"The dramatic increases result from good organic growth in both
zero emission and powered access divisions because of the
increase in the volumes of new electric vehicles made and sold,
and the execution of the ramp up of the reinvigorated Upright brand."
Finance Director’s Report
All figures and their comparatives are presented in line with the International Financial Reporting Standards (IFRS).
In 2007 we delivered another record financial performance. Revenue was up 201% to £123m (2006: 98%). EBITA before restructuring was up 256% to £14.6m (2006: £4.1m).
Profit from continuing operations before restructuring rose to £13.1m (2006: £5.7m).
The dramatic increases result from good organic growth in both zero emission and powered access divisions because of the increase in the volumes of new electric vehicles made and sold, and the execution of the ramp up of the reinvigorated Upright brand. The results benefitted from the contribution of Snorkel International Inc following its acquisition in August.
Amortisation of Acquired Intangibles and Restructuring Costs
Profit from Operations is reported after charging Amortisation of £1.8m (2006: £0.4m) arising from the write down of Intangible Assets valued following acquisitions, of which £0.9m resulted from the acquisition of Snorkel.
Restructuring costs in the year of £1.2m related to costs arising following the acquisition of Snorkel. 2006 restructuring costs of £1.9m related to the UpRight acquisition.
Net Operating Expenses
Operating expenses are stated net of operating income from Government Grants and recovery of a Snorkel customer debt of £2m.
Net Finance Income
Net finance Income in the period was £0.9m (2006: Finance costs £0.1m) reflecting the net cash postion held by the group throughout the period.
Profit before Tax
Profit before tax for continuing operations was £12.4m up 235% on 2006. There was a loss in the year for discontinued operations of £1.5m.
Taxation
The tax charge includes £1.7m of tax costs arising in the US, of which £0.4m was a non cash cost related to the creation of a deferred tax liability.
Earnings
Earnings per share increased by 194% to 3.59p (2006:1.22p). No dividend has been declared (2006:nil). The retained profit of £10.4m has been added to reserves to fund further business growth.
Net Cash
At 31 December 2007, the Group had cash of £28m. This cash will be used to fund further development of the business, including a transition in the supply chain.
Acquisitions
The Group acquired Snorkel International Inc on 1 August 2007. The acquisition was funded through a private placing.
Charles Brooks
Finance Director
