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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Andrews Sykes Group Plc | LSE:ASY | London | Ordinary Share | GB0002684552 | ORD 1P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
12.50 | 2.27% | 562.50 | 550.00 | 575.00 | 562.50 | 547.50 | 547.50 | 7,899 | 09:58:30 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
Air Heat & Condition Eq-whsl | 83.01M | 17.02M | 0.4066 | 13.83 | 235.46M |
TIDMASY
RNS Number : 9855R
Andrews Sykes Group PLC
27 September 2017
Andrews Sykes Group plc
Interim Financial Statements 2017
Summary of results
for the six months ended 30 June 2017
(Unaudited) 6 months 6 months ended ended 30 June 2017 30 June 2016 GBP'000 GBP'000 Revenue from continuing operations 35,334 30,287 EBITDA* from continuing operations 10,892 8,799 Operating profit 8,171 6,395 Inter-company foreign exchange gains and losses (51) 1,062 Profit for the financial period 6,570 6,195 Basic earnings per share (pence) 15.55p 14.66p Interim dividends declared per equity share (pence) 11.90p 11.90p Net funds 17,403 15,392
* Earnings Before Interest, Taxation, Depreciation, profit on the sale of property, plant and equipment, Amortisation and non-recurring items.
Chairman's Statement
Overview
The group produced a successful result for the first half of 2017, once again the winter months created some good opportunities for our heating and boiler hire products. Overall, the group's revenue for the six months ended 30 June 2017 was GBP35.3 million, an increase of GBP5.0 million compared with the same period last year. As a consequence operating profit increased by GBP1.8 million from GBP6.4 million in the first half of 2016 to GBP8.2 million for the six months ended 30 June 2017.
The group continues to be profitable and cash generative. Cash generated from operations was GBP8.6 million (2016: GBP7.1 million) and net funds decreased by GBP0.3 million from GBP17.7 million as at 31 December 2016 to GBP17.4 million as at 30 June 2017, this was after paying the 2016 final dividend of 11.9 pence per share, or GBP5.0 million in total, during the period.
Management continue to safeguard the operational structure of the business. Cash spent on new plant and equipment, primarily hire fleet assets, amounted to GBP2.6 million and a further GBP1.2 million from stock was also added to the hire fleet. We have continued our policy of pursuing organic growth within our market sectors and start up costs of the new businesses discussed in previous Strategic Reports continue to be expensed as incurred. Continuing investment in both our existing core businesses and the ongoing development of new operations and income streams will ensure that we remain in a strong position and will safeguard profitability into the future.
Operations review
Our main hire and sales business segment in the UK and Europe continued to expand during first half of 2017. Our pumping activity has stayed in line with expectation and our heating products have increased revenue levels by 12%. Demand for our air conditioning products has increased mainly due to a warmer than expected start to the summer in the month of June.
Our operations across the Benelux region have experienced continued strong growth. Our recently established businesses in France, Switzerland and Luxembourg continue to trade in line with our expectations. In Italy we have had a strong trading result driven by a 50% increase in revenues.
Andrews Air Conditioning & Refrigeration, our UK air conditioning installation business, produced an operating profit in line with previous periods.
Khansaheb Sykes, our long established business based in the UAE, had a reasonable start to the year, maintaining similar revenue levels of 2016. The climate rental division also continues to make a positive contribution. Overall, the operating profit of Khansaheb Sykes was in line with expectation.
Profit for the financial period and Earnings per Share
Profit before tax was GBP8.1 million (2016: GBP7.5 million) reflecting both the above GBP1.8 million increase in operating profit and a significant decrease in net finance income of GBP1.2 million, compared with the same period in 2016. This decrease was primarily due to a net inter-company foreign exchange gain of GBP1.1 million reported in 2016 compared with a loss of GBP0.1 million in 2017.
The total tax charge increased by GBP0.2 million from GBP1.3 million for the six months ended 30 June 2016 to GBP1.5 million for the current six month period. The effective tax rate increased from 17.7% for the six months ended 30 June 2016 to 19.0% in the current period. The rate for the current period is slightly less than the standard effective UK corporation tax rate of 19.25% which is mainly due to the effect of profits being made in lower tax regions overseas partially offset by non-tax deductible expenses. A reconciliation of the theoretical corporation tax charge based on the accounts profit multiplied by the UK annualised corporation tax rate of 19.25% and the actual tax charge is given in note 4 of these interim financial statements.
Profit after tax was GBP6.6 million (2016: GBP6.2 million) and consequently the basic earnings per share increased by 0.89 pence, or 6%, from 14.66 pence for the first half of 2016 to 15.55 pence for the period under review. There were no share buy-backs in the period.
Dividends
The final dividend of 11.90 pence per ordinary share for the year ended 31 December 2016 was approved by members at the AGM held on 21 June 2017. Accordingly on 26 June 2017 the company made a total dividend payment of GBP5,029,000 which was paid to shareholders on the register as at 26 May 2017.
The board continues to adopt the policy of returning value to shareholders whenever possible. The group remains profitable, cash generative and financially strong. Accordingly the board has decided to declare an interim dividend for 2017 of 11.90 pence per share which in total amounts to GBP5,029,000. This will be paid on 3 November 2017 to shareholders on the register as at 6 October 2017. The shares will go ex-dividend on 5 October 2017.
Bank loan agreement
During the period, and in accordance with the agreed repayment profile, the group repaid the final annual instalment of GBP1 million that was due for payment on 30 April 2017. The remaining loan balance of GBP5 million has been refinanced over a five year period.
Outlook
Trading in the third quarter to date has continued to be positive. Europe has experienced strong results through to September as a result of continued high demand for air conditioning products. Once again activity in the Middle East has remained consistent through the summer period.
The board remains cautiously optimistic that the group will have further success in the remainder of the year.
JG Murray 28 September 2017 Chairman
Consolidated income statement
for the 6 months ended 30 June 2017 (unaudited)
6 months 6 months 12 months ended ended ended 30 June 30 June 31 December 2017 2016 2016 GBP'000 GBP'000 GBP'000 Continuing operations Revenue 35,334 30,287 65,389 Cost of sales (15,328) (12,692) (26,677) Gross profit 20,006 17,595 38,712 Distribution costs (5,917) (5,772) (11,512) Administrative expenses (5,918) (5,428) (11,384) Operating profit 8,171 6,395 15,816 EBITDA* 10,892 8,799 20,664 Depreciation and impairment losses (3,013) (2,702) (5,310) Profit on the sale of plant and equipment 292 298 462 Operating profit 8,171 6,395 15,816 Finance income 49 145 308 Finance costs (59) (73) (150) Intercompany foreign exchange gains and losses (51) 1,062 1,567 Profit before taxation 8,110 7,529 17,541 Taxation (1,540) (1,334) (3,068) Profit for the financial period 6,570 6,195 14,473 --------- --------- -------------- There were no discontinued operations in either of the above periods Earnings per share from continuing operations Basic and diluted (pence) 15.55p 14.66p 34.25p Dividends paid during the period per equity share (pence) 11.90p 11.90p 23.80p Proposed dividend per equity share (pence) 11.90p 11.90p 11.90p
* Earnings Before Interest, Taxation, Depreciation, profit on the sale of property, plant and equipment, Amortisation and non-
recurring items.
Consolidated balance sheet
as at 30 June 2017 (unaudited)
30 June 30 June 31 December 2017 2016 2016 ---------------- --------------- ---------------- GBP'000 GBP'000 GBP'000 Non-current assets Property, plant and equipment 20,756 18,604 20,062 Lease prepayments 48 49 49 Trade investments 164 164 164 Deferred tax asset 326 482 559 Retirement benefit pension surplus 2,575 1,512 1,161 ---------------- --------------- ---------------- 23,869 20,811 21,995 ---------------- --------------- ---------------- Current assets Stocks 4,542 5,709 4,994 Trade and other receivables 18,817 16,052 18,425 Cash and cash equivalents 22,453 20,590 22,819 45,812 42,351 46,238 ---------------- --------------- ---------------- Current liabilities Trade and other payables (12,354) (11,414) (13,055) Current tax liabilities (1,375) (1,345) (1,575) Overseas tax (denominated in euros) (404) (44) (250) Bank loans (493) (4,985) (4,995) Obligations under finance leases (61) (129) (102) (14,687) (17,917) (19,977) ---------------- --------------- ---------------- Net current assets 31,125 24,434 26,261 Total assets less current liabilities 54,994 45,245 48,256 Non-current liabilities Bank loans (4,471) - - Obligations under finance leases (25) (84) (49) (4,496) (84) (49) ---------------- --------------- ---------------- Net assets 50,498 45,161 48,207 ---------------- --------------- ---------------- Equity Called-up share capital 423 423 423 Share premium 13 13 13 Retained earnings 45,917 41,096 43,619 Translation reserve 3,890 3,374 3,897 Other reserves 245 245 245 Surplus attributable to equity holders of the parent 50,488 45,151 48,197 Minority interest 10 10 10 Total equity 50,498 45,161 48,207 ---------------- --------------- ----------------
Consolidated cash flow statement
for the six months ended 30 June 2017 (unaudited)
6 months 6 months 12 months ended ended ended 30 June 30 June 31 December 2017 2016 2016 GBP'000 GBP'000 GBP'000 Cash flows from operating activities Cash generated from operations 8,606 7,111 17,693 Interest paid (56) (66) (136) Net UK corporation tax paid (1,208) (941) (1,846) Overseas tax paid (340) (263) (578) Net cash inflow from operating activities 7,002 5,841 15,133 ---------------------------- ---------------------------- -------------------------- Investing activities Sale of property, plant and equipment 392 415 673 Purchase of property, plant and equipment (2,594) (2,237) (5,392) Interest received 38 124 241 ---------------------------- ---------------------------- Net cash outflow from investing activities (2,164) (1,698) (4,478) ---------------------------- ---------------------------- -------------------------- Financing activities Loan repayments (5,000) (1,000) (1,000) New loans raised net of arrangement fees 4,962 - - Finance lease capital repayments (64) (53) (116) Equity dividends paid (5,029) (5,029) (10,058) ---------------------------- ---------------------------- Net cash outflow from financing activities (5,131) (6,082) (11,174) ---------------------------- ---------------------------- -------------------------- Net decrease in cash and cash equivalents (293) (1,939) (519) Cash and cash equivalents at the beginning of the period 22,819 20,715 20,715 Effect of foreign exchange rate changes (73) 1,814 2,623 Cash and cash equivalents at end of the period 22,453 20,590 22,819 ---------------------------- ---------------------------- -------------------------- Reconciliation of net cash flow to movement in net funds in the period Net decrease in cash and cash equivalents (293) (1,939) (519) Net cash outflow from the decrease in debt 102 1,053 1,115 Non-cash movement re new financial leases - (84) (84) Non-cash movements re costs of raising loan finance (6) (10) (20) ----------------------------- ----------------------- -------------------------- Decrease in net funds during the period (197) (980) 492 Opening net funds at the beginning of period 17,673 14,558 14,558 Effect of foreign exchange rate changes (73) 1,814 2,623 ----------------------------- ----------------------- -------------------------- Closing net funds at the end of period 17,403 15,392 17,673 ----------------------------- ----------------------- --------------------------
Consolidated statement of comprehensive total income (CSOCTI)
for the six months ended 30 June 2017 (unaudited)
6 months 6 months 12 months ended ended ended 30 June 30 June 31 December 2017 2016 2016 GBP'000 GBP'000 GBP'000 Profit for the financial period 6,570 6,195 14,473 Other comprehensive income: Items that may be reclassified to profit and loss: Currency translation differences on foreign currency net investments (7) 1,401 1,924 Items that will never be reclassified to profit and loss: Remeasurement of defined benefit liabilities and assets 935 (1,305) (2,201) Related deferred tax (178) 248 418 Other comprehensive income for the period net of tax 750 344 141 Total comprehensive income for the period 7,320 6,539 14,614
Notes to the consolidated interim financial statements
for the six months ended 30 June 2017
1 General information
Basis of preparation
These interim financial statements have been prepared in accordance with International Accounting Standards (IAS) and International Financial Reporting Standards (IFRS) as adopted by the European Union and with the Companies Act 2006.
The information for the 12 months ended 31 December 2016 does not constitute the group's statutory accounts for 2016 as defined in Section 434 of the Companies Act 2006. Statutory accounts for 2016 have been delivered to the Registrar of Companies. The auditor's report on those accounts was unqualified and did not contain statements under Section 498(2) or (3) of the Companies Act 2006. These interim financial statements, which were approved by the Board of Directors on 28 September 2017, have not been audited or reviewed by the auditors.
The interim financial statement has been prepared using the historical cost basis of accounting except for:
(i) Properties held at the date of transition to IFRS which are stated at deemed cost;
(ii) Assets held for sale which are stated at the lower of (i) fair value less anticipated disposal costs and (ii) carrying value;
(iii) Derivative financial instruments (including embedded derivatives) which are valued at fair value; and
(iv) Pension scheme assets and liabilities calculated at fair value in accordance with IAS 19.
Functional and presentational currency
The financial statements are presented in pounds Sterling because that is the functional currency of the primary economic environment in which the group operates.
2 Accounting policies
These interim financial statements have been prepared on a consistent basis and in accordance with the accounting policies set out in the group's Annual Report and Financial Statements 2016.
3 Revenue
An analysis of the group's revenue is as follows:
6 months 6 months 12 months ended ended ended 30 June 30 June 31 December 2017 2016 2016 GBP'000 GBP'000 GBP'000 Continuing operations Hire 29,405 25,450 54,852 Sales 3,906 2,806 6,386 Installations 2,023 2,031 4,151 Group consolidated revenue from the sale of goods and provision of services 35,334 30,287 65,389 -------- -------- ------------
The geographical analysis of the group's revenue by origination is:
6 months 6 months 12 months ended ended ended 30 June 30 June 31 December 2017 2016 2016 GBP'000 GBP'000 GBP'000 United Kingdom 22,624 20,171 41,754 Rest of Europe 7,067 4,787 12,105 Middle East and Africa 5,643 5,329 11,530 35,334 30,287 65,389 ------------------------ -------- ------------
The geographical analysis of the groups' revenue by destination is not materially different to that by origination.
4 Taxation 6 months 6 months 12 months ended ended ended 30 June 30 June 31 December 2017 2016 2016 GBP'000 GBP'000 GBP'000 Current tax UK corporation tax at 19.25% (30 June 2016 and 31 December 2016: 20%) 1,008 980 2,253 Adjustments in respect of prior periods - - (138) ------------------------ -------- ------------ 1,008 980 2,115 Overseas tax 474 299 838 Adjustments to overseas tax in respect of prior periods 3 7 (26) Total current tax charge 1,485 1,286 2,927 ------------------------ -------- ------------ Deferred tax Deferred tax on the origination and reversal of temporary differences 55 48 38 Adjustments in respect of prior periods - - 103 Total deferred tax charge 55 48 141 ------------------------ -------- ------------ Total tax charge for the financial period attributable to continuing operations 1,540 1,334 3,068 ------------------------ -------- ------------
The tax charge for the financial period can be reconciled to the profit before tax per the income statement multiplied by the effective standard annualised corporation tax rate in the UK of 19.25% (30 June 2016 and 31 December 2016: 20%) as follows:
6 months 6 months 12 months ended ended ended 30 June 30 June 31 December 2017 2016 2016 GBP'000 GBP'000 GBP'000 Profit before taxation from continuing and total operations 8,110 7,529 17,541 -------- -------- ----------------------- Tax at the UK effective annualised corporation tax rate of 19.25% (30 June 2016 and 31 December 2016: 20%) 1,561 1,506 3,508 Effects of: Expenses not deductible for tax purposes 57 45 48 Movement in overseas trading losses 13 (46) (87) Effect of different tax rates of subsidiaries operating abroad (93) (175) (337) Effect of change in rate of corporation tax (1) (3) (3) Adjustments to tax charge in respect of previous periods 3 7 (61) Total tax charge for the financial period 1,540 1,334 3,068 -------- -------- -----------------------
The total effective tax charge for the financial period represents the best estimate of the weighted average annual effective tax rate expected for the full financial year applying tax rates that have been substantively enacted by the balance sheet date. Accordingly UK corporation tax has been provided at 19.25%; the rate of 19% for the tax year ending 31 March 2018 having been substantially enacted in October 2015. UK deferred tax has been provided at 19% being the rate substantially enacted at the balance sheet date at which the timing differences are expected to substantially reverse.
5 Earnings per share
Basic earnings per share
The basic figures have been calculated by reference to the weighted average number of ordinary shares in issue and the earnings as set out below. There are no discontinued operations in any period.
6 months ended 30 June 2017 ------------------------ Continuing Number of earnings Shares GBP'000 Basic earnings/weighted average number of shares 6,570 42,262,082 ----------- Basic earnings per ordinary share (pence) 15.55p 6 months ended 30 June 2016 ------------------------ Continuing Number of earnings shares GBP'000 Basic earnings/weighted average number of shares 6,195 42,262,082 ----------- Basic earnings per ordinary share (pence) 14.66p 12 months ended 31 December 2016 --------------------------------- Continuing Number of earnings shares GBP'000 Basic earnings/weighted average number of shares 14,473 42,262,082 ---------------- Basic earnings per ordinary share (pence) 34.25p
Diluted earnings per share
There were no dilutive instruments outstanding at 30 June 2017 or either of the comparative periods and therefore there is no difference in the basic and diluted earnings per share for any of these periods. There were no discontinued operations in any period.
6 Dividend payments
Dividends declared and paid on ordinary one pence shares during the 6 months ended 30 June 2017 were as follows:
Paid during the 6 months ended 30 June 2017 ------------------------------- Total dividend Pence per share paid GBP'000 Final dividend for the year ended 31 December 2016 paid to members on the register as at 26 May 2017 on 26 June 2017 11.90p 5,029 --------------- --------------
The above dividend was charged against reserves during the 6 months ended 30 June 2017.
On 28 September 2017 the directors declared an interim dividend of 11.90 pence per ordinary share which in total amounts to GBP5,029,000. This will be paid on 3 November 2017 to shareholders on the register on 6 October 2017 and will be charged against reserves in the second half of 2017.
Dividends declared and paid on ordinary one pence shares during the 6 months ended 30 June 2016 were as follows:
Paid during the 6 months ended 30 June 2016 ------------------------------- Total dividend Pence per share declared GBP'000 Final dividend for the year ended 31 December 2015 paid to members on the register as at 27 May 2016 on 24 June 2016 11.90p 5,029 --------------- --------------
The above dividend was charged against reserves during the 6 months ended 30 June 2016.
Dividends declared and paid on ordinary one pence shares during the 12 month period ended 31 December 2016 were as follows:
Paid during the 12 months ended 31 December 2016 ------------------------------- Total dividend Pence per share paid GBP'000 Final dividend for the year ended 31 December 2015 paid to members on the register as at 27 May 2016 on 24 June 2016 11.90p 5,029 Interim dividend declared on 28 September 2016 and paid to shareholders on the register as at 7 October 2016 on 2 November 2016 11.90p 5,029 --------------- -------------- 23.80p 10,058 --------------- --------------
The above dividends were charged against reserves during the 12 months ended 31 December 2016.
7 Retirement benefit obligations - Defined benefit pension scheme
The group closed the UK group defined benefit pension scheme to future accrual as at 29 December 2002. The assets of the defined benefit pension scheme continue to be held in a separate trustee administered fund.
As at 30 June 2017 the group had a net defined benefit pension scheme surplus, calculated in accordance with IAS 19 (revised) using the assumptions as set out below, of GBP2,575,000 (30 June 2016: GBP1,512,000; 31 December 2016: GBP1,161,000). The asset has been recognised in the financial statements as the directors are satisfied that it is recoverable in accordance with IFRIC 14.
Following the triennial recalculation of the funding deficit as at 31 December 2013 a revised schedule of contributions and recovery plan was agreed with the pension scheme trustees in June 2014. In accordance with this schedule of contributions, which is effective from 1 January 2014, the group made additional contributions in 2014 to remove the funding deficit calculated as at 31 December 2013 and this has now been eliminated as at 31 December 2014. Subsequently, to date, the group has continued to make a contribution towards expenses of GBP10,000 per month. In addition the group made an additional voluntary contribution of GBP32,000 per month from January 2016 and this was increased to GBP80,000 per month from April 2016. The formal triennial funding valuation as at 31 December 2016 is currently being finalised and this is likely to show a deficit of GBP0.7 million. The group has agreed to continue to make the current level of monthly contributions until either the formal approval of the schedule of contributions or the elimination of the estimated deficit, whichever is the earlier.
Assumptions used to calculate the scheme surplus
A qualified independent actuary has updated the results of the provisional December 2016 (30 June 2016 and 31 December 2016: December 2013) full actuarial valuation to calculate the surplus as disclosed below:
The major assumptions used to determine the present value of the scheme's defined benefit obligation were:
30 June 30 June 31 December 2017 2016 2016 % % % Rate of increase in pensionable salaries N/A N/A N/A Rate of increase in pensions in payment 3.20 2.90 3.30 Discount rate applied to scheme liabilities 2.60 2.80 2.70 Inflation assumption - RPI 3.20 2.90 3.30 Inflation assumption - CPI 2.20 1.90 2.30 Percentage of members taking maximum tax free lump sum on retirement 90.0 90.0 90.0
From 1 January 2011, the government amended the basis for statutory increases to deferred pensions and pensions in payment. Such increases are now based on inflation measured by the Consumer Price Index (CPI) rather than the Retail Price Index (RPI). Having reviewed the scheme rules and considered the impact of the change on this pension scheme, the directors consider that future increases to (i) all deferred pensions and (ii) Guaranteed Minimum Pensions accrued between 6 April 1988 and 5 April 1997 and currently in payment will be based on CPI rather than RPI. Accordingly, this assumption was adopted as at 31 December 2010 and subsequently.
Assumptions regarding future mortality experience are set based on advice in accordance with published statistics. The mortality table used at 30 June 2017 is 110% S2NA CMI2015 (30 June 2016 and 31 December 2016: 110% S2NA CMI2015) with a 1% per annum long term improvement for both males and females (30 June 2016 and 31 December 2016: 1% males and females).
The assumed average life expectancy in years of a pensioner retiring at the age of 65 given by the above tables is as follows:
30 June 30 June 31 December 2017 2016 2016 Male, current age 45 22.6 years 22.6 years 22.6 years Female, current age 45 24.9 years 24.9 years 24.9 years
Valuations
The fair value of the scheme's assets, which are not intended to be realised in the short term and may be subject to significant change before they are realised, and the present value of the scheme's liabilities, which are derived from cash flow projections over long periods and are inherently uncertain, were as follows:
30 June 30 June 31 December 2017 2016 2016 GBP'000 GBP'000 GBP'000 Total fair value of plan assets 44,403 40,768 43,368 Present value of defined benefit funded obligation calculated in accordance with stated assumptions (41,828) (39,256) (42,207) ----------- ----------- ------------ Surplus in the scheme calculated in accordance with stated assumptions recognised in the balance sheet 2,575 1,512 1,161 ----------- ----------- ------------
The movement in the fair value of the scheme's assets during the period was as follows:
30 June 30 June 31 December 2017 2016 2016 GBP'000 GBP'000 GBP'000 Fair value of plan assets at the start of the period 43,368 37,734 37,734 Interest income on pension scheme assets 580 688 1,383 Actual return less interest income on pension scheme assets 848 2,737 4,927 Employer contributions 540 396 936 Benefits paid (851) (717) (1,490) Administration expenses charged in the income statement (82) (70) (122) Fair value of plan assets at the end of the period 44,403 40,768 43,368 --------- -------- -----------
The movement in the present value of the defined benefit obligation during the period was as follows:
30 June 30 June 31 December 2017 2016 2016 GBP'000 GBP'000 GBP'000 Present value of defined benefit funded at the beginning of the period (42,207) (35,291) (35,291) Interest on defined benefit obligation (559) (640) (1,278) Actuarial gain/(loss) recognised in the CSOCTI calculated in accordance with stated assumptions 87 (4,042) (7,128) Benefits paid 851 717 1,490 Closing present value of defined benefit funded obligation calculated in accordance with stated assumptions (41,828) (39,256) (42,207) ---------- --------- -----------
Amounts recognised in the income statement
The amounts (charged) / credited in the income statement were:
30 June 30 June 31 December 2017 2016 2016 GBP'000 GBP'000 GBP'000 Interest income on pension scheme assets 580 688 1,383 Interest expense on pension scheme liabilities (559) (640) (1,278) ---------------------- --------------------- --------------------- Net pension interest credit included within finance income 21 48 105 Scheme administration expenses (82) (70) (122) Net pension charge in the income statement (61) (22) (17) ---------------------- --------------------- ---------------------
Actuarial gains and losses recognised in the consolidated statement of comprehensive total income (CSOCTI)
The amounts credited/(charged) in the CSOCTI were:
30 June 30 June 31 December 2017 2016 2016 GBP'000 GBP'000 GBP'000 Actual return less interest income on pension scheme assets 848 2,737 4,927 Experience gains and losses arising on plan obligation 210 281 - ---------------------- --------------------- --------------------- Changes in demographic and financial assumptions underlying the present value of plan obligations (123) (4,323) (7,128) Actuarial gain/(loss) in calculated in accordance with stated assumptions recognised in the CSOCTI 935 (22) (2,201) ---------------------- --------------------- --------------------- 8 Called up share capital 30 June 30 June 31 December 2017 2016 2016 GBP'000 GBP'000 GBP'000 Issued and fully paid: 42,262,082 ordinary shares of one pence each (30 June 2016 and 31 December 2016: 42,262,082 ordinary shares of one pence each) 423 423 423 ---------------------- ----------------- -------------------
The company did not buy back any shares for cancellation during the 6 months ended 30 June 2017 or either of the comparative periods. The company did not issue any shares in the period or either of the comparative periods. No share options were granted, forfeited or expired during any of the periods and there were no share options outstanding at any period end.
The company has one class of ordinary shares which carry no right to fixed income.
9 Cash generated from operations 6 months 6 months 12 months ended ended ended 30 June 30 June 31 December 2017 2016 2016 GBP'000 GBP'000 GBP'000 Profit for the period attributable to equity shareholders 6,570 6,195 14,473 Adjustments for: Taxation charge 1,540 1,334 3,068 Finance costs 59 73 150 Finance income (49) (145) (308) Inter-company foreign exchange gains and losses 51 (1,062) (1,567) Profit on the sale of property, plant and equipment (292) (298) (462) Depreciation 3,013 2,702 5,310 EBITDA* 10,892 8,799 20,664 Excess of pension contributions compared with service and administration expenses (458) (326) (814) Workings capital movements: Stocks (728) (2,195) (2,251) Trade and other receivables (402) 508 (1,876) Trade and other payables (698) 325 1,970 Cash generated from operations 8,606 7,111 17,693 -------- -------- ------------
* Earnings Before Interest, Taxation, Depreciation, profit on the sale of property, plant and equipment, Amortisation and non-recurring items.
10 Analysis of net funds 30 June 30 June 31 December 2017 2016 2016 GBP'000 GBP'000 GBP'000 Cash and cash equivalents per cash flow statement 22,453 20,590 22,819 -------- ----------------------- --------------------- Bank loans (4,964) (4,985) (4,995) Obligations under finance leases (86) (213) (151) -------- ----------------------- --------------------- Gross debt (5,050) (5,198) (5,146) -------- ----------------------- --------------------- Net funds 17,403 15,392 17,673 -------- ----------------------- --------------------- 11 Distribution of interim financial statements
Following a change in regulations in 2008, the company is no longer required to circulate this half year report to shareholders. This enables us to reduce costs associated with printing and mailing and to minimise the impact of these activities on the environment. A copy of the interim financial statements is available on the company's website, www.andrews-sykes.com.
This information is provided by RNS
The company news service from the London Stock Exchange
END
IR FDLFLDKFLBBL
(END) Dow Jones Newswires
September 28, 2017 04:28 ET (08:28 GMT)
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