Business
Half Yearly Report
Half Yearly Report.
About this update from Norcros Plc
[{"type":"text","content":"\n RNS Number : 3950C Norcros PLC 12 November 2009 \n \n\nNorcros plc\n(\"Norcros\" or \"the Group\")\n\nResults for the six months ended 30 September 2009\n\nNorcros, the home consumer products group with operations primarily in the UK and South Africa, announces results for the six months ended 30 September 2009.\n \nFinancial Summary\n\n\n\n\n\n\n\n2009\n\n\n2008\n\n\n\n\n\n\n\nRevenue\n\n\n£83.0m\n\n\n£78.6m\n\n\n\n\n\n\n\nTrading profit*\n\n\n£3.5m \n\n\n£4.7m \n\n\n\n\n\n\n\n(Loss)/profit before tax**\n\n\n(£1.7m)\n\n\n£3.8m\n\n\n\n\n\n\n\n(Loss)/earnings per share**\n\n\n(1.1 p)\n\n\n2.6 p\n\n\n\n\n\n\n\nCash generated from operations\n\n\n£4.8m \n\n\n£4.1m \n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n * Operating profit before exceptional items and other operating income\n\n \n ** Pre-exceptional items\n \n\n\nPerformance reflects the tough conditions in the markets in which we operate :\n\n\n\n\nThe UK delivered both a robust trading profit performance and significant cash generation despite the weaker markets\n\n\n\n\nThe South African business continues to be adversely impacted by the downturn in economic activity. In addition operational issues in our South African tile manufacturing business have continued to impact performance\n\n\n\n\nContinuing focus on cost reduction programmes, cash management and new product initiatives : \n\n\n\n\nAnnualised cost savings of £5.0m implemented across the Group since March 2008.\n\n\n\n\nEmployee numbers reduced by approximately 20% compared to the position at March 2008\n\n\n\n\nNet debt £45.3m.\n\n\n\n\nGiven the economic environment, the Group's trading performance and the restrictions of the Group's banking facilities no interim dividend will be paid\n\n\n\n\nThe Board today announces a proposed capital raising by way of a firm placing and placing and open offer to raise gross proceeds of approximately £ 30.0m. \n\n\n\n\nThe proceeds will repay in its entirety the significantly more expensive facility B in the amount of £20m together with interest thereon of approximately ...