Released: 29/09/2009
Part 2 : For preceding part double-click [nRn1c7922Z]
Per share amount pence Earnings £'000s Weighted Average No. of shares Per share amount pence
£'000s of shares
Loss attributable to ordinary shareholders (889) 65,014,348 (1.4) (1,159) 65,014,348 (1.8)
Significant items 60 - - 955 - -
Adjusted Loss per share (829) 65,014,348 (1.3) (204) 65,014,348 (0.3)
Dilutive effect of options - - - - - -
Dilutive effect of warrants - - - - - -
Diluted loss per share (889) 65,014,348 (1.4) (1,159) 65,014,348 (1.8)
Diluted adjusted loss per share (829) 65,014,348 (1.3) (204) 65,014,348 (0.3)
7. DIVIDENDS
No dividend is proposed for the six months ended 30 June 2009 (2008 Nil).
8. TAXATION
The charge for taxation is based on the results for the period and takes into
account taxation deferred because of timing differences between the treatment of
certain items for taxation and accounting purposes.
Provision is made in full for taxation deferred in respect of timing differences
that have originated but not reversed by the balance sheet date, except for
gains on disposal of fixed assets which will be rolled over into replacement
assets. No provision is made for taxation on permanent differences. Deferred tax
is not discounted.
Deferred tax assets are recognised to the extent that it is more likely than not
that they will be recovered.
9. PENSION ARRANGEMENTS
A subsidiary of the Group, Napier Brown & Company Limited, operates a defined
benefit pension scheme, the Napier Brown Retirement Benefits Scheme. The assets
of the scheme are held separately from those of the Group in an independently
administered fund. The contributions made by the employer over the six-month
period have been £48,870.
Assumptions
The assets of the scheme have been taken at market value and the liabilities
have been calculated using the following principal actuarial assumptions:
30 June 2009 31 December 2008
% per annum % per annum
Rate of increase in pensions in payment 3.60 3.10
Discount rate 6.10 6.30
Inflation assumption 3.60 3.10
Revaluation rate for deferred pensions 3.60 3.10
The fair value of the assets in the scheme, the present value of the liabilities
in the scheme and the expected rate of return at each balance sheet date were:
30 June 2008 31 December 2008
% %
Equities 6.90 6.90
Bonds 5.64 5.64
Property 5.90 5.90
Cash 3.50 3.50
30 June 2009 31 December 2008
£'000s £'000s
Total fair value of assets 14,068 14,830
Present value of scheme liabilities (16,063) (15,094)
Deficit in the scheme (1,995) (264)
The scheme is a closed scheme and therefore under the projected unit method the
current service cost would be expected to increase as the members of the scheme
approach retirement.
This information is provided by RNS
The company news service from the London Stock Exchange
END
IR CKFKNPBKDCCB