MECHAN CONTROLS PLC
UNAUDITED INTERIM STATEMENT FOR THE SIX MONTHS
ENDED 30 JUNE 2008
CHAIRMAN'S REPORT
The Directors of Mechan Controls PLC are pleased to announce the group's
financial results for the 6 months trading period ending 30th June 2008. The
interim results include 4 months of trading of Nirvana Engineering (Stafford)
Ltd, which as previously announced, Mechan acquired on 1st March 2008.
Nirvana is a Midlands based company which provides manufactured structures for
the safe and secure storage of back up power systems within a niche market
sector. Its turnover for the year August 2007 was GBP1.9m.
The operating profit for the group for the 6 months to June 2008 was GBP194,179.
Following the acquisition of Nirvana, Mechan's interim operating profits have
trebled. Mechan's like for like turnover is up 18%. During the 4 months of
ownership to June 2008, Nirvana contributed some GBP620K of turnover to the
consolidated results.
The Directors are delighted with the performance of both Mechan and Nirvana.
Both are trading at approximately 15% ahead of budget and on target to deliver
further growth in the second half of the year.
In the light of the above the Directors are pleased to announce an increase in
the interim dividend of 15% to 0.4 pence per share.
The directors accept responsibility for this report
Wilf Boardman
Chairman
Mechan Controls Plc
14 Seddon Place
Stanley Industrial Estate
SKELMERSDALE
Lancashire
WN8 8EB
Telephone: 01695 722264
MECHAN CONTROLS PLC
GROUP PROFIT AND LOSS ACCOUNT
FOR THE SIX MONTHS ENDED 30th JUNE 2008
Unaudited Unaudited
Accounts Accounts
for the for the
six six
months months
ended ended
30 JUNE 30 JUNE
2008 2007
GBP GBP
TURNOVER 1,064,610 377,225
Cost of sales 527,280 160,048
-------- --------
GROSS PROFIT 537,330 217,177
Distribution costs 29,884 -
Administrative expenses 313,267 164,169
-------- --------
OPERATING PROFIT 194,179 53,008
Interest receivable 2,348 1,995
Interest payable and similar (28,558) (1,084)
charges
-------- --------
PROFIT ON ORDINARY ACTIVITIES 167,969 53,919
BEFORE TAXATION
Tax on profit on ordinary 57,056 11,281
activities
-------- --------
PROFIT ON ORDINARY ACTIVITIES 110,913 42,638
AFTER TAXATION
Dividends 8,000 7,040
-------- --------
RETAINED PROFIT FOR THE 102,913 35,598
FINANCIAL YEAR
======== ========
EARNINGS PER SHARE 5.5p 2.1p
NOTES TO THE FINANCIAL STATEMENTS
1 FINANCIAL INFORMATION
The interim results for the six months ended 30 June 2008 are unaudited and
do not constitute accounts within the meaning of section 240 of the Companies
Act 1985. The interim results have been drawn up using accounting policies
and presentation consistent with those applied in the audited accounts for
the year ended 31 December 2007. The comparative information contained in
this report for the period ended 30 June 2007 does not constitute statutory
accounts for that financial period.
2 DIVIDENDS
The directors have recommend payment of an interim dividend of £8,000 payable
on 25 September 2008.
3 COPIES OF UNAUDITED INTERIM REPORTS
Copies of this report are available to the public from the registered office
at 14/16 Seddon Place, Stanley Industrial Estate, Skelmersdale, WN8 8EB.
4 RESPONSIBILITY
The directors of the Company accept responsibility for the information
contained in this document and to the best of their knowledge and belief
(having taken such care to ensure that such is the case) the information
contained in this document is in accordance with the facts and does not omit
anything likely to affect the import of such information.
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