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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 | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 277.00 | 260.00 | 280.00 | 0.00 | 07:30:02 |
| 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 : 3609Y
Character Group PLC
05 December 2017
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.
LONDON: Tuesday, 5 December 2017
THE CHARACTER GROUP PLC
("Character", "Group" or "Company")
Designers, developers and international distributor of toys, games and giftware
PRELIMINARY RESULTS FOR THE YEARED 31 AUGUST 2017
"The cash generative nature of our model has ensured that the Group's balance sheet has strengthened and remains strong"
"The Board is recommending, an increased final dividend of 10.0p per share. This reflects our continued confidence in the Company's ability to continue to generate and develop further sustainable cash flow."
Hot Features
Premium
KEY PERFORMANCE INDICATORS 12 months 12 months %
ended ended change
31 August 31 August
2017 2016
---------------------------- ----------- ----------- ------------
Revenue
GBP115.3m GBP121.0m * 4.7%
Underlying operating
profit* GBP13.6m GBP12.7m +6.6%
Underlying pre-tax
profit* GBP13.4m GBP12.6m +6.9%
Underlying basic earnings
per share* 52.01p 47.63p +9.2%
Underlying diluted
earnings per share* 50.54p 45.16p +11.9%
Underlying EBITDA* GBP16.0m GBP15.1m +5.7%
Operating profit
GBP12.4m GBP13.3m * 6.9%
Pre-tax profit
GBP12.2m GBP13.1m * 6.8%
EBITDA
GBP14.8m GBP15.7m * 5.5%
Basic earnings per
share 47.46p 48.54p * 2.2%
Diluted earnings per
share 46.11p 47.70p * 3.3%
Dividends per share
for the year 19.0p 15.0p +26.7%
Net assets GBP26.8m GBP22.9m +17.1%
Net cash GBP11.5m GBP6.9m +66.9%
---------------------------- ----------- ----------- ------------
*Excludes mark to
market profit adjustments
on FX derivative positions (GBP1.2m) GBP0.6m
---------------------------- ---------- --------
Ø Ø Our leading brands - Peppa Pig, Little
Live Pets, Stretch, Mashems, Teletubbies - continue
to perform well
Ø Master toy licences for both Peppa Pig and Teletubbies
renewed for a further three years, and appointed Master
toy
distributor in UK and Ireland for the globally popular
Pokémon brand, ahead of a planned Summer 2018
launch
"The business has had a solid finish to the 2017 financial year - in line with current market expectations."
"Even in the current tough trading conditions, we expect our cash flow to remain positive, our reserves to grow and our Christmas stocks to remain firmly under control."
"We are currently previewing the Christmas 2018 product range with our major customers and we are delighted that they share our enthusiasm and excitement for our planned launches in the year ahead. Our range of established brands and the introduction of new product lines will, we believe, serve to deliver a very exciting season ahead for the business."
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
To listen to the BRR media interview with Joint MD's, Kiran Shah and Jon Diver discussing the result, please follow this link: https://goo.gl/E79Uoy
ENQUIRIES:
The Character Group plc
Kiran Shah, Joint Managing Director & Group Finance
Director
Jon Diver, Joint Managing Director
Office: +44 (0) 208 329 3377
Mobile: +44 (0) 7956 278522 (KS)
Mobile: +44 (0) 7831 802219 (JD)
Email: info@charactergroup.plc.uk
FTSE sector: leisure:
FTSE AIM All-share: symbol: CCT.L
Market cap: GBP92m
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 CHARACTER GROUP PLC
Designers, developers and international distributor of toys, games and giftware
PRELIMINARY RESULTS FOR THE YEARED 31 AUGUST 2017
INTRODUCTION
As reported in our last trading update in October 2017, the business has had a solid finish to the 2017 financial year.
The underlying profit before tax was GBP13.4m (2016: GBP12.6m), in line with current market expectations. The cash generative nature of our model has ensured that the Group's balance sheet has strengthened and remains strong.
As we also have recently highlighted, conditions in the wider market generally remain challenging. The turnover for the year decreased by 4.7%, which reduction is wholly attributable to the performance in international sales. The Group's diversified portfolio of market leading brands serviced from our UK base continue to sell well, with domestic sales holding up at levels comparable to the same period last year.
Looking ahead, the single biggest factor underpinning the Directors' optimism for trading from the second half in 2018 and into 2019 is that, during the next calendar year, we shall be introducing exciting new products, many developed in-house, which, together with the current, solid-performing product portfolio, potentially gives the Group its strongest ever product line up. This positioning is a testament to our strong brand relationships, market status and continued delivery against strategy.
Additionally, even in the current tough trading conditions, we expect our cash flow to remain positive, our reserves to grow and our Christmas stocks to remain firmly under control.
OUR BRANDS
Our leading brands - Peppa Pig, Little Live Pets, Stretch, Mashems, Teletubbies - continue to perform well. Within this core group, we have added innovative product extensions, and this has enabled us to build further the brand strength and depth.
In November 2017, we were once again delighted to feature in the prestigious best toys of the year list, 'Dream Toys Top 12'. This list is compiled each year by the Toy Retailer Association (TRA) and is based on the opinions of large chain retailers, small multiples and independent retailers across the UK. Character's successful top rankings were for our Stretch Armstrong and Laser X toys. Also included from our product portfolio in the TRA's top category lists for creative toys, pre-school and games were our Little Live Pets Ladybug, Little Live Pets My Dream Kitten, and Soundmoovz products.
The Stretch range (which includes the Original Stretch Armstrong, Vac Man, and Fetch) has performed well and remains one of our top brands in the UK and internationally. During the year under review, both Peppa Pig and Teletubbies master toy licences have been renewed for a further three years. We are delighted that in September 2017, we were also appointed as the Master toy distributor in UK and Ireland for the globally popular Pokémon brand, ahead of a planned Summer 2018 launch.
These exciting lines, together with several other product opportunities being considered for next year, are expected to positively impact the 2018 calendar year.
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 place a high degree of importance on new product categories and have successfully developed strength and depth across our brands and a reputation for reliability and integrity in our relationships across a wide spectrum of customers and suppliers globally. These relationships are long term, tested and trusted and leverage our ability to gain successful and well supported access to market for our new ranges and product additions.
Revenue in the year ended 31 August 2017 was GBP115.3m, against GBP121.0m in the comparable 2016 period. Total revenue generated in the UK market was the same as last year at GBP86.7m whilst, in International markets, total revenue was GBP28.6m (FY 2016: GBP34.2m).
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 charge of GBP1.2m being reported. This compares to an additional profit of GBP0.6m reported in the year to 31 August 2016. 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. To highlight profitability on a normal basis, these adjustments have been deducted to arrive at the "underlying" measurements referred to in this Report.
During the year, several initiatives were implemented to reduce product costs and these, together with the sales mix, have enabled the underlying gross profit margin in the year to improve to 32.6%, compared to 31.2% for the 2016 financial year. On an absolute basis, despite the reduction in the turnover, underlying gross profit remained static at GBP37.5m for the financial year, compared to GBP37.7m for FY 2016.
The Group is reporting an underlying profit before tax in the period under review of GBP13.4m (FY 2016: GBP12.6m). Underlying earnings before interest, tax, depreciation and amortisation were GBP16.0m (FY 2016: GBP15.1m).
Underlying basic earnings per share amounted to 52.01p, an increase of 9.2% (FY 2016: 47.63p). Underlying diluted earnings per share, on the same basis, was 50.54p, up 11.9% (FY 2016: 45.16p).
DIVIDS
We are committed to maintaining our progressive dividend policy and continuing our share buy-back programme, as and when considered appropriate.
The Board is recommending, an increased final dividend of 10.0p per share. This reflects our continued confidence in the Company's ability to continue to generate and develop further sustainable cash flow.
This, together with the interim dividend of 9.0p per share paid in July 2017, makes a total dividend for the year of 19.0p per share, an increase of 26.7% for the previous year (FY 2016: 15.0p). The 2017 dividend is covered 2.7 times by underlying annual earnings.
Subject to approval by shareholders at the Annual General Meeting ("AGM") on Friday, 19 January 2018, the final dividend will be paid on 29 January 2018 to Members on the Register as at the close of business on 12 January 2018; the shares will be marked ex-dividend on 11 January 2018.
FINANCIAL POSITION, WORKING CAPITAL & CASH FLOW
The Group's capital base has been further strengthened in the period, with net assets at 31 August 2017 totalling GBP26.8m (FY 2016: GBP22.9m), up 17.1% on last year.
Inventories at 31 August 2017 were GBP9.0m (FY 2016 GBP10.3m); reflecting the prudent view the Directors have taken regarding Christmas 2017 sales.
During the financial year under review, the Group generated cash from operations of GBP14.0m (FY 2016: GBP10.8m). The Group has no long-term debt. Interest charges on short-term use of working capital facilities during the period were GBP0.2m (FY 2016: GBP0.2m).
At the end of the financial year, after making payments for dividends and share buy-backs (referred to further below), the Group had net cash on the balance sheet of GBP11.5m, compared to GBP6.9m at the end of the 2016 comparative period, an increase of 66.9%.
SHARE BUY-BACK PROGRAMME
During the 2017 financial year, the Company acquired a total of 564,402 ordinary shares in the Company at an aggregate cost of approximately GBP2.6m (excluding associated costs), with the average cost being approximately GBP4.58 per ordinary share (FY 2016: 258,936 ordinary shares were acquired and cancelled at an aggregate cost of approximately GBP1.2m and an average cost of approximately GBP4.78 per ordinary share).
The Company currently has an unutilised authority to buy-back up to a further 2,660,200 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.
TOTAL VOTING RIGHTS
As at today's date, the Company has 20,907,602 ordinary shares in issue, excluding shares held in treasury. The Company holds 3,027,506 ordinary shares in treasury, representing approximately 14.48 per cent. of the issued share capital (excluding these treasury shares), which do not carry voting or dividend rights. The figure of 20,907,602 may be used by shareholders as the denominator for the calculations by which they may 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
The Group employs a total of 193 people across its locations in the UK and Asia. The team is dedicated to and focused on developing, marketing and distributing innovative and exciting toys that meet the high expectations that our customers and the consumer demand, both in terms of quality and value.
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. The spirit and tangible expression of collaboration in our business and culture is exhibited from the warehouse floors through to the boardroom and into our relationships with our customers and suppliers. It underpins the strength of the Group's model and provides us with the dynamics that assure us of the continued ability to deliver performance and results.
OUTLOOK
We are currently previewing the Christmas 2018 product range with our major customers and we are delighted that they share our enthusiasm and excitement for our planned launches in the year ahead. Our range of established brands and the introduction of new product lines will, we believe, serve to deliver a very exciting season ahead for the business.
Our international sales have been adversely affected by a combination of several factors; not least of these was that one of the world's largest toy retailers entered into Chapter 11 bankruptcy protection in the US and Canada in September 2017. As widely reported this has had a subsequent knock-on effect in every market where it trades, and has especially affected our International customers who have also taken a more cautious approach and not placed repeat orders. Furthermore, we have recently learned that the UK arm of this major customer is also likely to undergo a restructure.
Whilst overall the Group's performance for the half year ending 28 February 2018 will reflect a temporary 'slowdown' when compared to 2017, the Directors anticipate that the business will return to its previous growth pattern during the second half of the current financial year ending 31 August 2018. In addition, our exciting pipeline of new product releases planned for the 2018 calendar year is predicted to drive a return to a stronger trading performance in the financial year ending 31 August 2019.
In summary, despite the anticipated short-term weakness which will impact the first half of the current year, Character remains focussed on the development of an exciting, strong and diverse portfolio of 'in-demand' products. Our market leading position in the UK ensures that Character remains the 'partner of choice' for many of the leading brand owners and we remain confident in our ability to rebuild and further expand our presence both domestically and internationally going forward. The Board look forward to further updating shareholders on the 2017 Christmas trading period and prospects at the time of the forthcoming AGM in January 2018.
CONSOLIDATED INCOME STATEMENT
FOR THE YEARED 31 AUGUST 2017
------------------------------------------------------------------------------------------------------
Total Total
2017 2016
Note GBP000's GBP000's
--------------------------------------------------------------------- ----- ----------- -----------
Continuing operations
Revenue 1 115,319 120,967
Cost of sales (78,958) (82,694)
---------------------------------------------------------------------------- ----------- -----------
Gross profit 36,361 38,273
Net operating expenses 2
Selling and distribution costs (6,947) (7,128)
Administration expenses (17,657) (18,447)
Other operating income 628 602
---------------------------------------------------------------------------- ----------- -----------
Operating profit 12,385 13,300
Finance income 57 47
Finance costs (204) (215)
---------------------------------------------------------------------------- ----------- -----------
Profit before income tax 12,238 13,132
Taxation (2,188) (2,345)
---------------------------------------------------------------------------- ----------- -----------
Profit for the year attributable to
equity holders of the parent 10,050 10,787
---------------------------------------------------------------------------- ----------- -----------
Earnings per share (pence) 3
Basic 47.46p 50.30p
Fully diluted 46.11p 48.54p
---------------------------------------------------------------------------- ----------- -----------
Dividend per share (pence) 4 17.00p 13.00p
--------------------------------------------------------------------- ----- ----------- -----------
EBITDA (earnings before interest, tax,
depreciation and amortisation) 14,820 15,689
---------------------------------------------------------------------------- ----------- -----------
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEARED 31 AUGUST 2017
---------------------------------------------------------------------
Total Total
2017 2016
GBP000's GBP000's
--------------------------------------------- ---------- ----------
Profit for the year after tax 10,050 10,787
--------------------------------------------- ---------- ----------
Items that will not be reclassified
subsequently to profit and loss
Current tax credit relating to exercised
share options 70 421
Deferred tax relating to share options (6) (414)
--------------------------------------------- ---------- ----------
64 7
--------------------------------------------- ---------- ----------
Items that may be reclassified subsequently
to profit and loss
Exchange differences on translation
of foreign operations (211) (820)
Income tax on exchange differences 16 144
--------------------------------------------- ---------- ----------
(195) (676)
--------------------------------------------- ---------- ----------
Other comprehensive expense for the
year, net of tax (131) (669)
--------------------------------------------- ---------- ----------
Total comprehensive income for the
year attributable to the equity holders
of the parent 9,919 10,118
--------------------------------------------- ---------- ----------
GROUP BALANCE SHEET
AT 31 AUGUST
-------------------------------------------------------------------
2017 2016
GBP000's GBP000's
---------------------------------------- --------- --------------
Non-current assets
Intangible assets - product development 698 1,117
Investment property 1,780 1,845
Property, plant and equipment 3,204 3,357
Deferred tax assets 607 474
---------------------------------------- --------- --------------
6,289 6,793
---------------------------------------- --------- --------------
Current assets
Inventories 8,994 10,303
Trade and other receivables 25,817 25,082
Current income tax receivable 8 7
Derivative financial instruments 24 533
Cash and cash equivalents 28,752 28,560
---------------------------------------- --------- --------------
63,595 64,485
---------------------------------------- --------- --------------
Current liabilities
Short term borrowings (17,216) (21,647)
Trade and other payables (22,700) (25,418)
Income tax (2,369) (1,106)
Derivative financial instruments (768) (89)
---------------------------------------- --------- --------------
(43,053) (48,260)
---------------------------------------- --------- --------------
Net current assets 20,542 16,225
---------------------------------------- --------- --------------
Non-current liabilities
Deferred tax (3) (99)
---------------------------------------- --------- --------------
Net assets 26,828 22,919
---------------------------------------- --------- --------------
Equity
Called up share capital 1,211 1,235
Shares held in treasury (2,743) (2,743)
Capital redemption reserve 1,745 1,717
Share based payment reserve 2,928 2,778
Share premium account 15,483 15,450
Merger reserve 651 651
Translation reserve 1,145 1,274
Profit and loss account 6,408 2,557
---------------------------------------- --------- --------------
Total equity attributable to equity
holders of the parent 26,828 22,919
---------------------------------------- --------- --------------
GROUP CASH FLOW STATEMENT
FOR THE YEARED 31 AUGUST 2017
----------------------------------
Group
------------------------------------------ ------------------------
2017 2016
GBP000's GBP000's
------------------------------------------ --------- -------------
Cash flow from operating activities
Profit before taxation for the
year 12,238 13,132
Adjustments for:
Depreciation of property, plant
and equipment 401 441
Depreciation of investment property 65 65
Amortisation of intangible assets 1,969 1,925
(Profit) on disposal of property,
plant and equipment (6) (1)
Interest expense 147 168
Financial instruments fair value
adjustments 1,188 (573)
Share based payments 150 147
Decrease / (Increase) in inventories 1,309 (1,338)
(Increase) in trade and other receivables (735) (9,547)
(Decrease) / Increase in trade
and other creditors (2,718) 6,403
------------------------------------------ --------- -------------
Cash generated from operations 14,008 10,822
------------------------------------------ --------- -------------
Interest paid (147) (168)
Income tax paid / received (1,075) (2,419)
------------------------------------------ --------- -------------
Net cash inflow from operating
activities 12,786 8,235
------------------------------------------ --------- -------------
Cash flows from investing activities
Payments for intangible assets (1,549) (2,205)
Payments for property, plant and
equipment (249) (247)
Proceeds from disposal of property,
plant and equipment 7 14
------------------------------------------ --------- -------------
Net cash outflow from investing
activities (1,791) (2,438)
------------------------------------------ --------- -------------
Cash flows from financing activities
Proceeds from issue of share capital 37 1,442
Purchase of own shares for cancellation (2,597) (1,244)
Dividends paid (3,600) (2,785)
------------------------------------------ --------- -------------
Net cash used in financing activities (6,160) (2,587)
------------------------------------------ --------- -------------
Net increase in cash and cash equivalents 4,835 3,210
Cash, cash equivalents and borrowings
at the beginning of the year 6,913 4,535
Effects of exchange rate movements (212) (832)
------------------------------------------ --------- -------------
Cash, cash equivalents and borrowings
at the end of the year 11,536 6,913
------------------------------------------ --------- -------------
Cash, cash equivalents and borrowings consist of:
Cash and cash equivalents 28,752 28,560
Short term borrowings (17,216) (21,647)
-------------------------------------- -------- --------
Cash, cash equivalents and borrowings
at the end of the year 11,536 6,913
-------------------------------------- -------- --------
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEARED 31 AUGUST 2017
-------------------------------------------------------------------------------------------------------------------------
Called Shares Share Profit
up held Capital Share based and
share in redemption premium Merger payment Translation loss
capital 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
--------------- --------- --------- ----------- --------- --------- --------- ------------- --------- ----------
The Group
At 1 September
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
--------------- --------- --------- ----------- --------- --------- --------- ------------- --------- ----------
Other comprehensive (expense)/income
Net Exchange
differences
on
translation
of
foreign
operations - - - - - - (100) (576) (676)
Deferred tax
credit
relating to
share
options - - - - - - - (414) (414)
Current tax
credit
relating to
exercised
share options - - - - - - - 421 421
--------------- --------- --------- ----------- --------- --------- --------- ------------- --------- ----------
Total other
comprehensive
expense (100) (569) (669)
--------------- --------- --------- ----------- --------- --------- --------- ------------- --------- ----------
Total
comprehensive
income for
the year - - - - - - (100) 10,218 10,118
--------------- --------- --------- ----------- --------- --------- --------- ------------- --------- ----------
Transactions with owners, recorded directly in equity
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
--------------- --------- --------- ----------- --------- --------- --------- ------------- --------- ----------
Profit for the
year
after tax - - - - - - - 10,050 10,050
--------------- --------- --------- ----------- --------- --------- --------- ------------- --------- ----------
Other comprehensive (expense)/income
Net Exchange
differences
on
translation
of
foreign
operations - - - - - - (129) (66) (195)
Deferred tax
credit
relating to
share
options - - - - - - - (6) (6)
Current tax
relating
to exercised
share
options - - - - - - - 70 70
--------------- --------- --------- ----------- --------- --------- --------- ------------- --------- ----------
Total other
comprehensive
expense (129) (2) (131)
--------------- --------- --------- ----------- --------- --------- --------- ------------- --------- ----------
Total
comprehensive
income for
the year - - - - - - (129) 10,048 9,919
--------------- --------- --------- ----------- --------- --------- --------- ------------- --------- ----------
Transactions with owners, recorded directly in equity
Share-based
payment - - - - - 150 - - 150
Dividends - - - - - - - (3,600) (3,600)
Shares issued 4 - - 33 - - - - 37
Shares
cancelled (28) - 28 - - - - (2,597) (2,597)
--------------- --------- --------- ----------- --------- --------- --------- ------------- --------- ----------
At 31 August
2017 1,211 (2,743) 1,745 15,483 651 2,928 1,145 6,408 26,828
--------------- --------- --------- ----------- --------- --------- --------- ------------- --------- ----------
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 12 months
ended ended
31 August 31 August
2017 2016
GBP000's GBP000's
-------------------- ------------------ ------------------
United Kingdom 86,750 86,743
Rest of the world 28,569 34,224
-------------------- ------------------ ------------------
Total Group 115,319 120,967
-------------------- ------------------ ------------------
2. EXPENSES BY NATURE - GROUP
12 months 12 months
ended ended
31 August 31 August
2017 2016
GBP000's GBP000's
Operating profit is stated after
charging/(crediting):
Cost of inventories recognised
as an expense (included in the
cost of sales) 70,209 75,790
-------------- -------------
Product development costs incurred 1,594 2,341
Product development costs capitalised (1,550) (2,205)
Amortisation of capitalised product
development 1,969 1,925
-------------- -------------
Product development costs expensed
to cost of sales 2,013 2,061
-------------- -------------
Charge/(Credit) financial instruments
fair value adjustments 1,188 (573)
Inventories write down (credit) (437) (728)
Exchange losses 59 155
Staff costs 11,135 11,476
Depreciation of tangible fixed
assets
- owned assets 401 441
Depreciation of investment property 65 65
(Profit) on disposal of property, plant and equipment (6) (1) Operating leases - land and buildings 371 313 Auditor remuneration 91 88 ---------------------------------------- -------------- ------------- 3. EARNINGS PER SHARE - GROUP --- ---------------------------
The earnings used in the calculation of basic and diluted earnings per share are as follows:
12 months 12 months
ended ended
31 August 31 August
2017 2016
Profit after Profit after
taxation taxation
GBP GBP
----------------------------------- --------------- --------------
Profit for the year used in the
calculation of basic and diluted
earnings
per share 10,050,000 10,787,000
----------------------------------- --------------- --------------
The weighted average number of ordinary shares used for the calculation of basic and diluted earnings per share are as follows:
12 months 12 months
ended ended
31 August 31 August
2017 2016
------------------------------------- ------------ -----------
Weighted average number of ordinary
shares used in the calculation
of
basic earnings per share 21,175,949 21,445,576
Weighted average number of share
options 618,399 775,967
------------------------------------- ------------ -----------
Weighted average number of ordinary
shares used in the calculation
of diluted earnings per share 21,794,348 22,221,543
------------------------------------- ------------ -----------
4. DIVIDENDS
---- -------------------------------------------------------------
12 months 12 months
ended ended
31 August 31 August
2017 2016
GBP000's GBP000's
---- ----------------------------------- ------------ -----------
On equity shares:
Final dividend paid for the year
ended 31 August 2016
- 8.0 pence (2015: 6.0pence) per
share 1,697 1,285
Interim dividend paid for the
year ended 31 August 2017
9.0 pence (2016: 7.0 pence) per
share 1,903 1,500
------------ -----------
17.0 pence (2016: 13.0 pence)
per share 3,600 2,785
------------ -----------
The Directors recommend a final dividend of 10.00 pence
per share (2016: 8.00 pence) amounting to GBP2,091,000
(2016: GBP1,691,000). If approved by shareholders at
the AGM, the final dividend will be paid on 29 January
2018 to shareholders on the Register on 12 January
2018.
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, 19 January 2018 at 11.00am.
6. ANNUAL REPORT AND ACCOUNTS
------- ------------------------------------------------------
This 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 2017 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 2017, together with the Notice convening the
Company's 2018 Annual General Meeting, will be available
for viewing and download on the Group's website, www.character.com
by 22 December 2017.
This information is provided by RNS
The company news service from the London Stock Exchange
END
FR DDBDDIBGBGRS
(END) Dow Jones Newswires
December 05, 2017 02:00 ET (07:00 GMT)
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