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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Airea Plc | LSE:AIEA | London | Ordinary Share | GB0008123027 | ORD 25P |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| -0.50 | -1.56% | 31.50 | 31.00 | 32.00 | 32.00 | 31.50 | 32.00 | 24,634 | 15:11:06 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| Misc Homefurnishings Stores | 18.76M | 1.3M | 0.0313 | 10.06 | 13.03M |
From Apr 2019 to Apr 2024
TIDMAIEA
RNS Number : 0905Y
Airea PLC
17 August 2018
AIREA PLC
Interim report for the six months ended 30 June 2018
The principal activity of the group is the manufacturing, marketing and distribution of commercial floor coverings.
Chairman's Statement
The six months ending 30 June 2018 was another period of strategic progress. Following the completion of the closure of the residential carpets business, we are now in a position to focus on our ongoing commercial operation, which delivered an encouraging advance in financial performance:
- Sales up 13% - Profit attributable to shareholders up 31% - Basic earnings per share from continuing operations up 10.0% - Interim dividend maintained
Following the closure of Ryalux the business is positioned to generate improved shareholder returns. To illustrate this; in the 6 months ended 30 June 2018 the business generated profit after tax of GBP1.3m on a continuing basis (i.e. excluding Ryalux) in the 6 months ended 30 June 2017 the business (including Ryalux) generated profit after tax of GBP0.7m.
Strong growth in the order book and increased sales both in the UK and internationally was largely driven by the success of new product introductions. The launch of further new products is transforming our offer in the medium and premium price sectors and our sales force has a growing portfolio of attractive complementary products to grow our share within this market sector.
Our international sales grew by 30% in the period, driven by the new products, increased penetration of existing markets and the ongoing development of the distribution network.
Group Results
Continuing operations:
Comparative financial results for the six months to 30 June 2017 and the eighteen months ended 31 December 2017 have been restated to take account of the closure of the residential carpets business1. Revenue for the period was GBP9.1m (2017: GBP8.1m). The operating profit was GBP1,481,000 (2017: GBP1,457,000). After charging pension related finance costs of GBP158,000 (2017: GBP309,000) and incorporating the appropriate tax charge the net profit for the period was GBP1,314,000 (2017: GBP1,194,000). Basic earnings per share for the continuing operation were 3.18p (2017: 2.89p).
Operating cash flows before exceptional items and movements in working capital were GBP1.7m (2017: GBP1.6m). Working capital increased in the period by GBP0.4m (2017: GBP1.2m) mainly as a result of the timing of stock build. Contributions to the defined benefit pension scheme were GBP200,000 (2017: GBP200,000) in line with the agreement reached with the scheme trustees following the last triennial valuation as at 1 July 2017. Capital expenditure of GBP61,000 (2017: GBP233,000) was made in renewing and enhancing manufacturing plant and equipment and supporting product launches.
Discontinued operation
Running and closure costs net of tax amounted to GBP359,000. The disposal of inventory, collection of trade receivables and settlement of outstanding payables resulted in a cash inflow of GBP1,135,000 giving an overall net modest outflow of cash for the residential carpets business of GBP93,000 in the period. As indicated in the last annual report, over the total period of run down and closure, there was significant cash generation, which was returned to shareholders as part of the special dividend paid on 23 May 2018.
Board Changes
I am pleased to welcome Paul Stevenson to the board following his recently announced appointment as Group Finance Director and Company Secretary. He takes over from Roger Salt who is retiring. We would like to extend our thanks to Roger for his hard work and dedication over the last 14 years.
Outlook
We are pleased by the progress we have made in driving sales growth in the ongoing commercial flooring operation with a strengthening portfolio of products. Sales growth in our markets requires hard work and commitment over a sustained period of time, and we remain determined to build on the progress made. Uncertainties remain, including the outcome of Brexit negotiations; however, as a UK manufacturer with a strengthening position in the UK and internationally, we are well placed to mitigate risks and take advantage of growth opportunities.
Given the ongoing progress in the financial performance of the group and a robust cash flow we are able to maintain the policy introduced last year of paying an interim dividend. The board is please to declare an interim dividend of 1.75p (2017: 1.75p) to be paid on the 25 October 2018 to shareholders on the register at close of business on 21 September 2018. The ex dividend date is 20 September 2018.
Martin Toogood
17 August 2018
Chairman
1 The unaudited results for the six months ended 30 June 2017 and the audited results for the eighteen months ended 31 December 2017 have been restated to reclassify the residential carpets business as discontinued. Details of the discontinued operation are included in note 2.
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Consolidated Income Statement
6 months ended 30 June 2018
Unaudited (Restated) (Restated)
unaudited Audited
6 months 6 months 18 months
ended ended ended
30 June 30 June 31 December
2018 2017 2017
GBP000 GBP000 GBP000
CONTINUING OPERATIONS
Revenue 9,132 8,073 26,890
Operating costs (7,651) (6,616) (22,658)
Operating profit before exceptional
items 1,481 1,457 4,255
Exceptional items:
Exceptional costs - - (472)
Unrealised valuation gain - - 449
-------------------------------------------------- ------------ ----------- ------------
Operating profit 1,481 1,457 4,232
Finance costs (158) (309) (932)
----------- ------------
Profit before taxation 1,323 1,148 3,300
Taxation (9) 46 186
------------ ----------- ------------
Profit attributable to shareholders
of the group from continuing
operations 1,314 1,194 3,486
============ =========== ============
DISCONTINUED OPERATIONS
Loss attributable to shareholders
of the group from discontinued
operations (359) (467) (4,856)
Profit / (loss) attributable
to shareholders of the group
for the period 955 727 (1,370)
============ =========== ============
Earnings/(loss) per share 2.31
(basic and diluted) p 1.76 p (3.31)p
Earnings per share (basic and 3.18 2.89 p 8.43
diluted) from continuing operations p p
Loss per share (basic and diluted)
from discontinued operations (0.87)p (1.13)p (11.74)p
Consolidated Statement of
Comprehensive Income
6 months ended 30 June 2018
Unaudited (Restated) (Restated)
unaudited Audited
6 months 6 months 18 months
ended ended ended
30 June 30 June 31 December
2018 2017 2017
GBP000 GBP000 GBP000
Profit / (loss) attributable
to shareholders of the group 955 727 (1,370)
Actuarial gain recognised
in the pension scheme - 401 4,827
Related deferred taxation - (80) (862)
- 321 3,965
------------ ----------- ------------
Unrealised valuation gain 39 - 117
Total comprehensive income attributable
to shareholders of the group 994 1,048 2,712
============ =========== ============
The unaudited results for the six months ended 30 June
2017 and the audited results for the eighteen months ended
31 December 2017 have been restated to reclassify the
residential carpets business as discontinued. Details
of the discontinued operation are included in note 2.
Consolidated Balance Sheet
as at 30 June 2018
Unaudited Unaudited Audited
30 June 30 June 30 December
2018 2017 2017
GBP000 GBP000 GBP000
Non-current assets
Property, plant and equipment 5,107 6,101 5,294
Intangible assets 114 124
Investment property 3,150 2,701 3,150
Deferred tax asset 1,415 1,281 389
9,786 10,083 8,957
Current assets
Inventories 6,918 11,146 6,937
Trade and other receivables 2,870 4,704 2,893
Cash and cash equivalents 2,448 2,302 3,702
------------ ----------- --------------
12,236 18,152 13,532
Total assets 22,022 28,235 22,489
------------ ----------- --------------
Current liabilities
Trade and other payables (4,793) (5,574) (4,045)
Obligations under finance
leases (185) - (183)
(4,978) (5,574) (4,228)
Non-current liabilities
Pension deficit (2,114) (6,962) (2,164)
Deferred tax (268) (241) (268)
Obligation under finance
leases (417) (767) (510)
(2,799) (7,970) (2,942)
------------
Total liabilities (7,777) (13,544) (7,170)
------------ ----------- --------------
14,245 14,691 15,319
============ =========== ==============
Equity
Called up share capital 10,339 10,339 10,339
Share premium account 504 504 504
Capital redemption reserve 3,617 3,617 3,617
Revaluation reserve 3,165 3,009 3,126
Retained earnings (3,380) (2,778) (2,267)
14,245 14,691 15,319
============ =========== ==============
Consolidated
Cash Flow
Statement
6 months ended
30 June 2018
Unaudited Unaudited Audited
6 months 6 months 18 months
ended ended ended
30 June 30 June 31 December
2018 2017 2017
GBP000 GBP000 GBP000
Cash flow from
continuing
operations
Profit for the
period 1,314 1,194 3,486
Depreciation of
tangible fixed
assets 155 103 291
Amortisation of
other
intangible
fixed assets 28 - 39
Finance costs 158 309 932
Taxation 9 (46) (225)
Unrealised
valuation gain - - (449)
Operating cash
flows before
movements
in working
capital 1,664 1,560 4,074
Increase in
inventories (762) (1,866) (138)
(Increase) /
decrease in
trade
and other
receivables (607) (821) 1,046
Increase /
(decrease) in
trade
and other
payables 972 1,517 (874)
Cash generated
from
operations 1,267 390 4,108
Income tax
received - - 143
Contributions
to defined
benefit
pension scheme (200) (200) (600)
Net cash
generated from
operating
activities in
continuing
operations 1,067 190 3,651
Net cash used
in operating
activities
in
discontinued
operations (93) (19) (900)
Net cash
generated from
operating
activities 974 171 2,751
---------- =========================================== ===========================================
Investing
activities
Payments to
acquire
tangible
fixed assets (43) (233) (334)
Payments to
acquire
intangible
fixed assets (18) (163)
Net cash used
by investing
activities
on continuing
operations (61) (233) (497)
Net cash used
by investing
activities
on
discontinuing
operations - (38) (58)
(61) (271) (555)
---------- =========================================== ===========================================
Financing
activities
Interest (8) (10) (26)
Obligations
under finance
leases (91) (87) (238)
Equity
dividends paid (2,068) - (1,344)
Net cash used
in financing
activities
in continuing
operations (2,167) (97) (1,608)
---------- =========================================== ===========================================
Net cash used - - -
in financing
activities
in discontinued
operations
---------- ------------------------------------------- -------------------------------------------
Net cash used
in financing
activities (2,167) (97) (1,608)
---------- =========================================== ===========================================
Net (decrease)
/ increase in
cash and cash
equivalents (1,254) (197) 588
Cash and cash
equivalents at
start of the
period 3,702 2,499 3,114
Cash and cash
equivalents at
end of the
period 2,448 2,302 3,702
========== =========================================== ===========================================
Consolidated Statement of
Changes in Equity
6 months ended 30
June 2018
Share Share Capital Revaluation Profit Total
capital premium redemption reserve and loss equity
account reserve account
GBP000 GBP000 GBP000 GBP000 GBP000 GBP000
At 1st July 2016 10,339 504 3,617 3,009 (3,518) 13,951
Comprehensive income
for the period
Loss for the period - - - - (1,370) (1,370)
Other comprehensive
income for the period - - - 117 3,965 4,082
Total comprehensive
income for the year - - - 117 2,595 2,712
Contributions by and distributions
to owners
Dividend paid - - - - (1,344) (1,344)
At 31st December 2017
and 1st January 2018 10,339 504 3,617 3,126 (2,267) 15,319
Comprehensive income
for the period
Profit for the period - - - - 955 955
Other comprehensive
income for the period - - - 39 - 39
Total comprehensive
income for the year - - - 39 955 994
Contributions by and distributions
to owners
Dividend paid - - - - (2,068) (2,068)
At 30th June 2018 10,339 504 3,617 3,165 (3,380) 14,245
1 BASIS OF PREPARATION AND ACCOUNTING
POLICIES
The financial information for the six months ended 30 June 2018
and the six months ended 30 June 2017 has not been audited and
does not constitute full financial statements within the meaning
of Section 434 of the Companies Act 2006.
The financial information relating to the eighteen month period
ended 31st December 2017 does not constitute full financial
statements within the meaning of Section 434 of the Companies
Act 2006. This information is based on the group's statutory
accounts for that period. The statutory accounts were prepared
in accordance with International Financial Reporting Standards
as adopted by the European Union ("IFRS") and received an unqualified
audit report and did not contain statements under Section 498(2)
or (3) of the Companies Act 2006. These financial statements
have been filed with the Registrar of Companies.
These interim financial statements have been prepared using
the recognition and measurement principles of International
Financial Reporting Standards as adopted by the European Union
("IFRS"). The accounting policies used are the same as those
used in preparing the financial statements for theperiod ended
31st December 2017. These policies are set out in the annual
report and accounts for theperiod ended 31st December 2017 which
is available on the Company's website at www.aireaplc.co.uk.
Further copies of this report are available from the Company
Secretary at the registered office at Victoria Mills, The Green,
Ossett, Wakefield, West Yorkshire WF5 0AN and are also available,
along with this announcement, on the company's website at www.aireaplc.co.uk
2 DISCONTINUED OPERATIONS
It was announced in the last annual report that the
company had entered into a process concerning the
closure of the residential carpets business. This
process has now been completed. The analysis of the
result of the discontinued business that has been
included in the consolidated income statement including
a deferred tax benefit following the closure of the
residential carpets business is as follows:
Unaudited Unaudited Audited
6 months 6 months 18 months
ended ended ended
30 June 30 June 31 December
2018 2017 2017
GBP000 GBP000 GBP000
Discontinued operations
Revenue 920 3,196 9,859
Operating costs (2,313) (3,681) (14,669)
Loss before taxation (1,393) (485) (4,810)
Taxation 1,034 18 (46)
---------- ---------- ------------
Loss attributable
to shareholders of
the group from discontinued
operations (359) (467) (4,856)
========== ========== ============
This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.
END
IR BQLLFVVFZBBB
(END) Dow Jones Newswires
August 17, 2018 02:00 ET (06:00 GMT)
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