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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Autins Group Plc | LSE:AUTG | London | Ordinary Share | GB00BD37ZH08 | ORD GBP0.02 |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 11.00 | 10.00 | 12.00 | 11.00 | 11.00 | 11.00 | 0.00 | 01:00:00 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| Motor Vehicle Part,accessory | 22.68M | -913k | -0.0167 | -6.59 | 6.01M |
From Apr 2019 to Apr 2024
TIDMAUTG
RNS Number : 8760H
Autins Group PLC
13 June 2017
13 June 2017
Autins Group plc
("Autins" or the "Group")
Interim Results
Autins Group plc (AIM: AUTG), a leading designer, manufacturer and supplier of acoustic and thermal insulation solutions for the automotive sector, is pleased to announce its Interim Results for the six months ended 31 March 2017.
Financial Highlights
-- Revenue increased by 14.7% to GBP12.25m (H1 2016: GBP10.68m)
-- Gross profit ahead by 46.5% at GBP4.20m (H1 2016: GBP2.87m) - gross margins up to 34.3% (H1 2016: 26.9%)
-- Adjusted EBITDA(1) GBP0.54m (H1 2016(2) : GBP0.64m) -- Adjusted Profit Before Tax(1) GBP0.35m (H1 2016(2) : GBP0.29m) -- Reported Loss After Tax GBP(0.16m) (H1 2016 profit: GBP0.15m) -- Loss per Share (0.72p) (H1 2016 earnings: 1.14p) -- Net cash GBP0.44m (H1 2016: Net Debt GBP7.3m) -- Interim dividend 0.4p
1: Adjusted EBITDA and PBT excludes exceptional costs of GBP0.23m of Solar Nonwoven start-up costs, GBP0.12m amortisation of intangible costs, GBP0.14m related to the former Chief Executive and GBP0.09m of IPO and refinancing costs
2: Adjusted EBITDA and PBT excludes GBP0.12m amortisation of intangible costs
Operational Highlights
-- Neptune product has been awarded its first set of orders across 5 OEMs, 8 vehicles and 67 parts
-- Good progress for our German business has included winning a multi platform component for a major European Automotive Group
-- Product deliveries have commenced from our Swedish business for a recent key vehicle launch in Europe
-- Continuing investment for growth at Solar Nonwovens, within the Group team and in the Technical Centre
-- Non-automotive sales continued to show steady double digit growth year-on-year
Michael Jennings, Chief Executive, said: "I am pleased that the Group's interim results demonstrate the essence of our growth strategy by delivering solid top line growth while continuing to improve gross margins. Our investment programme remains on track and will ensure we are positioned to fulfil our growth plans ahead."
For further information, please contact:
Autins Group plc Via Newgate Michael Jennings, Chief Executive James Larner, CFO Cantor Fitzgerald Europe Tel: 020 7894 7000 (Nominated Adviser and Broker) Philip Davies Will Goode Callum Butterfield Newgate Communications Tel: 020 7653 9850 (Financial PR) Adam Lloyd Ed Treadwell James Browne
About Autins
Autins specialises in the design, manufacture and supply of acoustic and thermal insulation solutions primarily in the automotive sector but with an increasing focus on other sectors, including, flooring, building and wider industrial applications.
The Group is one of the leading suppliers of noise and heat management products in the automotive market, producing and supplying over two million parts per month to customers including some of the world's leading vehicle manufacturers.
Operational and Financial Review
Revenue
Revenue progressed with growth of 14.7% to GBP12.25m (H1 2016: GBP10.68m). Component manufacturing sales were GBP11.45m (H1 2016: GBP10.49m) with GBP0.40m and GBP0.07m arising from new external customers acquired with Scandins and DBX respectively.
As indicated in the 2016 Annual Report and Accounts, sales of tooling, which arise as a function of new programme sales increased significantly to GBP0.75m (H1 2016: GBP0.19m)
Gross margin
The Group's component gross margin increased to 34.4% (2016: 28.2%) with the group continuing to see benefits from investment in value-added processes introduced in H1 2016 as well as improved returns from flooring and the benefit of in-house manufacture of light foam with the acquisition of Scandins.
EBITDA and operating (loss)/profit
The reported operating loss of GBP(0.28)m (H1 2016: Profit GBP0.35m) and EBITDA of GBP0.09m (H1 2016: GBP0.65m) are after charging exceptional costs of GBP0.57m (H1 2016: GBP0.12m) as detailed below.
The acquisition of Scandins and DBX AB in April 2016 has added GBP0.58m of recurring cost to the total Group administrative expense in the period.
Exceptional items
An additional GBP0.03m of exceptional legal and professional costs related to the Group's IPO were incurred in the period.
The Company acquired 100 per cent of the issued share capital of Acoustic Insulations Limited on 29 April 2014 as part of an overall refinancing package to fund strategic investments and additional working capital to support the growth of the Group. This acquisition recognised GBP1.90m of intangible assets which creates an annual amortisation charge of GBP0.24m.
Other exceptional operating costs
The Group incurred exceptional costs in the period of GBP0.14m (2016: Nil) as a result of the resignation of the former Chief Executive Office, Jim Griffin on 1 February 2017.
Legal and professional costs of GBP0.06m (2016: Nil) in relation to the change of bank finance providers have been charged in the period.
The Group's Solar Nonwovens facility has, whilst working towards full operational status, incurred non-recurring start-up costs of GBP0.23m (Full year 2016: GBP0.09m)
Joint venture
The Group's share of joint venture activities relates solely to the profitable growth in Indica Automotive. The prior period includes pre-acquisition losses at Scandins prior to its acquisition on 20 April 2016.
Indica Automotive's turnover has increased 50% year on year to GBP1.27m (H1 2016: GBP0.85m) with a profit after tax of GBP0.22m (H1 2016: GBP0.19m). Relocating to a larger site and investing in additional management has positioned the joint venture for further growth and diversification away from the Group which remains the current largest customer.
Net finance expense
Net finance expense for the period of GBP0.05m (H1 2016: GBP0.26m) is primarily the interest element of hire purchase agreements (GBP0.02m) and asset backed loans (GBP0.02m) but also includes GBP0.01m of interest on loan notes that were repaid in November 2016. No new term finance has been utilised in the period.
Taxation
Tax provisioning on the loss in the period has been calculated at a blended rate taking account of the relative UK, German and Swedish headline rates and the effect of additional reliefs and non taxable items. We would expect the effective rate for full year profits to be lower than the headline rates due to enhanced R&D claims for the current and previous year and the utilisation of brought forward losses within the Group.
The Group continues to have taxable losses available within its overseas subsidiaries which will offset trading profits in higher corporation tax territories of Sweden and Germany in the short term. The Group continues to have an GBP0.18m (Full year 2016: GBP0.18m) unrecognised tax asset in respect of losses in the German subsidiary.
Dividends
The Board is proposing an interim dividend of 0.4p per share for the current year. The dividend will be paid on 4 August 2017 to shareholders on the register on 14 July 2017.
Net cash/(debt) and financing
The Group ended the period with net cash (being the net of cash and cash equivalents and the Group's loans and borrowings) of GBP0.4m (H1 2016: Net debt GBP7.3m) and cash and cash equivalents of GBP1.9m (H1 2016: GBP0.4m). During the period net cash has reduced as a result of funding working capital requirements arising from growth, further capital investment in the Group's technical and operational facilities as well as a third stage payment to the Neptune equipment supplier.
The new HSBC facilities arranged in November 2016 are currently unutilized but provide up to GBP6m of invoice discount and GBP4.5m of asset finance availability for the Group's ongoing investment in growth.
Loan notes from the acquisition of Acoustic Insulations Limited in 2014 were settled in the period for GBP1.1m of cash.
Capital expenditure
The Group spent GBP0.5m (H1 2016: GBP1.8m) in the period with investments in equipment to support its testing facility at MIRA and further investment in the Neptune facility being the key elements.
A third stage payment of $1.1m was made in relation to the Neptune production line at the Group's new Tamworth facility.
Operations
Our Neptune product continues to gain approval with major OEMs. This has been illustrated most clearly with first orders being awarded across 5 OEMs, 8 vehicles and 67 parts. These, along with other new product wins have been delivered in both the UK and our operations in Sweden and Germany. In addition, both European operations have seen continued steady double-digit growth in our non-automotive flooring business. The Group continues to invest for growth and this is most prominently seen in our continued progress in establishing both the Solar Nonwovens site in Tamworth and the Group's Technical Centre at MIRA. In both cases, we continue to establish core capabilities across the teams in terms of production processes and R&D test facilities respectively. Operationally, continued investment is planned in plant for core component manufacture to balance capacity requirements across press, drape moulding and water jet manufacturing processes. These capital expenditures will be made during the second half of the year.
Outlook
As expected our results will be significantly weighted to the second half. This is in line with our expectations to deliver solid top line growth for the full year in conjunction with improving gross margins. Beyond this and for the balance of the current year we remain focused on our wider growth plans and, in particular, our efforts to continue gaining traction with Neptune across the automotive market in Europe.
Michael Jennings James Larner Chief Executive CFO 13 June 2017
Interim consolidated income statement
Hot Features
Premium
Unaudited Unaudited Audited
Period Period Year Ended
1/10/16 - 1/10/15 - 30/09/16
31/3/17 31/3/16 GBP'000
GBP'000 GBP'000
Note
Revenue 2 12,253 10,680 20,378
Cost of sales (8,048) (7,810) (13,845)
Gross profit 4,205 2,870 6,533
Other operating income 60 137 291
Distribution and
administrative expenses
excluding exceptional
costs (3,970) (2,534) (6,009)
Exceptional IPO related
expenses 4 (25) - (182)
Amortisation of acquired
intangible assets 4 (118) (118) (237)
Other exceptional
operating costs 4 (431) - (94)
Total distribution
and administrative
expenses (4,544) (2,652) (6,522)
Operating (loss)/profit (279) 355 302
Finance expense (53) (261) (558)
Share of post tax
profit of
equity accounted
joint ventures 112 80 115
Gain on existing
interest on acquisition
of control - - 327
(Loss)/profit before
tax (220) 174 186
Tax income/(expense) 61 (23) 112
(Loss)/profit after
tax for the period (159) 151 298
========== ========== ===========
Attributable to equity
holders of
the parent company (159) 154 295
Non-controlling interest - (3) 3
(159) 151 298
Loss/earnings per
share on the loss/profit
attributable to the
owners of the parent
during the period
Basic (pence) 3 (0.72)p 1.14p 2.03p
========== ========== ===========
Diluted (pence) 3 (0.72)p 1.14p 2.03p
========== ========== ===========
Interim consolidated statement of comprehensive income
Unaudited Unaudited Audited
Period Period Year Ended
1/10/16 - 1/10/15 - 30/09/16
31/3/17 31/3/16 GBP'000
GBP'000 GBP'000
(Loss)/profit after tax for
the period (159) 151 298
Other comprehensive income
Items that may be reclassified
subsequently to profit or loss
Currency translation differences
Attributable to equity holders
of the parent company 1 - (88)
Non-controlling interest - - (7)
---------- ---------- -----------
Total currency translation
differences 1 - (95)
---------- ---------- -----------
Total comprehensive (loss)/
income for the period (158) 151 203
Attributable to equity holders
of (158) 154 207
the parent company
Non-controlling interest - (3) (4)
(158) 151 203
Interim consolidated statement of financial position
Unaudited Unaudited Audited
As at 31/3/17 As at 31/3/16 As at 30/09/16
GBP'000 GBP'000 GBP'000
Non-current assets
Property, plant
and equipment 9,413 5,794 8,808
Intangible assets 3,767 3,070 3,706
Investments in
equity-accounted
joint ventures 232 191 206
-------------- -------------- ---------------
Total non-current
assets 13,412 9,055 12,720
-------------- -------------- ---------------
Current assets
Inventories 1,596 1,069 1,565
Trade and other
receivables 7,368 5,808 4,955
Cash and cash
equivalents 2,081 424 6,449
-------------- -------------- ---------------
Total current
assets 11,045 7,301 12,969
-------------- -------------- ---------------
Total assets 24,457 16,356 25,689
-------------- -------------- ---------------
Current liabilities
Trade and other
payables (6,775) (5,825) (6,300)
Loans and borrowings (628) (2,653) (994)
Total current
liabilities (7,403) (8,478) (7,294)
-------------- -------------- ---------------
Non-current liabilities
Loans and borrowings (1,013) (5,108) (2,119)
Deferred tax liability (482) (570) (559)
-------------- -------------- ---------------
Total non-current
liabilities (1,495) (5,678) (2,678)
-------------- -------------- ---------------
Total liabilities (8,898) (14,156) (9,972)
-------------- -------------- ---------------
Net assets 15,559 2,200 15,717
============== ============== ===============
Equity attributable
to equity holders
of the company
Share capital 442 255 442
Share premium
account 12,938 - 12,938
Other reserves 1,886 1,391 1,886
Currency differences
reserve (87) - (88)
Retained earnings 380 621 539
-------------- -------------- ---------------
15,559 2,267 15,717
Non-controlling
interest - (67) -
-------------- -------------- ---------------
Total equity 15,559 2,200 15,717
============== ============== ===============
Interim consolidated statement of changes in equity
Cumulative
Share currency
Share premium Other differences Retained Non controlling Total
capital account reserves reserve earnings Total interest equity
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
At 1 October
2015 255 - 1,391 - 476 2,122 (64) 2,058
Comprehensive
income for
the period
Profit for
the period - - - - 154 154 (3) 151
-------- -------- --------- ------------ --------- -------- --------------- --------
Total comprehensive
income for
the period - - - - 154 154 (3) 151
Contributions
by and distributions
to owners
Dividends - - - - (9) (9) - (9)
Total contributions
by and distributions
to owners - - - - (9) (9) - (9)
At 31 March
2016 255 - 1,391 - 621 2,267 (67) 2,200
At 1 October
2016 442 12,938 1,886 (88) 539 15,717 - 15,717
Comprehensive
loss for the
period
Loss for the
period - - - - (159) (159) - (159)
Other comprehensive
income - - - 1 - 1 - 1
Total comprehensive
expense for
the period - - - 1 (159) (158) - (158)
Contributions
by and distributions
to owners
Dividends - - - - - - - -
At 31 March
2017 442 12,938 1,886 (87) 380 15,559 - 15,559
Interim consolidated statement of cash flows
Unaudited Unaudited Audited
1/10/16-31/3/17 1/10/15-31/3/16 Year Ended
30/09/16
GBP'000 GBP'000 GBP'000
Operating activities
(Loss)/profit after tax (159) 151 298
Adjustments for:
Income tax expense/(credit) (61) 23 (112)
Finance expense 53 261 558
Employee share-based payment
charge - - 10
Depreciation of property,
plant and equipment
and amortisation of intangibles 368 297 616
Profit on sale of fixed
assets - - (96)
Gain on existing interest
on acquisition of control - - (327)
Share of equity-accounted
for joint ventures (112) (80) (115)
89 652 832
Increase in trade and other
receivables (2,307) (1,669) (840)
Decrease/(increase) in inventories (30) 323 (67)
Increase in trade and other
payables 965 2,030 748
---------------- ----------------
(1,372) 684 (159)
Cash (outflow)/inflow generated
from operations (1,283) 1,336 673
Income taxes paid (123) (231) (173)
---------------- ---------------- -----------
Net cash (outflow)/inflow
from operating activities (1,406) 1,105 500
Investing activities
Purchase of property, plant
and equipment (1,383) (2,266) (3,417)
Proceeds from sale of property,
plant and equipment - - 187
Purchase of Intangible Assets (139) - (180)
Acquisition of subsidiary
(net of overdraft acquired) - - (56)
Dividend received 85 - 15
Net cash used in investing
activities (1,437) (2,266) (3,451)
---------------- ---------------- -----------
Financing activities
Share capital issued - - 14,000
Share issue expenses - - (895)
Interest paid (40) (156) (324)
Bank loans repaid (108) - (3,908)
Bank loans advanced - 1,914 2,976
Loan notes repaid (1,176) (381) (425)
Hire purchase repaid (203) (143) (420)
Movement in invoice discounting - 35 (1,893)
Repayment of directors'
loans - (180) (300)
Dividends paid - (9) (9)
---------------- ---------------- -----------
Net cash (used in)/from
financing activities (1,527) 1,080 8,802
---------------- ---------------- -----------
Net (decrease)/increase
in cash and cash equivalents (4,370) (81) 5,851
Cash and cash equivalents
at beginning of period 6,300 505 505
Overdraft on acquisition - - (56)
---------------- ---------------- -----------
Cash and cash equivalents
at end of period 1,930 424 6,300
================ ================ ===========
Cash and cash equivalents
comprise:
Cash balances 2,081 424 6,449
Bank overdraft (151) - (149)
---------------- ---------------- -----------
1,930 424 6,300
================ ================ ===========
Notes to the interim consolidated financial information
1. Accounting policies
Description of business
Autins Group is a public limited company domiciled in the United Kingdom and listed on the Alternative Investment market of the London Stock Exchange ('AIM'). The principal activity of the Group is the supply of Noise Vibration and Harshness ('NVH') insulating materials primarily to the automotive industry. The address of the registered office is Central Point One, Central Park Drive, Rugby, Warwickshire, CV23 0WE.
Basis of preparation
This unaudited consolidated interim financial information has been prepared in accordance with IFRS as adopted by the European Union. The principal accounting policies used in preparing the interim results are those the Group expects to apply in its financial statements for the year ended 30 September 2017 and are unchanged from those disclosed in the Annual Report for the year ended 30 September 2016.
The financial information does not contain all of the information that is required to be disclosed in a full set of IFRS financial statements. The financial information for the six months ended 31 March 2017 and 31 March 2016 is unreviewed and unaudited and does not constitute the Company's statutory financial statements for those periods.
The comparative financial information for the full year ended 30 September 2016 has, however, been derived from the audited statutory financial statements for that period. A copy of those statutory financial statements has been delivered to the Registrar of Companies. The auditor's report on those accounts was unqualified, did not include references to any matters to which the auditor drew attention by way of emphasis without qualifying its report and did not contain a statement under section 498(2)-(3) of the Companies Act 2006.
The financial information in the Interim Report is presented in Sterling the Group's presentational currency.
Basis of consolidation
The consolidated financial statements present the results of the Company and its subsidiaries ("the Group") as if they formed a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.
Subsidiaries are all entities over which the Group has control. The Group controls an entity when it is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity. Subsidiaries are fully consolidated from the date on which control is transferred to the Group and cease to be consolidated from the date on which control is transferred out of the Group.
The consolidated financial statements incorporate the results of business combinations using the acquisition method. In the statement of financial position, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date.
Operating segments
Operating segments are reported in a manner consistent with the internal reporting provided to the chief operating decision-maker. The chief operating decision maker has been identified as the management C team including the Chief Executive, Chief Financial Officer and Chairman.
The Board considers that the Group's activity constitutes one operating and one separable reporting segment as defined under IFRS 8. Management consider the reportable segment to be Automotive NVH. Revenue and profit before tax primarily arises from the principal activity based in the UK. All material assets are primarily based in the UK. Management reviews the performance of the Group by reference to total results against budget.
The total profit measure is operating (loss)/profit as disclosed on the face of the consolidated statement of comprehensive income. No differences exist between the basis of preparation of the performance measures used by management and the figures in the Group financial information.
2 Revenue and segmental information
Unaudited Unaudited Audited
Period Period Year ended
Oct 16 - Oct 15 - 30 Sept 2016
Mar 17 Mar 16 GBP'000
GBP'000 GBP'000
Revenue arises
from:
Component Sales 11,497 10,489 19,745
Sales of Tooling 756 191 633
12,253 10,680 20,378
========= ========= =============
Segmental information
The Group currently has one main reportable segment in each year/period, namely Automotive NVH which involves provision of insulation materials to reduce noise, vibration and harshness to automotive manufacturing. Turnover and Operating Profit are disclosed for other segments in aggregate as they individually do not have a significant impact on the Group result.
Measurement of operating segment profit or loss, assets and liabilities
The accounting policies of the operating segments are the same as those applied for the Group in the 2016 annual report and accounts.
The Group evaluates performance on the basis of operating profit/ (loss).
Automotive Others Oct 16 -
NVH Mar 17
GBP'000 GBP'000 Total
GBP'000
Group's revenue per
consolidated Statement
of comprehensive
Income 11,720 533 12,253
=========== ========= =========
Depreciation/amortisation 368 - 368
Segment operating
(loss)/profit (333) 54 (279)
=========== =========
Finance expense (53)
Share of post tax
profit of equity
accounted joint ventures 112
---------
Group loss before
tax (220)
=========
Automotive Others As at Mar
NVH 17
GBP'000 GBP'000 Total
GBP'000
Additions to non
current assets 1,032 - 1,032
=========== ========= ==========
Reportable Segment
Assets 24,225 - 24,225
Investment in joint
ventures 232 - 232
----------- --------- ----------
Total Group assets 24,457 - 24,457
Reportable segment
liabilities/Total
Group liabilities 8,898 - 8,898
==========
Automotive Others Oct 15 -
NVH Mar 16
GBP'000 GBP'000 Total
GBP'000
Group's revenue per
consolidated statement
of profit or loss 10,226 454 10,680
=========== ========= ==========
Depreciation/amortisation 297 - 297
=========== ========= ==========
Segment profit 285 70 355
=========== =========
Finance expense (261)
Share of post tax
profit of equity
accounted joint ventures 80
Group profit before
tax 174
==========
Automotive Others As at Mar
NVH 16
GBP'000 GBP'000 Total
GBP'000
Additions to non
current assets 2,528 - 2,528
=========== ========= ==========
Reportable segment
assets 16,165 - 16,165
Investment in joint
ventures 191 - 191
Total Group assets 16,356 - 16,356
==========
Reportable segment
liabilities/Total
Group liabilities 14,156 - 14,156
==========
Automotive Others Year ended
NVH Sept 16
Total
GBP'000 GBP'000 GBP'000
Group's revenue per
consolidated statement
of profit or loss 19,514 864 20,378
=========== ========= ===========
Depreciation/amortisation 616 - 616
=========== ========= ===========
Segment profit 218 84 302
=========== =========
Finance expense (558)
Share of post tax
profit of equity
accounted joint ventures 115
Gain on equity interest
in joint venture 327
Group profit before
tax 186
===========
Automotive Others As at Sep
NVH 16
GBP'000 GBP'000 Total
GBP'000
Additions to non
current assets 6,511 - 6,511
=========== ========= ===========
Reportable segment
assets 25,483 - 25,483
Investment in joint
ventures 206 - 206
Total Group assets 25,689 - 25,689
===========
Reportable segment
liabilities/Total
Group liabilities 9,972 - 9,972
===========
Reporting of external revenue by location of customers is as follows:
Unaudited Unaudited Audited
Period Ended Period Year Ended
31/3/17 Ended 31/3/16 30/09/16
GBP'000 GBP'000 GBP'000
United Kingdom 10,932 10,022 18,940
Germany 847 509 916
Sweden 472 132 461
Rest of the World 2 17 61
------------- -------------- -----------
12,253 10,680 20,378
============= ============== ===========
3 Earnings per share
Unaudited Unaudited Audited
Period Period Year Ended
1/10/16 - 1/10/15 - 30/09/16
31/3/17 31/3/16 GBP'000 GBP'000
GBP'000
Loss/(profit)
(Loss)/profit used
in calculating basic
and diluted EPS (159) 154 295
Number of shares
Weighted average number
of shares for the
purpose of basic earnings
per share (000s) 22,101 13,470 14,513
Earnings per share
(pence) (0.72)p 1.14p 2.03p
========== ================ ===========
Weighted average number
of shares for the
purpose of diluted
earnings per share
(000s) 22,101 13,470 14,524
Diluted earnings per
share (pence) (0.72)p 1.14p 2.03p
========== ================ ===========
Loss/earnings per share is calculated based on the share capital of Autins Group plc and the earnings of the Group for all periods. There are options in place over 305,944 shares that are anti-dilutive at 31 March 2017 although they may dilute future earnings per share.
4 Exceptional items
Unaudited Unaudited Audited
Period Period Year Ended
1/10/16 - 1/10/15 - 30/09/16
31/3/17 31/3/16 GBP'000 GBP'000
GBP'000
Adjusted operating
profit 295 473 815
Exceptional IPO related
expenses 25 - 182
Amortisation of acquired
intangible assets 118 118 237
Other exceptional
operating costs
Resignation of Chief
Executive 136 - -
Legal and professional
costs for new banking
facilities 61 - -
Solar Nonwovens start-up
costs 234 - 94
---------- ---------------- -----------
Reported operating
(loss)/profit (279) 355 302
An additional GBP25k of exceptional legal and professional costs related to the Group's IPO were incurred in the period.
The Company acquired 100 per cent of the issued share capital of Acoustic Insulations Limited on
29 April 2014 as part of an overall refinancing package to fund strategic investments and additional
working capital to support the growth of the Group. This acquisition recognised GBP1,909k of intangible assets which creates an annual amortisation charge of GBP237k.
Other exceptional operating costs
The Group incurred exceptional costs in the period of GBP136k (2016: GBPNil) as a result of the resignation of the former Chief Executive Office, Jim Griffin on 1 February 2017.
Legal and professional costs of GBP61k in relation to the change of bank finance providers have been charged in the period.
The Group's Solar Nonwovens facility has, whilst working towards full operational status, incurred non-recurring start-up costs of GBP234k (Full year 2016: GBP94k)
5 Fair value adjustment to goodwill arising on the acquisition of Scandins AB
In preparing the interim statements, the Group has, in accordance with IFRS 3 Business Combinations revisited the attributable assets and liabilities acquired on 19 April 2016. A fair value adjustment in relation to the value of inventory acquired and accruals held for legal and professional costs has resulted in an increase in goodwill arising on consolidation of GBP41k in the period.
6 Taxation
Taxation on the profit/(loss) before taxation and share of results of joint ventures has been provided at a rate of 20% for the six month ended 31 March 2017 which is the estimated rate of tax for the period (six months ended 31 March 2016: 20%; year ended 30 September 2016; 20%)
7 Dividend
On 7 March 2017 the Company announced a second interim dividend of 0.4 pence per share payable on 4 April 2017 to those Ordinary Shareholders on the register of members at close of business on 17 March 2017.
The Board has declared an interim dividend at 0.4 pence per share payable on 4 August 2017 to Ordinary Shareholders on the register of members at close of business on 14 July 2017. In accordance with IAS10 "Events after the Balance Sheet Date", this dividend has not been reflected in the interim accounts.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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June 13, 2017 02:01 ET (06:01 GMT)
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