group

·     Board changes;

o  Management strengthened with the appointment of Craig Slater as Chief Operating Officer in  December 2009

o  David Dannhauser gave notice of his resignation as Finance Director in February and will remain while the Board recruits a replacement

 

Building Systems

·     Turnover amounted to £26.2m (H1 2008: £31.0m)

·     Adjusted operating loss of £1.0m (H1 2008: profit £0.6m)

·    Trading adversely affected by the depressed economic climate as well as the severe weather conditions experienced at the end of 2009

 

Software

·     Turnover amounted to £6.4m (H1 2008: £6.3m)

·     Adjusted operating profit of £0.3 (H1 2008: £0.1m)

·     A reduction in losses in visualisation software

·    Strong performances from Asta Development in the UK and Germany and from the Consultec Group in Sweden

 

Commenting on outlook John Ketteley, Executive Chairman of Eleco, said:

 

"As set out in this statement a number of initiatives are being taken to restore the Group to a profitable and cash generative position from which to grow in its chosen markets.

 

The Board is confident that the measures it is taking to maintain the Group's sound financial position together with its continuing investment in people and products to create and maintain a clear competitive edge in the markets in which it operates will, over time, enable Eleco to recover to its full potential."

 

 

 

For further information please contact:

 

Eleco plc	Tel: 01920 443830
John Ketteley, Executive Chairman	http://www.eleco.com
Craig Slater, Chief Operating Officer
Collins Stewart Europe Limited	020 7523 8350
Bruce Garrow
Buchanan Communications	020 7466 5000
Tim Anderson / James Strong / Christian Goodbody

 

 

 

Chairman's Statement

Group Performance

Group sales for the half year ended 31 December 2009 were £32.5m (2008: £37.2m), 12.5% less than in the same period last year. The trading statement released in January stated that Group sales had been particularly weak in the first half. This was due to lower sales in Building Systems which had been adversely affected by the depressed economic climate and also by the severe weather conditions experienced in November and December. In contrast Software sales held up well and were marginally ahead of the same period last year despite difficult trading conditions.

 

Adjusted operating loss before amortisation, restructuring charges and costs of an IPR dispute in Germany amounted to £(0.7)m, and compared with an adjusted operating profit of £0.7m for the same period last year.

 

This deterioration in our Group operating performance was principally caused by a substantial decline in our German connector plate business and by lower sales and margins achieved by the Building Systems businesses. Nevertheless, the deterioration was partly offset by cost reduction programmes. By contrast, actions taken by our Software management to reduce costs and maintain margins in our Software businesses,  resulted in reduced losses in some of our Software businesses and a significant improvement in  profitability overall.

 

The pre tax loss of £(2.2)m is arrived at after amortisation of £0.3m (2008: £0.3m) , restructuring charges of £0.4m (2008: 0.2m) and legal and related costs in connection with the legal dispute and referral to the Public Prosecutor in Germany of £0.6m (2008: Nil)

 

Net bank debt at 31 December 2009 was £(2.1)m (2008: £1.0m net cash). The first half of the financial year was characterised by continued tight control of costs, working capital and debt across the Group and these efforts are continuing.

 

The Board has decided not to pay an interim dividend.

 

Divisional Performance Summary

 

Building Systems

 

Sales in the first half of £26.2m compared to £31.0m achieved in the same period last year.

 

Adjusted Group operating loss before intangible asset amortisation, restructuring changes and costs of a legal dispute in the first half of the year was £(1.0)m compared to a profit of £0.6m in the same period last year.

 

The weaker performance reflected the following factors:

 

-     The delayed start to a number of projects caused by the scarcity of available project funding

-     Site production delays arising from the severe weather conditions through parts of November and December

-     Overall adverse trading conditions in the markets in which we operate

-     The loss of most of the German connector plate business during the period.

 

Software

 

Sales in the first half at £6.4m were marginally ahead of the same period last year. Adjusted operating profit before intangible asset amortisation and restructuring charges for the first half of 2009 was £0.3m compared to £0.1m in the prior year. The profit improvement was derived from:-

 

-     A reduction in losses in visualisation software

-     Strong performances from Asta Development in the UK and Germany and the Consultec Group in Sweden

 

Financial and operational initiatives

 

Cost reduction initiatives have been implemented over the past eighteen months, which regrettably have included significant redundancies across the Group. We will however need to continue to bear down on our cost base to mitigate the impact of volume reductions arising from the severe trading conditions.

 

Accordingly, further changes are in progress and planned with the objective of restoring positive cashflow and profitability and maintaining a strong position in selected markets. In summary, operational initiatives include:-

 

-     A program to substantially reduce the current central Group costs by the end of the financial year

-     Continued tight financial control across the Group, with an emphasis on the reduction of discretionary costs and conservation of cash

-     Direct Group operational involvement in poor performing subsidiaries

 

Following the completion of a current Group operational review a well defined trading strategy will be adopted based on:-

 

-     The provision of sustainable, value engineered  products and service

-     Reduced scope of activities focussing on a smaller core set of operations

-     Increased and improved marketing and sales efforts in those core operations

 

Board changes

 

Management has been strengthened with the appointment on 8 December 2009 of Craig Slater, as Chief Operating Officer. He is experienced in the management and growth of multi-site operations in the construction industry.

 

In February 2010, David Dannhauser gave the requisite twelve months notice of his resignation as Finance Director. The Board has commenced the process of recruiting a replacement as soon as practicable. An announcement will be made in due course when a new Finance Director is appointed. Paul Taylor left the Board in October 2009.

 

Operating Review

 

Building Systems

	Half Year 09/10 £000s	Half Year 08/09 £000s	Full Year 08/09 £000s
External revenue	26,152	30,969	57,369
Adjusted operating (loss)/profit	(982)	565	862
Operating (loss)/profit	(1,996)	278	(689)

 

Building Systems comprises Precast Concrete and Other Building Systems. Overall sales declined by 15% in the period. A major factor in this decline was the loss of most of our German connector plate business.

 

Precast Concrete

 

Bell & Webster Concrete targets new build hotel, student accommodation and custodial projects. Some clients in these sectors continue to experience difficulty and delays in funding their projects. Bell and Webster Concrete successfully entered the custodial market with two major projects secured for manufacture in 2010. While revenues were marginally higher compared to the same period last year, the effect of competitive pricing decreased gross margins. Milbury Systems targets the agricultural, waste recycling and construction markets and its strategy of removing low margin products from its range to concentrate on core markets is being implemented. While Milbury Systems revenues were lower than in the same period last year gross margin was higher, resulting in an increased net profit.

 

Other Building Systems

 

The two main drivers of Other Building Systems are SpeedDeck Building Systems and the timber engineering businesses. The legal dispute and related disruption to the connector plate business in Germany has resulted in a major decline in overall sales and profit. Despite encouraging signs in the UK housing markets there remains a significant decline in performance compared to the same point last year. SpeedDeck Building Systems revenues have declined by 41% due to a mixture of the 36% decline in the industrial market, 26% decline in commercial markets and fierce competition eroding prices in the available sales opportunities.

 

While general funding issues have continued to affect the ability of some clients to start projects the biggest factor driving overall performance of Building Systems has been a move to price rather than value based procurement. However we are seeing signs in the market that unsustainable pricing is coming to an end with a mixture of leaner business practices and recognition that difficult market conditions will remain for some time to come. We would welcome a return to value based pricing and recognition of greater site efficiency. These principles of speed of construction, material efficiency and sustainable construction are the hallmarks of Eleco Building Systems offerings.

 

Software

	Half Year 09/10 £000s	Half Year 08/09 £000s	Full Year 08/09 £000s
External revenue	6,347	6,191	13,186
Adjusted operating (loss)/profit	263	130	343
Operating profit/(loss)	95	(53)	(461)

 

Our construction software businesses Consultec and Asta Development delivered profits consistent with the same period in the prior year, both benefitting from stable recurring maintenance revenues. In particular, Consultec Byggprogram delivered an improved performance from the sale of its estimation software and services while Asta Development maintained a steady level of new sales of its project management software in the UK and Germany.

 

Losses suffered in our visualisation businesses have been significantly reduced, mainly through the reduction of overheads at Eleco Software in the UK, along with modest improvements in sales and gross margin in this business and Eleco Software GmbH and ESIGN, our two visualisation businesses in Germany. Software development activities have been restructured to reduce costs and improve performance and there is closer on-going monitoring of development activity

 

Software was reorganised last year under a single management team and is well placed to grow through the acquisition or development of complementary products and services.

 

Outlook

 

As set out in this statement a number of initiatives are being taken to restore the Group to a profitable and cash generative position from which to grow in its chosen markets.

 

The Board is confident that the measures it is taking to maintain the Group's sound financial position together with its continuing investment in people and products to create and maintain a clear competitive edge in the markets in which it operates will, over time, enable Eleco to recover to its full potential.

 

 

John Ketteley

Executive Chairman

 

 

 

Condensed Consolidated Income Statement

 

		6 months to 31 December				Year to 30 June
		2009		2008		2009
		(unaudited)		(unaudited)
	Notes	£'000		£'000		£'000
Revenue	2	32,499		37,160		70,555
Cost of sales		(20,316)		(23,279)		(40,601)
Gross profit		12,183		13,881		29,954
Distribution costs		(2,416)		(1,963)		(3,503)
Administrative expenses		(11,668)		(11,693)		(26,332)
Trading (loss)/profit	2,3	(1,901)		225		119
Impairment charges	3	-		-		(1,269)
(Loss)/profit from operations		(1,901)		225		(1,150)
Finance income	4	29		143		216
Finance cost	4	(350)		(98)		(496)
(Loss)/profit before tax		(2,222)		270		(1,430)
Tax		118		(73)		(39)
(Loss)/profit for the period		(2,104)		197		(1,469)
Attributable to:
Equity holders of the parent		(2,104)		197		(1,469)
Total and continuing earnings per share (EPS)
- basic	5	(3.5)p		0.3p		(2.5)p
- diluted	5	(3.5)p		0.3p		(2.5)p

 

 

Condensed Consolidated Statement of Comprehensive Income

 

	6 months to 31 December				Year to 30 June
	2009		2008		2009
	(unaudited)		(unaudited)
	£'000		£'000		£'000
(Loss)/profit for the period	(2,104)		197		(1,469)
Other comprehensive income
Actuarial gain/(loss) on retirement benefit obligation	1,936		-		(1,705)
Deferred tax on retirement benefit obligation	(542)		-		458
Translation differences on foreign currency net investments	(40)		485		362
Other comprehensive income net of tax	1,354		485		(885)
Total comprehensive income for the period	(750)		682		(2,354)
Attributable to:
Equity holders of the parent	(750)		682		(2,354)

 

 

Condensed Consolidated Balance Sheet

 

		31 December				30 June
		2009		2008		2009
		(unaudited)		(unaudited)
	Notes	£'000		£'000		£'000
Non-current assets
Goodwill		13,470		14,183		13,473
Other intangible assets		3,319		3,560		3,485
Property, plant and equipment		12,123		12,889		12,552
Deferred tax assets		2,135		2,142		2,687
Total non-current assets		31,047		32,774		32,197
Current assets
Inventories		3,692		4,724		3,687
Trade and other receivables		15,086		13,748		12,985
Current tax assets		234		-		242
Cash and cash equivalents		2,398		5,867		6,091
Total current assets		21,410		24,339		23,005
Total assets		52,457		57,113		55,202
Current liabilities
Obligations under finance leases		(356)		(364)		(365)
Trade and other payables		(11,445)		(10,362)		(11,424)
Current tax liabilities		(313)		(605)		(347)
Accruals and deferred income		(6,644)		(6,808)		(6,158)
Total current liabilities		(18,758)		(18,139)		(18,294)
Non-current liabilities
Borrowings		(4,500)		(4,900)		(4,500)
Obligations under finance leases		(231)		(485)		(318)
Deferred tax liabilities		(585)		(1,113)		(804)
Other non-current liabilities		(101)		-		(121)
Retirement benefit obligation		(7,624)		(7,646)		(9,599)
Total non-current liabilities		(13,041)		(14,144)		(15,342)
Total liabilities		(31,799)		(32,283)		(33,636)
Net assets		20,658		24,830		21,566
Equity
Share capital		6,066		5,995		6,066
Share premium account		6,396		6,224		6,396
Merger reserve		7,371		7,371		7,371
Translation reserve		111		274		151
Other reserve		(383)		(321)		(383)
Retained earnings		1,097		5,287		1,965
Equity attributable to shareholders of the parent	6	20,658		24,830		21,566

 

 

Condensed Consolidated Statement of Cash Flows

 

					6 months to 31 December				Year to 30 June
					2009		2008		2009
					(unaudited)		(unaudited)
				Notes	£'000		£'000		£'000
Cash flows from operating activities
(Loss)/profit before interest and tax					(1,901)		225		(1,150)
Depreciation charge					947		979		1,869
Amortisation and impairment charges					269		287		1,981
Profit on sale of property, plant and equipment					(18)		(6)		(6)
Share-based payment charge					81		112		185
Retirement benefit obligation					(331)		(204)		(403)
Cash generated from operations before working capital movements					(953)		1,393		2,476
(Increase)/decrease in trade and other receivables					(1,760)		3,098		4,023
Decrease/(increase) in inventories and work in progress					50		(81)		993
Decrease in trade and other payables					(16)		(6,641)		(5,963)
Cash (used in)/generated from operations					(2,679)		(2,231)		1,529
Interest paid					(59)		(105)		(177)
Interest received					39		145		186
Income tax paid					(146)		(1,147)		(1,949)
Net cash outflow from operating activities					(2,845)		(3,338)		(411)
Net cash used in investing activities
Purchase of intangible assets					(51)		(31)		(626)
Purchase of property, plant and equipment					(508)		(1,559)		(2,315)
Acquisition of subsidiary undertakings net of cash acquired					(46)		-		(205)
Proceeds from sale of property, plant, equipment  and intangible assets					79		34		71
Net cash outflow from investing activities					(526)		(1,556)		(3,075)
Net cash used in financing activities
Proceeds from new bank loan					1,000		6,600		11,100
Repayment of bank loans					(1,000)		(1,700)		(6,600)
Repayments of obligations under finance leases					(191)		(213)		(397)
Equity dividends paid					(239)		(1,184)		(1,423)
Own shares purchased by ESOT					-		-		(62)
Net cash (outflow)/inflow from financing activities					(430)		3,503		2,618
Net Decrease in cash and cash equivalents					(3,801)		(1,391)		(868)
Cash and cash equivalents at beginning of period					6,091		6,808		6,808
Effects of changes in foreign exchange rates					108		450		151
Cash and cash equivalents at end of period					2,398		5,867		6,091

 

 

Notes to the Condensed Consolidated Interim Financial Statements

 

1.         Basis of preparation

 

The condensed consolidated interim financial statements for the six months to 31 December 2009 have been prepared in accordance with the accounting policies which will be applied in the year end financial statements to 30 June 2010. These accounting policies are drawn up in accordance with International Accounting Standards (IAS) and International Financial Reporting Standards (IFRS) as issued by the International Accounting Standards Board and as adopted for use in the European Union that are effective at 31 December 2009.

 

The condensed consolidated interim financial statements are unaudited and have not been subject to review. They do not include all the information and disclosures required in the annual financial statements, and therefore should be read in conjunction with the Group's annual financial statements as at 30 June 2009.

 

The financial information for the year ended 30 June 2009 does not constitute statutory accounts as defined in section 434 of the Companies Act 2006. The Group's consolidated financial statements for the year ended 30 June 2009 have been filed and the audit report was not qualified and did not contain a statement under section 498(2) or section 498(3) of the Companies Act 2006.

 

Changes in accounting policy

In the current financial year, the Group has adopted International Financial Reporting Standard 8 "Operating Segments" and International Accounting Standard 1 "Presentation of Financial Statements" (revised)

 

IFRS 8 requires operating segments to be identified on the basis of internal reports about components of the Group that are regularly reviewed by the chief operating decision maker to allocate resources to the segments and to assess their performance. This standard replaces IAS 14 "segment reporting" that required the Group to identify two sets of segments (business and geographical), using a risks and rewards approach, with the Group's internal management reporting to key management personnel serving only as a guide to the identification of such segments. Following the adoption of IFRS 8, there is no change in the disclosure of the reportable segments as these meet the criteria set out in IFRS 8 above.

 

IAS 1 (revised) requires the presentation of a statement of changes in equity as a primary statement, separate from the income statement and statement of comprehensive income. As a result, a consolidated statement of changes in equity has been included in the notes, showing changes in each component of equity for each period presented.

 

The valuation of the Group's pension scheme assets has been updated in line with the requirements of IAS 19 to reflect current market values of investments and actual investment returns. The actuarial assumptions used to calculate the liabilities have not been amended. The scheme is closed to new members and to further accruals from existing members.

 

Other amendments and interpretations are also effective for the first time in the current period but have had no impact on the results or financial position of the Group.

 

Estimates

Application of the Group's accounting policies in preparing condensed consolidated interim financial statements requires management to make judgements and estimates that affect the reported amount of assets and liabilities, revenues and expenses.  Actual results may ultimately differ from these estimates.

 

In preparing these condensed consolidated interim financial statements, 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 that applied to the consolidated financial statements for the year ended 30 June 2009.

 

Risks and uncertainties

A summary of the Group's principal risks and uncertainties was provided on page 11 of the 2009 annual report and accounts. The Board considers these risks and uncertainties are still relevant to the current financial year and the impact of changes in the UK economy is reviewed in the Chairman's statement contained in this report.

2.         Segmental information

6 months to 31 December 2009 (unaudited)
		Building Systems
		Precast	Other	Software	Elimination	Group
		£'000	£'000	£'000	£'000	£'000
Revenue		17,399	8,753	6,347		32,499
Inter-segment revenue		-	3	101	(104)	-
Total segment revenue		17,399	8,756	6,448	(104)	32,499
Adjusted operating profit/(loss)		(185)	(797)	263		(719)
Amortisation of intangible assets		(93)	(8)	(168)		(269)
Restructuring costs		(66)	(293)	-		(359)
Intellectual property dispute		-	(554)	-		(554)
Segment result		(344)	(1,652)	95		(1,901)
Unallocated results						(203)
Loss after tax						(2,104)

 

6 months to 31 December 2008 (unaudited)
		Building Systems
		Precast	Other	Software	Elimination	Group
		£'000	£'000	£'000	£'000	£'000
Revenue		17,210	13,759	6,191		37,160
Inter-segment revenue		-	-	92	(92)	-
Total segment revenue		17,210	13,759	6,283	(92)	37,160
Adjusted operating profit		271	294	130		695
Amortisation of intangible assets		(93)	(16)	(178)		(287)
Restructuring costs		(159)	(19)	(5)		(183)
Segment result		19	259	(53)		225
Unallocated results						(28)
Profit after tax						197

 

12 months to 30 June 2009
		Building Systems
		Precast	Other	Software	Elimination	Group
		£'000	£'000	£'000	£'000	£'000
Revenue		31,769	25,600	13,186		70,555
Inter-segment revenue		-	-	209	(209)	-
Total segment revenue		31,769	25,600	13,395	(209)	70,555
Adjusted operating profit		843	19	343		1,205
Amortisation of intangible assets		(185)	(36)	(491)		(712)
Impairment charges		(1,000)	-	(269)		(1,269)
Restructuring costs		(257)	(73)	(44)		(374)
Segment result		(599)	(90)	(461)		(1,150)
Unallocated results						(319)
Loss after tax						(1,469)

 

 

3.         Exceptional items

 

Exceptional items represent costs considered necessary to be separately disclosed by virtue of their size or nature.

 

		6 months to 31 December				Year to 30 June
		2009		2008		2009
		(unaudited)		(unaudited)
		£'000		£'000		£'000
Impairment of intangible assets		-		-		1,269
Restructuring costs		359		183		374
Intellectual property dispute		554		-		-
		913		183		1,643

 

In the trading statement that we released on 26 January 2010, we referred to significant legal costs incurred in relation to an ongoing dispute involving our German connector plate business. These costs relate primarily to a legal dispute concerning the ownership and rights of software used in our German business as well as to the matters referred to below.

Certain matters came to light in the period under review, regarding certain actions allegedly taken by the management of a competitor in collaboration with some of own German employees. These alleged actions, which came to our attention as a result of an extensive internal forensic investigation into our systems, have been seriously detrimental to our business in the period under review. Those employees and members of the management of our own business who are alleged to be involved have since left our company and have now joined this competitor.

Having regard to the material adverse effect on our business of the alleged actions of those allegedly concerned, we were strongly advised to refer this matter to the Public Prosecutor in Germany for preliminary investigation under German Criminal Competition Law and we duly did so. We understand that the Public Prosecutor has since instigated premises searches at the offices of our competitor as well as a house search at the home of at least one of our former employees and that the investigation continues. However, we are not in a position to make any further comment on the current status of that investigation at this stage.

In addition to referring these alleged matters to the Criminal Prosecutor in Germany, we have also instructed our German attorneys to claim damages from the competitor as well as the individuals allegedly responsible for the alleged infringements and we will continue these actions.

4.         Net finance (cost)/income

 

	6 months to 31 December				Year to 30 June
	2009		2008		2009
	(unaudited)		(unaudited)
	£'000		£'000		£'000
Finance income
Bank and other interest receivable	29		101		216
Net return on pension scheme assets and liabilities	-		42		-
Finance costs
Bank overdraft and loan interest	(37)		(68)		(117)
Finance leases and hire purchase contracts	(20)		(30)		(53)
Net return on pension scheme assets and liabilities	(293)		-		(326)
Total net finance (cost)/income	(321)		45		(280)

 

5.         Loss per share

 

The calculations of the loss per share are based on the total loss after tax attributable to ordinary equity shareholders of the Company and the weighted average number of shares in issue for the reporting period.

 

	6 months to 31 December				Year to 30 June
	2009		2008		2009
	(unaudited)		(unaudited)
(Loss)/profit after taxation	£(2,104,000)		£197,000		£(1,469,000)
Weighted average number of shares in issue in the period	59,701,646		59,209,119		59,351,220
Dilutive effect of share options	-		705,000		-
Number of shares for diluted earnings per share	59,701,646		59,914,119		59,351,220
Basic (loss)/earnings per share	(3.5)	p	0.3	p	(2.5)
Diluted (loss)/earnings per share	(3.5)	p	0.3	p	(2.5)

 

6.         Statement of changes in equity

 

	Share capital	Share premium	Merger reserve	Translation reserve	Other reserve	Retained earnings	Total
	£'000	£'000	£'000	£'000	£'000	£'000	£'000
At 1 July 2009	6,066	6,396	7,371	151	(383)	1,965	21,566
Dividends	-	-	-	-	-	(239)	(239)
Transactions with owners	-	-	-	-	-	(239)	(239)
(Loss) for the period	-	-	-	-	-	(2,104)	(2,104)
Other comprehensive income:
Actuarial gain on defined benefit pension scheme net of tax	-	-	-	-	-	1,394	1,394
Exchange differences on translation of net investments in foreign operations	-	-	-	(40)	-	-	(40)
Share based payments	-	-	-	-	-	81	81
Total comprehensive income for the period	-	-	-	(40)	-	(629)	(669)
At 31 December 2009 (unaudited)	6,066	6,396	7,371	111	(383)	1,097	20,658
At 1 July 2008	5,995	6,224	7,371	(211)	(321)	6,162	25,220
Dividends	-	-	-	-	-	(1,184)	(1,184)
Transactions with owners	-	-	-	-	-	(1,184)	(1,184)
Profit for the period	-	-	-	-	-	197	197
Other comprehensive income:
Exchange differences on translation of net investments in foreign operations	-	-	-	485	-	-	485
Share based payments	-	-	-	-	-	112	112
Total comprehensive income for the period	-	-	-	485	-	309	794
At 31 December 2008 (unaudited)	5,995	6,224	7,371	274	(321)	5,287	24,830
At 1 July 2008	5,995	6,224	7,371	(211)	(321)	6,162	25,220
Dividends	-	-	-	-	-	(1,423)	(1,423)
Issue of shares	71	172	-	-	-	(243)	-
Transactions with owners	71	172	-	-	-	(1,666)	(1,423)
(Loss) for the period	-	-	-	-	-	(1,469)	(1,469)
Other comprehensive income:
Actuarial loss on defined benefit pension scheme net of tax	-	-	-	-	-	(1,247)	(1,247)
Exchange differences on translation of net investments in foreign operations	-	-	-	362	-	-	362
Share based payments	-	-	-	-	-	185	185
Other	-	-	-	-	(62)	-	(62)
Total comprehensive income for the period	-	-	-	362	(62)	(2,531)	(2,231)
At 30 June 2009	6,066	6,396	7,371	151	(383)	1,965	21,566

 

7.         Related Party Disclosures

 

There has been no material change in the nature of the related party transactions described in the 2009 annual report and accounts. Related party information is disclosed therein in note 29 and in the Directors' Report on page 12.