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CRL Creightons Plc

25.00
0.00 (0.00%)
28 Mar 2024 - Closed
Delayed by 15 minutes
Share Name Share Symbol Market Type Share ISIN Share Description
Creightons Plc LSE:CRL London Ordinary Share GB0002341666 ORD 1P
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  0.00 0.00% 25.00 24.00 26.00 25.00 25.00 25.00 26,587 08:00:15
Industry Sector Turnover Profit EPS - Basic PE Ratio Market Cap
Perfume,cosmetic,toilet Prep 58.57M 514k 0.0075 33.33 17.11M

Creightons PLC Half-year Report (1435X)

22/11/2017 7:00am

UK Regulatory


Creightons (LSE:CRL)
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From Mar 2019 to Mar 2024

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TIDMCRL

RNS Number : 1435X

Creightons PLC

22 November 2017

For Immediate Release 22 November 2017

Creightons plc Group

(the "Group" or "Creightons")

Unaudited interim financial report

for the six months ended 30 September 2017

Financial highlights

   --      Revenue increased by 7% GBP16.7m. (2016: GBP15.6m). 
   --      Operating profit margin of 5.8% (2016 5.1%). 
   --      Profit before tax increased by 21% to GBP956,000 (2016: GBP790,000). 
   --      Diluted EPS 1.09p (2016: 1.00p) 
   --      ROCE 10.7% (2016: 9.5%) 
   --      Paid final dividend of 0.23p per ordinary share in August 2017 (2016: No dividend). 
   --      Interim dividend of 0.15p per ordinary share to be paid in December 2017 

Chairman's statement

The Group has continued to make progress in the first half of the year and the impact of the continuing growth can be seen in the results for the period ending 30 September 2017.

Sales

Group Sales were GBP16,734,000 for the six months ended 30 September 2017 (2016: GBP15,600,000) an increase of 7.3%. This has been achieved in conjunction with an order intake during the period which is 13.5% up on the same period last year. Sales have increased for the period through growth with key existing customers and by bringing on new customers. Sales of our branded products for the first 6 months have exceeded group growth at 12% through existing customers, new export markets and ongoing development of licenced brands. During the period we have focused on winning and extending business with key UK retailers which are growing their personal care and beauty market share as well as a realignment of key contract accounts based on margin performance.

Margin and overheads

Our gross margin was 42.1% in the six months to 30 September 2017 (2016: 41.0%). We have continued to benefit from the economies of scale generated by the sales growth in the year to March 2017 and on supplier base consolidation. We intend to focus efforts to improve our margins through targeted investment in plant and machinery which will increase production capacity and improve unit cost of manufacture. This will be key to our success especially in the current economic climate as we continue to see the trend of consumers in the UK focussing on value.

We will continue to manage our overhead cost base and working capital requirements to ensure they are aligned with the anticipated sales levels of the Group, whilst retaining the skills necessary to meet growth opportunities as they arise.

Profit before tax

Profit before tax was GBP956,000 (2016: GBP790,000), which represents an increase of 21.0%. The increased sales together with the tight control on costs results in an operating profit margin of 5.8% (2016: 5.1%).

Tax

It should be noted that the Group utilised all of its historic tax losses in the financial year to 31 March 2017 and therefore we have provided a tax charge within these results of GBP232,000 (2016: GBP119,000 - reduced rate due to utilization of historic losses).

Earnings per share

I am pleased to report that the impact of the above is a diluted earnings per share of 1.09p (2016: 1.00p) an increase of 9%.

Dividend Payments

The Board is pleased to announce that it will be paying an interim dividend of 0.15 pence per ordinary share, reflecting the continued strong performance the group has shown in the first half. I anticipate that this will be paid before Christmas. This is in addition to the dividend of 0.23 pence per ordinary share we paid in August 2017, the charge for which is shown in the accounts to 30 September 2017. The total payment in relation to the dividend paid in August was GBP139,000 (2016: GBP0).

Working capital and loans

Net cash on hand (cash and cash equivalents less short term borrowings and loans) is a net borrowing of GBP246,000 (2016: GBP43,000). The main reason for the decrease in net cash on hand is the higher working capital requirement to support the sales growth during the period.

The Board and I believe that this half year's sales of GBP16,734,000 and profit after tax of GBP724,000 continues to place the Group in a good position to take advantage of any opportunities that may arise.

I would like to take this opportunity to thank each and every one of the Group's employees for the hard work and effort they have put in over what has been a challenging period. I would also like to thank our customers, shareholders and suppliers for their support and loyalty to the Group.

W O McIlroy

Executive Chairman 21 November 2017

Responsibility statement

The names and functions of the Directors of the Company are as follows:

   William O McIlroy            Executive Chairman 
   Bernard Johnson             Executive Managing Director 
   Mary T Carney                Non-executive Director 
   Nicholas O'Shea              Non-executive Director 
   William Glencross            Non-executive Director 
   Martin Stevens                Deputy Managing Director 
   Pippa Clark                    Group Sales and Marketing Director 
   Paul Forster                    Group Finance and Commercial Director 

The Board confirms that to the best of its knowledge the condensed set of financial statements gives a true and fair view of the assets and liabilities, financial position and profit of the Group and has been prepared in accordance with IAS 34 'Interim Financial Reporting', as adopted by the European Union and that the interim management report includes a fair review of the information required by the Disclosure and Transparency Rules as issued by the Financial Conduct Authority, namely:

-- DTR 4.2.7: An indication of important events that have occurred during the first six months of the financial year, and their impact on the condensed set of financial statements, and a description of the principal risks and uncertainties for the remaining six months of the financial year.

-- DTR 4.2.8: Details of related party transactions that have taken place in the first six months of the current financial year and that have materially affected the financial position or performance of the enterprise during that period. Together with any changes in the related parties transactions described in the last annual report that could have a material effect on the enterprise in the first six months of the current financial year.

By order of the Board

Nicholas O'Shea

Company Secretary and Director 21 November 2017

Principal risks and uncertainties

Risks

The Board regularly monitors exposure to key risks, such as those related to production efficiencies, cash position and competitive position relating to sales. It has also taken account of the economic situation over the past 12 months, and the impact that has had on costs and consumer purchases.

It also monitors those risks not directly or specifically financial, but capable of having a major impact on the business's financial performance if there is any failure, such as product contamination and manufacture outside specification, maintenance of satisfactory levels of customer and consumer service, accident ratios, failure to meet environmental protection standards or any of the areas of regulation mentioned above.

Capital structure, cash flow and liquidity

The business is funded using retained earnings and invoice discounting, with a bank facility secured against its assets.

Consolidated income statement - unaudited

 
                                         Six months ended         Year ended 
                                      30 September (Unaudited)     31 March 
                                                                   (Audited) 
--------------------------  -----  ----------------------------  ----------- 
                                        2017           2016          2017 
--------------------------  -----  -------------  -------------  ----------- 
                             Note      GBP000         GBP000        GBP000 
--------------------------  -----  -------------  -------------  ----------- 
 
 Revenue                                  16,734         15,600       30,586 
--------------------------  -----  -------------  -------------  ----------- 
 Cost of sales                           (9,691)        (9,201)     (17,598) 
--------------------------  -----  -------------  -------------  ----------- 
 
 Gross profit                              7,043          6,399       12,988 
--------------------------  -----  -------------  -------------  ----------- 
 
 Distribution 
  costs                                    (626)          (605)      (1,280) 
--------------------------  -----  -------------  -------------  ----------- 
 Administrative 
  expenses                               (5,452)        (4,995)     (10,195) 
--------------------------  -----  -------------  -------------  ----------- 
 
 Operating profit                            965            799        1,513 
--------------------------  -----  -------------  -------------  ----------- 
 
 
 Finance costs                               (9)            (9)         (24) 
--------------------------  -----  -------------  -------------  ----------- 
 
 Profit before 
  tax                                        956            790        1,489 
--------------------------  -----  -------------  -------------  ----------- 
 
 Taxation                     3            (232)          (119)        (238) 
--------------------------  -----  -------------  -------------  ----------- 
 
 Profit for the 
  period from continuing 
  operations attributable 
  to the equity 
  shareholders 
  of the parent 
  company                                    724            671        1,251 
--------------------------  -----  -------------  -------------  ----------- 
 
 
 Dividend                  Six months     Six months    Year ended 
                            ended 30       ended 30      31 March 
                            September      September     (Audited) 
                           (Unaudited)    (Unaudited) 
---------------------    -------------  -------------  ----------- 
                              2017           2016          2017 
---------------------    -------------  -------------  ----------- 
 
 Dividend Paid                     139              -            - 
  in period (GBP'000) 
---------------------    -------------  -------------  ----------- 
 Paid in period                   0.23              -            - 
  (pence per share) 
---------------------    -------------  -------------  ----------- 
 

Earnings per share

 
                    Six months ended    Year ended 
                      30 September       31 March 
                       (Unaudited)       (Audited) 
---------  -----  -------------------  ----------- 
            Note       2017      2016         2017 
---------  -----  ---------  --------  ----------- 
 Basic       2        1.20p     1.12p        2.09p 
---------  -----  ---------  --------  ----------- 
 Diluted     2        1.09p     1.00p        1.88p 
---------  -----  ---------  --------  ----------- 
 

Consolidated statement of comprehensive income - Unaudited

 
                                   Six months ended       Year 
                                     30 September         ended 
                                      (Unaudited)       31 March 
                                                        (Audited) 
------------------------------   -------------------  ----------- 
                                    2017      2016        2017 
------------------------------   ---------  --------  ----------- 
                                   GBP000    GBP000      GBP000 
------------------------------   ---------  --------  ----------- 
 
 Profit for the year                   724       671        1,251 
-------------------------------  ---------  --------  ----------- 
 
 Exchange differences on 
  translating of foreign 
  operations                             -         -            3 
-------------------------------  ---------  --------  ----------- 
 Exercise of derivatives                30         -           26 
-------------------------------  ---------  --------  ----------- 
 
 Total comprehensive income 
  for the period attributable 
  to the equity holders of 
  the company                          754       671        1,280 
-------------------------------  ---------  --------  ----------- 
 

Consolidated balance sheet - unaudited

 
                                                   30 September              31 March 
----------------------------------  ---  --------------------------------  ----------- 
                                              2017       2016 (Unaudited)      2017 
                                                                             (Audited) 
                                           (Unaudited) 
----------------------------------  ---  -------------  -----------------  ----------- 
                                             GBP000           GBP000          GBP000 
----------------------------------  ---  -------------  -----------------  ----------- 
 Non-current assets 
----------------------------------  ---  -------------  -----------------  ----------- 
 Goodwill                                          331                331          331 
---------------------------------------  -------------  -----------------  ----------- 
 Other intangible assets                           320                180          212 
---------------------------------------  -------------  -----------------  ----------- 
 Property, plant and equipment                   1,767              1,582        1,637 
---------------------------------------  -------------  -----------------  ----------- 
                                                 2,418              2,093        2,180 
 --------------------------------------  -------------  -----------------  ----------- 
 Current assets 
----------------------------------  ---  -------------  -----------------  ----------- 
 Inventories                                     5,736              4,554        4,024 
---------------------------------------  -------------  -----------------  ----------- 
 Trade and other receivables                     7,901              6,373        4,861 
---------------------------------------  -------------  -----------------  ----------- 
 Cash and cash equivalents                         213              1,001        2,631 
---------------------------------------  -------------  -----------------  ----------- 
 Derivative financial instruments                   56                 14           19 
---------------------------------------  -------------  -----------------  ----------- 
 
                                                13,906             11,942       11,535 
 --------------------------------------  -------------  -----------------  ----------- 
 
 Total assets                                   16,324             14,035       13,715 
---------------------------------------  -------------  -----------------  ----------- 
 
 Current liabilities 
----------------------------------  ---  -------------  -----------------  ----------- 
 Trade and other payables                        6,618              5,097        4,564 
---------------------------------------  -------------  -----------------  ----------- 
 Short term borrowings                             459                455           68 
---------------------------------------  -------------  -----------------  ----------- 
 Bank loan - under 12 months                         -                132          116 
---------------------------------------  -------------  -----------------  ----------- 
 Derivative financial instruments                    -                 40           56 
---------------------------------------  -------------  -----------------  ----------- 
                                                 7,077              5,724        4,804 
 --------------------------------------  -------------  -----------------  ----------- 
 Net current assets                              6,829              6,218        6,731 
---------------------------------------  -------------  -----------------  ----------- 
 
 Non-current liabilities 
----------------------------------  ---  -------------  -----------------  ----------- 
 Deferred tax liability                             66                  -           26 
---------------------------------------  -------------  -----------------  ----------- 
 Bank loan                                           -                457          418 
---------------------------------------  -------------  -----------------  ----------- 
                                                    66                457          444 
 --------------------------------------  -------------  -----------------  ----------- 
 
 Total liabilities                               7,143              6,181        5,248 
---------------------------------------  -------------  -----------------  ----------- 
 
 Net assets                                      9,181              7,854        8,467 
---------------------------------------  -------------  -----------------  ----------- 
 
 Equity 
----------------------------------  ---  -------------  -----------------  ----------- 
 Share capital                                     606                599          606 
---------------------------------------  -------------  -----------------  ----------- 
 Share premium account                           1,260              1,249        1,259 
---------------------------------------  -------------  -----------------  ----------- 
 Other reserves                                     25                 25           25 
---------------------------------------  -------------  -----------------  ----------- 
 Translation reserve                               (9)               (12)          (9) 
---------------------------------------  -------------  -----------------  ----------- 
 Cash flow hedge reserve                            56               (26)         (37) 
---------------------------------------  -------------  -----------------  ----------- 
 Retained earnings                               7,243              6,019        6,623 
---------------------------------------  -------------  -----------------  ----------- 
 Total equity attributable 
  to the equity shareholders                     9,181              7,854        8,467 
---------------------------------------  -------------  -----------------  ----------- 
 

Statement of changes in shareholders' equity - unaudited

 
                     Share      Share       Other     Translation     Cash     Retained    Total 
                     capital    premium    reserves     reserve       flow      earnings 
                                account                               hedge 
                                                                     reserve 
-----------------  ---------  ---------  ----------  ------------  ---------  ----------  ------- 
                     GBP000     GBP000     GBP000       GBP000       GBP000     GBP000     GBP000 
-----------------  ---------  ---------  ----------  ------------  ---------  ----------  ------- 
 
 Balance at 
  1 April 2016           599      1,249          25          (12)       (26)       5,307    7,142 
-----------------  ---------  ---------  ----------  ------------  ---------  ----------  ------- 
 Profit for 
  six months 
  ended 30 
  September 
  2016                     -          -           -             -          -         671      671 
-----------------  ---------  ---------  ----------  ------------  ---------  ----------  ------- 
 Share based 
  payments                 -          -           -             -          -          41       41 
-----------------  ---------  ---------  ----------  ------------  ---------  ----------  ------- 
 Exercise 
  of derivatives           -          -           -             -         26           -       26 
-----------------  ---------  ---------  ----------  ------------  ---------  ----------  ------- 
 Charge in 
  relation 
  to derivative 
  financial 
  instruments              -          -           -             -       (26)           -     (26) 
-----------------  ---------  ---------  ----------  ------------  ---------  ----------  ------- 
 Balance at 
  30 September 
  2016                   599      1,249          25          (12)       (26)       6,019    7,854 
-----------------  ---------  ---------  ----------  ------------  ---------  ----------  ------- 
 Profit for 
  six months 
  ended 31 
  March 2017               -          -           -             -          -         580      580 
-----------------  ---------  ---------  ----------  ------------  ---------  ----------  ------- 
 Share based 
  payments                 -          -           -             -          -          49       49 
-----------------  ---------  ---------  ----------  ------------  ---------  ----------  ------- 
 Exchange 
  differences 
  on translation 
  of foreign 
  operations                                                    3          -           -        3 
-----------------  ---------  ---------  ----------  ------------  ---------  ----------  ------- 
 Exercise 
  of options               7         10           -             -          -           -       17 
-----------------  ---------  ---------  ----------  ------------  ---------  ----------  ------- 
 Charge in 
  relation 
  to derivative 
  financial 
  instruments              -          -           -                     (11)           -     (11) 
-----------------  ---------  ---------  ----------  ------------  ---------  ----------  ------- 
 Deferred 
  tax through 
  Equity                                                                            (25)     (25) 
-----------------  ---------  ---------  ----------  ------------  ---------  ----------  ------- 
 Balance at 
  31 March 
  2017                   606      1,259          25           (9)       (37)       6,623    8,467 
-----------------  ---------  ---------  ----------  ------------  ---------  ----------  ------- 
 Profit for 
  six months 
  ended 30 
  September 
  2017                     -          -           -             -          -         724      724 
-----------------  ---------  ---------  ----------  ------------  ---------  ----------  ------- 
 Payment of 
  dividend                 -          -           -             -          -       (139)    (139) 
-----------------  ---------  ---------  ----------  ------------  ---------  ----------  ------- 
 Share based 
  payments                 -          -           -             -          -          35       35 
-----------------  ---------  ---------  ----------  ------------  ---------  ----------  ------- 
 Exercise 
  of options               -          1           -             -          -           -        1 
-----------------  ---------  ---------  ----------  ------------  ---------  ----------  ------- 
 Exercise 
  of derivatives           -          -           -             -         30           -       30 
-----------------  ---------  ---------  ----------  ------------  ---------  ----------  ------- 
 Charge in 
  relation 
  to derivative 
  financial 
  instruments              -          -           -             -         63           -       63 
-----------------  ---------  ---------  ----------  ------------  ---------  ----------  ------- 
 Balance at 
  30 September 
  2017                   606      1,260          25           (9)         56       7,243    9,181 
-----------------  ---------  ---------  ----------  ------------  ---------  ----------  ------- 
 

Consolidated cash flow statement - unaudited

 
                                Note     Six months ended 30      Year ended 
                                         September (Unaudited)     31 March 
                                                                   (Audited) 
-----------------------------  -----  -------------------------  ----------- 
                                           2017         2016         2017 
-----------------------------  -----  -------------  ----------  ----------- 
                                          GBP000       GBP000       GBP000 
-----------------------------  -----  -------------  ----------  ----------- 
 
 Net cash (outflow) 
  / inflow from operating 
  activities                     4          (1,532)       (403)        2,058 
-----------------------------  -----  -------------  ----------  ----------- 
 
 Cash flow from investing 
  activities 
-----------------------------  -----  -------------  ----------  ----------- 
 Purchase of property, 
  plant and equipment                         (296)       (350)        (551) 
-----------------------------  -----  -------------  ----------  ----------- 
 Expenditure on intangible 
  assets                                      (309)        (98)        (306) 
-----------------------------  -----  -------------  ----------  ----------- 
 
 Net cash (used in) 
  investing activities                        (605)       (448)        (857) 
-----------------------------  -----  -------------  ----------  ----------- 
 
 Cash flow from financing 
  activities 
-----------------------------  -----  -------------  ----------  ----------- 
 Repayment of finance 
  lease obligations                               -         (7)          (7) 
-----------------------------  -----  -------------  ----------  ----------- 
 Proceeds on issue 
  of shares                                       1           -           17 
-----------------------------  -----  -------------  ----------  ----------- 
 Payment of dividend                          (139)           -            - 
-----------------------------  -----  -------------  ----------  ----------- 
 (Repayment) / increase 
  of bank loans and 
  invoice finance facilities                  (143)       1,044          602 
-----------------------------  -----  -------------  ----------  ----------- 
 Net cash (used in) 
  / generated from 
  financing activities                        (281)       1,037          612 
-----------------------------  -----  -------------  ----------  ----------- 
 
 Net (decrease) / 
  increase in cash 
  and cash equivalents                      (2,418)         186        1,813 
-----------------------------  -----  -------------  ----------  ----------- 
 
 Cash and cash equivalents 
  at start of period                          2,631         814          814 
-----------------------------  -----  -------------  ----------  ----------- 
 
 Effect of foreign 
  exchange rate changes                           -           1            4 
-----------------------------  -----  -------------  ----------  ----------- 
 
 Cash and cash equivalents 
  at end of period                              213       1,001        2,631 
-----------------------------  -----  -------------  ----------  ----------- 
 

Notes to the unaudited interim financial report

   1.   Basis of preparation 

The interim financial statements for the six months ended 30 September 2016 and 30 September 2017 and for the twelve months ended 31 March 2017 do not constitute statutory accounts for the purposes of Section 434 of the Companies Act 2006. The Annual Report and Financial Statements for the year ended 31 March 2017 have been filed with the Registrar of Companies. The Independent Auditors' Report on the Annual Report and Financial Statements for the year ended 31 March 2017 was unqualified, did not draw attention to any matters by way of emphasis, and did not contain a statement under sections 498(2) or 498(3) of the Companies Act 2006. The 30 September 2017 statements were approved by the Board of Directors on 21 November 2017. This unaudited interim report has not been audited or reviewed by auditors pursuant to the Financial Reporting Council guidance on Review of Interim Financial Information.

The condensed financial statements in this Interim Report have been prepared in accordance with the requirements of IAS 34 'Interim Financial Reporting' as adopted by the European Union.

As required by the Disclosure and Transparency Rules of the UK's Financial Conduct Authority, the condensed set of financial statements has been prepared by applying the accounting policies and presentation that were applied in the preparation on the Company's published consolidated financial statements for the year ended 31 March 2017, which were prepared in accordance with International Financial Reporting Standards as adopted by the European Union.

The condensed interim financial statements for the six months ended 30 September 2017 and the comparative figures for the six months ended 30 September 2016 are unaudited. The figures for the year ended 31 March 2017 have been extracted from the Annual Report on which the Auditors issued an unqualified audit report and which have been filed with the Registrar of Companies.

   2.   Earnings per share 

The calculation of the basic and diluted earnings per share is based on the following data:

 
                              Six months ended       Year 
                                30 September         ended 
                                 (Unaudited)       31 March 
                                                   (Audited) 
-------------------------   -------------------  ----------- 
                               2017      2016        2017 
-------------------------   ---------  --------  ----------- 
                              GBP000    GBP000      GBP000 
-------------------------   ---------  --------  ----------- 
 Earnings 
-------------------------   ---------  --------  ----------- 
 Net profit attributable 
  to the equity holders 
  of the parent company           724       671        1,251 
--------------------------  ---------  --------  ----------- 
 
 
                                     Six months ended          Year 
                                        30 September           ended 
                                        (Unaudited)           31 March 
                                                             (Audited) 
------------------------------   ------------------------  ------------ 
                                     2017         2016         2017 
------------------------------   -----------  -----------  ------------ 
                                    Number       Number       Number 
------------------------------   -----------  -----------  ------------ 
 Number of shares 
------------------------------   -----------  -----------  ------------ 
 Weighted average number 
  of ordinary shares for 
  the purposes of basic 
  earnings per share              60,563,551   59,837,243    59,905,805 
-------------------------------  -----------  -----------  ------------ 
 
 Effect of dilutive potential 
  ordinary shares relating 
  to Share options                 5,928,689    7,005,000     6,850,137 
-------------------------------  -----------  -----------  ------------ 
 
 Weighted average number 
  of ordinary shares for 
  the purposes of diluted 
  earnings per share              66,492,240   66,842,243    66,755,942 
-------------------------------  -----------  -----------  ------------ 
 
   3.   Taxation 
 
                   Six months ended       Year 
                     30 September         ended 
                      (Unaudited)       31 March 
                                        (Audited) 
--------------   -------------------  ----------- 
                    2017      2016        2017 
--------------   ---------  --------  ----------- 
                   GBP000    GBP000      GBP000 
--------------   ---------  --------  ----------- 
 
 Current tax           192       119          237 
---------------  ---------  --------  ----------- 
 Deferred tax           40         -            1 
---------------  ---------  --------  ----------- 
 
 Total                 232       119          238 
---------------  ---------  --------  ----------- 
 

The charge for the period can be reconciled to the profit per the income statement as follows:

 
                                       Six months ended    Year ended 
                                         30 September       31 March 
                                          (Unaudited)       (Audited) 
----------------------------------   -------------------  ----------- 
                                        2017      2016        2017 
----------------------------------   ---------  --------  ----------- 
                                       GBP000    GBP000      GBP000 
----------------------------------   ---------  --------  ----------- 
 
 Profit before taxation                    956       790        1,489 
-----------------------------------  ---------  --------  ----------- 
 
 Tax charge at the UK corporation 
  tax rate of 19% (2016 
  - 20%)                                 (182)     (158)        (298) 
-----------------------------------  ---------  --------  ----------- 
 Tax effect of expenses 
  that are not deductible 
  in determining taxable 
  profit                                   (7)         -          (1) 
-----------------------------------  ---------  --------  ----------- 
 Deferred tax charge on 
  temporary differences                    (1)         -          (1) 
-----------------------------------  ---------  --------  ----------- 
 Deferred tax credited 
  directly to retained earnings              -         -           25 
-----------------------------------  ---------  --------  ----------- 
 Adjustment in respect                    (56)         -            - 
  of prior periods 
----------------------------------   ---------  --------  ----------- 
 Tax effect of utilisation 
  of brought forward tax 
  losses                                     -        54           54 
-----------------------------------  ---------  --------  ----------- 
 Adjust closing deferred 
  tax to average rate                     (12)         -            5 
-----------------------------------  ---------  --------  ----------- 
 Adjust opening deferred 
  tax to average rate                      (3)         -            1 
-----------------------------------  ---------  --------  ----------- 
 Deferred tax not recognised                 -         -            9 
-----------------------------------  ---------  --------  ----------- 
 Other differences                          29      (15)         (32) 
-----------------------------------  ---------  --------  ----------- 
 Total expense and effective 
  rate for the year                      (232)     (119)        (238) 
-----------------------------------  ---------  --------  ----------- 
 
   4.   Notes to cash flow statement 
 
                                       Six months ended    Year ended 
                                         30 September       31 March 
                                          (Unaudited)       (Audited) 
----------------------------------   -------------------  ----------- 
                                        2017      2016        2017 
----------------------------------   ---------  --------  ----------- 
 
                                                             GBP000 
----------------------------------   ---------  --------  ----------- 
 
 Profit from operations                    733       680        1,275 
-----------------------------------  ---------  --------  ----------- 
 
 Adjustments for: 
----------------------------------   ---------  --------  ----------- 
 Depreciation on property, 
  plant and equipment                      166       142          288 
-----------------------------------  ---------  --------  ----------- 
 Amortisation of intangible 
  assets                                   201       157          333 
-----------------------------------  ---------  --------  ----------- 
 Share based payment charge                 35        41           90 
-----------------------------------  ---------  --------  ----------- 
 
                                         1,135     1,020        1,986 
 ----------------------------------  ---------  --------  ----------- 
 
 Increase in inventories               (1,712)     (640)        (112) 
-----------------------------------  ---------  --------  ----------- 
 Increase in trade and 
  other receivables                    (3,040)   (2,324)        (813) 
-----------------------------------  ---------  --------  ----------- 
 Increase in trade and 
  other payables                         2,054     1,551        1,021 
-----------------------------------  ---------  --------  ----------- 
 Increase in deferred tax 
  provision                                 40         -           26 
-----------------------------------  ---------  --------  ----------- 
 Movement in non-cash derivatives            -         -         (26) 
-----------------------------------  ---------  --------  ----------- 
 
 Cash (utilised in) / generated 
  from operations                      (1,523)     (393)        2,082 
-----------------------------------  ---------  --------  ----------- 
 
 Interest (paid)                           (9)       (8)         (24) 
-----------------------------------  ---------  --------  ----------- 
 
 Net cash (outflow) / inflow 
  from operating activities            (1,532)     (401)        2,058 
-----------------------------------  ---------  --------  ----------- 
 
   5.    Related party transactions 

The related party transactions that occurred in the six months ended 30 September 2017 are not materially different in size or nature to those reported in the Company's Annual Report for the year ended 31 March 2017.

   6.    Availability of Interim Report 

The Interim Report is being made available to shareholders on the company website www.creightonsplc.com. Further copies can be obtained from the Company's Registered Office, 1210 Lincoln Road, Peterborough, PE4 6ND.

This announcement contains inside information for the purposes of Article 7 of EU Regulation 596/2014

For more information:

   Nicholas O'Shea, Director, Creightons plc                    01733 281000 
   Roland Cornish, Beaumont Cornish Limited                 0207 628 3396 

This information is provided by RNS

The company news service from the London Stock Exchange

END

IR BBBATMBBTBPR

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November 22, 2017 02:00 ET (07:00 GMT)

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