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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Character Group Plc | LSE:CCT | London | Ordinary Share | GB0008976119 | ORD 5P |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 7.00 | 2.59% | 277.00 | 274.00 | 280.00 | 277.00 | 276.00 | 277.00 | 95,227 | 08:00:17 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| Toys,hobby Gds & Supply-whsl | 122.59M | 3.5M | 0.1807 | 15.33 | 53.64M |
From Apr 2019 to Apr 2024
TIDMCCT
RNS Number : 6368Q
Character Group PLC
01 December 2016
Thursday, 1 December 2016
The Character Group plc
("Character", "Group" or "Company")
Designers, developers and international distributor of toys, games and giftware
Preliminary results for the year ended 31 August 2016
"Strong organic growth underpins Character's continued position as the UK's leading independent toy company. Underlying pre-tax profit for the year is GBP12.5m up 22.5% on the previous year and current trading is commensurate with the Company achieving the Board's profit expectations for the current financial year."
Hot Features
Premium
Key Performance Indicators Full-year Full-year
ended ended
% 31 August 31 August
change 2016 2015
---------------------------- -------- ----------- -----------
Revenue +22.1% GBP121.0m GBP99.1m
Underlying operating +22.1% GBP10.4m
profit* GBP12.7m
Operating profit +6.4% GBP13.3m GBP12.5m
Underlying pre-tax +22.5% GBP10.2m
profit* GBP12.5m
Pre-tax profit +6.5% GBP13.1m GBP12.3m
Underlying basic earnings
per share* +22.7% 47.63p 38.83p
Underlying diluted
earnings per share* +23.5% 45.16p 36.57p
Basic earnings per
share +3.6% 50.30p 48.56p
Diluted earnings per
share +4.3% 47.70p 45.73p
Dividends per share
for the year +36.4% 15.0p 11.0p
Underlying EBITDA* +27.0% GBP15.1m GBP11.9m
EBITDA +12.9% GBP15.7m GBP13.9m
Net assets +50.7% GBP22.9m GBP15.2m
Net cash +53.3% GBP6.9m GBP4.5m
============================ ======== =========== ===========
*Excludes mark to market profit
adjustments on FX
derivative positions GBP0.6m GBP2.1m
================================ ======== ========
Ø Profitable and cash generative business
model
Ø Progressive dividend policy, final dividend
up 33%, total for the year 15p, up 36% over 2015
Ø International sales up 50%
Ø Top 10 performing brands account for 70%
of revenue
Ø Peppa Pig continues to deliver a consistently
high level of sales and remains our top selling
brand
Ø Little Live Pets and Teletubbies (launched
January 2016) complete our Top 3
Ø Stretch Armstrong, has been launched successfully
with initial sales exceeding expectation
===============================================================
"Our strategic focus remains: "to seek out and develop exciting products which meet domestic and international market demand". Overall, current trading continues to be in-line with the Board's expectations, with pleasing levels of increasingly predictable contribution being generated from our established cornerstone brands. We are also very satisfied with the inroads that we continue to make in overseas markets as demonstrated by the improved level of international sales; and we fully expect such growth to be a prominent factor in delivering our strategic growth ambitions going forward."
Note: The Key Performance Indicators (KPI's) table
shown at the top this Report provides the foregoing
data on an underlying basis and, also by reference
to Generally Accepted Accounting Practice (GAAP)
as adopted and applied consistently by the Group.
Copies of this statement can be viewed at www.thecharacter.com.
Product ranges can also be viewed at www.character-online.co.uk.
Enquiries:
The Character Group plc
Kiran Shah, Joint Managing Director
Jon Diver, Joint Managing Director
Mark Dowding, Group Finance Director
Office: +44 (0) 208 329 3377
Mobile: +44 (0) 7956 278522 (KS)
Mobile: +44 (0) 7831 802219 (JD)
Mobile: +44 (0) 7967185269 (MD)
Email: info@charactergroup.plc.uk
FTSE sector: leisure:
FTSE AIM All-share: symbol: CCT.L
Market cap: GBP95m
Panmure Gordon
(Nominated Adviser and Joint Broker)
Andrew Godber, Investment Banking
Tom Salvesen, Corporate Broking
Tel: +44 (0) 20 7886 2500
Allenby Capital Limited
(Joint Broker)
Nick Athanas
Katrina Perez
Tel: +44 (0) 20 3328 5656
TooleyStreet Communications Limited
(Investor and media relations)
Fiona Tooley
Tel: +44 (0) 7785 703523
Email: fiona@tooleystreet.com
The information contained within this announcement
is deemed by the Company to constitute inside information stipulated under the Market Abuse Regulation (EU) No. 596/2014.
Upon the publication of this announcement via the Regulatory Information Service, this inside information is now considered to be in the public domain.
The Character Group plc
Designers, developers and international distributor of toys, games and giftware
Preliminary results for the year ended 31 August 2016
INTRODUCTION
The Board is delighted to report another excellent year of trading for the business resulting in the Group achieving an increase in revenue to GBP121.0m up 22.1% over the comparative 2015 period; underlying profit before tax for FY 2016 was GBP12.5m, this compares with underlying profit before tax of GBP10.2m in the same period last year. Our expanding core of product groups, marketed at "value for money" price points contributed positively to our overall performance, in both the UK and International markets. In-line with our growth strategy revenue from International customers, which is generated in US Dollars, grew to GBP31.7m, an increase of 50.3% when compared to FY 2015 and this will continue to provide a natural currency hedge against a currently weakened Sterling.
OUR BRANDS
Our top performing brands which include Peppa Pig, Little Live Pets, Teletubbies, Minecraft, Scooby Doo, and Mashems continue to show resilience and remain ever popular with the consumer and our customers alike. Peppa remains our lead brand; we have also witnessed strong demand across several new categories and ranges including the iconic Teletubbies, re-launched at the start of this calendar year. Other notable successes in this reporting period include Little Live Pets, and a character based squidgy collectible range called Mashems. Recently the Little Live Pets range has been widened to include Snuggles My Dream Puppy; this product has been named by the Toy Retailer's Association as one of the Top 12 Dream Toys for 2016; we will also see further additions to this important toy range in 2017.
As we highlighted at the interim stage in April, we added a number of new licenses to our portfolio including the iconic Stretch Armstrong; subsequently we launched products on a global basis including in the USA. To date we have been very encouraged by this range's early performance, and with a planned widening of the Stretch product portfolio for calendar year 2017, we are very excited by the prospect of the brand's potential to contribute significantly to future profitability.
Our strong product offering, continued demand for our market leading brands combined with the Company's continually strengthening financial position, underpin our status within the industry as the UK's leading independent toy company.
OPERATIONAL PERFORMANCE
The Group's portfolio continues to be derived from, both our own-developed in-house ranges, including those produced 'under licence', and others sourced through exclusive distribution agreements. We have worked hard to successfully develop strength and depth across our brands and long term trusted relationships across a wide spectrum of customers and suppliers globally.
Revenue in the year ended 31 August 2016 was up 22.1% to GBP121.0m, against GBP99.1m in the comparable 2015 period. Total revenue generated in the UK market was GBP89.3m (FY 2015 GBP78.0m); in International markets total revenue was GBP31.7m (FY 2015 GBP21.1m).
Underlying gross profit margin in the year being reported amounted to 31.2%, compared to 34.9% for the 2015 financial year. Underlying margins remained consistent overall and reflect the fact that the Group's growing international sales make up a higher proportion of its total revenue. On an absolute basis, underlying gross profit was GBP37.7m for the financial year compared to GBP34.6m for FY 2015.
The Group is reporting an underlying profit before tax in the period under review of GBP12.5m, up 22.5% (FY2015 GBP10.2m). Underlying earnings before interest, tax, depreciation and amortisation were GBP15.1m, up 27% on the comparative period (FY 2015 GBP11.9m.)
Underlying basic earnings per share amounted to 47.63p, an increase of 22.7% (FY2015 38.83p). Underlying diluted earnings per share, on the same basis, was 45.16p, up 23.5% (FY2015: 36.57p).
A significant proportion of the Group's purchases are made in US dollars; it is therefore exposed to foreign currency fluctuations and manages the associated risk through the purchase of forward exchange contracts and derivative financial instruments. Under International Financial Reporting Standards (IFRS), at the end of each reporting period the Group is required to make an adjustment in its financial statements to incorporate a "mark to market" valuation of such financial instruments. The "mark to market" adjustment for this financial period results in an additional profit of GBP0.6m being reported. This compares to an additional profit of GBP2.1m reported in the year to 31 August 2015. These "mark to market" adjustments are non-cash items calculated by reference to unpredictable and sometimes volatile currency spot rates at the various balance sheet dates. In order to highlight profitability on a normal basis these adjustments have been deducted to arrive at the "underlying" profit measures presented in this report.
The Key Performance Indicators (KPI's) table shown at the front of this report provides the foregoing data on an underlying basis and also by reference to Generally Accepted Accounting Practice (GAAP) as adopted and applied consistently by the Group.
DIVIDS
The Board is recommending an increased final dividend of 8 pence per share. This reflects our continued confidence in the Company's ability to generate sustainable cash flow and evidences the delivery of the progressive dividend policy.
This, together with the interim dividend of 7 pence per share paid in July 2016 makes a total dividend of 15 pence per share, an increase of 36.4% (FY2015 11p). The 2016 dividend is covered 3.4 times by annual earnings.
Subject to approval by shareholders at the Annual General Meeting ("AGM") on 20 January 2017, the final dividend will be paid on 27 January 2017 to Members on the Register as at the close of business on 6 January 2017; the shares will be marked ex-dividend on 5 January 2017.
FINANCIAL POSITION, WORKING CAPITAL & CASH FLOW
The Group's capital base has been further strengthened in the period, with net assets at 31 August 2016 totalling GBP22.9m an increase of 50.7% on the position at 31 August 2015.
Inventories at 31 August 2016 were GBP10.3m (FY2015 GBP9.0m); this increase reflects the required level of stock to meet the high demand for our products and ensure the on-going efficiency of our UK operation; since year end a significant proportion of this stock has been sold through to customers and our current levels are lean but sufficient to meet current orders and anticipated demand for product early in the New Year.
During the financial year under review the Group generated cash from operations of GBP10.8m (FY 2015 GBP18.3m). The decrease is a temporary reflection of the Group's investment in an increased level of trade debt and inventory; since the year end these investments have been realised and converted into cash.
The Group has no long term debt. Interest charges on the use of working capital facilities during the period were GBP0.2m (FY 2015 GBP0.2m).
At the end of the financial year, after making payments for dividends and share buy-backs (referenced in this Report), the Group had net cash on the balance sheet of GBP6.9m a 53.3% improvement on the position at the end of the 2015 comparative period.
SHARE BUY-BACK PROGRAMME
During the 2016 financial year, the Company acquired a total of 258,936 ordinary shares in the Company at an aggregate cost of approximately GBP1.2m (excluding stamp duty and dealing costs), with the average cost being approximately GBP4.78 per ordinary share (FY2015: 2,336,330 ordinary shares were acquired and cancelled at an aggregate cost of approximately GBP6.1m and an average cost of approximately GBP2.60p per ordinary share).
The Company currently has an unutilised authority to buy-back up to a further 2,791,298 ordinary shares. It remains part of our overall strategy to continue to repurchase the Company's own shares when appropriate under its current share buy-back programme and, as previously indicated, the Directors could also be prepared to participate in any future share buy-back programme the Company proposes.
As at today's date, the Company has 21,139,152 ordinary shares in issue excluding shares held in treasury. The Company holds 3,269,456 ordinary shares in treasury, representing approximately 15.47 percent of the share capital excluding these treasury shares, which do not carry voting or dividend rights. The figure of 21,139,152 may be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest, or change to their notified interest, in the Company under the Disclosure and Transparency Rules.
OUR PEOPLE
As shareholders are aware over the last year we have further strengthened the operational management team and the PLC Board, in order to help deliver the Group's strategic objectives. We are pleased to report that these transformational changes have been successful and our teams are well placed to navigate the Group through the challenges that lie ahead.
In total the business employs 194 people across its locations in the UK and Asia. Once again, the Board would like to take the opportunity, on behalf of all stakeholders, to thank every one of its colleagues around the business for their continuous hard work, dedication and loyalty, which underpins the strength in all of the Group's external relationships and its continued capability to perform overall.
OUTLOOK
As we highlighted in our September 2016 trading update, the increasing strength of the US Dollar against Pound Sterling, our reporting currency, particularly post-Brexit, has the potential to cause an increase in our cost of sales, notably the factory cost of production and freight charges. We are pleased to report that a number of initiatives have been put in place, designed to mitigate the effects of such cost increases. In addition to these cost saving measures the expansion of our international business, which generates revenue and profit in US Dollars is enabling the Group to successfully maintain current gross profit margin levels comparable with those achieved pre-Brexit.
Our strategic focus remains: "to seek out and develop exciting products which meet domestic and international market demand". Overall, current trading continues to be in-line with the Board's expectations, with pleasing levels of increasingly predictable contribution being generated from our established cornerstone brands. We are also very satisfied with the inroads that we continue to make in overseas markets as demonstrated by the improved level of international sales; and we fully expect such growth to be a prominent factor in delivering our growth ambitions going forward.
The Board look forward to further updating shareholders on the 2016 Christmas trading period and future prospects at the time of the forthcoming AGM in January 2017.
CONSOLIDATED INCOME STATEMENT
FOR THE YEARED 31 AUGUST 2016
-----------------------------------------------------------------------
Total
2016 Total
2015
Note GBP000's GBP000's
-------------------------------------- ----- ----------- ----------
Continuing operations
Revenue 1 120,967 99,054
Cost of sales (82,694) (62,399)
--------------------------------------- ----- ----------- ----------
Gross profit 38,273 36,655
Net operating expenses
Selling and distribution costs (7,128) (7,310)
Administration expenses (18,447) (17,753)
Other operating income 602 892
--------------------------------------- ----- ----------- ----------
Operating profit 2 13,300 12,484
Finance income 47 14
Finance costs (215) (230)
--------------------------------------- ----- ----------- ----------
Profit before income tax 13,132 12,268
Taxation (2,345) (2,029)
--------------------------------------- ----- ----------- ----------
Profit for the year attributable
to equity holders of the parent 10,787 10,239
--------------------------------------- ----- ----------- ----------
Earnings per share (pence)
Basic 3 50.30p 48.56p
Fully diluted 3 47.70p 45.73p
Dividend per share (pence) 4 13.0p 8.95p
--------------------------------------- ----- ----------- ----------
EBITDA (earnings before interest,
tax, depreciation and amortisation) 15,689 13,934
--------------------------------------- ----- ----------- ----------
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEARED 31 AUGUST 2016
-----------------------------------------------------------------------------------------------------------------------------------------------
Total
2016 Total
2015
GBP000's GBP000's
----------------------------------------- --------------------------------------------------------------------- --- ---------- ------------
Profit for the year after tax 10,787 10,239
--------------------------------------------------------------------------------------------------------------------- ---------- ------------
Items that will not be reclassified
subsequently to profit and loss
Current tax credit relating
to exercised share options 421 582
Deferred tax relating to share
options (414) 674
--------------------------------------------------------------------------------------------------------------------- ---------- ------------
7 1,256
---------------------------------------------------------------------------------------------------------------- --- ---------- ------------
Items that may be reclassified
subsequently to profit and loss
Exchange differences on translation
of foreign operations (820) (251)
Income tax on exchange differences 144 24
---------------------------------------------------------------------------------------------------------------- --- ---------- ------------
(676) (227)
---------------------------------------------------------------------------------------------------------------- --- ---------- ------------
Total comprehensive income for
the year attributable to the
equity
holders of the parent 10,118 11,268
--------------------------------------------------------------------------------------------------------------------- ---------- ------------
CONSOLIDATED BALANCE SHEET
AS AT 31 AUGUST 2016
---------------------------------------------------------------------------------------------------------------------------------------------
2016 2015
GBP000's GBP000's
------------------------------------------ --------------------------------------------------------------------- ---------- ----------
Non - current assets
Intangible assets - product development 1,117 837
Investment property 1,845 1,911
Property, plant and equipment 3,357 3,551
Deferred tax assets 474 1,058
------------------------------------------ --------------------------------------------------------------------- ---------- ----------
6,793 7,357
------------------------------------------ --------------------------------------------------------------------- ---------- ----------
Current assets
Inventories 10,303 8,965
Trade and other receivables 25,082 15,535
Current income tax receivable - 22
Derivative financial instruments 533 234
Cash and cash equivalents 28,560 25,781
----------------------------------------------------------------------------------------------------------------- ---------- ----------
64,478 50,537
------------------------------------------ --------------------------------------------------------------------- ---------- ----------
Current liabilities
Short term borrowings (21,647) (21,246)
Trade and other payables (25,418) (19,015)
Income tax (1,099) (1,862)
Derivative financial instruments (89) (363)
(48,253) (42,486)
------------------------------------------ --------------------------------------------------------------------- ---------- ----------
Net current assets 16,225 8,051
------------------------------------------ --------------------------------------------------------------------- ---------- ----------
Non-current liabilities
Deferred tax (99) (167)
------------------------------------------ --------------------------------------------------------------------- ---------- ----------
Net assets 22,919 15,241
------------------------------------------ --------------------------------------------------------------------- ---------- ----------
Equity
Called up share capital 1,235 1,244
Shares held in treasury (2,743) (3,373)
Capital redemption reserve 1,717 1,704
Share based payment reserve 2,778 2,631
Share premium account 15,450 14,642
Merger reserve 651 651
Translation reserve 1,274 1,374
Profit and loss account 2,557 (3,632)
------------------------------------------ --------------------------------------------------------------------- ---------- ----------
Total equity attributable to
equity holders of the parent 22,919 15,241
------------------------------------------ --------------------------------------------------------------------- ---------- ----------
CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEARED 31 AUGUST 2016
-------------------------------------------------------------------
12 months 12 months
to to
31 August 31 August
2016 2015
GBP000's GBP000's
-------------------------------- ----------------- -------------
Cash flow from operating
activities
Profit before taxation
for the year 13,132 12,268
--------------------------------- ----------------- -------------
Adjustments for:
Depreciation of property,
plant and equipment 441 425
Depreciation of investment
property 65 65
Amortisation of intangible
assets 1,925 960
(Profit) on disposal of property, plant and equipment (1) (14) Interest expense 168 216 Financial instruments fair value adjustments (573) (2,051) Share based payments 147 144 (Increase) in inventories (1,338) (111) (Increase) / Decrease in trade and other receivables (9,547) 7,882 Increase / (Decrease) in trade and other creditors 6,403 (1,530) --------------------------------- ----------------- ------------- Cash generated from operations 10,822 18,254 --------------------------------- ----------------- ------------- Interest paid (168) (216) Income tax paid (2,419) (725) --------------------------------- ----------------- ------------- Net cash inflow from operating activities 8,235 17,313 --------------------------------- ----------------- ------------- Cash flows from investing activities Payments for intangible assets (2,205) (1,559) Payments for property, plant and equipment (247) (349) Proceeds from disposal of property, plant and equipment 14 14 Net cash outflow from investing activities (2,438) (1,894) --------------------------------- ----------------- ------------- Cash flows from financing activities Proceeds from disposal of investment in own shares - 908 Proceeds from issue of share capital 1,442 929 Purchase of own shares for cancellation (1,244) (6,088) Dividends paid (2,785) (1,864) --------------------------------- ----------------- ------------- Net cash used in financing activities (2,587) (6,115) --------------------------------- ----------------- ------------- Net increase in cash and cash equivalents 3,210 9,304 Cash, cash equivalents and borrowings at the beginning of the year 4,535 (4,515) Effects of exchange rate movements (832) (254) --------------------------------- ----------------- ------------- Cash, cash equivalents and borrowings at the end of the year 6,913 4,535 --------------------------------- ----------------- -------------
Cash, cash equivalents and borrowings consist of:
Cash and cash equivalents 28,560 25,781
Short term borrowings (21,647) (21,246)
--------------------------------------- -------- --------
Cash, cash equivalents and borrowings
at the end of the year 6,913 4,535
--------------------------------------- -------- --------
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEARED 31 AUGUST 2016
--------------------------------------------------------------------------------------------------------------------------------------
Called Shares Share Profit
up Investment held Capital Share based and
share in own in redemption premium Merger payment Translation loss
capital shares treasury reserve account reserve reserve reserve account Total
GBP000's GBP000's GBP000's GBP000's GBP000's GBP000's GBP000's GBP000's GBP000's GBP000's
--------------- --------- ----------- --------- ----------- --------- --------- --------- ------------- --------- ----------
The Group
At 1 September
2014 1,266 (908) (3,373) 1,587 13,808 651 2,487 1,508 (7,082) 9,944
--------------- --------- ----------- --------- ----------- --------- --------- --------- ------------- --------- ----------
Profit for
the year
after
tax - - - - - - - - 10,239 10,239
Net Exchange
differences
on
translation
of foreign
operations - - - - - - - (134) (93) (227)
Deferred tax
credit
relating
to share
options - - - - - - - - 674 674
Current tax
credit
relating
to
exercised
share
options - - - - - - - - 582 582
--------------- --------- ----------- --------- ----------- --------- --------- --------- ------------- --------- ----------
Total
comprehensive
income for
the year - - - - - - - (134) 11,402 11,268
--------------- --------- ----------- --------- ----------- --------- --------- --------- ------------- --------- ----------
Disposal of
Investment
in own shares - 908 - - - - - - - 908
Share-based
payment - - - - - - 144 - - 144
Dividends - - - - - - - - (1,864) (1,864)
Shares issued 95 - - - 834 - - - - 929
Shares
cancelled (117) - - 117 - - - - (6,088) (6,088)
--------------- --------- ----------- --------- ----------- --------- --------- --------- ------------- --------- ----------
At 31 August
2015 1,244 - (3,373) 1,704 14,642 651 2,631 1,374 (3,632) 15,241
--------------- --------- ----------- --------- ----------- --------- --------- --------- ------------- --------- ----------
Profit for
the year
after
tax - - - - - - - - 10,787 10,787
Net Exchange
differences
on
translation
of foreign
operations - - - - - - - (100) (576) (676)
Deferred tax
credit
relating
to share
options - - - - - - - - (414) (414)
Current tax
relating to
exercised
share
options - - - - - - - - 421 421
Total
comprehensive
income for
the year - - - - - - - (100) 10,218 10,118
--------------- --------- ----------- --------- ----------- --------- --------- --------- ------------- --------- ----------
Share-based
payment - - - - - - 147 - - 147
Dividends - - - - - - - - (2,785) (2,785)
Shares issued 4 - 630 - 808 - - - - 1,442
Shares
cancelled (13) - - 13 - - - - (1,244) (1,244)
At 31 August
2016 1,235 - (2,743) 1,717 15,450 651 2,778 1,274 2,557 22,919
--------------- --------- ----------- --------- ----------- --------- --------- --------- ------------- --------- ----------
Capital and Reserves
-- Called up share capital represents the nominal value of equity shares allotted, called up and fully paid
-- Share premium represents the excess of the fair value of consideration received for the equity shares, net of expenses of the share issue over the nominal value of the equity shares
-- Capital redemption reserve represents the buyback and cancellation of shares at nominal value
-- Merger reserve represents the premium arising on shares issued as consideration for the acquisition of subsidiaries and which qualified for merger relief
-- Share based payment reserve represents the amounts recognised in profit and loss in respect of share based payments
-- Translation reserve represents the cumulative foreign exchange differences on the translation of the net assets of the
Group's foreign operations to the presentation currency of the parent
-- Profit and loss account represents retained profit and losseS
THE CHARACTER GROUP PLC
NOTES TO THE PRELIMINARY RESULTS
1. GEOGRAPHICAL DESTINATION OF REVENUE
12 months
ended
12 months ended 31 August
31 August 2016 2015
GBP000's GBP000's
-------------------- ------------------------------------ -----------
United Kingdom 89,313 77,988
Rest of the world 31,654 21,066
-------------------- ------------------------------------ -----------
Total Group 120,967 99,054
-------------------- ------------------------------------ -----------
2. EXPENSES BY NATURE
12 months 12 months
to to
31 August 31 August
2016 2015
GBP000's GBP000's
----------------------------------------- ---- ----------- -----------
Operating profit is stated
after charging/(crediting):
Cost of inventories recognised
as an expense (included in
the
cost of sales) 75,790 58,666
Amortisation of capitalised
product development costs 1,925 960
(Credit) financial instruments
fair value adjustments (573) (2,051)
Inventories write down (credit)/charge (728) 449
Exchange losses 155 77
Staff costs 11,476 11,208
Depreciation of tangible
fixed assets
- owned assets 441 425
Depreciation of investment
property 65 65
(Profit) on disposal of property,
plant and equipment (1) (14)
Operating leases - land and
buildings 313 272
Auditor remuneration 75 74
------------------------------------------ ---- ----------- -----------
3. EARNINGS PER SHARE
=== ===================
The earnings used in the calculation of basic and diluted earnings per share are as follows:
12 months 12 months
to to
31 August 31 August
2016 2015
Profit after Profit after
taxation taxation
GBP GBP
------------------------------ --------------- --------------
Profit for the year used
in the calculation of basic
and diluted earnings per
share 10,787,000 10,239,000
------------------------------ --------------- --------------
The weighted average number of ordinary shares used for the calculation of basic and diluted earnings per share are as follows:
12 months
to 12 months
31 August 31 August
2016 2015
---------------------------------- ------------ -----------
Weighted average number of
ordinary shares used in the
calculation of basic earnings
per share 21,445,576 21,085,023
---------------------------------- ------------ -----------
Weighted average number of
share options 1,170,529 1,305,141
---------------------------------- ------------ -----------
Weighted average number of
ordinary shares used in the
calculation of diluted earnings
per share 22,616,105 22,390,164
---------------------------------- ------------ -----------
4. DIVIDENDS
----------------------------- -------------------------
12 months 12 months
ended ended
31 August 31 August
2016 2015
GBP000's GBP000's
------------------------------ ----------- -----------
On equity shares:
Final dividend paid for the
year ended 31 August 2015
- 6.00 pence (2014: 3.95
pence) per share 1,285 838
Interim dividend paid for
the year ended 31 August
2016
- 7.00 pence (2015: 5.00
pence) per share 1,500 1,026
------------------------------ ----------- -----------
13.00 pence (2015: 8.95
pence) per share 2,785 1,864
------------------------------ ----------- -----------
The Directors recommend a final dividend of 8.00
pence per share (2015: 6.00 pence) amounting to
GBP1,691,000
(2015: GBP1,297,000). If approved by shareholders,
the final dividend will be paid on 27 January 2017
to shareholders on the Register on 6 January 2017.
5. ANNUAL GENERAL MEETING
=== =======================
The Annual General Meeting will be held at the
offices of Duane Morris LLP, 2nd Floor, 10 Chiswell
Street, London EC1Y 4UQ on Friday, 20 January 2017
at 11.00 am.
6. ANNUAL REPORT AND ACCOUNTS
====== =====================================================
The Preliminary announcement does not constitute
statutory accounts within the meaning of Section
435 of the Companies Act 2006. The Annual Report
and accounts for the year ended 31 August 2016
and the comparatives under IFRS have yet to be
reported on by the auditors and have not yet been
filed with the Registrar of Companies.
7. ELECTRONIC COMMUNICATIONS
====== =====================================================
The full Financial Statements for the year ended
31 August 2016, together with the Notice convening
the Company's 2017 Annual General Meeting, will
be available for viewing and download on the Group's
website, www.character.com by 23 December 2016.
This information is provided by RNS
The company news service from the London Stock Exchange
END
FR GBBDDCUGBGLB
(END) Dow Jones Newswires
December 01, 2016 02:01 ET (07:01 GMT)
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