SPRUE AEGIS PLC: Final Results for the Year Ended 31 December 2012

SPRUE AEGIS PLC: Final Results for the Year Ended 31 December 2012
23 April 2013 
               Sprue Aegis plc ("Sprue" or the "Group")                     
           FINAL RESULTS FOR THE YEAR ENDED 31 DECEMBER 2012                
Sprue Aegis plc, one of Europe's leading home safety products suppliers, which
designs and sells innovative and market leading smoke and carbon monoxide
("CO") alarms and other safety related products under the brands of FireAngel,
First Alert, BRK, Pace Sensors, AngelEye and Dicon, is pleased to announce its
audited results for the financial year ended 31 December 2012. 
Financial Highlights 
* Turnover increased 12% to £37.2m (2011: £33.3m) 
  * Operating profit decreased 7% to £3.2m (2011: £3.5m): £4.5m before 
impact of £/Euro exchange rates (£0.7m impact compared to 2011) and 

    of one-off charges in respect of warranty costs
      * Gross margin (before £4.2m BRK distribution fee) reduced to 40.8% (2011:
      * Operating margin reduced to 8.7% (2011: 10.4%)
      * Basic EPS decreased 15.1% to 6.50p (2011: 7.66p)
      * Recommended final dividend doubled to 4 pence per share (2011: 2 pence)
      * Net cash increased to £6.2m (2011: £5.9m)
      * £0.5m ten year loan note repaid and the Company is now debt free
      * Net cash inflow from operating activities at 74% of operating profit (2011:

  * Maintained investment in product development / capex at £1.0m (2011: 

    Operational Highlights

  * September 2012, appointed sole supplier to B&Q for smoke, CO and safety
      * November 2012, signed minimum three year agreement to supply CO alarms to
    British Gas
      * December 2012, signed exclusive seven year collaboration agreement with
    Baxi Heating UK
      * Retained sole supplier status to Tesco, with introduction of new First
    Alert range
      * Introduced refreshed range at Wickes and retained sole supplier status
      * Successful launch in quarter 4 2012 of WST-630, a 10-year life wireless
    smoke alarm which allows up to 50 alarms to be wirelessly interconnected
      * Launched refreshed range of mains powered 700 series "PUSH-FIT" into UK
    Trade sector
      * ST-620 achieved the joint highest score in a recent German consumer
    products' test
      * Launched "VDS" and "Q label" approved products under the FireAngel brand in
      * French market still slower than anticipated but offers excellent long term
    growth potential
      * Expanded customer services to include dedicated customer helpline
      * April 2012, recovered NF certification on key product for France
      * Pace Sensors in final phase of testing to miniaturise our existing CO
      * Inclusion in "The Sunday Times Virgin Fast Track 100" for the fifth
    successive year and in "The Sunday Times PwC Profit Track 100" for first

Graham Whitworth, Chairman & Group CEO of Sprue Aegis plc, commented: "Whilst
our financial performance was adversely affected by exchange rates on our Euro
income and a number of one-off costs, including a £0.6m warranty charge, we
still achieved a highly creditable set of results. 
The Group introduced a number of key new products during the year and
successfully secured three significant contract wins in the second half of
2012, which underpin the expected uplift in sales and profit in 2013. 
With significant surplus cash at the year end and a positive outlook for the
year ahead, underpinned by a strong order book, the Board is pleased to
recommend a doubling of the final dividend to 4 pence per share." 
For further information, please contact: 
Sprue Aegis plc                                   02476 323 232                
Graham Whitworth, Chairman & Group CEO                                         
John Gahan, Group Finance Director                                              
Westhouse Securities Limited                      0207 601 6100                
Tom Griffiths                                                                  
Paul Gillam                                                                     
Notes to Editors 
About Sprue Aegis plc 
Group overview 
With its head office in Coventry, UK, Sprue is one of Europe's leading home
safety products suppliers and manufactures one of the world's smallest CO
sensors for use in CO alarms. Sprue designs and sells smoke and CO alarms and
other safety related products throughout Europe under the FireAngel, First
Alert, BRK, Pace Sensors, AngelEye and Dicon brands. Sprue enjoys a strong
European market presence, a leading UK retail footprint, is the supplier of
choice to the UK's Fire and Rescue Services and continues to develop its market
share in the UK's trade sector. Sprue has an established network of independent
distributors within Continental Europe providing access into these key growth
markets through local partners. 
Patented technology 
Sprue has patented technology in Europe, the US and other selected territories
and its range of smoke and CO alarms is independently certified to the latest
European standards. For further product information, please visit:
www.fireangel.co.uk or www.firstalert.co.uk or www.brk.co.uk or
www.pacesensors.co.uk or www.sprue.com 
Company ethos 
We make products that save lives. It is a simple philosophy. Everything we do
is focussed on providing market leading smoke and CO alarms that achieve this
We are serious about CO and smoke detection and believe everyone should be
properly protected with affordable and reliable home safety products from a
company with brands you can trust. 
We work with passion and seek to inspire those that work for us in the same
way. We encourage our staff to "make a difference" to our business every day. 
Sprue Safety Products: The Authority brand 
A house of six powerful brands: FireAngel, First Alert, BRK, Pace Sensors,
Dicon and AngelEye. We design, manufacture and supply safety products that save
lives. We strive to inform and educate. We are committed to improving safety
standards through constant investment in technology and ever-increasing levels
of service and quality. 
FireAngel - The Innovation brand 
Market leading products targeted at discerning retail and trade customers with
high expectations. FireAngel is committed to innovation. We combine state of
the art technology and design flair to deliver the most reliable, efficient and
desirable home safety product solutions. FireAngel will extend its strong
retail presence and continue to be the brand of choice for the UK's Fire
First Alert - The Heritage brand 
First Alert is our heritage brand in the retail sector. As inventors of the
first domestic smoke alarm, First Alert has over 40 years' experience in
manufacturing safety products. It is the trusted global brand in home safety,
selling circa 14 million smoke alarms annually. First Alert is targeted at
customers who put their trust in wisdom and experience, with products that
stand the test of time. A brand with real impact. A brand that demands to be
seen and heard. 
BRK - The Trade brand 
Targeted at skilled professionals who want to get the job done efficiently and
cost effectively. BRK offers a comprehensive range of 230V mains powered smoke,
heat and CO alarms to the contractor, specifier and distributor. BRK is the
benchmark for professional safety products. Our products are targeted at
skilled workers and should be fitted by qualified electricians. 
Pace Sensors - The CO technology brand 
Pace Sensors, our wholly owned subsidiary based in Canada is one of the world's
leading CO sensor producers. Pace Sensors' CO sensors are used within all
FireAngel, AngelEye and Pace Sensors branded CO detectors. 
Dicon - The Tactical brand 
Our products are targeted at customers focused on value and choice. Dicon will
leverage its heritage to evolve into a volume brand of choice. 
Combines technology and design to offer high-performance safety products that
are simple to use and in harmony with your home. 

                                  MANAGEMENT COMMENTARY                         

Chairman's statement

We are pleased to report another strong set of results for the Group with
revenue up 12% to £37.2m and earnings before interest and tax of £3.2m, down 
on last year. At constant Sterling / Euro exchange rates (to 2011), operating
profit would have been £0.7m higher. Excluding the exchange rate impact and 
£0.6m one-off charge for warranty costs, operating profit would have been 
higher at £4.5m.

Major long term sole supplier contract wins with B&Q, British Gas and Baxi
Heating UK - all signed in the second half of 2012 - are expected to underpin
growth in revenue and profit in 2013 and beyond.

The Group continues to invest in new products to enhance its market position
and become the number one supplier in each of the markets it serves. Our
in-house technical teams in both the UK and Canada continue to develop and
enhance our "technology bookshelf", increasing the use of modular designs
enabling new products to come to market more cost effectively and in shorter
periods of time.

The miniaturised version of our CO sensor, the Nano-905, is now in final
testing with various certification test bodies in Europe and North America and
is expected to be ready for inclusion in finished CO detectors by the end of
this year. The new sensor offers enhanced price and performance over the
current design.

With a strong order book and reflecting a high degree of confidence in the
Group's ability to generate strong free cash flow and grow its earnings, the
Board is pleased to recommend the final dividend is doubled to 4 pence per
share (2011: 2 pence per share). If approved by shareholders at the forthcoming
Annual General Meeting on 21 May 2013, the dividend will be paid on 5 July 2013
to those shareholders on the register as at close of business on 21 June 2013.

Financial overview

Turnover increased by 12% to £37.2m with sales growth across all business 
except UK Fire & Rescue Services ("UK F&RS") where revenue contracted slightly
by £0.8m (9%) following the widely reported cuts in UK F&RS budgets.

Gross margin before the BRK £4.2m distribution fee declined by 4.6%, to 40.8%
principally due to:

  * adverse effect of translating Euro income into Sterling, which reduced
    revenue and gross profit by approximately £0.7m (compared to 2011 exchange

  * £0.6m cost arising from one-off warranty costs on one product (which is 

    in decline), and legacy BRK product warranty issues
      * product cost inflation on products sourced from Jarden, our principal
      * increased proportion of Retail sales, which provide significant volume
    business but at lower gross margins than the average
      * implementation costs to support expansion of our new contract wins
      * increased cost of our expanded customer services team to support UK F&RS
    customers and British Gas where a telephone helpline / support service is

Distribution costs declined slightly following the decision to bring safe sales
"in house" saving third party sales' commission in 2012. Other administrative
expenses as a percentage of turnover reduced from 19.1% to 18.1% and operating
margin reduced from 10.4% to 8.7%. Administrative expenses were up £0.3m year
on year at £7.2m. 
Operating profit declined by 7.0% from £3.5m to £3.2m and with lower enhanced
tax credits on Sprue's product development expenditure in 2012, basic EPS
declined 15.1% to 6.50 pence per share. The recommended final dividend is
covered 1.5x by post-tax profit (2011: 3.8x). 
The Group continues to carefully monitor its foreign exchange rate exposure
and, where appropriate, to hedge a proportion of its exposure by selling Euros
to acquire US Dollars. The movement between Sterling and the US Dollar has not
significantly impacted gross profit year on year. 
The Group invested £1.0m in product development / capex during the year (2011:
£1.0m) of which, product development expenditure amounted to £0.9m. Depending
on our estimate of product lives, product development costs are typically
written off over seven years to ten years. 
Net working capital increased by £1.5m following a 51% increase in Retail 
and a 9% reduction in UK F&RS sales during the year. Net cash inflow from
operating activities was £2.4m (2011: £3.5m) and net cash at the year end
increased slightly to £6.2m. We expect to return to improved levels of cash
generation in 2013 having absorbed the working capital impact of expanding our
Retail business last year. 
Following the exercise of 2.5 million share options held by Scotia McLeod ITF
Euro Credit Investments Ltd ("ECI") in October 2012 at an option price of 15
pence per share, which raised £0.375m, the Group decided to repay the ECI loan
note of £0.5m which was due for repayment in January 2013. The net cash impact
of these two transactions amounted to a cash decrease of £0.125m. ECI's
interest (together with its other affiliates' holdings of Sprue shares) is now
2.6 million shares, representing approximately 6.75% of Sprue's issued share
Net purchases from Jarden in 2012 amounted to £18.4m (2011: £16.6m) including
the distribution fee of £4.16m (2011: £4.16m). At the year end, net Jarden
creditors amounted to £6.2m (2011: £4.5m). 
Operating overview 
Product development. In November 2012, we launched the WST-630, a wireless
smoke alarm which can be wirelessly networked or "meshed" with up to 50 other
alarms. The WST-630 is based on our ground breaking Thermoptek™ technology, 
used in our best selling ST-620 alarm, which utilises enhanced sensing
technology to provide a quick reaction to both slow smouldering and fast
flaming fires in a single alarm. By avoiding the need to hard-wire the
products, its installation and fitting costs are significantly lower than "AC
powered" alternatives. The WST-630 has been extremely well received in both the
UK and Germany where the product's diagnostic capability is a unique offering
for social landlords. The WST-630 will also become the primary detection smoke
alarm to trigger a new range of Wi-Safe 2 ancillary products due to be launched
in 2013. 
The ST-620 smoke alarm sold under the FireAngel brand has remained Britain's
highest selling domestic smoke alarm and is one of the best performing domestic
smoke alarms on the market. The alarm increases its sensitivity following an
increase in the ambient room temperature providing optimum protection across
all types of fires. Founded in 1964, Stiftung Warentest, a German consumer
organisation involved in the investigation and comparison of goods and services
(similar to Which? in the UK) conducted tests on a range of smoke alarms sold
into the German market including Sprue's ST-620. In the test, the ST-620
achieved the joint highest score and this is a strong endorsement of our
in-house product development capabilities and quality of manufacture. 
We plan to launch further new and innovative products in 2013 and beyond. New
products are targeted to address specific customer needs in each of the markets
we serve. We aim to be the market leader in each market we serve by providing a
range of innovative products from a house of brands that consumers can trust. 
UK Retail. Sprue's appointment as sole supplier to B&Q in the second half of
the year was an important win for the Group and the culmination of a
significant amount of work across the business. The contract positions Sprue as
a long term sole supplier and offers the possibility to extend the trading
arrangements should both sides agree. 
Gross retail sales increased by 51% compared to 2011, driven by increased sales
to B&Q and Amazon; the full year sales benefit of our appointment to supply B&Q
will come through in 2013 and beyond. In addition, our recent appointment as
the sole supplier to both Wickes and Robert Dyas and the recently refreshed
First Alert range at Tesco stores will also contribute to growth in revenue.
Our competitive range of carbon monoxide products has been a key driver of our
organic growth within retail. 
UK Fire & Rescue Services ("UK F&RS"). The Group's revenue from this sector
declined by £0.8m in line with internal budget expectations and budget cuts
imposed on the UK F&RS by the Government. 
The last Firebuy contract expired in November 2012 and the retendering process
has commenced with replacement tenders underway, all of which the Group is
competing for. As with the previous Firebuy contract, each Fire & Rescue
Service remains free to source products from any approved supplier that meets
the tender requirements. 
In the meantime, Sprue continues to supply products to each of the 56 Fire &
Rescue Services representing the UK F&RS, including our Wi-Safe products for
the hearing impaired. The introduction of the Wi-Safe 2 platform of products
and accessories provides the group with a highly differentiated product
offering in this market. Given its existing strong market position, the Group
is well placed to continue to supply products under all of these tenders. 
UK Trade. Trade sales continue to grow with sales up almost 10% year on year.
UK Trade is an important growth sector for the Group and we continue to bring
greater focus and resources to this important sector. The DS700RF and the new
700 series "PUSH FIT" which complements our BRK 600 series range with greater
ease of fitting have helped drive sales. We have further groundbreaking Trade
products under development which we expect to be available for sale in the
short to medium term which are expected to significantly drive revenue in this
Continental Europe. Sales into Continental Europe increased by 7% during the
year (15% on a constant currency basis). Continental Europe still offers
significant growth potential and we continue to certify further products and
have introduced an "AngelEye" brand for France to take advantage of these
* Benelux. The Group retained its market leading position in Benelux with a 

    high proportion of consumers continuing to choose the market-leading "First
    Alert" brand.
      * Germany. Sales into Germany performed well, in particular following the
    award of "Q label", the highest product approval standard in Germany, to
    the ST-630 in October 2012. The Group expects to make further gains in this
    market with an improved and expanded product range including the WST-630.
      * France. Over the last three years, sales into the French market have been
    disappointing principally due to continued low levels of awareness of the
    legislation requiring at least one smoke alarm to be installed in domestic
    homes by March 2015. It is expected that as awareness levels increase,
    sales will gradually improve. The Group's management remains of the view
    that the French market still represents a significant market opportunity of
    around 50 million smoke alarms in total.

Utilities and Leisure. In November 2012 the Group was appointed as the CO alarm
supplier to British Gas Services Limited ("British Gas") for an initial period
of three years, with the option of further extensions to the agreement should
both sides agree. This is a sizeable contract under which Sprue will supply CO
alarms to British Gas and Scottish Gas co-branded "Pace Sensors" with the
customers' logo. 
In December 2012, the Group also announced a seven year collaboration agreement
with Baxi Heating UK, one of Europe's leading boiler manufacturers, to jointly
develop new products. One such product is a CO sensor contained within a
"snorkel" which extends into a void above a ceiling to detect CO where the
boiler flue is fitted between floors rather than vented directly to an outside
wall. New product sales in the UK are expected to commence in the second half
of 2013 and other potential markets are currently being explored. 
Pace Sensors. Our Pace Sensors business in Canada is finalising the
miniaturisation of its existing CO sensor. The new sensor, the "Nano-905", is
expected to be incorporated in finished products before the end of this year.
After significant investment in product development, the Nano-905 provides
improved price competitiveness over the current sensor and we continue to
explore other potential OEM sales opportunities for our CO sensors. Later this
year, we will introduce 10 year variants of our CO products using the current
CO sensor. 
Recommended final dividend 
In line with its progressive dividend policy and taking account of the Group's
future prospects and cash resources, the Board is pleased to recommend a final
dividend of 4 pence per share (2011: 2 pence per share). The proposed cost to
the Group amounts to £1.5 million and is covered 1.5x by post-tax profit. If
approved by shareholders at the AGM on 21 May 2013, the record date will be 21
June 2013 and the dividend will be paid to shareholders on 5 July 2013. 
The management team remains focused on generating long term shareholder value
by building leading positions in each market we serve. We will continue to
invest in product innovation and technology to expand and improve our product
range, improve margins and enhance our competitive position. Our business model
remains highly scaleable. 
Existing contracts and new safety legislation in Europe are expected to
continue to positively impact sales. 
Notwithstanding the potential impact of currency fluctuations, we expect
product cost inflation to stabilise this year and we will seek to increase
margins through the introduction of new products. 
2013 has seen the Company's strongest ever trading start to a year, and the
Board is confident that as a result of the combination of the three significant
exclusive contract wins secured in the second half of 2012 and the expected
launch of several major new products in 2013, the Company is well placed to
deliver profitable organic growth in 2013 and beyond. 
As ever, our thanks go to our shareholders, customers and the dedicated team of
people who work in the business and continue to help us drive the business
Graham Whitworth             Nick Rutter             John Gahan
Chairman and Group CEO       Managing Director       Group Finance Director 

                                   - ENDS -                                    
     The Directors of the issuer accept responsibility for this statement      

                                                             2012          2011

                                         Note            £000          
Turnover                                       2           37,214        33,275 
Cost of sales                                            (26,197)      (22,330) 
Gross profit                                               11,017        10,945 
Distribution costs                                          (613)         (623) 
Research and development                                    (443)         (508) 
Other administrative expenses                             (6,741)       (6,353) 
Operating profit                                            3,220         3,461 
Interest receivable and similar income                          -            11 
Interest payable and similar charges           3             (43)          (50) 
Profit on ordinary activities before                        3,177         3,422
Tax on profit on ordinary activities           4            (814)         (683) 
Profit for the year                                         2,363         2,739 
Earnings per share (pence)                     5                                
Basic                                                        6.50          7.66 
Fully diluted                                                6.22          6.94 


Continuing operations

None of the Group's activities are treated as acquired or discontinued during
the above two financial years.


                                                             2012          2011

Profit for the year                                         2,363         2,739 
Currency translation differences on foreign                  (10)            16
currency net investments                                                        
Adjustment in respect of share-based payments                  19            39 
Total recognised gains for the year                         2,372         2,794 


consolidated balance sheet

                                                             2012          2011

Fixed assets                                                                    
Intangible fixed assets                                     2,266         1,541 
Tangible fixed assets                                         280           282 

                                                            2,546         1,823

Current assets                                                                  
Stocks                                                      5,403         4,923 
Debtors                                                     9,647         7,027 
Cash at bank and in hand                                    6,226         6,359 

                                                           21,276        18,309

Creditors: amounts falling due within one year           (11,706)       (9,763) 
Net current assets                                          9,570         8,546 
Total assets less current liabilities                      12,116        10,369 
Creditors: amounts falling due after more than one              -         (494)
Provisions for liabilities - deferred tax                   (523)         (362) 
Net assets                                                 11,593         9,513 
Capital and reserves                                                            
Called up share capital                                       771           716 
Share premium account                                       3,822         3,449 
Profit and loss account                                     7,000         5,348 
Shareholders' funds                                        11,593         9,513 



                                                             2012          2011

                                         Note            £000          
Net cash inflow from operating activities      6            2,394         3,456 
Return on investment and servicing of                        (43)          (39)
Taxation                                                    (726)         (663) 
Capital expenditure and financial                           (963)       (1,031)
Equity dividend paid                                        (720)         (358) 
Cashflow before use of liquid resources and                  (58)         1,365
Financing                                                    (72)            17 
(Decrease) / increase in cash during the                    (130)         1,382
Reconciliation of net cash flow to movement                                    
in net funds                                                                    
(Decrease) / increase in cash during the                    (130)         1,382
Cash outflow from decrease in debt                            500             - 
Non-cash movement in loan and unamortised                     (6)           (2)
issue costs                                                                     
Change in net funds resulting from cash                       364         1,380
Translation difference                                        (3)           3 
Movement in net funds in the year                             361         1,383 
Net funds at beginning of year                              5,865         4,482 
Net funds at end of year                       7            6,226         5,865 
Notes to the financial statements 
 1. Basis of preparation 
The preliminary financial information has been prepared on the basis of the
same accounting policies as detailed in the statutory financial statements for
the year ended 31 December 2012. 
Basis of accounting 
The financial statements are prepared under the historical cost convention and
in accordance with applicable United Kingdom accounting standards and on a
going concern basis. 
Basis of consolidation 
The Group financial statements consolidate the financial statements of Sprue
Aegis plc and its subsidiary undertakings drawn up to 31 December 2012. The
results of subsidiaries acquired are consolidated for the period from the date
on which control passed. All intra-Group transactions, balances and unrealised
gains on transactions between Group companies are eliminated on consolidation. 
 2. Turnover 
The turnover, operating profit result and net assets are wholly derived from
the Group's principal activity. An analysis of turnover by geographical market
for the two years ended 31 December 2012 is given below: 
                                                      2012             2011 
United Kingdom and Eire                                 25,242           21,452 
Continental Europe and other                            11,972           11,823 

                                                        37,214           33,275

 3. Interest payable and similar charges 
                                                           2012            2011 
Interest on loan notes                                     (43)            (50) 


 4. Taxation
                                                                2012          2011 

Current tax                                                                     
UK Corporation tax                                          (545)         (509) 
Adjustments in respect of prior years                       (108)           9 
Total current tax charge and tax on profit                  (653)         (500)
on ordinary activities                                                          
Deferred tax                                                                    
Origination and reversal of timing                          (161)         (183)
Total deferred tax                                          (161)         (183) 
Total tax on profit on ordinary activities                  (814)         (683) 


 5. Earnings per share
                                                                 2012          2011

Profit attributable to shareholders being profit            2,363         2,739
after taxation                                                                  

                                                              No.           No.

Weighted average number of shares in issue for basic       36,367        35,779
calculation (΄000)                                                              
Deemed issue of potentially dilutive shares (΄000)          1,706         
Weighted average number of shares in issue for             38,073        39,460
diluted calculation (΄000)                                                      
Earnings per share (pence)                                                      
- basic                                                      6.50          7.66 
- fully diluted                                              6.22          6.94 


 6. Reconciliation of operating profit to net cash inflow from operating
                                                                2012           2011

Operating profit                                           3,220          3,461 
Amortisation of capitalised development costs                168            156
and goodwill                                                                    
Depreciation charges                                          83            100 
Profit on disposal of fixed assets                          (11)            (2) 
Exchange differences                                          12             17 
Share-based payment expense                                   19             39 
Movement in debtors                                      (2,620)            618 
Movement in stock                                          (480)            151 
Movement in creditors                                      2,003        (1,084) 
Net cash inflow from operating activities                  2,394          3,456 
 7. Analysis of net cash 

                        At beginning      Cash     Non-cash    Exchange      At end
                         of year     flows    movements  difference     of year

                       £'000     £'000        £'000       £'000       
Cash at bank and in        6,359     (130)            -         (3)       6,226

                           6,359     (130)            -         (3)       6,226

Debt due after one         (494)       500          (6)           -           -

                           5,865       370          (6)         (3)       6,226

 8. Related party: Jarden Corporation

Jarden Corporation and its subsidiaries and associates (collectively referred
to as "Jarden") are related parties of the Group following Jarden's purchase of
a 29.9% interest in the ordinary share capital of Sprue Aegis plc in 2010 and
the appointment of a Jarden nominated non-executive director, Tom Russo, to the
Sprue Aegis plc board in September 2011. 
Jarden, which includes BRK Brands Europe Limited, is the largest supplier by
value to the Group. 
2012 net purchases from Jarden amounted to £18.4m (including the distribution
fee of £4.16m). 2011 net purchases were £16.6m (including the distribution 
of £4.16m). At the year end, net Jarden creditors amounted to £6.2m (2011: £
 9. Financial information 
The preliminary financial information does not constitute full accounts within
the meaning of section 434 of the Companies Act 2006 but is derived from the
statutory financial statements for the years ended 31 December 2012 and 31
December 2011. 
The preliminary financial information is prepared on the same basis as will be
set out in the statutory financial statements for the year ended 31 December
The preliminary financial information was approved for issue by the Board of
Directors on 22 April 2013. 
The statutory financial statements for the year ended 31 December 2012 will be
delivered to the Registrar of Companies following the Company's Annual General
Meeting. Statutory financial statements for the year ended 31 December 2011 for
Sprue Aegis plc, have been filed with the Registrar of Companies. The auditors'
report on those accounts was unqualified and did not contain any statement
under Section 498 (2) or (3) of the Companies Act 2006. 
Copies of the statutory financial statements are also available from Sprue
Aegis plc's head office: Vanguard Centre, Sir William Lyons Road, Coventry, CV4
7EZ, or via the websites www.sprue.com or www.sprueaegis.com. 
-0- Apr/23/2013 06:00 GMT
Press spacebar to pause and continue. Press esc to stop.