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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Cropper (james) Plc | LSE:CRPR | London | Ordinary Share | GB0002346053 | ORD 25P |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 5.00 | 1.96% | 260.00 | 250.00 | 270.00 | 260.00 | 255.00 | 255.00 | 19,386 | 13:00:51 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| Paper Mills | 130.45M | 516k | 0.0540 | 48.15 | 24.84M |
From Apr 2019 to Apr 2024
TIDMCRPR
RNS Number : 2128J
Cropper(James) PLC
27 June 2017
James Cropper PLC
The advanced materials and paper products group, is pleased to announce its
Preliminary Audited Results for the 52 weeks ended 1 April 2017
Hot Features
Premium
2017 2016
GBPm GBPm
Revenue 92.4 87.9
Adjusted operating profit (excluding
IAS 19 and net exceptional costs)* 6.9 6.3
Adjusted profit before tax (excluding
IAS 19) 6.6 5.2
Impact of IAS 19 (0.9) (1.3)
Profit before tax 5.6 3.9
Earnings per share - diluted 50.0p 31.8p
Dividend per share declared 11.8p 9.3p
Net borrowings (7.4) (7.3)
Equity shareholders' funds 21.9 26.7
Gearing % - before IAS 19 deficit 20% 22%
Capital expenditure 5.3 4.1
* Net exceptional costs of GBP20,000 (2016: GBP765,000)
Financial Highlights
o Adjusted profit before tax (excluding IAS 19), up 27% to GBP6.6m
o Sales higher in every division with TFP up 14% on last year, and Paper up 3%
o Strong operating profit growth in Paper +24% on last year, and TFP up 1%
o Diluted earnings per share up 57% to 50.0p (38.1p on prior year)
o Dividend up 27% to 11.8p (9.3p prior year)
Commercial and Operational Highlights
o Growth strategy across the businesses is delivering
o Continued investment in research and development across the whole group to support increased growth
o Appointment of a Managing Director for the paper division
o James Cropper 3D Products commences commercial production
o Increased investment overseas to support a focus on higher export sales
o Increased costs from labour and depreciation in preparation for utilising the increased capacity at TFP
Mark Cropper, Chairman, commented:
"I feel this year has represented something of a watershed for the Group. We have built on prior successes and are beginning to deliver a level of potential we have felt possible for so long."
Enquiries:
Isabelle Maddock, Robert Finlay, Richard
Group Finance Director Johnson, Henry Willcocks
James Cropper PLC Stockdale Securities Limited
(AIM:CRPR.L)
Telephone: +44 (0) Telephone: +44 (0) 20 7601
1539 722002 6100
www.cropper.com www.stockdalesecurities.com
2017 2016
Summary of Results GBP'000 GBP'000
Revenue 92,363 87,920
Adjusted operating profit
(excluding IAS 19 and exceptionals) 6,869 6,264
Adjusted profit before tax
(excluding IAS 19 impact) 6,566 5,173
Impact of IAS 19 (926) (1,305)
Profit before tax 5,640 3,868
Earnings per share - diluted 50.0p 31.8p
2017 2016
GBP'000 GBP'000
Revenue
James Cropper Paper 71,024 69,182
James Cropper 3D Products 7 -
Technical Fibre Products 21,332 18,738
------------------------------- -------- --------
92,363 87,920
Adjusted operating profit
(Excluding IAS 19 impact
and exceptionals)
James Cropper Paper 3,209 2,592
James Cropper 3D products (426) (438)
Technical Fibre Products 5,940 5,904
Other Group expenses (1,854) (1,794)
------------------------------- -------- --------
6,869 6,264
Net interest (before IAS
19 Finance Costs) (283) (326)
------------------------------- -------- --------
Adjusted profit before tax
(excluding IAS19 impact and
exceptionals) 6,586 5,938
Exceptional costs (20) (765)
------------------------------- -------- --------
Adjusted profit before tax
(excluding IAS19 impact) 6,566 5,173
IAS 19 pension adjustments
Net current service charge
against operating profits (661) (839)
Finance costs charged against
interest (265) (466)
------------------------------- -------- --------
(926) (1,305)
------------------------------- -------- --------
Profit before Tax 5,640 3,868
------------------------------- -------- --------
Adjusted operating profit
James Cropper Paper 3,209 2,592
James Cropper 3D Products (426) -
Technical Fibre Products 5,940 5,904
Other Group expenses (2,515) (3,071)
------------------------------- -------- --------
Adjusted operating profit
(excluding exceptionals) 6,208 5,425
Exceptional costs (20) (765)
Net interest (548) (792)
------------------------------- -------- --------
Profit before tax 5,640 3,868
------------------------------- -------- --------
The IAS 19 pension adjustments are explained in detail in the Financial Review section of the Annual Report. The total amount excluded from the IAS 19 pension charged is GBP926,000 (2016: GBP1,305,000). The adjustment, which we refer to in these accounts as "IAS 19 impact" represents the difference between the pension charge as calculated under IAS 19 and the cash contributions for the current service cost only as determined by the latest triennial valuation. The Directors consider that the adjusted pension charge better reflects the actual pension costs for ongoing service compared to the IAS 19 charge. This adjustment is made internally when we assess performance and is also used in the EBITDA and EPS targets used in management incentive schemes.
We also exclude exceptional items from certain internal profit measures and in setting management incentive scheme targets. These items, which by their nature are material items which are not expected to recur, are excluded in order to provide a clearer picture of the underlying performance of the Group.
Balance Sheet Summary 2017 2016
GBP'000 GBP'000
Non-pension assets -
excluding cash 63,374 57,470
Non-pension liabilities
- excluding borrowings (18,503) (17,019)
---------------------------- --------- ---------
44,871 40,451
Net IAS 19 pension deficit
(after deferred tax) (15,620) (6,453)
---------------------------- --------- ---------
29,251 33,998
Net borrowings (7,364) (7,305)
---------------------------- --------- ---------
Equity shareholders'
funds 21,887 26,693
Gearing % - before IAS
19 deficit 20% 22%
Gearing % - after IAS
19 deficit 34% 27%
Capital expenditure 5,315 4,086
CHAIRMAN'S LETTER
Dear Shareholders
I am very pleased to report that 2016/17 has seen another year of sustained growth in line with our aspirations for the Group.
This is a direct result of our strategic plans introduced in recent years and executed with the utmost care and attention under the leadership of CEO Phil Wild and his team.
The progress of the Group is also testament to the contribution provided by each and every one of our employees. The value in the business, as noted previously and within this report, truly comes from its people and I wish to thank them all. Accordingly, I was delighted that there was strong support for a revised (and uplifted) profit related bonus scheme for employees. This took effect from 1 April 2017 and will see our employee share ownership grow in the coming years.
Turning to our divisions in turn, TFP, led by Martin Thompson, demonstrated continued growth in revenue. However, owing to extra costs - predominantly associated with investment in additional capacity for growth in future years - profits were only marginally ahead of the prior year. TFP's market position continues to look strong. It has seen an upsurge in fuel cell activity, where it enjoys a good position, and this should be sustained within stationary power generation as well as - in time- the automotive sector. Meanwhile, the F35 Joint Strike Fighter programme continues to grow in line with expectations, as does the composites transport market.
Paper made good progress in the year in margin growth and with some revenue improvements. As previously, this has been underpinned by focusing on core markets such as packaging and digital imaging as well as ensuring we maintain excellent relationships with key accounts.
Another important development in Paper during the year was the appointment of Steve Adams as Managing Director of this GBP70m+ division. Steve joined the Group and Board from 3M where he notched up over 30 years of highly relevant commercial and general management experience. The Board felt it was important to provide Paper with its own dedicated leader, the role having been undertaken by the CEO for many years. This change allows Phil Wild to give greater support across the Group on business growth strategies.
Our businesses have also benefitted significantly in the year from operational improvements spearheaded by COO Dave Watson and team. There are many positive performance indicators of progress in operations, ranging from improved delivery metrics to lower process losses, all of which have contributed to this year's good performance.
Safety statistics, the most important measure of all, also continue on a positive trend. While we remain determined to reduce our lost time accident levels to zero, it was encouraging to see them halve to four in the financial year and the severity rating fall by 90%. In line with this, we were recently awarded the RoSPA gold award for safety performance for the third year running.
Last and not least, our new business unit James Cropper 3D Products (3DP) had an eventful year. There was significant investment in production equipment, now fully commissioned, and the business is seeing strong interest in its unique range of coloured moulded pulp, designed to replace plastics in a range of industries. It is envisaged the business will be cash generative this year with strong growth potential for many years thereafter.
Another key event in the year, albeit outside the Group, was Brexit. The vote was not the result the Company was seeking but it has not led to any changes in our investment programmes or other strategies. To date the prime impact has been weaker Sterling which led to modest currency gains for the Group owing to more than 50 per cent of our turnover being exported. Nevertheless, the Board is monitoring the potential risks very carefully. Brexit has been an agenda item reviewed at every Board meeting since the vote and scenario planning is underway. One crucial factor could be the government's Industrial Strategy. We have responded to consultations on this directly and via membership organisations such as the CBI and Confederation of Paper Industries and await further developments with some anticipation.
The year saw another notable exit with the retirement of Non-Executive Director Doug Mitchell, who stepped down at the end of the financial year. Doug has played a critical role in the turnaround of the Group's fortune in the last five years. I would like to extend him our profound thanks for his careful counsel and the transformation this has catalysed.
Basic earnings per share has increased by 54% to 50.5p per share with diluted earnings per share increasing by 57% to 50.0p per share.
The Board is recommending a final dividend of 9.3 pence per share, making a total dividend for the financial period of 11.8 pence per share, an increase of 27% on the prior period.
Outlook
I feel this year has represented something of a watershed for the Group. We have built on prior successes and are beginning to deliver a level of potential we have felt possible for so long. An important element of this has been lifting margins (and related measures such as cashflow or EBITDA) to a level that is stronger and more reliable, albeit still with room for improvement. I am hopeful our vision and values are underpinning a business that is sustainable in every sense of the word: not only as represented in our products and materials, but also in terms of our people at all levels. A recent upshot of this is that the Board now feels more able to turn its attention to the longer term, looking at strategies to ensure growth beyond the customary three years. It is too early to say much more, but owing to our determination to remain independent, organic growth centred on an outstanding culture of innovation is likely to feature strongly.
Mark Cropper
Chairman
CHIEF EXECUTIVE'S REVIEW
Profit
I am pleased to report a 10% growth in adjusted operating profit, prior to the impact of IAS 19 pension adjustments and exceptional costs, a profit of GBP6.9m in the year to 1 April 2017, compared to GBP6.3m in the prior year.
Adjusted profit before tax (after exceptionals and prior to IAS 19) was GBP6.6m, up GBP1.4m on 2016, representing an increase of 27%.
Profit before tax of GBP5.6m was up GBP1.7m, or 46% on the prior year.
Revenue and Operating profit
Group revenue for the financial year was GBP92.4m, up 5% on the prior year.
Revenue for James Cropper Paper grew by 3% in the year to GBP71.0m and operating profit by 24% to GBP3.2m.
Revenue for Technical Fibre Products grew by 14% in the year to GBP21.3m and operating profit up 1% at GBP5.9m.
Research and development
Research and development is a fundamental part of our growth strategy, adding to our capability, maintaining our competitiveness and bringing new product lines into our target markets. The Group continues to invest in research and development with expenditure in R&D of GBP1.4m this year, of which GBP0.5m has been capitalised in respect of 3DP.
Capital expenditure
Capital expenditure during the year was GBP5.3m (2016: GBP4.1m).
Cash and debt
The Group had gross debt of GBP9.3m at the balance sheet date and cash of GBP1.9m, giving a net debt of GBP7.4m (2016: GBP7.3m). The Group had undrawn overdraft and revolving credit facilities of GBP7.8m, as at 1 April 2017, and borrowings of GBP1.6m to be repaid within 12 months. The undrawn facilities and the cash provide funds against which the short term borrowings can be paid, leaving GBP8.1m of cash available to the Group at the year end.
Gearing at the financial year end, after deduction of the IAS 19 pension deficit, was 34% up from 27% on the previous year. Gearing, excluding the impact of IAS 19, was 20%, down from 22% on the previous year.
BUSINESS MODEL
BUILDING TODAY'S BUSINESS TO CREATE TOMORROW'S
Our five strategic platforms remain steadfast and prominent as we continue to progress our growth strategy across the James Cropper Group. Most importantly, it is clear that our strategy is delivering: Following a record profit last year, this year, as we again report record profits for James Cropper PLC, and as we move forward our expectation is that we build on this.
-- Building a high performance culture -- Delivering superior levels of operational excellence -- Growing in existing markets -- Growing in new profitable markets -- Building customer intimacy and brand presence
WORKING WITH CLEAR FOCUS
This has been a year of refining our focus in terms of our core business, our core capabilities and our unique potential for diversification.
James Cropper PLC holds three core pillars of capability, and we have worked hard to understand and define these throughout our business. The purpose of this is to steer and fine-tune our investments and developments - maximising the impact of everything we do.
EXPERTS IN FIBRE INNOVATION - Our in-depth understanding of 'fibre science' enables us to push the boundaries of performance and creativity across wide-ranging sectors. For example, TFP have developed a range of products that improve fracture toughness by 400% for composite materials.
EXPERTS IN COLOUR - We lead the paper and fibre industry in colour choice, quality, consistency and technical performance. For example, our 3DP business provides the widest range of coloured moulded fibre products available in the global market today.
STRENGTH THROUGH SUSTAINABILITY - Sustainable manufacturing & supply chain. Sustainable products. Sustainable success. For example, we upcycle 0.5 billion consumable coffee cups a year to create high quality, beautiful packaging papers.
WORKING WITH LONG TERM VISION
Clear focus has driven new investment in technical capabilities and leadership skills - in order to strengthen our core business. This can be observed with our apprenticeship schemes, partnerships with leading universities for technical and leadership best practice and our internal leadership programmes.
By leveraging the capabilities of our employees, we have been able to spread experience and skills throughout the Group in a way that creates new opportunity for innovation and diversification. An example of this is the creation of lightweight damage resistant aerospace fuel pipes with the potential to save up to 26 tonnes of fuel for each aircraft per year.
We look to embrace technically challenging innovations, where we have a unique ability to create new value and enter new markets with confidence. This synergy of our core capabilities and new diversification gives us the competitive edge that will continue to shape our future.
STRENGTHENING CORE BUSINESS- FOCUSING ON CORE CAPABILITIES - SYNERGY IN DIVERSIFICATION
SHAPING THE FUTURE
James Cropper 3D Products business combines the highest levels of expertise in pulp-based manufacture and colour blending. We are unique in our ability to bring together these levels of expertise within our business - creating something that's simply not possible to achieve in the same way elsewhere. This is how we have addressed a major challenge in the packaging industry, and are meeting global demand for a new generation of renewable, recyclable, moulded fibre packaging that enables brands to reduce their environmental impact without creative compromise.
JAMES CROPPER 3D PRODUCTS
James Cropper 3D Products demonstrates synergy between our core strengths and the focus of our diversifications - as we respond to global demand for sustainable innovation in product packaging, delivering a product with less than 50% carbon footprint compared to its plastic alternative.
COLOUR - Creative freedom in sustainable packaging
FIBRE - Progress in technical performance
SUSTAINABILITY - Renewable, recyclable and biodegradable
KNOWING WHO WE ARE
It is striking how everything we do today resonates so clearly with the values that have driven James Cropper PLC for over 170 years.
This respect for our heritage is important. James Cropper has always been a forward-thinking business with a commitment to people, skills and innovation. As the world changes we continue to thrive on our strengths while also finding new relevance for our expertise.
A business with such long heritage brings a deep social responsibility, one that we are proud to embrace both locally and globally. We value people and we go above and beyond to ensure fair and ethical employment in all our territories. We value natural resources not only in our local environment, but globally as we remain committed to ethical sourcing of raw materials and innovation with recycled fibres. We value our communities providing support for local education, infrastructure and local charities.
Going above and beyond has always been the James Cropper way - and always will be.
Phil Wild
Chief Executive Officer
JAMES CROPPER PLC
James Cropper PLC
Group Statement of
Comprehensive Income
52 week period to 1 53 week period to 2 53 week period to 2
April 2017 April 2016 April 2016
Continuing Continuing
Operations Operations Exceptional Items * Total
GBP'000 GBP'000 GBP'000 GBP'000
Continuing operations
Revenue 92,363 87,920 - 87,920
Other income 322 505 1,000 1,505
Changes in inventories
of finished goods and
work in progress (180) 1,771 - 1,771
Raw materials and
consumables used (34,793) (35,795) - (35,795)
Energy costs (4,501) (4,519) - (4,519)
Employee benefit costs (26,238) (25,155) - (25,155)
Depreciation and
amortisation (2,297) (2,306) - (2,306)
Other expenses (18,468) (16,996) - (16,996)
Provisions for
uninsured risks and
losses * (20) - (1,765) (1,765)
----------------------- --------------------- --------------------- -------------------- ---------------------
Operating Profit 6,188 5,425 (765) 4,660
Interest payable and
similar charges (548) (793) - (793)
Interest receivable
and similar income 1 - 1
Profit before taxation 5,640 4,633 (765) 3,868
Tax expense (910) (724) (150) (874)
----------------------- --------------------- --------------------- -------------------- ---------------------
Profit for the period 4,730 3,909 (915) 2,994
----------------------- --------------------- --------------------- -------------------- ---------------------
Earnings per share -
basic 50.5p 32.6p
----------------------- --------------------- --------------------- -------------------- ---------------------
Earnings per share -
diluted 50.0p 31.8p
----------------------- --------------------- --------------------- -------------------- ---------------------
Other comprehensive
income
Profit for the period 4,730 3,909 (915) 2,994
Items that are or may
be reclassified to
profit or loss
Foreign currency
translation 224 114 - 114
Loss on interest rate
hedge (9) - - -
Items that will never
be reclassified to
profit or loss
Retirement benefit
liabilities -
actuarial (losses)/
gains (11,386) 6,554 - 6,554
Deferred tax on
actuarial
losses/(gains) on
retirement benefit
liabilities 1,847 (1,488) - (1,488)
Income tax on other
comprehensive income - 77 - 77
----------------------- --------------------- --------------------- -------------------- ---------------------
Other comprehensive
(expense)/income for
the year (9,324) 5,257 - 5,257
----------------------- --------------------- --------------------- -------------------- ---------------------
Total comprehensive
(expense)/income for
the period
attributable to
equity holders of the
Company (4,594) 9,166 (915) 8,251
----------------------- --------------------- --------------------- -------------------- ---------------------
GROUP STATEMENT OF COMPREHENSIVE INCOME
* The exceptional items relate to additional income/costs arising as a consequence of the flood following the aftermath of Storm Desmond in December 2015.
STATEMENT OF FINANCIAL POSITION
Group Group Company Company
As at As at As at As at
1 April 2 April 1 April 2 April
2017 2016 2017 2016
GBP'000 GBP'000 GBP'000 GBP'000
--------------------------- -------- -------- -------- --------
Assets
Intangible assets 569 123 69 54
Property, plant
and equipment 26,572 23,650 1,942 1,752
Investments in subsidiary
undertakings - - 7,350 7,350
Deferred tax assets 2,270 78 3,733 1,609
---------------------------- -------- -------- -------- --------
Total non- current
assets 29,411 23,851 13,094 10,765
---------------------------- -------- -------- -------- --------
Inventories 14,097 14,102 - -
Trade and other
receivables 23,066 19,595 45,191 38,792
Cash and cash equivalents 1,921 3,186 526 642
Current tax assets - - 463 261
Total current assets 39,084 36,883 46,180 39,695
---------------------------- -------- -------- -------- --------
Total assets 68,495 60,734 59,274 50,460
---------------------------- -------- -------- -------- --------
Liabilities
Trade and other
payables 18,493 15,067 19,470 18,075
Other financial
liabilities 9 - 9 -
Loans and borrowings 1,570 3,886 79 74
Current tax liabilities 1 613 - -
Total current liabilities 20,073 19,566 19,558 18,149
---------------------------- -------- -------- -------- --------
Long-term borrowings 7,715 6,605 6,427 4,094
Retirement benefit
liabilities 18,820 7,870 18,820 7,870
Total non-current
liabilities 26,535 14,475 25,247 11,964
---------------------------- -------- -------- -------- --------
Total liabilities 46,608 34,041 44,805 30,113
---------------------------- -------- -------- -------- --------
Equity
Share capital 2,367 2,306 2,367 2,306
Share premium 1,472 1,079 1,472 1,079
Translation reserve 602 378 - -
Reserve for own
shares (853) (343) - -
Retained earnings 18,299 23,273 10,630 16,962
Total shareholders'
equity 21,887 26,693 14,469 20,347
---------------------------- -------- -------- -------- --------
Total equity and
liabilities 68,495 60,734 59,274 50,460
---------------------------- -------- -------- -------- --------
STATEMENT OF CASH FLOWS
For the period ended 1 April 2017 (2016: for the period ended 2 April 2016)
Group Group Company Company
2017 2016 2017 2016
GBP'000 GBP'000 GBP'000 GBP'000
--------------------------------- ---------- -------------- ---------- -----------------------
Cash flows from operating
activities
Net profit 4,730 2,994 3,370 438
Adjustments for:
Tax 910 874 326 (7)
Depreciation and amortisation 2,297 2,306 120 196
Net IAS 19 pension adjustments
within SCI 926 1,305 926 1,305
Past service pension deficit
payments (1,362) (1,323) (1,362) (1,323)
Foreign exchange differences 84 (166) 78 (65)
Loss on disposal of property,
plant and equipment 14 - - -
Net bank interest income
& expense 282 326 (648) (847)
Share based payments 283 274 283 274
Dividends received from
Subsidiary Companies - - (6,000) (3,500)
Changes in working capital:
Decrease / (increase)
in inventories 105 (1,021) - -
(Increase) in trade and
other receivables (4,113) (3,861) (2,661) (2,819)
Increase in trade and
other payables 3,932 2,770 2,094 4,772
Interest received 2 2 720 914
Interest paid (293) (333) (73) (66)
Tax paid (1,081) (429) (1,081) (429)
---------------------------------- ---------- -------------- ---------- -----------------------
Net cash generated from /
(used by) operating activities 6,716 3,718 (3,908) (1,206)
Cash flows from investing
activities
Purchase of intangible
assets (486) (133) (28) (125)
Purchases of property,
plant and equipment (4,828) (3,953) (286) (125)
Proceeds from sale of
property, plant and equipment 4 - - -
Dividends received - - 6,000 3,500
---------------------------------- ---------- -------------- ---------- -----------------------
Net cash (used in) / generated
from investing activities (5,310) (4,086) 5,686 3,250
Cash flows from financing
activities
Proceeds from issue of
ordinary shares 454 59 454 59
Proceeds from issue of
new loans 2,450 4,790 2,270 4,000
Repayment of borrowings (4,115) (3,284) (68) (2,075)
Issue of inter-company
loans - - (3,602) (4,574)
Purchase of LTIP investments (510) (74) - -
Dividends paid to shareholders (881) (772) (881) (772)
---------------------------------- ---------- -------------- ---------- -----------------------
Net cash (used in) / generated
from financing activities (2,602) 719 (1,827) (3,362)
Net (decrease) / increase
in cash and cash equivalents (1,196) 351 (49) (1,318)
Effect of exchange rate
fluctuations on cash held (69) 114 (67) 57
---------------------------------- ---------- -------------- ---------- -----------------------
Net (decrease) / increase
in cash and cash equivalents (1,265) 465 (116) (1,261)
Cash and cash equivalents
at the start of the period 3,186 2,721 642 1,903
Cash and cash equivalents
at the end of the period 1,921 3,186 526 642
Cash and cash equivalents
consists of:
Cash at bank and in hand 1,921 3,186 526 642
STATEMENT OF CHANGES IN EQUITY
GROUP
All figures in GBP'000
All figures in Share Share Translation Own Retained
GBP'000 capital premium reserve Shares earnings Total
28 March 2015 2,292 1,034 264 (269) 15,541 18,862
Profit for
the period - - - - 2,994 2,994
Exchange
differences - - 114 - - 114
Actuarial gains
on retirement
benefit
liabilities
(net
of deferred
tax) - - - - 5,066 5,066
Other
comprehensive
income tax - - - - 77 77
---------------- -------------- ------------------ -------------------- --------------- ----------------- ----------------
Total other
comprehensive
income - - 114 - 5,143 5,257
Dividends
paid - - - - (772) (772)
Share based
payment
charge - - - - 274 274
Tax on share
options - - - - 135 135
Proceeds from
issue
of ordinary
shares 14 45 - - - 59
Distribution
of
own shares - - - (42) (42) -
Consideration
paid
for own
shares - - - (116) - (116)
---------------- -------------- ------------------ -------------------- --------------- ----------------- ----------------
Total
contributions
by and
distributions
to owners of
the
Group 14 45 - (74) (405) (420)
---------------- -------------- ------------------ -------------------- --------------- ----------------- ----------------
At 2 April
2016 2,306 1,079 378 (343) 23,273 26,693
Profit for
the period - - - - 4,730 4,730
Exchange
differences - - 224 - - 224
Actuarial
losses
on retirement
benefit
liabilities
(net
of deferred
tax) - - - - (9,539) (9,539)
Loss on
interest
rate hedge - - - - (9) (9)
---------------- -------------- ------------------ -------------------- --------------- ----------------- ----------------
Total other
comprehensive
income - - 224 - (9,548) (9,324)
Dividends
paid - - - - (881) (881)
Share based
payment
charge - - - - 283 283
Tax on share
options - - - - 634 634
Proceeds from
issue
of ordinary
shares 61 393 - - - 454
Distribution of
own shares - - - 192 (192) -
Consideration
paid
for own
shares - - - (702) - (702)
---------------- -------------- ------------------ -------------------- --------------- ----------------- ---------------- Total contributions by and distributions to owners of the Group 61 393 - (510) (156) (212) ---------------- -------------- ------------------ -------------------- --------------- ----------------- ---------------- At 1 April 2017 2,367 1,472 602 (853) 18,299 21,887 ---------------- -------------- ------------------ -------------------- --------------- ----------------- ----------------
COMPANY
All figures in GBP'000 Share Share Retained Total
capital premium Earnings
At 28 March 2015 2,292 1,034 11,786 15,112
Profit for the period - - 438 438
Actuarial gains
on retirement benefit
liabilities (net
of deferred tax) - - 5,066 5,066
Other comprehensive
income tax - - 77 77
----------------------------- ------------------ ------------------ ------------------------- --------------------
Total other comprehensive
income - - 5,143 5,143
Dividends paid - - (772) (772)
Share based payment
charge - - 274 274
Tax on share options - - 135 135
Proceeds from issue
of ordinary shares 14 45 - 59
Distribution of
own shares - - (42) (42)
----------------------------- ------------------ ------------------ ------------------------- --------------------
Total contributions
by and distributions
to owners of the
Group 14 45 (405) (346)
----------------------------- ------------------ ------------------ ------------------------- --------------------
At 2 April 2016 2,306 1,079 16,962 20,347
Profit for the period - - 3,370 3,370
Loss on interest
rate hedge - - (9) (9)
Actuarial loss on
retirement benefit
liabilities (net
of deferred tax) - - (9,539) (9,539)
----------------------------- ------------------ ------------------ ------------------------- --------------------
Total other comprehensive
income - - (9,548) (9,548)
Dividends paid - - (881) (881)
Share based payment
charge - - 283 283
Tax on share options - - 636 636
Proceeds from issue
of ordinary shares 61 393 - 454
Distribution of
own shares - - (192) (192)
----------------------------- ------------------ ------------------ ------------------------- --------------------
Total contributions
by and distributions
to owners of the
Group 61 393 (154) 300
----------------------------- ------------------ ------------------ ------------------------- --------------------
At 1 April 2017 2,367 1,472 10,630 14,469
Notes to Preliminary Results for the 52 week period ended 1 April 2017
-- The accounting "year" for the Group is a 52 week period ended 1 April 2017, (2016: 53 week period ended 2 April 2016).
-- Both the parent company financial statements and the Group financial statements have been prepared and approved by the directors in accordance with International Financial Reporting Standards as adopted by the EU ("IFRS") and the Companies Act 2006, as applicable to companies reporting under IFRS.
-- The financial information set out above does not constitute the statutory accounts for the years ended 1 April 2017 or 2 April 2016. Statutory accounts for 2016 have been delivered to the Registrar of Companies and those for 2017 will be delivered following the Company's Annual General Meeting. The auditor has reported on these accounts, the report was unqualified and did not contain statements under section 498 (2) or (3) of the Companies Act 2006.
-- Basic earnings per share have been calculated on the profit after taxation of GBP4,730,000 (2016: GBP2,994,000) divided by the weighted average number of Ordinary shares in issue during the period of 9,373,232 (2016: 9,191,512).
-- The dividend will, if approved, be paid in cash only on 11 August 2017 to all shareholders on the register on 14 July 2017.
Pensions
-- The Group operates two funded pension schemes providing defined benefits for a decreasing number of its employees. The defined benefit pension schemes are sensitive to a number of key factors: the value of the assets, the discount rate used to calculate the schemes liabilities (based on a premium above gilt yields), the rate of inflation and the mortality assumptions for members of the schemes. Changes in these assumptions will impact the deficit positively or negatively.
-- The latest actuarial "on-going" valuations of the Group's pension Schemes at April 2016, determined the combined deficit of the schemes to be GBP15.8 million. These valuations are conducted on a triennial basis and provide a steady platform to manage the deficit from one valuation to the next. It is the Group's legal responsibility to fund the defined benefit pension scheme deficits. The April 2016 valuation resulted in liability management and a new agreement with the trustees on payments to reduce the deficit. Under IAS 19 the pension deficit is likely to be volatile and may in the future be very different from this current year end position. The IAS 19 pension deficit net of Deferred Tax, increased by GBP9,167,000 over the year to GBP15,620,000.
-- A reconciliation of the movement in the Statement of Financial Position of Retirement benefit liabilities is shown below:
2017
GBP'000
----------------------------- ---------
At 2 April 2016 (7,870)
Total expense (1,455)
Contributions paid 1,891
Actuarial losses recognised
in SCI (11,386)
At 1 April 2017 (18,820)
----------------------------- ---------
-- The Annual Report and accounts for 2017 will be posted to shareholders on 4 July 2017. The Annual Report will be available on the Company's website (www.cropper.com/financials/) on 27 June 2017, and on request from the Company's registered office, Burneside Mills, Kendal, Cumbria LA9 6PZ from 4 July 2017.
-- The Annual General Meeting of the Company will be held at 11.00am on Wednesday 26 July 2017 at the Bryce Institute, Burneside, Kendal, Cumbria.
This information is provided by RNS
The company news service from the London Stock Exchange
END
FR UNSNRBBANUAR
(END) Dow Jones Newswires
June 27, 2017 02:00 ET (06:00 GMT)
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