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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Goodwin Plc | LSE:GDWN | London | Ordinary Share | GB0003781050 | ORD 10P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
-40.00 | -0.60% | 6,640.00 | 6,640.00 | 6,800.00 | 6,880.00 | 6,640.00 | 6,660.00 | 1,475 | 16:35:12 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
Engineering Services | 185.74M | 15.9M | 2.1178 | 32.01 | 509.15M |
TIDMGDWN
RNS Number : 6363Z
Goodwin PLC
18 December 2017
GOODWIN PLC
CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS
for the half year ended 31st October 2017
CHAIRMAN'S STATEMENT
I am pleased to report that the pre-tax profit for the Group for the first six month period ending 31st October 2017 was GBP6.10 million (2016 : GBP6.05 million), an increase of 1% from a revenue of GBP61.89 million.
The current workload as at 31st October 2017 stands at GBP84 million, unchanged from 12 months ago. The order input for the first six months of this financial year is the same as for the same period last financial year. Due to the persistent low activity in the oil, gas and mining industries which is now into its third year, the Group had no alternative than to further reduce the labour force by 50 since April 2017 and the total number of Group employees now stands at 1,070.
Due to the further improvement on the refractory engineering side of our business, we expect to see the Group profitability for the second half of the year starting to move forward again especially as compared to the Group figures for the six months to 30th April 2017.
The pre-tax profit for the first half of this financial year benefitted from a gain of GBP1.61 million that was realised when Gold Star Powders India sold its one acre of land and factory facility it purchased in 2003 for GBP110,000. Gold Star Powders has now moved to the same site as Goodwin Pumps India and currently rents its building from Goodwin Pumps India who purchased three acres of land in 2005 for GBP325,000.
Considerable effort and focus on cash flow improvement is being made and, whilst the cash flow position at the half year is largely unchanged as compared to 30th April 2017, we expect to see a significant improvement by 30th April 2018.
Although the oil price is now just over US Dollar 60 per barrel and the iron ore price is similarly just over US Dollar 60 per tonne, there is little reason to expect an upturn in the release of orders for new capacity in these capital equipment needy markets until 2020. We are, however, not relying on an immediate upturn in these industries and have been focusing on trying to win business in nuclear recycling and decommissioning and processing of mining industry waste materials where our potential customers are receiving closer scrutiny by environmental agencies.
An example of success here is the receipt in the first half of this financial year of a US Dollar 7.3 million order for large machined and fabricated stainless steel castings for the nuclear fuel decommissioning industry in the USA.
J. W. Goodwin Chairman 18th December 2017
Management report
Financial Highlights
Unaudited Unaudited Audited Half Year Half Year Year Ended to to 31st October 31st October 30th April 2017 2016 2017 GBP'm GBP'm GBP'm Consolidated Results Revenue 61.9 69.9 131.6 Operating profit 6.4 6.5 9.9 Profit before tax 6.1 6.0 9.2 Profit after tax 4.4 4.2 6.8 ---------------------- ------------- ------------- ------------ Capital Expenditure 4.0 3.2 7.6 ---------------------- ------------- ------------- ------------ Earnings per share (Basic and Diluted) 58.38p 54.53p 84.47p
Turnover
Sales revenue of GBP61,893,000 for the half year represents an 11.4% decrease from the GBP69,889,000 achieved during the same period last year.
Profit Before Tax
Profit before tax for the six months of GBP6,108,000 is up 1.0% from the GBP6,047,000 achieved for the same six month period last year.
Risks and Uncertainties
The Group, mainly through its centralised management structure, makes best endeavours to have in place internal control procedures to identify and manage the key risks and uncertainties affecting the Group. We would refer you to page 8 of the Group Annual Accounts to 30th April 2017 which describes the principal risks and uncertainties, and to note 20 (page 52) which describes in detail the key financial risks and uncertainties affecting the business such as credit risk and foreign exchange risk.
Judging the future relationship of the major currency pairs of the US Dollar, Sterling and the Euro continues to be a challenge.
Report on Expected Developments
This report describes the expected developments of the Group during the year ended 30th April 2018. The report may contain forward-looking statements and information based on current expectations, and assumptions and forecasts made by the Group. These expectations and assumptions are subject to various known and unknown risks, uncertainties and other factors, which could lead to substantial differences between the actual future results, financial performance and the estimates and historical results given in this report.
Many of these factors are outside the Group's control. The Group accepts no liability to publicly revise or update these forward-looking statements or adjust them to future events or developments, whether as a result of new information, future events or otherwise, except to the extent legally required.
2018/19 Outlook
Despite the continued shortage of work within our foundry, where we have been taking the opportunity of enhancing our facility and capacity in this quiet period of activity, we expect the Group overall to start showing improved profitability and cash flow by the financial year end 30th April 2018.
This improvement is a feature of a continued expansion of activity and profitability in the refractory engineering part of the Group especially in our eight companies that supply consumables to the jewellery casting industry which, in line with the world economy overall, is in a period of revival. The performance of these refractory companies has also been enhanced by the demise of our major world competitor based in the USA, who was the world leader 20 years ago. In September 2017 they finally closed their doors, which has resulted in a substantial surge in order input for our price-competitive, consistent products that we have developed a global reputation for supplying.
As mentioned in the year end accounts to 30th April 2017, excellent progress is being made in India where there is significant growth in the overall economy and our submersible pump company and jewellery investment powder company are expected to achieve record trading results for the year ending 30th April 2018. The results in our Indian submersible pump company are also benefitting from sales orders arriving from our newly formed pump company in South Africa, which we are pleased to report will make respectable profits and sales in its first full year of trading.
Going concern
The Group cash flow has deteriorated by a modest GBP333,000 since the start of the new financial year. As stated in previous half year reports it is not unusual for the Group to see a significant deteriorating cash flow picture in the first half of the financial year due to the impact of dividend payments, working capital movements and our capital expenditure programmes. The modest deterioration in our cash position to the current half year end bodes well for the full year end position and supports the comment already made on projected debt levels within the Chairman's Statement.
The Group's bank facilities are materially unchanged from those reported within the full year accounts. We would refer you in particular to Note 20.b) on page 53 of those accounts where you can see that our unutilised facilities are significant. Given the profitability of the Group, the modest gearing levels and the bank facilities available to it, the Directors have concluded that drawing up the accounts on a going concern basis is appropriate.
Responsibility statement of the Directors in respect of the half-yearly financial report
The Directors confirm to the best of their knowledge that 1) this condensed set of financial statements has been prepared in accordance with International Accounting Standard 34, 'Interim Financial Reporting', as adopted by the European Union and that 2) the Interim Management Report and condensed financial statements include a fair review of the information required by Disclosure and Transparency Rules 4.2.7R (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 4.2.8R (being related party transactions that have taken place in the first six months of the financial year and that have materially affected the financial position or performance of the entity during that period; and any changes in the related party transactions described in the last Annual Report that could do so).
J. W. Goodwin Chairman 18th December 2017
Condensed Consolidated Income Statement
for the half year to 31st October 2017
Unaudited Unaudited Audited Half Year Half Year Year Ended to to 31st October 31st October 30th April 2017 2016 2017 GBP'000 GBP'000 GBP'000 Continuing operations Revenue 61,893 69,889 131,587 Cost of sales (44,758) (51,442) (97,836) Gross profit 17,135 18,447 33,751 Distribution expenses (1,881) (1,731) (3,486) Administrative expenses (8,892) (10,210) (20,317) Operating profit 6,362 6,506 9,948 Financial expenses (419) (560) (873) Share of profit of associate companies 165 101 169 Profit before taxation 6,108 6,047 9,244 Tax on profit (1,656) (1,829) (2,487) Profit after taxation 4,452 4,218 6,757 Attributable to: Equity holders of the parent 4,203 3,927 6,082 Non-controlling interests 249 291 675 Profit for the period 4,452 4,218 6,757 Basic and diluted earnings per ordinary share (Note 7) 58.38p 54.53p 84.47p
Condensed Consolidated Statement of Comprehensive Income
for the half year to 31st October 2017
Unaudited Unaudited Audited Half Year Half Year Year Ended to to 31st October 31st October 30th April 2017 2016 2017 GBP'000 GBP'000 GBP'000 Profit for the period 4,452 4,218 6,757 Other comprehensive income / (expense) Items that are or may be reclassified subsequently to the income statement Foreign exchange translation differences 258 5,796 3,619 Effective portion of changes in fair value of cash flow hedges (196) (15,696) (6,526) Change in fair value of cash flow hedges transferred to the income statement 932 (608) 2,142 Tax on items that are or may be reclassified subsequently to the income statement (125) 2,765 738 Other comprehensive income / (expense) for the period, net of income tax 869 (7,743) (27) Total comprehensive income / (expense) for the period 5,321 (3,525) 6,730 Attributable to: Equity holders of the parent 5,151 (4,618) 5,654 Non-controlling interests 170 1,093 1,076 5,321 (3,525) 6,730
Condensed Consolidated Statement of Changes in Equity
for the half year to 31st October 2017
Total attribut-able Cash to equity Share-based flow holders Share Translat-ion payments hedge Retained of the Non-controll-ing Total capital reserve reserve reserve earnings parent interests equity GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 Half year to 31st October, 2017 (Unaudited) Balance at 1st May, 2017 720 2,154 601 (4,240) 90,201 89,436 4,225 93,661 Total comprehensive income: Profit - - - - 4,203 4,203 249 4,452 Other comprehensive income: Foreign exchange translation differences - 194 - - - 194 64 258 Net movements on cash flow hedges - - - 754 - 754 (143) 611 Total comprehensive income for the period - 194 - 754 4,203 5,151 170 5,321 Equity-settled share-based payment transactions - - 515 - - 515 - 515 Dividends paid - - - - (3,137) (3,137) - (3,137) Balance at 31st October 2017 720 2,348 1,116 (3,486) 91,267 91,965 4,395 96,360 Half year to 31st October, 2016 (Unaudited) Balance at 1st May, 2016 720 (1,041) - (594) 87,209 86,294 3,823 90,117 Total comprehensive income: Profit - - - - 3,927 3,927 291 4,218 Other comprehensive income: Foreign exchange translation differences - 4,994 - - - 4,994 802 5,796 Net movements on cash flow hedges - - - (13,539) - (13,539) - (13,539) Total comprehensive income for the period - 4,994 - (13,539) 3,927 (4,618) 1,093 (3,525) Dividends paid - - - - (3,114) (3,114) (339) (3,453) Balance at 31st October 2016 720 3,953 - (14,133) 88,022 78,562 4,577 83,139 Total attribut-able Cash to equity Share-based flow holders Share Translat-ion payments hedge Retained of the Non-controll-ing Total capital reserve reserve reserve earnings parent interests equity GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 Year ended 30th April, 2017 Balance at 1st May, 2016 720 (1,041) - (594) 87,209 86,294 3,823 90,117 Total comprehensive income: Profit - - - - 6,082 6,082 675 6,757 Other comprehensive income: Foreign exchange translation differences - 3,218 - - - 3,218 401 3,619 Net movements on cash flow hedges - - - (3,646) - (3,646) - (3,646) Total comprehensive income for the period - 3,218 - (3,646) 6,082 5,654 1,076 6,730 Transactions with owners of the Company recognised directly in equity - (23) - 21 (2) 1 (1) Equity-settled share-based payment transactions - - 601 - - 601 - 601 Dividends paid - - - - (3,111) (3,111) (675) (3,786) Balance at 30th April, 2017 720 2,154 601 (4,240) 90,201 89,436 4,225 93,661
Condensed Consolidated Balance sheet
as at 31st October 2017
Unaudited Unaudited Audited as at as at as at 31st October 31st October 30th April 2017 2016 2017 GBP'000 GBP'000 GBP'000 Non-current assets Property, plant and equipment 66,792 65,207 65,739 Investment in associates 2,229 2,032 2,045 Intangible assets 18,603 18,584 18,240 87,624 85,823 86,024 Current assets Inventories 35,473 43,605 37,657 Trade and other receivables 29,688 32,819 26,338 Derivative financial assets 556 1,235 1,756 Cash and cash equivalents 7,813 5,269 5,172 73,530 82,928 70,923 Total assets 161,154 168,751 156,947 Current liabilities Bank overdrafts 9,737 9,347 6,655 Interest-bearing loans and borrowings 3,918 3,074 2,887 Trade and other payables 21,962 26,647 22,454 Deferred consideration 500 500 500 Derivative financial liabilities 2,228 13,293 2,492 Liabilities for current tax 2,043 2,234 1,592 Warranty provision 88 132 90 40,476 55,227 36,670 Non-current liabilities Interest-bearing loans and borrowings 21,198 29,571 23,675 Warranty provision 337 296 305 Deferred tax liabilities 2,783 518 2,636 24,318 30,385 26,616 Total liabilities 64,794 85,612 63,286 Net assets 96,360 83,139 93,661 Equity attributable to equity holders of the parent Share capital 720 720 720 Translation reserve 2,348 3,953 2,154 Share-based payments reserve 1,116 - 601 Cash flow hedge reserve (3,486) (14,133) (4,240) Retained earnings 91,267 88,022 90,201 Total equity attributable to equity holders of the parent 91,965 78,562 89,436 Non-controlling interests 4,395 4,577 4,225 Total equity 96,360 83,139 93,661
Condensed Consolidated Cash Flow Statement
for the half year ended 31st October 2017
Unaudited Unaudited Audited Half Year Half Year Year to 31st to 31st ended October October 30th April 2017 2016 2017 GBP'000 GBP'000 GBP'000 Cash flow from operating activities Profit from continuing operations after tax 4,452 4,218 6,757 Adjustments for: Depreciation 2,644 2,718 5,597 Amortisation of intangible assets 552 393 938 Financial expenses 419 560 873 (Profit)/loss on sale of property, plant and equipment (1,610) (2) 52 Share of profit of associate companies (165) (101) (169) Equity-settled share-based provision 515 - 601 Tax expense 1,656 1,829 2,487 Operating profit before changes in working capital and provisions 8,463 9,615 17,136 (Increase) / decrease in trade and other receivables (3,194) (2,972) 8,025 Decrease / (increase) in inventories 2,343 (6,167) (1,014) Decrease in trade and other payables (excluding payments on account) (1,020) (5,732) (9,445) Increase / (decrease) in payments on account 3,094 (1,207) (5,825) Cash inflow / (outflow) from operations 9,686 (6,463) 8,877 Interest paid (383) (469) (802) Corporation tax paid (1,254) (1,460) (2,675) Interest element of finance lease obligations (45) (91) (115) Net cash from operating activities 8,004 (8,483) 5,285 Cash flow from investing activities Proceeds from sale of property, plant and equipment 1,811 79 237 Acquisition of intangible assets (354) (60) (149) Acquisition of property, plant and equipment (4,850) (3,218) (7,411) R&D expenditure capitalised (355) (354) (791) Net cash outflow from investing activities (3,748) (3,553) (8,114) Cash flows from financing activities Payment of capital element of finance lease obligations (429) (466) (930) Dividends paid (3,137) (3,114) (3,111) Dividends paid to non-controlling interests - (339) (675) Proceeds from loans and committed facilities - 11,459 5,871 Repayment of loans and committed facilities (1,023) (21) (44) Net cash (outflow) / inflow from financing activities (4,589) 7,519 1,111 Net decrease in cash and cash equivalents (333) (4,517) (1,718) Cash and cash equivalents at beginning of year (1,483) (413) (413) Effect of exchange rate fluctuations on cash held (108) 852 648 Closing cash and cash equivalents (1,924) (4,078) (1,483)
Notes
to the Condensed Consolidated Financial Statements
1. Reporting entity
Goodwin PLC (the "Company") is a company incorporated in England and Wales. The unaudited condensed consolidated interim financial statements of the Company as at and for the six months ended 31st October 2017 comprise the Company, its subsidiaries, and the Group's interests in associates (together referred to as the "Group").
The audited consolidated financial statements of the Group as at and for the year ended 30th April 2017 are available upon request from the Company's registered office at Ivy House Foundry, Hanley, Stoke-on-Trent ST1 3NR or via the Company's web site: www.goodwin.co.uk.
2. Statement of compliance
These unaudited condensed consolidated interim financial statements have been prepared in accordance with IAS 34 Interim Financial Reporting as adopted in the EU. They do not include all of the information required for full annual financial statements, and should be read in conjunction with the audited consolidated financial statements of the Group as at and for the year ended 30th April 2017.
The comparative figures for the financial year ended 30th April 2017 are extracts and not the full Group's statutory accounts for that financial year. Those accounts have been reported on by the Company's auditors and delivered to the Registrar of Companies. The report of the auditors was (i) unqualified, (ii) did not include a reference to any matters to which the auditors drew attention by way of emphasis without qualifying their report, and (iii) did not contain a statement under section 498(2) or (3) of the Companies Act 2006.
The Audit Committee has reviewed these unaudited condensed consolidated interim financial statements and has advised the Board of Directors that, taken as a whole, they are fair, balanced and understandable and provide the information necessary for shareholders to assess the Group's half year performance. These unaudited condensed consolidated interim financial statements were approved by the Board of Directors on 18th December 2017.
3. Significant accounting policies
The accounting policies applied by the Group in these unaudited condensed consolidated financial statements are the same as those applied by the Group in its audited consolidated financial statements as at and for the year ended 30th April 2017. The following standards and amendments became effective and therefore were adopted by the Group.
-- Annual Improvements to IFRSs - 2014-2016 Cycle - minor amendments to IFRS 12 (effective for annual periods beginning on or after 1st January 2017)
-- Amendments to IAS 12 - Recognition of Deferred Tax Assets for unrealised losses (effective for annual periods beginning on or after 1st January 2017)
-- Amendments to IAS 7 - Disclosure initiative (effective for annual periods beginning on or after 1st January 2017)
The Group has considered the impact of these new standards and interpretations in future periods on profit, earnings per share and net assets. None of the above standards or interpretations is expected to have a material impact.
New IFRS standards, amendments and interpretations not adopted
The IASB and IFRIC have issued additional standards and amendments which are effective for periods starting after the date of these financial statements. The following standards and amendments have not yet been adopted by the Group:
-- Annual Improvements to IFRSs - 2014-2016 Cycle - minor amendments to IFRS 1 and IAS 28 (effective for annual periods beginning on or after 1st January 2018)
-- Amendments to IFRS 2 - Classification and Measurement of Share-based Payment Transactions (effective for annual periods beginning on or after 1st January 2018)
-- Amendments to IFRS 4 - Applying IFRS 9 Financial Instruments with IFRS 4 Insurance Contracts (effective for annual periods beginning on or after 1st January 2018)
-- IFRS 9 - Financial Instruments (effective for annual periods beginning on or after 1st January 2018)
-- IFRS 15 - Revenue from Contracts with Customers (effective for annual periods beginning on or after 1st January 2018)
-- IFRS 15 - Clarifications (effective for annual periods beginning on or after 1st January 2018)
-- Amendments to IFRS 40 - Transfers of Investment Property (effective for annual periods beginning on or after 1st January 2018)
-- IFRIC Interpretation 22 - Foreign Currency Transactions and Advance Consideration (effective for annual periods beginning on or after 1st January 2018)
-- IFRS 16 - Leases (Not yet endorsed. IASB effective date 1st January 2019)
-- Amendments to IFRS 2 - Classification and Measurement of Share-based Payment Transactions (not yet endorsed)
4. Estimates
The preparation of interim financial statements requires management to make judgements, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets and liabilities, income and expense. Actual results may differ from these estimates.
In preparing these unaudited consolidated interim financial statements, the significant judgements made by management in applying the Group's accounting policies and the key sources of estimation uncertainty were the same as those that applied to the audited consolidated financial statements as at and for the year ended 30th April 2017.
The tax charge in the period is based on management's estimate of the weighted average annual income tax rate expected for the full financial year applied to the pre-tax income of the interim period, and the impact of any disallowed costs.
5. Business Segments
Products and services from which reportable segments derive their revenues
In accordance with the requirements of IFRS8 "Operating Segments" the Group's reportable segments based on information reported to the Group's Board of Directors for the purposes of resource allocation and assessment of segment performance are as follows:
-- Mechanical Engineering - casting, machining and general engineering -- Refractory Engineering - powder manufacture and mineral processing
Information regarding the Group's operating segments is reported below.
Segment Revenue and Profits
Mechanical Engineering Refractory Engineering Sub Total Unaudited Unaudited Unaudited Unaudited Unaudited Unaudited Half Half Audited Half Half Audited Half Half Audited Year Year Year Year Year Year Year Year Year Ended Ended Ended Ended Ended Ended Ended Ended Ended 31st 31st 30th 31st 31st 30th 31st 31st 30th October October April October October April October October April 2017 2016 2017 2017 2016 2017 2017 2016 2017 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 Revenue External sales 39,779 50,262 91,335 22,114 19,627 40,252 61,893 69,889 131,587 Inter-segment sales 10,189 13,910 29,084 4,350 2,988 6,522 14,539 16,898 35,606 Total revenue 49,968 64,172 120,419 26,464 22,615 46,774 76,432 86,787 167,193 Reconciliation to consolidated revenues: Inter-segment sales (14,539) (16,898) (35,606) Consolidated revenue for the period 61,893 69,889 131,587 Mechanical Engineering Refractory Engineering Sub Total Unaudited Unaudited Unaudited Unaudited Unaudited Unaudited Half Half Audited Half Half Audited Half Half Audited Year Year Year Year Year Year Year Year Year Ended Ended Ended Ended Ended Ended Ended Ended Ended 31st 31st 30th 31st 31st 30th 31st 31st 30th October October April October October April October October April 2017 2016 2017 2017 2016 2017 2017 2016 2017 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 Profits Segment result including associates 2,733 4,798 6,982 5,313 2,241 5,933 8,046 7,039 12,915 Group administration costs (1,004) (604) (2,197) LTIP equity plan provision (515) - (601) Group finance and treasury costs (419) (376) (873) Consolidation adjustments - (12) - Consolidated profit before tax for the period 6,108 6,047 9,244 Tax (1,656) (1,829) (2,487) Consolidated profit after tax for the period 4,452 4,218 6,757
Segment Assets and Liabilities
Segmental total Segmental total Segmental net assets liabilities assets Unaudited Unaudited Unaudited Unaudited Unaudited Unaudited Half Half Audited Half Half Audited Half Half Audited Year Year Year Year Year Year Year Year Year Ended Ended Ended Ended Ended Ended Ended Ended Ended 31st 31st 30th 31st 31st 30th 31st 31st 30th October October April October October April October October April 2017 2016 2017 2017 2016 2017 2017 2016 2017 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 Mechanical Engineering 85,793 97,284 80,968 66,798 85,210 65,036 18,995 12,074 15,932 Refractory Engineering 45,425 44,635 41,717 24,527 29,285 23,321 20,898 15,350 18,396 Sub total reportable segment 131,218 141,919 122,685 91,325 114,495 88,357 39,893 27,424 34,328 Goodwin PLC (the Company) net assets 68,841 68,467 71,944 Elimination of Goodwin PLC investments (22,084) (22,441) (22,084) Goodwill 9,710 9,689 9,473 Consolidated total net assets 96,360 83,139 93,661 Segmental property, plant and equipment (PPE) capital expenditure Goodwin PLC 3,049 2,095 5,070 Mechanical Engineering 687 737 1,611
Refractory Engineering 267 386 918 4,003 3,218 7,599
Geographical Segments
Half Year Ended 31st Half Year Ended 31st October 2017 October 2016 Unaudited Unaudited Unaudited Unaudited Unaudited Unaudited Unaudited Unaudited Revenue Operational Non-current PPE Revenue Operational Non-current PPE assets assets capital assets assets capital expenditure expenditure GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 UK 13,698 63,870 71,656 3,610 11,352 52,149 70,611 2,631 Rest of Europe 14,674 10,483 2,276 136 15,031 10,646 2,480 265 USA 2,544 - - - 3,919 - - - Pacific Basin 11,709 14,635 7,505 116 20,615 14,564 5,825 63 Rest of World 19,268 7,372 6,187 141 18,972 5,780 6,907 259 Total 61,893 96,360 87,624 4,003 69,889 83,139 85,823 3,218 Year Ended 30th April 2017 Audited Audited Audited Audited Revenue Operational Non-current PPE assets assets capital expenditure GBP'000 GBP'000 GBP'000 GBP'000 UK 24,034 63,451 69,693 6,504 Rest of Europe 29,712 10,213 2,271 466 USA 6,574 - - - Pacific Basin 33,095 14,012 7,459 210 Rest of World 38,172 5,985 6,601 419 Total 131,587 93,661 86,024 7,599 6. Dividends
The Directors do not propose the payment of an interim dividend.
Unaudited Unaudited Audited Half Year Half Year Year Ended to to 31st October 31st October 30th April 2017 2016 2017 GBP'000 GBP'000 GBP'000 Equity Dividends Paid: Ordinary dividends paid 3,049 - - during the period in respect of the year ended 30th April 2017 (42.348p per share) Ordinary dividends paid during the period in respect of the year ended 30th April 2016 (42.348p per share) - 3,049 3,049 Dividends paid to minority shareholders in Noreva GmbH 88 65 62 Total dividends paid during the period 3,137 3,114 3,111 7. Earnings Per Share
The calculation of the basic earnings per ordinary share is based on the number of ordinary shares in issue during all periods of 7,200,000, and on the profit for the six months attributable to ordinary shareholders of GBP4,203,000 (six months to 31st October 2016: GBP3,927,000).
8. Capital Management, Issuance and Repayment of Debt
At 31st October 2017 the capital utilised was GBP119,505,000 as shown below:
Unaudited Unaudited Audited as at as at as at 31st October 31st October 30th April 2017 2016 2017 GBP'000 GBP'000 GBP'000 Cash and cash equivalents (7,813) (5,269) (5,172) Finance leases 2,984 3,878 3,413 Bank loans and committed facilities 22,132 28,767 23,149 Bank overdrafts 9,737 9,347 6,655 Deferred consideration 500 500 500 Net debt 27,540 37,223 28,545 Total equity attributable to equity holders of the parent 91,965 78,562 89,436 Capital 119,505 115,785 117,981 9. Property, Plant and Equipment Unaudited Unaudited as at as at 31st October 31st October 2017 2016 GBP'000 GBP'000 Net book value at the beginning of the period 65,739 62,530 Additions 4,003 3,218 Disposals (at net book value) (201) (77) Depreciation (2,644) (2,718) Exchange adjustment (105) 2,254 Net book value at the end of the period 66,792 65,207 10. Intangible assets Unaudited Unaudited as at as at 31st October 31st October 2017 2016 GBP'000 GBP'000 Net book value at the beginning of the period 18,240 17,565 Additions 709 484 Amortisation (552) (393) Exchange adjustment 206 928 Net book value at the end of the period 18,603 18,584 11. Hedge reserve
The Group is exposed to sales and purchases in foreign currency and, in order to mitigate the foreign exchange risk, the Group at its discretion uses hedges where deemed appropriate by the Board. The majority of the Group's hedging activity is in relation to UK company sales contracts in US Dollars and Euros.
12. Total Financial Assets and Financial Liabilities
The table below sets out the Group's accounting classification of its financial assets and financial liabilities, and their carrying values / fair values at 31st October 2017. The fair values of all financial assets and financial liabilities are not materially different to the carrying values.
Carrying value / Fair value GBP'000 Financial assets Cash and cash equivalents 7,813 Receivables Trade receivables 23,847 Other receivables 5,841 At fair value through the income statement Derivative financial assets not designated in a cash flow hedge relationship 535 Designated cash flow hedge relationships Derivative financial assets designated and effective as cash flow hedging instruments 21 Total financial assets 38,057 Financial liabilities Financial liabilities at amortised cost Bank overdraft 9,737 Trade payables 9,199 Other payables 12,763 Deferred consideration 500
Finance lease liabilities 2,984 Bank loans 22,132 Corporation tax 2,043 At fair value through the income statement Derivative financial liabilities not designated in a cash flow hedge relationship 32 Designated cash flow hedge relationships Derivative financial liabilities designated and effective as cash flow hedging instruments 2,196 Total financial liabilities 61,586
Derivative financial assets and financial liabilities fair values in the above table are derived using Level 2 inputs as defined by IFRS 7 as detailed in the paragraph below*. All other financial assets and financial liabilities fair values are determined using Level 3 inputs.
*IFRS 7 requires that the classification of financial instruments at fair value be determined by reference to the source of inputs used to derive the fair value. This classification uses the following three-level hierarchy:
Level 1 - quoted prices (unadjusted) in active markets for identical assets or liabilities;
Level 2 - inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly (i.e. as prices) or indirectly (i.e. derived from prices);
Level 3 - inputs for the asset or liability that are not based on observable market data (unobservable inputs).
This information is provided by RNS
The company news service from the London Stock Exchange
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(END) Dow Jones Newswires
December 18, 2017 06:00 ET (11:00 GMT)
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