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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 | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 31.50 | 31.00 | 32.00 | 31.50 | 31.50 | 31.50 | 0.00 | 08:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
Misc Homefurnishings Stores | 18.76M | 1.3M | 0.0313 | 10.06 | 13.03M |
TIDMAIEA
RNS Number : 3748X
Airea PLC
21 February 2017
AIREA PLC
Interim report for the six months ended 31 December 2016
The principal activity of the group is the manufacturing, marketing and distribution of floor coverings.
Chairman's Statement
Airea is pleased to report earnings are significantly ahead of the corresponding period.
- Operating profit up 51% - Basic earnings per share up 76% - EBITDA up 28%
New product launches targeted at the residential market have driven growth in this sector. On the contract side however, delays in projects led to a slow down in growth and as indicated in the annual report sales in the Euro zone took some time to recover. Exports grew steadily in the period and we are seeing sales ahead of last year as we enter the second six months of the accounting period.
Investment in new technology during the second half of the last financial year will facilitate the further extension of our product range with several new designs currently being finalised for launch.
The site consolidation exercise is largely complete with discussions concerning our last leasehold operation in Wakefield reaching an advanced stage. The business continues to reap the benefits of shorter lead times, cost synergies and reduced waste.
Group Results
Revenue for the period was GBP12.8m (2015: GBP12.7m). The operating profit was GBP1,149,000 (2015: GBP759,000).
After charging pension related finance costs of GBP305,000 (2015: GBP246,000) and incorporating the appropriate tax charge the net profit for the period was GBP696,000 (2015: GBP372,000). Basic earnings per share were 1.51p (2015: 0.86p)
Operating cash flows before exceptional items and movements in working capital were GBP1.5m (2015: GBP1.1m). Working capital increased in the period by GBP1.2m mainly as a result of timing of payments to trade creditors. Contributions to the defined benefit pension scheme were GBP200,000 (2015: GBP200,000) in line with the agreement reached with the scheme trustees following the last triennial valuation as at 1(st) July 2014. Capital expenditure of GBP1,009,000 (2015: GBP518,000) was made in renewing and enhancing manufacturing plant and equipment.
The increase in the pension deficit of GBP579,000 resulted from a deterioration in corporate bond yields. It is an accounting standards requirement that the reported pension valuation is based on corporate bond yields even though this does not reflect the investment strategy of the plan. In reality the plan is now largely hedged against interest rate movements and inflation, which, combined with a diversified growth asset base, has produced an improved underlying position.
Outlook
Recent experience suggests that current exchange rate conditions will, in overall terms, prove to be beneficial for the company but in recent months there has been significant input price pressure resulting from commodity price rises. It is therefore difficult at this point in time to predict the longer term effect on our competitive position. As ever our margins remain the subject of careful management as we look to exploit any advantage.
Of far greater concern is the medium to long term impact of economic uncertainty on market demand. Our position is not unique of course but there has been a notable increase in volatility in an already cyclical market.
The Board intends to maintain the recent pattern of dividend payments, and taking into consideration the changes in accounting period announced in December, will determine the level of interim dividend on the basis of the twelve month period ended 30 June 2017. Therefore there will not be a dividend payment at this interim stage.
Martin Toogood
Chairman
20th February 2017
Enquiries:
Neil Rylance 01924 266561
Chief Executive Officer
Roger Salt 01924 266561
Group Finance Director
Richard Lindley 0113 388 4789
N+1 Singer
Consolidated Income Statement 6 months ended 31st December 2016 Unaudited Unaudited Audited 6 months 6 months year ended ended ended 31st 31st 30th December December June 2016 2015 2016 GBP000 GBP000 GBP000 Revenue 12,771 12,674 24,577 Operating costs (11,622) (11,915) (22,535) ------------------------------- ---------- ---------- ------------ Operating profit before exceptional items 1,149 730 2,013 Exceptional items: Exceptional costs - (1,271) (1,271) Pension credit - 1,300 1,300 ------------------------------- ---------- ---------- ------------ Operating profit 1,149 759 2,042 Finance income - - - Finance costs (305) (246) (651) ---------- ---------- ------------ Profit before taxation 844 513 1,391 Taxation (148) (141) (114) ---------- Profit attributable to shareholders of the group 696 372 1,277 ========== ========== ============ Earnings per share (basic and diluted) 1.68p 0.86p 3.01p All amounts relate to continuing operations Consolidated Statement of Comprehensive Income 6 months ended 31st December 2016 Unaudited Unaudited Audited 6 months 6 months year ended ended ended 31st 31st 30th December December June 2016 2015 2016 GBP000 GBP000 GBP000 Profit attributable to shareholders of the group 696 372 1,277 Actuarial loss recognised in the pension scheme (480) (218) (291) Related deferred taxation 96 44 (83) ---------- ---------- ------------ (384) (174) (374) ---------- ---------- ------------ Unrealised valuation gain - - 3,009 Related deferred taxation - - (240) ---------- ---------- ------------ - - 2,769 ---------- ---------- ------------ Total comprehensive income attributable to shareholders of the group 312 198 3,672 ========== ========== ============ Consolidated Balance Sheet as at 31st December Unaudited Unaudited Audited 2016 31st 31st 30th December December June 2016 2015 2016 GBP000 GBP000 GBP000 Non-current assets Property, plant and equipment 6,164 5,447 5,489 Investment property 2,701 - 2,701 Deferred tax asset 1,326 1,350 1,264 10,191 6,797 9,454 ---------- ---------- ------------ Current assets Inventories 9,017 8.313 9,338 Trade and other receivables 4,076 3,451 4,601 Cash and cash equivalents 2,499 2,561 3,114 ---------- ---------- ------------ 15,592 14,325 17,053 ---------- ---------- ------------ Total assets 25,783 21,122 26,507 ---------- ---------- ------------ Current liabilities Trade and other payables (3,656) (3,503) (5,505) Provisions (125) (325) (125) ---------- ---------- ------------ (3,781) (3,828) (5,630) ---------- ---------- ------------ Non-current liabilities Obligation under finance leases (854) - - Pension deficit (7,264) (6,406) (6,685) Deferred tax (241) (1) (241)
(8,359) (6,407) (6,926) ---------- ---------- ------------ Total liabilities (12,140) (10,235) (12,556) ---------- ---------- ------------ 13,643 10,887 13,951 ========== ========== ============ Equity Called up share capital 10,339 10,851 10,339 Share premium account 504 504 504 Capital redemption reserve 3,617 3,105 3,617 Revaluation reserve 3,009 - 3,009 Retained earnings (3,826) (3,573) (3,518) 13,643 10,887 13,951 ========== ========== ============ Consolidated Cash Flow Statement 6 months ended 31st Unaudited Unaudited Audited December 2016 6 months 6 months year ended ended ended 31st 31st 30th December December June 2016 2015 2016 GBP000 GBP000 GBP000 Cash flow from operating activities Profit attributable to shareholders of the group 696 372 1,277 Tax charged 148 141 114 Finance costs 305 246 651 Depreciation 334 404 837 Profit on disposal of property plant and equipment - - (6) Pension credit - (1,300) (1,300) Inventory impairment - 468 468 ---------- ---------- ------------ Operating cash flows before exceptional items & movements in working capital 1,483 331 2,041 Decrease in inventories 321 1,866 841 Decrease / (increase) in trade and other receivables 525 961 (189) (Decrease) / increase in trade and other payables (2,015) (1,696) 232 Increase in provisions for liabilities and charges - 325 125 ---------- ---------- ------------ Cash generated from operations 314 1,787 3,050 Income tax received 52 - 61 Contributions to defined benefit pension scheme (200) (200) (400) ---------- ---------- ------------ Net cash generated from operations 166 1,587 2,711 ---------- ---------- ------------ Investing activities Purchase of property, plant and equipment (1,009) (518) (704) Proceeds on disposal of property, plant and equipment - - 25 ---------- ---------- ------------ (1,009) (518) (679) ---------- ---------- ------------ Financing activities Interest (6) - - Obligations under finance leases 854 - - Share repurchase - - (410) Equity dividends paid (620) (391) (391) ---------- ---------- ------------ 228 (391) (801) ---------- ---------- ------------ Net increase/(decrease) in cash and cash equivalents (615) 678 1,231 Cash and cash equivalents at start of period 3,114 1,883 1,883 Cash and cash equivalents at end of period 2,499 2,561 3,114 ========== ========== ============ Consolidated Statement of Changes in Equity 6 months ended 31st December 2016 Share Share Capital Revaluation Profit Total capital premium redemption reserve and equity account reserve loss account GBP000 GBP000 GBP000 GBP000 GBP000 GBP000 At 1st July 2015 10,851 504 3,105 - (3,380) 11,080 Comprehensive income for the period Profit for the period - - - - 372 372 Other comprehensive income for the period - - - - (174) (174) ----------- ---------- ------------ ------------ --------- -------- - - - - 198 198 Contributions by and distributions to owners Dividend Paid - - - - (391) (391) ----------- ---------- ------------ ------------ --------- -------- At 31st December 2015 10,851 504 3,150 - (3,573) 10,887 Comprehensive income for the period Profit for the period - - - - 905 905 Other comprehensive income for the period - - - 3,009 (440) 2,569 ----------- ---------- ------------ ------------ --------- -------- - - - 3,009 465 3,474 Contributions by and distributions to owners Share repurchase (512) - 512 - - - Consideration paid on share purchase - - - - (410) (410) ----------- ---------- ------------ ------------ --------- -------- (512) - 512 - (410) (410) ----------- ---------- ------------ ------------ --------- -------- At 30(th) June 2016 10,339 504 3,617 3,009 (3,518) 13,951 Comprehensive income for the period Profit for the year - - - - 696 696 Other comprehensive income for the year - - - - (384) (384) ----------- ---------- ------------ ------------ --------- -------- - - - - 312 312 Contributions by and distributions to owners Dividend Paid - - - - (620) (620) =========== ========== ============ ============ ========= ======== At 31(st) December 2016 10,339 504 3,617 3,009 (3,826) 13,643 =========== ========== ============ ============ ========= ======== Note BASIS OF PREPARATION AND ACCOUNTING POLICIES The financial information for the six month periods ended 31(st) December 2016 and 31(st) December 2015 has not been audited and does not constitute full financial statements within the meaning of Section 434 of the Companies Act 2006. The financial information relating to the year ended 30th June 2016 does not constitute full financial statements within the meaning of Section 434 of the Companies Act 2006. This information is based on the group's statutory accounts for that period. The statutory accounts were prepared in accordance with International Financial Reporting Standards as adopted by the European Union ("IFRS") and received an unqualified audit report and did not contain statements under Section 498(2) or (3) of the Companies Act 2006. These financial statements have been filed with the Registrar of Companies. These interim financial statements have been prepared using the recognition and measurement principles of International Financial Reporting Standards as adopted by the European Union ("IFRS"). The accounting policies used are the same as those used in preparing the financial statements for the year ended 30th June 2016. These policies are set out in the annual report and accounts
for the year ended 30th June 2016 which is available on the company's website 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.
This information is provided by RNS
The company news service from the London Stock Exchange
END
IR SEUFASFWSEDE
(END) Dow Jones Newswires
February 21, 2017 02:00 ET (07:00 GMT)
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