We could not find any results for:
Make sure your spelling is correct or try broadening your search.
Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Angling Direct Plc | LSE:ANG | London | Ordinary Share | GB00BF1XGQ00 | ORD 1P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 34.50 | 34.00 | 35.00 | 34.50 | 34.50 | 34.50 | 81,780 | 08:00:05 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
Sporting & Rec Goods-whsl | 74.1M | 539k | 0.0070 | 49.29 | 26.66M |
TIDMANG
RNS Number : 8907N
Angling Direct PLC
14 May 2018
14 May 2018
Angling Direct plc
("Angling Direct" or "the Company" or "the Group")
Full year results for the 12 months ended 31 January 2018
Angling Direct plc (AIM: ANG.L), the largest specialist fishing tackle and equipment retailer in the UK, is pleased to announce its audited financial results for the twelve months ended 31 January 2018.
Financial Highlights:
-- Group revenue of GBP30.24m up by 44% (2017: GBP21.03m) -- Gross profit of GBP9.8m up by 37% (2017: GBP7.1m) -- EBITDA of GBP1.1m up by 24% (2017: GBP0.9m) -- Operating profit of GBP0.9m up 27%(2017: GBP0.7m) -- Net cash equivalents at 31 January 2017 of GBP0.7m (2017: GBP0.3m) -- Successfully completed AIM admission and placing, raising gross proceeds of GBP7.5 million
Operational Highlights:
-- Online sales of GBP16.1m up by 54% (2017: GBP10.5m)
-- Store sales of GBP13.2 million up by 40% (2017: GBP9.3m), included like-for-like store growth of 9%
-- GBP3.0 million acquisition of fishing tackle store, Fosters of Birmingham -- Acquisition of North West Angling Centre and Tacklesaver for GBP450,000 total consideration -- Store network increased to 21, with new stores opened:
o Swindon (4,000 sq ft)
o Slough (4,250 sq ft)
o Stoke (4,500 sq ft)
-- Continued investment in online marketing, logistics and distribution
Commenting on the results, Martyn Page, Executive Chairman, said: "It has been a transformational year for Angling Direct, with the Company's admission to AIM and the completion of a number of acquisitions and new store openings, which has cemented Angling Direct's position as the UK's number one fishing tackle retailer, online and in-store.
"The business achieved record revenues and profits, following strong sales growth across the store network and online as a result of our ongoing investment in marketing campaigns and customer experience in-store and online. The Company is executing its strategy of consolidating a highly fragmented market and we will continue to build on this in the year ahead, with exciting new store openings planned, and continued targeted online growth.
"Despite the adverse weather conditions for fishing, the Company has had a good start to the year with momentum building in recent weeks, and our plans for the summer season are well set. The Board is confident that the Company is on track to meet its full year targets."
For further information:
Angling Direct PLC +44 (0) 1603 258658 Martyn Page, Executive Chairman Darren Bailey, Chief Executive Officer Cenkos Securities - NOMAD and Broker +44 (0) 20 7397 8900 Stephen Keys (Corporate Finance) Russell Kerr (Sales) Yellow Jersey PR - Financial PR Charles Goodwin +44 (0) 7747 788 221 Harriet Jackson +44 (0) 7544 275 882
Notes for editors
About Angling Direct plc
Angling Direct is the largest specialist fishing tackle retailer in the UK. The Company sells fishing tackle products and related equipment through its network of 21 retail stores, located throughout the UK, as well as through its own website (www.anglingdirect.co.uk) and other third party websites.
The Company currently sells over 21,500 fishing tackle products, including capital items, consumables, luggage and clothing. The Company also owns and sells fishing tackle products under its own brand 'Advanta', which was formally launched in March 2016.
From 1986 to 2003 the Company's Founders acquired interests in a number of small independent fishing tackle shops in Norfolk and, in 2003, they acquired a significant site in Norwich, which was branded Angling Direct. Since 2003, the Company has continued to acquire or open new stores, taking the total number up to 21 retail stores. In 2015 the Company opened a 30,000 sq ft central distribution centre in Rackheath, Norfolk, where the Company's head office is also located.
Angling Direct's shares are traded on the AIM market of the London Stock Exchange under the ticker symbol ANG.L.
For further information, please visit www.anglingdirect.co.uk
CHAIRMAN'S STATEMENT
Introduction
I am pleased to report that the Group has made excellent progress over the last year both pre and post admission to AIM, as it continued with its growth plans to build a significant position in the UK fishing tackle market. The results demonstrate strong revenue growth, accompanied with a substantial increase in operating profit before exceptional items, which was in line with market expectations. The Group's encouraging results reflect the success of its acquisitions, its well-executed store expansion programme and organic growth across the existing store network and e-commerce platforms.
The year has been a major milestone in the history of the business after completing Angling Direct's successful admission to the AIM Market on the 13th July 2017, raising gross proceeds of GBP7.5 million. These funds were used to redeem GBP1.4 million of preference shares and to invest in the expansion of our business through:
-- The acquisitions of Fosters Fishing Ltd, North West Angling Centre and Tacklesaver;
-- Continued store expansion programme with the opening of 3 new stores in Swindon, Slough and Stoke; and,
-- Ongoing e-commerce investment which is seen as an important area for growth in both the UK and internationally.
The fishing tackle marketplace is large and very fragmented, with over 2,000 operators across the UK, which are mainly owner-managed. Given Angling Direct's financial strength and marketing capabilities, we see continued growth opportunities for the Group across our store network and online. Beyond the UK, the Group is also looking to grow the brand online in Germany, France and the Benelux, all of which have large angling markets. Last year, the Group also saw encouraging online sales growth from these territories despite not having websites specific to the country's language. The Company has recently launched a German website, with other European websites to follow this year.
Financial results
The business achieved excellent growth for the year to 31st January 2018, with revenue increasing by 44% to GBP30.240 million (2017: GBP21.032m). Revenue generated from stores increased by 40%, which reflected new acquisitions, new store openings, as well as organic growth from existing stores. The organic growth on a like-for-like basis increased by 9%, which the Board considers to be an encouraging performance, given the headwinds that the UK high street faced in recent months, and clearly underlines the success of Angling Direct's in-store strategy. The e-commerce business continues to go from strength-to-strength, with revenue up 54% to GBP16.1 million for the year. Angling Direct continues to make considerable investment in this area, both in online marketing and logistical capabilities, which is driving this growth.
The Company recorded gross profits of GBP9.85m, up 37% on the previous year. Profit before exceptional costs rose by 27% (GBP0.202m) to GBP0.94m. The Company's admission to AIM in July 2017 meant that it booked exceptional costs of GBP0.730m. Profit before tax in the year was GBP0.159m (2017: GBP0.662m), with the decrease due to the exceptional costs as outlined above. On a like-for-like basis, this would be GBP0.89m, an increase of 34%.
Share Placing
On the 13th July 2017, Angling Direct completed its admission to the AIM Market and raised GBP7.5m (gross) through a placing of new ordinary shares. The net proceeds from this were used to purchase the Company's preference shares of GBP1.4m, and to support the continued expansion of the business.
Dividend
The Company declared a dividend on the preference shares of GBP4,143 on the 8th June 2017 and GBP3,145 on 14th July 2017.
The Board is focused on increasing the scale of the Group and it is re-investing all its surplus cash resources back into the business. As a result of this, in the short term, the Directors do not recommend any further dividend payments. However, the dividend policy will be kept under regular review.
The Board
As the Company prepared for its AIM admission the Board was re-structured. To this end, J Higdon resigned on 6th April 2017 and William Hill resigned on the 7th April 2017. We would like to take this opportunity to thank both of them for their exceptional contribution to the business. In June 2017, three new directors were appointed to the Board in June , with John (Ian) Hunter, the Company's Finance Director becoming an Executive Director, whilst Paul Davies and Stephen Moon joined as Non-Executive Directors.
Outlook
The Board continues to believe that the prospects for the Group are very positive, and we have plans to open two further stores, in Peterborough and Guildford, over the next few months. These two new stores will result in the Company's total being 23 stores.
We are also looking to develop the market by encouraging more people to take up fishing by supporting more grass root initiatives. These include Fishing for Schools, National Fishing Month, Angling Trust and various other angling projects around the country, which will allow people to try fishing free of charge, with many of these events being supported by our store network.
We have been pleased to deliver like-for-like turnover growth through our store network and a strong online performance versus the same period last year, despite the year having started slower than anticipated due to the extreme cold winter weather conditions. The Board is confident that the Company will meet its full year growth target this year, and that our product offering, professional staff and continued improvement in our online platform, both in the UK and Internationally, will help deliver another excellent performance.
Martyn Page CTA, TEP
Executive Chairman
CHIEF EXECUTIVE'S REPORT
Introduction
I am very pleased to report on a significant year of growth and progress. The new funds raised through the Company's IPO and admission to AIM, in July 2017, have helped to support this continuing development through two acquisitions and the expansion of our store network. We have also developed our e-commerce and digital marketing infrastructure to give our customers an enhanced experience.
Review of Operations:
Stores
During the year, Angling Direct's store network grew to 21, following a series of acquisitions and new openings. Three new stores were opened in Swindon, Slough, and in Stoke, all of which are situated in geographical areas that are known to have high numbers of anglers, and they are each surrounded by number of quality fisheries. While the new stores have only been trading for a short period, the management team is pleased with the early performance and we look forward to the contribution they will make for a full year.
In addition to these three new stores, we acquired one of the UK's largest fishing stores, Fosters Fishing Ltd based in Birmingham, on the 2nd October 2017. We also completed two further acquisitions on 16th November, North West Angling Centre, based in Wigan, and Tacklesaver, based in Wilmslow near Manchester.
We have a pipeline of further new stores to add to the Company's portfolio, with Guildford, and Peterborough due to open in the coming months. Additionally, we are in negotiations to open another store shortly.
The new store openings and acquisitions throughout the year have helped to drive the significant growth in retail store sales by 40% to GBP13.2m (2017: GBP9.3m). Like-for-like sales with the same stores increased by 9%.
E-Commerce
We have developed and will continue to develop this very important sales channel both in the UK and internationally. This development has been a key driver for the increase of sales by circa 54% to GBP16.1m (2017: GBP10.5m).
The focus will be to deliver an outstanding technical experience, increased investment in optimisation, with personalised marketing to support.
Angling Direct has already built up an international customer base through its UK focused website. To support international sales growth, we will be enhancing the brand with strategic marketing in each target country. The majority of the target markets are aligned to the UK, but some will need to have a specific focus, especially around dedicated fishing styles.
Having investigated the opportunities of growing the international footprint, the Board is now considering bringing the strategic plan forwards into these countries to deliver quicker growth. The first move has been the launch of our German website in May 2018 and this will be followed by additional sites this year. Each country will have dedicated customer support and we are adding more telesales staff to help with live chat and social media interaction. Continued focus around customer acquisition will be applied throughout the international expansion and, notwithstanding this, we believe our acquisition costs will remain favourable, despite the need to increase non-organic marketing to strengthen the brand in various countries.
In March 2018 we launched a new Foster's e-commerce website to ensure that across both brands we are delivering the enhanced experience that customers have come to expect; fast, mobile friendly and functional.
During 2018 we will be investing in Kardex, a vertical storage solution, in order to futureproof our current warehousing space and accommodate the planned expansion, which will ensure we continue to deliver to the very high standards we have set ourselves in respect to stock availability.
Staff
I would like to take this opportunity to welcome new staff to our Angling Direct team, and to thank our existing staff for all their hard work, passion and dedication during a year of exceptional change and growth. Our fabulous staff are essential to our future success and to support this we continue to help train and develop their skills. This in turn helps to ensure that our customers have an unmatched fishing retail experience, both online and in-store, and build long term brand loyalty.
Outlook
We are very positive about the outlook and the management's ability to strengthen Angling Direct's position as the market's leading retail brand. Our Strategy will see us continue to open new destination stores in popular angling areas and to develop our e-commerce platform for our UK and international customers.
Darren Bailey
Chief Executive Officer
FINANCIAL REVIEW
Income statement
In the year to 31st January 2018, Sales increased by 44% to GBP30.2m (2017 GBP21.0m) as the Group continued with its growth. Gross Profit also increased 37% to GBP9.8m (2017 GBP7.1m).
E-commerce grew strongly, with sales up 54% and margins maintained at expected levels, reflecting market dynamics.
Operating profit before exceptional costs have increased by 27% (GBP0.202m) to GBP0.940m (2017 GBP0.738m).
Exceptional costs of GBP0.730m, are one off costs incurred in the floatation of the business in July 2017.
Finance costs for the year were 31% lower, GBP0.024m than prior year (2017 GBP0.075m).
Income tax for the year is GBP0.131m, an increase of 29% on prior year (2017 GBP0.102m)
Profit before tax in the year was GBP0.159m (2017 GBP0.662m), this decrease is as a result of the GBP0.730m exceptional costs as outlined above, on a like for like basis this would be GBP0.889m an increase of 34%.
The basic earnings per share in the year equates to a profit of GBP0.10 (2017 GBP54.72) this has been driven by the floatation costs as mentioned above, if these were added back the like for like basic earnings per share in this year would be GBP2.89.
Statement of financial position
Total equity at 31st January 2018 increased by GBP5.855m to GBP8.255m (2017 GBP2.400m) mainly due to the additional Ordinary Shares issued at the company's AIM floatation in July 2017.
Investment in goodwill has increased by GBP2.748m to GBP4.564m (2017 GBP1.816m) due to the Fosters Fishing Ltd, North West Angling Centre and Tacklesaver acquisitions.
Investment in stock has increased by 56%, GBP2.437m to GBP6.815m (2017 GBP4.378m) due to 3 additional new stores and the acquisitions as outlined above.
Current liabilities - trade and other creditors have increased by 64%, GBP2.155m to GBP5.518m (2017 GBP3.362m) some of which is due to the deferred consideration regarding the acquisitions that we have made, and also due to the additional new stores and the acquisitions outlined above.
The Group repaid its bank loans and entered into a revolving credit facility with its bank and it had current liabilities - financial borrowings of GBP0.888m an increase of 29% (2017 GBP0.688m).
The Group also had cash and cash equivalents of GBP0.749m in funds an increase of GBP0.653m (2017 GBP0.096m)
Cashflow
At the year end the Group's net cash position (representing cash and bank balances less loans and borrowings) was a net borrowing of GBP0.193m, a decrease of GBP1.332m on prior year (2017 GBP1.525m).
Proceeds from the ordinary share issue was GBP7.5m gross, and there was a repayment of GBP1.400m of preference shares.
The Group invested in working capital in the year of GBP0.719m to GBP1.662m an increase of c76% on prior year (2017 GBP0.943m) and a further investment in fixed assets of GBP1.234m to support the continued growth of the business.
John Hunter FCMA, GCMA
Finance Director
CONSOLIDATED STATEMENT OF PROFIT OR LOSS
FOR THE YEARED 31 JANUARY 2018
2018 2017 Notes GBP 000's GBP 000's CONTINUING OPERATIONS Revenue 30,241 21,032 Cost of sales (20,387) (13,859) GROSS PROFIT 9,854 7,173 Distribution costs (1,794) (1,206) Administrative expenses (7,119) (5,229) OPERATING PROFIT BEFORE EXCEPTIONAL COSTS OF IPO 941 738 Exceptional costs of IPO treated as an expense 2 (730) - OPERATING PROFIT AFTER EXCEPTIONAL COST OF IPO 211 738 Finance costs (52) (75) PROFIT BEFORE INCOME TAX 159 663 ---------------------------------------- ------ ----------- ----------- Income tax (132) (103) PROFIT FOR THE PERIOD 27 560 ---------------------------------------- ------ ----------- ----------- Profit attributable to: Owners of the parent 27 560 (Loss)/Earnings per share attributable to the ordinary equity holders of the parent: Basic and diluted (pence) 3 0.10 54,721.78 ----------- ----------- 0.10 54,721.78
CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME FOR THE YEARED 31 JANUARY 2018
2018 2017 Notes GBP 000's GBP 000's PROFIT FOR THE YEAR 27 560 OTHER COMPREHENSIVE INCOME Item that will not be reclassified to profit or loss: Revaluation of property to fair value 5 86 - Income tax relating to item of other comprehensive income - - Item that may be reclassified subsequently to profit or loss: Bonus share issue (303) (9) Income tax relating to item of other comprehensive income - OTHER COMPREHENSIVE INCOME FOR THE YEAR, NET OF INCOME TAX (217) (9) TOTAL COMPREHENSIVE INCOME FOR THE YEAR (190) 551 Total comprehensive income attributable to: Owners of the parent (190) 551
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
31 JANUARY 2018
2018 2017 Notes GBP 000's GBP 000's ASSETS NON-CURRENT ASSETS Goodwill 4,564 1,816 Property, plant and equipment 2,294 1,121 --------------------------------------- ------ ----------- ----------- 6,858 2,937 CURRENT ASSETS Inventories 6,815 4,378 Trade and other receivables 617 496 Cash and cash equivalents 749 283 --------------------------------------- ------ ----------- ----------- 8,181 5,157 TOTAL ASSETS 15,039 8,094 --------------------------------------- ------ ----------- ----------- EQUITY SHAREHOLDERS' EQUITY Called up share capital 4 430 1,410 Share premium 4 7,032 - Revaluation reserve 86 Retained earnings 707 990 --------------------------------------- ------ ----------- ----------- TOTAL EQUITY 8,255 2,400 --------------------------------------- ------ ----------- ----------- LIABILITIES NON-CURRENT LIABILITIES Trade and other payables 7 200 Financial liabilities - borrowings Interest bearing loans and borrowings 54 1,120 Deferred tax 203 160 --------------------------------------- ------ ----------- ----------- 264 1,480 CURRENT LIABILITIES Trade and other payables 5,518 3,362 Financial liabilities - borrowings Bank overdrafts 187 Interest bearing loans and borrowings 888 501 Tax payable 114 164 --------------------------------------- ------ ----------- ----------- 6,520 4,214 TOTAL LIABILITIES 6,784 5,694 --------------------------------------- ------ ----------- ----------- TOTAL EQUITY AND LIABILITIES 15,039 8,094 --------------------------------------- ------ ----------- -----------
The financial statements were approved and authorised for issue by the Board of Directors on
...................................................... and were signed on its behalf by:
.................................................................
Mr D I Bailey - Director
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEARED 31 JANUARY 2018
Called Retained Share Revaluation Total up share earnings premium reserve equity capital GBP000's GBP000's GBP000's GBP000's GBP000's Balance at 1 February 2016 1 464 465 Changes in equity Profit for the year 560 560 Other comprehensive income (9) (9) Total comprehensive income 551 551 Dividends (25) (25) Issue of share capital 1,409 1,409 Total transactions with owners recognised directly in equity 1,409 (25) 1,384 Balance at 31 January 2017 1,410 990 2,400 Changes in equity Profit for the year 27 27 Other comprehensive income (303) 86 (217) Total comprehensive income (276) 86 (190) Dividends (7) (7) Issue of share capital 420 7,032 7,452 Reduction in share capital (1,400) (1,400) Total transactions with owners recognised directly in equity (980) (7) 7,032 6,045 Balance at 31 January 2018 430 707 7,032 86 8,255
CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEARED 31 JANUARY 2018
2018 2017 GBP 000's GBP 000's Cash flows from operating activities Cash generated from operations (223) 1,301 Interest paid (45) (69) Interest element of finance lease payments paid (6) (6) Tax paid (138) Taxation refund - 13 Net cash from operating activities (412) 1,239 Cash flows from investing activities Purchase of goodwill (2,748) (1,524) Purchase of tangible fixed assets (1,234) (216) Sale of tangible fixed assets - 18 Net cash from investing activities (3,982) (1.722) Cash flows from financing activities New loans in year 850 1,250 Loan repayments in year (1,516) (267) Capital repayments in year (30) (22) Share issue 7,520 - Cost of issue (370) - Redemption of preference shares (1,400) - Equity dividends paid (7) (25) Net cash from financing activities 5,047 936 Increase in cash and cash equivalents 653 453 Cash and cash equivalents at beginning of year 96 (357) Cash and cash equivalents at end of year 749 96 ---------------------------------------- ----------- -----------
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEARED 31 JANUARY 2018
1. Basis of preparation
The Group's consolidated financial statements have been prepared in accordance with International Financial Reporting Standards ("IFRS") and IFRC Interpretations issued by the International Accounting Standards Board as adopted by the European Union and with those parts of the Companies Act 2006 applicable to companies preparing their financial statements under IFRS.
The financial information set out above does not constitute the company's statutory accounts for 2018 or 2017. Statutory accounts for the years ended 31 January 2018 and 31 January 2017 have been reported on by the Independent Auditors. The Independent Auditors' Report on the Annual Report and Financial Statements for 2018 and 31 January 2017 was unqualified, did not draw attention to any matters by way of emphasis, and did not contain a statement under
498(2) or 498(3) of the Companies Act 2006.
Statutory accounts for the year ended 31 January 2017 have been filed with the Registrar of Companies. The statutory accounts for the year ended 31 January 2018 will be delivered to the Registrar in due course.
2. Exceptional Costs of IPO
On 13 July 2017 Angling Direct plc successfully floated on the Alternative Investment Market ("AIM"), issuing 11,562,500 ordinary 1p shares for consideration of GBP7,400,000.
In relation to the IPO, costs of GBP730,113 were incurred and were expensed and charged to the Income Statement for the year as an exceptional item.
3. Earnings per share
Basic earnings per share is calculated by dividing the earnings attributable to ordinary shareholders by the weighted average number of ordinary shares outstanding during the period.
Diluted earnings per share take into account share options in issue as disclosed in note 27.
Reconciliations are set out below.
Earnings 2018 Weighted Per share GBP Average amount pence number of shares Basic EPS Earnings attributable to ordinary shareholders 26,869 26,225,168 0.10 Effect of dilutive securities Options 1,410,911 Diluted EPS ----------------------------------- --------- -------------- -------------- Adjusted earnings 26,869 27,636,079 0.10 ----------------------------------- --------- -------------- -------------- Earnings 2017 Weighted Per share GBP Average amount pence number of shares Basic EPS Earnings attributable to ordinary shareholders 560,351 1,024 54,721.78 Effect of dilutive securities Diluted EPS ----------------------------------- --------- -------------- -------------- Adjusted earnings 560,351 1,024 54,721.78 ----------------------------------- --------- -------------- --------------
4. Called up share capital
Allotted, issued and fully paid: 2018 2017 GBP GBP 10,000 Ordinary shares of GBP1 each - 10,000 42,999,993 Ordinary shares of 1p each 430,000 - Nil (2017: 1,400,000) GBP1 Preference shares - 1,400,000 430,000 1,410,000 ------------- ------------- The GBP1 Ordinary shares are sub-divided into four classes as follows: 2017 Number Ordinary 'A' 3,960 Ordinary 'B' 3,960 Ordinary 'C' 880 Ordinary 'D' 1,200 On 22 March 2017 these four classes of GBP1 Ordinary shares were all converted into a single class of GBP1 Ordinary shares. On 19 June 2017 the GBP1 Ordinary shares were subdivided with each share being split into 100 new Ordinary shares of 1p each. A bonus issue of 30,250,000 1p Ordinary shares took place on 19 June 2017 on a pro rata basis to the existing Ordinary share holders. On 13 July 2017 11,562,500 Ordinary shares of 1p each were allotted as fully paid for cash at a premium of 63p per share. On 28 July 2017 187,493 Ordinary shares of 1p each were allotted as fully paid for cash at a premium of 63p per share. The numbers of Ordinary shares in issue are as follows: 2018 2018 2017 1p shares GBP1 shares GBP1 shares number number number At 1 February 2017 - 10,000 1,000 Sub-divide shares 1,000,000 (10,000) - Bonus issue 30,250,000 - 9,000 Issued during the year 11,749,993 - - At 31 January 2018 42,999,993 - 10,000 --------------------------------------- ----------- ------------- ------------- The 1,400,000 Preference GBP1 shares were fully redeemed during the year The numbers of Preference shares in issue are as follows: 2018 2017 number Number At 1 February 2017 1,400,000 - Issued during the year 1,400,000 Redeemed during the year (1,400,000) At 31 January 2018 - 1,400,000 --------------------------------------- ----------- ------------- -------------
5. Business Combinations
On 2 October 2017 the Company acquired the entire share capital of Fosters Fishing Ltd, a company incorporated in England and Wales, for consideration payable in cash.
The directors consider that other than land and buildings, the book value of the assets acquired do not differ significantly from the fair value and no adjustment is required. Land and buildings had a book value of GBP414,268 at the date of acquisition and were subsequently revalued to fair value of GBP500,000 creating a revaluation reserve of GBP85,732.
Foster Fishing Limited contributed GBP1,621,272 revenue and GBP135,547 to the group's profit for the period between the date of acquisition and the balance sheet date.
This information is provided by RNS
The company news service from the London Stock Exchange
END
FR BCGDULDBBGIX
(END) Dow Jones Newswires
May 14, 2018 02:00 ET (06:00 GMT)
1 Year Angling Direct Chart |
1 Month Angling Direct Chart |
It looks like you are not logged in. Click the button below to log in and keep track of your recent history.
Support: +44 (0) 203 8794 460 | support@advfn.com
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions