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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Eco Animal Health Group Plc | LSE:EAH | London | Ordinary Share | GB0032036807 | ORD 5P |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 5.00 | 4.88% | 107.50 | 105.00 | 110.00 | 107.50 | 102.50 | 102.50 | 82,748 | 16:04:12 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| Chem,fertlizer Minrl Mng,nec | 85.31M | 1.01M | 0.0149 | 72.15 | 72.83M |
From Apr 2019 to Apr 2024
TIDMEAH
12 December 2016
ECO Animal Health Group plc ("ECO")
(AIM: EAH)
Results for the six months ended 30 September 2016
ECO ANIMAL HEALTH REPORTS STRONG PERFORMANCE
HIGHLIGHTS
Financials
Hot Features
Premium
-- 25% increase in revenue to GBP26.9 million (2015: GBP21.5 million)
-- 43% increase in gross profit to GBP12.8 million (2015: GBP8.9 million)
-- 46% increase in adjusted EBITDA to GBP6.3 million (2015: GBP4.3 million)
-- 97% increase in pre-tax profit to GBP5.3 million (2015: GBP2.7 million)
-- 61% increase in earnings per share to 5.68 pence (2015:3.52 pence)
-- 32% increase in interim dividend to 2.5 pence (2015: 1.9 pence)
-- Cash generation again strong leaving net cash of GBP18.5 million (2015:
GBP17.0 million)
Operations
-- Demand for Aivlosin® continues to grow strongly with sales
up over 15%
-- Strong performances in the USA and China
-- EU Aivlosin® approval for commercial layers with a zero
withdrawal period for eggs allowed submission of regulatory files to
key global egg producing markets ; Thailand approval received post
period end
-- Continued investment in stockholding achieved
Peter Lawrence, Executive Chairman of ECO Animal Health Group plc, commented:
"The second half of the year has started well with strong order books. ECO has a sound balance sheet and cash flow generation. The company continues to invest successfully in its research and product development programme to obtain further marketing authorisations. I look forward with confidence to reporting another set of strong results in 2017."
Contacts: ECO Animal Health Group plc Peter Lawrence 020 8336 6190 Marc Loomes 020 8447 6906 Spiro Financial Anthony Spiro 020 8336 6196 Peel Hunt LLP (Nominated Adviser) Dan Webster, Adrian Trimmings, George Sellar 020 7418 8900 N+1 Singer (Joint Broker) 020 7496 3000 Mark Taylor, Brough Ransom
ECO Animal Health Group plc is a leader in the development, registration and marketing of pharmaceutical products for animals. Our products for these global growth markets promote well-being. Our financial goals are achieved through the careful and responsible application of science to generate value for our shareholders.
Chairman's Statement
For the six months ended 30 September 2016
I am very pleased to report that ECO Animal Health Group has delivered another set of record results. I am also delighted to welcome several new investing institutions to our share register and, with the improved liquidity of our shares, the price has risen significantly giving the company a current market capitalisation of over GBP320 million.
As I mentioned in our Annual Report last June, less than three per cent of our sales are in sterling and the post Brexit weakness of sterling against the dollar and euro, our principal trading currencies, is having a positive impact on our sales and profitability. It is also worth noting that there are currently zero rate tariffs in place for both human and animal drugs around the world.
Financial Performance
Profit before tax increased over 97 per cent to GBP5.3m (2015: GBP2.7m) compared with the same period last year while once again sales advanced 25 per cent to GBP26.9m (2015: GBP21.5m). Earnings before interest, tax, depreciation, amortisation, share based payments, non-controlling (minority) interests and foreign exchange movements were GBP6.3m (2015: GBP4.3m), an increase of over 46 per cent. Cash generated from operations rose by almost 300 per cent from GBP1.4m in the first half of last year to GBP5.4m. Earnings per share rose 61 per cent to 5.68 pence per share (2015: 3.52 pence). Gross profit advanced by almost 43 per cent to GBP12.8m (2015: GBP8.9m). Margins also grew strongly, building on the progress made in the second half of the previous year. These trading increases were driven by an improved geographical mix of sales, notably in the United States of America and China.
The board is pleased to declare an interim dividend of 2.5 pence per share (2015: 1.9 pence) to be paid on 7 April 2017 to shareholders on the register on 17 March 2017.This increase of almost 32 per cent over last year's level again reflects the board's confidence in the sustainable growth of the business and the implementation of a progressive dividend policy.
Operations:
ECO provides essential medications to the ever growing global animal protein production industry. Currently its products are sold in more than sixty countries.
The period under review has continued to deliver excellent sales growth with particularly strong performances from major markets including the USA, China and Japan. Latin America performed strongly, while this result was tempered by the economic and political difficulties in Brazil.
Sales of Aivlosin®, our patented molecule for the treatment of economically important diseases of pigs and poultry, increased by almost 15 per cent. Aivlosin® is prescribed under strict veterinary control at low yet efficacious dose rates for short duration treatment of specified diseases and meets all the US Food & Drug Administration (FDA) guidelines for the responsible use of antimicrobials, which when used appropriately help promote animal welfare and food safety.
Sales in the USA were up 60 per cent in sterling, compared with the same period last year, reflecting strong growth of the Aivlosin® water soluble granule formulation launched in late 2012. The result also included early sales of the Aivlosin® medicated feed additive formulation, which was approved by the Center for Veterinary Medicine (CVM) of the Food and Drug Administration (FDA) at the end of March.
In China, our subsidiary, Zhejiang ECO Biok Animal Health Products, which was established over a decade ago, saw sales rising almost 90 per cent, buoyed by the recent high price of pork and increased investment by producers in high value breeding stock. In Japan, sales grew by nearly 15 per cent reflecting the development of closer ties with key customers in a mature market. Ecomectin®, our range of differentiated anti-parasitic treatments for food producing animals, also posted strong double digit growth in both of these markets.
In June, ECO received a marketing authorisation from the European Medicines Agency (EMA) for the use of Aivlosin® water soluble granules in chickens laying eggs for human consumption. This license allows for the treatment of a major respiratory infection caused by Mycoplasma gallisepticum with a zero day drug withdrawal period for eggs. The Company has begun to submit these files to many of the regulatory authorities in the key egg producing markets in the rest of the world with the first of these approvals having being secured in Thailand in October.
Corporate advisors
Peel Hunt LLP were appointed as the Company's nominated advisor and broker in 2014. In November, after the period end, N+1 Singer became joint broker to provide additional marketing and research support to our growing number of institutional investors. We have also worked with Capital Access Group, specialising in serving the private client sector.
Outlook
The second half of the year has started well with strong order books. ECO has a sound balance sheet and cash flow generation. The company continues to invest successfully in its research and product development programme to obtain further marketing authorisations. I look forward with confidence to reporting another set of strong results in 2017.
Peter A Lawrence
12 December 2016
CONSOLIDATED INCOME STATEMENT
FOR THE SIX MONTHS TO
30 SEPTEMBER 2016
Six months Six months Year
to to ended
30.09.16 30.09.15 31.03.16
Notes (unaudited) (unaudited) (audited)
GBP000 GBP000 GBP000
Revenue 3 26,939 21,499 47,138
Cost of sales (14,153) (12,552) (26,109)
Gross Profit 12,786 8,947 21,029
Other operating income 98 118 337
Administrative expenses (6,774) (4,921) (10,550)
Currency profits/(losses) 277 (67) (361)
Amortisation of intangible (1,593) (1,339) (2,681)
assets
Share based payments (240) (120) (326)
Profit from operating 4,554 2,618 7,448
activities:
Net interest/finance income 724 76 201
Share of profit of associate 31 - 55
Profit before income tax 5,309 2,694 7,704
Income tax (charge) (806) (315) (995)
Profit for the period from 4,503 2,379 6,709
continuing operations
Attributable to:
Owners 3,632 2,158 6,037
Minority interest 871 221 672
4,503 2,379 6,709
BASIC EARNINGS PER SHARE 5 5.68p 3.52p 9.71p
FULLY DILUTED EARNINGS 5 5.65p 3.47p 9.56p
PER SHARE
Earnings from continuing
activities before
interest, taxation,
depreciation,
amortisation
and share based payments 6,552 4,214 10,695
Exclude foreign exchange (277) 67 361
differences
EBITDA 6,275 4,281 11,056
CONSOLIDATED STATEMENT OF
COMPREHENSIVE INCOME
FOR THE SIX MONTHS TO
30 SEPTEMBER 2016
Six months Six months Year
to to ended
30.09.16 30.09.15 31.03.16
(unaudited) (unaudited) (audited)
GBP000 GBP000 GBP000
Profit for the period 4,503 2,379 6,709
Foreign currency translation 998 (699) (198)
differences
Defined benefit pension - - 27
plan - actuarial gains
Revaluation of investment property - - 86
Other comprehensive income 998 (699) (85)
for the period
Total comprehensive income 5,501 1,680 6,624
for the period
Attributable to:
Owners 4,341 1,674 6,049
Minority interest 1,160 6 575
5,501 1,680 6,624
CONSOLIDATED
STATEMENT
OF
CHANGES
IN
EQUITY
FOR THE
SIX
MONTHS
TO
30
SEPTEMBER
2016
Share Share Other Revaluation Treasury Retained Total Minority Total
Capital Premium Reserves Reserves Reserve Earnings Interest Equity
Account Account
GBP000 GBP000 GBP000 GBP000 GBP000 GBP000 GBP000 GBP000 GBP000
At 3,157 54,198 1,775 568 (5,217) 18,771 73,252 3,029 76,281
1 April
2015
Total
comprehensive
income
for
the
period:
Profit - - - - - 6,037 6,037 672 6,709
for
the year
Other
comprehensive
income
Revaluation - - - 108 - - 108 - 108
of
investment
property
Deferred - - - (22) - - (22) - (22)
taxation
movements
Foreign - - - - - (101) (101) (97) (198)
currency
translation
differences
Actuarial - - - - - 27 27 - 27
gains
on
pension
scheme
assets
Total - - - 86 - 5,963 6,049 575 6,624
comprehensive
income
for the
period
Transactions
with
owners
Movement - - - - 4,073 - 4,073 - 4,073
in
Treasury
Reserve
arising
from
disposal
of
jointly
owned
shares
Issue of 48 1,392 - - - - 1,440 - 1,440
shares
in the
year
Purchase - - - - - (43) (43) - (43)
of
shares
into
treasury
Dividends - - - - - (2,940) (2,940) (402) (3,342)
Share - - 326 - - - 326 - 326
based
payments
Transfer - - (73) - - 73 - - -
to
retained
earnings
on
option
expiry
Total 48 1,392 253 - 4,073 (2,910) 2,856 (402) 2,454
transactions
with
owners
At 3,205 55,590 2,028 654 (1,144) 21,824 82,157 3,202 85,359
31 March
2016
Total
comprehensive
income
for
the
period:
Profit - - - - - 3,632 3,632 871 4,503
for
the
period
Other
comprehensive
income
Foreign - - - - - 709 709 289 998
currency
translation
differences
Total - - - - - 4,341 4,341 1,160 5,501
comprehensive
income
for the
period
Transactions
with
owners
Issue of 30 1,165 - - - - 1,195 - 1,195
shares
in the
year
Movement - - - - 1,134 - 1,134 - 1,134
in
Treasury
Reserve
arising
from
disposal
of
jointly
owned
shares
Disposal - 47 - - - 59 106 - 106
of
treasury
shares
Share - - 240 - - - 240 - 240
based
payments
Transfer - - (244) - - 244 - - -
to
retained
earnings
on
option
expiry
Dividends - - - - - (1,209) (1,209) (586) (1,795)
Total 30 1,212 (4) - 1,134 (906) 1,466 (586) 880
transactions
with
owners
At 3,235 56,802 2,024 654 (10) 25,259 87,964 3,776 91,740
30
September
2016
Prior
interim
period
At 3,157 54,198 1,775 568 (5,217) 18,771 73,252 3,029 76,281
1 April
2015
Total
comprehensive
income
for
the
period:
Profit - - - - - 2,158 2,158 221 2,379
for
the
period
Other
comprehensive
income
Foreign - - - - - (484) (484) (215) (699)
currency
translation
differences
Total - - - - - 1,674 1,674 6 1,680
comprehensive
income
for the
period
Transactions
with
owners
Issue of 37 1,054 - - - - 1,091 - 1,091
shares
in the
year
Movement - - - - 2,315 - 2,315 - 2,315
in
Treasury
Reserve
arising
from
disposal
of
jointly
owned
shares
Purchase - - - - - (43) (43) - (43)
of
shares
into
treasury
Share - - 120 - - - 120 - 120
based
payments
Transfer - - (69) - - 69 - - -
to
retained
earnings
on
option
expiry
Dividends - - - - - (1,059) (1,059) (402) (1,461)
Total 37 1,054 51 - 2,315 (1,033) 2,424 (402) 2,022
transactions
with
owners
At 3,194 55,252 1,826 568 (2,902) 19,412 77,350 2,633 79,983
30
September
2015
CONSOLIDATED STATEMENT
OF FINANCIAL POSITION
As at As at As at
30.09.16 30.09.15 31.03.16
(unaudited) (unaudited) (audited)
Notes GBP000 GBP000 GBP000
ASSETS
Non current assets
Goodwill and other 8 51,975 47,211 49,337
intangibles
Property,plant 9 1,851 1,722 1,833
and equipment
Investment property 10 185 187 185
Investments 98 9 64
54,109 49,129 51,419
Current assets
Inventories 16,636 11,905 15,593
Trade and other receivables 15,393 11,814 13,629
Income tax recoverable 163 10 140
Other taxes and social 565 364 517
security
Cash and cash equivalents 18,525 16,960 15,665
51,282 41,053 45,544
Total assets 105,391 90,182 96,963
Current liabilities
Trade and other payables (11,617) (9,362) (10,373)
Income tax (377) (219) (280)
Other taxes and social (770) (299) (240)
security
Dividends (37) (36) (38)
(12,801) (9,916) (10,931)
Total assets less current 92,590 80,266 86,032
liabilities
Non current liabilities
Deferred tax (750) (183) (573)
Dilapidations on (100) (100) (100)
property leases
91,740 79,983 85,359
Equity
Capital and reserves
Called up share capital 3,235 3,194 3,205
Share premium 56,802 55,252 55,590
Treasury Reserve (10) (2,902) (1,144)
Revaluation reserve 654 568 654
Other reserves 2,024 1,826 2,028
Retained earnings 25,259 19,412 21,824
87,964 77,350 82,157
Minority interest 3,776 2,633 3,202
Total equity 91,740 79,983 85,359
CONSOLIDATED STATEMENT
OF CASH FLOWS
Six months to Six months to Year ended
30.09.16 30.09.15 31.03.16
(unaudited) (unaudited) (audited)
GBP000 GBP000 GBP000
Cashflows from operating
activities
Profit before tax 5,309 2,694 7,704
Adjustment for:
Net finance costs (724) (76) (201)
Depreciation of property 134 140 242
plant and equipment
Losses/(gains) on disposal 1 (2) (2)
of non-current assets
Amortisation of intangible 1,593 1,339 2,681 assets Pension payments - - (55) Share of associate's results (31) - (55) Share based payments 240 120 326 Operating cash flow 6,522 4,215 10,640 before movement in working capital Change in inventories (1,043) (2,072) (5,761) Change in receivables (1,812) (546) (2,432) Change in payables 1,774 (224) 728 Cash generated from 5,441 1,373 3,175 operations Interest (paid) - (5) (7) Income tax (paid) (555) (299) (680) Net cash inflow from 4,886 1,069 2,488 operating activities Cash flows from investing activities Purchase of property (86) (295) (364) plant and equipment Sale of property plant - 2 6 and equipment Costs of acquiring (4,231) (2,890) (6,358) drug registrations and distribution rights Purchase of own shares - (43) (43) Interest received 84 36 67 Net cash (used in) investing (4,233) (3,190) (6,692) activities Cash flows from financing activities Proceeds from issue of share 2,435 3,406 5,513 capital and sale of jointly owned shares and treasury shares Dividends paid (1,795) (1,461) (3,437) Net cash from financing 640 1,945 2,076 activities Net increase/(decrease) in 1,293 (176) (2,128) cash and cash equivalents Foreign exchange movements 1,567 (599) 58 Cash and cash equivalents at 15,665 17,735 17,735 the beginning of the period Cash and cash equivalents 18,525 16,960 15,665 at the end of the period
NOTES TO THE PRELIMINARY RESULTS FOR THE SIX MONTHS TO 30 SEPTEMBER 2016
1.Basis of preparation
The financial information for the period to 30 September 2016 does not constitute statutory accounts as defined by Section 435 of the Companies Act 2006. It has been prepared in accordance with the accounting policies set out in, and is consistent with, the audited financial statements for the twelve months to 31 March 2016.
The Group applies revised IAS 1 "Presentation of Financial Statements (2007)". As a result, the Group presents all non-owner changes in equity in consolidated statements of comprehensive income and all owner changes in equity in consolidated statements of changes in equity.
2.Statement of compliance
The interim financial statements do not include all of the information required for full annual financial statements and do not comply with all of the disclosure requirements in IAS 34 "Interim Financial Reporting". Accordingly, whilst the interim statements have been prepared in accordance with IFRS, they cannot be construed as being in full compliance with IFRS and should be read in conjunction with the consolidated financial statements of the Group for the year ended 31 March 2016.
3.Revenue is derived from the Group's animal pharmaceutical businesses.
4.Principal risks and uncertainties
These were set out on pages 63-65 of the notes to the consolidated financial statements for the year ended 31 March 2016. The key exposures are to foreign currency exchange rates, potential delays in obtaining marketing authorisations and single sources of supply for some raw materials and have remained unchanged since the year end.
5.Earnings per share
Six months to Six months to Year ended
30.09.16 30.09.15 31.03.16
(unaudited) (unaudited) (audited)
Weighted average number of 63,992 61,307 62,170
shares in issue (000's)
Fully diluted weighted 64,301 62,087 63,158
average number
of shares in issue (000's)
Profit attributable 3,632 2,158 6,037
to equity
holders of the
company (GBP's)
Basic earnings per 5.68 3.52 9.71
share (pence)
Fully diluted earnings 5.65 3.47 9.56
per share (pence)
6.Dividends
Six months to Six months to Year ended
30.09.16 30.09.15 31.03.16
(unaudited) (unaudited) (audited)
GBP000 GBP000 GBP000
Dividend in respect of the
year ended 31 March 2015
at 1.75p/4.75p per share. - 1,105 3,020
Dividend in respect of the
year ended 31 March 2016
at 1.9p per share 1,209 - -
Dividend waived by employee - (46) (80)
benefit trust
1,209 1,059 2,940
Dividend paid by
subsidiary to
non-controlling interests
(minorities) 586 402 402
1,795 1,461 3,342
The company paid a further
dividend of 3.8p per share
on 3rd October 2016,
after the period end.
The total paid was
GBP2.46 million.
7.Related party transactions
At the balance sheet date, ECO Animal Health Group plc owed P A Lawrence, a director of ECO Animal Health Group plc, and members of his family a balance amounting to GBP98,341 (30 September 2015: GBP297,368).
During the period the Group provided management services to Anpario plc and Emmelle Developments Limited, both companies in which P A Lawrence is a director and holds equity interests. Fees charged to Anpario plc were: GBP20,000 (2015: GBP18,000) and Emmelle Developments Limited GBP21,643 (2015: GBPnil). No amount was charged to C-Corp Limited in the period (2015: GBP21,643).
During the period the Group paid GBP55,000 to Emmelle Developments Limited in respect of a property acquired by the group for renovation.
During the period ECO Animal Health Limited made sales to Zhejiang ECO Biok Animal Health Products Limited on an at arm's length basis to the value of GBP5,389,742 (Six months to 30 September 2015: GBP1,143,425). At the end of this period there was an intercompany balance owing from this company of GBP2,454,361 (30 September 2015: GBP464,109).
ECO Animal Health Limited also made sales on an at arm's length basis to ECO Animal Health do Brasil Comercio de Productos Veterinarios Ltda to the value of GBP996,293 (Six months to 30 September 2015 GBP2,422,591). At the end of the period there was an intercompany balance of GBP130,244 (30 September 2015: GBP440,345).
ECO Animal Health Limited also made sales on an at arm's length basis to ECO Animal Health Japan Inc to the value of GBP492,081 (30 September 2015: GBP494,849). At the end of the period there was an intercompany balance of GBP336,626 (30 September 2015: GBP298,098).
The Group also made sales on an at arm's length basis to ECO Animal Health de Mexico to the value of GBP240,889 (Six months to September 2015: 88,124). At the end of the period there was an inter-company balance of GBP1,053,732 (30 September 2015: GBP590,130).
The Group also made sales on an at arm's length basis to ECO Animal Health USA Corp to the value of GBP2,979,448 (six months to 30 September 2015: 1,821,017). At the end of the period there was an inter-company balance of GBP3,388,150 (30 September 2015: GBP2,055,451).
ECO Animal Health Limited also made sales on an at arm's length basis to Pharmgate Animal Health Canada Inc to the value of GBP708,126 (six months to September 2015: GBP892,620). At the end of the period there was an inter-company balance of GBP475,066 (30 September 2015: GBP174,544).
All of the transactions have been eliminated on consolidation, as well as the whole of the balances relating to the subsidiaries and the group's share of the balances relating to the US and Canadian joint operations.
During the period ECO Animal Health Ltd and ECO Animal Health Group plc received dividends of GBP610,482 (2015: GBP418,550) from Zhejiang ECO Biok Animal Health Products Limited. This amount has also been eliminated on consolidation.
8.Intangible non-current assets
Distribution Development
Goodwill Rights Costs Total
Cost GBP000 GBP000 GBP000 GBP000
Cost at 1 April 2015 17,930 1,442 53,356 72,728
Additions - - 2,890 2,890
Cost at 30 September 2015 17,930 1,442 56,246 75,618
Additions - - 3,466 3,466
Cost at 31 March 2016 17,930 1,442 59,712 79,084
Additions - - 4,231 4,231
Cost at 30 September 2016 17,930 1,442 63,943 83,315
Amortisation
Amortisation at - 615 26,453 27,068
1 April 2015
Charge for the period - 36 1,303 1,339
Amortisation at 30 - 651 27,756 28,407
September 2015
Charge for the period - 36 1,306 1,342
Foreign exchange - - (2) (2)
movements
Amortisation at - 687 29,060 29,747
31 March 2016
Charge for the period - 36 1,557 1,593
Amortisation at 30 - 723 30,617 31,340
September 2016
Net book value at 30 17,930 719 33,326 51,975
September 2016
Net book value at 17,930 755 30,652 49,337
1 April 2016
Net book value at 30 17,930 791 28,490 47,211 September 2015 Net book value at 17,930 827 26,903 45,660 1 April 2015
9.Property, plant and equipment
Fixtures,
Freehold Plant and fittings & Motor
Property Machinery equipment Vehicles Total
Cost GBP000 GBP000 GBP000 GBP000 GBP000
Cost at 1 April 2015 650 1,427 631 86 2,794
Additions - 257 38 - 295
Disposals - - - (31) (31)
Foreign exchange - (61) (6) - (67)
movements
Cost at 30 September 650 1,623 663 55 2,991
2015
Additions - 28 41 - 69
Revaluations 80 - - - 80
Disposals - (31) - (2) (33)
Foreign exchange - 38 6 - 44
movements
Cost at 1 April 2016 730 1,658 710 53 3,151
Additions - 30 24 32 86
Disposals - (13) - - (13)
Foreign exchange - 84 1 8 93
movements
Cost at 30 September 730 1,759 735 93 3,317
2016
Depreciation
Depreciation at 18 653 442 62 1,175
1 April 2015
Charge for 5 87 40 6 138
the period
Disposals - - - (31) (31)
Foreign exchange - (13) - - (13)
movements
Depreciation at 30 23 727 482 37 1,269
September 2015
Charge for 5 70 22 3 100
the period
Disposals - (29) - (1) (30)
Revaluation (28) - - - (28)
adjustment
Foreign exchange - 4 3 - 7
movements
Depreciation at - 772 507 39 1,318
1 April 2016
Charge for 5 84 43 2 134
the period
Disposals - (12) - - (12)
Foreign exchange - 24 - 2 26
movements
Depreciation at 30 5 868 550 43 1,466
September 2016
Net book value
Net book value at 30 725 891 185 50 1,851
September 2016
Net book value at 730 886 203 14 1,833
1 April 2016
Net book value at 30 627 896 181 18 1,722
September 2015
Net book value at 632 774 189 24 1,619
1 April 2015
10Investment property
Freehold
Property Total
Valuation GBP000 GBP000
Valuation at 1 April 2015,30 September 2015,31 189 189
March 2016 and 30 September 2016
Depreciation
Depreciation at 1 April 2015 - -
Charge for the period ended 30 September 2015 2 2
Depreciation at 30 September 2015 2 2
Charge for the period ended 31 March 2016 2 2
Depreciation at 31 March 2016 and September 2016 4 4
Net book value
Net book value at 30 September 2016 185 185
Net book value at 31 March 2016 185 185
Net book value at 30 September 2015 187 187
Net book value at 1 April 2015 189 189
11Post balance sheet events
The Company paid a further dividend of 3.8 pence per share on 3 October 2016. The total paid was GBP2.46 million.
The Company issued a further 286,500 ordinary shares for consideration of GBP575,000 on 9 October 2016 as a result of the exercise of employee options.
View source version on businesswire.com: http://www.businesswire.com/news/home/20161211005029/en/
This information is provided by Business Wire
(END) Dow Jones Newswires
December 12, 2016 02:00 ET (07:00 GMT)
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