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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Treatt Plc | LSE:TET | London | Ordinary Share | GB00BKS7YK08 | ORD 2P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
-1.00 | -0.23% | 426.00 | 427.50 | 433.00 | 436.00 | 421.50 | 425.00 | 87,027 | 16:35:16 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
Chemicals & Chem Preps, Nec | 147.4M | 10.94M | 0.1809 | 23.71 | 259.43M |
TIDMTET
RNS Number : 5184E
Treatt PLC
09 May 2017
TREATT PLC
HALF YEAR RESULTS
SIX MONTHSED 31 MARCH 2017
A strong set of half year results - revenue growth of 27% and adjusted EPS growth of 63%
Treatt Plc (the 'Group'), the manufacturer and supplier of innovative ingredient solutions for the flavour, fragrance, beverage and consumer products industries, announces its half year results for the six months ended 31 March 2017.
HIGHLIGHTS of our half year:
-- Revenues for the six months increased by 27% to GBP51.8 million (H1 2016: GBP40.9 million) -- Operating profit increased by 59% to GBP5.9m (H1 2016: GBP3.7m) -- Adjusted* profit before tax rose by 63% to GBP5.5m (H1 2016: GBP3.4m) -- Adjusted* basic earnings per share increased by 63% to 7.69p (H1 2016: 4.72p) -- Interim dividend per share raised by 7% to 1.45p (2016 interim dividend: 1.35p) -- All key product categories performing well
-- Group's strategic focus on innovative citrus, tea and sugar reduction categories proving to be key growth drivers
Commenting on the results, Group CEO, Daemmon Reeve, said:
"These are a great set of half year numbers for which our staff deserve huge credit. The quality and frequency of new business wins is gaining good momentum, and through the dedication and skill of our colleagues we are on course to meet our 2020 targets some three years ahead of schedule. With the investments planned in the UK and the US we will be able to build on these successes as we look towards the next exciting steps of our journey."
Notes:
* All adjusted measures exclude exceptional items in the prior year - see note 7 to the financial statements.
Enquiries:
Treatt plc +44 (0)1284 702500 Daemmon Reeve Chief Executive Officer Richard Hope Finance Director
Brokers
Investec Investment Banking
Patrick Robb +44 (0)20 7597 5970
David Anderson
Alex Wright
Public relations
Davidson Ryan Dore
Lawrence Dore +44 (0)20 3865 5971
HALF YEAR RESULTS STATEMENT
Introduction
I am very pleased to report another strong set of half year results with the Group's adjusted* profit before tax of GBP5.5m for the half year ended 31 March 2017 being 63% higher than the GBP3.4m reported for the comparable period last year. To put this into perspective, the Group's adjusted* profit before tax for the full 12-month period ended 30 September 2012 was GBP5.1m.
During these first six months of the financial year all key product categories performed well, with the Group's strategic focus on innovative citrus, tea and sugar reduction categories proving to be the principal drivers of our growth. Other areas, such as aroma and high impact chemical flavour solutions, have also performed well. We are further pleased to report that our approach to building our market in China is showing early signs of success with revenue there growing by 43% compared with the first six months of our last financial year. Earthoil, the Group's personal care ingredients business, also performed strongly, with revenue growth of 21%.
Financial review
The Group's increase in adjusted* profit before tax has been driven by strong revenue growth of 27% to GBP51.8m (2016 H1: GBP40.9m) as a result of new business wins and growth with existing customers. Margins have also risen as we continue to move up the value chain with gross profit increasing by 29% to GBP12.4m (2016 H1: GBP9.6m). The increases in revenue and gross profit are the result of strategic focus on our core product categories together with the impact of foreign exchange movements. Adjusted* operating profit has similarly increased by 59% to GBP5.9m (2016 H1: GBP3.7m) and adjusted* basic earnings per share of 7.69p are up by 63% (2016 H1: 4.72p).
The effect of foreign exchange has been materially positive during this first half. The Group has a hedging strategy in place which aims to ensure that the impact of significant exchange rate movements on the income statement over the course of a full financial year is mitigated as far as possible. However, the US Dollar's relative strength against Sterling over a prolonged period has positively affected Group revenue by GBP3.0m (6% of Group revenue) and profit before tax by GBP0.8m (15% of Group profit before tax).
With certain key raw material prices remaining at historically high levels, combined with the strength of the order book, inventories increased by GBP10.4m to GBP40.4m over the period. Consequently, net debt increased from GBP1.7m to GBP8.0m, a figure slightly lower than the GBP8.4m reported for the comparable period last year and somewhat lower than anticipated due to the timing of payments. As mentioned in previous announcements, the Group historically reports a net trading cash outflow in the first six months of our financial year and a net trading cash inflow in the second half; the Board continues to expect a similar pattern in the current financial year. Our absolute level of debt remains low and we continue to operate comfortably within our borrowing facilities with unutilised headroom in existing borrowing facilities of GBP16.4m as at 31 March 2017.
Investing for the future
The Suffolk Business Park in Bury St Edmunds has now received outline planning consent and, having exchanged contracts on our new ten acre site at the Park last December, we remain on course to transition the UK business to the Park in late 2019.
Meanwhile, our US business has continued to grow significantly during the period. Treatt USA moved to its existing 15-acre site, which we own outright, in 2002, and as notified previously, its capacity now needs to expand not only to meet greater client demand for our products but also to enhance our technical capabilities and office facilities. This work will commence within the current financial year and is estimated to cost approximately $11m - $14m.
Dividend
The Board has declared an increase to the interim dividend of 7% to 1.45 pence per share (2016 interim dividend: 1.35 pence per share) which represents approximately one-third of the previous year's total dividend in line with our current policy. As previously announced, the timing of the interim dividend payment has been permanently brought forward and will now be payable on 17 August 2017 to all shareholders on the register at close of business on 14 July 2017.
Prospects
The strong performance for the Group in the first half of the year has continued into the third quarter with Group order books remaining materially higher than this time last year as the benefit of some significant new business wins continues to show through.
Whilst there is still much to do to complete the year, and unexpected exchange rate movements can impact results, the Board is currently confident that the Group will meet its revised expectations for the financial year ending 30 September 2017.
TIM JONES
Chairman
8 May 2017
Notes:
* All adjusted measures exclude exceptional items in prior years.
CONDENSED GROUP INCOME STATEMENT for the six months ended 31 March 2017 Six months Six months to to Year to 31 March 31 March 30 September 2017 2016 2016 (unaudited) (unaudited) (audited) Notes GBP'000 GBP'000 GBP'000 Revenue 6 51,788 40,893 88,040 Cost of sales (39,404) (31,271) (67,639) ------------------------------ ------ ------------ ------------ ------------- Gross profit 12,384 9,622 20,401 Administrative expenses (6,471) (5,905) (10,852) Operating profit 5,913 3,717 9,549 Net finance costs (420) (338) (703) Profit before taxation and exceptional items 5,493 3,379 8,846 Exceptional items 7 - (218) (553) Profit before taxation 5,493 3,161 8,293 Taxation 8 (1,483) (932) (2,144) Profit for the period attributable to owners of the Parent Company 4,010 2,229 6,149 Earnings per share Basic 9 7.69p 4.31p 11.85p Diluted 9 7.50p 4.26p 11.68p Adjusted basic 9 7.69p 4.72p 12.84p Adjusted diluted 9 7.50p 4.67p 12.65p ------------------------------ ------ ------------ ------------ ------------- All amounts relate to continuing operations CONDENSED GROUP STATEMENT OF COMPREHENSIVE INCOME for the six months ended 31 March 2017 Six months Six months to to Year to 31 March 31 March 30 September 2017 2016 2016 (unaudited) (unaudited) (audited) GBP'000 GBP'000 GBP'000 ------------ Profit for the period attributable to owners of the Parent Company 4,010 2,229 6,149 Other comprehensive income/(expense): Items that may be reclassified
subsequently to profit or loss: Currency translation differences on foreign currency net investments 688 780 2,576 Current tax on foreign currency translation differences - 4 - Fair value movement on cash flow hedges 277 54 120 Deferred tax on fair value movement (47) (27) (47) --------------------------------------- ------------ ------------ ------------- 918 811 2,649 --------------------------------------- ------------ ------------ ------------- Items that will not be reclassified subsequently to profit or loss: Actuarial gain/(loss) on defined benefit pension scheme 1,011 (400) (4,297) Deferred tax on actuarial loss (172) 13 643 --------------------------------------- ------------ ------------ ------------- 839 (387) (3,654) --------------------------------------- ------------ ------------ ------------- Other comprehensive income/(expense) for the period 1,757 424 (1,005) --------------------------------------- ------------ ------------ ------------- Total comprehensive income for the period attributable to owners of the Parent Company 5,767 2,653 5,144 --------------------------------------- ------------ ------------ ------------- CONDENSED GROUP STATEMENT OF CHANGES IN EQUITY for the six months ended 31 March 2017 Own shares Foreign Share Share in share Hedging exchange Retained Total capital premium trusts reserve reserve earnings equity GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 ------------------------- --------- --------- ---------- --------- ---------- ---------- -------- 1 October 2015 1,050 2,757 (423) (700) 1,119 29,382 33,185 ------------------------- --------- --------- ---------- --------- ---------- ---------- -------- Net profit for the period - - - - - 2,229 2,229 Exchange differences - - - - 780 - 780 Fair value movement on cash flow hedges - - - 54 - - 54 Actuarial loss on defined benefit pension scheme - - - - - (400) (400) Taxation relating to items above - - - (27) 4 13 (10) ------------------------- --------- --------- ---------- --------- ---------- ---------- -------- Total comprehensive income - - - 27 784 1,842 2,653 ------------------------- --------- --------- ---------- --------- ---------- ---------- -------- Transactions with owners: Dividends - - - - - (2,115) (2,115) Share-based payments - - - - - 232 232 Movement in own shares in share trusts - - 10 - - - 10 Gain on release of shares in share trusts - - - - - 87 87 Issue of share capital 3 - (3) - - - - Taxation relating to items recognised directly in equity - - - - - 8 8 ------------------------- --------- --------- ---------- --------- ---------- ---------- -------- 1 April 2016 1,053 2,757 (416) (673) 1,903 29,436 34,060 ------------------------- --------- --------- ---------- --------- ---------- ---------- -------- Net profit for the period - - - - - 3,920 3,920 Exchange differences - - - - 1,796 - 1,796 Fair value movement on cash flow hedges - - - 66 - - 66 Actuarial loss on defined benefit pension scheme - - - - - (3,897) (3,897) Transfer between reserves - - - - (20) 20 - Taxation relating to items above - - - (20) (4) 630 606 ------------------------- --------- --------- ---------- --------- ---------- ---------- -------- Total comprehensive income - - - 46 1,772 673 2,491 ------------------------- --------- --------- ---------- --------- ---------- ---------- -------- Transactions with owners: Dividends - - - - - 20 20 Share-based payments - - - - - 365 365 Movement in own shares in share trust - - 84 - - - 84 Gain on release of shares in share trust - - - - - 84 84 Taxation relating to items recognised directly in equity - - - - - 83 83 ------------------------- --------- --------- ---------- --------- ---------- ---------- -------- 1 October 2016 1,053 2,757 (332) (627) 3,675 30,661 37,187 ------------------------- --------- --------- ---------- --------- ---------- ---------- -------- Net profit for the period - - - - - 4,010 4,010 Exchange differences - - - - 688 - 688 Fair value movement on cash flow hedges - - - 277 - - 277 Actuarial gain on defined benefit pension scheme - - - - - 1,011 1,011 Taxation relating to items above - - - (47) - (172) (219) ------------------------- --------- --------- ---------- --------- ---------- ---------- -------- Total comprehensive income - - - 230 688 4,849 5,767 ------------------------- --------- --------- ---------- --------- ---------- ---------- -------- Transactions with owners: Dividends - - - - - (2,267) (2,267) Share-based payments - - - - - 477 477 Movement in own shares in share trusts - - 6 - - - 6 Gain on release of shares in share trusts - - - - - 94 94 Issue of share capital 5 - (5) - - - - Taxation relating to items recognised directly in equity - - - - - 1 1 ------------------------- --------- --------- ---------- --------- ---------- ---------- -------- 31 March 2017 1,058 2,757 (331) (397) 4,363 33,815 41,265 ------------------------- --------- --------- ---------- --------- ---------- ---------- -------- CONDENSED GROUP BALANCE SHEET as at 31 March 2017 As at As at As at 31 March 31 March 30 September 2017 2016 2016 (unaudited) (unaudited) (audited) GBP'000 GBP'000 GBP'000 ------------ ASSETS Non-current assets Goodwill 2,727 1,075 2,727 Other intangible assets 604 616 637 Property, plant and equipment 11,475 11,004 11,361 Deferred tax assets 1,210 705 1,436 16,016 13,400 16,161 Current assets Inventories 40,435 30,239 29,990 Trade and other receivables 21,024 19,019 17,853 Current tax assets 4 4 4 Derivative financial instruments 14 - - Cash and bank balances 3,703 2,317 6,588 65,180 51,579 54,435
Total assets 81,196 64,979 70,596 LIABILITIES Current liabilities Borrowings (3,663) (2,365) (487) Provisions (451) (52) (67) Trade and other payables (18,850) (12,925) (14,151) Current tax liabilities (966) (1,108) (999) Derivative financial instruments - (140) (9) Redeemable loan notes payable - (675) (675) (23,930) (17,265) (16,388) Net current assets 41,250 34,314 38,047 Non-current liabilities Borrowings (8,033) (8,380) (7,755) Post-employment benefits (6,335) (3,440) (7,401) Deferred tax liabilities (1,155) (1,092) (1,111) Derivative financial instruments (478) (742) (754) (16,001) (13,654) (17,021) Total liabilities (39,931) (30,919) (33,409) Net assets 41,265 34,060 37,187 ---------------------------------- ------------ ------------ ------------- CONDENSED GROUP BALANCE SHEET (continued) as at 31 March 2017 As at As at As at 31 March 31 March 30 September 2017 2016 2016 (unaudited) (unaudited) (audited) GBP'000 GBP'000 GBP'000 ------------ EQUITY Share capital 1,058 1,053 1,053 Share premium account 2,757 2,757 2,757 Own shares in share trusts (331) (416) (332) Hedging reserve (397) (673) (627) Foreign exchange reserve 4,363 1,903 3,675 Retained earnings 33,815 29,436 30,661 ------------------------------- ------------ ------------ ------------- Total equity attributable to owners of the Parent Company 41,265 34,060 37,187 ------------------------------- ------------ ------------ ------------- CONDENSED GROUP STATEMENT OF CASH FLOWS for the six months ended 31 March 2017 Six months Six months to to Year to 31 March 31 March 30 September 2017 2016 2016 (unaudited) (unaudited) (audited) GBP'000 GBP'000 GBP'000 ------------ Cash flow from operating activities Profit before taxation 5,493 3,161 8,293 Adjusted for: Depreciation of property, plant and equipment 709 662 1,347 Amortisation of intangible assets 71 74 142 Loss on disposal of property, plant and equipment 13 2 2 Net finance costs 420 337 703 Share-based payments 467 225 566 Increase in fair value of derivatives (22) (68) (122) (Decrease )/increase in post-employment benefit obligations (55) 81 145 ----------------------------------------- ------------ ------------ ------------- Operating cash flow before movements in working capital 7,096 4,474 11,076 ----------------------------------------- ------------ ------------ ------------- Movements in working capital: (Increase)/decrease in inventories (10,061) (3,826) (2,501) (Increase)/decrease in trade and other receivables (2,908) (1,091) 688 Increase in trade and other payables, and provisions 5,811 179 1,541 Cash generated from operations (62) (264) 10,804 Taxation paid (1,512) (575) (2,022) Net cash from operating activities (1,574) (839) 8,782 Cash flow from investing activities Investment in subsidiaries (900) - (752) Purchase of property, plant and equipment (571) (322) (679) Purchase of intangible assets (36) (26) (109) Repayment of redeemable loan notes (675) - - Interest received 1 6 8 (2,181) (342) (1,532) ----------------------------------------- ------------ ------------ ------------- CONDENSED GROUP STATEMENT OF CASH FLOWS (continued) for the six months ended 31 March 2017 Six months Six months to to Year to 31 March 31 March 30 September 2017 2016 2016 (unaudited) (unaudited) (audited) GBP'000 GBP'000 GBP'000 ------------ Cash flow from financing activities Increase in bank loans 1,408 1,238 381 Interest paid (421) (344) (711) Dividends paid (2,267) (662) (2,095) Net sale of own shares by share trusts 100 97 265 --------------------------------------- ------------ ------------ ------------- (1,180) 329 (2,160) --------------------------------------- ------------ ------------ ------------- Net (decrease)/increase in cash and cash equivalents (4,935) (852) 5,090 Effect of foreign exchange rates 47 (67) 15 Movement in cash and cash equivalents in the period (4,888) (919) 5,105 Cash and cash equivalents at beginning of period 6,581 1,476 1,476 Cash and cash equivalents at end of period 1,693 557 6,581 Cash and cash equivalents comprise: Cash and bank balances 3,703 2,317 6,588 Bank borrowings (2,010) (1,760) (7) 1,693 557 6,581 --------------------------------------- ------------ ------------ ------------- CONDENSED GROUP RECONCILIATION OF NET CASH FLOW TO MOVEMENT IN NET DEBT for the six months ended 31 March 2017 Six months Six months to to Year to 31 March 31 March 30 September 2017 2016 2016 (unaudited) (unaudited) (audited) GBP'000 GBP'000 GBP'000 ------------ Movement in cash and cash equivalents in the period (4,888) (919) 5,105 Increase in bank loans (1,408) (1,238) (381) Cash (outflow)/inflow from changes in net debt in the period (6,296) (2,157) 4,724 Effect of foreign exchange rates (43) (116) (223) Movement in net debt in the period (6,339) (2,273) 4,501 Net debt at beginning of period (1,654) (6,155) (6,155) Net debt at end of period (7,993) (8,428) (1,654) ------------
Responsibility statement
We confirm that to the best of our knowledge:
(a) the condensed set of financial statements for the six months ended 31 March 2017 has been prepared in accordance with IAS 34
(b) the half year report and condensed financial statements includes a fair review of the information required by DTR 4.2.7R (indication of important events during the first six months and description of principal risks and uncertainties for the remaining six months of the year)
(c) the half year report and condensed financial statements includes a fair review of the information required by DTR 4.2.8R (disclosure of related party transactions and changes therein).
By order of the Board
RICHARD HOPE
Finance Director
8 May 2017
NOTES TO THE UNAUDITED HALF YEAR FINANCIAL STATEMENTS
1. Basis of preparation
The Group is required to prepare its condensed half year financial statements in accordance with accounting standards adopted for use in the European Union (International Financial Reporting Standards (IFRS)). The Group has adopted the reporting requirements of IAS 34 'Interim Financial Reporting'.
The consolidated condensed half year financial statements are prepared on the basis of all International Accounting Standards (IAS) and IFRS published by the International Accounting Standards Board (IASB) that are currently in issue. New interpretations may be issued by the International Financial Reporting Interpretations Committee (IFRIC) on existing standards and best practice continues to evolve. It is therefore possible that the accounting policies set out below may be updated by the time the Group prepares its full set of financial statements under IFRS for the year ending 30 September 2017.
The information relating to the six months ended 31 March 2017 and 31 March 2016 is unaudited and does not constitute statutory accounts. The statutory accounts for the year ended 30 September 2016 have been reported on by the Group's auditors and delivered to the Registrar of Companies. The report of the auditors was unqualified, did not include a reference to any matters to which the auditors drew attention by way of emphasis without qualifying their report and did not contain a statement under section 498 of the Companies Act 2006. These condensed half year financial statements for the six months ended 31 March 2017 have neither been audited nor formally reviewed by the Group's auditors.
2. Accounting policies
These condensed half year financial statements have been prepared on the basis of the same accounting policies and presentation set out in the Group's 30 September 2016 annual report.
There were no new standards, or amendments to standards, which are mandatory and relevant to the Group for the first time for the financial year ending 30 September 2017 which have had a material effect on these condensed half year financial statements.
3. Accounting estimates
The preparation of the condensed half year financial statements requires management to make judgements, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets and liabilities, income and expenses. In preparing these condensed half year financial statements, the significant judgements made by management in applying the Group's accounting policies and the key sources of estimation uncertainty were the same as those applied to the audited consolidated financial statements as at, and for the year ended, 30 September 2016.
4. Going concern
As at the date of this announcement, the Directors have a reasonable expectation that the Group has adequate resources to continue in business for the foreseeable future. Accordingly, the condensed half year financial statements have been prepared on the going concern basis.
5. Risks and uncertainties
The operation of a public company involves a series of risks and uncertainties across a range of strategic, commercial, operational and financial areas. The principal risks and uncertainties that could have a material impact on the Group's performance over the remaining six months of this financial year (for example, causing actual results to differ materially from expected results or from those experienced previously) are the same as those detailed on pages 26-30 of the 2016 Annual Report and Financial Statements.
6. Segmental information
Business segments
IFRS 8 requires operating segments to be identified on the basis of internal financial information reported to the Chief Operating Decision Maker (CODM). The Group's CODM has been identified as the Board of Directors who are primarily responsible for the allocation of resources to the segments and for assessing their performance. The disclosure in the Group accounts of segmental information is consistent with the information used by the CODM in order to assess profit performance from the Group's operations.
The Group operates one global business segment engaging in the manufacture and supply of innovative ingredient solutions for the flavour, fragrance, beverage and consumer product industries with manufacturing sites in the UK, US and Kenya. Many of the Group's activities, including sales, manufacturing, technical, IT and finance, are managed globally on a Group basis.
Geographical segments
The following table provides an analysis of the Group's revenue by geographical market:
Six months Six months to to Year to 31 March 31 March 30 September 2017 2016 2016 (unaudited) (unaudited) (audited) GBP'000 GBP'000 GBP'000 ------------ United Kingdom 5,174 4,465 8,794 ----------------------------- ------------ ------------ ------------- Rest of Europe - Germany 3,505 2,591 5,527 - Ireland 4,018 3,116 5,871 - Other 5,466 5,283 11,011 ---------------------------- ------------ ------------ ------------- The Americas - USA 18,501 15,014 33,729 - Other 4,167 1,895 4,142 ---------------------------- ------------ ------------ ------------- Rest of the World - China 2,785 1,942 4,536 - Other 8,172 6,587 14,430 ---------------------------- ------------ ------------ ------------- 51,788 40,893 88,040 ------------ 7. Exceptional items
The exceptional items referred to in the income statement can be categorised as follows:
Six months Six months to to Year to 31 March 31 March 30 September 2017 2016 2016 (unaudited) (unaudited) (audited) GBP'000 GBP'000 GBP'000 ------------- Legal and professional fees - 31 302 Restructuring costs - 187 251 - 218 553 Less: tax effect of exceptional items - (5) (38) ------------- - 213 515 ----------------------------------------------- ------------ -------------
The exceptional items in the prior year all relate to non-recurring items. The legal and professional fees related to the costs in respect of the full and final settlement of the Earthoil earnout dispute. The restructuring costs related to one-off non-recurring reorganisation costs incurred in the US and Kenya.
8. Taxation
Taxation has been provided on pre-exceptional profits at 27.0% (six months ended 31 March 2016: 27.7%) which is the effective group rate currently anticipated for the financial year ending 30 September 2017.
9. Earnings per share
Basic earnings per share
Basic earnings per share is based on the weighted average number of ordinary shares in issue and ranking for dividend during the year. The weighted average number of shares excludes shares held by the Treatt Employee Benefit Trust (EBT), together with shares held by the Treatt SIP Trust (SIP) which do not rank for dividend.
Six months Six months to to Year to 31 March 31 March 30 September 2017 2016 2016 (unaudited) (unaudited) (audited) Earnings (GBP'000) 4,010 2,229 6,149 Weighted average number of ordinary shares in issue (No: '000) 52,118 51,751 51,895 Basic earnings per share (pence) 7.69p 4.31p 11.85p ------------
Diluted earnings per share
Diluted earnings per share is based on the weighted average number of ordinary shares in issue and ranking for dividend during the year, adjusted for the effect of all dilutive potential ordinary shares. The number of shares used to calculate earnings per share (EPS) have been derived as follows:
Six months Six months to to Year to 31 March 31 March 30 September 2017 2016 2016 (unaudited) (unaudited) (audited) No ('000) No ('000) No ('000) ------------ Weighted average number of shares 52,780 52,575 52,575 Weighted average number of shares held in the EBT and
SIP (662) (824) (680) Weighted average number of shares used for calculating basic EPS 52,118 51,751 51,895 Executive share option schemes 1,064 485 645 All-employee share options 312 91 122 ------------ Weighted average no. of shares used for calculating diluted EPS 53,494 52,327 52,662 ------------ Diluted earnings per share (pence) 7.50p 4.26p 11.68p ------------
Adjusted earnings per share
Adjusted earnings per share measures are calculated based on profits for the year attributable to owners of the Parent Company before exceptional items as follows:
Six months Six months to to Year to 31 March 31 March 30 September 2017 2016 2016 (unaudited) (unaudited) (audited) GBP'000 GBP'000 GBP'000 ------------ Earnings for calculating basic and diluted earnings per share 4,010 2,229 6,149 Adjusted for: Exceptional items (see note 7) - 218 553 Taxation thereon - (5) (38) Earnings for calculating adjusted earnings per share 4,010 2,442 6,664 ------------ Adjusted basic earnings per share (pence) 7.69p 4.72p 12.84p ------------ Adjusted diluted earnings per share (pence) 7.50p 4.67p 12.65p ------------ 10. Dividends
Equity dividends on ordinary shares:
Dividend per share Six months Six months for years ended to to Year to 30 September: 31 March 31 March 30 September 2017(2) 2016(1) 2015(1) 2017 2016 2016 (unaudited) (unaudited) (audited) Pence Pence Pence(3) GBP'000 GBP'000 GBP'000 ------------------ -------- -------- --------- ------------ ------------ ------------- Interim dividend 1.45p 1.35p 1.28p 702 662 662 Final dividend N/A 3.00p 2.76p 1,565 1,453 1,433 ------------------ -------- -------- --------- ------------ ------------ ------------- N/A 4.35p 4.04p 2,267 2,115 2,095 -------- -------- --------- ------------
(1) Accounted for in the subsequent year in accordance with IFRS.
(2) The declared interim dividend for the year ending 30 September 2017 of 1.45 pence was approved by the Board on 8 May 2017 and in accordance with IFRS has not been included as a deduction from equity at 31 March 2017. The dividend will be paid on 17 August 2017 to those shareholders on the register at 14 July 2017 and will, therefore, be accounted for in the financial statements for the year ending 30 September 2017.
CAUTIONARY STATEMENT ABOUT FORWARD-LOOKING STATEMENTS
This announcement contains forward-looking statements that are subject to risk factors associated with, among other things, the economic and business circumstances occurring from time to time in the countries, sectors and markets in which the Group operates. It is believed that the expectations reflected in these statements are reasonable but they may be affected by a wide range of variables which could cause actual results to differ materially from those currently anticipated. No assurances can be given that the forward-looking statements in this announcement will be realised. The forward-looking statements reflect the knowledge and information available at the date of preparation of this announcement and the Group undertakes no obligation to update these forward-looking statements. Nothing in this announcement should be construed as a profit forecast.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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May 09, 2017 02:00 ET (06:00 GMT)
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