We could not find any results for:
Make sure your spelling is correct or try broadening your search.
Register for Free to get streaming real-time quotes, interactive charts, live options flow, and more.
| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Elec.Data Proc. | LSE:EDP | London | Ordinary Share | GB0003101523 | ORD 5P |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 90.50 | 86.00 | 95.00 | 0.00 | 01:00:00 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| 0 | 0 | N/A | 0 |
From Apr 2019 to Apr 2024
TIDMEDP
RNS Number : 8032I
Electronic Data Processing PLC
22 June 2017
22 June 2017
Electronic Data Processing PLC (EDP)
Half-year results - 6 months to 31 March 2017
EDP is an IT solution provider to the UK wholesale distribution industry and a supplier of Sales Intelligence software solutions more widely.
Financial Highlights
Hot Features
Premium
-- Turnover GBP2.54 million (2016: GBP2.51 million)
-- Adjusted operating profit increased by 8.3%
to GBP260,000 (2016: GBP240,000), resulting
in an operating margin of 10.2% (2016: 9.6%)
-- Hosting revenues represent 61% of total revenues
(2016: 58%)
-- Contracted recurring revenues represent 80%
of total revenues (2016: 81%)
-- R&D expenditure amounted to GBP461,000 in first
half (2016: GBP500,000)
-- Sale of last remaining surplus freehold property
in Milton Keynes completed in December 2016
for GBP1.2 million
-- Strong, debt-free balance sheet with total cash
balances of GBP6.7 million
-- Interim dividend of 2p per share, the same as
last year, returns GBP254,000 to shareholders
-- Strategic review is continuing and EDP remains
in discussions with a single party. The Company
will update shareholders further when it is
in a position to do so.
Sir Michael Heller, Chairman of EDP, said:
"Whilst trading conditions remain competitive, the second half has started well and we remain confident about the outlook for the remainder of the year."
-Ends-
For further information please contact:
Julian Wassell James Storey Toby Mountford
Chief Executive Finance Director Citigate Dewe
Rogerson
0114 262 2010 0114 2622010 020 7638 9571
07710 356611
www.edp.co.uk
Chairman's Statement
Turnover for the six months ended 31 March 2017 at GBP2.54 million was 1.3% up on the same period last year (2016: GBP2.51 million).
Adjusted operating profit increased by 8.3% to GBP260,000 (2016: GBP240,000). This represents an operating margin of 10.2% compared with 9.6% in the prior period. The improvement in operating profit reflects the increase in top line sales and tight control of our costs.
Adjusted operating profit excludes one-off costs and non-cash IFRS adjustments and is the measure the Directors use to monitor the performance of the business on a day to day basis.
Statutory pre-tax profit for the six months was GBP180,000 compared with GBP116,000 in the prior year. A reconciliation of adjusted operating profit to statutory pre-tax profit is shown in note 5.
At the full year we reported that we had seen some delays in purchasing decisions by customers around the year end. Whilst trading conditions remain competitive, we have seen an upturn in sales activity levels since the turn of the year and at the date of this statement our overall sales remain ahead of the same period last year.
In line with our long-term strategy, we continue to transition our core business away from our older ERP software products, which we continue to support, to our latest product Quantum VS. New business sales activity remains a priority for us and we have continued to sign new customers for both our ERP solution Quantum VS and our CRM/BI product Vecta.
Product R&D during the period, which is primarily focussed on Quantum VS and Vecta, was GBP461,000 (2016: GBP500,000).
We have continued to pursue our strategy of growing the number of customers who receive their software through our hosting service, strengthening our relationships with them, and in turn growing this recurring revenue stream. During the first half hosting revenues represented 61% (2016: 58%) of total sales.
Overall contracted recurring revenues, arising from annual software licences and hosting fees, remained strong at 80% of total revenues (2016: 81%) providing us with good visibility.
The tax charge for the period at GBP34,000 represents an effective tax rate of 19% which compares with 36% in the corresponding period last year. Last year's charge of GBP42,000 included the effect of a one-off deferred tax charge of GBP18,000 following a change in the corporation tax rate.
As reported at the full year stage we sold our last remaining surplus property in December 2016 for GBP1.2 million. As the property's carrying value had been adjusted previously to reflect the agreed sale price this resulted in neither a profit nor a loss in the period under review. The sale generates cost savings of GBP20,000 per annum. Overall the property disposal strategy which we commenced some years ago has generated more than GBP7 million of cash and has supported distributions to shareholders of GBP11 million over that time.
Group net assets were GBP3.7 million at 31 March 2017 compared with GBP3.2 million at the end of the previous financial year. The principal reason for the increase was an improvement in the position on the Group's defined benefit pension scheme under IAS 19. During the period, the liability for the scheme as valued under IAS 19 reduced by GBP637,000 to GBP2.59m after deferred tax. The movement included a total actuarial gain of GBP672,000 after deferred tax, the most significant factor being an increase in the discount rate assumption from 2.2% to 2.6% over the reporting period.
The last full actuarial valuation of the scheme was carried out at 31 July 2013 and showed a small surplus of GBP62,000. As previously reported, the updated triennial valuation as at 31 July 2016 is underway and is due to be finalised by October 2017. The latest draft valuation report shows a deficit of GBP490,000. This deficit, as currently identified, suggests a ten-year scheme funding cash contribution of GBP75,000 per annum. These amounts are provisional and subject to further review and analysis. Once the valuation is finalised shareholders will be updated accordingly.
The assets of the scheme are held in a with-profit Grouped Funding policy. The main difference between the IAS19 valuation and the ongoing funding valuation is that IAS19 requires the Grouped Funding policy to be valued at its discontinuance surrender value at the period end. Conversely, the ongoing scheme funding valuation values the Grouped Funding policy actuarially and takes into account the guaranteed annuity rates secured under the policy. The scheme is closed to further service accrual.
Cash and cash equivalents at the balance sheet date were GBP6.7 million, up from GBP5.4 million following the sale of the property referred to above.
We have previously announced that we are carrying out a strategic review of the business and we provided an update on the process to shareholders ahead of the Annual General Meeting in March. The strategic review is continuing and the current situation is that we remain in discussions with a single party. The Company will update shareholders further when it is in a position to do so.
Your Directors have resolved to pay an interim dividend of 2p per share, the same as last year. However, I would reiterate the comment made in March that should the strategic review process not result in an offer being made for the Company, then, subject to any constraints on distributable reserves and rules of the Takeover Code, the Board intends to consider returning an amount of cash to shareholders. The interim dividend will be paid on 1 August 2017 to those shareholders on the register on 30 June 2017. The shares will be ex-dividend on 29 June 2017.
As ever I would like to thank our staff for their hard work and commitment.
Whilst trading conditions remain competitive, the second half has started well and we remain confident about the outlook for the remainder of the year.
Sir Michael 21 June 2017 Heller Chairman
Principal Risks and Uncertainties
We operate in a changing economic and technological environment that presents risks, many of which are driven by factors that we cannot control or predict. The key risks and uncertainties facing EDP and the measures taken to mitigate these risks are as follows:
Systems and networks
Risk
EDP's business operations rely significantly on the efficient and uninterrupted operation of its information technology systems and networks.
Our computer network may be vulnerable to unauthorised access, viruses and other disruptive problems.
Potential impact
Any damage or interruption to EDP's networks, however caused, could have a material adverse effect on the delivery of our products and services.
A party that is able to override security measures could misappropriate proprietary information or cause disruption to our operations.
Mitigation
We continually review and test the security of internal systems and networks and have developed recovery plans in the event of systems disruption. We use a third party to internally and externally scan our network to identify any potential vulnerability.
Where reliance is placed upon externally provided systems and networks we undertake regular performance ability reviews and ensure that contracts provide for an appropriate level of service maintenance.
Product technology advances
Risk
The markets in which EDP operates are characterised by evolving technology, market practices and industry standards.
Potential impact
Competitors could develop superior products or more cost-effective techniques which could render our products uncompetitive or less acceptable to the market. This could result in the loss of new revenue opportunities, the non-renewal of contracts by existing customers or the failure of users of our legacy applications to migrate to Quantum VS.
Mitigation
We have an ongoing commitment to research and development which allows us to identify and adapt to any technological and market changes that do occur thereby ensuring that our products continue to meet the demands of our customers.
External economic factors
Risk
As with most other businesses in the UK, our operations can be adversely affected by a significant downturn in the economy.
Potential impact
Restricted availability of finance for businesses and a stagnant or recessionary economy could have an adverse effect on the prospects for EDP, as potential customers, particularly in the builders and timber merchants sectors may scale back their IT plans in response to funding difficulties and/or reduced prospects for their businesses.
Mitigation
We seek to ensure that a significant proportion of our revenues are derived from long-term contracts with our customers, that our products appeal to businesses operating in a range of business sectors and that payments for our recurring fees are received annually in advance.
Competitor activity
Risk
EDP operates in a competitive environment.
Potential impact
New entrants to our marketplace and actions taken by existing competitors could have an impact on our levels of business activity and product pricing in the market generally.
Mitigation
We endeavour to provide excellent customer support together with high quality products at a competitive price in order to develop and protect strong customer relationships.
Key employees
Risk
In common with all people-based businesses, our success will, to a significant extent, be dependent on the experience of the Board and senior management. The retention of the services of EDP's key employees cannot be guaranteed.
Potential impact
The loss of key employees could have a material adverse effect on EDP.
The failure to retain and develop key technical skills and product knowledge could hinder EDP's future prospects.
Mitigation
We are continually focused on the need to recruit, retain, reward and motivate staff with the appropriate skills.
Responsibility Statement of the Directors in Respect of the Half-Yearly Financial Report
We confirm that, to the best of our knowledge:
-- the condensed set of financial statements has been prepared in accordance with IAS 34 'Interim Financial Reporting' as adopted by the European Union;
-- the half-yearly management report includes a fair review of the information required by:
(a) DTR 4.2.7R of the Disclosure and Transparency Rules, being an indication of important events that have occurred during the first six months of the financial year and their impact on the condensed set of financial statements; and a description of the principal risks and uncertainties for the remaining six months of the year; and
(b) DTR 4.2.8R of the Disclosure and Transparency Rules, being related party transactions that have taken place in the first six months of the current financial year and that have materially affected the financial position or performance of the enterprise during that period; and any changes in the related party transactions described in the last annual report that could have a material effect on the financial position or performance of the enterprise in the first six months of the current financial year.
By order of the Board
J M Storey
Secretary
21 June 2017
The Directors at the date of this half-yearly financial report are:
Sir Michael Chairman (Non-Executive)
Heller
J.H. Wassell Chief Executive
A.R. Heller Non-Executive Director
C.R. Spicer Network Services
Director
J.M. Storey Finance Director
Condensed Consolidated Income Statement
For the six months ended 31 March 2017
Unaudited Unaudited Audited
six months six months full year
to to to
31 March 31 March 30 September
2017 2016 2016
GBP'000 GBP'000 GBP'000
Revenue 2,538 2,505 4,958
============ ============ =============
Gross profit 2,388 2,367 4,675
Administrative expenses (2,226) (2,179) (4,368)
One-off property costs - (98) (104)
-------------------------- ------------ ------------ -------------
Total administrative
expenses (2,226) (2,277) (4,472)
------------ ------------ -------------
Operating profit 162 90 203
Write-down of property
value - - (10)
Finance income 18 26 51
------------ ------------ -------------
Profit before tax 180 116 244
Income tax expense (34) (42) (86)
------------ ------------ -------------
Profit for the period
attributable
to equity holders of
the parent 146 74 158
============ ============ =============
Earnings per share
- Basic 1.16p 0.59p 1.25p
============ ============ =============
- Diluted 1.14p 0.58p 1.24p
============ ============ =============
Condensed Consolidated Statement of Comprehensive Income
For the six months ended 31 March 2017
Unaudited Audited
Unaudited six full
six months months year
to to to
31 March 31 March 30 September
2017 2016 2016
GBP'000 GBP'000 GBP'000
Profit for the period 146 74 158
Other comprehensive income:
Items that will not be reclassified
to profit or loss:
Remeasurement gains/(losses)
on defined benefit pension
scheme 809 (169) (1,534)
Income tax on other comprehensive
income (137) 15 238
------------ ---------- -------------
Other comprehensive income
for the period, net of tax 672 (154) (1,296)
------------ ---------- -------------
Total comprehensive income
for the period attributable
to equity holders of the
parent 818 (80) (1,138)
Condensed Consolidated Balance Sheet
at 31 March 2017
Unaudited Unaudited Audited
at at at
31 March 31 March 30 September
2017 2016 2016
GBP'000 GBP'000 GBP'000
Non-current assets
Property, plant and equipment 1,277 2,545 1,343
Deferred tax asset 530 446 660
Intangible assets 428 428 464
---------- ---------- -------------
2,235 3,419 2,467
---------- ---------- -------------
Current assets
Inventories 93 81 79
Trade and other receivables 1,444 1,611 1,237
Investments - 3,500 3,500
Cash and cash equivalents 6,682 1,857 1,902
Assets held for sale - - 1,167
8,219 7,049 7,885
---------- ---------- -------------
Total assets 10,454 10,468 10,352
Current liabilities
Deferred income (1,963) (1,890) (2,055)
Income tax payable (130) (115) (87)
Trade and other payables (1,436) (1,313) (1,009)
---------- ---------- -------------
(3,529) (3,318) (3,151)
---------- ---------- -------------
Non-current liabilities
Deferred income (57) (71) (42)
Employee benefits (3,116) (2,475) (3,883)
Deferred tax liability (86) (102) (82)
---------- ---------- -------------
(3,259) (2,648) (4,007)
---------- ---------- -------------
Total liabilities (6,788) (5,966) (7,158)
Net assets 3,666 4,502 3,194
========== ========== =============
Equity
Share capital 689 689 689
Share premium 119 119 119
Capital redemption reserve 625 625 625
Treasury shares (542) (587) (587)
Retained earnings 2,775 3,656 2,348
---------- ---------- -------------
Total equity attributable
to equity holders of the
parent 3,666 4,502 3,194
========== ========== =============
Condensed Consolidated Cash Flow Statement
for the six months ended 31 March 2017
Unaudited Unaudited Audited
six months six months full year
to to to
31 March 31 March 30 September
2017 2016 2016
GBP'000 GBP'000 GBP'000
Cash flows from operating
activities
Profit for the period 146 74 158
Adjustments for:
Depreciation 110 114 211
Amortisation 75 58 129
Net profit on disposal
of property, plant and
equipment (5) (15) (11)
Write-down of property
value - - 10
Transfer of inventory to
property, plant and equipment (10) (6) (5)
Defined benefit pension
charge net of employer
contributions 42 41 84
Finance income (18) (26) (51)
Income tax expense 34 42 86
Change in inventories (14) (17) (15)
Change in receivables (243) (173) 223
Change in payables 46 (65) 9
Change in deferred income (77) (104) 32
------------ ------------ -------------
Cash received from/(used
in) operations 86 (77) 860
Interest received 54 33 36
Income taxes received/(paid) - 2 (78)
------------ ------------ -------------
Net cash received from/(used
in) operating activities 140 (42) 818
Cash flows from investing
activities
Cash transferred from/(to)
fixed-term deposit investments 3,500 (500) (500)
Purchase of property, plant
and equipment (39) (121) (198)
Purchase of intangible
assets (2) (19) (35)
Capitalised development
expenditure (37) (36) (127)
Net proceeds from sale
of property, plant and
equipment 1,177 28 28
------------ ------------ -------------
Net cash generated by/(used
in) investing activities 4,599 (648) (832)
Cash flows from financing
activities
Issue of shares out of
treasury 41 - -
Dividends paid - - (631)
------------ ------------ -------------
Net cash generated by/(used
in) financing activities 41 - (631)
Net incease/(decrease)
in cash and cash equivalents 4,780 (690) (645)
Cash and cash equivalents
at beginning of period 1,902 2,547 2,547
Cash and cash equivalents
at end of period 6,682 1,857 1,902
============ ============ =============
In the period ended 31 March 2017, cash transferred
from/(to) fixed term deposit investments has been
reclassified in the cash flow statement as an investing
cash flow from financing cash flows. The comparatives
have also been reclassified.
Condensed Consolidated Statement of Changes in Equity
for the six months ended 31 March 2017
Capital
Share Share redemption Treasury Retained
capital premium reserve shares earnings Total
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
At 1 October 2016 (audited) 689 119 625 (587) 2,348 3,194
-------- -------- ----------- --------- --------- --------
Profit for the period - - - - 146 146
Other comprehensive income:
- remeasurement gain on defined
benefit pension scheme
net of tax - - - - 672 672
Total comprehensive income - - - - 818 818
Transactions with owners:
- issue of shares out of treasury - - - 45 (4) 41
- share-based payment transactions - - - - (6) (6)
- dividends approved - - - - (381) (381)
-------- -------- ----------- --------- --------- --------
Total transactions with owners - - - 45 (391) (346)
At 31 March 2017 (unaudited) 689 119 625 (542) 2,775 3,666
======== ======== =========== ========= ========= ========
Capital
Share Share redemption Treasury Retained
capital premium reserve shares earnings Total
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
At 1 October 2015 (audited) 689 119 625 (587) 4,115 4,961
-------- -------- ----------- --------- --------- --------
Profit for the period - - - - 74 74
Other comprehensive income:
- remeasurement loss on defined
benefit pension scheme
net of tax - - - - (154) (154)
Total comprehensive income - - - - (80) (80)
Transactions with owners:
- share-based payment transactions - - - - (1) (1)
- dividends approved - - - - (378) (378)
-------- -------- ----------- --------- --------- --------
Total transactions with owners - - - - (379) (379)
At 31 March 2016 (unaudited) 689 119 625 (587) 3,656 4,502
======== ======== =========== ========= ========= ========
Notes
1 Interim financial information
Electronic Data Processing PLC is a public limited
company listed on the London Stock Exchange and
incorporated and domiciled in England.
The condensed consolidated interim financial
information was approved for issue on 21 June
2017.
The condensed financial information is not the
Company's statutory accounts. The interim financial
information
for the six-month periods ended 31 March 2016
and 31 March 2017 has not been audited. The comparative
figures for the financial year ended 30 September
2016 are not the Company's statutory accounts
for that financial
year. Those accounts have been reported on by
the Company's auditor and delivered to the registrar
of companies.
The report of the auditor was (i) unqualified,
(ii) did not include a reference to any matters
to which the auditor drew attention by way of
emphasis without qualifying its report, and (iii)
did not contain a statement under Section 498
(2) or (3) of the Companies Act 2006.
2 Basis of preparation
The unaudited condensed consolidated interim
financial information for the six months ended
31 March 2017 has been prepared in accordance
with the Disclosure and Transparency Rules of
the Financial Conduct Authority and with IAS
34, 'Interim Financial Reporting' as adopted
by the EU. The half-yearly condensed consolidated
financial report should be read in conjunction
with the annual financial statements for the
year ended 30 September 2016, which have been
prepared in accordance with IFRSs as adopted
by the EU.
3 Accounting policies
The accounting policies adopted are consistent
with those of the annual financial statements
for the year ended 30 September 2016, as described
in those financial statements.
The following new standards and amendments to
existing standards became effective during the
period to 31 March 2017 but had no material impact
on this consolidated financial information:
- IFRS 10 (amended) 'Consolidated Financial Statements';
- IFRS 11 (amended) 'Joint Arrangements';
- IFRS 12 (amended) 'Disclosure of Interests
in Other Entities';
- IFRS 14 'Regulatory Deferral Accounts';
- IAS 1 (amended) 'Presentation of Financial
Statements';
* IAS 16 (amended) 'Property, Plant and Equipment';
- IAS 27 (amended) 'Separate Financial Statements';
* IAS 28 (amended) 'Investments in Associates and Joint
Ventures';
- IAS 38 (amended) 'Intangible Assets';
- IAS 41 (amended) 'Agriculture'; and
- amendments resulting from September 2014 Annual
Improvements to IFRSs.
The following new standards, amendments to existing
standards and interpretations are not yet effective
and have not been early adopted by the Group:
- IFRS 2 (amended) 'Share-based Payment';
- IFRS 4 (amended) 'Insurance Contracts';
- IFRS 9 'Financial Instruments';
- IFRS 15 'Revenue from Contracts with Customers';
- IFRS 16 'Leases';
- IAS 7 (amended) 'Statement of Cash Flows';
- IAS 12 (amended) 'Income Taxes';
- IAS 40 (amended) 'Investment Property';
- amendments resulting from Annual Improvements
2014-2016 Cycle; and
- IFRIC 22 'Foreign Currency Transactions and
Advance Consideration'.
4 Significant judgements, assumptions and risks
In preparing these interim results the main areas
of significant judgements and estimates made
by management in applying the Group's accounting
policies are the same as those that applied to
the accounts for the year ended 30 September
2016, namely:
- employee benefits;
- software intellectual property rights;
- freehold property valuation and classification;
- development costs; and
- revenue recognition.
These estimates and associated assumptions are
based on historical experience and other reasonable
factors which form the basis of determining the
reported values of assets and liabilities.
During the period the Directors updated the assumptions
underlying the valuation of the defined benefit
pension scheme under IAS 19.
As a result of the increase in corporate bond
yields during the period, the discount rate used
to calculate the present value of the scheme's
liabilities was increased from 2.2% at 30 September
2016 to 2.6% at 31 March 2017. This was a significant
item in the calculation of an actuarial gain
of GBP672,000, net of tax, during the current
period that has been recognised in Other Comprehensive
Income.
In the six months to 31 March 2017 there have
been no other changes to the estimates applied
to the areas identified above that have materially
affected the half-yearly financial information.
5 Segment information
The Group has identified its reportable segment
based on the financial reports that internally
are provided to the Group's Chief Operating Decision
Maker ('CODM'). In line with its management structure,
the Executive Directors collectively make the
key operating decisions and review internal monthly
management accounts and budgets as part of this
process. Accordingly, the Executive Directors
collectively are considered to be the CODM. The
information reported regularly to the CODM presents
the Group as a single segment supplying software
and related services to customers operating in
similar markets. The Group's software products
share a common sales, development and implementation
resource. Consequently the Group has determined
that there is one operating segment and therefore
one reportable segment, Software.
Segment performance is measured based on segment
profit before tax excluding IAS 19 defined benefit
pension scheme adjustments and profits or losses
on property disposals or revaluations.
Unaudited
Unaudited six six months
months to 31 to 31 March
March 2017 2016
Software Software
GBP'000 GBP'000
Revenue - external customers 2,538 2,505
============== =============
Profit
Adjusted operating profit 260 240
Exceptional property costs
- roof repair - (98)
Exceptional legal and professional
costs (39) -
Segment non-cash IFRS (charges)/credits:
* Capitalised development expenditure 37 36
* Amortisation of capitalised development expenditure (55) (42)
* Change in provision for holiday pay 1 (5)
Interest revenue 18 26
-------------- -------------
Segment profit before tax 222 157
Defined benefit pension
scheme charge net of employer
contributions (42) (41)
-------------- -------------
Consolidated profit before
tax 180 116
============== =============
Adjusted operating
6 profit
Unaudited Unaudited
six months six months
to to
31 March 2017 31 March 2016
GBP'000 GBP'000
Operating profit 162 90
Exceptional legal
and professional
costs 39 -
Exceptional property
costs - roof repair - 98
Adjustments for non-cash
items:
* Amortisation of capitalised development expenditure
under IFRS 55 42
* Capitalisation of current year development
expenditure under IFRS (37) (36)
* Defined benefit pension scheme charge under IFRS 42 41
* (Decrease)/increase in provision for holiday pay
under IFRS (1) 5
Adjusted operating
profit 260 240
============== ==============
The exceptional legal and professional costs
shown in 2017 relate to expenditure associated
with the Group's ongoing strategic review. In
the opinion of the Directors these costs should
be added back to statutory operating profit when
assessing the trading performance of the Group.
7 Taxation
The current period taxation charge is derived
from the Directors' best estimate of the annual
tax rate applied to the result for the period.
8 Earnings per share
Basic earnings per share is calculated by dividing
the profit after tax of GBP146,000 (2016: GBP74,000)
by 12,621,855 (2016: 12,610,976) being the weighted
average number of shares in issue during the period.
Basic earnings per share is 1.16p (2016: 0.59p).
For diluted earnings per share, the weighted average
number of shares in issue is adjusted to assume
conversion of all dilutive potential ordinary
shares. The Company has one class of dilutive
potential ordinary share, share options granted
to employees under its Enterprise Management Incentive
Share Option Plan. These shares have been included
in the diluted earnings per share calculation.
Diluted earnings per share is calculated by dividing
the profit after tax of GBP146,000 (2016: GBP74,000)
by 12,781,537 (2016: 12,723,284) being the weighted
average number of shares in issue adjusted for
the effects of all dilutive potential ordinary
shares. Diluted earnings per share is 1.14p (2016:
0.58p).
9 Dividends
The 2016 final dividend of 3.0p per share was
approved by shareholders during the period to
31 March 2017 and a liability of GBP381,000 has
been recognised in this half-yearly report.
The Directors announce an interim dividend of
2.0p per share (2016: 2.0p per share) payable
on 1 August 2017 to shareholders who are on the
register at 30 June 2017. This interim dividend,
amounting to GBP254,000, (2016: GBP252,000) has
not been recognised as a liability in this half-yearly
report.
This information is provided by RNS
The company news service from the London Stock Exchange
END
IR SESFMFFWSESM
(END) Dow Jones Newswires
June 22, 2017 02:00 ET (06:00 GMT)
1 Year Electronic Data Processing Chart |
1 Month Electronic Data Processing Chart |
It looks like you are not logged in. Click the button below to log in and keep track of your recent history.
Support: +44 (0) 203 8794 460 | support@advfn.com
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions
