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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Airea PLC | AQSE:AIEA.GB | Aquis Stock Exchange | Ordinary Share | GB0008123027 |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 31.50 | 29.00 | 34.00 | 31.50 | 31.50 | 31.50 | 0.00 | 06:55:38 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
TIDMAIEA
RNS Number : 9957T
Airea PLC
28 July 2022
Airea plc
(the "Company")
Interim report for the six months ended 30th June 2022
The principal activity of the group is the design, manufacture, marketing and distribution of floor coverings.
Chairman's Statement
The six months ended 30th June 2022 continued to see recovery from the impacts of the COVID-19 pandemic, which had suppressed activity in our key markets. H1 delivered improved sales and operating profit versus the prior year as demand in both our home and export markets continued to recover.
We remain focused on our operational and supply chain processes, which enable us to navigate the challenges from the current economic environment and the Ukrainian conflict both of which continue to put a strain on the availability of labour and raw materials.
The launches of our new products into the market continues with a noted increase in the sales of these products and the continuing specification of our product in the medium and premium sectors.
Net cash (cash less loans and borrowings) increased by GBP0.3m in the 6 month period to GBP2.5m as at 30th June 2022 from GBP2.2m as at 31 December 2021. We continue to have further liquidity available of GBP1.0m via our unutilised overdraft facility (2021: GBP1.0m unutilised). Our cash reserves and strong balance sheet enable us to manage the impact of the current economic environment and support our ongoing product development.
Group Results
Revenue for the period was GBP8.6m, GBP1.2m above the prior year (2021: GBP7.4m). In the UK our sales were 7.5% ahead of the prior six month comparative period as home sales recovered to pre-pandemic levels. Export sales were up 45.5% compared to the comparative period, despite the recovery to date export sales are 26% down on the pre-pandemic levels with the general economic environment continuing to impact trading overseas.
The operating profit was GBP756,000 (2021: GBP574,000). Excluding inventory absorption impacts, underlying product margins have come under some pressure versus prior year due to significant raw material inflation. After charging pension, lease and loan related interest costs of GBP108,000 (2021: GBP114,000) and incorporating the appropriate tax charge the net profit for the period was GBP611,000 (2021: GBP440,000). Basic earnings per share were 1.58p (2021: 1.14p).
Operating cash flows before movements in working capital were GBP0.8m (2021: GBP0.5m). Working capital remained relatively stable in the period in spite of the increased prices of raw materials. Contributions to the defined benefit pension scheme were GBPnil (2021: GBP0.2m) in line with the agreement reached with the scheme trustees following the last triennial valuation as at 1st July 2020. There was capital expenditure of GBP0.2m on small enhancements to plant and equipment following the major spend in the previous year (2021: GBP1.2m).
Update on CEO Replacement
The selection process for our new CEO continues, we have made good progress and expect to be in a position to make an announcement in the coming months.
Outlook
The development of our product ranges continues with the launches of new products and the refresh of existing products planned for the second half of the year. Our order book and sales of new products continue to grow as we strengthen our portfolio of products.
Recovery of our UK market has been pleasing with recovery in export sales expected to continue, however it must be noted that the Ukrainian conflict has adversely impacted some of our key export markets.
We have experienced unprecedented pressure on costs over the last 18 months and we have taken numerous actions to mitigate the impact on profitability. Those cost pressures and managing them will continue to be challenging over the remainder of this year and into the future.
Given the continued levels of uncertainty in the market and the wider economy the group will continue to prioritise the preservation of cash. We will therefore not be proposing an interim dividend at this time (2021: nil). We were pleased to have been in a position to declare and pay a final dividend following the 2021 results and we cautiously expect to be in the position to do similar once our 2022 results are finalised.
MARTIN TOOGOOD
Chairman
28th July 2022
Enquiries:
Ryan Thomas via 01924 266 561 Group Finance Director 020 7496 Peter Steel / Daniel Dearden-Williams 3000 Singer Capital Markets Consolidated Income Statement 6 months ended 30th June 2022 Unaudited 6 Unaudited Audited months ended 6 months 12 months 30th June ended ended 31st 2022 30th June December 2021 2021 GBP000 GBP000 GBP000 ---------------------------------------- --------------------------- --------------- --------------------- Revenue 8,551 7,431 15,865 Operating costs (7,935) (6,997) (14,832) Other operating income 140 140 280 ---------------------------------------- --------------------------- --------------- --------------------- Operating profit before valuation gain 756 574 1,313 Unrealised valuation gain - - 275 ---------------------------------------- --------------------------- --------------- --------------------- Operating profit 756 574 1,588 Finance income 8 4 8 Finance costs (108) (114) (305) ---------------------------------------- --------------------------- --------------- --------------------- Profit before taxation 656 464 1,291 Taxation (45) (24) (249) ---------------------------------------- --------------------------- --------------- --------------------- Profit attributable to shareholders of the group 611 440 1,042 ---------------------------------------- --------------------------- --------------- --------------------- Earnings per share (basic and diluted) for the group 1.58p 1.14p 2.70p
Consolidated Statement of Comprehensive Income
6 months ended 30th June 2022
Unaudited Unaudited Audited --------------------------------------------- 6 months 6 months 12 months --------------------------------------------- ended ended ended 30th June 30th June 31st December 2022 2021 2021 GBP000 GBP000 GBP000 --------------------------------------------- ------------------ ------------- ------------- Profit attributable to shareholders of the group 611 440 1,042 Items that will not be reclassified to profit or loss Actuarial gain recognised in the pension scheme 35 1,687 1,599 Related deferred taxation (7) (358) (380) --------------------------------------------- ------------------ ------------- ------------- 28 1,329 1,219 --------------------------------------------- ------------------ ------------- ------------- Items that will be reclassified subsequently to profit or loss when specific conditions are met Revaluation of property - - 166 Related deferred taxation - - (32) --------------------------------------------- ------------------ ------------- ------------- - - 134 --------------------------------------------- ------------------ ------------- ------------- Total other comprehensive income 28 1,329 1,353 --------------------------------------------- ------------------ ------------- ------------- Total comprehensive income attributable to shareholders of the group 639 1,769 2,395 --------------------------------------------- ------------------ ------------- ------------- Consolidated Balance Sheet as at 30th June 2022
Unaudited 30th Unaudited Audited June 30th June 31st December 2022 2021 2021 GBP000 GBP000 GBP000 ------------------------------ ---------------------------------- --------------- ----------------------- Non-current assets Property, plant and equipment 5,307 5,279 5,305 Intangible assets 51 62 55 Investment property 4,000 3,725 4,000 Right-of-use asset 943 1,011 972 Deferred tax asset 682 733 720 ------------------------------ ---------------------------------- --------------- ----------------------- 10,983 10,810 11,052 Current assets Inventories 6,132 5,877 6,150 Trade and other receivables 2,370 2,093 1,887 Cash and cash equivalents 5,450 6,226 5,688 ------------------------------ ---------------------------------- --------------- ----------------------- 13,952 14,196 13,725 ------------------------------ ---------------------------------- --------------- ----------------------- Total assets 24,935 25,006 24,777 ------------------------------ ---------------------------------- --------------- ----------------------- Current liabilities Trade and other payables (3,683) (3,679) (3,258) Provisions (175) (138) (245) Lease liabilities (124) (145) (124) Loans and borrowings (731) (1,359) (935) ------------------------------ ---------------------------------- --------------- ----------------------- (4,713) (5,321) (4,562) Non-current liabilities Deferred tax (1,047) (767) (1,031) Lease liabilities (212) (174) (183) Loans and borrowings (2,226) (2,911) (2,592) ------------------------------ ---------------------------------- --------------- ----------------------- (3,485) (3,852) (3,806) ------------------------------ ---------------------------------- --------------- ----------------------- Total liabilities (8,198) (9,173) (8,368) ------------------------------ ---------------------------------- --------------- ----------------------- Net assets 16,737 15,833 16,409 ------------------------------ ---------------------------------- --------------- ----------------------- Equity Called up share capital 10,339 10,339 10,339 Share premium account 504 504 504 Own Shares (2,000) (876) (555) Share-based payment reserve - 161 157 Capital redemption reserve 3,617 3,617 3,617 Revaluation reserve 3,150 3,014 3,150 Retained earnings 1,127 (926) (803) ------------------------------ ---------------------------------- --------------- ----------------------- Total equity 16,737 15,833 16,409 ------------------------------ ---------------------------------- --------------- ----------------------- Consolidated Cash Flow Statement 6 months ended 30th June 2022 Unaudited Unaudited Audited 6 months 6 months 12 months ended 30th ended ended 31st June 30th June December 2022 2021 2021 GBP000 GBP000 GBP000 ------------------------------------------ ---------------------- --------------- --------------------- Cash flow from operating activities Profit for the period 611 440 1,042 Depreciation 165 123 276 Depreciation of right-of-use assets 126 128 250 Amortisation 14 16 30 Movement in Provision (70) (327) (220) Share-based payment (credit)/expenses (157) 20 16 Net Finance costs 100 110 297 Profit on disposal of property, plant and equipment (77) - - Tax charge 45 24 249 Unrealised valuation gain - - (275) ------------------------------------------ ---------------------- --------------- --------------------- Operating cash flows before movements in working capital 757 534 1,665 Decrease/(increase) in inventory 18 (255) (528) Increase in trade and other receivables (483) (417) (152) Increase in trade and other payables 425 784 347 ------------------------------------------ ---------------------- --------------- --------------------- Cash generated from operations 717 646 1,332 Contributions to defined benefit pension scheme - (200) (400) ------------------------------------------ ---------------------- --------------- --------------------- Net cash generated from operating activities 717 446 932 ------------------------------------------ ---------------------- --------------- --------------------- Cash flows from investing activities Payments to acquire intangible fixed assets (10) (24) (31) Payments to acquire tangible fixed assets (167) (1,131) (1,236) Receipts from sales of tangible fixed assets 77 - - ------------------------------------------ ---------------------- --------------- --------------------- (100) (1,155) (1,267) ------------------------------------------ ---------------------- --------------- --------------------- Cash flows from financing activities Interest paid on lease liabilities (4) (6) (12) Interest paid on borrowings (69) (11) (83) Interest received 8 4 8 Proceeds from asset financing - 934 934 Principal paid on lease liabilities (67) (166) (260) Repayment of loans and borrowings (569) (375) (1,119) Equity dividends paid (154) - - ------------------------------------------ ---------------------- --------------- --------------------- Net cash generated from financing
activities (855) 380 (532) ------------------------------------------ ---------------------- --------------- --------------------- Net decrease in cash and cash equivalents (238) (329) (867) Cash and cash equivalents at start of the period 5,688 6,555 6,555 ------------------------------------------ ---------------------- --------------- --------------------- Cash and cash equivalents at end of the period 5,450 6,226 5,688 ------------------------------------------ ---------------------- --------------- ---------------------
Consolidated Statement of Changes in Equity
6 months ended 30th June 2022
Share Share-based Capital Profit Share premium Own payment redemption Revaluation and Total capital account Shares reserve reserve reserve loss equity account GBP000 GBP000 GBP000 GBP000 GBP000 GBP000 GBP000 GBP000 --------------------------------------------- ------------ ------------- --------------- --------------- ------------ ------------ ------------- At 1st January 2021 10,339 504 (1,197) 141 3,617 3,014 (2,420) 13,998 Comprehensive income for the year Profit for the year - - - - - - 1,042 1,042 Actuarial loss recognised on the pension scheme - - - - - - 1,219 1,219 Revaluation of property - - - - - 166 (32) 134 --------------------------------------------- ------------ ------------- --------------- --------------- ------------ ------------ ------------- Total comprehensive income for the year - - - - - 166 2,229 2,395
Contributions by and distributions to owners
Dividend paid - - - - - - - - Share-based payment - - - 16 - - - 16 Own share transfer Revaluation - - 642 - - - (642) - Reverse Transfer - - - - - (30) 30 - ------------------ ------------------------------- --------------------------------------------------- ------------ Total contributions by and distributions to owners - - 642 16 - (30) (612) 16 ------------------ ---- ----------- ------------ ----------- ----------- ------------ ----------- ------------ At 31st December 2021 and 1st January 2022 10,339 504 (555) 157 3,617 3,150 (803) 16,409 ------------------------ ----------- ------------ ----------- ----------- ------------ ----------- ------------ Comprehensive income for the period Profit for the period - Actuarial gain recognised on the pension - - - - - 611 611 scheme - - - - - - 28 28 Revaluation of property - - - - - - - - ------------------------ ----------- ------------ ----------- ----------- ------------ ----------- ------------ Total comprehensive income for the period - - - - - - 639 639 Contributions by and distributions to owners Dividend paid - - - - - - (154) (154) Share-based payment - - - (157) - - - (157) Own Shares Transfer - - (1,445) - - - 1,445 - ------------------------ ----------- ------------ ----------- ----------- ------------ ----------- ------------ Total contributions by and distributions to owners - - (1,445) (157) - - 1,291 (311) ------------------------ ----------- ------------ ----------- ----------- ------------ ----------- ------------ At 30th June 2022 10,339 504 (2,000) - 3,617 3,150 1,127 16,737 ------------------------ ----------- ------------ ----------- ----------- ------------ ----------- ------------
Notes to the Financial Statements
1. BASIS OF PREPARATION AND ACCOUNTING POLICIES
The financial information for the six months ended 30th June 2022 and the six months ended 30th June 2021 have not been audited and do not constitute full financial statements within the meaning of Section 434 of the Companies Act 2006.
The financial information relating to the year ended 31st December 2021 does not constitute full financial statements within the meaning of Section 434 of the Companies Act 2006. This information is based on the group's statutory accounts for that period. The statutory accounts were prepared in accordance with UK adopted International Accounting Standards and received an unqualified audit report and did not contain statements under Section 498(2) or (3) of the Companies Act 2006. These financial statements have been filed with the Registrar of Companies.
These interim financial statements have been prepared using the recognition and measurement principles of UK adopted International Accounting Standards. The accounting policies used are the same as those used in preparing the financial statements for the period ended 31st December 2021. These policies are set out in the annual report and accounts for the period ended 31st December 2021 which is available on the company's website at www.aireaplc.co.uk.
Further copies of this report are available from the Company Secretary at the registered office at Victoria Mills, The Green, Ossett, Wakefield, West Yorkshire WF5 0AN and are also available, along with this announcement, on the company's website at www.aireaplc.co.uk.
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END
IR SEIFAWEESESW
(END) Dow Jones Newswires
July 28, 2022 02:00 ET (06:00 GMT)
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