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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Airea PLC | AQSE:AIEA.GB | Aquis Stock Exchange | Ordinary Share | GB0008123027 |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 28.00 | 26.00 | 31.00 | 28.50 | 28.00 | 28.00 | 0.00 | 16:29:51 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
TIDMAIEA
RNS Number : 6405H
Airea PLC
02 August 2019
AIREA PLC
(the "Group")
Interim report for the six months ended 30 June 2019
The principal activity of the group is the manufacturing, marketing and distribution of commercial floor coverings.
Chairman's Statement
The six months ended 30 June 2019 continued the strategic progress made in recent periods; however, high levels of market uncertainty within the economy resulted in tougher market conditions during the second quarter slowing the Group's financial performance.
Despite strong growth in the order book and increased sales internationally, revenue and operating profit are below the corresponding period driven by the uncertainty in the market and the economic environment. This affected the timing of customer call offs within the order book and the Group's decision to increase inventory to prepare for potential Brexit challenges, had the UK left the EU on 31 March 2019, had a significant financial impact on operating profit and cash flow.
These challenges have not held back our strategic development with further strengthening of the sales and design teams. In addition the Group has taken the opportunity to invest in the infrastructure of the business with new on site storage facilities and a new finance and operating system to be put in place by the fourth quarter increasing our operational capabilities.
Group Results
Revenue for the period was GBP8.9m (2018: GBP9.1m). The operating profit was GBP1,085,000 (2018: GBP1,481,000). After charging pension related finance costs of GBP143,000 (2018: GBP158,000) and incorporating the appropriate tax charge the net profit for the period was GBP935,000 (2018: GBP955,000). Basic earnings per share were 2.26p (2018: 2.31p).
There were no losses and related costs for the discontinued Ryalux business (2018: GBP359,000 loss).
Operating cash flows before exceptional items and movements in working capital were GBP1.3m (2018: GBP1.7m). Working capital increased in the period by GBP0.8m (2018: GBP0.5m) mainly as a result of the timing of stock build. Contributions to the defined benefit pension scheme were GBP200,000 (2018: 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 GBP236,000 (2018: GBP61,000) was made in renovating additional storage facilities, renewing and enhancing manufacturing plant and equipment and supporting product launches.
Outlook
Although disappointed with the sales performance during the last six weeks of the first half we are pleased by the progress made during the period improving the foundations of the Group. Sales growth will continue to be challenging given the uncertainty that remains whilst awaiting the outcome of Brexit negotiations; however, as a UK manufacturer with a strong position in the UK and internationally and an ever increasing product portfolio, we are well placed to moderate these risks and take advantage of growth opportunities as they arise.
Given the financial performance of the Group and resulting cash flow we are pleased to be able to maintain the policy introduced in 2017 of paying an interim dividend of 0.8p (2018: 1.75p) to be paid on the 24 October 2019 to shareholders on the register at close of business on 20 September 2019. The ex-dividend date is 19 September 2019.
Martin Toogood
Chairman
2 August 2019
Consolidated Income Statement 6 months ended 30 June 2019 Unaudited Unaudited Audited 6 months 6 months 12 months ended ended ended 30 June 30 June 31 December 2019 2018 2018 GBP000 GBP000 GBP000 Continuing Operations Revenue 8,890 9,132 19,260 Operating costs (7,945) (7,787) (16,536) Other operating income 140 136 291 Operating profit before exceptional items 1,085 1,481 3,015 Exceptional costs - - - Unrealised valuation gain - - 250 ------------------------------ --- ---------- ------------- ------------------ Operating profit 1,085 1,481 3,265 Finance income 3 - 1 Finance costs (143) (158) (355) Finance costs relating to GMP Equalisation - - (299) ------------- ------------------ Profit before taxation 945 1,323 2,612 Taxation (10) (9) 785 ---------- ------------- ------------------ Profit attributable to shareholders of the group from continuing operations 935 1,314 3,397 ========== ============= ================== Discontinued Operations Loss attributable to shareholders of the group from discontinued operations - (359) (1,389) Profit attributable to shareholders of the group for the period 935 955 2,008 ========== ============= ================== Earnings per share (basic and diluted) for continuing operations 2.26p 3.18p 8.21p Earnings per share (basic and diluted) for the group 2.26p 2.31p 4.86p Consolidated Statement of Comprehensive Income 6 months ended 30 June 2019 Unaudited Unaudited Audited 6 months 6 months 12 months ended ended ended 30 June 30 June 31 December 2019 2018 2018 GBP000 GBP000 GBP000 Profit attributable to shareholders of the group 935 955 2,008 Actuarial loss recognised in the pension scheme - - (1,284) Related deferred taxation - - 218 ------------- ------------------ - - (1,066) ---------- ------------- ------------------ Unrealised valuation gain - 39 78 Related deferred taxation - - (13) ------------- ------------------ - 39 65 ---------- ------------- ------------------ Total other comprehensive income - 39 (1,001) ---------- ------------- ------------------ Total comprehensive income attributable to shareholders of the group 935 994 1,007 ========== ============= ================== Consolidated Balance Sheet as at 30 June 2019 Unaudited Unaudited Audited 30 June 30 June 30 December 2019 2018 2018 GBP000 GBP000 GBP000 Non-current assets Property, plant and equipment 5,182 5,107 5,108 Intangible assets 69 114 95 Investment property 3,400 3,150 3,400 Deferred tax asset 1,457 1,415 1,466 --------------------- ---------------- 10,108 9,786 10,069 Current assets Inventories 7,363 6,918 6,797 Trade and other receivables 4,621 2,870 2,330
Cash and cash equivalents 1,436 2,448 2,732 --------------- --------------------- ---------------- 13,420 12,236 11,859 --------------------- ---------------- Total assets 23,528 22,022 21,928 --------------- --------------------- ---------------- Current liabilities Trade and other payables (3,614) (4,793) (3,571) Provisions (320) - (320) Obligations under finance leases (190) (185) (187) --------------------- ---------------- (4,124) (4,978) (4,078) Non-current liabilities Pension deficit (3,625) (2,114) (3,688) Deferred tax (304) (268) (305) Loan (1,551) - - Obligation under finance leases (227) (417) (323) --------------------- ---------------- (5,707) (2,799) (4,316) --------------- --------------------- ---------------- Total liabilities (9,831) (7,777) (8,394) --------------- --------------------- ---------------- 13,697 14,245 13,534 =============== ===================== ================ 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 3,096 3,165 3,096 Retained earnings (3,859) (3,380) (4,022) --------------------- ---------------- 13,697 14,245 13,534 =============== ===================== ================ Consolidated Cash Flow Statement 6 months ended 30 June 2019 Unaudited Unaudited Audited 6 months 6 months 12 months ended ended ended 30 June 30 June 31 December 2019 2018 2018 GBP000 GBP000 GBP000 Cash flow from operating activities Profit for the period 935 1,314 2,008 Depreciation 157 155 372 Amortisation 32 28 58 Finance costs 137 158 654 Loss on disposal of property, plant and equipment - - (291) Taxation 10 9 (785) Unrealised valuation gain - - (250) ---------------- ---------------- Operating cash flows before movements in working capital 1,271 1,664 1,766 (Increase) / decrease in inventories (566) (762) 140 (Increase) / decrease in trade and other receivables (291) (700) 581 Increase / (decrease) in trade and other payables 43 972 (174) Increase / (decrease) in provisions for liabilities and charges - - 20 ---------------- ---------------- Cash generated from operations 457 1,174 2,333 Income tax received - - - Contributions to defined benefit pension scheme (200) (200) (400) ---------------- ---------------- Net cash generated from operating activities 257 974 1,933 ------------------- ---------------- ---------------- Investing activities Payments to acquire intangible fixed assets (6) (43) (399) Payments to acquire tangible fixed assets (230) (18) (29) Receipts from sales of tangible fixed assets - - 513 ---------------- ---------------- (236) (61) 85 ------------------- ---------------- ---------------- Financing activities Interest paid (6) (8) (14) Interest received 3 - 1 Proceeds from loan 1,700 - - Loan to Airea Employee Benefit (2,000) - - Trust Finance lease repayments (93) (91) (183) Repayment of loan (149) - - Equity dividends paid (772) (2,068) (2,792) ---------------- ---------------- Net cash used in financing activities (1,317) (2,167) (2,988) ------------------- ---------------- ---------------- Net decrease in cash and cash equivalents (1,296) (1,254) (970) Cash and cash equivalents at start of the period 2,732 3,702 3,702 ---------------- ---------------- Cash and cash equivalents at end of the period 1,436 2,448 2,732 =================== ================ ================ Consolidated Statement of Changes in Equity 6 months ended 30 June 2019 Share Share Capital Revaluation Profit Total capital premium redemption reserve and loss equity account reserve account GBP000 GBP000 GBP000 GBP000 GBP000 GBP000 At 1st January 2018 10,339 504 3,617 3,126 (2,267) 15,319 Comprehensive income for the period Profit for the period - - - - 2,008 2,008 Actuarial loss recognised on the pension scheme - - - - (1,066) (1,066) Revaluation of property - - - 65 - 65 Total comprehensive income for the year - - - 65 942 1,007 Contributions by and distributions to owners Dividend paid - - - - (2,792) (2,792) Revaluation reserve transfer - - - (95) 95 - Total contributions by and distributions to owners - - - (95) (2,697) (2,792) At 31st December 2018
and 1st January 2019 10,339 504 3,617 3,096 (4,022) 13,534 Comprehensive income for the period Profit for the period - - - - 935 935 Actuarial loss recognised - - - - - - on the pension scheme Total comprehensive income for the year - - - - 935 935 Contributions by and distributions to owners Dividend paid - - - - (772) (772) Total contributions by and distributions to owners - - - - (772) (772) At 30th June 2019 10,339 504 3,617 3,096 (3,859) 13,697 1 BASIS OF PREPARATION AND ACCOUNTING POLICIES The financial information for the six months ended 30 June 2019 and the six months ended 30 June 2018 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 year ended 31st December 2018 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 the period ended 31st December 2018. These policies are set out in the annual report and accounts for the period ended 31st December 2018 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 The residential carpets business was closed during 2018 with the below analysis for comparative purposes with no additional costs incurred during the current period. Unaudited Unaudited Audited 6 months ended 6 months 12 months ended ended 30 June 30 June 31 December 2019 2018 2018 GBP000 GBP000 GBP000 Discontinued operations Revenue 920 935 Operating costs - (2,313) (2,324) -------------- ---------------- Loss before taxation - (1,393) (1,389) Taxation - 1,034 - ------------------- -------------- ---------------- Loss attributable to shareholders of the group from discontinued operations - (359) (1,389) =================== ============== ================
Enquiries:
Neil Rylance 01924 266561 Chief Executive Officer Paul Stevenson 01924 266561 Group Finance Director Peter Steel / Ben Farrow 020 7496 3000 N+1 Singer
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 EAKPFEESNEFF
(END) Dow Jones Newswires
August 02, 2019 02:00 ET (06:00 GMT)
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