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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Creightons Plc | LSE:CRL | London | Ordinary Share | GB0002341666 | 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% | 25.00 | 23.00 | 27.00 | 25.00 | 25.00 | 25.00 | 10,204 | 01:00:00 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| Perfume,cosmetic,toilet Prep | 58.57M | 514k | 0.0075 | 33.33 | 17.11M |
From May 2019 to May 2024
TIDMCRL
RNS Number : 4104D
Creightons PLC
26 June 2019
26 June 2019
Creightons Plc
Preliminary results
Creightons Plc (the "Group" or "Creightons") is pleased to announce its preliminary results for the year ended 31 March 2019.
Financial highlights
-- Revenue increased by 26.4% to GBP44.0m (2018: GBP34.8m). -- Operating profit increased by 77.4% to GBP2,900,000 (2018: GBP1,635,000). -- Operating profit margin of 6.6% (2018: 4.7%).
-- Balance sheet remains strong after significant investment in working capital, product development and fixed assets to support organic growth.
-- A tax credit of GBP22,000 relates to current and prior year credit of GBP539,000 in respect of R&D relief claimed.
-- The profit for the year has increased by GBP1,659,000 to GBP2,891,000 (2018: GBP1,232,000).
-- The profit increase has improved the fully diluted earnings per share to 4.16p (2018: 1.85p).
-- Proposed final dividend 0.40p per ordinary share (2018: 0.23p).
Operational highlights
-- Sales growth momentum maintained: -- Sales of retailer own label products increased by 42.0% -- Contract sales growth by 31.7% -- Our own branded sales have grown by 1.4%, including export sales growth of 8.1% -- Total overseas sales have increased by 9.0% to GBP5m (2018: GBP4.6m).
-- Focus on transitioning brands into higher price point and mass/"masstige" retail distribution listings with wider distribution of the Curl Company and Feather & Down with post year end listings for BAMbeautiful.
-- Cash generated from operations has been invested in working capital, product development and plant & equipment to support the business growth.
-- Tube and bottle filling capacity increased by 20% and 33% respectively following the purchase of two new high capacity production lines.
-- Invested in far east sourcing structure to access lower cost components.
-- Outsourced the warehousing and distribution of the majority of our finished goods to a third party logistics provider.
-- Both Feather & Down and BAMBeautiful shortlisted for upcoming prestigious beauty awards to be announced later this year.
Commenting on the results, William McIllroy, Chairman of Creightons Plc, said:
"The Group has had an outstanding year delivering significant organic sales growth and continued improvements in operating profit and margins. The past decisions to outsource production, whilst plans were put in place to increase capacity, and to outsource our finished goods warehousing have paid dividends this year by enabling the group to deliver exceptional increases in profits. We will continue to invest to enhance production and operational capability to enable the Group to sustain profitable operations and to continue to seize new profitable opportunities."
Commenting on the results, Bernard Johnson, Managing Director, said:
"The team across the Group has performed exceptionally well to cope with the growing pains associated with the challenges arising from significant organic sales growth. We have increased resources and skill levels to cope with the continued expansion and are now looking to the future and developing a team and operational resources to cope with the next stage of our expansion. We are actively looking at opportunities to develop or invest in brands and businesses which will allow us to take the Group forward and meet our medium term ambitions.
Lastly, I am pleased to say we are considering purchasing the Peterborough site from the landlord to be funded primarily by a new loan facility. This would secure our main manufacturing base's long-term future and provide the opportunity to expand manufacturing and warehousing facilities as our business grows. I hope to bring this transaction forward in the next few months for the necessary regulatory and shareholder approval as it would involve a related party."
Enquiries - Analysts and Investors:
Nicholas O'Shea, Director, Creightons Plc 01733 281000
Roland Cornish / Felicity Geidt, Beaumont Cornish Limited 0207 628 3396
Enquiries - Press
Clive Hunter-Dunne, Anagallis Communications Limited 07922 697198 clivehd@anagallis.co.uk
Overview
The Group has continued its recent expansion with organic sales growth of 26.4% resulting in sales of GBP44.0m for the year ended 31 March 2019 (2018: GBP34.8m). This has driven a 77.4% increase in operating profit to GBP2,900,000 (2018: GBP1,635,000).
Sales
Group sales have increased across all three of our sales streams. Private label and contract sales have continued to grow, increasing by 42.0% and 31.7% respectively. Major range extensions with our largest customer and the continued growth with a major retailer in the UK were the main drivers of this increase. Sales of our branded products have increased by 1.4% in the period with the growth driven by more premium brands such as Feather & Down, which continues to perform both with current customers and extended distribution, and The Curl Company with wider distribution in both the UK and overseas delivering continued growth. The discount sector continues to be a competitive market with many of the grocers moving away from brands to focus on their private label offering, which resulted in a reduction in sales. Export sales of branded products continued to grow by 8.1% in the year.
The Group's total overseas business including the Australian subsidiary and non-own branded customers has grown by 9.0% to GBP5,005,000 (2018: GBP4,592,000).
Margin and cost of goods
Our gross margin was 39.4% for the year ended 31 March 2019 (2018: 40.6%). The main driver has been a change in sales mix in the period with a higher proportion of sales from our private label customers, which typically have lower margin and a lower proportion of higher margin branded sales. All outsourced production, which had an incremental cost of GBP68,000 in the year (2018: GBP229,000) has been brought back in house. Margins have been adversely impacted by rises in the national living wage and by raw material prices increases. We have benefited from the economies of scale generated by the sales growth, continued improvements in productivity and we have successfully re-sourced many raw materials during the year to mitigate the impact of underlying price increases. The re-sourcing exercise is continuing and we have invested in an overseas sourcing structure to access more cost-effective sources of supply. During the period we have made significant investment in new equipment in order to increase capacity and whilst capacity rather than productivity has been the main driver there have been significant productivity gains arising from this expansion programme.
Distribution costs and Overheads
Distribution costs have increased by 49.0% to GBP2,204,000 (2018: GBP1,479,000), partly driven by organic growth but also due to the decision to outsource the warehousing and distribution of our finished goods to a third-party logistics provider. This process is complete and was critical in enabling the Group to deliver the sales growth.
Overhead costs have increased by 10.9% in the year as the Group has invested in increased resources as it builds a team capable of delivering the growth anticipated for the future. The improved 26.4% sales growth compared to 10.9% increased overheads demonstrate the operational leverage the Group has been able to deliver. We will continue to manage our overhead cost base requirements to ensure they are aligned with the anticipated sales levels of the Group.
Research and Development
The Group invests significant resources in research and product development. As the Group has developed its business towards more leading-edge products the nature of the research and development has become more sophisticated. The total investment in research and development where we have made claims for R&D tax relief in the year is
GBP721,000 (2018: GBP726,000).
Operating profit
Operating profit increased by GBP1,265,000 (77.4%) to GBP2,900,000 (2018: GBP1,635,000). The growth in sales along with a controlled overhead base have driven an increase in operating profit margin to 6.6% (2018: 4.7%).
Tax
The Group's tax charge for the year was a credit of GBP22,000 (2018: charge of GBP377,000) which equates to a rate of minus 0.8% (2018: charge 23.4%). The effective rate of tax is significantly less than the standard rate of 19% (2018: 19%). The main reason for this reduction is the R&D relief claims for the current year of GBP178,000 and prior years of GBP361,000 although there are other one off timing differences. With the Group's continuing research and development into products we expect the underlying tax rates for future years to be in the region of 13% as long as the R&D relief remains available.
Profit after tax
The Group's profit after tax has increased by GBP1,659,000 (134.7%) to GBP2,891,000 for the year ended 31 March 2019 (2018: GBP1,232,000)
Earnings per share
The diluted earnings per share of 4.16p (2018: 1.85p) is an increase of 124.9%.
Working capital
Net borrowings (cash and cash equivalents less bank loan and short-term borrowings) is GBP383,000 (2018: Net cash on hand GBP221,000). The main reason for the decrease in net cash on hand is the impact of increased investment in working capital together with increased investment in new product development and plant and equipment to support the sales growth. The Group had also invested in stock as part of its Brexit planning strategy. Following the decision to delay Brexit and the fact that the duty and trading implications of a non-deal Brexit are more clearly understood the Group is unwinding this investment in stock with a consequential increase in the Group's cash resources. The Group has continued to focus on working capital management and whilst both stock levels and trade debtors have increased the ratios continue to be largely in line with expectations. High sales in the last month of the year have driven an increase in debtors.
Share Options
The Board gained shareholders' approval and implemented a new Company Share Option Plan in October 2018 with the grant of 6,737,200 options to the employees employed for more than 6 months and Directors of the business. The Board considers that rewarding such a large proportion of employees is a significant motivator and helps the Group deliver its sales and profit growth.
Dividend
The Board proposes a final dividend of 0.40 pence per ordinary share, subject to approval at the AGM, an increase of 0.17p more than last year's final dividend of 0.23p. This is in line with the directors' intention to align future dividend payments to the underlying earnings and cash flow of the business. Together with the interim dividend of 0.15p per share paid last December, the total dividend payable for the year ended 31 March 2019 is 0.55p (2018: 0.38p).
The Board believes that this year's sales of GBP44,030,000, profit after tax of GBP2,891,000 and our strong balance sheet places the Group in a good position to take advantage of any opportunities that may arise.
Directors' responsibilities statement
The directors whose names and functions are set out on page 60 of the full report are responsible for preparing the Annual Report and the Financial Statements in accordance with applicable laws and regulations.
UK company law requires the directors to prepare such financial statements for each financial year. Under that law the directors are required to prepare the Group consolidated financial statements in accordance with International Financial Reporting Standards (IFRS) as adopted by the European Union and Article 4 of International Accounting Standards regulation and have also chosen to prepare the parent company financial statements under IFRS as adopted by the European Union. Under UK company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and the Group and of the profit or loss of the Group for that period. In preparing these financial statements, the directors are required to:
-- select suitable accounting policies and then apply them consistently; -- make judgements and accounting estimates that are reasonable and prudent;
-- state whether the finance statements have been prepared in accordance with IFRS as adopted by the European Union; and
-- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
The directors are responsible for maintaining proper accounting records that are sufficient to show and explain the Group's transactions and disclose with reasonable accuracy at any time the financial position of the Group and enable them to ensure that its financial statements comply with the Companies Act 2006 and Article 4 of International Accounting Standards regulation. They are also responsible for safeguarding the assets of the Group and hence for taking reasonable steps to prevent and detect fraud and other irregularities.
The directors are responsible for the maintenance and integrity of the corporate and financial information included on the Group's website.
Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.
Directors' responsibility statement pursuant to DTR4 - Periodic Financial Reporting
Each of the directors confirms that to the best of their knowledge:
1. the financial statements, prepared in accordance with International Financial Reporting Standards as adopted by the EU, give a true and fair view of the assets, liabilities, financial position and profit or loss of the Company and the undertakings included in the consolidation taken as a whole;
2. the strategic report includes a fair review of the development and performance of the business and the position of the company and the undertakings included in the consolidation taken as a whole, together with the description of the principal risks and uncertainties that they face; and
3. the report and financial statements, taken as a whole, are fair, balanced and understandable and provide the information necessary for shareholders to assess the Group's position and performance, business model and strategy.
Principal risks and uncertainties
Risks
The Board regularly monitors exposure to key risks, such as those related to production efficiencies, cash position and competitive position relating to sales. It has also taken account of the economic situation over the past 12 months, and the impact that has had on costs and consumer purchases.
It also monitors those risks not directly or specifically financial, but capable of having a major impact on the business's financial performance if there is any failure, such as product contamination and manufacture outside specification, maintenance of satisfactory levels of customer and consumer service, accident ratios, failure to meet environmental protection standards or any of the areas of regulation mentioned above. Further details of financial risks are set out in Note 2.
Capital structure, cash flow and liquidity
The Group has a strong balance sheet with working capital investment at the year end. The business is funded using retained earnings, invoice discounting, overdraft and hire purchase facilities secured against the Group's assets. Further details are set out in Note 2.
Competitive environment
The Group operates in a highly competitive environment in which demand for products can vary and customers have the opportunity to transfer business to other suppliers. The Group works to minimise this risk by developing close relationships with customers offering quality, service and innovation throughout the business. This risk is also further reduced through the development of its branded product portfolio and by the diversity of customers and products offered.
Quality
The Group treats quality as its key requirement for all products and strives to deliver quality products for every price point. Failure to achieve the required quality and safety standards would have severe consequences for the Group, from financial penalties to the damage to customer relationships. The Group has a robust product development process to mitigate risk wherever possible and to ensure all products are safe and fit for purpose. The Group is subject to frequent internal and external safety, environmental and quality audits covering both accreditations held and a number of specific operating standards our customers require us to comply with.
Consolidated income statement
Hot Features
Premium
Year ended Year ended
31 March 31 March
2019 2018
GBP000 GBP000
----------- -----------
Revenue 44,030 34,810
----------- -----------
Cost of sales (26,690) (20,660)
----------- -----------
Gross profit 17,340 14,150
----------- -----------
Distribution costs (2,204) (1,479)
----------- -----------
Administrative expenses (12,236) (11,036)
----------- -----------
Operating profit 2,900 1,635
----------- -----------
Finance costs (31) (26)
----------- -----------
Profit before tax 2,869 1,609
----------- -----------
Taxation 22 (377)
----------- -----------
Profit for the year from continuing operations
attributable to the equity shareholders
of the parent company 2,891 1,232
------------------------------------------------- ----------- -----------
Dividends
Year ended Year ended
31 March 31 March
2019 2018
Paid in year (GBP000) 233 230
----------- -----------
Paid in year (pence per share) 0.38p 0.38p
----------- -----------
Proposed (GBP000) 253 139
----------- -----------
Proposed (pence per share) 0.40p 0.23p
----------- -----------
Earnings per share
Year ended Year ended
31 March 31 March
2019 2018
Note
----- ----------- -----------
Basic 3 4.69p 2.03p
----- ----------- -----------
Diluted 3 4.16p 1.85p
----- ----------- -----------
Consolidated statement of comprehensive income
Year ended Year ended
31 March 31 March
2019 2018
----------- -----------
GBP000 GBP000
----------- -----------
Profit for the year 2,891 1,232
----------- -----------
Exercise of derivatives - 37
----------- -----------
Items that may be subsequently reclassified
to profit and loss:
----------- -----------
Exchange differences on translating foreign
operations - 9
----------- -----------
Other comprehensive income for the year - 46
----------- -----------
Total comprehensive income for the year
attributable to the equity shareholders
of the parent 2,891 1,278
---------------------------------------------- ----------- -----------
Consolidated balance sheet
31 March 31 March
2019 2018
----- --------- ---------
Note GBP000 GBP000
----- --------- ---------
Non-current assets
----- --------- ---------
Goodwill 331 331
----- --------- ---------
Other intangible assets 418 349
----- --------- ---------
Property, plant and equipment 2,363 1,832
----- --------- ---------
3,112 2,512
----- --------- ---------
Current assets
----- --------- ---------
Inventories 8,015 5,499
----- --------- ---------
Trade and other receivables 8,280 7,667
----- --------- ---------
Cash and cash equivalents 349 968
----- --------- ---------
16,644 14,134
----- --------- ---------
Total assets 19,756 16,646
----- --------- ---------
Current liabilities
----- --------- ---------
Trade and other payables 6,339 6,260
----- --------- ---------
Obligations under finance leases 40 -
----- --------- ---------
Borrowings 732 747
----- --------- ---------
7,111 7,007
----- --------- ---------
Net current assets 9,533 7,127
----- --------- ---------
Non-current liabilities
----- --------- ---------
Deferred tax liability 25 34
----- --------- ---------
Obligations under finance leases 154 -
----- --------- ---------
179 34
----- --------- ---------
Total liabilities 7,290 7,041
----- --------- ---------
Net assets 12,466 9,605
----- --------- ---------
Equity
----- --------- ---------
Share capital 4 625 607
----- --------- ---------
Share premium account 1,329 1,262
----- --------- ---------
Other reserves 25 25
----- --------- ---------
Retained earnings 10,487 7,711
----- --------- ---------
Total equity attributable to the equity
shareholders of the parent company 12,466 9,605
----------------------------------------- ----- --------- ---------
Consolidated statement of changes in equity
Share Share Other Translation Cash flow Retained Total
capital premium reserves reserve hedge earnings equity
account reserve
GBP000 GBP000 GBP000 GBP000 GBP000 GBP000 GBP000
--------- --------- ---------- ------------ ---------- ---------- --------
At 1 April
2017 606 1,259 25 (9) (37) 6,623 8,467
--------- --------- ---------- ------------ ---------- ---------- --------
Exchange differences
on translation
of foreign
operations - - - 9 - - 9
--------- --------- ---------- ------------ ---------- ---------- --------
Exercise of
options 1 3 - - - - 4
--------- --------- ---------- ------------ ---------- ---------- --------
Share-based
payment charge - - - - - 69 69
--------- --------- ---------- ------------ ---------- ---------- --------
Exercise of
derivatives - - - - 37 - 37
--------- --------- ---------- ------------ ---------- ---------- --------
Deferred tax
through Equity - - - - - 17 17
--------- --------- ---------- ------------ ---------- ---------- --------
Dividends - - - - - (230) (230)
--------- --------- ---------- ------------ ---------- ---------- --------
Profit for
the year - - - - - 1,232 1,232
---------------------- --------- --------- ---------- ------------ ---------- ---------- --------
At 31 March
2018 607 1,262 25 - - 7,711 9,605
---------------------- --------- --------- ---------- ------------ ---------- ---------- --------
Exercise of
options 18 67 - - - - 85
--------- --------- ---------- ------------ ---------- ---------- --------
Share-based
payment charge - - - - - 69 69
--------- --------- ---------- ------------ ---------- ---------- --------
Deferred tax
through Equity - - - - - 49 49
--------- --------- ---------- ------------ ---------- ---------- --------
Dividends - - - - - (233) (233)
--------- --------- ---------- ------------ ---------- ---------- --------
Profit for
the year - - - - - 2,891 2,891
---------------------- --------- --------- ---------- ------------ ---------- ---------- --------
At 31 March
2019 625 1,329 25 - - 10,487 12,466
---------------------- --------- --------- ---------- ------------ ---------- ---------- --------
Consolidated cash flow statement
Year ended Year ended
31 March 31 March
2019 2018
Note GBP000 GBP000
----- ----------- -----------
Net cash generated from/(used in) operating
activities 5 958 (413)
----- ----------- -----------
Investing activities
----- ----------- -----------
Purchase of property, plant and equipment (1,026) (633)
----- ----------- -----------
Purchase of intangible assets (583) (549)
----- ----------- -----------
Net cash used in investing activities (1,609) (1,182)
----- ----------- -----------
Financing activities
----- ----------- -----------
Proceeds from finance leases obligations 198 -
----- ----------- -----------
Repayment of finance lease obligations (5) -
----- ----------- -----------
Proceeds on issue of shares 85 4
----- ----------- -----------
Increase in invoice financing facilities 398 -
----- ----------- -----------
(Decrease)/increase of borrowings (413) 679
----- ----------- -----------
Repayment of bank loans - (534)
----- ----------- -----------
Dividends paid to owners of the parent (233) (230)
----- ----------- -----------
Net cash generated from/(used in) financing
activities 30 (81)
----- ----------- -----------
Net decrease in cash and cash equivalents (621) (1,676)
----- ----------- -----------
Cash and cash equivalents at start of year 968 2,631
----- ----------- -----------
Effect of foreign exchange rate changes 2 13
----- ----------- -----------
Cash and cash equivalents at end of year 349 968
--------------------------------------------- ----- ----------- -----------
Notes to preliminary announcement
1. Significant accounting policies
Basis of accounting
The financial statements have been prepared in accordance with IFRS adopted by the European Union and the Group financial statements comply with Article 4 of the EU IAS regulations.
The financial statements have also been prepared on the historical cost basis. Historical cost is generally based on the fair value of the consideration given in exchange for goods and services.
Adoption of new and revised accounting standards
The new standards impacting on the Group have been adopted in its financial statements for the year ended 31 March 2019 and have changed the Group's accounting policies are:
- IFRS 9, Financial Instruments (IFRS 9) and - IFRS 15, Revenue from Contracts with Customers (IFRS 15)
Effect of changes in accounting policies
IFRS 15 provides a single comprehensive standard in accounting for revenue arising from contracts with customers. IFRS 15 supersedes all previous revenue guidance. The Group has adopted IFRS 15 for the year ended 31 March 2019 and has applied the modified retrospective approach without restating the comparatives.
Under IFRS 15 early settlement discounts, royalties due to third parties and promotional support due to customers are estimated and recognised as a reduction to revenue when performance obligations are satisfied. For the impact in the year to 31 March 2019 see note 5 of the full report.
The Group has applied IFRS 9 from 1 April 2018 and has applied the retrospective approach without restating the comparatives.
IFRS 9 introduced a new classification and measurement model of financial assets reducing the number of categories of financial assets from previous standards. There are now three categories of financial assets recognised from being measured at
- fair value through the statement of income; - fair value through the statement of comprehensive income or at - amortised cost.
The Group's financial assets measured at amortised cost comprise trade and other receivables, and cash and cash equivalents in the consolidated statement of financial position. Hence there is no reclassification or accounting changes required.
Under IFRS 9 the major change is on impairments which are recognised on an expected loss basis rather than incurred loss. The Group will always account for expected credit losses and changes in those expected losses reviewed at each year end. The Group measures expected credit losses on a collective basis, trade receivables are grouped based on ageing. The expected losses are based on the Group's historical credit losses over the past ten years, and consideration of future economic factors. The new impairment model has no material impact on the Group results.
All other principal accounting policies which apply in preparing the financial statements for the year ended 31 March 2019 are consistent with those disclosed in the Group's audited accounts for the year ended 31 March 2018.
2 Financial instruments and treasury risk management
Exposures to credit, interest and currency risks arise in the normal course of the Group's business. Risk management policies and hedging activities are outlined below.
Credit risk
Trading exposures are monitored by the operational companies against agreed policy levels. Credit insurance with a world leading insurer is employed where it is considered to be cost effective. Non-trading financial exposures are incurred only with the Group's bankers or other institutions with prior approval of the Board of directors.
The majority of trade receivables are with retail customers. The maximum exposure to credit risk is represented by the carrying amount of those financial assets in the balance sheet.
Impairment provisions on trade receivables have been disclosed in note 19 of the full report.
Interest rate risk
The Group finances its operations through a mixture of debt associated with working capital facilities and equity. The Group is exposed to changes in interest rates on its floating rate working capital facilities. The variability and scale of these facilities is such that the Group does not consider it cost effective to hedge against this risk.
Interest rate sensitivity
The interest rate sensitivity is based upon the Group's borrowings over the year assuming a 1% increase or decrease which is used when reporting interest rate risk internally to key management personnel.
A 1% increase in bank base rates would reduce Group pre-tax profits by GBP7,000 (2018: GBP7,000). A 1% decrease would have the opposite effect. The Group's sensitivity to interest rates has not changed during the current year.
Foreign currency risks
The Group is exposed to foreign currency transaction and translation risks.
Transaction risk arises on income and expenditure in currencies other than the functional currency of each group
company. The magnitude of this risk is relatively low as the majority of the Group's income and expenditure are denominated in the functional currency. Approximately 2% (2018: 3%) of the Group's income is denominated in US dollars and 2% (2018: 2%) in Euros. Approximately 1% (2018: 1%) of the Group's expenditure is denominated in US dollars and 7% (2018: 8%) in Euros.
Foreign currency sensitivity
A 5% strengthening of sterling would result in a GBP46,000 (2018: GBP48,000) reduction in profits and equity. A 5% weakening in sterling would result in a GBP50,000 (2018: GBP53,000) increase in profits and equity.
When appropriate the Group utilises currency derivatives to hedge against significant future transactions and cash flows. The Group had entered into forward exchange contracts during the year ended 31 March 2018 for hedging the exchange rate risk from commitments to purchase raw materials denominated in Euros and then sold in US dollars, which were designated as cash flow hedges. The instruments purchased were in the currency used by the Group's principal overseas suppliers and were all settled in the year. There were no outstanding contracts as at 31 March 2018 or 31 March 2019.
The Group designates its foreign currency forward exchange contracts as hedging instruments as they qualify for hedge accounting under IAS39. The Group is party to foreign currency forward contracts in the management of its exchange risk exposure; they are not held for speculative purposes. The instruments purchased are in the currencies used by the Group's overseas customers and suppliers.
Cash flow and liquidity risk
The Group manages its working capital requirements through overdrafts and invoice finance facilities. These facilities are due to be renewed in March 2020. The maturity profile of the committed bank facilities is reviewed regularly and such facilities are extended or replaced well in advance of their expiry. The Group has complied with all of the terms of these facilities. At 31 March 2019 the Group had available GBP4,744,000 (2018: GBP3,873,000) of undrawn committed borrowing facilities in respect of which all conditions precedent had been met.
Financial assets
Financial assets are included in the Statement of financial position within the following headings. These are valued at amortised cost and are detailed below.
Group Company
2019 2018 2019 2018
------- ------- ------- -------
GBP000 GBP000 GBP000 GBP000
------- ------- ------- -------
Trade and other receivables 7,862 7,248 2,614 2,529
------- ------- ------- -------
Cash and cash equivalents 349 968 - -
------- ------- ------- -------
8,211 8,216 2,614 2,529
----------------------------- ------- ------- ------- -------
Financial liabilities
Financial liabilities are included in the Statement of financial position within the following headings. These are valued at amortised cost and are detailed below.
Year ended 31 March 2019
Group
Less than Between Between Total
6 months 6 months 1 and
and 1 5 years
year
---------- ---------- --------- -------
GBP000 GBP000 GBP000 GBP000
---------- ---------- --------- -------
Trade and other payables 4,459 - - 4,459
---------- ---------- --------- -------
Accruals 1,031 - - 1,031
---------- ---------- --------- -------
Obligations under finance
leases 23 23 166 212
---------- ---------- --------- -------
Borrowings 732 - - 732
---------- ---------- --------- -------
6,245 23 166 6,434
--------------------------- ---------- ---------- --------- -------
Year ended 31 March 2018
Group
Less than Between Between Total
6 months 6 months 1 and
and 1 5 years
year
---------- ---------- --------- -------
GBP000 GBP000 GBP000 GBP000
---------- ---------- --------- -------
Trade and other payables 4,561 - - 4,561
---------- ---------- --------- -------
Accruals 699 - - 699
---------- ---------- --------- -------
Obligations under finance - - - -
leases
---------- ---------- --------- -------
Borrowings 747 - - 747
---------- ---------- --------- -------
6,007 - - 6,007
--------------------------- ---------- ---------- --------- -------
3 Earnings per share
The calculation of the basic and diluted earnings per share is based on the following data:
Year ended Year ended
31 March 31 March
2019 2018
----------- -----------
GBP000 GBP000
----------- -----------
Earnings
----------- -----------
Net profit attributable to the equity
holders of the parent company 2,891 1,232
----------- -----------
Year ended Year ended
31 March 31 March
2019 2018
----------- -----------
Number Number
----------- -----------
Number of shares
----------- -----------
Weighted average number of ordinary shares
for the purposes of basic earnings per
share 61,587,535 60,596,963
----------- -----------
Effect of dilutive potential ordinary
shares relating to share options 7,888,968 5,882,951
----------- -----------
Weighted average number of ordinary shares
for the purposes of diluted earnings
per share 69,476,503 66,479,914
----------- -----------
Earnings per share
Basic 4.69p 2.03p
Diluted 4.16p 1.85p
------ ------
4 Share capital
Ordinary shares of
1p each
GBP000 Number
-------- -----------
At 1 April 2017 606 60,552,243
-------- -----------
Issued in the year 1 85,909
-------- -----------
At 31 March 2018 607 60,638,152
--------------------- -------- -----------
Issued in the year 18 1,907,991
-------- -----------
At 31 March 2019 625 62,546,143
--------------------- -------- -----------
The Company has one class of ordinary shares which carry no right to fixed income. All of the shares are issued and fully paid. The total proceeds from the issue of shares from the exercise of share options in the year was GBP85,000 (2018: GBP4,000).
5 Notes to consolidated cash flow statement
Year ended Year ended
31 March 31 March
2019 2018
Group total Group total
------------ ------------
GBP000 GBP000
------------ ------------
Profit from operations 2,900 1,635
------------ ------------
Adjustments for:
------------ ------------
Depreciation on property, plant and equipment 489 412
------------ ------------
Amortisation of intangible assets 514 412
------------ ------------
Loss on disposal of property, plant and
equipment 6 26
------------ ------------
Share based payment charge 69 69
------------ ------------
3,978 2,554
----------------------------------------------- ------------ ------------
Increase in inventories (2,516) (1,475)
------------ ------------
Increase in trade and other receivables (442) (2,806)
------------ ------------
Increase in trade and other payables 297 1,710
------------ ------------
Cash generated from/(used in) operations 1,317 (17)
------------ ------------
Interest paid (31) (26)
------------ ------------
Taxation paid (328) (370)
------------ ------------
Net cash generated from/(used in) operating
activities 958 (413)
------------------------------------------------ ------------ ------------
Cash and cash equivalents (which are presented as a single asset on the face of the balance sheet) comprise cash at bank and in hand.
6 Status of information
In accordance with section 435 of the Companies Act 2006, the directors advise that the financial information set out in this announcement does not constitute the Group's statutory financial statements for the year ended 31 March 2019 or 2018, but is derived from these financial statements. The financial statements for the year ended 31 March 2018 have been delivered to the Registrar of Companies. The financial statements for the year ended 31 March 2019 have been prepared in accordance with International Financial Reporting Standards as adopted by the European Union. The financial statements for the year ended 31 March 2019 will be forwarded to the Registrar of Companies following the Company's Annual General Meeting. The Auditors have reported on these financial statements; their reports were unqualified and did not contain statements under Section 498(2) or (3) of the Companies Act 2006.
The consolidated statement of financial position at 31 March 2019 and the consolidated statement of comprehensive income, consolidated statement of changes in equity and consolidated statement of cash flows for the year then ended have been extracted from the Group's financial statements. Those financial statements have not yet been delivered to the Registrar.
The strategic report with supplementary material is expected to be posted to Shareholders shortly. The annual report and accounts will also be available on the Company's website at: www.creightonsplc.com and in hard copy to shareholders upon request from the Company's registered office at 1210 Lincoln Road, Peterborough, PE4 6ND.
The annual report and accounts for the period ended 31 March 2019 will be uploaded to the National Storage Mechanism and will be available for viewing shortly at http://www.morningstar.co.uk/uk/NSM
The Directors will notify shareholders when the accounts are posted and have been uploaded to the website and to the NSM.
The Company's AGM will take place at the offices of Potter & Moore Innovations Ltd, 1210 Lincoln Road, Peterborough, PE4 6ND on 14 August 2019 at 12:00 noon.
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
FR DELFLKQFZBBQ
(END) Dow Jones Newswires
June 26, 2019 02:00 ET (06:00 GMT)
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