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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Airea Plc | LSE:AIEA | London | Ordinary Share | GB0008123027 | ORD 25P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 32.00 | 31.00 | 33.00 | 32.00 | 32.00 | 32.00 | 0.00 | 08:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
Misc Homefurnishings Stores | 18.76M | 1.3M | 0.0313 | 10.22 | 13.23M |
TIDMAIEA
RNS Number : 8939R
Airea PLC
27 September 2017
AIREA PLC
Interim report for the twelve months ended 30 June 2017
The principal activity of the group is the manufacturing, marketing and distribution of floor coverings.
Chairman's Statement
It is pleasing to report improved earnings for the twelve months ending 30th June 2017 and continuing strengthening of our competitive position despite challenging trading conditions.
- Profit before tax up 8.3% - Basic earnings per share up 14.3% - Interim dividend introduced
As indicated in the six month review in February, we were seeing signs of increases in commodity prices. The second six months of the current accounting period has seen further margin pressure in both the contract and residential flooring market, and we are working hard to manage margins.
New product launches were well received in the UK contract sector, however market conditions worsened through the period as a combination of further public sector cut backs and ongoing economic and political uncertainty weighed on demand.
Recent product launches and new routes to market led to sales growth in the residential sector.
Exports continued to grow steadily in the period as the improved exchange rate restored competitiveness and new markets came on stream.
The site consolidation is now fully complete and delivering both significant cost savings as well as improved service levels and reduced waste. We remain in negotiations over our remaining leasehold property.
Group Results
Revenue for the period was GBP23.9m (2016: GBP24.6m). The operating profit was GBP2,121,000 (2016: GBP2,042,000). After charging pension related finance costs of GBP614,000 (2016: GBP651,000) and incorporating the appropriate tax charge the net profit for the period was GBP1,423,000 (2016 GBP1,277,000). Basic earnings per share were 3.44p (2016 3.01p)
Operating cash flows before exceptional items and movements in working capital were GBP2.8m (2016: GBP2.8m). Working capital increased in the period by GBP2.0m as a result of stock build for successful product launches. Contributions to the defined benefit pension scheme were GBP400,000 (2016: GBP400,000) in line with the agreement reached with the scheme trustees following the last triennial valuation as at 1(st) July 2014. Capital expenditure of GBP1,280,000 (2016: GBP704,000) was made in renewing and enhancing manufacturing plant and equipment.
The increase in the pension deficit of GBP277,000 resulted from a deterioration in corporate bond yields. It is an accounting standards requirement that the reported pension valuation is based on corporate bond yields even though this does not reflect the investment strategy of the plan. In reality the plan is now largely hedged against interest rate movements and inflation, which, combined with a diversified growth asset base, continues to produce an improved underlying position.
Outlook
We are encouraged by the reaction to our new products from both domestic and overseas customers, continue to benefit from our reduced cost base and remain committed to bringing competitively priced products with high design content to market. This will hold us in good stead as we anticipate ongoing uncertainty of demand in all the markets that we serve.
As previously announced we are in an eighteen month accounting period and this second interim report is unusual in covering a twelve month period. We stated in our last announcement that we would look to introduce an interim dividend, which is particularly relevant in the transition to our new accounting period end. Given the ongoing improvement in the financial performance of the group and a robust cash flow we are able to declare an interim dividend of 1.75p to be paid on the 23rd of November 2017 to shareholders on the register at close of business on 13th October 2017. The ex dividend date is 12th October 2017.
Martin Toogood
Chairman
26th September 2017
Enquiries:
Neil Rylance 01924 266561
Chief Executive Officer
Roger Salt 01924 266561
Group Finance Director
Richard Lindley 0113 388 4789
N+1 Singer
Consolidated Income Statement 12 months ended 30th June 2017 Unaudited Audited 12 year months ended ended 30th 30th June June 2017 2016 GBP000 GBP000 Revenue 23,894 24,577 Operating costs (21,773) (22,535) ---------------------- ---------- --------- Operating profit before exceptional items 2,121 2,013 Exceptional items: Exceptional costs - (1,271) Pension credit - 1,300 ---------------------- ---------- --------- Operating profit 2,121 2,042 Finance income - - Finance costs (614) (651) ---------- --------- Profit before taxation 1,507 1,391 Taxation (84) (114) ---------- Profit attributable to shareholders of the group 1,423 1,277 ========== ========= Earnings per share (basic and diluted) 3.44p 3.01p All amounts relate to continuing operations Consolidated Statement of Comprehensive Income 12 months ended 30th June 2017 Unaudited Audited 12 year months ended ended 30th 30th June June 2017 2016 GBP000 GBP000 Profit attributable to shareholders of the group 1,423 1,277 Actuarial loss recognised in the pension scheme (79) (291) Related deferred taxation 16 (83) ---------- --------- (63) (374) ---------- --------- Unrealised valuation gain - 3,009 Related deferred taxation - (240) ---------- --------- - 2,769 ---------- --------- Total comprehensive income attributable to shareholders of the group 1,360 3,672 ========== ========= Consolidated Balance Sheet as at 30th June 2017 Unaudited Audited 30th 30th June June 2017 2016 GBP000 GBP000 Non-current assets Property, plant and equipment 6,101 5,489 Investment property 2,701 2,701 Deferred tax asset 1,281 1,264 10,083 9,454 ---------- --------- Current assets Inventories 11,146 9,338 Trade and other receivables 4,704 4,601 Cash and cash equivalents 2,302 3,114 ---------- --------- 18,152 17,053 ---------- --------- Total assets 28,235 26,507 ---------- --------- Current liabilities Trade and other payables (5,574) (5,505) Provisions - (125) ---------- --------- (5,574) (5,630) ---------- --------- Non-current liabilities Obligation under finance leases (767) - Pension deficit (6,962) (6,685) Deferred tax (241) (241) (7,970) (6,926) ---------- --------- Total liabilities (13,544) (12,556) ---------- --------- 14,691 13,951 ========== ========= Equity Called up share capital 10,339 10,339 Share premium account 504 504 Capital redemption reserve 3,617 3,617 Revaluation reserve 3,009 3,009 Retained earnings (2,778) (3,518) 14,691 13,951 ========== ========= Consolidated Cash Flow Statement 12 months ended 30th Unaudited Audited June 2017 12 year months ended ended 30th 30th June June 2017 2016 GBP000 GBP000 Cash flow from operating activities Profit attributable to shareholders of the group 1,423 1,277
Tax charged 84 114 Finance costs 614 651 Depreciation 668 837 Profit on disposal of property plant and equipment - (6) Pension credit - (1,300) Inventory impairment - 468 ---------- --------- Operating cash flows before exceptional items & movements in working capital 2,789 2,041 (Increase) / Decrease in inventories (1,808) 841 Increase in trade and other receivables (103) (189) (Decrease) / increase in trade and other payables (68) 232 (Decrease) / Increase in provisions for liabilities and charges (125) 125 ---------- --------- Cash generated from operations 685 3,050 Income tax received 52 61 Contributions to defined benefit pension scheme (400) (400) ---------- --------- Net cash generated from operations 337 2,711 ---------- --------- Investing activities Purchase of property, plant and equipment (1,280) (704) Proceeds on disposal of property, plant and equipment - 25 ---------- --------- (1,280) (679) ---------- --------- Financing activities Interest (16) - Obligations under finance leases 767 - Share repurchase - (410) Equity dividends paid (620) (391) ---------- --------- 131 (801) ---------- --------- Net (decrease) / increase in cash and cash equivalents (812) 1,231 Cash and cash equivalents at start of period 3,114 1,883 Cash and cash equivalents at end of period 2,302 3,114 ========== ========= Consolidated Statement of Changes in Equity 12 months ended 30th June 2017 Share Share Capital Revaluation Profit Total capital premium redemption reserve and equity account reserve loss account GBP000 GBP000 GBP000 GBP000 GBP000 GBP000 At 1st July 2015 10,851 504 3,105 - (3,380) 11,080 Comprehensive income for the period Profit for the period - - - - 1,277 1,277 Other comprehensive income for the period - - - 3,009 (614) 2,395 ----------- --------- ----------- ------------ --------- -------- - - - 3,009 663 3,672 Contributions by and distributions to owners Share repurchase (512) 512 - - - Consideration paid on share purchase - - - - (410) (410) Dividend Paid - - - - (391) (391) ----------- --------- ----------- ------------ --------- -------- At 30th June and 1st July 2016 10,339 504 3,617 3,009 (3,518) 13,951 Comprehensive income for the period Profit for the year - - - - 1,423 1,423 Other comprehensive income for the year - - - - (63) (63) ----------- --------- ----------- ------------ --------- -------- - - - - 1,360 1,360 Contributions by and distributions to owners Dividend Paid - - - - (620) (620) =========== ========= =========== ============ ========= ======== At 30th June 2017 10,339 504 3,617 3,009 (2,778) 14,691 =========== ========= =========== ============ ========= ======== Note BASIS OF PREPARATION AND ACCOUNTING POLICIES The financial information for the twelve month periods ended 30th June 2017 has not been audited and does not constitute full financial statements within the meaning of Section 434 of the Companies Act 2006. The financial information relating to the year ended 30th June 2016 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 International Financial Reporting Standards as adopted by the European Union ("IFRS") 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 International Financial Reporting Standards as adopted by the European Union ("IFRS"). The accounting policies used are the same as those used in preparing the financial statements for the year ended 30th June 2016. These policies are set out in the annual report and accounts for the year ended 30th June 2016 which is available on the company's website 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
This information is provided by RNS
The company news service from the London Stock Exchange
END
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(END) Dow Jones Newswires
September 27, 2017 02:00 ET (06:00 GMT)
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