MECHAN CONTROLS PLC
UNAUDITED INTERIM STATEMENT FOR THE SIX MONTHS
ENDED 30 JUNE 2009
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 2009.
The interim results include, for the first time, a full six months trading
results for Nirvana Engineering (Stafford) Limited, which Mechan acquired on 01
March 2008. The Directors continue to be pleased with the contribution Nirvana
makes to the Group.
The Group operating profit for the 6 months to 30 June 2009, which is the first
half of the trading year, was £266,637. This represents an increase of 37% on
the same period last year. Group turnover increased by 22%.
Earnings per share increased 60% on the same period last year.
The majority of the exceptional increase in operating profits was due to a one
off project, which is now virtually complete. The impact of this project will be
confined to results for the first half of the year. However, despite challenging
trading conditions, the Directors expect that the business will continue to grow
in the second half of the year, with expectations of full year results ahead of
the previous year by some 20%.
In the light of this, the Directors are pleased to announce that the interim
dividend will be increased by 25% to 0.5 pence per share. The company has made a
separate announcement confirming the terms of the dividend.
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 2009
Unaudited Unaudited
Accounts Accounts for
for the six the six
months months ended
ended
30 JUNE 30 JUNE
2009 2008
£ £
TURNOVER 1,303,112 1,064,610
Cost of sales 619,268 527,280
GROSS PROFIT 683,844 537,330
Distribution costs 29,813 29,884
Administrative expenses 387,394 313,267
OPERATING PROFIT 266,637 194,179
Interest receivable 1 2,348
Interest payable and similar (20,982) (28,558)
charges
PROFIT ON ORDINARY ACTIVITIES 245,656 167,969
BEFORE TAXATION
Tax on profit on ordinary 69,677 57,056
activities
PROFIT ON ORDINARY ACTIVITIES 175,979 110,913
AFTER TAXATION
Dividends 14,000 8,000
RETAINED PROFIT FOR THE FINANCIAL 161,979 102,913
YEAR
EARNINGS PER SHARE 8.8p 5.5p
NOTES TO THE FINANCIAL STATEMENTS
1 FINANCIAL INFORMATION
The interim results for the six months ended 30 June 2009 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 2008. The comparative information contained in
this report for the period ended 30 June 2008 does not constitute statutory
accounts for that financial period.
2 DIVIDENDS
The directors have recommend payment of an interim dividend of £10,000
payable on 27th September 2009.
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.
