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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
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National Milk Records plc | AQSE:NMRP | Aquis Stock Exchange | Ordinary Share | GB00B5TWCQ18 |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 0.00 | - |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
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0 | 0 | N/A | 0 |
TIDMNMRP
RNS Number : 6415B
National Milk Records PLC
04 October 2022
04 October 2022
National Milk Records plc
('NMR', or the 'Company' or the 'Group')
2022 Audited Final Results
National Milk Records plc, the established agri-tech information services provider in UK dairy, listed on Aquis Stock Exchange (AQSE:NMRP), is pleased to announce its audited accounts for the year ended 30 June 2022.
Financial Overview
-- Group revenue of GBP23.2 million (2021: GBP21.9 million), an increase of 5.7% -- Operating Profit of GBP1.6 million (2021: GBP1.3 million), an increase of 20.3% -- Underlying EBITDA (*)of GBP2.7 million (2021: GBP2.4 million), an increase of 10.6% -- Diluted EPS of 11.5 pence (2021: 9.6 pence)
-- Net debt (**)reduced to GBP0.4 million and 0.15 times underlying EBITDA (2021: GBP1.0 million and 0.43 times underlying EBITDA)
-- Proposed dividend of 2.0 pence per share (2021: 1.5 pence)
(*) Underlying EBITDA is Operating Profit before charges for depreciation, amortisation and share based payments ( ** ) Net debt is the sum of cash less bank loans and obligations under finance leases and hire purchase agreements
Operational Overview and Strategic Growth
-- Established revenue streams driving growth with Johne's disease testing up 9.8%, on-farm software
revenues up 10.3% and core milk recording up 3.9%
-- Genomics testing laboratory fully operational and supporting revenue growth of 67.0%
-- Research commissioned in US to support anticipated commercial launch of Genocells in 2023, including a field trial at the renowned University of Wisconsin dairy herd
-- Increased capital investment (up 18%), increased proposed final dividend (up 33%), and lower net debt (down 63%)
-- Partnership agreement with Genus plc for bovine female genomic testing Managing Director, Andy Warne, commented:
"Amidst the volatility that the wider world is experiencing, I'm pleased to report steady progress by NMR towards our strategic objectives, and continued growth in our financial performance. After the impacts of Covid-19 on trading in the previous year, the concerns caused by the pandemic have been significantly diminished. Russia's invasion of Ukraine in February 2022 caused new concerns with issues of global food and energy security, and high inflation. These inflationary pressures have significantly impacted UK dairy, with input costs for farmers surging for feed, fuel, and fertiliser. Couple that with the extreme weather and drought conditions towards the end of the NMR financial year, it's remarkable that UK milk supplies are down by as little as 1.5% year-on-year.
"The growth in NMR's earnings in the year reflects our critical role in in the dairy supply chain for the UK, as well as our innovation and ambition to pursue the benefits and opportunities in our strategic plan. It is also a testament to the focus and determination of the NMR team that we can make progress towards our strategic goals amidst the turmoil of inflation, uncertain financial markets and even drought: my thanks and appreciation goes out to the wider NMR team, and in particular recognising the vital role played by our self-employed milk recorders and samplers. The engagement of our staff in the NMR mission and purpose is encouraging. I am also happy to report a boost to our employee welfare schemes with the option for all employees to enter a cash plan to provide essential healthcare.
"Following on from the gains we are making in Genomics testing, in no small part due to our partnership with the UK's largest genetics supplier, Genus plc, I am excited by the opportunity that Genocells technology can bring to the Company and our customers. We believe this new technology represents the biggest step forward in the recording sector for 20 years, enabling cell-count testing for whole herds from a single sample of milk from the bulk tank, and in so doing, opens up new sectors for NMR, not least our first venture in overseas markets as we take Genocells technology into the United States ('US').
"With regards to the UK dairy sector, the trajectory remains one of higher standards and higher yields, together with a strong milk price in the face of high inflation and security of supply. We remain in a reliable and robust sector, pursuing growth and improvement, with consequent investment in our infrastructure and capacity.
"In the year ahead, NMR will be pursuing the growth and investment ambition in our strategic plan and I look forward to updating shareholders on the Company's progress in due course."
For further information please contact:
National Milk Records plc andywa@nmrp.com Andy Warne, Managing Director markfr@nmrp.com Mark Frankcom, Finance Director Canaccord Genuity Adam James Harry Rees +44-20-7523- 8000 BlytheRay (Financial PR) Megan Ray Rachael Brooks +44-20-7138- 3204
STRATEGIC REPORT
The Directors, in preparing this Strategic Report, have complied with s414C of the Companies Act 2006.
Business Model
NMR tests individual animal milk samples and collects data for approximately 50% of the UK's 1.8 million cows. In addition, its laboratories provide payment testing and disease testing services for Britain's milk processors. NMR is piloting its revolutionary Genocells technology, a genomic testing service under its brand, GeneEze. Genocells and GeneEze together will not only identify the genetic potential of cattle from a very young age but also predict mastitis cases in the milking herd without the need for taking individual milk samples. NMR holds the exclusive licence for Genocells for the UK and US markets.
The nature of the dairy industry is such that milk samples are delivered to NMR laboratories from every dairy farm in Great Britain for every collection of milk. The majority of the Company's revenue is on a subscription basis and collected via direct debit.
In line with its Strategic Plan, NMR has been reporting internally against five revenue streams; Core Services, Testing Adjacencies, Surveillance Adjacencies, Other Adjacencies, and Genomics. The annual report is presented again on this basis. These revenue streams are compared in Note 2 to the accounts.
Business Review Summary
-- Operating Profit of GBP1.6 million (2021: GBP1.3 million), an increase of 20.3% -- Revenues of GBP23.2 million (2021: GBP21.9 million), an increase of 5.7% -- Diluted EPS of 11.5 pence (2021: 9.6 pence), an increase of 19.8% -- Net Debt of GBP0.4 million (2021: GBP1.0 million), only 0.15x underlying EBITDA -- Proposed Dividend of 2.0 pence (2021: 1.50 pence)
After the uncertainty of the Covid-19 pandemic, and consequent interruption to services in the previous financial year, this financial year has been more stable. Turnover for the year ended 30 June 2022 was GBP23.2 million and grew by 5.7% compared to 2021. The key drivers of growth in revenue were in Core Services (up 4.5%) and Johne's disease testing (up 9.8%); Surveillance Adjacencies (up 10.6%); On-Farm-Software (up 10.3%); and Genomics testing (up 67.0%), albeit from a low base.
Underlying Earnings Before Interest Tax Depreciation and Amortisation ('Underlining EBITDA') is defined as Operating Profit adding back charges for Share Based Payments, Depreciation and Amortisation. In the year to June 2022, Underlying EBITDA was GBP2.671 million, an increase of GBP0.256 million or 10.6%. As a percent of revenue, Underlying EBITDA % increased to 11.5% (2021: 11.0%) despite carrying expensed investment costs of GBP139,000 for the preparation of plans for the launch of Genocells in the US market.
Net Assets increased by GBP1.805 million in the year to stand at GBP8.825 million as at 30 June 2022. Key changes include Intangible Assets (up by GBP0.902 million); Investments (up by GBP0.579 million principally the IML Joint Venture in Ireland); and a reduction in Net Debt of GBP0.256 million.
At the balance sheet date, cash was GBP2.075 million and Net Debt stood at GBP0.391 million.
The Group generated GBP2.741 million of operating cash flow in the year to June 2022, spending GBP1.924 million on capital investment (2021: GBP1.628 million), GBP0.314 million on dividends (2021: GBP0.262 million) and zero on corporation tax. NMR continues to enjoy a corporation tax holiday from the losses accruing from exiting the Milk Pension Fund in June 2017, topped-up by Advance Capital Allowances and claims for Research and Development under the Small Businesses scheme. Principal investments in the year included liquid handlers and analysers in the laboratories, the exclusive licence for Genocells technology in the United States, development of CRM and Finance systems in Microsoft Dynamics 365, and laying down the technology for Genomics testing and Genocells.
The intangible asset developments in the year include delivery of the first phases of a new solution for Genomics testing, driven by the commercial opportunity with Genus. With reuse at its centre, this development under NMR's Future State Architecture is extendable and forms part of the building blocks for the Genocells service in the UK and the US. Also, the acceleration of CRM functionality within Dynamics 365 has been scoped to support CRM functions such as lead management, case management and customer segmentation.
Business Risks and Uncertainties
NMR's principal risks and uncertainties are considered by the audit committee on a regular basis and a risk register is maintained. The register groups identified risks into seven categories, up from six last year, and assesses each risk against its likelihood and potential impact, and an overall score is provided. The seven categories are Financial, Commercial, IT, Environmental, Social and Governance ('ESG'), People, Property, and Investors/Stock markets. Key actions and mitigations are recorded in the table below:
Risk Category Key Actions and Mitigations Primary Responsibility Finance Forecasting. Finance Finance Director facilities. Financial controls and authorities. -------------------------------- -------------------------------- Stock markets Investor Relations. Independent Managing Director/ Finance research. Communications. Director -------------------------------- -------------------------------- Commercial Strategic Plan. Focus. Managing Director Measurement of KPIs (Number of Cows and Revenue per unit). Service excellence. -------------------------------- -------------------------------- IT Future State Architecture. IT Director Infrastructure. Business Continuity Planning. -------------------------------- -------------------------------- People Succession planning. RemCo and HR Director Reward schemes. Engagement. -------------------------------- -------------------------------- ESG Focus and orientation Board around ESG. Support from professional advisors. -------------------------------- -------------------------------- Property Access and security systems. IT Director -------------------------------- --------------------------------
Going Concern
The 12 months ending June 2022 have seen another rash of uncertainty prevailing for businesses and society more generally. After the significant impacts of Covid-19 on trading in the year before, the concerns caused by the pandemic have been significantly diminished. Russia's invasion of Ukraine in February 2022 caused new concerns with issues of global food and energy security, and high inflation. These inflationary pressures have significantly impacted UK dairy, with input costs for farmers surging for feed, fuel, and fertiliser. Against these uncertainties, NMR has certain protections that give the Board of Directors confidence to prepare the accounts for the year on a going concern basis. These include the reliability of our trading and cash flow performance; the strength of our balance sheet; our trading outlook; and our ability to flex activity and cash flows if required.
Based on our conservative EBITDA planning trajectory, the headroom in our finance facilities, our ability to change the phasing of our investment as well as responding to any trading issues, the NMR Board is confident it has the liquidity in place to continue in operational existence for the foreseeable future and for at least the next 21 months and so supports the preparation of the 2022 accounts on a going concern basis.
Key Performance Indicators
We continue to use the NMR Scorecard as a measure of our financial and operational performance. Consistent with previous years, we determine that the most fundamental KPIs from an investor's perspective are:
-- The number of cows on NMR's database -- The turnaround time for recording services -- The average revenue per milk producer
Over the financial year ending 30 June 2022, the number of cows on the database fell by 0.9% to 674,809 cows, although this decline was only 0.3% when measured at the end of July. The KPI for turnaround statistics which measures the total time from samples leaving the farm, to results being processed and returned, remains at a sector-leading 2.0 days (2021: 2.0 days). The average revenue per milk producer reflects NMR's strategic intent to maximise testing from each individual bulk tank sample. Measured on a rolling three-month basis, this has increased by 2.1% in the year and now stands at GBP41.96 (2021: GBP41.08) even allowing for some reductions in tanker testing for some processors.
Strategy and Future Developments
The Strategy Committee of the Board, led by Dr James Andrews, has reviewed the strategic priorities for the business. The over-arching strategy remains unchanged, focusing on NMR's core business of milk testing whilst growing NMR's suite of new milk-based tests and driving complementary services in provenance and food supply chain. The strategic priorities translate into individual workstreams reviewed and managed by the Executive Leadership Team ('ELT'), with highlights including Lead to Cash (Implementation and exploitation of Customer and Finance systems); Next Generation Milk recording (Genomics and Genocells); the journey to one million cows (recruitment and retention strategies); and Second engine (extending services into new markets, including Genocells into the United States).
The work to pursue GenoCells technology in the United States, is being backed-up by farm trials with the University of Wisconsin and market research via Farmers' Journal. Given very positive early indicators, NMR is actively engaged with potential sales channel partners to determine the optimum go-to-market launch options and will be attending the World Dairy Expo in Wisconsin in October 2022.
The next considerations for Customer and Finance systems under the Dynamics 365 project are how to balance and prioritise customer relationship requirements (such as lead management, segmentation, case management) alongside invoicing and finance, and then to develop the most effective deployment planning.
Section 172 Statement
The Board recognises the importance of the Group's wider stakeholders when performing their duties under Section 172(1) of the Companies Act and their duties to act in the way they consider, in good faith, would be most likely to promote the success of the Company for the benefit of its members as a whole, and in doing so have regard (amongst other matters) to:
-- The likely consequences of any decision in the long term. -- The interests of the Company's employees.
-- The need to foster the Company's business relationships with suppliers, customers and others.
-- The impact of the Company's operations on the community and the environment.
-- The desirability of the Company maintaining a reputation for high standards in business conduct, and
-- The need to act fairly between members of the Company.
The Board considers that all their decisions are taken with the long-term in mind, understanding that these decisions need to regard the interests of the Company's employees, its relationships with suppliers, customers, the communities, and the environment in which it operates.
In the year NMR undertook strategic developments which may affect the Group's wider stakeholders, which includes a review of the finance facilities with the bank, examining existing facilities and costs, future cash flow plans, and contingencies, together with current market rates given recent increasing movement on interest rates. As a result of the review, we have opted for two new Hire Purchase arrangements that support the accelerated investment in our laboratories (supporting the purchase of Milkoscan and BactoScan laboratory equipment. Further discussions with the bank can take place once go-live planning for Genocells in the US has been determined.
During the year, NMR has developed The Sustainable Performance Index ('SPI'), which contributes to the sustainable future of the whole dairy industry of the UK. This development has been in conjunction with 26 stakeholder groups, representing interests up and down the UK dairy supply chain. By unlocking insights from the herd data NMR already holds (including data on Fertility, Production, Health, Nutrition, and Genetics) the Index highlights performance in key areas of herd management. This means at a herd level, identifying areas of good performance and opportunities for improvement, whilst at a higher level, the SPI can be used to compare herds with their peers in relevant groupings such as those by milk-buyer, vet group or retailer, and so improve sustainability performance.
Since the Covid-19 pandemic, NMR has recognised the importance in our wellbeing and mental health awareness/support. We remind our employees regularly of the 24/7 Employee Assistance helpline providing them with support and counselling services. In addition, In July 2022 NMR signed an agreement to provide all employees the option to enter a cash plan for essential healthcare to include dental treatment, physiotherapy and much more.
In light of the unprecedented recent volatility in inflation, energy costs and food security, the Group continues to monitor developments in respect of input inflation, the cost-of-living crisis, and our ability to recruit, remunerate and retain the NMR workforce.
More information can be found on the Investors pages of the Company website www.nmr.co.uk/investors/the-quoted-company-alliance-qca-code
Andy Warne
Managing Director
CONSOLIDATED PROFIT AND LOSS ACCOUNT YEARED 30 JUNE 2022 2022 2021 GBP'000 GBP'000 Revenue 23,158 21,917 Cost of sales (13,241) (12,731) Gross profit 9,917 9,186 Administrative expenses (8,312) (7,882) Other operating income 7 36 Operating Profit 1,612 1,340 Share of operating profit in joint venture 701 413 2,313 1,753 Interest payable and similar expenses (98) (112) Income from other fixed asset investments 6 8 Profit Before Tax 2,221 1,649 Taxation on profit 222 391 Profit for the year 2,443 2,040 --------------------- --------------------- Earnings per share (pence) Basic 11.5 9.6 Diluted 11.5 9.6 CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME YEARED 30 JUNE 2022 2022 2021 GBP'000 GBP'000 Profit for the year 2,443 2,040 Exchange rate (loss)/gain on investment in joint venture 14 (75) Total comprehensive income for the year 2,457 1,965 CONSOLIDATED BALANCE SHEET AS AT 30 JUNE 2022 2022 2021 FIXED ASSETS GBP'000 GBP'000 GBP'000 GBP'000 Intangible assets 2,690 1,788 Tangible assets 3,445 3,479 Investments 1,881 1,302 8,016 6,569 CURRENT ASSETS Stock 432 506 Debtors - due within one year 3,264 3,027 Debtors - due after one year 788 907 Cash at bank and in hand 2,075 2,105 6,559 6,545 CREDITORS AMOUNTS FALLING DUE WITHIN ONE YEAR (3,889) (3,729) NET CURRENT ASSETS 2,670 2,816 TOTAL ASSETS LESS CURRENT 10,686 9,385 LIABILITIES CREDITORS AMOUNTS FALLING DUE AFTER ONE (1,840) (2,318) YEAR PROVISION FOR LIABILITIES (21) (47) ----------------------- --------------------------- NET ASSETS 8,825 7,020 ----------------------- --------------------------- CAPITAL AND RESERVES Called-up share capital 53 53 Own shares - (33) Profit and loss account 8,772 7,000 SHAREHOLDERS FUNDS 8,825 7,020 ----------------------- ---------------------------
The financial statement of National Milk Records plc, registered number 033319129, were approved by the Board of Directors and approved for issue on 03 October 2022
CONSOLIDATED STATEMENT OF CASH FLOWS YEARED 30 JUNE 2021 2022 2021 GBP'000 GBP'000 GBP'000 GBP'000 Cash flows from operating activities Profit for the financial year 2,443 2,040 Amortisation of intangible assets 265 229 Amortisation of loan expenses 12 12 Depreciation of tangible assets 641 609 Profit on disposal of tangible assets (20) (1) Share of operating profit in joint venture (701) (413) Dividend income from fixed asset investment (6) (8) Net interest payable 91 95 Taxation credit (222) (391) Share based payment charges 152 238 (Increase)/Decrease in trade and other debtors (134) 312 Decrease/(Increase) in stocks 74 (109) Decrease in creditors (132) (777) 20 (204) Income taxes refunds received 278 263 Cash from operations 2,741 2,099 Cash flows from investing activities Dividend received from Joint Venture 136 218 Dividends received 6 8 Purchase of tangible assets (457) (487) Purchase of intangible assets (1,167) (599) Proceeds from sale of tangible assets 20 9 --------------------- ---------------------- (1,462) (851) Cash flows from financing activities Dividends paid (314) (262) Capital element of lease repaid (266) (192) Interest paid (91) (95) Loan repayments (578) (490) Purchase of shares for share option plans (60) - Cash proceeds from loans - 750 (1,309) (289) Net (decrease)/increase in cash and cash equivalents (30) 959 ------------------ ----------------- Cash and cash equivalents at beginning of year 2,105 1,146 ------------------ ----------------- Cash and cash equivalents at end of year 2,075 2,105 ------------------ -----------------
Notes
1. General Information
The basis of preparation of this preliminary announcement is set out below.
The financial information in this announcement, which was approved by the Board of Directors on 03 October 2022, does not constitute the Company's statutory accounts for the year ended 30 June 2022 nor the year ended 30 June 2021, but is derived from these accounts.
Statutory accounts for the year ended 30 June 2021 have been delivered to the Registrar of Companies and those for the year ended 30 June 2022 will be delivered following the Company's Annual General Meeting. The auditor has reported on those accounts; their report is unqualified, did not draw attention to any matters by way of emphasis without qualifying their report and did not contain statements under S498 (2) or (3) of the Companies Act 2006.
Whilst the financial information included in this preliminary announcement has been completed in accordance with United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice 'UKGAAP'), this announcement itself does not contain sufficient information to comply with UKGAAP.
The financial information has been prepared on the historical cost basis.
Copies of the announcement can be obtained from the Company's registered office at Fox Talbot House, Bellinger Close, Chippenham, SN15 1BN.
It is intended that the full financial statements, which comply with UKGAAP, will be posted to shareholders in due course and will be available to members of the public at the registered office of the Company from that date and available on the Company's website: www.nmr.co.uk
2. Going concern
We have reviewed the current liquidity and debt facilities against the projected budget for year ended 30 June 2022 and the subsequent financial plan for years ended June 2023 and June 2024 and have run various sensitivity analyses and their consequences for trading, investment, and financing cash flows. These included worst-case scenarios for customer longevity, market erosion, and a significant interruption to laboratory operations, for example a fire.
Based on our conservative EBITDA planning trajectory, the headroom in our finance facilities, our ability to change the phasing of our planned investment as well as responding to any trading issues as they arise, the NMR Board is confident it has the liquidity in place to continue in operational existence for the foreseeable future and for at least the next 21 months and so supports the preparation of the 2022 accounts on a going concern basis.
Further details regarding the adoption of the going concern basis can be found in the Strategic Report.
3. Turnover
An analysis of group turnover by revenue stream is as follows:
2022 2021 GBP'000 GBP'000 Core services 18,819 18,005 Testing adjacencies 1,883 1,794 Surveillance adjacencies 503 455 Other adjacencies 1,465 1,371 Genomics 488 292 23,158 21,917
The Company internally aggregates operating results into one operating segment for decision making purposes.
4. Dividends
The Directors recommend the payment of a dividend of 2.00 pence per ordinary share in relation to the year ended 30 June 2022 (2021: 1.50 pence).
4. Earnings Per Share ('EPS')
Basic EPS is calculated by dividing the earnings attributable to ordinary shareholders by the weighted average number of ordinary shares outstanding during the period.
Diluted EPS is calculated using the weighted average number of shares adjusted to assume the conversion of all dilutive potential ordinary shares.
The shares held by the Employee Share Option Plan are deducted from total shares in arriving at the weighted average number of ordinary shares used in the EPS calculation.
Reconciliations are set out below.
2022 Earnings Weighted average EPS GBP'000 number of shares Basic 2,443 21,239,702 11.5 Dilution 0 Diluted EPS 2,443 21,239,702 11.5 2021 Earnings Weighted average EPS GBP'000 number of shares Basic 2,040 21,189,702 9.6 Dilution 50,000 Diluted EPS 2,040 21,239,702 9.6
There have been no transactions involving ordinary shares or potential ordinary shares between the reporting date and the date of completion of these financial statements.
5. Related Party Transactions
Transactions with related parties are undertaken on standard National Milk Records PLC terms and conditions. All balances are settled in cash. No balances are secured, and no guarantees have been given or received.
The Group provides services to some of its shareholders however due to their insignificant shareholdings they are not considered to be related parties. One of the Directors is also a customer of National Milk Records PLC and services provided during the year totalled GBP8,044 (2021: GBP6,484). The outstanding balance due from the Director at 30 June 2022 was nil (2021: nil). One of the directors provided professional services to the Group and in the year these totalled GBP25,535 (2021: nil). At 30 June 2022 the balance owing to him was GBP4,860 (2021: nil).
Independent Milk Laboratories Limited
During the year the Group traded with Independent Milk Laboratories Limited (IML). This entity is a Joint Venture investment held by National Milk Records PLC and an entity outside the Group. At the year end the
following balances arising from sales and purchases of goods and services existed with IML:
2022 2021 GBP'000 GBP'000 Trade debtors 3 2 Trade creditors 40 36
During the year the Group traded with IML as follows:
2022 2021 GBP'000 GBP'000 Sales to IML 28 31 Purchases from IML 234 222
Key management personnel include all directors and a number of senior managers across the group who together have authority and responsibility for planning, directing and controlling the activities of the Group.
The following amounts were paid or payable to key management within the Group 2022 2021 GBP'000 GBP'000 Salaries and other short-term benefits 933 857 Contributions paid into defined contribution pension scheme 39 38 Share based payment expense 152 238
6. Key Financial Indicators
Key financial indicators are shown for the NMR group for the 6 months ended:
GBP'000 Jun- 22 Dec- 21 Jun- 21 Dec- 20 Jun- 20 Dec- 19 Turnover 11,720 11,438 11,140 10,777 10,932 10,658 EBITDA 1,527 1,144 1,587 828 805 657 EBITDA % 13.0% 10.0% 14.2% 7.7% 7.4% 6.2% Diluted EPS (pence) 11.5 9.6 4.7 Net Assets 8,825 7,578 7,190 5,350 4,917 4,075 Net Debt (391) (1,031) (1,044) (1,060) (1,387) (2,422) Net Debt: EBITDA (times) 0.1 0.4 0.4 0.6 0.9 1.2 Final Dividend (pence) 2.00 1.50 1.25
Reconciliation of operating profit to underlying EBITDA:
Group 2022 2021 2020 2019 GBP'000 GBP'000 GBP'000 GBP'000 Operating Profit 1,612 1,340 775 2,269 Add back: Charge for Share Based Payments: 152 238 25 25 Depreciation 641 608 525 449 Amortisation 265 229 137 43 --------------------------------- ------- ------- ------- ------- Underlying EBITDA 2,671 2,415 1,462 2,786 --------------------------------- ------- ------- ------- ------- EBITDA % 11.5% 11.0% 6.8% 12.2%
Ends.
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