We could not find any results for:
Make sure your spelling is correct or try broadening your search.
Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Airea Plc | LSE:AIEA | London | Ordinary Share | GB0008123027 | ORD 25P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
-0.50 | -1.56% | 31.50 | 31.00 | 32.00 | 32.00 | 31.50 | 32.00 | 24,634 | 15:11:06 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
Misc Homefurnishings Stores | 18.76M | 1.3M | 0.0313 | 10.06 | 13.03M |
TIDMAIEA
RNS Number : 0905Y
Airea PLC
17 August 2018
AIREA PLC
Interim report for the six months ended 30 June 2018
The principal activity of the group is the manufacturing, marketing and distribution of commercial floor coverings.
Chairman's Statement
The six months ending 30 June 2018 was another period of strategic progress. Following the completion of the closure of the residential carpets business, we are now in a position to focus on our ongoing commercial operation, which delivered an encouraging advance in financial performance:
- Sales up 13% - Profit attributable to shareholders up 31% - Basic earnings per share from continuing operations up 10.0% - Interim dividend maintained
Following the closure of Ryalux the business is positioned to generate improved shareholder returns. To illustrate this; in the 6 months ended 30 June 2018 the business generated profit after tax of GBP1.3m on a continuing basis (i.e. excluding Ryalux) in the 6 months ended 30 June 2017 the business (including Ryalux) generated profit after tax of GBP0.7m.
Strong growth in the order book and increased sales both in the UK and internationally was largely driven by the success of new product introductions. The launch of further new products is transforming our offer in the medium and premium price sectors and our sales force has a growing portfolio of attractive complementary products to grow our share within this market sector.
Our international sales grew by 30% in the period, driven by the new products, increased penetration of existing markets and the ongoing development of the distribution network.
Group Results
Continuing operations:
Comparative financial results for the six months to 30 June 2017 and the eighteen months ended 31 December 2017 have been restated to take account of the closure of the residential carpets business1. Revenue for the period was GBP9.1m (2017: GBP8.1m). The operating profit was GBP1,481,000 (2017: GBP1,457,000). After charging pension related finance costs of GBP158,000 (2017: GBP309,000) and incorporating the appropriate tax charge the net profit for the period was GBP1,314,000 (2017: GBP1,194,000). Basic earnings per share for the continuing operation were 3.18p (2017: 2.89p).
Operating cash flows before exceptional items and movements in working capital were GBP1.7m (2017: GBP1.6m). Working capital increased in the period by GBP0.4m (2017: GBP1.2m) mainly as a result of the timing of stock build. Contributions to the defined benefit pension scheme were GBP200,000 (2017: GBP200,000) in line with the agreement reached with the scheme trustees following the last triennial valuation as at 1 July 2017. Capital expenditure of GBP61,000 (2017: GBP233,000) was made in renewing and enhancing manufacturing plant and equipment and supporting product launches.
Discontinued operation
Running and closure costs net of tax amounted to GBP359,000. The disposal of inventory, collection of trade receivables and settlement of outstanding payables resulted in a cash inflow of GBP1,135,000 giving an overall net modest outflow of cash for the residential carpets business of GBP93,000 in the period. As indicated in the last annual report, over the total period of run down and closure, there was significant cash generation, which was returned to shareholders as part of the special dividend paid on 23 May 2018.
Board Changes
I am pleased to welcome Paul Stevenson to the board following his recently announced appointment as Group Finance Director and Company Secretary. He takes over from Roger Salt who is retiring. We would like to extend our thanks to Roger for his hard work and dedication over the last 14 years.
Outlook
We are pleased by the progress we have made in driving sales growth in the ongoing commercial flooring operation with a strengthening portfolio of products. Sales growth in our markets requires hard work and commitment over a sustained period of time, and we remain determined to build on the progress made. Uncertainties remain, including the outcome of Brexit negotiations; however, as a UK manufacturer with a strengthening position in the UK and internationally, we are well placed to mitigate risks and take advantage of growth opportunities.
Given the ongoing progress in the financial performance of the group and a robust cash flow we are able to maintain the policy introduced last year of paying an interim dividend. The board is please to declare an interim dividend of 1.75p (2017: 1.75p) to be paid on the 25 October 2018 to shareholders on the register at close of business on 21 September 2018. The ex dividend date is 20 September 2018.
Martin Toogood
17 August 2018
Chairman
1 The unaudited results for the six months ended 30 June 2017 and the audited results for the eighteen months ended 31 December 2017 have been restated to reclassify the residential carpets business as discontinued. Details of the discontinued operation are included in note 2.
Consolidated Income Statement 6 months ended 30 June 2018 Unaudited (Restated) (Restated) unaudited Audited 6 months 6 months 18 months ended ended ended 30 June 30 June 31 December 2018 2017 2017 GBP000 GBP000 GBP000 CONTINUING OPERATIONS Revenue 9,132 8,073 26,890 Operating costs (7,651) (6,616) (22,658) Operating profit before exceptional items 1,481 1,457 4,255 Exceptional items: Exceptional costs - - (472) Unrealised valuation gain - - 449 -------------------------------------------------- ------------ ----------- ------------ Operating profit 1,481 1,457 4,232 Finance costs (158) (309) (932) ----------- ------------ Profit before taxation 1,323 1,148 3,300 Taxation (9) 46 186 ------------ ----------- ------------ Profit attributable to shareholders of the group from continuing operations 1,314 1,194 3,486 ============ =========== ============ DISCONTINUED OPERATIONS Loss attributable to shareholders of the group from discontinued operations (359) (467) (4,856) Profit / (loss) attributable to shareholders of the group for the period 955 727 (1,370) ============ =========== ============ Earnings/(loss) per share 2.31 (basic and diluted) p 1.76 p (3.31)p Earnings per share (basic and 3.18 2.89 p 8.43 diluted) from continuing operations p p Loss per share (basic and diluted) from discontinued operations (0.87)p (1.13)p (11.74)p Consolidated Statement of Comprehensive Income 6 months ended 30 June 2018 Unaudited (Restated) (Restated) unaudited Audited 6 months 6 months 18 months ended ended ended 30 June 30 June 31 December 2018 2017 2017 GBP000 GBP000 GBP000 Profit / (loss) attributable to shareholders of the group 955 727 (1,370) Actuarial gain recognised in the pension scheme - 401 4,827 Related deferred taxation - (80) (862) - 321 3,965 ------------ ----------- ------------ Unrealised valuation gain 39 - 117 Total comprehensive income attributable to shareholders of the group 994 1,048 2,712 ============ =========== ============ The unaudited results for the six months ended 30 June 2017 and the audited results for the eighteen months ended 31 December 2017 have been restated to reclassify the residential carpets business as discontinued. Details of the discontinued operation are included in note 2. Consolidated Balance Sheet as at 30 June 2018
Unaudited Unaudited Audited 30 June 30 June 30 December 2018 2017 2017 GBP000 GBP000 GBP000 Non-current assets Property, plant and equipment 5,107 6,101 5,294 Intangible assets 114 124 Investment property 3,150 2,701 3,150 Deferred tax asset 1,415 1,281 389 9,786 10,083 8,957 Current assets Inventories 6,918 11,146 6,937 Trade and other receivables 2,870 4,704 2,893 Cash and cash equivalents 2,448 2,302 3,702 ------------ ----------- -------------- 12,236 18,152 13,532 Total assets 22,022 28,235 22,489 ------------ ----------- -------------- Current liabilities Trade and other payables (4,793) (5,574) (4,045) Obligations under finance leases (185) - (183) (4,978) (5,574) (4,228) Non-current liabilities Pension deficit (2,114) (6,962) (2,164) Deferred tax (268) (241) (268) Obligation under finance leases (417) (767) (510) (2,799) (7,970) (2,942) ------------ Total liabilities (7,777) (13,544) (7,170) ------------ ----------- -------------- 14,245 14,691 15,319 ============ =========== ============== Equity Called up share capital 10,339 10,339 10,339 Share premium account 504 504 504 Capital redemption reserve 3,617 3,617 3,617 Revaluation reserve 3,165 3,009 3,126 Retained earnings (3,380) (2,778) (2,267) 14,245 14,691 15,319 ============ =========== ============== Consolidated Cash Flow Statement 6 months ended 30 June 2018 Unaudited Unaudited Audited 6 months 6 months 18 months ended ended ended 30 June 30 June 31 December 2018 2017 2017 GBP000 GBP000 GBP000 Cash flow from continuing operations Profit for the period 1,314 1,194 3,486 Depreciation of tangible fixed assets 155 103 291 Amortisation of other intangible fixed assets 28 - 39 Finance costs 158 309 932 Taxation 9 (46) (225) Unrealised valuation gain - - (449) Operating cash flows before movements in working capital 1,664 1,560 4,074 Increase in inventories (762) (1,866) (138) (Increase) / decrease in trade and other receivables (607) (821) 1,046 Increase / (decrease) in trade and other payables 972 1,517 (874) Cash generated from operations 1,267 390 4,108 Income tax received - - 143 Contributions to defined benefit pension scheme (200) (200) (600) Net cash generated from operating activities in continuing operations 1,067 190 3,651 Net cash used in operating activities in discontinued operations (93) (19) (900) Net cash generated from operating activities 974 171 2,751 ---------- =========================================== =========================================== Investing activities Payments to acquire tangible fixed assets (43) (233) (334) Payments to acquire intangible fixed assets (18) (163) Net cash used by investing activities on continuing operations (61) (233) (497) Net cash used by investing activities on discontinuing operations - (38) (58) (61) (271) (555) ---------- =========================================== =========================================== Financing activities Interest (8) (10) (26) Obligations under finance leases (91) (87) (238) Equity dividends paid (2,068) - (1,344) Net cash used in financing activities in continuing operations (2,167) (97) (1,608) ---------- =========================================== =========================================== Net cash used - - - in financing activities in discontinued operations ---------- ------------------------------------------- ------------------------------------------- Net cash used in financing activities (2,167) (97) (1,608) ---------- =========================================== =========================================== Net (decrease) / increase in cash and cash equivalents (1,254) (197) 588 Cash and cash equivalents at start of the period 3,702 2,499 3,114 Cash and cash equivalents at end of the period 2,448 2,302 3,702 ========== =========================================== =========================================== Consolidated Statement of Changes in Equity 6 months ended 30 June 2018 Share Share Capital Revaluation Profit Total capital premium redemption reserve and loss equity account reserve account
GBP000 GBP000 GBP000 GBP000 GBP000 GBP000 At 1st July 2016 10,339 504 3,617 3,009 (3,518) 13,951 Comprehensive income for the period Loss for the period - - - - (1,370) (1,370) Other comprehensive income for the period - - - 117 3,965 4,082 Total comprehensive income for the year - - - 117 2,595 2,712 Contributions by and distributions to owners Dividend paid - - - - (1,344) (1,344) At 31st December 2017 and 1st January 2018 10,339 504 3,617 3,126 (2,267) 15,319 Comprehensive income for the period Profit for the period - - - - 955 955 Other comprehensive income for the period - - - 39 - 39 Total comprehensive income for the year - - - 39 955 994 Contributions by and distributions to owners Dividend paid - - - - (2,068) (2,068) At 30th June 2018 10,339 504 3,617 3,165 (3,380) 14,245 1 BASIS OF PREPARATION AND ACCOUNTING POLICIES The financial information for the six months ended 30 June 2018 and the six months ended 30 June 2017 has not been audited and does not constitute full financial statements within the meaning of Section 434 of the Companies Act 2006. The financial information relating to the eighteen month period ended 31st December 2017 does not constitute full financial statements within the meaning of Section 434 of the Companies Act 2006. This information is based on the group's statutory accounts for that period. The statutory accounts were prepared in accordance with International Financial Reporting Standards as adopted by the European Union ("IFRS") and received an unqualified audit report and did not contain statements under Section 498(2) or (3) of the Companies Act 2006. These financial statements have been filed with the Registrar of Companies. These interim financial statements have been prepared using the recognition and measurement principles of International Financial Reporting Standards as adopted by the European Union ("IFRS"). The accounting policies used are the same as those used in preparing the financial statements for theperiod ended 31st December 2017. These policies are set out in the annual report and accounts for theperiod ended 31st December 2017 which is available on the Company's website at www.aireaplc.co.uk. Further copies of this report are available from the Company Secretary at the registered office at Victoria Mills, The Green, Ossett, Wakefield, West Yorkshire WF5 0AN and are also available, along with this announcement, on the company's website at www.aireaplc.co.uk 2 DISCONTINUED OPERATIONS It was announced in the last annual report that the company had entered into a process concerning the closure of the residential carpets business. This process has now been completed. The analysis of the result of the discontinued business that has been included in the consolidated income statement including a deferred tax benefit following the closure of the residential carpets business is as follows: Unaudited Unaudited Audited 6 months 6 months 18 months ended ended ended 30 June 30 June 31 December 2018 2017 2017 GBP000 GBP000 GBP000 Discontinued operations Revenue 920 3,196 9,859 Operating costs (2,313) (3,681) (14,669) Loss before taxation (1,393) (485) (4,810) Taxation 1,034 18 (46) ---------- ---------- ------------ Loss attributable to shareholders of the group from discontinued operations (359) (467) (4,856) ========== ========== ============
This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.
END
IR BQLLFVVFZBBB
(END) Dow Jones Newswires
August 17, 2018 02:00 ET (06:00 GMT)
1 Year Airea Chart |
1 Month Airea Chart |
It looks like you are not logged in. Click the button below to log in and keep track of your recent history.
Support: +44 (0) 203 8794 460 | support@advfn.com
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions