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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Plastics Cap. | LSE:PLA | London | Ordinary Share | GB00B289KK20 | 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% | 112.00 | 110.00 | 114.00 | 0.00 | 01:00:00 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| 0 | 0 | N/A | 0 |
From May 2019 to May 2024
TIDMPLA
RNS Number : 8898Q
Plastics Capital PLC
05 December 2016
5 December 2016
Plastics Capital plc
("Plastics Capital", the "Company" or the "Group")
Interim Results for the six months ended 30 September 2016
Plastics Capital (AIM: PLA) the niche plastics products manufacturer, announces the Company's unaudited interim results for the six months ended 30 September 2016, which are in line with management expectations.
Financial highlights
Hot Features
Premium
Six months Six months
ended ended % Change
30 September 30 September
2016 2015
GBP'000 GBP'000
------------------------ -------------- -------------- -----------
Revenue 27,771 24,489 +13.4%
------------------------ -------------- -------------- -----------
EBITDA* 2,731 2,464 +10.8%
------------------------ -------------- -------------- -----------
Profit before tax* 1,637 1,526 +7.3%
------------------------ -------------- -------------- -----------
Earnings per share*(+)
(p) 4.3 4.0 +7.3%
------------------------ -------------- -------------- -----------
Dividend per share
(p) 1.46 1.46 0%
------------------------ -------------- -------------- -----------
* excluding amortisation, exceptional costs, unrealised foreign exchange translation and derivative gains / losses and share-based incentive scheme charges
+ applying an expected tax charge of 6.5% and based on the weighted average number of shares in issue in the period.
Operational highlights
-- Strong organic revenue growth of 6.7% at constant currency
-- Industrial Division revenue up 19.2%, led by key accounts growth in bearings business
-- Films Division revenue up 9.2%, led by continued growth of Flexipol
-- Good initial contribution from Synpac Limited ("Synpac"), acquired July 2016
-- Significant investment in business development, new products and management
-- Underlying profitability remains strong
-- GBP1.3m invested in development and capacity expansion projects
-- Full benefit of post-Brexit sterling devaluation still to be felt
-- GBP6.3m of sales from won projects still to enter into production
Commenting on these results, Faisal Rahmatallah, Executive Chairman, said:
"I am pleased to report good growth across the Group. We continue to increase investment in business development, new products and additional capacity and capabilities. Order books are healthy and we anticipate a significant improvement in performance during the second half year which will benefit from the seasonal demand upswing and a full contribution from Synpac. The Board expects the Group to continue to perform in line with expectations for the rest of the financial year."
For further information, please contact:
Plastics Capital plc Tel: 020 7978 0574
Faisal Rahmatallah, Executive
Chairman
Nick Ball, Finance Director
Cenkos Securities Tel: 020 7397 8900
(Nomad and joint broker)
Mark Connelly
Callum Davidson
Allenby Capital Limited Tel: 020 3328 5656
(Joint broker)
David Hart
Katrina Perez
Walbrook PR Ltd Tel: 020 7933 8780 or
plastics@walbrookpr.com
Paul Cornelius Mob: 07866 384 707
Helen Cresswell Mob: 07841 917 679
Notes to Editor
Plastics Capital is a niche manufacturer of specialist plastic products. Applications for these products vary widely and examples include:
-- Packaging for the food manufacturing and distribution - films, sacks and pouches
-- Steering columns and instrument control knobs in the automotive industry - plastic ball bearings
-- Hydraulic and industrial rubber hose manufacture - various types of plastic mandrel -- Cardboard box manufacture - plastic creasing matrices
Plastics Capital's business model is based on understanding customers' problems in depth, and then developing and mass producing proprietary, technical solutions for these problems.
The business operates through two divisions, Films and Industrial, and has the majority of its production in six UK based factories, with a further three factories in Asia. Approximately 40% of its GBP55 million sales are made outside the UK to more than 80 countries.
Further information can be found on www.plasticscapital.com
Chairman's Statement
Financial Review
I am pleased to report that overall Group revenue increased by 13.4% over the same period last year. Revenue growth in H1 2016-17 was attributable to organic development, acquisition and foreign exchange movements and can be summarised as follows:
-- Organic growth - 6.7% -- Acquisition - 3.8% -- Foreign Exchange - 2.9%
Following considerable investment in recent years in business development activities, it is particularly pleasing to report a significant upswing in organic growth.
Gross margins have strengthened to 32.0% in H1 16-17 from 30.7% in H1 15-16; two thirds of this improvement is due to foreign exchange movements and the remainder due to improving product mix. Ignoring foreign exchange and acquisitions our total gross profit has increased 10.8% for the period under review - slightly more than the organic revenue growth achieved. This speaks for the continuing competitiveness and value-add of our product portfolio.
We have increased expenditure on business development, engineering, technical service and management by a total of 18% in the period. The majority of this is due to our emphasis on organic growth, but some relates to the acquisition of Synpac and some to higher costs incurred in overseas subsidiaries due to sterling devaluation. These factors account for underlying EBITDA being up by only 10.8% in the half year, when more may be expected due to our operational gearing.
The positive impact of sterling weakness on the Group's profitability has been significant, and we expect will become more significant over the next year or two. Overall in the half year, the devaluation of sterling has contributed GBP0.2m to underlying EBITDA. If we had not been hedged for all our US dollar trading exposure, there would have been a further contribution to EBITDA of GBP0.3m during the half year. We must not allow the devaluation of sterling, which is a piece of good fortune, to make us complacent.
Also, due to our focus on organic growth, capital expenditure has increased to GBP1.9m for the half year, against GBP1.2m in the same period last year; approximately two thirds of this expenditure is related to additional capacity, of which 50% is for customer-specific projects that are already contracted. The half-yearly depreciation charge has consequently increased by 13%.
Interest cost has increased GBP0.1m as we refinanced in June 2016 with Barclays, increasing our facilities by GBP4m to enable us to carry out the Synpac acquisition and the capital expenditure mentioned above. Consequently, underlying profit before tax is up 7.3% on the same period in the prior year.
Our effective corporation tax rate is once again estimated to remain low at approximately 6.5% for the full year as we are entitled to significant capital allowances and the R&D tax credit. We believe our effective corporation tax rate will remain below 10% for the foreseeable future.
We have issued a further 296,450 shares during the half year as approximately 30% of our shareholders chose to take the end-of-year dividend in scrip rather than cash. Consequently underlying earnings per share has increased 7.3% from 4.0p to 4.3p.
Films Division
The Films Division accounted for approximately 55% of Group sales in the period under review including two and a half months of contribution from Synpac, which has performed in line with our expectations.
Flexipol has continued to perform well, increasing sales and maintaining margins during a period when there has been pressure on prices through the food manufacturing supply chain. Overhead costs have increased due to the sale and leaseback of the Flexipol facility in Haslingden, Lancashire, performed in the prior year and the full impact of employees joining during the prior year in sales and engineering roles.
Palagan is going through some important strategic and management changes designed to build competitiveness, which we feel has been slightly eroded over recent years. Specifically this has meant developing new higher strength films and converted products, new approaches to customer service and changes to the management team.
Synpac, which we acquired in July 2016, has brought some new opportunities to the Films Division. Its product portfolio fits well with Flexipol's, creating joint sales opportunities which we have already begun to exploit. In addition, some of Synpac's films, which have been imported from third parties for conversion into pouches at Synpac, can be made by both Flexipol and Palagan so improving overall margins within the Films Division.
Comparing H1 2016-17 with H1 2015-16 on a constant currency, like-or-like basis for the Films Division, including the equivalent contribution from Synpac in the prior year:
-- Revenue is up 2.3% -- EBITDA is up 1%
Industrial Division
In the period under review, revenue in the Industrial Division, which accounted for approximately 45% of Group sales, were 18.6% up on the same period last year. 93% of sales in the Industrial Division were made outside the UK. Underlying gross margin, after adjusting for foreign exchange, has increased by 17.0%. Overheads have increased GBP0.3m, primarily due to sales, engineering and management resources hired in the prior year; this has reduced profit growth in the short term but will enable the Division to continue to grow henceforward.
Bearings business sales were up 25.6% in H1 16-17 compared to H1 15-16; ignoring currency movements the improvement was 16.2%. This performance has been due to previously reported new project wins flowing through into production, as well as the continued development of key accounts - we have had particular success in H1 16-17 in the automotive and ATM industries. The new business pipeline at BNL (projects already won but not yet in production or not yet at full production rate) has increased from GBP4.5 million at the end of FY15-16 to GBP5.3m at the end of H1 16-17. This business is expected to flow through over the next three to four years.
Creasing matrix revenues were up 12.1% in H1 16-17 compared to H1 15-16; ignoring currency movement the improvement was 10.2%. There has been some recovery in demand, particularly in emerging country end-markets, and our initiatives to establish a UK sales and distribution capability for die-making consumables and to introduce additional niche products have been very successful.
Our mandrel business has also performed well in H1 16-17 with sales up 12.7% on prior year; ignoring currency movement the improvement was 5.4%. New business won in FY 15-16 which has now flowed through has been the main reason for the increase in sales.
Comparing H1 2016-17 with H1 2015-16 on a constant currency, like-or-like basis for the Industrial Division:
-- Revenue is up 12.2% -- EBITDA is up 4.8%
Growth & Investment
We are now one and a half years into our five year target to double annual EBITDA to GBP10.5m. This target excludes contributions from acquisitions requiring new equity to be raised. Having made a relatively slow start last year, I am pleased to say that we believe that momentum is building.
One important measure we track is the value of new business won that has not yet entered into production or has not reached full production levels - this measure is now standing at GBP6.30m, up from GBP4.8m at the end of FY16; after adjusting for currency movement the increase is still GBP0.7m in the six month period.
Growth necessitates investment; I wrote to shareholders in July 2016 to articulate the background to approximately GBP4m of investments available to us which we believe offer attractive returns. We have taken these forward as follows:
-- Customer-specific projects - GBP0.6m has been invested in H1 16-17 into new injection moulding and automated assembly machines for two major projects in our bearings business. A further GBP0.3m of investment is still to be made. We still expect incremental annual sales of GBP2m to be achieved from these projects in due course.
-- Capacity expansion - GBP0.5m has been invested in H1 16-17 into new capacity to alleviate capacity bottlenecks that we anticipated in three growth areas:
-- At Flexipol we are increasing extrusion capacity by 33%. To this end, we have carried out building modifications ready to install a new blown-film extrusion line which we expect to be in place during Q4 FY 2017. GBP0.4m has been invested in H1 16-17 out of expected total project costs of GBP0.75m.
-- At our mandrel business we are seeking to increase extrusion capacity by 30%. This is needed to capitalise on improving market conditions and on successful new business development over recent years. New extrusion lines have been ordered and additional adjoining factory space is being fitted out to enable this expansion to take place. To date, capital expenditure has been limited but we anticipate total costs of GBP0.3m to have been incurred by the current financial year end.
-- Our bearings business will require 20% additional capacity in its Thai facility as more production is moved to this location. This project is pending.
-- New product developments - We have invested GBP0.3m in new product development in H1 16-17. New products recently launched include a range of standard ball plastic ball bearings and a new high strength packaging film intended initially for the furniture industry. Other important product developments are in the pipeline and expenditure in this area will continue.
-- Corporate activity - GBP0.3m has been invested in H1 16-17 in minority investments within our creasing matrix business. We acquired a 10% stake in Channel Creasing Matrix Inc. ("CCM") in May 2016 and have options in place to acquire a further 39% and, ultimately, 100%. CCM is the only manufacturer of creasing matrix in the US and also distributes a range of die-making consumables. For legacy reasons, it is the brand owner of the Channel brand of creasing matrix in the US, which is the brand we own everywhere else in the world. We expect to make further similar investments in due course.
In total we have invested GBP1.5m in expansion capital expenditure during H1, far surpassing the rate of re-investment in the business incurred previously. This underlines our commitment to achieve strong organic growth. Meanwhile, during the same period, maintenance capex has been GBP0.4m, which is slightly higher than normal.
Acquisitions
We completed the acquisition of Synpac, based in Hessle, Yorkshire, on 15(th) July for GBP3.1m, of which 10% is deferred for one year. Synpac converts packaging films into vacuum bags and pouches used in food manufacturing and distribution. As such it is complementary to Flexipol, who also manufacture a range of vacuum bags generally sold to larger customers. We are busy with integration activities and are delighted with the level of professionalism, expertise and loyalty we have found within the team at Synpac.
As regards further acquisitions, there are a number of good opportunities that have presented themselves in the last 3-6 months. We remain enthusiastic to add businesses that are complementary to our existing ones, and meet our other criteria in terms of size, profitability and cash flow. We are hopeful that we can bring one or more to fruition over the next 12-24 months.
Debt
We refinanced with Barclays in June 2016, increasing our facilities by GBP4m, principally to finance the Synpac acquisition. This, together with good cash flow, has enabled us to make the investments and acquisition described above. Net debt has consequently increased to GBP15.1m from GBP10.9m at the end of March 2016. Statutory net debt leverage has increased from 1.8 times to 2.3 times and in the next twelve months we expect will come down to 1.5- 2.0 times, which is the target we have set ourselves. Meanwhile, interest cover is very solid at 13.3 times.
Dividend
To assist with formulation of dividend policy, the Board has assessed how our internally generated free cash flow has been used in recent years. Following the financial crisis in FY2009-10, almost all our free cash flow was used to pay down debt. In FY2012-13, payments of dividends and reinvestment in the business started to increase at similar rates until in FY2015-16 roughly equal emphasis was given to paying down debt, paying dividends and reinvesting in the business. Because of the excellent organic growth opportunities we see, the Board now believes that our internally generated free cash flow should be allocated increasingly towards reinvestment in the business.
Reflecting this confidence in the growth potential of the business, the Company is pleased to announce that it intends to maintain the interim dividend at 1.46p (H1 2015-16: 1.46p), payable to shareholders on 1 February 2017. As with the final dividend announced in July 2016 we will be offering shareholders a scrip dividend alternative. This enables those who would rather see the Company retain cash and reinvest it, instead of paying it out in dividends, to do so by receiving new shares instead of cash. The record date for the dividend is 16 December 2016 and the associated ex-dividend date is 15 December 2016. The latest date to elect for the scrip dividend alternative is 18 January 2017. The Company will, on or before Friday 9 December, post to shareholders a letter containing additional information on the scrip dividend alternative and how shareholders may participate. At the same time, a copy of this letter will be available on the Company's website: www.plasticscapital.com.
Outlook
We have seen a healthy improvement in our order books over the autumn period and anticipate improved financial performance in the second half due to the seasonality that now applies to the Group. We also expect the pipeline of new business in our bearings business will enter into production at a more rapid rate than we have experienced in the recent past. We believe that our five year plan, the investments already under way and the associated management processes should continue to drive the business forward. The Board therefore remains confident about the future growth of the Group.
Faisal Rahmatallah
Executive Chairman
Plastics Capital plc
Unaudited Consolidated Income Statement
for the six months ended 30 September 2016 and the six months ended 30 September 2015
Before Before
foreign Foreign foreign Foreign
exchange exchange exchange exchange
& impact & impact
exceptional on Exceptional exceptional on Exceptional
items derivatives items Total items derivatives items Total
2016 2016 2016 2016 2015 2015 2015 2015
Note GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Revenue 27,771 - - 27,771 24,489 - - 24,489
Cost of
sales (18,586) (308) - (18,894) (16,827) (142) - (16,969)
Gross
profit 9,185 (308) - 8,877 7,662 (142) - 7,520
Distribution
expenses (1,376) - - (1,376) (1,280) - - (1,280)
Administration
expenses (6,357) - (269) (6,626) (5,202) - (222) (5,424)
Other
income 36 - - 36 15 - - 15
Operating
profit 1,488 (308) (269) 911 1,195 (142) (222) 831
Financial
income 5 - - - - - 235 - 235
Finance
expense 5 (399) (1,240) - (1,639) (305) - - (305)
Net financing
(costs)
/ income (399) (1,240) - (1,639) (305) 235 - (70)
(Loss)
/ profit
before
tax 1,089 (1,548) (269) (728) 890 93 (222) 761
Tax 6 (107) - - (107) (127) - - (127)
(Loss)
/ profit
for the
period 982 (1,548) (269) (835) 763 93 (222) 634
Foreign
exchange
translation
differences (4) - - (4) (172) - - (172)
Total
comprehensive
(loss)
/ income 978 (1,548) (269) (839) 591 93 (222) 462
Earnings per
share
Basic 8 (0.2)p 1.8p
Diluted 8 (0.2)p 1.8p
Plastics Capital plc
Consolidated Income Statement (continued)
for the year ended 31 March 2016
Audited Audited
Before Foreign
foreign exchange
exchange impact Audited
& exceptional on Exceptional Audited
items derivatives items Total
2016 2016 2016 2016
Note GBP'000 GBP'000 GBP'000 GBP'000
Revenue 50,803 - - 50,803
Cost of
sales (33,693) (239) - (33,932)
Gross
profit 17,710 (239) - 16,871
Distribution
expenses (2,539) - - (2,539)
Administration
expenses (12,168) - (360) (12,528)
Other
income 54 - - 54
Operating
profit 2,457 (239) (360) 1,858
Financial
expense 5 (722) (38) - (760)
Net financing
costs (722) (38) - (760)
Profit before
tax 1,735 (277) (360) 1,098
Tax 6 124 - - 124
Profit for the
period 1,859 (277) (360) 1,222
Foreign exchange
translation differences 5 - - 5
Total comprehensive
income 1,963 (277) (360) 1,227
Earnings per share
Basic 8 3.5p
Diluted 8 3.4p
Plastics Capital plc
Consolidated Balance Sheets
Unaudited Unaudited Audited
As at As at As at
30 30 31
September September March
2016 2015 2016
GBP000 GBP000 GBP000
Non-current assets
Property, plant and
equipment 9,382 7,784 8,130
Intangible assets 24,286 23,851 22,796
33,668 31,635 30,926
Current assets
Inventories 5,712 4,515 4,783
Trade and other receivables 12,556 11,539 11,945
Cash and cash equivalents 4,150 3,991 5,488
22,418 20,045 22,216
Total assets 56,086 51,680 53,142
Current liabilities
Interest-bearing loans
and borrowings 5,810 5,798 8,067
Trade and other payables 9,872 8,665 9,315
Corporation tax liability 495 486 388
16,177 14,949 17,770
Non-current liabilities
Interest-bearing loans
and borrowings 13,463 10,057 8,273
Other financial liabilities 1,307 83 415
Deferred tax liabilities 361 724 361
15,131 10,864 9,049
Total liabilities 31,308 25,813 26,819
Net assets 24,778 25,867 26,323
Equity attributable
to equity holders of
the parent
Share capital 356 353 353
Share premium 21,263 20,888 20,951
Reverse acquisition
reserve 2,640 2,640 2,640
Translation reserve 652 462 639
Capital redemption reserve - (200) -
Retained earnings (133) 1,724 1,740
Total equity 24,778 25,867 26,323
Plastics Capital plc
Consolidated Cash Flow Statements
Unaudited Unaudited Audited
Six months Six months Year
ended ended ended
30 30 31
September September March
2016 2015 2016
GBP000 GBP000 GBP000
(Loss) / profit after
tax for the period (835) 634 1,222
Adjustments for:
Income tax adjustment 107 127 (124)
Depreciation, amortisation
and impairment 1,551 1,411 2,948
Financial income - (235) -
Financial expense 1,639 305 760
Gain on disposal of
plant, property and equipment - - (74)
Changes in working capital:
(Increase) in trade
and other receivables (25) (399) (806)
(Increase) in inventories (408) (509) (777)
Increase / (Decrease)
in trade and other payables 104 (123) 937
Cash generated from operations 2,133 1,211 4,487
Interest paid (292) (230) (377)
Income tax paid - (190) (275)
Net cash from operating
activities 1,841 791 3,835
Cash flows from investing
activities
Acquisition of subsidiary
(net of cash acquired) (2,470) - (300)
Acquisition of property,
plant and equipment (1,896) (1,223) (2,275)
Dividends received - 14 35
Proceeds from disposal
of plant, property and
equipment - 1,400 1,400
Development expenditure
capitalised (125) (125) (349)
Net cash from investing
activities (4,491) 66 (1,489)
Cash flows from financing
activities
Net proceeds from new
loan 2,641 - 1,500
Change in borrowings (847) (1,543) (2,731)
Dividends paid (1,038) (944) (1,460)
Net cash from financing
activities 1,756 (2,487) (2,691)
Increase in cash, cash
equivalents and bank
overdrafts (894) (1,630) (345)
Cash and cash equivalents
at 1 April 5,488 4,437 4,437
Overdraft at 1 April (5,304) (3,908) (3,908)
Cash, cash equivalents
and bank overdrafts
at 30 September and 31
March (710) (1,101) 184
Plastics Capital plc
Consolidated statement of changes in equity
Reverse Capital
Share Share Translation acquisition redemption Retained
capital premium reserve reserve reserve earnings Total
GBP000 GBP000 GBP000 GBP000 GBP000 GBP000 GBP000
Balance at 31
March 2015 353 20,888 634 2,640 (200) 2,034 26,349
Profit or loss - - (172) - - 634 462
Dividends paid - - - - - (944) (944)
Balance at 30
September 2015 353 20,888 462 2,640 (200) 1,724 25,867
Profit or loss - - 177 - - 588 765
Reserve correction - 63 - - 200 (263) -
Dividend paid - - - - - (516) (516)
Equity-settled
share based
payment transactions - - - - - 207 207
Balance at 31
March 2016 353 20,951 639 2,640 - 1,740 26,323
Share issue 3 312 - - - - 315
Profit or loss - - 13 - - (835) (822)
Dividends paid - - - - - (1,038) (1,038)
Balance at 30
September 2016 356 21,263 652 2,640 - (133) 24,778
1 Basis of preparation and accounting policies
Basis of preparation
The interim financial information has been prepared on the basis of the recognition and measurement requirements of adopted IFRSs as at 30 September 2016 that are effective (or available for early adoption) as at 31 March 2017. Based on these adopted IFRSs, the directors have applied the accounting policies, as set out below, which they expect to apply to the annual IFRS financial statements for the year ending 31 March 2017.
However, the adopted IFRSs that will be effective (or available for early adoption) in the annual financial statements for the period ending 31 March 2016 are still subject to change and to additional interpretations and therefore cannot be determined with certainty. Accordingly, the accounting policies for that annual period will be determined finally only when the annual financial statements are prepared for the period ending 31 March 2017.
Accounting policies
The accounting policies applied to the Interim Results for six months ended 30 September 2016 are consistent with those of the Company's annual accounts for the year ended 31 March 2016.
Going concern
The Financial Reporting Council issued "Going Concern and Liquidity Risk: Guidance for Directors of UK Companies" in October 2009 and the Directors have considered this when preparing the financial statements. These have been prepared on a going concern basis and the Directors have taken steps to ensure that they believe the going concern basis of preparation remains appropriate.
2 Reconciliation of financial highlights table to the consolidated income statement
Unaudited Unaudited
Six months Six months
to to
30 September 30 September Change
2016 2015
GBP000 GBP000 %
Revenue 27,771 24,489 13.4%
------------------------------ --------------- ------------- --------
Gross profit 8,877 7,520 18.0%
------------------------------ --------------- ------------- --------
Operating profit 911 831 9.6%
------------------------------ --------------- ------------- --------
Add back: Exceptional
cost 269 222
Add back: Amortisation 749 703
Add back: Depreciation 802 708
EBITDA before exceptional
costs 2,731 2,464 10.8%
------------------------------ --------------- ------------- --------
(Loss) / Profit before
tax (728) 761 -195.7%
------------------------------ --------------- ------------- --------
Add back: Amortisation 749 703
Add back: Exceptional
costs 269 222
Add back: Capitalised
deal fee amortisation 107 75
Add back: Unrealised
foreign exchange & derivate
losses/(gains) 1,240 (235)
Profit before tax* 1,637 1,526 7.3%
------------------------------ --------------- ------------- --------
Taxation (107) (127)
Profit after tax* 1,530 1,398 9.4%
------------------------------ --------------- ------------- --------
Basic adjusted EPS*+ 4.3p 4.0p 7.3%
------------------------------ --------------- ------------- --------
Basic EPS (0.2)p 1.8p (111.1)%
------------------------------ --------------- ------------- --------
Capital expenditure 1,896 1,223 55.0%
------------------------------ --------------- ------------- --------
Net Debt 15,123 11,864 27.5%
------------------------------ --------------- ------------- --------
* excluding amortisation, exceptional costs, unrealised foreign exchange translation and unrealised derivative gains/losses
+ applying an expected tax charge of 6.5% and based on the average number of shares in issue in the year
3 Operating segment information
The following summary describes the operations in each of the Group's reportable segments:
-- Films - includes industrial films
-- Industrial - includes hose mandrel, creasing matrix and plastic bearings
Unallocated
Industrial Films and reconciling Total
items
-------------- -------------- ---------------- --------------
Unaudited Unaudited Unaudited Unaudited
Six months Six months Six months Six months
to to to to
30 September 30 September 30 September 30 September
2016 2016 2016 2016
GBP000 GBP000 GBP000 GBP000
External sales* 12,455 15,316 - 27,771
(Loss) / profit before
tax** 635 153 (1,516) (728)
Depreciation and amortisation 471 303 777 1,551
_______ _______ _______ ______
Unaudited Unaudited Unaudited Unaudited
Six months Six months Six months Six months
to to to to
30 September 30 September 30 September 30 September
2015 2015 2015 2015
GBP000 GBP000 GBP000 GBP000
External sales* 10,503 13,984 - 24,487
Profit / (loss) before
tax** (124) 223 662 761
Depreciation and amortisation 438 264 709 1,411
_______ _______ _______ _______
Audited Audited Audited Audited
Year to Year to Year to Year to
31 March 31 March 31 March 31 March
2016 2016 2016 2016
GBP000 GBP000 GBP000 GBP000
External sales* 21,285 29,518 - 50,803
Profit / (loss) before
tax** 645 1,055 (602) 1,098
Depreciation and amortisation 912 530 1,825 3,267
_______ _______ _______ _______
* All revenue is attributable to external customers,
there are no transactions between operating segments
** Profit before tax for unallocated and reconciling
items is analysed on Page 16.
3 Operating segment information (continued)
Reconciliation of reportable segment revenue
Audited
Unaudited Unaudited Year to
Six months Six months 31 March
to 30 September to 30 September 2016
2016 2015 GBP000
GBP000 GBP000
Films
High strength film
packaging 15,316 13,984 29,518
Industrial
Packaging consumables 3,667 3,312 6,422
Plastics rotating parts 6,614 5,263 11,290
Hydraulic hose consumables 2,174 1,928 3,573
Turnover per consolidated income
statement 27,771 24,487 50,803
Reconciliation of reportable segment profit
Unaudited Unaudited Audited
Six months Six months Year to
to September to 31 March
2016 30 September 2016
GBP000 2015 GBP000
GBP000
Total profit for reportable
segments 788 99 1,700
Unallocated amounts:
Amortisation (749) (703) (1,819)
Unrealised (losses)/gains
on derivatives (1,240) 235 (7)
Management charge income 2,125 2,125 4,050
FX hedge (loss) on forward
contracts (307) (142) (239)
Plastics Capital Trading
Ltd and Plastics Capital
plc costs (641) (539) (1,149)
LTIP charge - - (401)
Net interest costs (292) (122) (377)
Deal fee amortisation (107) (75) (345)
Exceptional costs (269) (195) (230)
Other (36) 78 (85)
Consolidated (loss) / profit
before income tax (728) 761 1,098
4 Exceptional items
Administrative Expenses Audited
Unaudited Unaudited Year
Six months Six months to
to 30 September to 30 September 31 March
2016 2015 2016
GBP000 GBP000 GBP000
Redundancy & recruitment
costs - 165 301
Acquisitions - professional
and legal costs 269 - 120
Release of contingent consideration - - (110)
Other - 57 49
269 222 360
_____
5 Financial income and expenses
Unaudited Unaudited Audited
Six months Six months Year to
to to 31 March
30 September 30 September 2016
2016 2015 GBP000
GBP000 GBP000
Financial expenses:
Bank interest 292 230 377
Amortisation of capitalised
deal fees 107 75 345
Loss on derivatives used - - -
to manage interest rate
risk
Financial expenses 399 305 722
Financial income and expenses included
within foreign exchange:
Net foreign exchange
(gains) / losses - (44) 31
Unrealised losses on derivatives
used to manage foreign
exchange risk 1,240 279 7
Foreign exchange impact
and derivatives 1,240 235 38
6 Taxation
The taxation charge is calculated by applying the Directors' best estimate of the annual tax rate for the profit for the period.
7 Dividends
The Directors recommend the payment of an interim dividend of 1.46p per share (30 September 2015: 1.46p).
8 Earnings per share
Unaudited Unaudited Audited
Six months Six months Year to
to to 31 March
30 September 30 September 2016
2016 2015
GBP000 GBP000 GBP000
Numerator
(Loss) / profit for the
period (835) 634 1,222
------------- ------------- ----------
Denominator
------------- ------------- ----------
Weighted average number
of shares used in basic
EPS 34,512,663 35,344,573 34,463,255
Weighted average number
of shares used in diluted
EPS 36,665,359 35,444,573 36,005,262
Basic earnings per share
(total) (0.2)p 1.8p 3.5p
Diluted earnings per share
(total) (0.2)p 1.8p 3.4p
9 Accounts
Copies of the interim accounts may be obtained from the Company Secretary at the Registered Office of the Company: London Heliport, Bridges Court Road, London, SW11 3BE.
This information is provided by RNS
The company news service from the London Stock Exchange
END
IR DGBDDDGGBGLS
(END) Dow Jones Newswires
December 05, 2016 02:46 ET (07:46 GMT)
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