26 Earnings per share

Basic earnings per share

The calculation of basic earnings per share at 31 March 2012 was based on the profit attributable to ordinary Shareholders of £3.16 million (2011: profit of £1.64 million) and a weighted average number of ordinary shares outstanding during the year ended 31 March 2012 of 91,643,717 (2011: 85,246,086), calculated as follows:

Weighted average number of ordinary shares


20122011
Issued ordinary shares at 1 April 85,246,086 85,246,086
Effect of shares issued 6,397,631
Weighted average number of ordinary shares at 31 March 91,643,717 85,246,086

Diluted earnings per share

The calculation of diluted earnings per share at 31 March 2012 was based on profit attributable to ordinary Shareholders of £3.16 million (2011: profit of £1.64 million) and a weighted average number of ordinary shares outstanding during the year ended 31 March 2012 of 97,438,412 (2011: 89,727,953), calculated as follows:

Weighted average number of ordinary shares (diluted)


20122011
Weighted average number of ordinary shares at 31 March 91,643,717 85,246,086
Effect of share options on issue 5,794,695 4,481,867
Weighted average number of ordinary shares (diluted) at 31 March 97,438,412 89,727,953

The average market value of the Company's shares for the purposes of calculating the dilutive effect of share options was based on quoted market prices for the period that the options were outstanding.

EPS (Total)2012
EPS
2011
EPS
Earnings
£000
BasicDilutedEarnings
£000
Basic and
Diluted
Adjusted
Diluted
Profit for the financial year 3,162 3.45p 3.25p 1,643 1.93p 1.83p
Separately disclosed items:





IFRS 2 Share option 227 0.25p 0.23p 189 0.22p 0.21p
Intangible amortisation 281 0.31p 0.29p 261 0.31p 0.29p
Acquisition expenses 391 0.43p 0.40p
Restructuring (credit)/costs (656) (0.72p) (0.67p) 801 0.94p 0.89p
Tax credit /(charge) on
adjusted items
258 0.28p 0.26p (174) (0.20p) (0.19p)
Adjusted 3,663 4.00p 3.76p 2,720 3.20p 3.03p

The 'Adjusted diluted' earnings per share is detailed in the above tables. In the Directors' opinion, this best reflects the underlying performance of the Group and assists in the comparison with the results of earlier years (see note 2).

If the acquisition of Power Steel & Electro-Plating Works SDN Bhd (PSEP) had occurred at the beginning of the period with an impact for a full 12 months and using an estimated 12 months weighted average number of ordinary shares of 112,662,403 then the estimated 'Adjusted diluted' earnings per share would have been 4.19p.

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