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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Coral Products PLC | AQSE:CRU.GB | Aquis Stock Exchange | Ordinary Share | GB0002235736 |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 10.00 | 9.00 | 11.00 | 10.00 | 10.00 | 10.00 | 0.00 | 07:01:06 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
TIDMCRU
RNS Number : 2887J
Coral Products PLC
12 December 2022
CORAL PRODUCTS PLC
("Coral" or the "Group")
Interim Results
Coral Products plc, a specialist in the design, manufacture and supply of plastic products, announces its results for the six months to 31 October 2022.
"Investing in Growth - Organically and via Acquisition"
Financial headlines Six months Six months to to 31 October 31 October 2022 2021 % Change GBP17.6 Group sales million GBP7.1 million 147.9% ---------------------------------------- ---------------- ---------------- --------- Gross profit GBP4.8 million GBP2.5 million 92.0% ---------------------------------------- ---------------- ---------------- --------- Underlying operating profit (excluding finance expenses) * GBP1,376,000 GBP759,000 81.3% ---------------------------------------- ---------------- ---------------- --------- Reported profit before taxation GBP894,000 GBP 510,000 75.3% ---------------------------------------- ---------------- ---------------- --------- Underlying EBITDA * GBP1,881,000 GBP1,014,000 85.5% ---------------------------------------- ---------------- ---------------- --------- Underlying basic earnings per share * 1.17p 0.81p 44.4% ---------------------------------------- ---------------- ---------------- --------- Interim dividend per share 0.50p 0.50p ---------------------------------------- ---------------- ---------------- ---------
* The financial headlines disclosed as underlying represent the reported metrics excluding separately disclosed items (being share based payment charges, amortisation of intangible assets and other one-off costs in each period), see note 7.
Operational and Financial Highlights
Completed Acquisitions
Of the GBP17.6m in sales, GBP10.3m came from the acquired businesses:
-- May 2022, Film & Foil Solutions Ltd acquired for GBP3.0m. -- May 2022, Alma Products Ltd acquired for GBP2.5m (including an earn out of up to GBP1m). -- September 2022, Manplas Ltd acquired for GBP300k. -- October 2022, Ecodeck Ltd acquired for GBP5.5m (including an earn out of up to GBP1.15m).
Underlying businesses performing well
-- Organic growth in the 2 larger UK-based businesses, Tatra-Rotalac and Customised Packaging, of a combined 11.1% and an improvement in gross margin.
-- This was offset by Global One Pak which performed in line with management expectations and with improved margins in spite of supply chain challenges which are expected to improve in the last quarter as production moves from China to the UK.
-- Tatra-Rotalac exceeded expectations with both sales and profits significantly ahead of budget.
-- Customised Packaging continues to perform well with focus on driving efficiencies.
Targeted Capex Plan to deliver future growth
-- Committed GBP2.5m to support future demand for new opportunities
o New injection moulding machines to create new lines
o Tooling for specific products and anticipated orders
o Re-configured warehouse space to create 5000 sq. ft of additional manufacturing capacity upgraded to BRC standard
Financial Strength
-- Cash and cash equivalents of GBP3.8m (2021: GBP5.5m). Cash and cash equivalents are defined as cash of GBP3.8m (2021: GBP4.8m) plus treasury shares of GBPnil (2021: GBP0.7m).
-- Strong net assets position. -- Property has been revalued resulting in an increase of GBP0.9m to GBP3.2m -- Interim dividend of 0.5p declared.
Sustainability Objectives
-- The Group is proud of its focus on sustainability:
o Adoption of bio-based materials.
o Increasing move to re-cyclable materials.
o Supply chain tracking and transparency.
Positive Outlook
-- Benefit from the acquired businesses to continue to come through in the second half of the year with significant opportunities to drive margins through real efficiencies, optimising people, assets and market opportunities.
-- Variable costs well managed across the Group with energy costs fixed. -- Potential for further M&A subject to meeting "value add" criteria. -- Overall, well placed going into the second half of the financial year.
Joe Grimmond, Executive Chairman, commented: "These excellent results reflect our ongoing investment in future growth. Our objective is to build a specialist UK plastics business of scale, targeting profitable, high-demand sectors. We aim to drive growth both organically and via acquisitions, whilst maintaining our commitment to sustainable objectives. In the 6-month period to 31 October 2022, we acquired four companies, all of which have performed well and we have committed GBP2.5m of capex into specific new business projects. At the same time, we remain prudent with a strong balance sheet, backed by freehold assets and cash, and we look to return value to shareholders via dividends and capital growth. And as a result, we are announcing an interim dividend of 0.5p. Like all businesses, we are mindful of the challenging economic environment, nevertheless, we believe Coral is in a good position going forward and we have yet to show the full benefit of our investments to date."
Joe Grimmond, Chairman, and Sharon Tinsley, Finance Director, will provide a live investor presentation relating to the financial results via the Investor Meet Company (IMC) platform on Wednesday, 14 December 2022 at 10:30am GMT.
Investors can sign up for free via: https://www.investormeetcompany.com/coral-products-plc/register-investor
Enquiries: www.coralproducts.com Tel: -------------------------------- ----------------------- -------------- Coral Products plc Joe Grimmond Executive Chairman 07703 518 148 Cenkos Securities plc Adrian Hadden, Charlie Combe NOMAD and Broker 020 7397 8900 Novella Communications Tim Robertson/Safia Colebrook coral@novella-comms.com Financial PR 020 3151 7008
Regulatory Information
The information contained within this announcement is deemed to constitute inside information for the purposes of Article 7 of EU Regulation 596/2014 (Market Abuse Regulations) which is part of UK law by virtue of the European Union (Withdrawal) Act 2018. Upon publication of this announcement, this inside information is now considered to be in the public domain.
Caution regarding forward looking statements
This announcement contains unaudited information and forward-looking statements that are based on current expectations or beliefs, as well as assumptions about future events. These forward-looking statements can be identified by the fact that they do not relate only to historical or current facts and undue reliance should not be placed on any such statement because they speak only as at the date of this document and are subject to known and unknown risks and uncertainties and can be affected by other factors that could cause actual results, and Coral's plans and objectives, to differ materially from those expressed or implied in the forward-looking statements. Coral undertakes no obligation to revise or update any forward-looking statement contained within this announcement, regardless of whether those statements are affected because of new information, future events or otherwise, save as required by law and regulations.
Executive Chairman's Statement
Introduction
I am very pleased to present these results as they reflect our clear progress towards building a specialist UK plastic business of scale. The investments we have made in the period, adding four new plastic businesses, has driven the uplift in sales alongside solid organic growth generated from our existing businesses. Importantly, whilst all four acquisitions have performed to plan, there is significant untapped potential to come. As a management team, we are confident of our ability to add real value to each business, using our extensive knowledge of how to make consistent and attractive returns from the specialist plastics sector. Going into the second half of the financial year, we expect to continue to benefit from the acquisitions and the capital expenditure invested behind new business projects.
Results and Financial Position
Trading in the first half of the current year shows revenue substantially ahead of the same period for last year. Reported revenue was GBP17,587,000 (2021: GBP7,103,000), gross margins were 27.1% (2021: 35.7%) resulting in a gross profit of GBP4,759,000 (2021: GBP2,534,000). Underlying EBITDA was GBP1,881,000 (2021: GBP1,014,000) and underlying operating profits increased to GBP1,376,000 (2021: GBP759,000).
The change in gross margin reflects a change in the mix of companies within the Group due to acquisitions whilst gross margins on existing businesses improved. After investing GBP11,571,000 in new subsidiaries the gearing remains comfortable at 41%. The balance sheet net asset position is strong at GBP1 4 ,881,000 (2021: GBP12,376,000 net of GBP693,000 treasury shares). This represents a solid asset platform for developing the business.
Operations
Tatra-Rotalac Ltd
This business, a leading provider of plastic extrusion and injection moulded products for commercial use, has exceeded the board's expectations during the first half of the financial year with sales and profits well above budget. The recent capital expenditure is expected to generate additional improvements to performance in the final quarter of the year.
Global One-Pak Ltd
This business, a leading supplier of lotion pumps, triggers and mist sprayers, is currently being held back due to logistical cost increases in Chinese trading. Performing against a much-reduced sales budget and cost base, Global One Pak has improved gross margin and operating profit.
Performance in the second half of the financial year is expected to improve during the final quarter when production of some caps and enclosures begins in the UK.
Customised Packaging Ltd
This business, a producer of specialised packaging for transportation including crates and cases, continues to perform well. Following the departure of the old management team in the earlier part of the year, focus has been on improving efficiencies within the business. Customised Packaging maintained sales and improved margin and profit.
Film & Foil Solutions Ltd
This business joined the group in May 2022. It is a market leading converter and stockist of flexible packaging film, print lamination film and speciality plastics, paper and aluminium foils. This business came with freehold premises valued at GBP2.2 million. This acquisition reinforces our focus on niche, specialist operators in the plastics sector.
Alma Products Ltd
This business joined the Group in May 2022. It is a niche specialist and expert in extrusion, thermoforming and container printing serving the food industry, providing formable plastic sheet for Form-Fill-Seal applications, thermoformed and printed plastic food packaging. This business is very well invested in state-of-the-art sheet extrusion, volume vacuum forming and one of the most advanced computer-controlled printing facilities in the industry. This business came with freehold premises valued at GBP1 million.
Manplas Ltd
This business joined the Group in September 2022. The premises adjoin those of our Tatra Rotalac subsidiary and will enable further development of the Tatra Rotalac business by expanding manufacturing space available without the substantial costs involved in increasing the required power supply. Furthermore, the services provided by Manplas are complementary to those of our Customised Packaging ltd subsidiary also located nearby.
The combined acknowledged expertise of Customised Packaging and Manplas forms what will be a leading provider of customised product protection solutions solving logistical problems across multiple sectors. This is in line with our objective of building a specialist group of businesses which are product and design led.
Ecodeck Ltd
This business joined the Group in October 2022. This business is a natural strategic fit for the group. The plastic grids offer natural synergy with some of Coral's existing products, including manufacturing synergies. There is potential to leverage Ecodeck's ecommerce platform for other group eco-friendly products.
Capital Expenditure
Total capital expenditure committed to in the first six months was GBP2,500,000 (2021: GBP375,000) all related to new product opportunities. GBP854,000 of which has been paid in advance.
Dividends
The board have declared an interim dividend of 0.50 pence per share (2021: 0.50p). The ex-dividend date and the record date for the interim dividend were 10 November 2022 and 11 November 2022 respectively. The interim dividend will be paid on 16 December 2022. This continues to reflect our confidence in the positive performance and profitable results of the Group.
Outlook
I am delighted with the performance of the business in the first half of the financial year. I am pleased to report that the results to date are well ahead of the same period last year, despite the prevailing uncertainties of the Covid-19 pandemic, the war in Ukraine and higher utility costs. With the new acquisitions and the increased capital expenditure in plant and equipment, tooling and premises to meet future forecast demand for new products, we remain confident of the Group's future prospects.
Joe Grimmond
Executive Chairman
12 December 2022
CONSOLIDATED INCOME STATEMENT
Six months Six months to to Year to 31 October 31 October 30 April 2022 2021 2022 (unaudited) (unaudited) (audited) GBP000 GBP000 GBP000 Note Revenue 3 17,587 7,103 14,391 Cost of sales (12,828) (4,569) (9,104) --------------- --------------- ------------ Gross profit 4,759 2,534 5,287 Operating costs Distribution expenses (443) (334) (787) Administrative expenses before separately disclosed items (2,940) (1,441) (2,926) --------------- --------------- ------------ Underlying operating profit 1,376 759 1,574 Separately disclosed items: --------------- Share based payment credit/(charge) (11) (25) (21) Amortisation of intangible assets (163) (163) (327) Reorganisation costs (49) - (158) Gain on sale of land and buildings - - 383 One off cost of living payment to all staff - - (39) (223) (188) (162) Operating profit/(loss) 1,153 571 1,412 Finance expense (259) (61) (82) --------------- --------------- ------------ Profit/(loss) before taxation 894 510 1,330 Note Taxation 4 (89) - (363) --------------- --------------- ------------ Total comprehensive income/(loss) 805 510 967 --------------- --------------- ------------ Earnings per ordinary share Note 5 Basic and diluted (pence) 0.92 0.59 1.19 Underlying basic (pence) 1.17 0.81 1.39 --------------- --------------- ------------
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
31 October 31 October 30 April 2022 2021 2022 (unaudited) (unaudited) (audited) GBP000 GBP000 GBP000 Non-current assets Goodwill 7,506 1,945 1,945 Other intangible assets 752 1,079 916 Property, plant and equipment 7,144 1,133 749 Right of use assets 1,960 1,117 1,393 Total non-current assets 17,362 5,274 5,003 -------------- -------------- ------------ Current assets Inventories 5,570 1,752 1,781 Trade and other receivables 8,662 3,371 3,237 Cash and cash equivalents 3,820 4,780 7,589 Total current assets 18,052 9,903 12,607 -------------- -------------- ------------ Assets held for sale - 2,500 - Current liabilities Bank overdrafts and borrowings (6,338) (1,832) (1,389) Trade and other payables (9,875) (1,906) (2,800) Lease liabilities (709) (405) (416) Total current liabilities (16,922) (4,143) (4,605) -------------- -------------- ------------ Non-current liabilities Borrowings (1,139) - - Lease liabilities (1,757) (866) (907) Deferred taxation (715) (292) (391) -------------- -------------- ------------ Total non-current liabilities (3,611) (1,158) (1,298)
-------------- -------------- ------------ Total liabilities (20,533) (5,301) (5,903) -------------- -------------- ------------ Total net assets 14,881 12,376 11,707 -------------- -------------- ------------ Shareholders' Equity Share capital 903 859 859 Share premium 6,272 5,621 5,621 Investment in Own shares - (693) (1,008) Other reserves 2,050 1,567 1,061 Retained earnings 5,656 5,022 5,174 -------------- -------------- ------------ Total equity 14,881 12,376 11,707 -------------- -------------- ------------
CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDERS' EQUITY
Share Share Treasury Other Retained Total capital premium shares reserves earnings equity GBP000 GBP000 GBP000 GBP000 GBP000 GBP000 At 1 May 2022 859 5,621 (1,008) 1,061 5,174 11,707 Total comprehensive income - - - - 805 805 Credit for share based payment - - - - 11 11 Sale of treasury shares - - 1,008 136 - 1,144 Issue of new shares 44 651 - - - 695 Revaluation reserve - - - 853 - 853 Dividend paid - - - - (334) (334) --------- --------- --------- ---------- ---------- -------- At 31 October 2022 903 6,272 - 2,050 5,656 14,881 --------- --------- --------- ---------- ---------- --------
For the six months to 31 October 2021 (unaudited)
Share Share Treasury Other Retained Total capital premium shares reserves earnings equity GBP000 GBP000 GBP000 GBP000 GBP000 GBP000 At 1 May 2021 859 5,621 (218) 1,567 4,908 12,737 Total comprehensive income - - - - 510 510 Charge for share based payment - - - - 25 25 Purchase of treasury shares - - (475) - - (475) Dividend paid - - - - (421) (421) At 31 October 2021 859 5,621 (693) 1,567 5,022 12,376 --------- --------- --------- ---------- ---------- --------
For the year ended 30 April 2022 (audited)
Share Share Treasury Other Retained Total capital premium shares reserves earnings equity GBP000 GBP000 GBP000 GBP000 GBP000 GBP000 At 1 May 2021 859 5,621 (218) 1,567 4,908 12,737 Total comprehensive profit - - - - 967 967 Credit for share based payment - - - - 21 21 Revaluation reserve - - - (506) 506 - Purchase of treasury shares - - (790) - - (790) Dividend paid - - - - (1,228) (1,228) At 30 April 2022 859 5,621 (1,008) 1,061 5,174 11,707 --------- --------- --------- ---------- ---------- --------
CONSOLIDATED STATEMENT OF CASH FLOWS
Six months Six months Year to to to 31 October 31 October 30 April 2022 2021 2022 (unaudited) (unaudited) (audited) GBP000 GBP000 GBP000 Cash flow from operating activities Profit for the period after tax 805 510 967 Adjustments for: Depreciation of property, plant and equipment 268 122 165 Depreciation of right of use assets under IFRS16 236 133 296 Amortisation of intangible assets 163 163 327 Share based payment (credit)/charge 11 25 21 Profit on disposal of building - - (424) Loss on disposal of fixed asset 37 - - Interest payable 259 61 82 Taxation charge/(credit) 89 - 363 (Increase)/decrease in inventories (182) 76 47 Decrease/(increase) in trade and other receivables 1,025 505 82 (Decrease)/increase in trade and other payables (5,916) (133) 761 Net cash generated from operating activities (3,205) 1,462 2,687 -------------- -------------- ------------ Cash flow from investing activities Net cash on disposal of building - - 3,500 Acquisition of subsidiaries, net of cash in bank (3,852) - - Acquisition of property, plant and equipment (854) (375) (206) Net cash (used in)/generated from investing activities (4,706) (375) 3,294 -------------- -------------- ------------ Cash flow from financing activities Interest paid on bank borrowings and invoice discounting (259) (61) (22) Interest paid on lease liabilities - - (60) Dividends paid (334) - (1,228) Repayments of obligations under lease liabilities (136) (93) (171) Purchase of treasury shares - (475) (790) Issue of new shares - - - New bank loans raised - - - Movements on invoice discounting facility 4,871 479 36 Net cash used in financing activities 4,142 (150) (2,235) -------------- -------------- ------------ Net (decrease)/increase in cash and cash equivalents (3,769) 937 3,746 Cash and cash equivalents at the start of the period 7,589 3,843 3,843 -------------- -------------- ------------ Cash and cash equivalents at the end of the period 3,820 4,780 7,589 -------------- -------------- ------------ NOTES TO THE FINANCIAL STATEMENTS ---------------------------------- 1. Basis of preparation
The financial information set out in this Interim Report does not constitute statutory accounts as defined in Section 435 of the Companies Act 2006.
These interim financial statements are for the six months ended 31 October 2022. They do not include all the information required for full annual financial statements and should be read in conjunction with the consolidated financial statements of the Group for the year ended 30 April 2022.
The Interim Report has not been reviewed by our auditor in accordance with the International Standard on Review Engagement 2410 issued by the Auditing Practices Board.
2. Significant accounting policies
The accounting policies applied by the Group in these condensed consolidated interim financial statements are the same as those applied by the Group in its consolidated financial statements for the year ended 30 April 2022.
3. Revenue
All production is based in the United Kingdom. The geographical analysis of revenue is shown below:
Six months Six months to to Year to 31 October 31 October 30 April 2022 2021 2022 (unaudited) (unaudited) (audited) GBP000 GBP000 GBP000 United Kingdom 17,166 6,827 13,799 Rest of Europe 368 186 134 Rest of the World 53 90 458 17,587 7,103 14,391 -------------- -------------- ------------ Turnover by business activity Sale and manufacture of plastic products 17,587 7,103 14,391 -------------- -------------- ------------
A breakdown of Group revenues by product group is shown below:
Six months Six months to to Year to 31 October 31 October 30 April 2022 2021 2022 (unaudited) (unaudited) (audited) GBP000 GBP000 GBP000 Extrusion and injection moulding 5,051 4,419 9,468 Trigger sprays and nozzles 708 1,168 2,094 Vacuum forming 1,919 1,516 2,829 Flexible packaging 4,744 - - Thermoforming and container 4,836 - - printing Eco-friendly grids and shed 329 - - bases 17,587 7,103 14,391 -------------- -------------- ------------ 4. Taxation
The taxation charge for the six months to 31 October 2022 is based on the effective taxation rate, which is estimated will apply to earnings for the year ending 30 April 2023. The rate used is below the applicable UK corporation tax rate of 19% due to the utilisation of tax losses in the period.
5. Earnings per share
Basic and underlying earnings per ordinary share are calculated using the weighted average number of ordinary shares in issue during the financial period of 87,554,854 (31 October 2021: 85,942,534 and 30 April 2022: 81,113,698).
Year to Six months Six months to to 30 April 31 October 31 October 2022 2021 2022 (unaudited) (unaudited) (audited) GBP000 p GBP000 p GBP000 p Basic and diluted earnings per ordinary share Profit/(loss) for the period after tax 805 0.92 510 0.59 967 1.19 --------- ----- --------- ----- ------- ----- Underlying earnings per ordinary share Underlying profit/(loss) for the period after tax 1,028 1.17 698 0.81 1,129 1.39 --------- ----- --------- ----- ------- ----- 6. Movement in Net Debt
Net debt incorporates the Group's borrowings and bank overdrafts less cash and cash equivalents. A reconciliation of the movement in the net debt is shown below:
Six months Six months Year to to to 31 October 31 October 30 April 2022 2021 2022 (unaudited) (unaudited) (audited) GBP000 GBP000 GBP000 Net (decrease)/increase in cash and cash equivalents (3,769) 937 3,746 Net increase in invoice discounting facilities (4,835) (479) (36) (Increase)/decrease in bank and other loans (1,253) - - (Increase)/decrease in lease liabilities (1,143) 223 171 Movement in net debt in the financial period (11,000) 681 3,881 Net funds/(debt) at beginning of period 4,877 996 996 -------------- -------------- ------------ Net funds/(debt) at end of period (6,123) 1,677 4,877 -------------- -------------- ------------ 7. Underlying profit and separately disclosed items
Underlying profit before tax, underlying earnings per share, underlying operating profit, underlying earnings before interest, tax, depreciation and amortisation are defined as being before share based payment charges, amortisation of intangibles recognised on acquisition, acquisition costs, reorganisation costs, compensation for loss of office, impairment of goodwill and impairment loss on trade receivables. Collectively these are referred to as separately disclosed items. In the opinion of the directors the disclosure of these transactions should be reported separately for a better understanding of the underlying trading performance of the Group.
Six months Six months Year to to to 31 October 31 October 30 April 2022 2021 2022 (unaudited) (unaudited) (audited) GBP000 GBP000 GBP000 Operating profit/(loss) 1,153 571 1,412 Separately disclosed items within administration expenses ------------------------------------------------------------ -------------- ------------ Share based payment (credit)/charge 11 25 21 Amortisation of intangible assets 163 163 327 Reorganisation costs 49 - 158 Gain from the sale of land and buildings - - (383) One off cost of living payment to all staff - - 39 Total separately disclosed items 223 188 162 -------------- -------------- ------------ Underlying operating profit 1,376 759 1,574 Depreciation 505 255 205 Underlying EBITDA 1,881 1,014 1,779 8. Business Combinations
During the period the Group acquired 100% share capital of the entities below:
-- May 2022, Film & Foil Solutions Ltd acquired for GBP3.0m.
-- May 2022, Alma Products Ltd acquired for GBP2.5m (including an earn out of up to GBP1m) plus the excess cash of GBP210,000.
-- September 2022, Manplas Ltd acquired for GBP300k.
-- October 2022, Ecodeck Ltd acquired for GBP5.5m (including an earn out of up to GBP1.15m) plus the excess cash of GBP61,000.
Details of the fair value of identifiable assets and liabilities acquired, purchase consideration and goodwill are as follows:
Net assets acquired Alma Film Ecodeck Manplas Total Products & Foil GBP'000s GBP'000s GBP'000s GBP'000s GBP'000s ------------------------------- ---------- ---------- ---------- ---------- ---------- Cash and cash equivalents 706 363 1,462 26 2,557 Property, plant and equipment 1,472 2,831 236 115 4,654 Right of use assets 434 229 - 652 1,315 Inventories 881 1,773 112 341 3,107 Trade and other receivables 1,871 3,495 107 585 6,058 Trade and other payables (3,556) (5,933) (576) (1,616) (11,681) ---------- ---------- ---------- ---------- ---------- Total net assets 1,808 2,758 1,341 103 6,010
---------- ---------- ---------- ---------- ---------- Fair value of consideration GBP'000s paid ------------------------------- ---------- ---------- ---------- ---------- ---------- Cash 1,710 2,250 3,411 200 7,571 Shares - 750 1,000 100 1,850 Deferred consideration 1,000 - 1,150 - 2,150 ---------- ---------- ---------- ---------- ---------- Total consideration 2,710 3,000 5,561 300 11,571 ---------- ---------- ---------- ---------- ---------- Goodwill 902 242 4,220 197 5,561 ---------- ---------- ---------- ---------- ----------
As of the date of this report the purchase price allocation exercise was not complete therefore all the intangibles have been recognised as goodwill for the purposes of this report.
As part of the acquisition agreement with Ecodeck, if the profit during the year to 31 January 2023 exceeds GBP1,000,000 then an earn out will be paid equal to GBP3 for every GBP1 of profit before tax that exceeds GBP1,000,000. The maximum earn out will not exceed GBP1,150,000.
As part of the acquisition agreement with Alma Products, if the EBITDA during the year to 30 April 2023 is equal to GBP500,000 then an earn out will be paid equal to GBP1,000,000. If EBITDA is below GBP500,000 then an earn out will be paid will be equal to GBP1,000,000 less an amount equal to GBP5 for each GBP1 EBITDA is below GBP500,000. If EBITDA is more than GBP500,000, an additional earn out will be paid of GBP2.50 for every GBP1 by which EBITDA exceeds GBP500,000. The maximum earn out will not exceed GBP1,500,000.
Since the acquisition dates, the companies have contributed the below revenues and profit before tax:
Revenue Profit GBP'000s GBP'000s Film & Foil Solutions Ltd 4,744 15 Alma Products Ltd 4,836 255 Manplas Ltd 375 (29) Ecodeck Ltd 329 26 ---------- ---------- 10,284 267 ---------- ----------
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