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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% | 9.00 | 8.00 | 10.00 | 9.00 | 9.00 | 9.00 | 0.00 | 01:00:00 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| Motor Vehicle Part,accessory | 22.68M | -913k | -0.0167 | -5.39 | 4.91M |
From Apr 2019 to Apr 2024
TIDMAUTG
RNS Number : 1906R
Autins Group PLC
13 June 2018
13 June 2018
Autins Group plc
(the "Company" 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, announces its results for the six months ended 31 March 2018.
Financial Highlights
-- Revenue increased by 29.4% to GBP15.86m (H1 2017: GBP12.25m) -- Gross profit ahead by 1.5% at GBP4.27m (H1 2017: GBP4.20m) -- Gross margins down to 26.9% (H1 2017: 34.3%) -- Adjusted EBITDA(1) GBP0.60m (H1 2017: GBP0.55m) -- Adjusted Profit Before Tax(1,2) GBP0.41m (H1 2017: GBP0.35m) -- Profit After Tax GBP0.05m (H1 2017: Loss of GBP0.16m) -- Earnings per Share 0.22p (H1 2017: Loss of 0.72p) -- Net debt GBP3.58m (YE 2017: Net debt GBP2.04m)
1: Adjusted EBITDA excludes non recurring start up Neptune costs of GBP0.24m (H1: 2017 GBP0.23m), GBPnil (H1 2017: GBP0.14m) related to the former Chief Executive and GBPnil (H1 2017: GBP0.09m) of IPO and refinancing costs
2: Adjusted PBT further excludes GBP0.12m (H1 2017: GBP0.12m) amortisation of intangible costs
Operational Highlights
First Half
-- Neptune product successfully gained technical approval across all strategic targeted OEMs in Germany, UK and Sweden
-- Neptune product gaining traction directly through OEMs and through Tier 1s with awarded business across 11 OEM brands, 26 vehicle models, and well over 100 different parts
-- Continued growth in both Germany and Sweden -- Winning business and building partnerships with more than a dozen Tier 1s -- Indica Automotive joint venture continues to perform well
-- Continued progress in focused areas: research, test and product development; advanced manufacturing; and continued strengthening of our organisation and capabilities
Post Period End
-- Reduced schedules from key OEMs and customers in UK -- Pricing pressure / tighter margins on existing contracts and when bidding for new business -- Secured technical approval for Neptune with all target European automotive OEMs
Adam Attwood, Chairman, said:
"Our first half of year shows solid results in that we have continued to deliver top line growth although at the same time seeing pressure on gross margins. This reflects the challenging conditions in the UK automotive market."
"We had previously provided guidance that we expected a significant weighting to the second half of 2018. However, visibility to current volumes now indicates lower levels of supply required from some of our major customers in the UK and, therefore, our second half performance is likely to remain similar to the first."
"The investment in the Neptune facilities since the IPO will enable the Group to broaden its customer base and the technical approvals secured recently with Europe's leading automotive OEMs represents a significant step towards achieving that goal. The Board will provide further updates on new customer and platform wins as and when they occur."
For further information please contact:
Autins Group plc Via Newgate Adam Attwood, Non-Executive Chairman Michael Jennings, Chief Executive James Larner, CFO Cantor Fitzgerald Europe Tel: 020 7894 7000 (Nominated Adviser and Broker) Philip Davies Will Goode Newgate Communications Tel: 020 7653 9850 (Financial PR) Adam Lloyd 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 29.4% to GBP15.86m (H1 2017: GBP12.25m). Component revenue saw growth of 35.4% to GBP15.57m (H1 2017: GBP11.50m). Tooling revenue was lower at GBP0.29m (H1 2017: GBP0.76m) but is expected to be higher in the second half year.
A major driver of the growth in component revenue was the UK market, which saw revenue increase by 33.2% to GBP13.56m (H1 2017: GBP10.17m). Swedish component manufacturing revenues increased by 4.7% to GBP0.49m (H1 2017: GBP0.47m), whilst German component revenues increased by 77.2% to GBP1.50m (H1 2017: GBP0.85m).
Direct component sales to the Group's largest customer accounted for 61% of Group revenue (2017: 64%). The reduction in concentration of revenue with this customer is expected to continue with new volume production commencing on new customer programmes in the next year.
Gross margin
The Group's component gross margin decreased to 26.9% (H1 17: 34.4%) as a result of changes in customer schedules affecting product mix and production efficiencies as well as significant competitive pressures with regards existing work and new platform launches. The Group's specialist technicians are continuing to successfully operate and improve the Neptune line, which is still working towards economic batch volumes.
EBITDA and operating profit
The reported operating loss of GBP0.07m (H1 2017: Loss of GBP0.28m) and EBITDA of GBP0.37m (H1 2017: GBP0.09m) are stated after charging exceptional and adjusting items of GBP0.12m (H1 2017: GBP0.34m) and non-recurring costs of GBP0.24m (H1 2017: GBP0.23m) as detailed below.
Adjusting items
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.
Non-recurring costs
The Group's Solar Nonwovens facility has, whilst continuing to work towards full operational status, incurred non-recurring start-up costs of GBP0.24m (H1 2017: GBP0.23m).
Joint venture
The Group's share of joint venture activities relates solely to Indica Automotive, a UK based foam conversion business.
Turnover at Indica Automotive increased 52.7% year on year to GBP1.94m (H1 2017: GBP1.27m) with a profit after tax of GBP0.31m (H1 2017: GBP0.22m). Whilst the Group remains the largest customer of the joint venture, diversification activities have resulted in a fourfold increase in sales to non-group customers.
Net finance expense
Net finance expense for the period of GBP0.04m (H1 2017: GBP0.05m) is primarily the interest element of hire purchase agreements (GBP0.03m) and interest paid on bank borrowings (GBP0.01m). No new term finance has been utilised in the period.
Taxation
Tax provisioning for 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 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.
Dividends
The Board is proposing an interim dividend of 0.4p per share for the current year. The dividend will be paid on 3 August 2018 to shareholders on the register on 13 July 2018.
Net cash/(debt) and financing
The Group ended the period with net debt (being the net of cash and cash equivalents and the Group's loans and borrowings) of GBP3.58m (H1 2017: Net cash GBP0.44m; H2 2017: Net Debt GBP2.04m) and cash and cash equivalents of GBP1.35m (H1 2017: GBP1.93m; H2 2017: GBP1.45m). During the period net debt has increased as a result of funding working capital requirements and further capital investment in the Group's technical and operational facilities.
The Group's HSBC facilities provide up to GBP6m of invoice discount and GBP4.5m of asset finance availability for the Group's ongoing investment in growth. At the end of the period, GBP3.9m of the invoice discounting facility was utilised (H1 2017: Nil; H2 2017: GBP2.2m).
Capital expenditure
The Group invested GBP0.4m (H1 2017: GBP0.5m) in its facilities during the period, of which GBP0.1m related to its Neptune facility and GBP0.2m related to works required to accommodate water jet cutting equipment.
Operations
Our UK operations have continued to invest to ensure our capacity and capability aligns with our strategic growth prospects, however, we have experienced volume, mix and performance challenges, which have led to short-term margin erosion.
Our German and Swedish operations have both continued to grow and progress including market share gains with existing OEMs.
Neptune
Our Neptune product has successfully gained technical approval across all our strategic targeted OEMs in Germany, UK and Sweden. This has led to initial specific awards for future year models, however, the broader success of Neptune's adoption is clearly illustrated most clearly with it now being awarded across 11 OEM brands, 26 vehicle models and well over 100 different parts. Completing technical approvals with our target strategic OEMs represents an important milestone in delivering on our growth strategy, which is significantly underpinned by our class-leading Neptune offering.
Outlook
We had previously provided guidance that we expected a significant weighting to the second half of 2018. However, visibility to current volumes now indicates lower levels of supply required from some of our major customers in the UK and, therefore, our second half performance is likely to remain similar to the first.
The investments we have made in the past year to improve our capability in people and processes have enabled us to make good progress to ensure we can deliver sustainable growth. We have built a strong pipeline of quoted opportunities whilst winning good business for future year models across major targeted OEMs. This diversification across UK and Europe underpins our strategy and this progress positions us for a bright future. However, before this new business can come into live production, we have near-term challenges with lower demand in the UK constraining our current financial performance.
The investment in the Neptune facilities since the IPO will enable the Group to broaden its customer base and the technical approvals secured recently with Europe's leading automotive OEMs represents a significant step towards achieving that goal. The Board will provide further updates on new customer and platform wins as and when they occur.
Interim Consolidated Income Statement
Hot Features
Premium
Unaudited Unaudited Audited
Period Period Year Ended
1/10/17-31/3/18 1/10/16-31/3/17 30/09/17
Notes GBP'000 GBP'000 GBP'000
Revenue 2 15,855 12,253 26,357
Cost of sales (11,586) (8,048) (17,327)
Gross profit 4,269 4,205 9,030
Other operating income 23 60 121
Distribution and administrative
expenses excluding exceptional
costs and amortisation (4,239) (4,204) (8,255)
Exceptional IPO related
administrative
expenses (net) - (25) (92)
Amortisation of acquired
intangible assets (118) (118) (237)
Other exceptional operating
costs - (197) (458)
Total distribution and administrative
expenses (4,357) (4,544) (9,042)
Operating (loss)/profit (65) (279) 109
Finance expense (35) (53) (92)
Share of post-tax profit
of equity accounted
joint ventures 154 112 190
Profit/(loss) before tax 54 (220) 207
Tax (expense)/credit (5) 61 196
Profit/(loss) after tax
for the period 49 (159) 403
Earnings per share for profit/(loss)
attributable to the owners
of the Parent during the
year
Basic (pence) 3 0.22p (0.72)p 1.82p
================ ================ =============
Diluted (pence) 3 0.22p (0.72)p 1.82p
================ ================ =============
Interim Consolidated Statement of Comprehensive Income
Unaudited Unaudited Audited
Period Period Year Ended
1/10/17-31/3/18 1/10/16-31/3/17 30/09/17
GBP'000 GBP'000 GBP'000
Profit/(loss) after tax for
the period 49 (159) 403
Other comprehensive (expense)/income:
Items that may be reclassified
subsequently to
profit and loss:
Currency translation differences (24) 1 (15)
Other comprehensive (expense)/income
for the period (24) 1 (15)
Total comprehensive income/(expense)
for the period 25 (158) 388
Interim Consolidated Statement of Financial Position
Unaudited Unaudited Audited
As at 31/3/18 As at 31/3/17 As at 30/9/17
GBP'000 GBP'000 GBP'000
Non-current assets
Property, plant and equipment 10,926 9,413 10,869
Intangible assets 3,773 3,767 3,837
Investments in equity-accounted
joint ventures 282 232 243
Deferred tax asset 134 - 159
Total non-current assets 15,115 13,412 15,108
Current assets
Inventories 2,535 1,596 1,967
Trade and other receivables 8,087 7,368 7,378
Cash in hand and at bank 1,515 2,081 1,625
Total current assets 12,137 11,045 10,970
Total assets 27,252 24,457 26,078
Current liabilities
Trade and other payables 5,879 6,775 5,851
Loans and borrowings 4,679 628 2,947
Total current liabilities 10,558 7,403 8,798
Non-current liabilities
Trade and other payables - - 123
Loans and borrowings 419 1,013 718
Deferred tax liability 474 482 496
Total non-current liabilities 893 1,495 1,337
Total liabilities 11,451 8,898 10,135
Net assets 15,801 15,559 15,943
Equity attributable to equity
holders of the
Company
Share capital 442 442 442
Share premium account 12,938 12,938 12,938
Other reserves 1,886 1,886 1,886
Currency differences reserve (128) (87) (103)
Retained earnings 663 380 780
Total equity 15,801 15,559 15,943
Interim Consolidated Statement of Changes in Equity
Currency
Share premium differences Retained Total
Share capital account Other reserves reserve earnings equity
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
At 1 October 2017 442 12,938 1,886 (103) 780 15,943
Comprehensive income for the
period
Profit for the period - - - - 49 49
Other comprehensive expense - - - (25) - (25)
Total comprehensive income
for the period - - - (25) 49 24
Contributions by and distributions
to
owners
Share based payment - - - - 11 11
Dividends - - - - (177) (177)
Total contributions by and
distributions to
owners - - - - (166) (166)
At 31 March 2018 442 12,938 1,886 (128) 663 15,801
Share premium Currency Retained Total
Share capital account Other reserves differences earnings equity
GBP'000 GBP'000 GBP'000 reserve GBP'000 GBP'000 GBP'000
At 1 October 2016 442 12,938 1,886 (88) 539 15,717
Comprehensive expense for
the period
Loss for the period - - - - (159) (159)
Other comprehensive income - - - 1 - 1
Total comprehensive expense
for the period - - - 1 (159) (158)
At 31 March 2017 442 12,938 1,886 (87) 380 15,559
Share premium Currency Retained Total
Share capital account Other reserves differences earnings equity
GBP'000 GBP'000 GBP'000 reserve GBP'000 GBP'000 GBP'000
At 1 October 2016 442 12,938 1,886 (88) 539 15,717
Comprehensive income for the
year
Profit for the year - - - - 403 403
Other comprehensive expense - - - (15) - (15)
Total comprehensive income
for the year - - - (15) 403 388
Contributions by and
distributions
to
owners
Share based payment - - - - 15 15
Dividends - - - - (177) (177)
Total contributions by and
distributions to
owners - - - - (162) (162)
At 30 September 2017 442 12,938 1,886 (103) 780 15,943
Interim Consolidated Statement of Cash Flows
Unaudited Unaudited Audited
Period Period Year ended
1/10/17-31/3/18 1/10/16-31/3/17 30/09/17
GBP'000 GBP'000 GBP'000
Cash flows from operating
activities
Profit/(loss) after tax 49 (159) 403
Adjustments for:
Depreciation of property,
plant and equipment 302 250 528
Amortisation of intangible
assets 118 118 237
Finance expense 35 53 92
Share of post-tax profit
of equity accounted
joint ventures (154) (112) (190)
Loss on sale of fixed assets - - 38
Employee share-based payment
charge 11 - 15
Income tax expense/(credit) 5 (61) (196)
366 89 927
Increase in trade and other
receivables (913) (2,307) (2,357)
Increase in inventories (580) (30) (402)
Increase in trade and other
payables 7 965 930
Cash used in operations (1,120) (1,283) (902)
Income taxes received/(paid) 173 (123) (92)
Net cash flows from operating
activities (947) (1,406) (994)
Investing activities
Purchase of property, plant
and equipment (438) (1,383) (3,903)
Purchase of intangible assets (98) (139) (363)
Dividend received from equity
accounted
joint venture 115 85 153
Net cash used in investing
activities (421) (1,437) (4,113)
Financing activities
Dividends paid (177) - (177)
Proceeds from loans and borrowings 1,749 - 2,304
Repayment of loans and borrowings (277) (1,487) (1,794)
Interest paid (35) (40) (81)
Net cash from/(used in) financing
activities 1,260 (1,527) 252
Net decrease in cash and
cash equivalents (108) (4,370) (4,855)
Cash and cash equivalents
at beginning
of period 1,445 6,300 6,300
Exchange gains on cash and
cash equivalents 13 - -
Cash and cash equivalents
at end of period 1,350 1,930 1,445
Cash and cash equivalents
comprise:
Cash balances 1,515 2,081 1,625
Bank overdrafts (165) (151) (180)
1,350 1,930 1,445
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 2018.
Depreciation is provided in respect of certain items and property, plant and equipment relating to the Group's Neptune line at a fixed rate per unit of manufactured product. The fixed rate has been calculated so as to write off the cost less estimated residual value of the assets over the estimated total output of the line.
With the above exception, all of the principal accounting policies used in preparing the interim results are unchanged from those disclosed in the Annual Report for the year ended 30 September 2017.
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 2018 and 31 March 2017 is unreviewed and unaudited and does not constitute the Group's statutory financial statements for those periods.
The comparative financial information for the full year ended 30 September 2017 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 team including the Chief Executive, Chief Financial Officer and Chairman.
The Board considers that the Group's activity constitutes one primary 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 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 income statement. 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
Unaudited Unaudited Audited
Period Period Year ended
1/10/17-31/3/18 1/10/16-31/3/17 30/09/17
GBP'000 GBP'000 GBP'000
Revenue arises from:
Component sales 15,566 11,497 24,844
Sales of tooling 289 756 1,513
15,855 12,253 26,357
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 2017 annual report and accounts.
The Group evaluates performance on the basis of operating profit/(loss).
1/10/17-31/3/18
Automotive Others Total
NVH GBP'000 GBP'000
GBP'000
Group's revenue per Consolidated
Statement of Comprehensive
Income 14,735 1,120 15,855
Depreciation/Amortisation 420 - 420
Segment operating (loss)/profit (176) 111 (65)
Finance expense (35)
Share of post tax profit
of equity accounted
joint venture 154
Group profit before tax 54
Segmental information (continued)
As at 31/3/18
Automotive Others Total
NVH GBP'000 GBP'000
GBP'000
Additions to non-current
assets 536 - 536
Reportable segment assets 26,970 - 26,970
Investment in joint ventures 282 - 282
Total Group assets 27,252 - 27,252
Reportable segment liabilities/
total Group liabilities 11,451 - 11,451
1/10/16-31/3/17
Automotive Others Total
NVH GBP'000 GBP'000
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 venture 112
Group loss before tax (220)
As at 31/3/17
Automotive Others Total
NVH GBP'000 GBP'000
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
Segmental information (continued)
Automotive Year Ended
NVH Others 30/9/17 Total
GBP'000 GBP'000 GBP'000
Group's revenue per Consolidated
Statement of Comprehensive
Income 24,925 1,432 26,357
Depreciation/Amortisation 765 - 765
Segment operating profit 19 90 109
Finance expense (92)
Share of post tax profit
of equity accounted
joint venture 190
Group profit before tax 207
Automotive As at 30/9/17
NVH Others Total
GBP'000 GBP'000 GBP'000
Additions to non-current
assets 3,001 - 3,001
Reportable Segment assets 25,835 - 25,835
Investment in joint venture 243 - 243
Total Group assets 26,078 - 26,078
Reportable segment liabilities/
Total Group liabilities (10,135) - (10,135)
Reporting of external revenue by location of customers is as follows:
Unaudited Unaudited Audited
Period Period Year ended
1/10/17-31/3/18 1/10/16-31/3/17 30/09/17
GBP'000 GBP'000 GBP'000
United Kingdom 13,845 10,932 23,044
Germany 1,501 847 2,260
Sweden 494 472 1,002
Rest of the World 15 2 51
15,855 12,253 26,357
3 Earnings per share
Unaudited Unaudited Audited
Period Period Year Ended
1/10/17-31/3/18 1/10/16-31/3/17 30/09/17
GBP'000 GBP'000 GBP'000
Profit/(loss) used in calculating
basic and
diluted earnings per share 49 (159) 403
Weighted average number
of GBP0.02 shares
for the purpose of basic
and diluted
earnings per share ('000) 22,101 22,101 22,101
Basic and diluted earnings
per share (pence) 0.22p (0.72)p 1.82p
Earnings/(loss) per share are 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 941,048 (H1 2017: 305,944) shares that were anti-dilutive at the period end but which may dilute future earnings per share.
4 Non-recurring and exceptional items
Unaudited Unaudited Audited
Period Period Year Ended
1/10/17 - 31/3/18 1/10/16 - 31/3/17 30/09/17
GBP'000 GBP'000 GBP'000
Adjusted operating profit 293 295 1,486
Non-recurring costs:
Start up costs 240 234 590
Operating profit before
non-recurring
costs 53 61 896
Exceptional IPO related
expenses - 25 92
Amortisation of acquired
intangible assets 118 118 237
Other exceptional operating
costs
Resignation of Chief Executive - 136 158
Legal and professional costs
for new
banking facilities - 61 -
Senior management restructuring
costs - - 116 Critical press repairs - - 184 Reported operating (loss)/profit (65) (279) 109
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.
The on-going start up process and commissioning of the major plant for the Neptune line resulted in an operating loss of GBP240,000 (full year 2017: GBP590,000) from the incremental costs of the operation and the specific premises taken on for the plant.
5 Taxation
Taxation on the profit/(loss) before taxation and share of results of joint ventures has been provided at a rate of 19% for the six month period ended 31 March 2018, which is the estimated rate of tax for the period (six months ended 31 March 2017: 20%; year ended 30 September 2017: 19.5%).
6 Dividend
On 11 December 2017, the Company announced a final dividend in respect of the year ended 30 September 2017 of 0.8 pence per share payable on 16 February 2018 to those Ordinary Shareholders on the register of members at close of business on 19 January 2018.
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
IR UUAARWNANAUR
(END) Dow Jones Newswires
June 13, 2018 02:00 ET (06:00 GMT)
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