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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Abrdn Property Income Trust Limited | LSE:API | London | Ordinary Share | GB0033875286 | ORD 1P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
-0.60 | -1.16% | 51.20 | 51.00 | 51.60 | 51.60 | 50.20 | 50.20 | 259,245 | 10:09:43 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
Real Estate Agents & Mgrs | 31.11M | -51.05M | -0.1339 | -3.82 | 195.18M |
TIDMAPI
RNS Number : 6710Y
API Group PLC
03 December 2014
Press Release 3 December 2014
API Group plc
("API" or the "Group")
Interim Results
API Group plc (AIM:API), a leading manufacturer of specialist foils and packaging materials, announces its interim results for the six months ended 30 September 2014.
Highlights
-- Revenues of GBP56.4m, compared to GBP56.9m for first half last year; 1.6% ahead at constant exchange rates -- Operating profits, before exceptional items, GBP2.8m (2013: GBP3.5m) -- No exceptional items (2013: GBP0.3m) -- Profit before tax GBP2.3m (2013: GBP2.9m pre-exceptional, GBP2.6m post-exceptional) -- Underlying diluted earnings per share 2.4p (2013: 3.8p) -- Interim dividend increased by 7% to 0.75p, reflecting confidence in Group's cash flow and prospects -- Laminates and Foils Europe profits unchanged. Contribution from Holographics turnaround offset by swing into losses at Foils Americas on significantly reduced shipments to metallic pigment customers -- Capital additions of GBP3.2m (2013: GBP2.0m) to increase capacity and capability in foils -- Net debt of GBP5.7m (2013: GBP5.6m)
Commenting on the results, Andrew Turner, Group Chief Executive of API Group plc, said:
"The downturn in the US foils business materially impacted the Group's results for the half year. The positives are the strong revenue performance at Laminates and resilience at Foils Europe in the face of sluggish markets on the Continent, as well as the profit turnaround at Holographics.
"Against a background of tough current trading, the on-going capital investment programme in the foils businesses is designed to increase capacity and efficiency, extend product capabilities and improve longer term prospects for growth."
- Ends -
For further information:
API Group plc Andrew Turner, Group Chief Executive Tel: +44 (0) 1625 650 334 Chris Smith, Group Finance Director www.apigroup.com Numis Securities (Broker) James Serjeant Tel: +44 (0) 20 7260 1000 www.numis.com Cairn Financial Advisers (Nominated Adviser) Tony Rawlinson / Avi Robinson Tel: +44 (0) 20 7148 7900 www.cairnfin.com
Media enquiries:
Abchurch Henry Harrison-Topham / Quincy Allan Tel: +44 (0) 20 7398 7710 quincy.allan@abchurch-group.com www.abchurch-group.com
REPORT ON THE INTERIM RESULTS
FOR THE 6 MONTH PERIOD ENDED 30 SEPTEMBER 2014
Group Income Statement
Group revenues for the six months to September 2014 were GBP56.4m (2013: GBP56.9m), down on a reported basis by 0.9% but ahead by 1.6% at constant exchange rates. Growth at Laminates was offset by a decline in demand for metallic pigment products at Foils Americas.
Gross margin, at 22.5%, was 2.6% lower than last year's first half, due to a change in the mix of sales between the divisions and within Laminates and lower fixed cost recovery at Foils Americas, partly offset by reduced production and energy costs.
Selling, general and administration costs were GBP0.6m lower due to reduced spending in Holographics, lower accruals for incentive payments and the impact of currency translation. Pre-exceptional operating profits for the six month period of GBP2.8m compared to GBP3.5m at the interim stage last year, as lower costs were more than offset by the less favourable mix of sales. Across the divisions, operating profits at Foils Europe and Laminates were substantively unchanged, whilst a GBP0.5m turnaround at Holographics was more than offset by a GBP1.4m adverse swing at Foils Americas. Central costs were lower by GBP0.2m.
Compared to the second half of last year, revenues were 2% lower at constant FX and pre-exceptional operating profits were down by 30% due primarily to lower sales in the foils businesses, especially Foils Americas.
No exceptional costs were incurred in the six months to 30 September 2014, compared to a charge of GBP0.3m booked last year in connection with restructuring the UK Foils operations. As a result of lower cash interest costs, the net finance charge was GBP0.1m lower, at GBP0.5m, including a non-cash cost of GBP0.3m relating to defined benefit pension liabilities. Interim profit before tax of GBP2.3m compares to last year's pre-exceptional GBP2.9m and GBP2.6m on a post-exceptional basis.
Tax of GBP0.4m (2013: GBP0.0m) comprised an accrual for corporation tax in the UK and Europe of GBP0.3m (2013: GBP0.2m) and deferred tax charge of GBP0.1m (2013: -GBP0.2m). The tax rate of 20% was inflated by the absence of further tax relief being recognised on losses in the US. Underlying earnings per share (diluted) amounted to 2.4p compared to 3.8p for the first half last year.
Review of Operations
Laminates
The Group's largest division continued the strong momentum seen in the second half of last financial year. Revenues of GBP32.3m were 15% higher than last year's first half and were 4% ahead of the preceding six months. There was strong demand from a number of key tobacco customers and full loading of the new laminator as a result of the major new supply contract which commenced last year.
Despite higher sales, operating profits were unchanged at GBP3.3m (2013: GBP3.3m) due to changes in the product mix and some one-off factors impacting comparative costs and margins. The ratio of operating profit to sales declined by 1.4% to 10.2%.
The business remains focussed on volume opportunities with customers in the premium branded consumer goods segment and on maximising the utilisation and effectiveness of its manufacturing assets.
Foils Europe
Foils Europe revenues were down 4% on a constant currency basis, at GBP13.4m. Subdued demand on the continent impacted sales in Germany, France, Poland and Spain although this was partly offset by further gains in Italy. The new UK supply hub performed well, although year-on-year sales growth was constrained by a lower level of customer activity associated with product launches and rebranding.
The impact of lower volumes was fully compensated by a more favourable sales mix, leaving operating profits unchanged at GBP0.9m and operating margins of 6.4% compared to 6.3% at the interim stage last year.
During the period, progress was made on a number of operational improvement projects, including the installation and commissioning of a new metalliser at Livingston and the successful roll-out of the Group's new ERP system in France and Poland. In addition, two important new foil grades were launched, to which the initial customer response has been positive. The pace of change is planned to continue in the second half with the ERP implementation at the two UK sites and installation of the new coating line in Livingston.
Foils Americas
As predicted at the final results stage last year and in September's trading update, Foils Americas revenues for the six months to 30 September 2014 were significantly impacted by a decline in demand from customers in the metallic pigment segment. Progress in recovering sales in the core graphics market to compensate for the lost pigment volume was slower than expected. As a result, divisional revenues were down by 24% on a constant currency basis and 30% at actual FX rates to GBP8.3m.
Action was taken to reduce costs, yielding year-on-year savings of GBP0.4m (at constant FX). Nevertheless, the unit recorded a loss of GBP0.4m compared to an operating profit of GBP1.1m in the first half of last year (GBP1.0m at this year's FX rates).
A new metalliser was commissioned in Lawrence towards the end of the period which will provide enhanced capabilities relevant to both the metallic pigment sector and the core graphics foils market, which should benefit business development prospects over the medium term.
Holographics
Holographics consolidated the break-even position achieved in the final quarter of the last financial year, eliminating losses of GBP0.5m reported for last year's first half.
Revenues were 5% lower at GBP4.3m (2013: GBP4.5m) due to reduced orders against continuing supply agreements with security customers, partly offset by increased volumes of decorative holographic products supplied to sister companies within the Group.
During the period, the division strengthened its sales and marketing team, with key appointments from inside the security holographics sector. A new product range was launched using optical features originated at the Group's recently established holographic origination centre in the Czech Republic. In addition, the manufacturing site at Salford was accredited to the new international security standard for security printing processes, ISO 14298.
Cash Flow and Borrowings
Reported net cash-flow from operating activities for the six months to September 2014 amounted to a net outflow of GBP1.6m (2013: GBP0.6m outflow), with the year-on-year change due primarily to lower net profits (GBP0.3m), higher income taxes paid (GBP0.2m) and a small increase in working capital (GBP0.3m). Period-end working capital efficiency, measured by the ratio to sales, was consistent with September 2013 at 11.2%.
The Group is part way through a significant capital expenditure programme primarily aimed at enhancing capacity, capability and effectiveness of the foils businesses. Cash capital additions in the six months to September 2014 amounted to GBP3.2m (2013: GBP2.4m) including completing the installation of new metallisation equipment at both Foils Americas' plant in Lawrence, Kansas and Foils Europe's manufacturing site in Livingston, Scotland. Stage payments were also made relating to a new coating line for Livingston and expenditure continued on the Group's ERP implementation which is currently being rolled out in Foils Europe. Full year capital expenditure is expected to be close to GBP6.0m, including second half expenditure to complete the UK coater project.
After the reintroduction of the dividend, the final dividend payable in respect of the year ended 31 March 2014 impacted cash flow in the first six months of this financial year by GBP1.0m (2013: GBP0.0m).
Group net debt at 30 September 2014 was GBP5.7m, compared to GBP5.6m one year earlier and net cash of GBP0.2m at 31 March 2014. The Group continues to manage its cash position closely with gearing at the period end of 23%, unchanged from twelve months ago and the ratio of net debt to trailing 12 month EBITDA also unchanged at 0.6x.
The US business' existing funding with Wells Fargo expires in April 2015 and the Group is currently in the process of arranging new facilities.
Dividend
The Board re-introduced dividend payments at the interim stage last year after a break of more than 10 years. In spite of the weaker profit performance in the current financial year, the Board remains confident about the Group's prospects and committed to an affordable, progressive dividend policy. The interim dividend is therefore being increased by 7.1% to 0.75 pence per share and will be paid on 12 January 2015 to shareholders on the register as at 12 December 2014, with an ex-dividend date of 11 December 2014.
Pension Deficit
The gross deficit on UK and US defined-benefit pension plans, as calculated under IAS19, increased by GBP2.4m to GBP15.8m compared to the position at 31 March 2014. Above-plan returns on scheme assets were more than offset by the impact of lower corporate bond yields on the valuation of liabilities. The associated deferred tax asset increased by GBP0.5m, leaving a net reported deficit of GBP12.4m compared to GBP10.5m at March 2014. In respect of the UK scheme, a funding ratio of 85% was down 1% on the position at 31 March 2014.
Board
As announced previously, after more than 14 years on the Board as a non-executive director and then Chairman, Richard Wright stood down as a director at the end of October 2014. The Board is grateful for Richard's dedication to serving the interests of the Group and its shareholders and especially his stewardship during the challenges of the mid to late 2000's and the subsequent restoration of the Group's fortunes. The search for a new Chairman is ongoing and further announcements will be made in due course.
Chris Smith, who has been Group Finance Director since 2008 advised the Board in July 2014 of his intention to step down, having been selected for the position of Chief Financial Officer at McBride plc. Chris will complete his tenure on 12 December 2014 and the Board thanks him for his wide-ranging contribution to the development of the Group and wishes him every success in his new role. An announcement on the replacement Finance Director will be made in due course. To cover the period until a permanent appointment is made, Loraine Hughes has joined the Group as Interim Finance Director.
Outlook
The Group has experienced tough trading conditions so far in the second half, with the outlook for profits this financial year slightly down on previous expectations.
Progress at Foils Europe continues to be held back by sluggish markets on the Continent and the benefit from a slow recovery in metallic pigment orders at Foils Americas will be partly offset by the seasonally weaker second half in the US market for graphics foils.
Third quarter sales at Holographics are expected to drop below breakeven level, although there is the prospect for the shortfall to be recovered in the final last quarter with the start-up of shipments on two new supply contracts.
Laminates is continuing to experience strong order levels on established supply agreements although the impact on profits is expected to be diluted by a less favourable sales mix.
Beyond the current financial year, the recovery in US metallic pigment volumes is expected to continue and both the US and European foils businesses should benefit from recent new product launches and investments in new, more efficient capacity and additional supply capabilities.
Group Income Statement
for the six month period ended 30 September 2014
Unaudited Unaudited Audited Six months to Six months to Year to 30 September 30 September 31 March 2014 2013 2014 Note GBP'000 GBP'000 GBP'000 --------------------------------------------------------------- ----- --------------- --------------- ---------- Revenue 2 56,374 56,897 114,712 Cost of sales (43,711) (42,621) (86,617) --------------------------------------------------------------- ----- --------------- --------------- ---------- Gross profit 12,663 14,276 28,095 Distribution costs (1,880) (2,176) (3,952) Administrative expenses (excluding exceptional items) (8,011) (8,645) (16,716) --------------------------------------------------------------- ----- --------------- --------------- ---------- Operating profit before exceptional items 2 2,772 3,455 7,427 Exceptional items 3 - (300) (705) --------------------------------------------------------------- ----- --------------- --------------- ---------- Operating profit 2,772 3,155 6,722 Net finance costs 4 (517) (567) (1,130) --------------------------------------------------------------- ----- --------------- --------------- ---------- Profit before taxation 2,255 2,588 5,592 Tax (expense)/credit 5 (429) 20 (150) --------------------------------------------------------------- ----- --------------- --------------- ---------- Profit for the period 1,826 2,608 5,442 --------------------------------------------------------------- ----- --------------- --------------- ---------- Earnings per share (pence) Basic earnings per share on profit for the period 6 2.5 3.5 7.4 Underlying basic earnings per share on profit for the period 6 2.5 3.9 8.1 Diluted earnings per share on profit for the period 6 2.4 3.4 7.1 Underlying diluted earnings per share on profit for the period 6 2.4 3.8 7.8 --------------------------------------------------------------- ----- --------------- --------------- ----------
Group statement of comprehensive income
for the six months ended 30 September 2014
Unaudited Unaudited Six months to Audited Six months to 30 September Year to 30 September 2013 31 March 2014 2014 (restated(1) ) (restated(1) ) GBP'000 GBP'000 GBP'000 ----------------------------------------------------------------- --------------- ---------------- ---------------- Profit for the period 1,826 2,608 5,442 ----------------------------------------------------------------- --------------- ---------------- ---------------- Exchange differences on retranslation of foreign operations 135 (1,037) (1,442) Change in fair value of effective cash flow hedges 527 638 863 Re-measurement (losses)/gains on defined benefit pension plans (2,690) 314 (513) Tax on items relating to components of other comprehensive income 398 (561) (350) ----------------------------------------------------------------- --------------- ---------------- ---------------- Other comprehensive income for the period, net of tax (1,630) (646) (1,442) ----------------------------------------------------------------- --------------- ---------------- ---------------- Total comprehensive income for the period attributable to equity holders of the Parent 196 1,962 4,000 ----------------------------------------------------------------- --------------- ---------------- ----------------
(1) Restated in accordance with IFRS 11 Joint Arrangements. See Note 1 (c).
Group balance sheet
at 30 September 2014
Unaudited Audited Unaudited 30 September 31 March 30 September 2013 2014 2014 (restated(1) ) (restated(1) ) Note GBP'000 GBP'000 GBP'000 ------------------------------------------ ----- -------------- ---------------- ---------------- Assets Non-current assets Property, plant and equipment 24,050 21,413 21,776 Intangible assets - goodwill 5,602 5,631 5,626 Financial assets 78 46 - Deferred tax assets 6,891 6,198 6,412 ------------------------------------------ ----- -------------- ---------------- ---------------- 36,621 33,288 33,814 ------------------------------------------ ----- -------------- ---------------- ---------------- Current assets Trade and other receivables 16,518 17,695 16,633 Inventories 13,594 12,925 12,126 Other financial assets 1,095 531 594 Cash and short-term deposits 8 6,210 1,490 8,691 ------------------------------------------ ----- -------------- ---------------- ---------------- 37,417 32,641 38,044 ------------------------------------------ ----- -------------- ---------------- ---------------- Total assets 74,038 65,929 71,858 ------------------------------------------ ----- -------------- ---------------- ---------------- Liabilities Current liabilities Trade and other payables 19,564 20,254 22,665 Financial liabilities 9 1,752 6,769 432 Income tax payable 755 494 635 ------------------------------------------ ----- -------------- ---------------- ---------------- 22,071 27,517 23,732 ------------------------------------------ ----- -------------- ---------------- ---------------- Non-current liabilities Financial liabilities 9 10,132 465 8,033 Deferred tax liabilities 405 287 306 Provisions 52 62 56 Deficit on defined benefit pension plans 10 15,777 12,733 13,364 ------------------------------------------ ----- -------------- ---------------- ---------------- 26,366 13,547 21,759 ------------------------------------------ ----- -------------- ---------------- ---------------- Total liabilities 48,437 41,064 45,491 ------------------------------------------ ----- -------------- ---------------- ---------------- Net assets 25,601 24,865 26,367 ------------------------------------------ ----- -------------- ---------------- ---------------- Equity Called up share capital 767 767 767 Share premium 7,136 7,136 7,136 Other reserves 8,822 8,816 8,818 Foreign exchange reserve (361) (91) (496) Retained earnings 9,237 8,237 10,142 ------------------------------------------ ----- -------------- ---------------- ---------------- Total shareholders' equity 25,601 24,865 26,367 ------------------------------------------ ----- -------------- ---------------- ----------------
(1) Restated in accordance with IFRS 11 Joint Arrangements. See Note 1 (c).
Group statement of changes in equity
for the six month period ended 30 September 2014
Equity Foreign Total share Share Other exchange Retained shareholders' capital premium reserves reserve earnings equity GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 ------------------------- --------- --------- ---------- ---------- ---------- --------------- At 1 April 2013 (restated(1) ) 767 7,136 8,816 946 5,252 22,917 Profit for the period - - - - 2,608 2,608 Other comprehensive income for the period, net of tax (restated(1) ) - - - (1,037) 391 (646) Shares acquired by Employee Benefit Trust - - (32) - - (32) Share-based payments - - - - 18 18 Transferred on exercise of share options - - 32 - (32) - ------------------------- --------- --------- ---------- ---------- ---------- --------------- Balance at 30 September 2013 767 7,136 8,816 (91) 8,237 24,865 Profit for the period - - - - 2,834 2,834 Other comprehensive income for the period, net of tax (restated(1) ) - - - (405) (391) (796) Share-based payments - - - - (18) (18) Transferred on exercise of LTIP - - 2 - (2) - Dividends - - - - (518) (518) Balance at 31 March 2014 767 7,136 8,818 (496) 10,142 26,367 Profit for the period - - - - 1,826 1,826 Other comprehensive income for the period, net of tax - - - 135 (1,765) (1,630) Transferred on exercise of LTIP - - 4 - (4) - Dividends - - - - (962) (962) ------------------------- --------- --------- ---------- ---------- ---------- --------------- Balance at 30 September 2014 767 7,136 8,822 (361) 9,237 25,601 ------------------------- --------- --------- ---------- ---------- ---------- ---------------
(1) Restated in accordance with IFRS 11 Joint Arrangements. See Note 1 (c).
Group cash flow statement
For the six month period ended 30 September 2014
Unaudited Audited Unaudited Six months to Year to Six months to 30 September 31 March 30 September 2013 2014 2014 (restated(1) ) (restated(1) ) Note GBP'000 GBP'000 GBP'000 ---------------------------------------------------------- ----- --------------- ---------------- ---------------- Operating activities Group profit before tax 2,255 2,588 5,592 Adjustments to reconcile Group profit before tax to net cash flow from operating activities: Net finance costs 517 567 1,130 Depreciation of property, plant and equipment 1,142 1,132 2,386 Profit on disposal of property, plant and equipment (2) (5) (4) Movement in fair value foreign exchange contracts (65) (7) 44 Share-based payments - 18 - (Increase)/decrease in inventories (1,539) (458) 221 Increase in trade and other receivables (47) (2,226) (1,271) (Decrease)/increase in trade and other payables (2,813) (1,405) 855 Decrease in provisions (4) (4) (10) ---------------------------------------------------------- ----- --------------- ---------------- ---------------- Cash generated from operations (556) 200 8,943 Interest paid (208) (226) (396) Pension contributions and scheme expenses paid (585) (528) (973) Income taxes paid (227) (53) (155) ---------------------------------------------------------- ----- --------------- ---------------- ---------------- Net cash flow from operating activities (1,576) (607) 7,419 ---------------------------------------------------------- ----- --------------- ---------------- ---------------- Investing activities Interest received 1 1 2 Purchase of property, plant and equipment (3,259) (2,261) (3,748) Investment in joint operation - (153) (251) Sale of property, plant and equipment 4 5 4 ---------------------------------------------------------- ----- --------------- ---------------- ---------------- Net cash flow used in investing activities (3,254) (2,408) (3,993) ---------------------------------------------------------- ----- --------------- ---------------- ---------------- Financing activities Dividends paid (962) - (518) Purchase of shares by Employee Benefit Trust - (32) (32) New borrowings 2,645 - 12,340 Arrangement fees for new borrowings - - (183) Repayment of borrowings (94) (1,792) (12,567) ---------------------------------------------------------- ----- --------------- ---------------- ---------------- Net cash flow from/(used in) financing activities 1,589 (1,824) (960) ---------------------------------------------------------- ----- --------------- ---------------- ---------------- (Decrease)/increase in cash and cash equivalents (3,241) (4,839) 2,466 Effect of exchange rates on cash and cash equivalents (54) (69) (103) Cash and cash equivalents at the beginning of the period 8,459 6,096 6,096 ---------------------------------------------------------- ----- --------------- ---------------- ---------------- Cash and cash equivalents at the end of the period 8 5,164 1,188 8,459 ---------------------------------------------------------- ----- --------------- ---------------- ----------------
(1) Restated in accordance with IFRS 11 Joint Arrangements. See Note 1 (c).
Notes to the interim financial statements
for the six month period ended 30 September 2014
1. Group accounting policies
(a) Corporate information
The consolidated interim financial statements of API Group plc for the six months ended 30 September 2014 were authorised for issue in accordance with a resolution of the Directors on 2 December 2014.
API Group plc is a public limited company incorporated and domiciled in England and Wales. The Company's shares are traded on the Alternative Investment Market of the London Stock Exchange.
The principal activities of the Group are the manufacture and distribution of specialty foils, films and laminated materials.
(b) Basis of preparation
The interim consolidated financial statements of the Group for the six months ended 30 September 2014 have been prepared in accordance with IAS 34 Interim Financial Reporting, as adopted by the European Union.
These interim consolidated financial statements are unaudited. They do not constitute statutory accounts as defined in Section 435 of the Companies Act 2006 and therefore do not include all the information and disclosures required in the annual financial statements and should be read in conjunction with the Group's latest annual financial statements as at 31 March 2014 which were prepared in accordance with International Financial Reporting Standards as adopted by the European Union. The audited annual financial statements for the year ended 31 March 2014, which represent the statutory accounts for that period have been filed with the Registrar of Companies. The auditor reported on those accounts. The audit report was unqualified, did not draw attention to any matters by way of emphasis and did not contain a statement under Section 498(2) or (3) of the Companies Act 2006.
UK banking facilities with HSBC extend to 31 December 2017 whilst US facilities are scheduled for renewal in April 2015. After making appropriate enquiries, the Directors consider that there is a reasonable expectation that the Group has adequate resources to continue in operational existence for the foreseeable future. The Directors therefore continue to adopt the going concern basis in preparing these financial statements.
(c) Significant accounting policies
The accounting policies adopted in the preparation of the interim consolidated financial statements are consistent with those followed in the preparation of the Group's annual financial statements for the year ended 31 March 2014, except for the adoption of IFRS 11 Joint Arrangements with effect from 1 April 2014. Comparative figures for the six months to 30 September 2013 and the year to 31 March 2014 have been restated. The impact of adopting IFRS 11 is described below.
IFRS 11 Joint Arrangements
The key impact of IFRS 11 is the requirement of a party to a joint arrangement to determine the type of joint arrangement in which it is involved by assessing its rights and obligations arising from the agreement. IFRS 11 classifies joint arrangements into two types - joint operations and joint ventures. IFRS 11 requires a joint operator to recognise and measure the assets and liabilities (and recognise the related revenue and expenses) in relation to its interest in the arrangement.
The Group has a 50% interest in a company, API Optix s.r.o. ("APIO). This joint arrangement is considered to be a joint operation under IFRS 11 and, under the transitional requirements of IFRS 11, the comparatives for the period ended 30 September 2013 and the year ended 31 March 2014 have been restated.
The balance sheets at 30 September 2013 and 31 March 2014 have been restated to recognise the Group's assets and liabilities in relation to its interest in APIO. No adjustments have been made to the income statement for either the six months ended 30 September 2013 or the year ended 31 March 2014 as APIO operated at breakeven and the related revenue and expenditure are not significant to the Group. Exchange differences on retranslation of APIO's operations have been recognised in other comprehensive income; a charge of GBP52,000 in the year ended 31 March 2014 and a charge of GBP29,000 in the six months ended 30 September 2013. Equity shareholders' funds have reduced by GBP41,000 at 30 September 2013 and by GBP64,000 at 31 March 2014 for the cumulative exchange differences on retranslation of APIO's operations.
2. Segmental information
Unaudited Unaudited Audited Six months to Six months to Year to 30 September 30 September 31 March 2014 2013 2014 GBP'000 GBP'000 GBP'000 ------------------------------------------------- --------------- ---------------- ----------- Total revenue by origin Laminates 32,306 28,097 59,237 Foils Europe 13,410 14,380 28,580 Foils Americas 8,319 11,927 21,819 Holographics 4,269 4,505 8,888 ------------------------------------------------- --------------- ---------------- ----------- 58,304 58,909 118,524 ------------------------------------------------- --------------- ---------------- ----------- Inter-segmental revenue Laminates - - 13 Foils Europe 260 334 707 Foils Americas 239 312 567 Holographics 1,431 1,366 2,525 ------------------------------------------------- --------------- ---------------- ----------- 1,930 2,012 3,812 ------------------------------------------------- --------------- ---------------- ----------- External revenue by origin Laminates 32,306 28,097 59,224 Foils Europe 13,150 14,046 27,873 Foils Americas 8,080 11,615 21,252 Holographics 2,838 3,139 6,363 ------------------------------------------------- --------------- ---------------- ----------- 56,374 56,897 114,712 ------------------------------------------------- --------------- ---------------- ----------- Segment result Operating profit before exceptional items Laminates 3,306 3,260 6,680 Foils Europe 852 901 2,130 Foils Americas (361) 1,055 1,699 Holographics (49) (548) (724) ------------------------------------------------- --------------- ---------------- ----------- Segment result 3,748 4,668 9,785 Central costs (976) (1,213) (2,358) ------------------------------------------------- --------------- ---------------- ----------- Total operating profit before exceptional items 2,772 3,455 7,427 ------------------------------------------------- --------------- ---------------- -----------
3. Exceptional items
Unaudited Unaudited Audited Six months to Six months to Year to 30 September 30 September 31 March 2014 2013 2014 GBP'000 GBP'000 GBP'000 --------------------------------------- ---------------- --------------- ---------- Restructuring of operating businesses - (300) (705) - (300) (705) -------------------------------------------------------- --------------- ----------
Restructuring of operating businesses in the previous year related primarily to redundancy, severance settlements and other costs associated with business restructuring in the Foils Europe, Laminates and Holographics businesses.
4. Finance revenue and finance costs
Unaudited Unaudited Audited Six months to Six months to Year to 30 September 30 September 31 March 2014 2013 2014 GBP'000 GBP'000 GBP'000 ----------------------------------------------------------- --------------- --------------- ---------- Finance revenue Interest receivable on bank and other short-term deposits 1 1 1 Other interest receivable - - 1 ----------------------------------------------------------- --------------- --------------- ---------- 1 1 2 ----------------------------------------------------------- --------------- --------------- ---------- Finance costs Interest payable on bank loans and overdrafts (221) (280) (533) Other interest payable (10) (8) (41) Finance cost in respect of defined benefit pension plans (287) (280) (558) ----------------------------------------------------------- --------------- --------------- ---------- (518) (568) (1,132) ----------------------------------------------------------- --------------- --------------- ---------- Net finance costs (517) (567) (1,130) ----------------------------------------------------------- --------------- --------------- ----------
5. Taxation
Unaudited Unaudited Audited Six months to Six months to Year to 30 September 30 September 31 March 2014 2013 2014 GBP'000 GBP'000 GBP'000 --------------------------------------------------- --------------- --------------- ---------- Current income tax UK corporation tax - current year charge (302) (127) (330) UK corporation tax - adjustment to prior years - - 75 Overseas tax - current year charge (48) (54) (164) --------------------------------------------------- --------------- --------------- ---------- (350) (181) (419) --------------------------------------------------- --------------- --------------- ---------- Deferred tax Origination and reversal of temporary differences (79) 237 418 Effect of change in tax rate - (36) (149) --------------------------------------------------- --------------- --------------- ---------- (79) 201 269 --------------------------------------------------- --------------- --------------- ---------- Total (expense)/credit in the income statement (429) 20 (150) --------------------------------------------------- --------------- --------------- ----------
6. Earnings per share
Basic earnings per share is calculated by dividing the net profit for the period attributable to ordinary equity holders of the Parent by the weighted average number of ordinary shares outstanding during the period.
Diluted earnings per share is calculated by dividing the net profit attributable to ordinary equity holders of the Parent by the weighted average number of ordinary shares outstanding during the period plus the weighted average number of ordinary shares that would be issued on the conversion of all dilutive potential ordinary shares into ordinary shares.
Earnings used to calculate adjusted basic and diluted earnings per share exclude exceptional items, net of tax. The following reflects the income and share data used in the basic and diluted earnings per share computations:
Unaudited Unaudited Audited Six months to Six months to Year to 30 September 30 September 31 March 2014 2013 2014 GBP'000 GBP'000 GBP'000 --------------------------------------------------------- --------------- --------------- ---------- Net profit attributable to equity holders of the Parent 1,826 2,608 5,442 Adjustments to arrive at underlying earnings: Exceptional items - 300 705 Tax credit on exceptional items - - (162) --------------------------------------------------------- --------------- --------------- ---------- Underlying earnings 1,826 2,908 5,985 --------------------------------------------------------- --------------- --------------- ---------- Unaudited Unaudited Audited Six months to Six months to Year to 30 September 30 September 31 March 2014 2013 2014 number number number ----------------------------------------------------------------- --------------- --------------- ----------- Basic weighted average number of ordinary shares 74,021,746 73,786,981 73,892,566 Dilutive effect of employee share options and contingent shares 3,130,184 3,376,309 3,265,060 ----------------------------------------------------------------- --------------- --------------- ----------- Diluted weighted average number of ordinary shares 77,151,930 77,163,290 77,157,626 ----------------------------------------------------------------- --------------- --------------- -----------
The calculation of the basic weighted average number of shares excludes the shares owned by the API Group plc No.2 Employee Benefit Trust (30 September 2014: 2,399,009; 30 September 2013 and 31 March 2014: 2,750,000). These contingent shares are included in the calculation of the diluted weighted average number of shares.
Unaudited Unaudited Audited Six months to Six months to Year to 30 September 30 September 31 March 2014 2013 2014 pence pence pence --------------------------------------- --------------- --------------- ---------- Earnings per share Basic earnings per share 2.5 3.5 7.4 Underlying basic earnings per share 2.5 3.9 8.1 Diluted earnings per share 2.4 3.4 7.1 Underlying diluted earnings per share 2.4 3.8 7.8 --------------------------------------- --------------- --------------- ----------
7. Dividends
An interim dividend of 0.75 pence per share (2013: 0.7 pence) was approved by the Board on 2 December 2014, payable on 12 January 2015 to equity holders on the register at the close of business on 12 December 2014. This dividend has not been provided for in these interim financial statements.
8. Cash and cash equivalents
Unaudited Audited Unaudited 30 September 31 March 30 September 2013 2014 2014 (restated(1) ) (restated(1) ) GBP'000 GBP'000 GBP'000 ------------------------------ -------------- ---------------- ---------------- Cash and short-term deposits 6,210 1,490 8,691 Bank overdrafts (1,046) (302) (232) ------------------------------ -------------- ---------------- ---------------- 5,164 1,188 8,459 ------------------------------ -------------- ---------------- ----------------
(1) Restated in accordance with IFRS 11 Joint Arrangements. See Note 1 (c).
9. Financial liabilities
Unaudited Unaudited Audited 30 September 30 September 31 March 2014 2013 2014 GBP'000 GBP'000 GBP'000 ------------------------------------------- -------------- -------------- ---------- Current Bank overdrafts 1,046 302 232 Current instalments due on bank loans 706 6,296 187 Interest rate swaps - 4 - Forward currency exchange contracts - 167 13 ------------------------------------------- -------------- -------------- ---------- 1,752 6,769 432 ------------------------------------------- -------------- -------------- ---------- Non-current - Non-current instalments due on bank loans 10,132 465 8,033 Interest rate swaps - - - ------------------------------------------- -------------- -------------- ---------- 10,132 465 8,033 ------------------------------------------- -------------- -------------- ----------
10. Defined benefit pension plan deficit
Unaudited Unaudited Audited 30 September 30 September 31 March 2014 2013 2014 GBP'000 GBP'000 GBP'000 ---------------------------------------------------------------- -------------- -------------- ---------- United Kingdom Fair value of scheme assets 82,558 77,231 80,011 Present value of scheme liabilities (97,459) (89,209) (92,631) ---------------------------------------------------------------- -------------- -------------- ---------- (14,901) (11,978) (12,620) ---------------------------------------------------------------- -------------- -------------- ---------- United States Fair value of scheme assets 2,159 2,011 2,087 Present value of scheme liabilities (3,035) (2,766) (2,831) ---------------------------------------------------------------- -------------- -------------- ---------- (876) (755) (744) ---------------------------------------------------------------- -------------- -------------- ---------- Net pension liability (15,777) (12,733) (13,364) ---------------------------------------------------------------- -------------- -------------- ---------- The movements in the net pension liability are as follows: Opening liability 13,364 13,349 13,349 Scheme expenses recognised in operating profit 266 330 675 Net cost recognised in finance costs 287 280 558 Taken to statement of comprehensive income 2,690 (314) 513 Contributions from and scheme expenses borne by employers (851) (850) (1,648) Exchange differences 21 (62) (83) ---------------------------------------------------------------- -------------- -------------- ---------- Closing liability 15,777 12,733 13,364 ---------------------------------------------------------------- -------------- -------------- ---------- The main assumptions used in valuing the present value of the scheme liabilities in the UK are as follows: Rate of increases in pensions in payment and deferred pensions 2.20% 2.30% 2.35% Inflation - CPI 2.20% 2.30% 2.35% Discount rate 4.00% 4.40% 4.40% ---------------------------------------------------------------- -------------- -------------- ----------
- Ends -
This information is provided by RNS
The company news service from the London Stock Exchange
END
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