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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Jaywing Plc | LSE:JWNG | London | Ordinary Share | GB00BF5KDY46 | 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% | 3.15 | 3.10 | 3.20 | 3.15 | 3.15 | 3.15 | 0.00 | 08:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
Advertising, Nec | 22.57M | -12.83M | -0.1373 | -0.23 | 2.94M |
TIDMJWNG
RNS Number : 5661X
Jaywing PLC
20 December 2019
The information contained within this announcement is deemed to constitute inside information as stipulated under the Market Abuse Regulation (EU) No. 596/2014. Upon the publication of this announcement, this inside information is now considered to be in the public domain.
Date: 19 December 2019 On behalf of: Jaywing plc ("Jaywing", "the Company" or "the Group") Embargoed: 0700 hrs on 20 December 2019
Jaywing plc
Interim Results 2019/2020
&
Directorate Change
Jaywing plc (AIM: JWNG) today announces its interim results for the six months ended
30 September 2019 ("H1").
Financial highlights from continuing operations
6 months to 6 months to 30 September 30 September 2019 2018 GBP'000 GBP'000 Gross profit* 11,996 14,979 -------------- -------------- Adjusted EBITDA** (551) 1,327 -------------- -------------- Adjusted EBITDA margin*** (4.6%) 8.9% -------------- -------------- Loss after tax (1,215) (634) -------------- -------------- Reported EPS (1.38p) (0.70p) -------------- -------------- Net debt 5,748 7,132 -------------- --------------
* Revenue less direct costs of sale
** Before amortisation, share based charges, exceptional items, acquisition related costs and adjustment for the impact of IFRS 16
*** As a percentage of gross profit
Commenting on the results, Martin Boddy, Chairman of Jaywing plc, said:
"As we have outlined in previous announcements, trading in the UK in the first quarter of the year was very weak with a modest improvement in the second quarter. With the political and economic uncertainty in the period, many clients have been focused on their short term marketing spend and where this spend is discretionary, it has been running at a level well below that seen in previous years. However, trading in our Australia operation continued to show profitable growth with EBITDA increasing by 40%.
Overall, like for like Gross Profit for the half year fell by 20% to GBP12m but the impact on EBITDA was mitigated through cost management and efficiencies resulting in a like for like EBITDA loss of GBP551k. Despite this, we have generated a small positive cashflow from operations. Net debt reduced year on year following the sale of HSM Limited in January 2019 and loan repayments.
On 2 October 2019, following the half year period, we announced that entities associated with two of our major shareholders had acquired the Company's existing secured loan facility of GBP5.2 million owed to Barclays Bank plc. The major shareholders immediately provided the Company with additional secured facilities by increasing the Jaywing Facility by GBP3.0 million to GBP8.2 million, which enabled the Company to repay its outstanding overdraft and provided it with additional working capital.
By successfully tackling the Group's funding challenge Jaywing is now in a financially stronger position.
During September we developed a plan with the objective of returning our UK operations to profitability and cash generation in the short term, which assumed no improvement in trading conditions. Taking expert input we concluded that we needed to take a different approach and the plan sets out how we will reshape and re-engineer the organisation to address the changes that we are seeing in the way clients engage with agencies and the new demands that they are making of them. Since September management has been focused on executing the plan and I am pleased to say that we are making good progress. We have improved the management of our working capital, materially realigned our cost base and adopted a new and contemporary agency model that drives revenue and creates efficiencies in delivering even higher quality and effective work for clients. All of this is now being reflected in a stronger financial run rate.
The composition of the Board has also been reviewed and by mutual agreement. Adrian Lingard, Chief Operating Officer, is stepping down from the Board with immediate effect. On behalf of the Board I would like to thank him for his contribution over the past four years.
Beyond the short term, the Board is considering a range of strategic options to return the Company to highly accretive revenue growth. With its performance marketing proposition and pedigree in data science, Jaywing has some highly attractive capabilities that differentiate it from its competition and position it in areas of marketing spend that are set to grow."
Enquiries:
Jaywing plc Michael Sprot (CFO / Company Tel: 0114 281 1200 Secretary) Cenkos Securities plc Nicholas Wells/Callum Davidson Tel: 020 7397 8900
Consolidated interim statement of comprehensive income (unaudited)
Unaudited Unaudited Six months Six months Audited ended ended year 30 Sept 30 Sept ended 2019 2018 31 March 2019 Note GBP'000 GBP'000 GBP'000 Revenue 5 13,815 18,731 35,554 Direct costs (1,819) (3,752) (5,709) ------------- ------------- ----------- Gross profit 11,996 14,979 29,845 Other operating income 20 - 13 Amortisation (777) (886) (1,795) Operating expenses (12,619) (14,503) (28,872) ------------- ------------- ----------- Operating loss (1,380) (410) (809) ------------- ------------- ----------- Finance income 1 2 4 Finance costs (157) (159) (305) ------------- ------------- ----------- Net financing costs (156) (157) (301) ------------- ------------- ----------- Loss before tax from continuing operations (1,536) (567) (1,110) Tax credit 6 321 109 175 ------------- ------------- ----------- Loss after tax from continuing operations (1,215) (458) (935) Loss from discontinued operations - (176) (1,610) ------------- ------------- ----------- Loss for the period (1,215) (634) (2,545) Loss for the period is attributable to: Non-controlling interests 74 24 140 Owners of the parent (1,289) (658) (2,685) ------------- ------------- ----------- (1,215) (634) (2,545) Other comprehensive income Items that will be reclassified subsequently to profit or loss Exchange differences on retranslation of foreign operations (13) (5) 20 ------------- ------------- ----------- Total comprehensive loss for the period (1,228) (639) (2,525) ------------- ------------- ----------- Total comprehensive income is attributable to: Non-controlling interests 74 24 140 ------------- ------------- ----------- Owners of the parent (1,302) (663) (2,665) ------------- ------------- ----------- (1,228) (639) (2,525) Loss per share 7 Basic loss per share from continuing operations (1.38p) (0.52p) (1.15p) Basic loss per share from discontinued operations - (0.18p) (1.72p) ------------- ------------- ----------- Total (1.38p) (0.70p) (2.87p) Diluted loss per share from continuing operations (1.38p) (0.52p) (1.15p) Diluted loss per share from discontinued operations - (0.18p) (1.72p)
------------- ------------- ----------- Total (1.38p) (0.70p) (2.87p) ------------- ------------- -----------
Consolidated interim balance sheet (unaudited)
Unaudited Unaudited Audited 30 Sept 30 Sept 31 March 2019 2018 2019 Note GBP'000 GBP'000 GBP'000 Assets Non-current assets Property, plant and equipment 3,330 1,342 1,015 Goodwill 33,054 34,674 33,054 Other intangible assets 3,650 5,106 4,364 ------------ ------------ ----------- 40,034 41,122 38,433 ------------ ------------ ----------- Current assets Trade and other receivables 6,522 13,071 8,256 Tax receivable 285 - - Cash and cash equivalents 1 2 690 6,808 13,073 8,946 ------------ ------------ ----------- Total assets 46,842 54,195 47,379 ------------ ------------ ----------- Liabilities Current liabilities Bank overdraft 8 (549) (884) - Other interest bearing loans and borrowings 8 (1,800) (1,500) (1,800) Trade and other payables (8,832) (12,412) (9,546) Tax payable - (397) (205) Provisions (42) (151) (42) ------------ ------------ ----------- (11,223) (15,344) (11,593) ------------ ------------ ----------- Non-current liabilities Other interest bearing loans and borrowings 8 (3,400) (4,750) (3,850) Lease liability (1,770) - - Deferred tax liabilities (552) (809) (656) (5,722) (5,559) (4,506) ------------ ------------ ----------- Total liabilities (16,945) (20,903) (16,099) ------------ ------------ ----------- Net assets 29,897 33,292 31,280 ------------ ------------ ----------- Equity Capital and reserves attributable to equity holders of the company Share capital 34,992 34,992 34,992 Share premium account 10,088 10,088 10,088 Capital redemption reserve 125 125 125 Shares purchased for treasury (25) (25) (25) Share option reserve 683 826 838 Foreign currency translation reserve (13) (25) - Retained earnings (17,178) (14,431) (15,889) ------------ ------------ ----------- Equity attributable to owners of the parent 28,672 31,550 30,129 Non-controlling interest 1,225 1,742 1,151 Total equity 29,897 33,292 31,280 ------------ ------------ -----------
Consolidated interim cash flow statement (unaudited)
Unaudited Unaudited Six months Six months Audited ended ended year 30 Sept 30 Sept ended 2019 2018 31 March 2019 Note GBP'000 GBP'000 GBP'000 Cash flow from operating activities Loss for the period (1,215) (634) (2,545) Adjustment for: Depreciation, amortisation and impairment 1,297 1,234 3,440 Loss on sale of HSM Limited - - 1,370 Foreign exchange (15) (5) - Finance income (1) (2) (4) Finance costs 157 159 305 Share based payment charge (155) 152 177 Taxation (321) (109) (175) ------------ ------------ ----------- Operating cash flow before changes in working capital (253) 795 2,568 Decrease / (increase) in trade and other receivables 1,736 (1,124) 1,599 (Decrease) / increase in trade and other payables (1,475) 216 (1,745) ------------ ------------ ----------- Cash (used in)/generated from operations 8 (113) 2,422 Interest received 1 2 4 Interest paid (103) (154) (305) Tax paid (273) - (287) ------------ ------------ ----------- Net cash flow from operating activities (367) (265) 1,834 ------------ ------------ ----------- Cash flows from investing activities Payment of deferred consideration (325) (672) (592) Proceeds from sale of HSM Limited - - 403 Acquisition of intangible assets (63) (94) (297) Acquisition of property, plant and equipment (33) (183) (252) Net cash outflow from investing activities (421) (949) (738) ------------ ------------ ----------- Cash flows from financing activities Repayment of borrowings (450) (300) (900) Acquisition of non-controlling interest - - (138) Net cash outflow from financing activities (450) (300) (1,038) ------------ ------------ ----------- Net (decrease) / increase in cash, cash equivalents and bank overdrafts (1,238) (1,514) 58 Cash and cash equivalents at beginning of period 690 632 632 ------------ ------------ ----------- Cash and cash equivalents at end of period (548) (882) 690 ------------ ------------ ----------- Cash and cash equivalents comprise: Cash at bank and in hand 1 2 690 Bank overdrafts 7 (549) (884) - ------------ ------------ ----------- Cash and cash equivalents at end of period (548) (882) 690 ------------ ------------ -----------
Consolidated interim statement of changes in equity (unaudited)
Foreign Share Capital Share currency Equity Share premium redemption Treasury option translation Retained attributable Non-controlling Total capital account reserve Shares reserve reserve earnings to parent interest equity GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 -------- -------- ----------- --------- -------- ------------ --------- ------------- ---------------- -------- Balance at 31 March 2018 34,992 10,088 125 (25) 736 (20) (13,773) 32,123 1,718 33,841 -------- -------- ----------- --------- -------- ------------ --------- ------------- ---------------- -------- Charge in respect of share-based payments - - - - 90 - - 90 - 90 -------- -------- ----------- --------- -------- ------------ --------- ------------- ---------------- -------- Transactions with owners - - - - 90 - - 90 - 90 Profit/(loss) for the period - - - - - - (658) (658) 24 (634) Retranslation of foreign currency - - - - - (5) - (5) - (5) -------- -------- ----------- --------- -------- ------------ --------- ------------- ---------------- -------- Total comprehensive income for the period - - - - - (5) (658) (663) 24 (639) -------- -------- ----------- --------- -------- ------------ --------- ------------- ---------------- -------- Balance at 30 September 2018 34,992 10,088 125 (25) 826 (25) (14,431) 31,550 1,742 33,292 -------- -------- ----------- --------- -------- ------------ --------- ------------- ---------------- -------- Acquisition of non-controlling interests - - - - - - 569 569 (707) (138) Charge in respect of share-based payments - - - - 12 - - 12 - 12 -------- -------- ----------- --------- -------- ------------ --------- ------------- ---------------- -------- Transactions with owners - - - - 12 - 569 581 (707) (126) Profit/(loss) for the period - - - - - - (2,027) (2,027) 116 (1,911) Retranslation of foreign currency - - - - - 25 - 25 - 25 Total comprehensive income for the period - - - - - 25 (2,027) (2,002) 116 (1,886) -------- -------- ----------- --------- -------- ------------ --------- ------------- ---------------- -------- Balance at 31 March 2019 (audited) 34,992 10,088 125 (25) 838 - (15,889) 30,129 1,151 31,280 -------- -------- ----------- --------- -------- ------------ --------- ------------- ---------------- -------- Charge in respect of share-based payments - - - - (155) - - (155) - (155) -------- -------- ----------- --------- -------- ------------ --------- ------------- ---------------- -------- Transactions with owners - - - - (155) - - (155) - (155) Profit/(loss) for the period - - - - - - (1,289) (1,289) 74 (1,215) Retranslation of foreign currency - - - - - (13) - (13) - (13) -------- -------- ----------- --------- -------- ------------ --------- ------------- ---------------- -------- Total comprehensive income for the period - - - - - (13) (1,289) (1,302) 74 (1,228) -------- -------- ----------- --------- -------- ------------ --------- ------------- ---------------- -------- Balance at 30 September 2019 34,992 10,088 125 (25) 683 (13) (17,178) 28,672 1,225 29,897 -------- -------- ----------- --------- -------- ------------ --------- ------------- ---------------- -------- 1. General Information
Jaywing plc (the "Company") is incorporated and domiciled in the United Kingdom. The Company is listed on the AIM market of the London Stock Exchange. The registered address is Albert Works, Sidney Street, Sheffield,
S1 4RG.
The interim financial information was approved for issue on 19 December 2019.
2. Basis of preparation
The consolidated interim financial statements for the six months ended 30 September 2019, which are unaudited, have been prepared in accordance with applicable accounting standards and under the historical cost convention except for certain financial instruments that are carried at fair value.
The financial information for the year ended 31 March 2019 set out in this interim report does not constitute statutory accounts as defined in Section 434 of the Companies Act 2006. The Group's statutory financial statements for the year ended 31 March 2019 have been filed with the Registrar of Companies. The auditor's report on those financial statements was unqualified and did not contain statements under Section 498 (2) or Section 498 (3) of the Companies Act 2006.
The consolidated interim financial information should be read in conjunction with the annual financial statements for the year ended 31 March 2019, which have been prepared in accordance with International Financial Reporting Standards (IFRSs) as adopted by the European Union.
3. Accounting policies
Except as described below, the principal accounting policies of Jaywing plc and its subsidiaries ("the Group") are consistent with those set out in the Group's 2019 annual report and financial statements.
Taxes on income in the interim periods are accrued using the tax rate that would be applicable to expected total annual earnings.
The Group has applied the same accounting policies and methods of computation in its interim consolidated financial statements as in its 2019 annual financial statements, except for those that relate to new standards and interpretations effective for the first time for periods beginning on (or after) 1 April 2019 and will be adopted in the 2020 financial statements. The only standard impacting the Group that will be adopted in the annual financial statements for the year ended 31 March 2020, and which have given rise to a change in the Group's accounting policies is:
-- IFRS 16 leases
Details of the impact of this standard is given below. Other new and amended standards and interpretations issued by the IASB that will apply for the first time in the next annual financial statements are not expected to have a material impact on the Group.
4. New IFRS implementation
The Company has adopted IFRS 16 - Leases for the financial year ending 31 March 2020, and it has chosen to use the modified retrospective approach to adoption which means there are no restatements to the prior year figures.
IFRS 16 introduces a single lessee accounting model, whereby the Group now recognises a lease liability and a right of use asset at 1 April 2019 for leases previously classified as operating leases. Within the income statement, operating lease charges, which previously were included in administrative expenses, have been replaced by depreciation and interest expenses.
The adoption of IFRS 16 resulted in a right of use asset of GBP2.8 million, with a corresponding liability of GBP2.8 million, being recognised as at 1 April 2019 which was depreciated to a value of GBP2.5 million as at 30 September 2019.
In order to see how the impact of IFRS 16 has affected Adjusted EBITDA*, a reconciliation is presented below:
6 months 6 months ended ended 30 September 30 September 2019 2018 GBP'000 GBP'000 ----------------------------------------- -------------- ------------------- Adjusted EBITDA* - consistent with 2018 presentation and accounting policy (551) 1,327 Changes due to new accounting policy - IFRS 16 425 - ----------------------------------------- -------------- ------------------- Adjusted EBITDA* - consistent with 2019 presentation and accounting policy (126) 1,327
* Before amortisation, share based charges, exceptional items and acquisition related costs
The Group has adopted IFRS 16 on a modified retrospective basis. Upon transition, a lease liability has been recognised based on future lease payments discounted at an appropriate borrowing rate. Additionally, a right
of use asset has been recognised along with a related lease liability. Within the income statement, the operating lease charge (GBP370k) has been replaced by depreciation (GBP333k) and interest expense (GBP54k). This has resulted in a decrease in operating expenses and an increase in finance costs.
6 months 6 months ended ended 30 September 30 September 2019 2018 GBP'000 GBP'000 Non-current assets Property, plant and equipment - consistent with 2018 presentation and accounting policy 861 1,342 Changes due to new accounting policy - 2,469 - IFRS 16 - Right of use asset -------------------------------------------- -------------- ------------------- Property, plant and equipment - consistent with 2019 presentation and accounting policy 3,330 1,342 Current liabilities Current liabilities - consistent with 2018 presentation and accounting policy 10,562 15,344 Changes due to new accounting policy - 661 - IFRS 16 - Short term leases -------------------------------------------- -------------- ------------------- Current liabilities - consistent with 2019 presentation and accounting policy 11,223 15,344 Non-current liabilities Non-current liabilities - consistent with 2018 presentation and accounting policy 3,952 5,559 Changes due to new accounting policy - 1,770 - IFRS 16 - Long term leases -------------------------------------------- -------------- ------------------- Non-current liabilities - consistent with 2019 presentation and accounting policy 5,722 5,559 5. Segment information (unaudited)
Jaywing reports its business activities in three areas: Brand Performance, Online Performance and Data, Analysis & Technology. Central Costs represents the Group's head office function, along with intragroup transactions. The 2018 results have been restated into the new segments.
Six months ended 30 September 2019 Brand Online Data Analysis Central Total Performance Performance & Technology Costs Group GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 Revenue 4,822 7,509 3,390 (1,906) 13,815 Direct costs (1,282) (2,010) (433) 1,906 (1,819) ------------- ------------- -------------- -------- --------- Gross profit 3,540 5,499 2,957 - 11,996 Operating expenses excluding depreciation, amortisation, exceptional items, acquisition related costs and charges for share based payments (3,702) (4,488) (2,809) (1,123) (12,122) ------------- ------------- -------------- -------- --------- Operating profit / (loss) before depreciation, amortisation, exceptional items, acquisition related costs and credit for share based payments (162) 1,011 148 (1,123) (126) -------- --------- Other Operating Income 20 - - - 20 Depreciation (88) (298) (13) (121) (520) Amortisation (359) (369) (49) - (777) Exceptional costs (46) (146) (10) (267) (469) Acquisition related costs - - - (293) (293) Charge for share based payments - - - 785 785 -------- --------- Operating profit / (loss) (635) 198 76 (1,019) (1,380) ------------- ------------- -------------- -------- --------- Finance costs (156) --------- Loss before tax (1,536) Tax credit 321 --------- Loss for the period (1,215) --------- Six months ended 30 September 2018 - continuing operations Brand Online Performance Performance Data Analysis Central Total & Technology Costs Group GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 Revenue 6,070 6,546 7,052 (937) 18,731 Direct costs (1,340) (333) (3,016) 937 (3,752) ------------- ------------- -------------- -------- --------- Gross profit 4,730 6,213 4,036 - 14,979 Operating expenses excluding depreciation, amortisation, exceptional items, acquisition related costs and charges for share based payments (4,262) (4,840) (3,341) (1,209) (13,652) ------------- ------------- -------------- -------- --------- Operating profit/(loss) before depreciation, amortisation, exceptional items, acquisition related costs and charges for share based payments 468 1,373 695 (1,209) 1,327 ------------- ------------- -------------- -------- --------- Depreciation (48) (109) (19) (43) (219) Amortisation (488) (360) (38) - (886) Other exceptional costs (6) (36) (19) (224) (285) Acquisition related costs - - - (147) (147) Charge for share based payments - - - (200) (200) ------------- ------------- -------------- -------- --------- Operating profit / (loss) (74) 868 619 (1,823) (410) ------------- ------------- -------------- -------- --------- Finance costs (157) --------- Loss before tax (567) Tax credit 109 --------- Loss for the period (458) --------- 5. Segment information (unaudited) (continued)
Year ended 31 March 2019 (audited) - continuing operations
Brand Online Data Analysis Central Total Performance Performance & Technology Costs Group GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 Revenue 11,685 13,289 12,446 (1,866) 35,554 Direct costs (2,504) (609) (4,502) 1,906 (5,709) ------------- ------------- -------------- -------- --------- Gross profit 9,181 12,680 7,944 40 29,845 Operating expenses excluding depreciation, amortisation, exceptional items, acquisition related costs and charges for share based payments (8,224) (9,931) (6,225) (2,136) (26,516) ------------- ------------- -------------- -------- --------- Operating profit/(loss) before depreciation, amortisation, exceptional items, acquisition related costs and charges for share based payments 957 2,749 1,719 (2,096) 3,329 ------------- ------------- -------------- -------- --------- Other operating income 13 - - - 13 Impairment to value of goodwill (1,050) - - - (1,050) Depreciation (89) (203) (36) (84) (412) Amortisation (897) (811) (87) - (1,795) Exceptional costs (27) (108) (214) (779) (1,128) Acquisition related costs (66) (100) - 577 411 Charges for share based payments (14) (19) (27) (117) (177) ------------- ------------- -------------- -------- --------- Operating (loss)/profit (1,173) 1,508 1,355 (2,499) (809) ------------- ------------- -------------- -------- --------- Finance income 4 Finance costs (305) --------- Loss before tax (1,110) Tax credit 175 --------- (935) ---------
The September 2018 segmental analysis has been restated to reallocate some costs between direct costs and operating expenses.
Brand Online Performance Performance Data Analysis Central Discontinued Total Capital employed & Technology Costs Operations Group GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 30 September 2019 17,960 13,107 9,490 (10,660) - 29,897 31 March 2019 19,267 13,742 10,175 (11,904) - 31,280 30 September 2018 21,741 12,963 12,469 (15,044) 1,163 33,292 ------------- ------------- -------------- ---------- 6. Tax credit (unaudited)
A reconciliation of the charge that would result from applying the standard UK corporation tax rate to profit before tax to the tax credit is given below.
Six months ended Six months ended Audited year 30 Sept 2019 30 Sept 2018 ended 31 March 2019 GBP'000 GBP'000 GBP'000 Recognised in the consolidated statement of comprehensive income: Current year tax 215 (33) (91) Origination and reversal of temporary differences 106 142 266 ----------------- ----------------- --------------- Total tax credit 321 109 175 ----------------- ----------------- --------------- Loss before tax (1,536) (567) (1,110) Tax charge thereon at UK corporation tax rate of 19% (2018: 19%) 292 108 211 Effects of: Non-deductible expenses 29 1 (36) Total tax credit 321 109 175 ----------------- ----------------- --------------- 7. Loss per share (unaudited) Six months Six months Audited ended ended year 30 Sept 30 Sept ended 2019 2018 31 March 2019 Pence Pence Pence per per share per share Share Basic loss per share from continuing operations (1.38p) (0.52p) (1.15p) Basic loss per share from discontinued operations - (0.18p) (1.72p) ----------- ----------- ---------- Basic loss per share (1.38p) (0.70p) (2.87p) Diluted loss per share from continuing operations (1.38p) (0.52p) (1.15p) Diluted loss per share from discontinued operations - (0.18p) (1.72p) ----------- ----------- ---------- Diluted loss per share (1.38p) (0.70p) (2.87p)
Loss per share has been calculated by dividing the loss attributable to shareholders by the weighted average number of ordinary shares in issue during the period. The calculations of basic and diluted loss per share are:
Six months Six months Audited ended ended year 30 Sept 30 Sept ended 2019 2018 31 March 2019 GBP'000 GBP'000 GBP'000 Loss for the period attributable to shareholders from continuing operations (1,289) (482) (1,075) Loss for the period attributable to shareholders from discontinued operations - (176) (1,610) ----------- ----------- ---------- Total loss for the period attributable to shareholders (1,289) (658) (2,685) Weighted average number of Number Number Number ordinary shares in issue: '000 '000 '000 Basic 93,432 93,432 93,432 Adjustment for share options, warrants and contingent shares 3,688 1,481 1,707 ----------- ----------- ---------- Diluted 97,120 94,913 95,139 ----------- ----------- ---------- Adjusted earnings per share Six months Six months Audited ended ended year 30 Sept 30 Sept ended 2019 2018 31 March 2019 Pence Pence Pence per per share per share share Basic adjusted earnings
per share (1.11p) 0.56p 1.39p Diluted adjusted earnings per share (1.11p) 0.55p 1.36p ----------- ----------- ----------
Adjusted earnings per share have been calculated by dividing the profit attributable to shareholders before other income, amortisation, impairment, charges for share based payments and the current period tax charge by the weighted average number of ordinary shares in issue during the period. The numbers used in calculating the basic and diluted adjusted earnings per share are reconciled below:
Six months Six months Audited ended ended year 30 Sept 30 Sept ended 2019 2018 31 March 2019 GBP'000 GBP'000 GBP'000 Loss before tax from continuing operations (1,536) (743) (2,685) Amortisation 777 950 1,885 Impairment to the carrying value of goodwill - - 1,050 Loss on sale of HSM Limited - - 1,370 Acquisition related costs 293 147 (411) Charge for share based payments (785) 200 177 ----------- ----------- ---------- Adjusted profit attributable to shareholders (1,251) 554 1,386 Current period tax charge 215 (33) (91) ----------- ----------- ---------- (1,036) 521 1,295 ----------- ----------- ---------- 8. Bank overdraft, borrowings and loans (unaudited) Audited 30 Sept 30 Sept 31 March 2019 2018 2019 Summary GBP'000 GBP'000 GBP'000 Bank overdraft 549 884 - Borrowings, undiscounted cash flows 5,200 6,250 5,650 -------- -------- ---------- 5,749 7,134 5,650 -------- -------- ---------- Borrowings are repayable as follows: Within 1 year Bank overdraft 549 884 - Borrowings 1,800 1,500 1,800 -------- -------- ---------- Total due within 1 year 2,349 2,384 1,800 In more than one year but less than two years 3,400 1,800 3,850 In more than two years but - 1,800 - less than three years In more than three years - 1,150 - but less than four years -------- -------- ---------- Total amount due 5,749 7,134 5,650 -------- -------- ---------- Average interest rates at % % % the balance sheet date were: Overdraft 2.00 2.00 - Term loan 4.05 4.00 4.10 Revolving credit facility N/A - N/A -------- -------- ----------
As the loans are at variable market rates their carrying amount is equivalent to their fair value.
The borrowing facilities available to the Group at 30 September 2019 were GBP1.5 million (2018: GBP1.1 million) and, taking into account cash balances within the Group, there was GBP1.5 million (2018: GBP1.1 million) of available borrowing facilities.
A composite accounting system is set up with the Group's bankers, which allows debit balances on overdraft to be offset across the Group with credit balances.
Cash at Reconciliation of net bank and debt in hand Overdraft Borrowings Net debt GBP'000 GBP'000 GBP'000 GBP'000 30 September 2019 1 (549) (5,200) (5,748) 31 March 2019 690 - (5,650) (4,960) 30 September 2018 2 (884) (6,250) (7,132) ---------- ---------- ----------- --------- 9. Provisions (unaudited) Audited 30 Sept 30 Sept 31 March 2019 2018 2019 GBP'000 GBP'000 GBP'000 At the beginning of the period 42 151 151 Disposal of HSM Limited - - (109) At the end of the period 42 151 42 ---------- ---------- ----------
Provisions relate to leases in the Group where the commercial benefit has either ceased or will cease before the normal expiry period.
10. Share capital (unaudited)
Authorised:
45p deferred shares 5p ordinary shares GBP'000 GBP'000 Authorised share capital at 31 March 2019 and 30 September 2019 45,000 10,000
Allotted, issued and fully paid
45p deferred 5p ordinary shares shares Number Number GBP'000 Issued share capital at 31 March 2019 and 30 September 2019 67,378,520 93,432,217 34,992 --------------- ---------------- ------------ 11. Related party transactions (unaudited)
There were no significant changes in the nature and size of related party transactions for the period from those disclosed in the Annual Report for the year ended 31 March 2019.
12. Post balance sheet event
On 2 October 2019, Jaywing plc announced that entities associated with two of the major shareholders had acquired the Company's existing secured loan facility of GBP5.2m owed to Barclays Bank plc. The major shareholders immediately provided the Company with additional secured facilities by increasing the Jaywing facility by GBP3.0m to GBP8.2m, which enabled the Company to repay its outstanding overdraft and provided it with additional working capital.
This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.
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