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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Pittards Plc | LSE:PTD | London | Ordinary Share | GB00BM8NGB73 | 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% | 5.375 | 0.00 | 01:00:00 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| 0 | 0 | N/A | 0 |
From Apr 2019 to Apr 2024
TIDMPTD
RNS Number : 2461K
Pittards PLC
20 September 2016
20 September 2016
Pittards plc
("Pittards" or "the Company")
Interim Results
for the six months ended 30 June 2016
Pittards plc, the specialist producer of technically advanced leather and luxury leather goods for sale to retailers, manufacturers and distributors today announces its results for the six months ended 30 June 2016.
The key highlights for the half year were as follows:
Financial Highlights:
-- Revenue GBP13.4m (H1 2015: GBP15.6m) -- EBITDA GBP0.8m (H1 2015: GBP1.0m) -- Profit before tax of GBP0.3m (H1 2015: GBP0.6m)
-- Basic earnings per share of 1.56p (H1 2015: 4.47p), impacted by the share issue in June 2015
-- Net assets GBP24.8m (H1 2015: GBP23.8m)
Strategic Highlights:
-- Development of strategic roadmap making good progress with a number of medium-term initiatives defined and prioritised investments made
-- Board recruitment completed
Stephen Yapp, Chairman commented: "Pittards has traded profitably in a challenging first half in which we saw a continuation of the depressed demand for leather in similar market conditions to those at the end of 2015.
"We have made progress in identifying the Company's medium-term priorities and associated investment requirements, supported by an adequate cash position and solid balance sheet.
"The second half continues to benefit from a favorable currency impact and the Board remains confident that the Company can deliver full year results in line with our expectations and the actions identified will help to build a platform for future growth."
For further information please contact:
Hot Features
Premium
Pittards plc www.pittardsleather.com
Stephen Yapp, Chairman
Reg Hankey, CEO +44 (0) 1935 474 321
=============================== =========================
Matt O'Rourke, CFO
===============================
WH Ireland Limited www.whirelandplc.com
===============================
John Wakefield/Ed Allsopp +44 (0) 117 945 3470
=============================== =========================
This announcement includes inside information as defined in Article 7 of the Market Abuse Regulation No. 596/2014 and is disclosed in accordance with the Company's obligations under Article 17 of those Regulations.
CHAIRMAN'S STATEMENT
INTRODUCTION
In my first letter to you as the Chairman of Pittards plc, I am reassured by the fundamentals of its businesses and encouraged about the opportunities that lie ahead. The Company is in a transitional phase and continues to operate in an uncertain economic environment. Against this backdrop, it had a challenging first half of 2016 although we made progress in determining the medium-term priorities.
The key highlights for the half year were:
Financial Highlights:
-- Revenue GBP13.4m (H1 2015: GBP15.6m) -- EBITDA GBP0.8m (H1 2015: GBP1.0m) -- Profit before tax of GBP0.3m (H1 2015: GBP0.6m)
-- Basic earnings per share of 1.56p (H1: 2015 4.47p), impacted by the share issue in June 2015
-- Net assets GBP24.8m (H1 2015: GBP23.8m)
Strategic Highlights:
-- Development of strategic roadmap making good progress with a number of key medium-term initiatives defined and prioritised investments made
-- Board recruitment completed
MARKET CONDITIONS
Volumes in the leather industry remain depressed reflecting reduced demand from China and Russia and high inventories following mild winters which all have a direct impact on our markets.
Global leather sales are estimated to be worth over $85bn (source: UKLF). Pittards is targeting the following core markets: performance gloves, footwear, lifestyle and interiors, which play to our sales and manufacturing strengths, optimise our supply chain and give us a balanced portfolio. Golf remains an important market for us with the golf markets (gloves and shoes) in the US and the Rest of the World each worth approximately $500m.
RESULTS
Revenue declined by 14% to GBP13.4m. This reflected weaker global demand which affected all divisions with the exception of the Ethiopia Consumer Division which grew revenue year on year due to increased production and sales of work and dress gloves.
Gross Margin at 22.7% improved by 1 percentage point year on year mainly due to favourable raw material prices and currency rates. EBITDA was down to GBP0.8m from GBP1.0m as a consequence of reduced volumes and our investment in people.
Profit before tax reduced to GBP0.3m (H1 2015: GBP0.6m) and basic earnings per share to 1.56p (H1 2015 4.47p), also impacted by the share issue in June 2015.
As at 30 June 2016, net debt was GBP8.2m (H1 2015: GBP6.9m) reflecting investment in: the final instalment to buy ETSC (which is a main supplier of Ethiopian skins) of approximately GBP0.3m, buying out the minority interest in the Ethiopian-based Pittards Global Sourcing for GBP0.2m and capital investment of GBP0.8m.
STRATEGIC UPDATE
Pittards, proud of its heritage, is aware of the need to evolve as a business to remain competitive as it develops the next phase of growth.
We aim to extend our competitive edge within the identified markets that play to our strengths via innovation, service, manufacturing and marketing initiatives. To facilitate this, we have updated the management structure and are recruiting to fill a small number of identified gaps.
The purchase of the freehold of the Yeovil site in 2015 secured the future of our UK manufacturing operations. As mentioned above, further investments were made in the first half to strengthen our Ethiopian operations and help modernise the UK Leather Division.
BOARD CHANGES
I was appointed Chairman on 16 May 2016 and would like to thank my predecessor Stephen Boyd for his valuable contribution during his time at the Company.
On 1 June, Matthew O'Rourke was appointed CFO bringing with him a wealth of industry and financial experience. As previously announced, effective from that date, Jill Williams resigned from this role and became a non-executive director.
OUTLOOK
Pittards has traded profitably in a challenging first half in which we saw a continuation of the depressed demand for leather in similar market conditions to those at the end of 2015.
We have made progress in identifying the Company's medium-term priorities and associated investment requirements, supported by an adequate cash position and solid balance sheet.
The second half continues to benefit from a favourable currency impact and the Board remains confident that the Company can deliver full year results in line with our expectations and the actions identified will help to build a platform for future growth.
Stephen Yapp
Chairman
20 September 2016
Consolidated income statement (unaudited) for the six months ended 30 June 2016
Year ended Six months Six months ended
31 December ended 30 June 2015
2015 Note 30 June 2016 GBP'000
GBP'000 GBP'000
------------- -------------------------------- ------- -------------- -----------------
30,523 Revenue 13,373 15,623
------------- -------------------------------- ------- -------------- -----------------
(23,902) Cost of sales (10,339) (12,239)
------------- -------------------------------- ------- -------------- -----------------
6,621 Gross profit 3,034 3,384
------------- -------------------------------- ------- -------------- -----------------
(1,919) Distribution costs (857) (1,016)
------------- -------------------------------- ------- -------------- -----------------
(3,275) Administrative expenses (1,555) (1,616)
------------- -------------------------------- ------- -------------- -----------------
Administrative expenses
- exceptional restructuring
(312) costs (98) -
------------- -------------------------------- ------- -------------- -----------------
Profit from operations
1,115 before finance costs 524 752
------------- -------------------------------- ------- -------------- -----------------
(484) Finance costs (215) (218)
------------- -------------------------------- ------- -------------- -----------------
24 Finance income 5 21
------------- -------------------------------- ------- -------------- -----------------
655 Profit before taxation 314 555
------------- -------------------------------- ------- -------------- -----------------
(184) Taxation charge 2 (97) (118)
------------- -------------------------------- ------- -------------- -----------------
Profit for the period after
471 taxation 217 437
------------- -------------------------------- ------- -------------- -----------------
Profit attributable to:
------------- -------------------------------- ------- -------------- -----------------
474 Owners of the parent 217 442
------------- -------------------------------- ------- -------------- -----------------
(3) Non-controlling interest - (5)
------------- -------------------------------- ------- -------------- -----------------
471 217 437
------------- -------------------------------- ------- -------------- -----------------
Earnings per share attributable
to equity shareholders
of the parent 1
------------- -------------------------------- ------- -------------- -----------------
3.98p - basic 1.56p 4.47p
------------- -------------------------------- ------- -------------- -----------------
3.88p - diluted 1.51p 4.47p
------------- -------------------------------- ------- -------------- -----------------
Consolidated statement of comprehensive income (unaudited)
for the six months ended 30 June 2016
Year ended Six months Six months
31 December ended June ended June
2015 2016 2015
GBP'000 GBP'000 GBP'000
------------- -------------------------------------------- ------------ ------------
471 Profit for the period after taxation 217 437
------------- -------------------------------------------- ------------ ------------
Other comprehensive income (expense)
Items that will not be reclassified
to profit or loss
------------- -------------------------------------------- ------------ ------------
182 Revaluation of land and buildings - -
------------- -------------------------------------------- ------------ ------------
Revaluation of land and buildings
13 - unrealised exchange gain (loss) 123 (63)
------------- -------------------------------------------- ------------ ------------
195 123 (63)
------------- -------------------------------------------- ------------ ------------
Items that may be subsequently reclassified
to profit or loss
------------- -------------------------------------------- ------------ ------------
Unrealised exchange gain (loss)
58 on translation of overseas subsidiaries 353 (178)
------------- -------------------------------------------- ------------ ------------
58 353 (178)
------------- -------------------------------------------- ------------ ------------
253 Other comprehensive income (expense) 476 (241)
------------- -------------------------------------------- ------------ ------------
Total comprehensive income for the
724 period 693 196
------------- -------------------------------------------- ------------ ------------
Total comprehensive income (expense)
attributable to:
------------- -------------------------------------------- ------------ ------------
717 Owners of the parent 693 207
------------- -------------------------------------------- ------------ ------------
7 Non-controlling interest - (11)
------------- -------------------------------------------- ------------ ------------
Consolidated statement of changes in equity (unaudited)
for the six months ended 30 June 2016
Share Share Capital Retained Translation Shares Revaluation Total Non-controlling Total
capital premium reserve earnings reserve held reserve attributable interest equity
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 by ESOP GBP'000 to owners GBP'000 GBP'000
GBP'000 of the
parent
GBP'000
----------------- -------- -------- -------- --------- ------------ -------- ------------ ------------- ---------------- --------
At 1 January
2015 4,631 - 6,475 8,607 (2,750) (495) 1,668 18,136 172 18,308
----------------- -------- -------- -------- --------- ------------ -------- ------------ ------------- ---------------- --------
Comprehensive
income
for the period
----------------- -------- -------- -------- --------- ------------ -------- ------------ ------------- ---------------- --------
Profit for the
period
after taxation - - - 442 - - - 442 (5) 437
----------------- -------- -------- -------- --------- ------------ -------- ------------ ------------- ---------------- --------
Other
comprehensive
income
----------------- -------- -------- -------- --------- ------------ -------- ------------ ------------- ---------------- --------
Unrealised
exchange
loss on
translation
of foreign
subsidiaries - - - - (178) - (57) (235) (6) (241)
----------------- -------- -------- -------- --------- ------------ -------- ------------ ------------- ---------------- --------
Total other
comprehensive
income - - - - (178) - (57) (235) (6) (241)
----------------- -------- -------- -------- --------- ------------ -------- ------------ ------------- ---------------- --------
Total
comprehensive
income for the
period - - - 442 (178) - (57) 207 (11) 196
----------------- -------- -------- -------- --------- ------------ -------- ------------ ------------- ---------------- --------
Transactions
with
owners
----------------- -------- -------- -------- --------- ------------ -------- ------------ ------------- ---------------- --------
Proceeds from
share
issue 2,313 2,984 - - - - - 5,297 - 5,297
----------------- -------- -------- -------- --------- ------------ -------- ------------ ------------- ---------------- --------
Total
transactions
with owners 2,313 2,984 - - - - - 5,297 - 5,297
----------------- -------- -------- -------- --------- ------------ -------- ------------ ------------- ---------------- --------
At 30 June 2015 6,944 2,984 6,475 9,049 (2,928) (495) 1,611 23,640 161 23,801
================= ======== ======== ======== ========= ============ ======== ============ ============= ================ ========
Comprehensive
income
for the period
----------------- -------- -------- -------- --------- ------------ -------- ------------ ------------- ---------------- --------
Profit for the
period
after taxation - - - 32 - - - 32 2 34
----------------- -------- -------- -------- --------- ------------ -------- ------------ ------------- ---------------- --------
Other
comprehensive
income
----------------- -------- -------- -------- --------- ------------ -------- ------------ ------------- ---------------- --------
Gain on the
revaluation
of buildings - - - - - - 172 172 10 182
----------------- -------- -------- -------- --------- ------------ -------- ------------ ------------- ---------------- --------
Unrealised
exchange
gain on
translation
of foreign
subsidiaries - - - - 236 - 70 306 6 312
----------------- -------- -------- -------- --------- ------------ -------- ------------ ------------- ---------------- --------
Total other
comprehensive
income - - - - 236 - 242 478 16 494
----------------- -------- -------- -------- --------- ------------ -------- ------------ ------------- ---------------- --------
Total
comprehensive
income for the
period - - - 32 236 - 242 510 18 528
----------------- -------- -------- -------- --------- ------------ -------- ------------ ------------- ---------------- --------
At 31 December
2015 6,944 2,984 6,475 9,081 (2,692) (495) 1,853 24,150 179 24,329 ================= ======== ======== ======== ========= ============ ======== ============ ============= ================ ======== Comprehensive income for the period ----------------- -------- -------- -------- --------- ------------ -------- ------------ ------------- ---------------- -------- Profit for the period after taxation - - - 217 - - - 217 - 217 ----------------- -------- -------- -------- --------- ------------ -------- ------------ ------------- ---------------- -------- Other comprehensive income ----------------- -------- -------- -------- --------- ------------ -------- ------------ ------------- ---------------- -------- Unrealised exchange gain on translation of foreign subsidiaries - - - - 353 - 123 476 - 476 ----------------- -------- -------- -------- --------- ------------ -------- ------------ ------------- ---------------- -------- Total other comprehensive income - - - - 353 - 123 476 - 476 ----------------- -------- -------- -------- --------- ------------ -------- ------------ ------------- ---------------- -------- Total comprehensive income for the period - - - 217 353 - 123 693 - 693 ----------------- -------- -------- -------- --------- ------------ -------- ------------ ------------- ---------------- -------- Transactions with owners ----------------- -------- -------- -------- --------- ------------ -------- ------------ ------------- ---------------- -------- Purchase of non-controlling interest - - - - - - - - (179) (179) ----------------- -------- -------- -------- --------- ------------ -------- ------------ ------------- ---------------- -------- Total transactions with owners - - - - - - - - (179) (179) ================= ======== ======== ======== ========= ============ ======== ============ ============= ================ ======== At 30 June 2016 6,944 2,984 6,475 9,298 (2,339) (495) 1,976 24,843 - 24,843 ================= ======== ======== ======== ========= ============ ======== ============ ============= ================ ========
Consolidated balance sheet (unaudited)
as at 30 June 2016
31 December 30 June 2016 30 June 2015
2015
Note GBP'000 GBP'000
GBP'000
------------------ ------------------------------- ------- ------------- -------------
ASSETS
------------------ ------------------------------- ------- ------------- -------------
Non-current assets
------------------ ------------------------------- ------- ------------- -------------
10,679 Property, plant and equipment 11,448 10,170
------------------ ------------------------------- ------- ------------- -------------
273 Intangible assets 257 176
------------------ ------------------------------- ------- ------------- -------------
1,586 Deferred income tax asset 3 1,394 1,363
------------------ ------------------------------- ------- ------------- -------------
12,538 Total non-current assets 13,099 11,709
------------------ ------------------------------- ------- ------------- -------------
Current assets
------------------ ------------------------------- ------- ------------- -------------
18,872 Inventories 20,139 18,378
------------------ ------------------------------- ------- ------------- -------------
4,017 Trade and other receivables 4,307 5,165
------------------ ------------------------------- ------- ------------- -------------
485 Cash and cash equivalents 358 249
------------------ ------------------------------- ------- ------------- -------------
26 Current income tax recoverable 54 38
------------------ ------------------------------- ------- ------------- -------------
90 Deferred income tax asset 3 234 321
------------------ ------------------------------- ------- ------------- -------------
23,490 Total current assets 25,092 24,151
------------------ ------------------------------- ------- ------------- -------------
36,028 Total assets 38,191 35,860
------------------ ------------------------------- ------- ------------- -------------
LIABILITIES
------------------ ------------------------------- ------- ------------- -------------
Current liabilities
------------------ ------------------------------- ------- ------------- -------------
(92) Deferred income tax liability 3 - (62)
------------------ ------------------------------- ------- ------------- -------------
(4,664) Trade and other payables (4,660) (4,881)
------------------ ------------------------------- ------- ------------- -------------
- Current income tax liability (13) -
------------------ ------------------------------- ------- ------------- -------------
Interest bearing loans,
(3,806) borrowings and overdrafts (5,503) (3,216)
------------------ ------------------------------- ------- ------------- -------------
(8,562) Total current liabilities (10,176) (8,159)
------------------ ------------------------------- ------- ------------- -------------
Non-current liabilities
------------------ ------------------------------- ------- ------------- -------------
- Deferred income tax liability 3 (106) -
------------------ ------------------------------- ------- ------------- -------------
Interest bearing loans,
(3,137) borrowings and overdrafts (3,066) (3,900)
------------------ ------------------------------- ------- ------------- -------------
(3,137) Total non-current liabilities (3,172) (3,900)
------------------ ------------------------------- ------- ------------- -------------
(11,699) Total liabilities (13,348) (12,059)
------------------ ------------------------------- ------- ------------- -------------
24,329 Net assets 24,843 23,801
================== =============================== ======= ============= =============
EQUITY
------------------ ------------------------------- ------- ------------- -------------
6,944 Share capital 6,944 6,944
------------------ ------------------------------- ------- ------------- -------------
2,984 Share premium 2,984 2,984
------------------ ------------------------------- ------- ------------- -------------
6,475 Capital reserve 6,475 6,475
------------------ ------------------------------- ------- ------------- -------------
(495) Shares held by ESOP (495) (495)
------------------ ------------------------------- ------- ------------- -------------
9,081 Retained earnings 9,298 9,049
------------------ ------------------------------- ------- ------------- -------------
(2,692) Translation reserve (2,339) (2,928)
------------------ ------------------------------- ------- ------------- -------------
1,853 Revaluation reserve 1,976 1,611
------------------ ------------------------------- ------- ------------- -------------
Total equity attributable
24,150 to owners of the parent 24,843 23,640
------------------ ------------------------------- ------- ------------- -------------
179 Non-controlling interest - 161
------------------ ------------------------------- ------- ------------- -------------
24,329 Total equity 24,843 23,801
------------------ ------------------------------- ------- ------------- -------------
Statement of cash flows (unaudited)
for the six months ended 30 June 2016
Year ended Six months ended Six months ended
31 December 30 June 2016 30 June 2015
2015
Note GBP'000 GBP'000
GBP'000
------------- -------------------------------- ------- ----------------- -----------------
Cash flows from operating
activities
------------- -------------------------------- ------- ----------------- -----------------
Cash generated from (used
962 in) operations 4 (394) (292)
------------- -------------------------------- ------- ----------------- -----------------
(183) Tax paid (53) (202)
------------- -------------------------------- ------- ----------------- -----------------
(447) Interest paid (212) (191)
------------- -------------------------------- ------- ----------------- -----------------
Net cash generated from
332 (used in) operating activities (659) (685)
------------- -------------------------------- ------- ----------------- -----------------
Cash flows from investing
activities
------------- -------------------------------- ------- ----------------- -----------------
Purchases of property,
(4,350) plant and equipment (736) (3,978)
------------- -------------------------------- ------- ----------------- -----------------
Purchases of intangible
(108) assets (1) -
------------- -------------------------------- ------- ----------------- -----------------
- Purchase of investments (191) -
------------- -------------------------------- ------- ----------------- -----------------
Net cash used in investing
(4,458) activities (928) (3,978)
------------- -------------------------------- ------- ----------------- -----------------
Cash flows from financing
activities
------------- -------------------------------- ------- ----------------- -----------------
3,651 Proceeds from borrowings 340 3,922
------------- -------------------------------- ------- ----------------- -----------------
(1,733) Repayment of bank loans (376) (957)
------------- -------------------------------- ------- ----------------- -----------------
35 New finance lease obligations 337 35
------------- -------------------------------- ------- ----------------- -----------------
Repayment of obligations
(42) under finance leases (13) (20)
------------- -------------------------------- ------- ----------------- -----------------
5,297 Proceeds from share issue - 5,297
------------- -------------------------------- ------- ----------------- -----------------
Net cash generated from
7,208 financing activities 288 8,277
------------- -------------------------------- ------- ----------------- -----------------
Increase (decrease) in
3,082 cash and cash equivalents (1,299) 3,614
------------- -------------------------------- ------- ----------------- -----------------
Cash and cash equivalents
(4,551) at beginning of period (1,474) (4,551)
------------- -------------------------------- ------- ----------------- -----------------
Exchange (losses) gains
(5) on cash and cash equivalents 8 14
------------- -------------------------------- ------- ----------------- -----------------
Cash and cash equivalents
(1,474) at end of period (2,765) (923)
------------- -------------------------------- ------- ----------------- -----------------
Notes (unaudited)
1. Earnings per share attributable to equity shareholders of the parent
In the period to 30 June 2016, no new shares were issued (June 2015: 4,626,651).
(a) Basic
Basic earnings per share is calculated by dividing the profit attributable to equity holders of the company by the weighted average number of ordinary shares in issue during the year excluding the shares owned by the Pittards employee share ownership trust.
Year ended Six months Six months
31 December ended ended
2015 30 June 2016 30 June 2015
GBP'000 GBP'000 GBP'000
------------- ------------------------------------ -------------- --------------
Profit attributable to equity
474 holders of the company 217 442
============= ------------------------------------ -------------- --------------
Shares Shares Shares
'000 '000 '000
------------- ------------------------------------ -------------- --------------
Weighted average number of ordinary
11,900 shares in issue 13,870 9,886
============= ==================================== ============== ==============
(b) Diluted
Diluted earnings per share is calculated by adjusting the weighted average number of ordinary shares by the shares issued under the 2015 Long Term Incentive Plan (LTIP).
Year ended Six months Six months
31 December ended ended
2015 30 June 2016 30 June 2015
GBP'000 GBP'000 GBP'000
------------- ------------------------------------ -------------- --------------
Profit attributable to equity
474 holders of the company 217 442
============= ------------------------------------ -------------- --------------
Shares Shares Shares
'000 '000 '000
------------- ------------------------------------ -------------- --------------
Weighted average number of ordinary
12,201 shares in issue 14,341 9,886
============= ==================================== ============== ==============
2. Taxation
Year ended Six months Six months
31 December ended ended
2015 30 June 2016 30 June 2015
GBP'000 GBP'000 GBP'000
------------- -------------------------------- -------------- --------------
Analysis of the charge in
the period
The charge based on the
profit for the year comprises:
------------- -------------------------------- -------------- --------------
2 Corporation tax on profit - -
for the year
------------- -------------------------------- -------------- --------------
Foreign tax on profit for
30 the year 13 13
------------- -------------------------------- -------------- --------------
- Foreign tax related to prior 27 -
years
------------- -------------------------------- -------------- --------------
32 Total current tax 40 13
------------- -------------------------------- -------------- --------------
Deferred tax
------------- -------------------------------- -------------- --------------
Origination and reversal
(28) of temporary differences 57 105
------------- -------------------------------- -------------- --------------
180 Impact of change in UK tax - -
rate
------------- -------------------------------- -------------- --------------
152 Total deferred tax 57 105
------------- -------------------------------- -------------- --------------
184 Income tax charge 97 118
============= ================================ ============== ==============
3. Deferred taxation
The Group has recognised and unrecognised deferred tax assets in respect of temporary differences and losses.
Year ended Six months ended Six months ended
31 December 30 June 2016 30 June 2015
2015
GBP'000 GBP'000
GBP'000
------------- ---------------------------- ----------------- -----------------
Deferred tax assets
------------- ---------------------------- ----------------- -----------------
Deferred tax asset to be
recovered after more than
1,586 12 months 1,394 1,363
------------- ---------------------------- ----------------- -----------------
Deferred tax asset to be
90 recovered within 12 months 234 321
------------- ---------------------------- ----------------- -----------------
1,676 1,628 1,684
------------- ---------------------------- ----------------- -----------------
Deferred tax liabilities
------------- ---------------------------- ----------------- -----------------
Deferred tax liability
to be realised after more
(92) than 12 months (106) (62)
------------- ---------------------------- ----------------- -----------------
- Deferred tax liability - -
to be realised within 12
months
------------- ---------------------------- ----------------- -----------------
(92) (106) (62)
------------- ---------------------------- ----------------- -----------------
1,584 Deferred tax assets (net) 1,522 1,622
------------- ---------------------------- ----------------- -----------------
4. Cash used in operations
Year ended Six months ended Six months ended
31 December 30 June 2016 30 June 2015
2015 GBP'000 GBP'000
GBP'000
------------- --------------------------------- ----------------- -----------------
655 Profit before taxation 314 555
------------- --------------------------------- ----------------- -----------------
Adjustments for:
------------- --------------------------------- ----------------- -----------------
Depreciation of property
456 plant and equipment 283 215
------------- --------------------------------- ----------------- -----------------
22 Amortisation 17 11
------------- --------------------------------- ----------------- -----------------
Bank and other interest
447 charges 210 191
------------- --------------------------------- ----------------- -----------------
Other non-cash items in
(47) Income Statement (10) 7
------------- --------------------------------- ----------------- -----------------
Operating cash flows before
1,533 movement in working capital 814 979
------------- --------------------------------- ----------------- -----------------
Movements in working capital
(excluding exchange differences
on consolidation)
------------- --------------------------------- ----------------- -----------------
(1,003) Increase in inventories (651) (835)
------------- --------------------------------- ----------------- -----------------
Decrease (increase) in
911 trade and other receivables (213) (378)
------------- --------------------------------- ----------------- -----------------
Decrease in trade and other
(479) payables (344) (58)
------------- --------------------------------- ----------------- -----------------
962 Cash used in operations (394) (292)
------------- --------------------------------- ----------------- -----------------
5. Basis of preparation
The financial information contained in this interim statement has not been audited or reviewed by the Company's auditor and does not constitute statutory accounts as defined in section 434 of the Companies Act 2006. The directors approved and authorised this interim statement for issue on 20 September 2016. The financial information for the full preceding year is extracted from the statutory accounts for the financial year ended 31 December 2015. Those accounts, upon which the auditor issued an unqualified opinion, have been delivered to the Registrar of Companies. The auditor's report did not contain a statement under section 498(2) or (3) of the Companies Act 2006.
Pittards plc is a public limited company incorporated and domiciled under the Companies Act 2006 in England. It is quoted on the Alternative Investment Market ("AIM").
These financial statements are presented in sterling as that is considered to be the functional currency of the primary economic environment in which the Group operates.
As permitted this interim report has been prepared in accordance with UK AIM listing rules and not in accordance with IAS 34 "Interim Financial Reporting" therefore it is not fully in compliance with IFRS.
6. Availability of interim report
The interim report will be available at the Company's website www.pittards.com, in accordance with AIM Rule 20.
This information is provided by RNS
The company news service from the London Stock Exchange
END
IR GGURCBUPQGAB
(END) Dow Jones Newswires
September 20, 2016 02:00 ET (06:00 GMT)
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