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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
London Security Plc | LSE:LSC | London | Ordinary Share | GB0005314363 | 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% | 3,050.00 | 2,800.00 | 3,300.00 | 3,050.00 | 3,050.00 | 3,050.00 | 0.00 | 00:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
Fire Protection | 188.9M | 20.2M | 1.6478 | 18.51 | 373.95M |
TIDMLSC
RNS Number : 4637D
London Security PLC
27 April 2017
London Security plc
Final Results for the Year Ended 31 December 2016
CHAIRMAN'S STATEMENT
FINANCIAL HIGHLIGHTS
Financial highlights of the audited results for the year ended 31 December 2016 compared with the year ended 31 December 2015 are as follows:
-- revenue of GBP114.8 million (2015: GBP101.2 million);
-- operating profit before depreciation and amortisation of GBP26.3 million (2015: GBP23.2 million);
-- operating profit of GBP20.9 million (2015: GBP18.5 million); -- profit after income tax of GBP13.8 million (2015: GBP12.3 million); and -- a dividend per share of GBP0.80 (2015: GBP0.68).
TRADING REVIEW
The financial highlights illustrate that the Group's revenue increased by GBP13.6 million (13.4%) to GBP114.8 million. However, these results are impacted by the movement in the Euro to Sterling average exchange rate, which has decreased from 1.38 to 1.23. This movement in exchange rate had a favourable effect of GBP9.8 million on reported revenue. If the 2016 results had been translated at 2015 rates, revenue would have been GBP105.0 million instead of GBP114.8 million (increase of 3.8% on prior year).
Operating profit increased by GBP2.4 million (13.0%) to GBP20.9 million. Adjusting for the change in the exchange rate on the same basis as above, operating profit would have been GBP18.7 million instead of GBP20.9 million (increase of 1.1%). A more detailed review of this year's performance is given in the Financial Review and the Strategic Report.
ACQUISITIONS
It remains a principal aim of the Group to grow through acquisition. Acquisitions are being sought throughout Europe and the Group will invest at prices where an adequate return is envisaged by the Board. In the year under review the Group has consolidated its presence in Belgium, the Netherlands and the UK with the acquisitions of service contracts from 15 smaller well established businesses for integration into the Group's existing subsidiaries. In addition, with the acquisition of One Protect in France and Ludwig in Germany the Group has expanded its business into two new countries.
MANAGEMENT AND STAFF
2016 was a year in which the staff performed well and, on your behalf, I would like to express thanks and appreciation for their contribution. The Group recognises that we can only achieve our aims with talented and dedicated colleagues who provide outstanding customer service in every area of the business.
DIVIDS
A final dividend in respect of 2015 of GBP0.40 per ordinary share was paid to shareholders on 8 July 2016. An interim dividend in respect of 2016 of GBP0.40 per ordinary share was paid to shareholders on 8 December 2016. The Board is recommending the payment of a final dividend in respect of 2016 of GBP0.40 per ordinary share to be paid on 5 July 2017 to shareholders on the register on 9 June 2017. The shares will be marked ex-dividend on 8 June 2017.
FUTURE PROSPECTS
We are experiencing increased competition in our core market and customer care is becoming increasingly important. To retain our valued customers we need to strive to serve them at the highest possible level. We do not expect the economic environment to get any easier in 2017. Nonetheless your Group remains in a strong position and will continue to focus on meeting the needs of our customers and our shareholders.
ANNUAL GENERAL MEETING
The Annual General Meeting will be held at 2 Eaton Gate, London SW1W 9BJ on 21 June 2017 at 2 pm. You will find enclosed a form of proxy for use at that Meeting which you are requested to complete and return in accordance with the instructions on the form. Your Directors look forward to meeting you at that time.
J.G. Murray
Chairman
27 April 2017
Consolidated income statement
for the year ended 31 December 2016
2016 2015 Note GBP'000 GBP'000 ------------------------------------------- ---- -------- -------- Revenue 114,845 101,165 Cost of sales (23,638) (20,373) ------------------------------------------- ---- -------- -------- Gross profit 91,207 80,792 Distribution costs (42,191) (37,304) Administrative expenses (28,154) (25,010) ------------------------------------------- ---- -------- -------- Operating profit 20,862 18,478 ------------------------------------------- ---- -------- -------- EBITDA* 26,321 23,191 Depreciation and amortisation (5,459) (4,713) -------------------------------------------- ---- -------- ---------- Operating profit 20,862 18,478 -------------------------------------------- ---- -------- ---------- Finance income 176 179 Finance costs (433) (446) ------------------------------------------- ---- -------- -------- Finance costs - net (257) (267) Profit before income tax 20,605 18,211 Income tax expense (6,822) (5,942) ------------------------------------------- ---- -------- -------- Profit for the year attributable to equity shareholders of the Company 13,783 12,269 ------------------------------------------- ---- -------- -------- Earnings per share Basic and diluted 1 112.4p 100.1p ------------------------------------------- ---- -------- --------
* Earnings before interest, tax, depreciation and amortisation.
The above results are all as a result of continuing operations.
Consolidated statement of comprehensive income
for the year ended 31 December 2016
2016 2015 GBP'000 GBP'000 ------------------------------------------------- ------- ------- Profit for the financial year 13,783 12,269 -------------------------------------------------- ------- ------- Other comprehensive income/(expense): Items that may be reclassified subsequently to profit or loss: - currency translation differences on foreign currency net investments 4,441 (1,168) Items that will not be reclassified subsequently to profit or loss: - actuarial gain/(loss) recognised in the Nu-Swift pension scheme 263 (406) - movement on deferred tax relating to Nu-Swift pension scheme surplus (92) 142 - actuarial (loss)/gain recognised in the Ansul pension scheme (200) 163 - movement on deferred tax relating to Ansul pension scheme deficit 61 (56) -------------------------------------------------- ------- ------- Other comprehensive income/(expense) for the year, net of tax 4,473 (1,325) -------------------------------------------------- ------- ------- Total comprehensive income for the year 18,256 10,944 -------------------------------------------------- ------- -------
Consolidated statement of changes in equity
for the year ended 31 December 2016
Share Capital Share premium redemption Merger Other Retained Total capital account reserve reserve reserve earnings equity GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 ------------------------------------- ----------------- ------- ---------- ------- ------- -------- ------- At 1 January 2015 123 344 1 2,033 3,758 79,157 85,416 Total comprehensive income for the year Profit for the financial year - - - - - 12,269 12,269 Other comprehensive (expense)/income: - exchange adjustments - - - - (1,168) - (1,168) - actuarial loss on pension schemes - - - - - (243) (243) - net movement on deferred tax relating to pension asset - - - - - 86 86 ------------------------------------- ----------------- ------- ---------- ------- ------- -------- ------- Total comprehensive income for the year - - - - (1,168) 12,112 10,944 ------------------------------------- ----------------- ------- ---------- ------- ------- -------- ------- Contributions by and distributions to owners of the Company: - dividends - - - - - (8,337) (8,337) ------------------------------------- ----------------- ------- ---------- ------- ------- -------- ------- Total contributions by and distributions to owners of the Company - - - - - (8,337) (8,337) ------------------------------------- ----------------- ------- ---------- ------- ------- -------- ------- At 31 December 2015 and
1 January 2016 123 344 1 2,033 2,590 82,932 88,023 ------------------------------------- ----------------- ------- ---------- ------- ------- -------- ------- Total comprehensive income for the year Profit for the financial year - - - - - 13,783 13,783 Other comprehensive income/(expense): - exchange adjustments - - - - 4,441 - 4,441 - actuarial gain on pension schemes - - - - - 63 63 - net movement on deferred tax relating to pension asset - - - - - (31) (31) ------------------------------------- ----------------- ------- ---------- ------- ------- -------- ------- Total comprehensive income for the year - - - - 4,441 13,815 18,256 ------------------------------------- ----------------- ------- ---------- ------- ------- -------- ------- Contributions by and distributions to owners of the Company: - dividends - - - - - (9,808) (9,808) - release of accrual for unclaimed dividends - - - - - 82 82 ------------------------------------- ----------------- ------- ---------- ------- ------- -------- ------- Total contributions by and distributions to owners of the Company - - - - - (9,726) (9,726) ------------------------------------- ----------------- ------- ---------- ------- ------- -------- ------- At 31 December 2016 123 344 1 2,033 7,031 87,021 96,553 ------------------------------------- ----------------- ------- ---------- ------- ------- -------- -------
The merger reserve is not a distributable reserve. The other reserve relates entirely to the effects of changes in foreign currency exchange rates.
Consolidated statement of financial position
as at 31 December 2016
2016 2015 GBP'000 GBP'000 -------------------------------------- -------- -------- Assets Non-current assets Property, plant and equipment 10,937 9,789 Intangible assets 62,749 60,594 Deferred tax asset 919 690 Retirement benefit surplus 3,574 3,196 --------------------------------------- -------- -------- 78,179 74,269 -------------------------------------- -------- -------- Current assets Inventories 11,095 9,689 Trade and other receivables 23,138 19,901 Cash and cash equivalents 22,602 19,736 --------------------------------------- -------- -------- 56,835 49,326 -------------------------------------- -------- -------- Total assets 135,014 123,595 --------------------------------------- -------- -------- Liabilities Current liabilities Trade and other payables (19,344) (16,666) Income tax liabilities (1,180) (1,335) Borrowings (1,870) (1,679) Provision for liabilities and charges (35) (35) --------------------------------------- -------- -------- (22,429) (19,715) -------------------------------------- -------- -------- Non-current liabilities Trade and other payables (957) (669) Borrowings (10,789) (11,417) Derivative financial instruments (172) (190) Deferred tax liabilities (1,705) (1,696) Retirement benefit obligations (2,279) (1,684) Provision for liabilities and charges (130) (201) --------------------------------------- -------- -------- (16,032) (15,857) -------------------------------------- -------- -------- Total liabilities (38,461) (35,572) --------------------------------------- -------- -------- Net assets 96,553 88,023 --------------------------------------- -------- -------- Shareholders' equity Ordinary shares 123 123 Share premium 344 344 Capital redemption reserve 1 1 Merger reserve 2,033 2,033 Other reserves 7,031 2,590 Retained earnings 87,021 82,932 --------------------------------------- -------- -------- Total shareholders' equity 96,553 88,023 --------------------------------------- -------- --------
Consolidated statement of cash flow
for the year ended 31 December 2016
2016 2015 GBP'000 GBP'000 --------------------------------------------- -------- -------- Cash flows from operating activities Cash generated from operations 26,059 20,215 Interest paid (408) (425) Income tax paid (7,213) (5,889) ---------------------------------------------- -------- -------- Net cash generated from operating activities 18,438 13,901 ---------------------------------------------- -------- -------- Cash flows from investing activities Acquisition of subsidiary undertakings (net of cash acquired) (2,222) (1,301) Purchases of property, plant and equipment (2,774) (2,363) Proceeds from sale of property, plant and equipment 323 236 Purchases of intangible assets (1,662) (974) Interest received 43 27 ---------------------------------------------- -------- -------- Net cash used in investing activities (6,292) (4,375) ---------------------------------------------- -------- -------- Cash flows from financing activities Repayments of borrowings (1,819) (1,663) Dividends paid to Company's shareholders (9,726) (8,337) ---------------------------------------------- -------- -------- Net cash used in financing activities (11,545) (10,000) ---------------------------------------------- -------- -------- Effects of exchange rates on cash and cash equivalents 2,265 (768) ---------------------------------------------- -------- -------- Net increase/(decrease) in cash in the year 2,866 (1,242) Cash and cash equivalents at the beginning of the year 19,736 20,978 ---------------------------------------------- -------- -------- Cash and cash equivalents at end of the year 22,602 19,736 ---------------------------------------------- -------- --------
Notes to the financial statements
for the year ended 31 December 2016
1 Earnings per share
The calculation of basic earnings per ordinary share ("EPS") is based on the profit on ordinary activities after taxation of GBP13,783,000 (2015: GBP12,269,000) and on 12,261,477 (2015: 12,261,477) ordinary shares, being the weighted average number of ordinary shares in issue during the year.
For diluted EPS, the weighted average number of shares in issue is adjusted to assume conversion of all dilutive potential ordinary shares. There was no difference in the weighted average number of shares used for the calculation of basic and diluted earnings per share as there are no potentially dilutive shares outstanding.
2016 2015 -------------- -------------- GBP'000 Pence GBP'000 Pence ------------------------------------ ------- ----- ------- ----- Profit on ordinary activities after taxation 13,783 112.4 12,269 100.1 ------------------------------------ ------- ----- ------- -----
2 This preliminary announcement does not constitute the Company's statutory accounts within the meaning of Section 434 of the Companies Act 2006.
The results for the year ended 31 December 2016 have been extracted from the full accounts of the Group for that year which received an unqualified auditor's report and which have not yet been delivered to the Registrar of Companies. The financial information for the year ended 31 December 2015 is derived from the statutory accounts for that year, which have been delivered to the Registrar of Companies. The report of the auditor on those filed accounts was unqualified. The accounts for the year ended 31 December 2016 and 31 December 2015 did not contain a statement under s498 (1) to (4) of the Companies Act 2006 or under s237(1) to (4) of the Companies Act 1985.
This preliminary announcement has been prepared in accordance with International Financial Reporting Standards. The Group will post its annual report and accounts to shareholders on 11 May 2016. A copy of the annual report and accounts can be found on the company's webpage (www.londonsecurity.org).
Enquiries
London Security plc Richard Pollard Tel: 01422 372 852 Company Secretary WH Ireland Limited Chris Fielding Tel: 0207 220 1666
This information is provided by RNS
The company news service from the London Stock Exchange
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