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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Brickability Group Plc | LSE:BRCK | London | Ordinary Share | GB00BK63S759 | ORD GBP0.01 |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| -0.50 | -0.74% | 67.50 | 67.00 | 68.00 | 68.00 | 67.50 | 67.50 | 256,626 | 08:13:05 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| Brick, Rel Constr Mail-whsl | 681.09M | 27.74M | 0.0924 | 7.31 | 202.7M |
From Apr 2019 to Apr 2024
TIDMBRCK
RNS Number : 4947U
Brickability Group PLC
25 November 2019
25 November 2019
Brickability Group plc
("the Group")
Interim Results for the six months ended 30 September 2019
Brickability Group plc, the leading construction materials distributor, today announces its unaudited Interim results for the six months ended 30 September 2019 showing steady delivery of the objectives it set out at IPO.
Financial Highlights:
-- Revenue increased by 19.8% to GBP97.9m (H1 18 : GBP81.7m) -- Gross profit increased to GBP19.1m (H1 18 : GBP16.0m) -- Profit before tax increased 33.4% to GBP6.8m (H1 18 : GBP5.1m) -- Adjusted EBITDA* increased to GBP10.4m (H1 18 : GBP8.7m) -- Maiden interim dividend declared of 0.87p per share
Operational Highlights:
-- Completion of successful IPO on AIM
-- New product ranges added to the Group offering in flooring, specialist brick, facades, and extended brick ranges
-- Four acquisitions made in-line with strategy: DSH Flooring, Bespoke Brick, LBT Facades and Brickmongers
-- Ongoing assessment of further acquisition opportunities to add to our distribution and product offering
-- Continued focus on improved efficiencies in the supply chain -- Advanced preparations put in place for business continuity post EU withdrawal
Outlook
We are confident of building on a strong first half and the acquisitions made during the period are performing in line with expectations. We have a healthy acquisition pipeline, the outlook for our markets is positive and the board remains confident of meeting full year expectations.
Looking ahead, the longer-term outlook for our markets remains encouraging and we are pleased to see that all the main political parties have made substantial commitments to build more houses. Overall, the fundamentals for the housebuilding sector remain strong which gives us confidence that we will make further progress in the future.
John Richards, Chairman, said:
"This is a strong set of results with which to update the market in our first set of financials since our successful IPO in the summer. I'm pleased that we're delivering what we said we would. The housing market is generally robust across the UK and we're very well placed to service that. With a set of good acquisitions under our belt we've enhanced our geographic spread and expanded our product offering. This will put us in a good position for future growth and we'll be looking at further bolt-on opportunities to support that."
*Adjusted EBITDA is defined as earnings before interest, tax, depreciation, amortisation, exceptional and acquisition costs.
Enquiries: Brickability Group PLC John Richards, Chairman Alan Simpson, Chief Executive officer Stuart Overend, Chief Financial Officer c/o Montfort Communications Cenkos Securities (Nomad and Broker) Max Hartley (Corporate Finance) 0207 397 8900 Julian Morse (Sales) Montfort Communications (Financial PR) 0203 770 7916 James Olley Woolf Thomson Jones
About Brickability
Brickability is a leading construction materials distributor, serving customers across the UK for over 25 years through its mainstream and local networks. The Company supplies over 300m bricks annually and already has 25 sites and sales offices, employing approximately 225 people throughout the UK. Across its three divisions, the Group supplies bricks, roofing, heating, flooring, doors and windows to meet UK housebuilder demand.
Brickability Group PLC
Chairman's Statement
Market conditions in new build housing remained stable throughout the period (with some regional variation) and I am delighted to report on a very active six months for the Brickability Group which included its successful admission to trading on AIM on 29 August 2019.
Following our successful IPO, the Group has been focused on maintaining and building on its excellent customer and supplier relationships. The Group has continued to pursue its stated aim of making bolt-on acquisitions that are aligned with the Group's strategy of adding to the Group's revenues while sharing the same route to market and enhancing our geographic spread of operations within the UK. During the period the Group has made four new acquisitions increasing our distribution and product offering.
I am also pleased to report that the acquisition pipeline remains strong and we are in discussions with a number of potential businesses that would both enhance and broaden the Group's operations.
It is our strong performance that underpins our first Interim Dividend payment to shareholders of 0.87p per share.
Alongside our focus on trading and acquisitions, we have also made great strides in developing and delivering Group-wide policies on Health and Safety, Compliance and Sustainability, as well as staff retention, training and development.
External consultants have worked hand in hand with our staff to develop uniform Health and Safety Standards, while the introduction of CSOP and LTIP schemes will assist both retention and recruitment of key staff. The Group is also very active in ensuring that we have first rate succession plans with options for filling key roles as and when required.
The majority of the products distributed by the Group are manufactured in the UK, while our towel radiators are primarily sourced from Turkey. We import bricks, windows and doors from E.U. countries and have in place detailed plans to continue to distribute and indeed transport these products whatever form Brexit may take.
This has been another successful period of growth for Brickability in which we have achieved the significant milestone of a public listing. I am extremely grateful to everyone in the business for their continued hard work and dedication.
John Richards
Chairman
25 November 2019
Brickability Group PLC
Chief Executive's Review
I am pleased to report increases in Group revenue, EBITDA, and profit for the period. This reflects a strong UK housing market into which the majority of our products are delivered.
Overall brick sales remain in-line with our expectations as housebuilders continue to demand traditional bricks and masonry. Our geographic coverage continues to grow alongside our supply base.
Sales from our Heating and Plumbing division remain strong with our customer list continuing to grow. Our products are mostly sourced from Turkey and are paid for in sterling. Additional staff have been employed to extend our offering into panel radiators and associated products.
Our flooring distribution business, DSH Flooring Limited, is growing quickly and while our geographic coverage is currently local in its spread, the increase in the business's revenue since acquisition in April is extremely encouraging and there are further opportunities to grow the business.
Timber window sales remain at expected levels, while the sourcing of a new supplier enables us to take advantage additional business. Internal door sales opportunities remain limited as we await the sourcing of further suppliers.
Roofing sales remain robust with order books stretching to over a year, with long-term supply agreements on major housing developments in place.
During the last six months, our acquisition strategy has added four businesses to the Group. DSH Flooring Limited was acquired in April, becoming our first business specialising in the distribution and fitting of flooring. May saw the acquisition of The Bespoke Brick Company Limited, our second specialist brick import distributor. LBT Brick & Facades Ltd and Brickmongers (Wessex) Limited were also acquired during this period, adding to our brick distribution coverage in the North West and South Coast respectively.
Acquisition opportunities exist in all of our product areas and indeed we are exploring some in new product types that enjoy the same route to market and end-use customer base that we believe would add to the Group's strengths.
Lastly, we were very pleased that during the period we supplied products that were used in the winning project of the 2019 Stirling Prize (Mikhail Riches' Goldsmith Street Social Housing, Norwich City Council).
We are confident of building on a strong first half and the acquisitions made during the period are performing in line with expectations. We have a healthy acquisition pipeline, the outlook for our markets is positive and the board remains confident of meeting full year expectations.
Looking ahead, the longer-term outlook for our markets remains encouraging and we are pleased to see that all the main political parties have made substantial commitments to build more houses. Overall, the fundamentals for the housebuilding sector remain strong which gives us confidence that we will make further progress in the future.
Alan J Simpson
Chief Executive
25 November 2019
Brickability Group PLC
Financial Review
Revenue and Gross Margin
The Group delivered GBP97.9m of revenue in the first six months of 2019 (H1 2018: GBP81.7m), representing a total increase of 19.8% (GBP16.2m). When the impact of acquisitions are excluded from revenue, like for like ("LFL") revenue growth was up 4.8%.
Gross margins across the Group remained stable at 19.5% (H1 2018: 19.5%). Gross Profit for the 6 months increased to GBP19.1m (H1 2018: GBP16.0).
Administrative expenses
There was an overall net increase in administrative expenses of GBP1.5m across the Group primarily relating to the additional overheads of acquired businesses and GBP0.1m additional central overhead.
Exceptional items
Exceptional income in the period of GBP1m relates to an insurance recovery under a keyman policy that paid out following medical diagnosis. The person concerned has made a full recovery.
The other exceptional costs relate to the IPO (GBP0.5m) and the release of the loan arrangement fee provision following the repayment of the term loan on listing (GBP0.3m).
EBITDA
The Group's adjusted EBITDA increased to GBP10.4m in the first six months of 2019, compared to GBP8.7m in the same period last year, reflecting the growth in the existing business and the four acquisitions.
Operating profit
The Group generated an operating profit for the period of GBP8.6m, compared to GBP7.0m in the prior period.
Interest expense fell slightly to GBP1.8m as the term loan was paid off with proceeds from the IPO in August 2019.
Earnings per share
Earnings per share for the first six months is calculated on an average of shares during the period which reflects both the pre IPO debt and loan note structure as well as the number of shares in issue pre IPO and is therefore not reflective of the expected earnings per share going forward.
Earnings per share based on the number of shares at the IPO was 2.23p per share.
Dividend
In keeping with the Group's stated strategy at IPO and encouraged by our strong first half performance, the Board has decided to declare a maiden interim dividend of 0.87p per share to shareholders on the register at 6 December 2019. The ex-date and payment date for the dividend will be 5 December and 20 December 2019 respectively.
Cashflow
The Group generated operating cash flow of GBP2.2m in the first six months of the year compared to GBP8.8m in the same period in 2018. The key reason for the large change in working capital was due to the change in timing of the payment to major suppliers (cGBP5m) from just after the month end to the month end and the increase in net current assets from the four acquisitions (cGBP2.2m). Importantly, the Group remains cash generative when adjusted for the year end creditor position. For the 18 months period ending 30 September, removing the timing difference of creditor payments at 31 March, the cash conversion was 92%.
Balance Sheet
The net bank debt position as at 30 September 2019 was GBP1.9m, a decrease of GBP17.9m from the 31 March 2019 position. This mid-year decrease was due to repayment of the term loan from proceeds of the IPO and GBP5.4m of investor loan notes of which repayment was delayed until after 30 September 2019.
Post balance sheet events
In October 2019, the remaining GBP5.4m of investor loan notes plus interest were repaid. Following this the Company has no outstanding loan notes. There are no other material post balance sheet events.
Stuart J Overend
Chief Financial Officer
25 November 2019
Condensed and Consolidated Income Statement
6 Months Ended 30 September 2019 (unaudited)
Hot Features
Premium
6 months 6 months Year
Ended Ended Ended
30 Sept 30 Sept 2018 31 March 2019
2019
GBP'000 GBP'000 GBP'000
Revenue 97,945 81,740 163,294
Cost of sales (78,889) (65,779) (130,371)
------------------------------ ------------------------
Gross profit 19,056 15,962 32,923
Other operating
income 4 97 96
Administrative
expenses (10,504) (9,016) (18,950)
Profit from
operations 8,556 7,043 14,069
Analysed as:
Adjusted EBITDA 10,396 8,705 17,678
Intangible
amortisation (1,402) (1,266) (2,694)
Profit on sale of
assets 2 - 47
Depreciation (601) (396) (962)
Exceptional income 1,000 - -
Exceptional costs -
IPO (522) - -
Exceptional costs -
refinancing (317) - -
Profit from
operations 8,556 7,043 14,069
--------------------- ------------------------------ ------------------------ -------------------------
Finance expense (1,772) (1,949) (4,172)
Finance income 39 4 31
Share of post-tax
profits of equity
accounted
associates 25 29 13
Amounts written off
investments (40) (23) (49)
Profit before tax 6,808 5,104 9,892
Tax expense (1,670) (1,140) (2,396)
Profit from
continuing
operations 5,138 3,964 7,496
============================== ======================== =========================
*Adjusted EBITDA reflects earnings before interest, taxation, depreciation, exceptional items, acquisition costs and intangible amortisation.
Earnings per share
For the six months ended 30 September 2019 (unaudited)
6 months ended 6 months ended Year ended
31
Note 30 September 30 September March 2019
2019 2018
Basic earnings per share
- pence 3 13.31 1,760.8 3,151
Diluted earnings per
share - pence 3 12.98 1,760.8 3,151
Statement of Condensed and Consolidated Changes in Equity
6 Months Ended 30 September 2019 (unaudited)
Share capital Share Premium Capital Merger Reserve Retained Total equity
Redemption earnings
Reserve
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
As at 31 March
2018 4 7,170 - 1,245 (294) 8,125
Profit for the
year ended 31
March 2019 - - - - 7,496 7,496
Issue of shares - 1,800 - - - 1,800
Total
contributions
by and
distributions
to owners - 1,800 - - 7,496 9,296
-------------- -------------- ---------------- --------------- ----------------- -------------
As at 31 March
2019 4 8,970 - 1,245 7,202 17,421
Profit for the 6
months ended 30
September 2019 - - - - 5,138 5,138
issue of shares 2,065 56,877 - - - 58,942
Company purchase
of own shares (2) - 2 - - -
Reduction of
share premium
account (13,000) 13,000 -
Issue costs of
shares (2,610) (2,610)
Total
contributions
by and
distributions
to owners 2,063 41,267 2 - 18,138 61,470
-------------- -------------- ---------------- --------------- ----------------- -------------
At 30 September
2019 2,067 50,237 2 1,245 25,340 78,891
-------------- -------------- ---------------- --------------- ----------------- -------------
Comparative for 6 Months Ended
30 September 2018
As at 31 March
2018 4 7,170 - 1,245 (294) 8,125
Profit for the 6
months ended 30
September 2018 - - - - 3,964 3,964
Total
contributions
by and
distributions
to owners - - - - 3,964 3,964
-------------- -------------- ---------------- --------------- ----------------- -------------
As at 30
September 2018 4 7,170 - 1,245 3,670 12,089
-------------- -------------- ---------------- --------------- ----------------- -------------
Condensed and Consolidated Balance Sheet
6 Months Ended 30 September 2019 (unaudited)
6 months 6 months 12 Months
Ended Ended Ended
30 Sept 2019 30 Sept 2018 31 March 2019
Assets GBP'000 GBP'000 GBP'000
Current assets
Inventories 7,364 4,501 5,422
Trade and other
receivables 39,558 34,970 34,111
Cash and cash
equivalents 18,089 10,256 17,001
--------------------------- ------------------------
65,011 49,727 56,534
Non-current assets
Property, plant and
equipment 3,947 3,754 3,623
Right of use assets 2,868 1,443 1,595
Intangible assets 74,764 67,224 68,788
Investments in
equity-accounted
associates 1,207 621 1,239
Deferred tax assets 744 300 744
Trade and other
receivables 155 - 155
--------------------------- ------------------------
83,685 73,342 76,144
Total assets 148,696 123,069 132,678
=========================== ======================== =========================
Liabilities
Current liabilities
Trade and other
payables (34,267) (30,769) (37,062)
Loans and borrowings (5,510) (4,270) (3,085)
Lease liabilities (666) (345) (378)
--------------------------- ------------------------ -------------------------
(40,443) (35,384) (40,525)
Non-current liabilities
Trade and other
payables (879) (9,597) (3,957)
Loans and borrowings (20,000) (58,013) (62,977)
Lease liabilities (2,217) (1,107) (1,227)
Derivative financial
liabilities (138) - (106)
Provisions (1,801) (2,338) (1,975)
Deferred tax liability (4,327) (4,541) (4,490)
--------------------------- ------------------------
(29,362) (75,596) (74,732)
Total liabilities (69,805) (110,980) (115,257)
=========================== ======================== =========================
NET ASSETS 78,891 12,089 17,421
=========================== ======================== =========================
Issued capital and
reserves attributable
to
owners of the parent
Share capital 2,067 4 4
Share premium reserve 50,237 7,170 8,970
Capital redemption
reserve 2 - -
Merger reserve 1,245 1,245 1,245
Retained earnings 25,340 3,670 7,202
TOTAL EQUITY 78,891 12,089 17,421
=========================== ======================== =========================
Condensed and Consolidated Cash Flow Statement
6 Months Ended 30 September 2019 (unaudited)
6 Months 6 Months 12 Months
Ended Ended Ended
30 Sept 2019 30 Sept 2018 31 March 2019
GBP'000 GBP'000 GBP'000
Cash flows from operating activities
Profit from financial period/year 5,138 3,964 7,496
Adjustments for;
Exceptional income (1,000) - -
Exceptional costs 839 - -
Depreciation of property, plant & equipment 601 396 962
Amortisation of intangible assets 1,402 1,266 2,694
Amounts written back to investments 40 23 49
Share of profit of associates (25) (29) (13)
Other interest receivable and similar income (39) (4) (31)
Interest payable and similar expenses 1,772 1,949 4,172
(Gains)/loss on disposal of property, plant &
equipment (2) - (47)
Tax on profit 1,670 1,140 2,396
Changes in;
Inventories (1,114) 731 (371)
Trade and other receivables 1,807 (7,017) (5,041)
Trade and other payables (8,851) 6,416 11,279
------------------- ------------------- -------------------
Cash generated from operations 2,238 8,835 23,545
Exceptional income 1,000 - -
Interest paid (3,567) (510) (1,488)
Interest received 39 4 31
Dividends received 18 18 36
Tax paid (3,313) (1,446) (3,210)
Net cash from operating activities (3,585) 6,901 18,914
=================== =================== ===================
Cash flows from investing activities
Purchase of property, plant & equipment (444) (467) (1,243)
Proceeds from sale of property, plant & equipment 14 - 71
Purchase of intangible assets - - (4)
Acquisition of subsidiaries (7,271) - (2,644)
Acquisition of interests in associates and joint
ventures - - (194)
Net cash acquired with subsidiary undertakings 1,906 - (4)
Payment of share transaction costs (523) - -
Payment of exceptional IPO costs (234) - -
Net cash used in investing activities (6,552) (467) (4,018)
=================== =================== ===================
Cash flows from financing activities
Proceeds from issue of ordinary shares 43,923 - 1,500
Proceeds from borrowings 8,158 1,500 2,115
Payments from finance lease liabilities (388) (242) (534)
Proceeds from loan notes issued - - 1,500
Repayment of loan notes (9,113) - -
Repayment of bank borrowings and facilities (25,158) (1,053) (3,158)
Repayment of deferred consideration and other loan (6,197) (1,729) (4,664)
Net cash (used in)/from financing activities 11,225 (1,524) (3,241)
=================== =================== ===================
Net increase in cash and cash equivalents 1,088 4,910 11,655
Cash and cash equivalents at beginning of year 17,001 5,346 5,346
Cash and cash equivalents at end of year 18,089 10,256 17,001
Notes to the Interim report
1. GENERAL INFORMATION
Brickability Group plc (the 'Company' or the 'Group') is a public company limited by shares incorporated in the United Kingdom under the Companies Act 2006 (registration number 11123804) and is registered in England and Wales. The registered address is c/o Brick-ability Ltd South Road, Bridgend Industrial Estate, Bridgend, United Kingdom, CF31 3XG.
Copies of this Interim Report may be obtained from the registered address or on the Corporate (Investor Relations) section of the Company's website at www.brickabilityplc.co.uk.
Statement of compliance and basis of preparation
The condensed consolidated financial information presented in this Interim Report has been prepared in accordance with applicable IFRS including standards and interpretations issued by the International Accounting Standards Board as adopted by the EU and in accordance with Article 4 of the IAS Regulation. The financial information has been prepared using the historical cost convention and on a going concern basis.
The Annual Financial Report for the year ended 31 March 2019 was audited and has been filed with the Registrar of Companies. The Independent Auditors' Report on the Annual Report and Accounts for the year ended 31 March 2019 was not qualified and did not contain statements under s498(2) or (3) of the Companies Act 2006.
The financial information for the six months ended 30 September 2019 and 30 September 2018 is unaudited and has not been reviewed by the Company's auditors.
The Interim financial statements are presented in sterling and all values are rounded to the nearest hundred thousand pounds (GBP0.1m) except where otherwise indicated.
2. SEGMENTAL ANALYSIS
Brickability Group plc generates all of its revenues within the UK. Brickability Group plc generates revenue from the following activities:
- Revenue from the sale of superior quality building materials to all sectors of the construction industry including national house builders, developers, contractors, general builders and retail to the public;
- Revenue from the distribution of radiators and associated parts and accessories;
- Revenue from the supply of roofing construction services primarily within the residential construction sector;
Brickability Group plc therefore has three business segments, being Bricks, Heating Plumbing and Joinery ("HPJ"); and Roofing. The Group's segments are strategic business units that offer different products and services.
Segmental analysis Segmental analysis
For the 6 months ended 30 September 2019 For the 6 months ended 30 September 2018
Bricks HPJ Roofing Total Bricks HPJ Roofing Total
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Revenue 75,123 13,052 9,770 97,945 Revenue 61,384 11,812 8,544 81,740
Segment Segment
EBITDA 6,450 2,980 1,917 11,347 EBITDA 5,297 2,513 1,730 9,540
Central Central
overheads (951) overheads (835)
Group adjusted EBITDA 10,396 Group adjusted EBITDA 8,705
Depreciation and amortisation (2,001) Depreciation and amortisation (1,662)
Exceptional Exceptional
income 1,000 income -
Exceptional Exceptional
costs (839) costs -
Net finance expense (1,748) Net finance expense (1,939)
Profit Profit
before tax 6,808 before tax 5,104
================= =================
Segmental analysis
For the year ended 31 March 2019
Bricks HPJ Roofing Total
GBP'000 GBP'000 GBP'000 GBP'000
Revenue 123,443 23,338 16,513 163,294
Segment
EBITDA 10,754 4,887 3,947 19,588
Central
overheads (1,910)
Group adjusted EBITDA 17,678
Depreciation and amortisation (3,609)
Net finance expense (4,177)
Profit
before tax 9,892
=================
3. EARNINGS PER SHARE
Earnings per share for the first six months is calculated on an average of shares during the period which reflects both the pre IPO debt and loan note structure as well as the number of shares in issue pre IPO and is therefore not reflective of the expected earnings per share going forward.
Earnings per share based on the number of shares at the IPO was 2.23p per share. The number of shares in issue post the IPO on 29th August 2019 is 230,458,821.
6 months Ended 6 months Ended Year Ended
30 September 2019 30 September 2018 31 March 2019
Weighted
Profit average Profit Weighted average Profit Weighted average
number of
GBP'000 shares GBP'000 number of shares GBP'000 number of shares
5,138 38,612,470 3,964 225,150 7,496 237,846
Profit per share
Pence : Basic 13.31 1,760.8 3151
Profit Diluted average Profit Diluted average Profit Diluted average
number of
GBP'000 shares GBP'000 number of shares GBP'000 number of shares
5,138 39,575,538 3,964 225,150 7,496 237,846
Profit per share
Pence : Basic 12.98 1,760.8 3151
4. DEFERRED CONSIDERATION
Future deferred consideration falls due as follows: GBP2.9m in the next 12 months and GBP1.1m after more than 12 months. Deferred consideration payments due in relation to PVH Holdings Limited and The Bespoke Brick Company Limited are linked to future profitability. Management has made an estimate of the deferred consideration due based on expected future profitability of these entities. There are no employment related obligations attached to future deferred consideration.
5. ACQUISITIONS
During the 6 months ended 30 September 2019 the Group acquired 100% of the issued share capital of the companies listed below. All of the companies are incorporated in the UK.
Sector Acquisition Initial Cash Loan notes Deferred consideration Deferred contingent
date consideration consideration
GBP'000 GBP'000 GBP'000 GBP'000
DSH Flooring
Limited HPJ 1 April 2019 300 - - -
LBT Brick &
Facades Ltd Bricks 15 May 2019 2,612 - - -
The Bespoke
Brick
Company
Limited* Bricks 17 May 2019 4,645 955 300 1,200
The
Brick-Slip
Business
Limited Bricks 17 May 2019 20 5 - -
Brickmongers
(Wessex)
Limited Bricks 1 July 2019 831 554 - -
* Deferred consideration of GBP932K was paid during the 6 months ended 30 September 2019.
The balance of GBP267K is due to be paid in December 2019. The contingent deferred consideration
is dependent on the company meeting target EBITDA over the next 3 years. The consideration
is payable in annual instalments of GBP300,000 in July 2020, July 2021 and July 2022.
The transactions have been accounted for by the acquisition method of accounting.
The provisional carrying amount of each class of assets before combination is set out below:
DSH Flooring LBT Brick and The Bespoke The Brick Slip Business Brickmongers Total
Limited Facades Limited Brick Limited (Wessex)
Company Limited
Limited
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Property,
plant and
equipment 8 33 24 12 60 137
Inventories 183 - 658 - 433 1,274
Trade and
other
receivables 631 1,379 3,116 10 730 5,866
Cash & cash
equivalents (13) 696 701 24 497 1,906
Trade and
other
payables (573) (1,163) (2,439) (32) (931) (5,139)
Total
identifiable
assets 237 945 2,060 13 788 4,043
============== ==================== ============= ======================== ============= ========
Due to the timing of the acquisitions, the acquisition accounting adjustments were not complete as at 30 September 2019, however, will be finalised prior to 31 March 2020.
6. DIVIDENDS
No dividends were paid during the period. However, the Company has declared an interim dividend for the 2019 year of 0.8678p per share and intends to pay this to shareholders on 20 December 2019 to shareholders on the register on 6 December 2019 (Ex dividend date 5(th) December 2019).
7. POST BALANCE SHEET EVENTS
In October 2019 GBP5.4m of investor loan notes plus interest where repaid and an additional GBP1.0m of keyman insurance was received. There were no other post balance sheet events.
- Ends -
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 PGGMAGUPBUQA
(END) Dow Jones Newswires
November 25, 2019 02:02 ET (07:02 GMT)
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