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Financial highlights
- Successful equity issue and capital restructuring completed on 2 December 2011 to fund the Group's planned capital expenditure programme and to provide working capital
- 8.0 million net of expenses raised from investors
- Core borrowings reduced to 5.1 million through the conversion of 12.15 million of bank debt into convertible shares
- Up to 2.0 million RSA grant received from Scottish Enterprise
- Results in line with recent market expectations
- Revenue 32.4 million (2010: 31.4 million)
- Loss before tax, amortisation of intangibles and exceptional items 0.6 million (2010 PBTAE*: 3.7 million)
- Adjusted EPS of 1.5 pence (2010: 7.0 pence)*
- Balance sheet strengthened subsequent to the year end
- Pro forma consolidated net assets at 31 August 2011 £19.0 million
* PBTAE profit before tax adjusted for the effect of amortisation of intangibles and exceptional items. Similarly EPS is also adjusted for the amortisation of intangibles and exceptional items.
Operational highlights- Sales volumes up 13% on prior year through broader routes to market and an increased customer base
- Efficiency improvements made to the manufacturing plant ahead of next years substantial capital expenditure programme
