News blog
Shieldtech
- BY: Andrew Hore |
- POSTED: 31/05/2009 |
Shieldtech has published its annual results and organised a £1.1m cash injection.
The results for the year to June 2008 were well overdue. The cash injection was vital the signing off of the accounts. Shieldtech has also taken the opportunity to publish interims to December 2008.
The shares returned from suspension on 29 May 2009 and jumped 2.25p to 7/25p each. They had been suspended since the end of 2008. The body armour supplier is valued at £3.83m.
The year to June 2008 was the first that the company was in its current form. Prior to that it was a shell. Shieldtech lost £10.2m on revenues of £5.99m in 2007-08. That includes a £8.81m goodwill impairment. That left £2m of goodwill from the original acquisition in the balance sheet.
New standards for ballistic protection garments disrupted the UK market and the Euro exchange rate has increased costs.
Revenues doubled to £5.03m in the six months to December 2008. A £1.04m loss was turned into a profit of £49,000. Net debt was £1.41m at the end of 2008.
The £1.1m will be raised through an issue of 8% loan notes 2011 with warrants to subscribe for ordinary shares at 6p each. The warrants last for five years from issue and are equivalent to 28.1% of the enlarged share capital.
The bank will provide a £250,000 overdraft and £900,000 term loan.
The Metropolitan Police will put body armour contracts out to tender this autumn. Shieldtech has three potential rivals.
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