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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| H&t Group Plc | LSE:HAT | London | Ordinary Share | GB00B12RQD06 | ORD 5P |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| -14.00 | -3.33% | 406.00 | 395.00 | 417.00 | 398.00 | 398.00 | 398.00 | 37,847 | 16:35:12 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| Finance Services | 220.78M | 21.08M | 0.4793 | 8.30 | 175.07M |
From Apr 2019 to Apr 2024
TIDMHAT
RNS Number : 9422N
H&T Group PLC
15 August 2017
H&T Group plc
("H&T" or "the Group" or "the Company")
UNAUDITED INTERIM CONDENSED FINANCIAL STATEMENTS
FOR THE SIX MONTHSED 30 JUNE 2017
H&T Group plc today announces its interim results for the six months ended 30 June 2017.
John Nichols, chief executive, said: "We have made a strong start, in this our 120th anniversary year, with a 62% increase in profit before tax to GBP6m driven by revenue increases in all key segments. The results reflect a series of initiatives beginning to bear fruit and a favourable gold price.
"The growth in the personal loans book is pleasing. It has increased by 87.3% and there is scope to maintain this trajectory. A combination of competitive pricing and increasing awareness has seen us establish ourselves in this market and customers are now actively seeking us out. We have also broadened our product suite with the launch of our personal loan product providing APRs of less than 50%. This has taken many of our loyal customers on a journey which is now seeing them access longer term, lower cost loans.
"We have also expanded our collection of high-end watches and the investment we have made in the est1897.co.uk website means we are now well placed to cement our position in this marketplace. This is a milestone year in the history of H&T and the enhancements we have made across our business, which have redefined the pawnbroking model, allow us to look to the future with confidence."
KEY FINANCIAL RESULTS
-- Profit before tax up 62.2% to GBP6.0m (H1 2016: GBP3.7m) -- Basic EPS of 13.07p (H1 2016: 7.99p) -- Gross pledge book increased by 10.8% to GBP43.2m (30 June 2016: GBP39.0m) -- Personal Loan book increased 87.3% to GBP11.8m (30 June 2016: GBP6.3m) -- Net debt increased to GBP11.5m (30 June 2016: GBP6.9m) -- Interim dividend of 4.3p (2016 interim: 3.9p)
OPERATIONAL HIGHLIGHTS
-- Enhancement of the est1897.co.uk website and more than 500 high-end watches now available online or through click and collect
-- Launch of personal loan product providing APRs of less than 50% to selected customers
-- Development of customer acquisition channels for personal loans, with a focus on both online-to-store and broker-to-store conversion
Enquiries:
H&T Group plc
Tel: 0870 9022 600
John Nichols, chief executive
Steve Fenerty, finance director
Numis Securities (broker and nominated adviser)
Tel: 020 7260 1000
Mark Lander, corporate broking
Freddie Barnfield, nominated adviser
Haggie Partners (public relations)
Tel: 020 7562 4444
Brian Norris
Chanice Smith
INTERIM REPORT
Introduction
The trading environment has been beneficial to the group during H1 2017; the continued weakness of sterling has helped the sterling gold price and we have seen a reduction in high street competition. The group has made good progress during 2017, achieving revenue growth in core products, expansion of personal loans and development of our online capability.
Our store estate consists of 181 high-street stores, the high-end lending office in Bond Street, London and eight concessions.
FINANCIAL RESULTS
The group has reported profit before tax of GBP6.0m (H1 2016: GBP3.7m), a 62.2% increase, reflecting a strong operational performance and a favourable gold price.
Gross profit increased by GBP3.3m to GBP28.5m (H1 2016: GBP25.2m) as a result of revenue growth in all key segments. The average gold price increased 15.5% to GBP983 per troy ounce for H1 2017 (H1 2016: GBP851), which was the main factor in a GBP0.6m increase in pawnbroking scrap gross profits.
Total direct and administrative expenses increased 4.7% to GBP22.2m (H1 2016: GBP21.2m) with the largest components being additional costs associated with management of the personal loans growth and marketing costs.
The group's balance sheet is strong with net debt at GBP11.5m (30 June 2016: GBP6.9m) and a net debt to EBITDA ratio of 0.75x (30 June 2016: 0.57x), well within the covenant test of 3.0x. The group has available headroom on its debt facility of GBP9m at 30 June 2017.
Dividend
The directors have approved an interim dividend of 4.3 pence (2016 interim: 3.9 pence). This will be payable on 6 October 2017 to all shareholders on the register at the close of business on 8 September 2017.
REVEW OF OPERATIONS
Pawnbroking
Pawnbroking remains a core product for H&T and we are pleased to report that the gross pledge book increased to GBP43.2m (30 June 2016: GBP39.0m) as a result of four factors:
-- The higher gold price has enabled us to increase the lending rate per gram on gold by approximately 9%; the loan to value ratio in the book is approximately 70% based on the H1 2017 average gold price
-- The "concession" format has allowed us to access a new customer base as businesses are able to refer leads to their local H&T store
-- The quality watch segment of the book has improved with the support of the Expert Eye system and additional specialist valuation staff
-- The growth of the high-end lending proposition in Bond Street, London
Pawnbroking revenue increased GBP0.6m to GBP14.7m (H1 2016: GBP14.1m) resulting in a risk-adjusted margin (RAM) of 35.1% (H1 2016: 36.9%). The reduction in the RAM is a result of the changing business mix to higher value, lower interest rate loans.
Pawnbroking summary:
Hot Features
Premium
6 months ending
30 June:
2017 2016 Change
GBP'000 GBP'000 %
------------------ -------- -------- --------
Period-end net
pledge book 42,651 38,501 10.8%
Average monthly
net pledge book 41,898 38,323 9.3%
Revenue 14,708 14,130 4.1%
Risk-adjusted
margin(1) 35.1% 36.9%
Notes to table
1- Revenue as a percentage of the average loan book
Pawnbroking scrap
Pawnbroking scrap produced gross profits of GBP1.2m (H1 2016: GBP0.6m ) for the half year, on sales of GBP5.9m (H1 2016: GBP4.9m). The improved margin is a result of the 15.5% increase in the gold price between H1 2016 and H1 2017.
Retail
Retail sales increased 12.5% to GBP15.3m (H1 2016: GBP13.6m) and gross profits increased 22.9% to GBP5.9m (H1 2016: GBP4.8m) as a result of increased inventory levels in store and a focus on improving margins.
The group has made progress both in new jewellery sales and online retail during 2017. Sales of new items during H1 exceeded GBP1m for the first time, an increase of 45% on H1 2016, as we build a credible range of new jewellery to complement our pre-owned selection.
We are investing in our online retail proposition in both direct to consumer and click and collect. Particular focus has been on improving our www.est1897.co.uk website, ensuring we have a wide range of products available and the site offers a great shopping experience regardless of device. We now have more than 500 high-end pre-owned watches available online.
We have observed encouraging results by making what is only a small proportion of our overall inventory visible and searchable online. Further improvements are planned for H2 2017 as we increase the number of items available, enhance the website and improve search strength.
Personal Loans
Revenue increased 46.7% to GBP2.2m (H1 2016: GBP1.5m), and the loan book increased 87.3% to GBP11.8m (30 June 2016: GBP6.3m). The principal factor in the loan book growth has been the development of the store business although good progress has also been made on online, broker-to-store and third-party relationships.
We believe that the H&T Personal Loan product, both in store and online, is already one of the most affordable and flexible in our marketplace. We have made significant progress in delivery of the longer-term strategy, with two new lower interest rate and longer term products launched in the past 12 months. As a result of these developments, the proportion of loans that fall under the definition of high-cost short-term credit in H1 2017 fell to 70.6% (H1 2016: 81.8%).
The growth in the monthly average loan book of 97.1% has resulted in an increase in revenues of 47.5% and is in line with management expectations for credit quality and collections performance. The reduction in the risk-adjusted margin to 22.4% (H1 2016: 29.9%) is the result of the increased proportion of new customers, expansion in online and the introduction of our lower APR products.
We have delivered a 129% increase in organic traffic to our website www.handt.co.uk in the first half of this year compared with 2016. Most of this increase has come from loan-related and brand-related search terms. We continue to work with a carefully selected portfolio of introducers and partners to increase the segment as we believe that it supports and drives the more profitable store product. The online loan book has increased from GBP0.3m to GBP1.1m since 30 June 2016 and we would expect further growth.
We have also redesigned the process for online customers to apply for loans, effectively redirecting their loan enquiries to local branches. Although this process of getting the customer from the website to a physical branch is at an early stage, we believe it to have significant potential.
Personal Loans summary:
6 months ending
30 June:
2017 2016 Change
GBP'000 GBP'000 %
----------------- -------- -------- --------
Period-end net
loan book 11,822 6,270 88.5%
Average monthly
net loan book 9,762 4,954 97.1%
Interest before
impairment 4,150 2,350 76.6%
Impairment 1,966 869 126.2%
Revenue 2,184 1,481 47.5%
Risk-adjusted
margin(1) 22.4% 29.9%
Notes to table
1 - Revenue as a percentage of average loan book
Gold purchasing
Gold purchasing profits increased to GBP1.8m (H1 2016: GBP1.5m). The additional profit was mainly the result of increased volumes of gold scrapped, up 47.7% to GBP6.5m (H1 2016: GBP4.4m).
The impact of an increase in gold price to purchasing profits is relatively short lived. There is a delay between purchasing gold in store and realising the value through the market; if the gold price increases during this period then margins are enhanced. As the gold price stabilises, the rate that is paid for gold in store increases and we return to normal margins.
The timing of the changes to the gold price was a significant factor in the reduction in gold purchasing margins from 26.3% in H1 2016 to 22.1% in H1 2017.
Other services
Total other services revenues were flat at GBP2.7m (H1 2016: GBP2.7m) as increases in FX and Buyback transactional profits were offset by reductions in cheque cashing and a difference on FX exchange rate gain and loss between the two periods.
FX transactional profit increased by 16.7% to GBP1.4m (H1 2016: GBP1.2m). However, exchange rate losses were GBP0.1m in the half year (H1 2016: GBP0.1m gain). The product is relatively new to the business and we continue to optimise currency holdings in store, develop additional services such as the buy back guarantee and improve customer awareness through development of click and collect.
Buyback gross profits increased 12.5% to GBP0.9m (H1 2016: GBP0.8m) as a result of increased customer numbers and some system improvements. We have developed new systems to support the valuation of assets and anticipate that they will be available online early in H2 2017. This will allow the extension of our clicks to bricks journey to this product.
REGULATION
FCA call for input on high-cost credit and review of the high-cost short-term credit price cap
In July 2017, the FCA published its response to the call for input which sets out the FCA's:
-- decision to maintain the HCSTC price cap at its current level, with a commitment to review it within 3 years to ensure that it remains effective
-- findings about high-cost credit products, including overdrafts
-- priorities for the next stage of the review, which will focus on overdrafts, rent-to-own, home-collected credit and catalogue credit
We have designed our Personal Loans so that all are below the current cap with the majority significantly lower than the cap.
Our strategy to evolve the Personal Loans product to lower interest rates allows existing customers to move away from high-cost credit where possible. Providing this option is in the best interests of our customers and is a more sustainable product for our business.
IFRS 9
IFRS 9 'Financial instruments' is effective from 1 January 2018 and replaces IAS 39 'Financial instruments: Recognition and measurement'.
IAS 39 requires that impairment is recognised when there is objective evidence of impairment as a result of an event that occurs after the initial recognition of the asset, for example a missed payment on a personal loan.
IFRS 9 introduces an expected loss model where impairment is recognised on initial recognition of the asset based on the probability and timing of default together with the expected loss. Therefore, under IFRS 9 impairment provisions will be recognised earlier than under IAS 39.
Over the life of a loan the profit recognised (interest less impairment) is identical under either approach, the implementation of IFRS 9 will only change the timing of profit on a loan. In a rapidly growing product such as Personal Loans this will result in lower profits initially than would have been the case under IAS 39.
On adoption of IFRS 9 there will be an adjustment to the Pawnbroking and Personal Loans receivables balance and to reserves to recognise the additional impairment required.
The 2017 financial statements will be prepared under IAS 39, the 2018 statements will be prepared under IFRS 9. The group has made good progress in its preparation for the transition to IFRS 9 and expects to be in a position to quantify the impact at the time of presentation of the year end 2017 results.
STRATEGY AND OUTLOOK
The demand for small-sum, short-term cash loans remains strong. The group has made good progress in the delivery of our strategy to expand the personal loans product and enhance our online capability. We are confident that our range of services, our online and offline distribution and our high-quality people provide an excellent platform to serve our marketplace.
Current trading is in line with management's expectations.
Interim Condensed Financial Statements
Unaudited statement of comprehensive income
For the 6 months ended 30 June 2017
6 months 6 months 12 months
ended ended ended
30 June 30 June 31 December
2017 2016 2016
Note Total Total Total
Unaudited Unaudited Audited
GBP'000 GBP'000 GBP'000
Revenue 2 49,052 42,385 94,223
Cost of sales (20,529) (17,192) (39,453)
________ ________ ________
Gross profit 2 28,523 25,193 54,770
Other direct expenses (16,181) (15,841) (32,247)
Administrative expenses (6,052) (5,398) (12,325)
________ ________ ________
Operating profit 3 6,290 3,954 10,198
Investment revenues - - 1
Finance costs 5 (261) (208) (479)
________ ________ ________
Profit before taxation 6,029 3,746 9,720
Tax on profit 6 (1,274) (857) (2,138)
________ ________ ________
Total comprehensive income
for the period 4,755 2,889 7,582
________ ________ ________
Pence Pence Pence
Earnings per ordinary
share - basic 7 13.07 7.99 20.94
Earnings per ordinary
share - diluted 7 13.04 7.97 20.88
All results derive from continuing operations.
Unaudited condensed consolidated statement of changes in equity
For the 6 months ended 30 June 2017
6 months 6 months 12 months
ended ended ended
30 June 30 June 31 December
Note 2017 2016 2016
Unaudited Unaudited Audited
GBP'000 GBP'000 GBP'000
Opening total equity 98,847 94,060 94,060
Total comprehensive income
for the period 4,755 2,889 7,582
Issue of share capital 337 - 354
Share option credit taken
directly to equity (18) 16 (40)
Dividends paid 9 (1,964) (1,666) (3,109)
Closing total equity 101,957 95,299 98,847
Unaudited condensed consolidated balance sheet
At 30 June 2017
At 30 June At 30 June At 31 December
2017 2016 2016
Unaudited Unaudited Audited
Note GBP'000 GBP'000 GBP'000
Non-current assets
Goodwill 17,676 17,692 17,676
Other intangible assets 429 619 527
Property, plant and
equipment 6,417 7,365 6,874
Deferred tax assets 688 542 682
25,210 26,218 25,759
Current assets
Inventories 33,175 29,043 29,792
Trade and other receivables 63,619 53,889 59,058
Other current assets 1,192 834 848
Cash and cash equivalents 9,496 14,118 9,608
107,482 97,884 99,306
Total assets 132,692 124,102 125,065
Current liabilities
Trade and other payables (7,227) (6,081) (8,887)
Current tax liabilities (1,273) (718) (1,119)
(8,500) (6,799) (10,006)
Net current assets 98,982 91,085 89,300
Non-current liabilities
Borrowings 4 (20,762) (20,667) (14,715)
Provisions (1,473) (1,337) (1,497)
(22,235) (22,004) (16,212)
Total liabilities (30,735) (28,803) (26,218)
Net assets 101,957 95,299 98,847
EQUITY
Share capital 8 1,860 1,843 1,852
Share premium account 26,083 25,409 25,754
Employee Benefit Trust share reserve (35) (35) (35) Retained earnings 74,049 68,082 71,276 Total equity attributable to equity holders of the parent 101,957 95,299 98,847
Unaudited condensed consolidated cash flow statement
For the 6 months ended 30 June 2017
6 months 6 months 12 months
Note ended ended ended
30 June 30 June 31 December
2017 2016 2016
Unaudited Unaudited Audited
GBP'000 GBP'000 GBP'000
Cash flows from operating
activities
Profit for the period 4,755 2,889 7,582
Adjustments for:
Investment revenues - - (1)
Finance costs 261 208 479
Movement in provisions (23) 32 192
Income tax expense 1,274 857 2,138
Depreciation of property,
plant and equipment 1,231 1,419 2,686
Amortisation of intangible
assets 101 133 254
Share based payment expense - 16 16
Loss on disposal of fixed
assets 124 172 265
Operating cash inflows before
movements in working capital 7,723 5,726 13,611
Increase in inventories (3,383) (4,241) (4,991)
Increase in other current
assets (344) (188) (202)
Increase in receivables (4,544) (3,036) (8,154)
(Decrease)/Increase in payables (1,849) 340 3,585
Cash (used in)/generated
from operations (2,397) (1,399) 3,849
Income taxes paid (1,144) (785) (1,860)
Debt restructuring cost - (326) (325)
Interest paid (207) (138) (349)
Net cash (used in)/generated
from operating activities (3,748) (2,648) 1,315
Investing activities
Interest received - - 1
Purchases of property, plant
and equipment (723) (572) (1,918)
Proceeds on disposal of property,
plant and equipment - 81 66
Proceeds on disposal of trade 7 - 82
Acquisition of trade and assets
of business (21) - (106)
Net cash used in investing activities (737) (491) (1,875)
Financing activities
Dividends paid 9 (1,964) (1,666) (3,109)
Net increase in borrowings 6,000 8,000 2,000
Issue of shares 337 - 354
Net cash generated from/(used
in) financing activities 4,373 6,334 (755)
Net (decrease)/increase in cash
and cash equivalents (112) 3,195 (1,315)
Cash and cash equivalents at
beginning of period 9,608 10,923 10,923
Cash and cash equivalents at
end of period 9,496 14,118 9,608
Unaudited notes to the condensed interim financial statements
For the 6 months ended 30 June 2017
Note 1 Basis of preparation
The interim financial statements of the group for the six months ended 30 June 2017, which are unaudited, have been prepared in accordance with the International Financial Reporting Standards ('IFRS') accounting policies adopted by the group and set out in the annual report and accounts for the year ended 31 December 2016. The group does not anticipate any change in these accounting policies for the year ended 31 December 2017. As permitted, this interim report has been prepared in accordance with the AIM rules but not in accordance with IAS 34 "Interim financial reporting". While the financial figures included in this preliminary interim earnings announcement have been computed in accordance with IFRSs applicable to interim periods, this announcement does not contain sufficient information to constitute an interim financial report as that term is defined in IFRSs.
The financial information contained in the interim report also does not constitute statutory accounts for the purposes of section 434 of the Companies Act 2006. The financial information for the year ended 31 December 2016 is based on the statutory accounts for the year ended 31 December 2016. The auditors reported on those accounts: their report was unqualified, did not draw attention to any matters by way of emphasis and did not contain a statement under section 498 (2) or (3) of the Companies Act 2006.
After conducting a further review of the group's forecasts of earnings and cash over the next twelve months and after making appropriate enquiries as considered necessary, the directors have a reasonable expectation that the company and group have adequate resources to continue in operational existence for the foreseeable future. Accordingly, they continue to adopt the going concern basis in preparing the half yearly condensed financial statements.
Note 2 Segmental Reporting
Consolidated
for the
6 months
ended
30 June
Gold Pawnbroking Personal Other 2017
2017 Pawnbroking Purchasing Retail Scrap Loans Services Unaudited
Revenue GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
External
sales 14,708 8,241 15,254 5,940 2,184 2,725 49,052
Total revenue 14,708 8,241 15,254 5,940 2,184 2,725 49,052
Segment result
- gross profit 14,708 1,820 5,928 1,158 2,184 2,725 28,523
Other direct expenses (16,181)
Administrative expenses (6,052)
Operating profit 6,290
Investment revenues -
Finance costs (261)
------------
Profit before taxation 6,029
Tax charge on profit (1,274)
------------
Profit for the financial
year and total comprehensive
income 4,755
============
Consolidated
for the
6 months
ended
30 June
Gold Pawnbroking Personal Other 2016
2016 Pawnbroking Purchasing Retail Scrap Loans Services Unaudited
Revenue GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
External
sales 14,130 5,599 13,555 4,898 1,481 2,722 42,385
Total revenue 14,130 5,599 13,555 4,898 1,481 2,722 42,385
Segment result
- gross profit 14,130 1,471 4,820 569 1,481 2,722 25,193
Other direct expenses (15,841)
Administrative expenses (5,398)
Operating profit 3,954
Investment revenues -
Finance costs (208)
------------
Profit before taxation 3,746
Tax charge on profit (857)
------------
Profit for the financial
year and total comprehensive
income 2,889
============
Note 2 Segmental Reporting (continued)
Consolidated
For the
year
ended
Gold Pawnbroking Personal Other 2016
2016 Pawnbroking Purchasing Retail Scrap Loans Services Audited
Revenue GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
External
sales 28,384 15,021 30,549 11,136 3,499 5,634 94,223
Total revenue 28,384 15,021 30,549 11,136 3,499 5,634 94,223
Segment result
- gross profit 28,384 3,941 11,228 2,084 3,499 5,634 54,770
Other direct expenses (32,247)
Administrative expenses (12,325)
Operating profit 10,198
Investment revenues 1
Finance costs (479)
------------
Profit before taxation 9,720
Tax charge on profit (2,138)
------------
Profit for the financial
year and total comprehensive
income 7,582
============
Note 3 Operating profit and EBITDA
EBITDA
The Board consider EBITDA to be a key performance measure as the Group borrowing facility includes a number of loan covenants based on it.
EBITDA is defined as Earnings Before Interest, Taxation, Depreciation and Amortisation. It is calculated by adding back depreciation and amortisation to the operating profit as follows:
6 months ended 30 June 2017 6 months 6 months 12 months
Unaudited ended ended ended
30 June 30 June 31 December
2017 2016 2016
Unaudited Unaudited Audited
Total Total Total
GBP'000 GBP'000 GBP'000
Operating profit 6,290 3,954 10,198
Depreciation and amortisation 1,332 1,552 2,940
EBITDA 7,622 5,506 13,138
Unaudited notes to the condensed interim financial statements (continued)
For the 6 months ended 30 June 2017
Note 4 Borrowings
6 months 6 months 12 months
ended ended ended
30 June 30 June 31 December
2017 2016 2016
Unaudited Unaudited Audited
GBP'000 GBP'000 GBP'000
Long term portion of bank loan 21,000 21,000 15,000
Unamortised issue costs (238) (333) (285)
--------- --------- ------------
Amount due for settlement after
more than one year 20,762 20,667 14,715
========= ========= ============
Note 5 Finance costs
6 months 6 months 12 months
ended ended ended
30 June 30 June 31 December
2017 2016 2016
Unaudited Unaudited Audited
GBP'000 GBP'000 GBP'000
Interest payable on bank loans
and overdraft 213 126 348
Other interest 1 - 1
Amortisation of debt issue
costs 47 82 130
Total finance costs 261 208 479
Unaudited notes to the condensed interim financial statements (continued)
For the 6 months ended 30 June 2017
Note 6 Tax on profit
The taxation charge for the 6 months ended 30 June 2017 has been calculated by reference to the expected effective corporation tax and deferred tax rates for the full financial year to end on 31 December 2017. The underlying effective full year tax charge is estimated to be 19.26% (six months ended 30 June 2016: 20%).
Note 7 Earnings per share
Basic earnings per share is calculated by dividing the profit for the period attributable to equity shareholders by the weighted average number of ordinary shares in issue during the period.
For diluted earnings per share, the weighted average number of ordinary shares in issue is adjusted to assume conversion of all dilutive potential ordinary shares. With respect to the group these represent share options granted to employees where the exercise price is less than the average market price of the company's ordinary shares during the period.
Reconciliations of the earnings per ordinary share and weighted average number of shares used in the calculations are set out below:
Unaudited Unaudited Audited
6 months ended 6 months ended 12 months ended
30 June 2017 30 June 2016 31 December 2016
Earnings Weighted Per-share Earnings Weighted Per-share Earnings Weighted Per-share
GBP'000 average amount GBP'000 average amount GBP'000 average amount
number pence number pence number pence
of shares of shares of shares
Earnings
per share
-
basic 4,755 36,383,440 13.07 2,889 36,154,799 7.99 7,582 36,212,688 20.94
Effect
of dilutive
securities
Options - 83,299 (0.03) - 74,159 (0.02) - 101,947 (0.06)
Earnings
per share
diluted 4,755 36,466,739 13.04 2,889 36,228,958 7.97 7,582 36,314,635 20.88
Unaudited notes to the condensed interim financial statements (continued)
For the 6 months ended 30 June 2017
Note 8 Share capital
At At At
30 June 30 June 31 December
2017 2016 2016
Unaudited Unaudited Audited
Allotted, called up
and fully paid
(Ordinary Shares of
GBP0.05 each)
GBP'000 Sterling 1,860 1,843 1,852
Number 37,199,944 36,856,264 37,043,487
Note 9 Dividends
On 10 August 2017, the directors approved a 4.3 pence interim dividend (30 June 2016: 3.9 pence) which equates to a dividend payment of GBP1,600,000 (30 June 2016: GBP1,440,000). The dividend will be paid on 6 October 2017 to shareholders on the share register at the close of business on 8 September 2017 and has not been provided for in the 2017 interim results. The shares will be marked ex-dividend on 7 September 2017.
On 4 May 2017, the shareholders approved the payment of a 5.3 pence final dividend for 2016 which equates to a dividend payment of GBP1,927,000 (2015: GBP1,666,000). The dividend was paid on 2 June 2017.
This information is provided by RNS
The company news service from the London Stock Exchange
END
IR GGUCGRUPMGWC
(END) Dow Jones Newswires
August 15, 2017 02:00 ET (06:00 GMT)
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