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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Leeds Group Plc | LSE:LDSG | London | Ordinary Share | GB0005100606 | ORD 12P |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 10.00 | 9.00 | 11.00 | 10.00 | 10.00 | 10.00 | 0.00 | 07:30:49 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| Textile Goods, Nec | 27.82M | -840k | -0.0307 | -3.26 | 2.73M |
From Apr 2019 to Apr 2024
TIDMLDSG
RNS Number : 5038M
Leeds Group PLC
31 July 2017
Issued on behalf of Leeds Group plc
Date: 31 July 2017
Leeds Group Financial Highlights
q Leeds Group profit before tax GBP1,448,000 (2016: GBP1,507,000).
q Leeds Group sales revenue increased by 13.2% to GBP41,053,000 (2016: GBP36,272,000).
q The weakness of sterling during the year has had a material impact on the Group's results. An unrealised gain of GBP310k has been recognised in the accounts and the net assets increased by GBP1,707,000 since last year end, because of this.
q Capital expenditure in the year GBP2,280,000 (2016: GBP4,156,000) partly on the acquisition of a German warehouse which had previously been rented.
q Leeds Group finished the year with bank debt net of cash GBP5,520,000 (2016: GBP2,646,000).
q Leeds Group net asset value per share (excluding treasury shares) 66.9p (2016: 56.5p).
q Earnings per Leeds Group share 4.1 pence (2016: 3.8 pence).
q In view of the recent investments, the Directors do not propose a dividend.
Hot Features
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Enquiries:
Leeds Group plc Cairn Financial Advisers
plc
Jan Holmstrom, Chairman Tel: Tony Rawlinson Tel:
0046 708 111 360 020 7213 0880
Dawn Henderson, Company Secretary Liam Murray Tel: 020
Tel: 07747 777055 7213 0880
Chairman's Statement
I am pleased to present the results for the year ended 31 May 2017.
Results
The Group achieved sales for the year of GBP41,053,000 (2016: GBP36,272,000) and made a profit after tax of GBP1,114,000 (2016: GBP1,039,000). The weakness of sterling during the year has had a material impact upon the Group's results. Sales growth of 13.2% comprises a fall of 1.1% in sales at constant exchange rates, disguised by the translation effect of weaker sterling, which increased reported sales by 14.3%. In addition there has been a gain of GBP310,000 in the value of the Euro denominated parent company loan to Hemmers.
Similarly the translation effect has increased net assets by GBP1,707,000 since last year end. Net assets at 31 May 2017 increased to GBP18,302,000 (2016: GBP15,512,000) and the value per share was 66.9p (2016: 56.5p). Following capital expenditure of GBP2,280,000 in the year (2016: GBP4,156,000), partly on the acquisition of a warehouse in Germany adjacent to the existing facilities which had previously been rented, the Group closed the year with net bank debt of GBP5,520,000 (2016:GBP2,646,000).
Hemmers-Itex Textil Import Export GmbH ("Hemmers")
Fabric sales for the year at Hemmers, Leeds Group's principal trading company, in Euro terms remained at a similar level to last year EUR44,182,000 (2016: EUR44,295,000). Growth was achieved in the retail and garment manufacturing sectors but this was offset by reduced sales in the wholesale sector. In sterling terms, however the revenue increased by 14.6% to GBP37,544,000 (2016: GBP32,775,000) as a result of the weakened sterling.
Further investment in warehousing and equipment was made during the year EUR2,660,000 (GBP2,260,000). This together with the capital expansion last year has enabled the management to establish the infrastructure required to achieve growth and efficiencies in the forthcoming year. However, with the restructuring and additional cost base this had led to a pre-tax profit in the current year of GBP1,045,000 (2016: GBP1,309,000).
The KMR joint venture continues to trade in line with expectations. Sales were 40% higher than the last year and new shops were opened in Berlin, Leipzig and Chemnitz. However, the investment in new shops and the implementation of new business software across all the shops has resulted in a pre tax profit which is lower than last year.
Chinoh-Tex, the Hemmers subsidiary based in Shanghai, achieved external sales revenue of GBP3,499,000 (2016: GBP3,497,000) and pre-tax profit of GBP47,000 (2016: GBP267,000) with the reduction in profit due to increased infrastructure and administrative costs. Though small Chinoh-Tex also provides valuable assistance to its European parent in terms of purchasing, quality inspection and bulk shipping of material bought in China.
Dividend
Leeds Group has made further investment in the Nordhorn facility this year. Therefore, as last year, the Directors do not propose a dividend. In the opinion of the Board, this maximises the long-term value of the Group to the benefit of all shareholders.
Employees
On behalf of shareholders, I thank the management and staff of Hemmers, Chinoh-Tex and KMR for their continued hard work and commitment that has produced such a highly satisfactory result.
Outlook
We continue to believe potential growth opportunities exist for Hemmers in both their traditional wholesale business, and the domestic retail business in which we have invested more recently.
At this early point in the current financial year, sales have been broadly in line with the expectations of the Board.
Jan G Holmstrom
Chairman
28 July 2017
Strategic Report
Business review
The Companies Act 2006 requires the directors to set out in this report a fair review of the business of the Group during the year ended 31 May 2017, including an analysis of the position of the Group at the end of the year and a description of the principal risks and uncertainties facing the Group. This information includes a discussion of the Key Performance Indicators used by the directors to monitor the business which are:
-- profit before
* Sales volumes and revenue tax
-- earnings per share
* gross profit margin
-- working capital
* operating overheads and central costs levels
Group result
Group revenue in the year was GBP41,053,000 (2016: GBP36,272,000), and pre-tax profit was GBP1,448,000 (2016: GBP1,507,000). Sterling is considerably weaker at 31 May 2017 than last year. The closing rate is 12.05% weaker against the Euro than had been the case a year earlier; its average rate for the year as a whole was also weaker by 12.93%. Thus group revenue is GBP5,195,000 higher than it would have been had the results of the overseas subsidiaries been translated at last year's average rates.
The parent company has granted a loan denominated in Euros to its subsidiary Hemmers and, as sterling has weakened during the financial year, an unrealised gain has arisen in the Parent Company and the Group accounts of GBP310,000 (2016: GBP100,000).
The tax charge in the year was GBP334,000 including a deferred tax charge of GBP13,000 relating to temporary differences on financial derivatives. Earnings per share were 4.1p (2016: 3.8p).
Hemmers Europe
This German-based business is engaged in the import, warehousing and wholesaling of fabrics.
Fabric sales for the year at Hemmers, Leeds Group's principal trading company, in Euro terms remained at a similar level to last year EUR44,182,000 (2016: EUR44,295,000). Growth was achieved in the retail and garment manufacturing sectors but this was offset by reduced sales in the wholesale sector. In sterling terms, however the revenue increased by 14.6% to GBP37,544,000 (2016: GBP32,775,000) as a result of the weakened sterling.
Gross margins reduced slightly to 20.8% (2016: 21.5%). Overhead expenditure in local currency increased by 7.3% as a result of increased infrastructure and administration costs. Pre-tax profit for the year was EUR1,191,000 (2016: EUR1,705,000).
In December 2014 Hemmers acquired a 50% interest in Stoff-Ideen-KMR GmbH ("KMR"), a chain of retail fabric and haberdashery stores, at a cost of EUR500,000. KMR is operated as a joint venture and in May 2015 each of the two joint venture partners subscribed for additional capital of EUR250,000. During this year an additional investment of EUR80,000 (GBP68,000) was made by both joint venture partners bringing the total investment by Hemmers to EUR830,000 (GBP723,000). The Group's share of the post-tax income of KMR in the year was GBP33,000 (2016: GBP51,000).
During the year Hemmers purchased a warehouse adjacent to the existing warehouse and office facility that it had previously been renting. The previous warehouse extension has now been be completed with all the additional machinery installed in order to increase the double folding capacity to meet the customer requirement to double-fold our fabrics before sale. This will eliminate the need to outsource this work in the forthcoming year.
Largely as a result of this investment programme, the Hemmers bank debt, net of cash, increased in the year to GBP6,619,000 (2016: GBP3,647,000). This bank debt is secured on the assets of Hemmers.
Hemmers has developed a new 3 year plan 2017 - 2020 with focus on growing the business both domestically and internationally with maintained margins.
Hemmers China
Chinoh-Tex is a textile trading subsidiary of Hemmers. It is based in Shanghai and has been trading for eight years. It purchases fabric from Chinese suppliers and in 2017 sold to customers in 32 countries. 31% of sales were made to EU countries (2016: 40%) with the reduction caused chiefly by certain European customers being supplied from Hemmers rather than from Chinoh-Tex, who compensated for this by doubling their sales in China.
External sales revenue remained at a similar value GBP3,499,000 (2016: GBP3,487,000), a small fall in volumes was offset by translation gains, and gross margin also remained at a similar percentage 18% (2016: 18%). Overhead spending increased to GBP662,000 (2016: GBP484,000) due to administrative and infrastructure costs and therefore the pre-tax profit has reduced to GBP47,000 (2016: GBP267,000).
Chinoh-Tex also provides valuable assistance to its European parent with the purchasing, inspection and shipping of material. Internal sales revenue, based on arms length prices, amounted to GBP511,000 (2016: GBP622,000).
Holding Company's Costs
The holding company generated net income in the year as follows:
Year ended Year ended
31 May 2017 31 May 2016
GBP000 GBP000
Holding company's costs
net of interest receivable (10) (73)
Exchange gain on Group
loan 310 100
Net holding company's income 300 27
=============================== ============== ==============
Fixed Assets
Capital additions in the year amounted to GBP2,280,000 (2016:GBP4,156,000) and included expenditure of GBP846,000 in respect of the purchase of a warehouse adjacent to the existing facilities in Nordhorn which had previously been rented. The net book amount of tangible fixed assets in the Consolidated Statement of Financial Position is GBP8,452,000 (2016: GBP5,864,000).
Working Capital
Working capital which comprises inventories, trade and other receivables, and trade and other payables increased in the year by GBP1,007,000 (2016: GBP127,000).
Net Asset Value
Net assets increased in the year by GBP2,790,000 as follows:
Net assets Per share
GBP000 pence
At 31 May 2016 15,512 56.7
Profit after tax 1,114 4.1
Purchase of own shares
for treasury (cost) (31) (0.1)
Translation differences 1,707 6.2
At 31 May 2017 18,302 66.9
========================== ============ =============
Debt Profile
The funding policy of the Group continues to be to match its funding requirement in trading subsidiaries in a cost-effective fashion with an appropriate combination of short and longer-term debt. The warehouse constructed in 2008 in Germany is financed by a 20-year loan at a fixed interest rate of 4.07%. Property investments in the year have been financed partly from cash generated in the year, but principally from loans at fixed interest rates between 1.05% and 3.40%. Working capital finance, when required, is via short term loans of three months currently attracting interest at approximately 1.25%.
Bank debt in the subsidiaries is secured by charges on inventories, receivables and property and is without recourse to the Parent Company.
Principal risks and uncertainties
Following the UK referendum result in favour of leaving the European Union ("EU"), the economic environment has become much more uncertain. However, the business of Leeds Group is conducted entirely by subsidiaries incorporated in Germany or China, and their exports to the UK account for approximately 3% of Group revenue. For this reason, the Directors do not believe that a material risk to Leeds Group will arise from the terms on which the UK will, in the future, have access to EU markets, and vice versa.
Of greater risk is the possibility of reduced demand owing to falling consumer confidence, although the business has proved robust in earlier recessions with some evidence that reduced consumer spending on ready-made apparel or furnishings generates increased demand for Hemmers fabrics that customers use to make equivalent goods in the home.
The currency markets in particular dislike the current air of uncertainty, and sterling immediately lost ground on news of the referendum result. This benefits Leeds Group since, as the pound weakens, the value of the revenues, profits and net assets of foreign subsidiaries is increased in sterling terms. This effect has been seen in this year's trading and statement of financial position.
Most fabric purchased by Hemmers is paid for in US dollars, while the Euro is the principal currency in which Hemmers sells its product. Thus the Euro/dollar rate is of greater significance to Leeds Group than the strength of sterling. We shall continue to manage this transactional currency risk by a combination of forward exchange contracts with reputable banks and sales price increases where necessary.
Fire risk is mitigated by insurance, including consequential loss insurance to cover the loss of business opportunity while replacement stocks are obtained. There is an adequate disaster recovery programme in place with regard to essential computer systems. The commercial risks of operating in the highly competitive European fabric market are limited by the fact that Hemmers has a wide range of suppliers, and no customer accounts for more than 5% of revenues.
Jan G Holmstrom
Chairman
28 July 2017
Consolidated Statement of Comprehensive Income
for the year ended 31 May 2017
Year ended Year ended
31 May 2017 31 May 2016
GBP000 GBP000
------------------------------------ -------------- --------------
Revenue 41,053 36,272
Cost of sales (32,468) (28,563)
------------------------------------ -------------- --------------
Gross profit 8,585 7,709
Distribution costs (2,610) (2,216)
Administrative expenses (4,398) (3,949)
Profit from operations 1,577 1,544
Finance expense (163) (92)
Finance income 1 4
Share of post-tax profit
of joint venture 33 51
------------------------------------ -------------- --------------
Profit before tax 1,448 1,507
Tax expense (334) (468)
------------------------------------ -------------- --------------
Profit for the year attributable
to the equity holders of
the Parent Company 1,114 1,039
------------------------------------ -------------- --------------
Other comprehensive income
Translation differences
on foreign operations 1,707 693
Other comprehensive income
for the year 1,707 693
------------------------------------ -------------- --------------
Total comprehensive income
for the year attributable
to the equity holders of
the Parent Company 2,821 1,732
==================================== ============== ==============
The results shown in the consolidated statement of comprehensive income derive wholly from continuing operations. There is no tax effect relating to other comprehensive income for the year.
Amounts included in other comprehensive income may be reclassified subsequently as profit or loss.
Earnings per share attributable to
the equity holders of the Company
Note Year ended Year ended
31 May 2017 31 May 2016
----------------------------- ------ -------------- --------------
Basic and diluted earnings
per share (pence) 3 4.1p 3.8p
============================= ====== ============== ==============
Consolidated Statement of Financial Position
at 31 May 2017
Company number 00067863 31 May 2017 31 May 2016
GBP000 GBP000
--------------------------------- ------------- -------------
Assets
Non-current assets
Property, plant and equipment 8,452 5,864
Goodwill 1,055 855
Investment in joint venture 832 640
Total non-current assets 10,339 7,359
--------------------------------- ------------- -------------
Current assets
Inventories 10,123 7,765
Trade and other receivables 6,753 5,779
Corporation tax recoverable 313 -
Cash and cash equivalents 1,567 1,612
Total current assets 18,756 15,156
--------------------------------- ------------- -------------
Total assets 29,095 22,515
================================= ============= =============
Liabilities
Non-current liabilities
Loans and borrowings (3,984) (3,843)
Deferred tax (275) (230)
Total non-current liabilities (4,259) (4,073)
--------------------------------- ------------- -------------
Current liabilities
Trade and other payables (3,383) (2,283)
Loans and borrowings (3,103) (415)
Derivative financial liability (48) (40)
Corporation tax liability - (192)
Total current liabilities (6,534) (2,930)
--------------------------------- ------------- -------------
Total liabilities (10,793) (7,003)
================================= ============= =============
TOTAL NET ASSETS 18,302 15,512
================================= ============= =============
Capital and reserves attributable
to
equity holders of the Company
Share capital 3,792 3,792
Capital redemption reserve 600 600 Treasury share reserve (798) (767) Foreign exchange reserve 2,349 642 Retained earnings 12,359 11,245 TOTAL EQUITY 18,302 15,512 ==================================== ======== ========
The financial statements were approved and authorised for issue by the Board of directors on 28 July 2017 and were signed on behalf of the Board by:-
Jan G Holmstrom
Chairman
Consolidated Cash Flow Statement
for the year ended 31 May 2017
Year ended Year ended
31 May 2017 31 May 2016
GBP000 GBP000
---------------------------------- -------------- --------------
Cash flows from operating
activities
Profit for the year 1,114 1,039
Adjustments for:
Depreciation 531 300
Amortisation of intangible 4 -
assets
Finance expense 163 92
Finance income (1) (4)
Movement in fair value
of derivative 4 99
Loss on sale of property,
plant and equipment 3 1
Share of post-tax profit
of joint venture (33) (51)
Income tax expense 334 468
Cash flows from operating
activities before
changes in working capital
and provisions 2,119 1,944
(Increase) in inventories (1,271) (44)
(Increase)/decrease in
trade and other receivables (211) 538
Increase/(decrease) in
trade and other payables 475 (621)
Cash generated from operating
activities 1,112 1,817
Income taxes paid (838) (613)
Net cash flows from operating
activities 274 1,204
================================== ============== ==============
Investing activities
Purchase of property, plant
and equipment (2,280) (4,156)
Sale of property, plant (84) -
and equipment
Increase in joint venture (68) -
investment
Bank interest received 2 4
Net cash used in investing
activities (2,430) (4,152)
================================== ============== ==============
Financing activities
Purchase of treasury shares (31) (42)
Bank borrowings drawn down 2,191 2,640
Bank interest paid (163) (92)
Net cash generated in financing
activities 1,997 2,506
================================== ============== ==============
Net (decrease) in cash
and cash equivalents (159) (442)
Translation gain on cash
and cash equivalents 114 27
Cash and cash equivalents
at the beginning of the
year 1,612 2,027
Cash and cash equivalents
at the end of the year 1,567 1,612
================================== ============== ==============
Consolidated Statement of Changes in Equity
for the year ended 31 May 2017
Share Capital Treasury Foreign Retained Total
capital redemption share exchange earnings equity
reserve reserve reserve
GBP000 GBP000 GBP000 GBP000 GBP000 GBP000
------------------------- ---------- ------------- ---------- ----------- ----------- ---------
At 31 May 2015 3,792 600 (725) (51) 10,206 13,822
Profit for the
year - - - - 1,039 1,039
Other comprehensive
income - - - 693 - 693
Total comprehensive
income - - - 693 1,039 1,732
------------------------- ---------- ------------- ---------- ----------- ----------- ---------
Transaction with
Shareholders:
Purchase of treasury
shares - - (42) - - (42)
------------------------- ---------- ------------- ---------- ----------- ----------- ---------
At 31 May 2016 3,792 600 (767) 642 11,245 15,512
Profit for the
year - - - - 1,114 1,114
Other comprehensive
income - - - 1,707 - 1,707
Total comprehensive
income - - - 1,707 1,114 2,821
------------------------- ---------- ------------- ---------- ----------- ----------- ---------
Transaction with
Shareholders:
Purchase of treasury
shares - - (31) - - (31)
At 31 May 2017 3,792 600 (798) 2,349 12,359 18,302
========================= ========== ============= ========== =========== =========== =========
The following describes the nature and purpose of each reserve within equity:
Reserve Description and purpose
Share capital The nominal value of issued ordinary
shares in the Company.
Capital redemption Amounts transferred from share
reserve capital on redemption of issued
shares.
Treasury share Cost of own shares held in treasury.
reserve
Foreign exchange Gains/losses arising on retranslation
reserve of the net assets of overseas
operations into sterling.
Retained earnings Cumulative net gains/losses recognised
in the consolidated statement
of comprehensive income after
deducting the cost of cancelled
treasury shares.
Notes
1. This preliminary announcement has been prepared using the recognition and measurement principles of IFRS as adopted by the European Union.
2. The Directors do not recommend the payment of a dividend. (2016: GBPnil)
3. Earnings per share
Since there are no outstanding Year ended Year ended
share options, there is no difference 31 May 31 May
between basic and diluted earnings 2017 2016
per share.
------------------------------------------ --------------- ---------------
Numerator
Profit for the year from continuing GBP1,114,000 GBP1,039,000
operations, being the earnings
used in earnings per share
Denominator
Weighted average number of shares
used in earnings per share (excluding
treasury shares) 27,422,227 27,506,459
Basic and diluted earnings per
share 4.1p 3.8p
========================================== =============== ===============
4. The financial information set out above does not constitute the company's statutory accounts for 2017 or 2016.
Statutory accounts for the years ended 31 May 2017 and 31 May 2016 have been reported on by the Independent Auditors.
The Independent Auditors' Report on the Annual Report and Financial Statements for both 2017 and 2016 was unqualified, did not draw attention to any matters by way of emphasis, and did not contain a statement under 498(2) or 498(3) of the Companies Act 2006.
5. Statutory accounts for the year ended 31 May 2016 have been filed with the Registrar of Companies. The statutory accounts for the year ended 31 May 2017 will be delivered to the Registrar in due course. The Annual Report, giving notice of the Annual General Meeting, will be sent to shareholders shortly. Further copies will be available from the Company's Registered Office, Old Mills, Whitehall Grove, Drighlington, Bradford, BD11 1BY or from the Group's website, www.leedsgroup.plc.uk
6 Segmental information
IFRS adjustments
-------------------------
Year ended Hemmers Hemmers Inter Total Holding Financial Goodwill Group
31 May 2017 Europe China segmental Hemmers companies derivatives total
GBP000 GBP000 GBP000 GBP000 GBP000 GBP000 GBP000 GBP000
------------------ ---------- --------- ----------- ---------- ----------- ------------- ---------- ----------
External
revenue 37,554 3,499 - 41,053 - - - 41,053
Inter-segmental
revenue 5 511 (516) - - - - -
Cost of
sales (29,739) (3,301) 528 (32,512) - 44 - (32,468)
Gross profit 7,820 709 12 8,541 - 44 - 8,585
Distribution
costs (2,309) (301) - (2,610) - - - (2,610)
Admin expenses (4,123) (361) - (4,484) 86 - - (4,398)
Profit from
operations 1,388 47 12 1,447 86 44 - 1,577
Finance
expense (163) - - (163) - - - (163)
Finance
income - - - - 1 - - 1
Internal
interest (213) - - (213) 213 - - -
Share of
JV profit 33 - - 33 - - - 33
Profit before
tax 1,045 47 12 1,104 300 44 - 1,448
================== ========== ========= =========== ========== =========== ============= ========== ==========
IFRS adjustments
--------------------------
At 31 May Hemmers Hemmers Inter Total Holding Financial Goodwill Group
2017 Europe China segmental Hemmers companies derivatives total
GBP000 GBP000 GBP000 GBP000 GBP000 GBP000 GBP000 GBP000
--------------- ---------- --------- ------------ ---------- ------------ -------------- ---------- ----------
Total assets 26,137 1,727 (24) 27,840 283 - 972 29,095
--------------- ---------- --------- ------------ ---------- ------------ -------------- ---------- ----------
Total
liabilities (12,722) (621) - (13,343) 2,825 - (275) (10,793)
Net assets 13,415 1,106 (24) 14,497 3,108 - 697 18,302
=============== ========== ========= ============ ========== ============ ============== ========== ==========
IFRS adjustments
-------------------------
Year ended Hemmers Hemmers Inter Total Holding Financial Goodwill Group
31 May 2016 Europe China segmental Hemmers companies derivatives total
GBP000 GBP000 GBP000 GBP000 GBP000 GBP000 GBP000 GBP000
------------------ ---------- --------- ----------- ---------- ----------- ------------- ---------- ----------
External
revenue 32,775 3,497 - 36,272 - - - 36,272
Inter-segmental
revenue 10 622 (632) - - - - -
Cost of
sales (25,731) (3,368) 635 (28,464) - (99) - (28,563)
Gross profit 7,054 751 3 7,808 - (99) - 7,709
Distribution
costs (1,964) (252) - (2,216) - - - (2,216)
Admin expenses (3,582) (232) - (3,814) (135) - - (3,949)
Profit from
operations 1,508 267 3 1,778 (135) (99) - 1,544
Finance
expense (92) - - (92) - - - (92)
Finance
income - - - - 4 - - 4
Internal
interest (158) - - (158) 158 - - -
Share of
JV profit 51 - - 51 - - - 51
Profit before
tax 1,309 267 3 1,579 27 (99) - 1,507
================== ========== ========= =========== ========== =========== ============= ========== ==========
IFRS adjustments
--------------------------
At 31 May Hemmers Hemmers Inter Total Holding Financial Goodwill Group
2016 Europe China segmental Hemmers companies derivatives total
GBP000 GBP000 GBP000 GBP000 GBP000 GBP000 GBP000 GBP000
----------------- --------- --------- ------------ ---------- ------------ -------------- ---------- ---------
Total assets 19,488 1,633 (32) 21,089 571 - 855 22,515
Total
liabilities (8,371) (630) - (9,001) 2,268 (40) (230) (7,003)
Net assets 11,117 1,003 (32) 12,088 2,839 (40) 625 15,512
================= ========= ========= ============ ========== ============ ============== ========== =========
Analysis of revenue by destination
Year ended 31 May Year ended 31 May
2017 2016
Hemmers Hemmers Group Hemmers Hemmers Group
Europe China total Europe China total
GBP000 GBP000 GBP000 GBP000 GBP000 GBP000
---------------- --------- --------- --------- --------- --------- ---------
UK 1,071 162 1,233 1,205 100 1,305
Germany 23,816 42 23,858 22,088 71 22,159
Rest of
EU 10,119 867 10,986 7,762 1,230 8,992
Total EU 35,006 1,071 36,077 31,055 1,401 32,456
Rest of
Europe 2,005 257 2,262 1,186 335 1,521
Total Europe 37,011 1,328 38,339 32,241 1,736 33,977
North America 225 235 460 187 580 767
Asia 100 1,480 1,580 140 831 971
Oceania 118 239 357 80 301 381
South America 99 183 282 108 19 127
Africa 1 34 35 19 30 49
Total revenue 37,544 3,499 41,053 32,775 3,497 36,272
================ ========= ========= ========= ========= ========= =========
This information is provided by RNS
The company news service from the London Stock Exchange
END
FR PGUCCMUPMGMB
(END) Dow Jones Newswires
July 31, 2017 02:00 ET (06:00 GMT)
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