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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 | |
|---|---|---|---|---|---|---|---|---|---|---|
| 2.50 | 0.43% | 577.50 | 575.00 | 580.00 | 577.50 | 575.00 | 575.00 | 126 | 11:09:03 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| Air Heat & Condition Eq-whsl | 83.01M | 17.02M | 0.4066 | 14.20 | 241.73M |
From Apr 2019 to Apr 2024
TIDMASY
RNS Number : 2363C
Andrews Sykes Group PLC
28 September 2018
28 September 2018
Andrews Sykes Group plc
Interim Financial Statements 2018
Andrews Sykes Group plc ("Andrews Sykes" or the "Company" or the "Group") announces unaudited results for the six months ended 30 June 2018.
Summary
Hot Features
Premium
(Unaudited)
6 months ended 6 months ended
30 June 2018 30 June 2017
GBP'000 GBP'000
Revenue from continuing operations 37,815 35,334
EBITDA* from continuing operations 12,429 10,892
Operating profit 9,280 8,171
Profit for the financial period 7,528 6,570
Basic earnings per share (pence) 17.82p 15.55p
Interim dividends declared per equity share (pence) 11.90p 11.90p
Net funds 16,991 17,403
============== ==============
* Earnings Before Interest, Taxation, Depreciation, profit on the sale of property, plant and equipment, Amortisation and non-recurring items.
Enquiries:
Andrews Sykes Group plc +44 (0) 1902 328 700
Andy Phillips (CFO)
Mark Calderbank (Company Secretary)
GCA Altium (Nominated Adviser) +44 (0) 20 7484 4040
Tim Richardson
Chairman's Statement
Overview
The Group produced a successful result for the first half of 2018, 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 2018 was GBP37.8 million, an increase of GBP2.5 million compared with the same period last year. As a consequence operating profit increased by GBP1.1 million from GBP8.2 million in the first half of 2017 to GBP9.3 million for the six months ended 30 June 2018.
The Group continues to be profitable and cash generative. Cash generated from operations was GBP7.6 million (2017: GBP8.6 million) but net funds decreased by GBP3.3 million from GBP20.3 million as at 31 December 2017 to GBP17.0 million as at 30 June 2018, partly due to an increase in working capital of GBP4.8 million. This was also after paying the 2017 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 GBP4.0 million and a further GBP0.9 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 2018. Our pumping activity has stayed in line with expectation and our heating products have increased revenue levels by 21%. Demand for our air conditioning products has increased by 14%.
Our operations across the Benelux region have experienced continued strong growth. Our recently established businesses in France and Switzerland continue to trade in line with our expectations. In Italy we have had a strong trading result driven by a 39% 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 business based in the UAE, had a challenging start to the year, maintaining similar hire revenue levels to 2017 whilst sales revenues have fallen back against expectation. As a result, the operating profit of Khansaheb Sykes has reduced to GBP1.0 million from GBP1.2 million in the first half of the year.
Profit for the financial period and Earnings per Share
Profit before tax was GBP9.3 million (2017: GBP8.1 million) reflecting the above GBP1.1 million increase in operating profit. The total tax charge was increased by GBP0.3 million from GBP1.5 million for the six months ended 30 June 2017 to GBP1.8 million for the current six month period. The effective tax rate increased from 19.0% for the six months ended 30 Jun 2017 to 19.4% in the current period. The rate for the current period is slightly higher than the standard effective UK corporation tax rate of 19% which is mainly due to the effect of profits being made in overseas regions with different tax rates to those in the UK and 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% and the actual tax charge is given in note 4 of these interim financial statements.
Profit after tax was GBP7.5 million (2017: GBP6.6 million), an increase of GBP0.9 million or 14.58% (2017: GBP0.4 million or 6.05%) compared with the same period last year. The basic earnings per share increased by 2.27 pence, or 14.59%, from 15.55 pence for the first half of 2017 to 17.82 pence for the period under review reflecting both the increase in profit and shares purchased for cancellation during the period.
Share buybacks
The board continues to believe that shareholder value will be optimised by the purchase by the Company, when appropriate, of its own shares.
During the current period, on 31 May 2018, a total of 87,723 ordinary shares were purchased for cancellation for a total consideration of GBP438,000. These purchases enhanced earnings per share and were for the benefit of all shareholders.
Dividends
The final dividend of 11.90 pence per ordinary share for the year ended 31 December 2017 was approved by members at the AGM held on 20 June 2018. Accordingly on 25 June 2018 the Company made a total dividend payment of GBP5,029,000 which was paid to shareholders on the register as at 1 June 2018.
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 2018 of 11.90 pence per share which in total amounts to GBP5,019,000. This will be paid on 9 November 2018 to shareholders on the register as at 12 October 2018. The shares will go ex-dividend on 11 October 2018.
Outlook
Trading in the third quarter to date has continued to be positive. Europe has experienced strong trading results through the summer months 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 27 September 2018 Chairman
Consolidated income statement
for the 6 months ended 30 June 2018 (unaudited)
6 months 6 months 12 month
ended ended ended
30 June 30 June 31 December
2018 2017 2017
GBP'000 GBP'000 GBP'000
Continuing operations
Revenue 37,815 35,334 71,300
Cost of sales (16,256) (15,328) (30,086)
Gross profit 21,559 20,006 41,214
Distribution costs (5,987) (5,917) (11,571)
Administrative expenses (6,292) (5,918) (12,054)
Operating profit 9,280 8,171 17,589
EBITDA* 12,429 10,892 22,851
Depreciation and impairment losses (3,399) (3,013) (5,917)
Profit on the sale of plant and
equipment 250 292 655
--------- --------- --------------
Operating profit 9,280 8,171 17,589
--------- --------- --------------
Finance income 60 49 82
Finance costs (47) (59) (93)
Intercompany foreign exchange
gains and losses 52 (51) (293)
Profit before taxation 9,345 8,110 17,285
Taxation (1,817) (1,540) (3,184)
Profit for the financial period 7,528 6,570 14,101
--------- --------- --------------
There were no discontinued operations
in either of the above periods
Earnings per share from continuing
operations
Basic and diluted (pence) 17.82p 15.55p 33.37p
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 2018 (unaudited)
30 June 30 June 31 December
2018 2017 2017
GBP'000 GBP'000 GBP'000
Non-current assets
Property, plant and equipment 23,186 20,756 21,911
Lease prepayments 46 48 47
Trade investments - 164 -
Deferred tax asset 176 326 102
Retirement benefit pension surplus 3,354 2,575 3,364
---------------- --------------- ----------------
26,762 23,869 25,424
---------------- --------------- ----------------
Current assets
Stocks 5,807 4,542 3,860
Trade and other receivables 20,100 18,817 17,852
Overseas tax (denominated in 47 - -
Euros)
Cash and cash equivalents 21,489 22,453 25,311
47,443 45,812 47,023
---------------- --------------- ----------------
Current liabilities
Trade and other payables (12,598) (12,354) (12,358)
Current tax liabilities (1,624) (1,375) (1,318)
Overseas tax (denominated in
euros) - (404) (378)
Bank loans (493) (493) (493)
Obligations under finance leases (26) (61) (43)
(14,741) (14,687) (14,590)
---------------- --------------- ----------------
Net current assets 32,702 31,125 32,433
Total assets less current liabilities 59,464 54,994 57,857
Non-current liabilities
Bank loans (3,979) (4,471) (4,475)
Obligations under finance leases - (25) (7)
(3,979) (4,496) (4,482)
---------------- --------------- ----------------
Net assets 55,485 50,498 53,375
---------------- --------------- ----------------
Equity
Called-up share capital 422 423 423
Share premium 13 13 13
Retained earnings 50,789 45,917 48,789
Translation reserve 4,005 3,890 3,895
Other reserves 246 245 245
Surplus attributable to equity
holders of the parent 55,475 50,488 53,365
Minority interest 10 10 10
Total equity 55,485 50,498 53,375
---------------- --------------- ----------------
Consolidated cash flow statement
for the six months ended 30 June 2018 (unaudited)
6 months 6 months 12 months
ended ended ended
30 June 30 June 31 December
2018 2017 2017
GBP'000 GBP'000 GBP'000
Cash flows from operating activities
Cash generated from operations 7,600 8,606 21,090
Interest paid (42) (56) (84)
Net UK corporation tax paid (946) (1,208) (2,142)
Overseas tax paid (1,052) (340) (1,002)
Net cash inflow from operating
activities 5,560 7,002 17,862
--------- --------- -------------------
Investing activities
Sale of property, plant and equipment 472 392 861
Purchase of property, plant and
equipment (4,031) (2,594) (5,790)
Interest received 16 38 51
--------- ---------
Net cash outflow from investing
activities (3,543) (2,164) (4,878)
--------- --------- -------------------
Financing activities
Loan repayments (500) (5,000) (5,000)
New loans raised net of arrangement
fees - 4,963 4,963
Finance lease capital repayments (24) (65) (101)
Equity dividends paid (5,029) (5,029) (10,058)
Purchase of own shares (438) - -
--------- ---------
Net cash outflow from financing
activities (5,991) (5,131) (10,196)
--------- --------- -------------------
Net (decrease) / increase in
cash and cash equivalents (3,974) (293) 2,788
Cash and cash equivalents at
the beginning of the period 25,311 22,819 22,819
Effect of foreign exchange rate
changes 152 (73) (296)
Cash and cash equivalents at
end of the period 21,489 22,453 25,311
--------- --------- -------------------
Reconciliation of net cash flow to movement in net
funds in the period
Net (decrease)/increase in cash
and cash equivalents (3,974) (293) 2,788
Net cash outflow from the decrease
in debt 524 102 138
Non-cash movements re costs of
raising loan finance (4) (6) (10)
--------- --------- -------------------
(Decrease)/increase in net funds
during the period (3,454) (197) 2,916
Opening net funds at the beginning
of period 20,293 17,673 17,673
Effect of foreign exchange rate
changes 152 (73) (296)
--------- --------- -------------------
Closing net funds at the end
of period 16,991 17,403 20,293
--------- --------- -------------------
Consolidated statement of comprehensive total income (CSOCTI)
for the six months ended 30 June 2018 (unaudited)
6 months 6 months 12 months ended
ended ended 31 December
30 June 30 June 2017
2018 2017 GBP'000
GBP'000 GBP'000
Profit for the financial period 7,528 6,570 14,101
-------- -------- ---------------------
Other comprehensive income:
Items that may be reclassified to profit and loss:
Currency translation differences on foreign currency net investments 110 (7) (2)
Items that will never be reclassified to profit and loss:
Remeasurement of defined benefit liabilities and assets (75) 935 1,391
Related deferred tax 14 (178) (264)
-------- -------- ---------------------
Other comprehensive income for the period net of tax 49 750 1,125
-------- -------- ---------------------
Total comprehensive income for the period 7,577 7,320 15,226
-------- -------- ---------------------
Notes to the consolidated interim financial statements
for the six months ended 30 June 2018 (unaudited)
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 2017 does not constitute the Group's statutory accounts for 2017 as defined in Section 434 of the Companies Act 2006. Statutory accounts for 2017 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 27 September 2018, 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
With the exception of the adoption of IFRS 15 on 1 January 2018, 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 2017. There was no material impact on the Group's results as a consequence of the transition to IFRS 15 as the Group's activities are primarily (i) the hire of assets, mainly on short term leases, and (ii) the sale of goods the revenue for which was previously recognised at a point in time when the transfer of risks and rewards occurs which is consistent with IFRS 15. The comparative figures in these interim financial statements have not been restated as a consequence of adopting IFRS 15 for the first time this period.
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
2018 2017 2017
GBP'000 GBP'000 GBP'000
Continuing operations
Hire 32,847 29,405 59,314
Sales 3,152 3,906 7,485
Installations 1,816 2,023 4,501
Group consolidated revenue from
the sale of goods and provision
of services 37,815 35,334 71,300
-------- -------- ------------------
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
2018 2017 2017
GBP'000 GBP'000 GBP'000
United Kingdom 23,993 22,624 44,704
Rest of Europe 8,664 7,067 14,715
Middle East and Africa 5,158 5,643 11,881
37,815 35,334 71,300
-------- -------- ------------------
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
2018 2017 2017
GBP'000 GBP'000 GBP'000
Current tax
UK corporation tax at 19% (30 June
2017 and 31 December 2017: 19.25%) 1,252 1,008 1,947
Adjustments in respect of prior
periods - - (62)
-------- -------- --------------------
1,252 1,008 1,885
Overseas tax 618 474 1,125
Adjustments to overseas tax in
respect of prior periods 7 3 (19)
Total current tax charge 1,877 1,485 2,991
-------- -------- --------------------
Deferred tax
Deferred tax on the origination
and reversal of temporary differences (60) 55 163
Adjustments in respect of prior
periods - - 30
Total deferred tax (credit) / charge (60) 55 193
-------- -------- --------------------
Total tax charge for the financial
period attributable to
continuing operations 1,817 1,540 3,184
-------- -------- --------------------
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% (30 June 2017 and 31 December 2017: 19.25%) as follows:
6 months 6 months 12 months ended
ended ended 31 December
30 June 30 June 2017
2018 2017 GBP'000
GBP'000 GBP'000
Profit before taxation from continuing and total operations 9,345 8,110 17,285
-------- -------- -----------------------
Tax at the UK effective annualised corporation tax rate of 19%
(30 June 2017 and 31 December 2017: 19.25%) 1,776 1,561 3,327
Effects of:
Expenses not deductible for tax purposes 50 57 144
Utilisation of overseas trading losses (24) (3) (30)
Effects of different tax rates of subsidiaries operating abroad (22) (93) (225)
Overseas tax losses not recognised 30 16 21
Effect of change in rate of corporation tax - (1) (2)
Adjustments to tax charge in respect of previous periods 7 3 (51)
Total tax charge for the financial period 1,817 1,540 3,184
-------- -------- -----------------------
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%; the rate of 19% for the tax year ending 31 March 2019 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 2018
-----------------------------
Continuing Number of
earnings Shares
GBP'000
Basic earnings/weighted average number of shares 7,528 42,251,117
--------------
Basic earnings per ordinary share (pence) 17.82p
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
12 months ended 31 December 2017
----------------------------------
Continuing Number of
earnings Shares
GBP'000
Basic earnings/weighted average number of shares 14,101 42,262,082
----------------
Basic earnings per ordinary share (pence) 33.37p
Diluted earnings per share
There were no dilutive instruments outstanding at 30 June 2018 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 2018 were as follows:
Paid during the 6 months ended
30 June 2018
--------------------------------
Pence per Total dividend
share paid
GBP'000
Final dividend for the year ended 31 December 2017 paid to members on the register
as at 1
June 2018 on 25 June 2018 11.90p 5,029
------------ ------------------
The above dividend was charged against reserves during the 6 months ended 30 June 2018.
On 27 September 2018 the directors declared an interim dividend of 11.90 pence per ordinary share which in total amounts to GBP5,019,000. This will be paid on 9 November 2018 to shareholders on the register as at 12 October 2018 and will be charged against reserves in the second half of 2018.
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
--------------------------------
Pence per Total dividend
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.
Dividends declared and paid on ordinary one pence shares during the 6 months ended 31 December 2017 were as follows:
Paid during the 12 months ended
31 December 2017
---------------------------------
Pence per Total dividend
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
Interim dividend declared on 28 September 2017 and paid to shareholders on the
register as
at 6 October 2017 on 3 November 2017 11.90p 5,029
------------- ------------------
23.80p 10,058
------------- ------------------
The above dividends were charged against reserves during the 12 months ended 31 December 2017.
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 2018 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 GBP3,354,000 (30 June 2017: GBP2,575,000; 31 December 2017: GBP3,364,000). 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 2016 triennial recalculation of the funding deficit, a revised schedule of contributions was agreed with the pension scheme trustees. In accordance with this schedule of contributions the group made additional contributions in 2017 to remove the funding deficit as at 31 December 2016 of GBP710,000 and this was eliminated by 31 December 2017.
The next formal triennial funding valuation is due as at 31 December 2019. The Group currently expects to make pension contributions of GBP120,000 during 2018 in accordance with the current schedule of contributions of which GBP60,000 was paid in the first half year.
Assumptions used to calculate the scheme surplus
A qualified independent actuary has updated the results of the 31 December 2016 (30 June 2017and 31 December 2017: 31 December 2016) 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
2018 2017 2017
% % %
Rate of increase in pensionable salaries N/A N/A N/A
Rate of increase in pensions in payment 3.10 3.20 3.10
Discount rate applied to scheme liabilities 2.60 2.60 2.50
Inflation assumption - RPI 3.10 3.20 3.10
Inflation assumption - CPI 2.10 2.20 2.10
Percentage of members taking maximum 75 90 75
tax free lump sum on retirement
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 2018 is 110% S2NA CMI2016 (30 June 2017: 110% S2NA CMI2015; 31 December 2017: 110% S2NA CMI2016) with a 1.25% per annum long term improvement for both males and females (30 June 2017: 1% males and females; 31 December 2017: 1.25% 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
2018 2017 2017
Male, current age 45 22.9 years 22.6 years 22.9 years
Female, current age 45 25.0 years 24.9 years 25.0 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
2018 2017 2017
GBP'000 GBP'000 GBP'000
Total fair value of plan assets 43,968 44,403 45,657
Present value of defined benefit
funded obligation calculated
in accordance with stated assumptions (40,614) (41,828) (42,293)
---------- ---------- --------------
Surplus in the scheme calculated
in accordance with stated assumptions
recognised in the balance sheet 3,354 2,575 3,364
---------- ---------- --------------
The movement in the fair value of the scheme's assets during the period was as follows:
30 June 30 June 31 December
2018 2017 2017
GBP'000 GBP'000 GBP'000
Fair value of plan assets at the
start of the period 45,657 43,368 43,368
Interest income on pension scheme
assets 551 580 1,159
Actual return less interest income
on pension scheme assets (671) 848 2,047
Employer contributions 60 540 920
Benefits paid (1,592) (851) (1,687)
Administration expenses charged
in the income statement (37) (82) (150)
Fair value of plan assets at the
end of the period 43,968 44,403 45,657
--------- -------- -----------
The movement in the present value of the defined benefit obligation during the period was as follows:
30 June 30 June 31 December
2018 2017 2017
GBP'000 GBP'000 GBP'000
Present value of defined benefit
funded at the beginning of the
period (42,293) (42,207) (42,207)
Interest on defined benefit obligation (509) (559) (1,117)
Actuarial gain/(loss) recognised
in the CSOCTI calculated in
accordance with stated assumptions 596 87 (656)
Benefits paid 1,592 851 1,687
Closing present value of defined
benefit funded obligation calculated
in accordance with stated assumptions (40,614) (41,828) (42,293)
--------- --------- -----------
Amounts recognised in the income statement
The amounts credited / (charged) in the income statement were:
30 June 30 June 31 December
2018 2017 2017
GBP'000 GBP'000 GBP'000
Interest income on pension scheme
assets 551 580 1,159
Interest expense on pension scheme
liabilities (509) (559) (1,117)
---------------------- --------------------- ---------------------
Net pension interest credit included
within finance income 42 21 42
Scheme administration expenses (37) (82) (150)
Net pension credit / (charge)
in the income statement 5 (61) (108)
---------------------- --------------------- ---------------------
Actuarial gains and losses recognised in the consolidated statement of comprehensive total income (CSOCTI)
The amounts (charged) / credited in the CSOCTI were:
30 June 30 June 31 December
2018 2017 2017
GBP'000 GBP'000 GBP'000
Actual return less interest income
on pension scheme assets (671) 848 2,047
Experience gains and losses arising
on plan obligation - 210 160
Changes in demographic and financial
assumptions underlying the present
value of plan obligations 596 (123) (816)
Actuarial (loss) / gain calculated
in accordance with stated assumptions
recognised in the CSOCTI (75) 935 1,391
---------------------- --------------------- ---------------------
8 Called up share capital
30 June 30 June 31 December
2018 2017 2017
GBP'000 GBP'000 GBP'000
Issued and fully paid:
42,174,359 ordinary shares of
one pence each (30 June 2017 and
31 December 2017: 42,262,082 ordinary
shares of one pence each) 422 423 423
---------------------- ----------------- -------------------
During the period the Company bought back 87,723 shares for cancellation for a total consideration of GBP437,689 (June 2017 and December 2017: Nil shares bought back).
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 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
2018 2017 2017
GBP'000 GBP'000 GBP'000
Profit for the period attributable
to equity shareholders 7,528 6,570 14,101
Adjustments for:
Taxation charge 1,817 1,540 3,184
Finance costs 47 59 93
Finance income (60) (49) (82)
Inter-company foreign exchange
gains and losses (52) 51 293
Profit on the sale of property,
plant and equipment (250) (292) (655)
Depreciation 3,399 3,013 5,917
EBITDA* 12,429 10,892 22,851
Excess of pension contributions
compared with service and
administration expenses (23) (458) (770)
Write off of trade investments - - 164
Workings capital movements:
Stocks (2,799) (728) (1,022)
Trade and other receivables (2,245) (402) 563
Trade and other payables 238 (698) (696)
Cash generated from operations 7,600 8,606 21,090
---------------------- -------- ------------
* Earnings Before Interest, Taxation, Depreciation, profit on the sale of property, plant and equipment, Amortisation and non-recurring items.
10 Analysis of net funds and movement in financing liabilities
30 June 30 June 31 December
2018 2017 2017
GBP'000 GBP'000 GBP'000
Cash and cash equivalents per
consolidated cash flow statement 21,489 22,453 25,311
-------- ----------------------- ---------------------
Bank loans:
At the beginning of the period (4,968) (4,995) (4,995)
Loans repaid 500 5,000 5,000
Loans drawn down - (4,963) (4,963)
Other non-cash changes (4) (6) (10)
-------- ----------------------- ---------------------
At the of the period (4,472) (4,964) (4,968)
-------- ----------------------- ---------------------
Finance lease liabilities:
At the beginning of the period (50) (151) (151)
Leases repaid 24 65 101
-------- ----------------------- ---------------------
At the end of the period (26) (86) (50)
-------- ----------------------- ---------------------
Gross debt (4,498) (5,050) (5,018)
-------- ----------------------- ---------------------
Net funds 16,991 17,403 20,293
-------- ----------------------- ---------------------
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 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
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(END) Dow Jones Newswires
September 28, 2018 02:00 ET (06:00 GMT)
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