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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 | 07:31:04 |
| 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 : 3858X
Leeds Group PLC
10 August 2018
Leeds Group plc ("Leeds Group")
Financial Highlights
12 months ended 31 May 2018
q Leeds Group profit before tax GBP885,000 (2017: GBP1,448,000).
q Leeds Group sales revenue increased by 1% to GBP41,538,000 (2017: GBP41,053,000).
q Leeds Group finished the financial year with bank debt net of cash GBP4,485,000 (2017: GBP5,520,000).
q Leeds Group net asset value per share (excluding treasury shares) 69.4p (2017: 66.9p).
q Earnings per Leeds Group share 2.0p (2017: 4.1p).
q The Directors do not propose a dividend in 2018 (2017: nil).
This announcement contains inside information for the purposes of Article 7 of EU Regulation 596/2014 (MAR) and has been arranged for release by Jan G Holmstrom, Chairman.
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Enquiries:
Leeds Group plc Cairn Financial Advisers
LLP
Jan Holmstrom, Chairman Tel: 0046 708 Tony Rawlinson Tel: 020
111 360 7213 0880
Dawn Henderson, Company Secretary Tel: Liam Murray
07747 777055
Chairman's Statement
I am pleased to present the results for the year ended 31 May 2018.
Results
The Group achieved sales for the year of GBP41,538,000 (2017: GBP41,053,000). Trading conditions have been difficult with increased competition and pressure on margins and although sales are slightly higher than last year the Group made a reduced profit after tax of GBP545,000 (2017: GBP1,114,000). Last year the Euro denominated Parent Company loan to its German subsidiary resulted in a currency gain of GBP310,000 whereas this year there was a GBP49,000 currency loss.
Net assets at 31 May 2018 increased by GBP686,000 to GBP18,988,000 (2017: GBP18,302,000) and thus the value per share increased slightly to 69.4p (2017: 66.9p). Net bank debt decreased by GBP1,035,000 to GBP4,485,000 (2017: GBP5,520,000).
Hemmers-Itex Textil Import Export GmbH ("Hemmers")
Fabric sales for the year at Hemmers, Leeds Group's principal trading company, are in Euro terms slightly lower than last year at EUR43,342,000 (2017: EUR44,182,000). In sterling terms, the revenue increased slightly to GBP38,299,000 (2017: GBP37,544,000) as a result of the weakening of sterling. The pre-tax profit in the current year of GBP1,123,000 (2017: GBP1,012,000) was higher than last year. Trading conditions continued to be challenging and so a strategic review coupled with a comprehensive cost review was undertaken during the year to ensure increased profitability for Hemmers in the coming year.
Chinoh Tex Ltd ("Chinoh-Tex")
Chinoh-Tex, the Hemmers subsidiary based in Shanghai, achieved external sales revenue of GBP3,239,000 (2017: GBP3,499,000). However, due to reduced gross margins, there was a pre-tax loss of GBP86,000 for the year (2017: profit GBP47,0000. Steps have been taken to reduce infrastructure and administrative costs to ensure profitability in the future. Chinoh-Tex continues to provide valuable assistance to its European parent in terms of purchasing, quality inspection and bulk shipping of fabrics bought in China.
Stoff-Ideen-KMR GmbH ("KMR")
KMR's operating performance has been unsatisfactory which resulted in Hemmers incorporating a loss for its 50% shareholding in KMR of GBP107,000 (2017: profit GBP33,000). On the 5 July 2018, Leeds Group announced that it had reached an agreement to terminate the joint venture arrangement with KMR acquiring and cancelling the 50% shareholding of our partner. Hemmers will retain its shareholding in KMR and thus become the sole owner. The directors of Leeds Group believe that it is in the best interest of the Group to take full control of KMR going forward.
Dividend
The Directors do not propose a dividend considering the reduced trading result.
Employees
On behalf of shareholders, I want to thank the management and staff of Hemmers, Chinoh-Tex and KMR.
Outlook
The Board considers there are still potential growth opportunities for Hemmers, Chinoh-Tex and KMR despite a competitive environment and given the steps taken to improve efficiencies, the directors believe that we are well placed to return to previous profit levels for the Group.
At this early point in the current financial year, sales and profit are in line with the expectations of the Board.
Jan G Holmstrom
Chairman
9 August 2018
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 2018, 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 tax
* Sales volumes and revenue
-- earnings per share
* gross profit margin
-- working capital levels
* operating overheads and central costs
Group result
Group revenue in the year was GBP41,538,000 (2017: GBP41,053,000), and pre-tax profit was GBP885,000 (2017: GBP1,448,000). The trading profit for Hemmers improved this year, however, there were trading losses in Chinoh-Tex and KMR. The main reason for the reduction in profit this year compared to last year is due to the exchange differences arising from retranslation of the intercompany loan between Hemmers and the Parent Company. The Parent Company has previously granted a loan denominated in Euros to its subsidiary Hemmers and, as sterling has weakened during the financial year, an unrealised loss has arisen in the Parent Company and the Group accounts of GBP49,000 (2017: gain GBP310,000).
The tax charge in the year was GBP340,000 (2017: GBP334,000). Earnings per share were 2.0p (2017: 4.1p).
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 are slightly lower than last year at EUR43,342,000 (2017: EUR44,182,000). In sterling terms, however, the revenue increased slightly to GBP38,299,000 (2017: GBP37,544,000) as a result of the weakening of sterling. The pre-tax profit increased in the year to GBP1,123,000 (2017: EUR1,078,000). This was due to an increase in gross margins to 22.1% (2017: 20.8%). Overhead expenditure in local currency increased by 3.1% as a result of increased wages and administration costs. A strategic review coupled with a comprehensive cost review was undertaken during the year to ensure the cost base for Hemmers is aligned to the business activity thus producing increased profitability for Hemmers in the coming year.
In 2014, Hemmers acquired a 50% interest in KMR, a chain of retail fabric and haberdashery stores, at a cost of GBP383,000. In 2015 and 2017 each of the two joint venture partners subscribed for additional capital. KMR is operated as a joint venture. Since the investment KMR has operated profitability, however, this year the Group's share of the post-tax loss of KMR in the year was GBP107,000 (2017: profit GBP33,000). As detailed in the Chairman's statement, since the year end KMR has become a wholly owned subsidiary within the Group.
Hemmers bank debt, net of cash, decreased in the year to GBP4,963,000 (2017: GBP6,619,000). This bank debt is secured on the assets of Hemmers.
Hemmers is working to focus on growing its business both domestically and internationally in both its wholesale and retail markets. The strategic review together with increased synergies with KMR is expected to increase profitability for Hemmers and KMR in the coming year.
Hemmers China
Chinoh-Tex is a textile trading subsidiary of Hemmers. It is based in Shanghai and has been trading for ten years. It purchases fabric from Chinese suppliers and in 2018 sold to customers in 26 countries. 43% of sales were made to EU countries (2017: 31).
External sales revenue was slightly lower this year GBP3,239,000 (2017: GBP3,499,000), with a small fall in volumes, however gross margins were reduced to 15% (2017: 18%). Whilst overhead spending remained at similar levels to last year GBP650,000 (2017: GBP662,000) due to the reduced gross profit margins, Chinoh-Tex's result for the year was a pre-tax loss of GBP86,000 (2017: profit GBP47,000). A review has been undertaken to ensure the cost base is appropriate for the level of business activity and therefore a return to profitability is expected in the current financial year.
Chinoh-Tex 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 GBP557,000 (2017: GBP511,000). This relationship will be developed and improve profitability for both businesses.
Parent Company's Costs
The Parent Company's net cost in the year was as follows:
Year ended Year ended
31 May 2018 31 May 2017
GBP000 GBP000
Parent Company's costs net of interest
receivable 17 (10)
Exchange (loss)/gain on Group loan (49) 310
Net Parent Company's (cost)/income (32) 300
----------------------------------------- -------------- --------------
The Parent Company has previously granted a loan denominated in Euros to its subsidiary Hemmers and, as sterling has weakened during the financial year, an unrealised loss has arisen in the Parent Company and the Group accounts of GBP49,000 (2017: gain GBP310,000). Other costs increased as a result of the Parent Company de-registering for UK VAT.
Fixed Assets
Capital additions in the year amounted to GBP400,000 (2017: GBP2,280,000). The net book amount of tangible fixed assets in the Consolidated Statement of Financial Position is GBP8,319,000 (2017: GBP8,452,000).
During the financial year 2017, a subsidiary of the Group acquired a property which was presented within property, plant and equipment in the Consolidated Statement of Financial Position. Although part of the property is occupied by the subsidiary company, part of the property is rented out externally. Under International Financial Reporting Standards, it is therefore more appropriate to present part of the value of this property as investment property. A prior year adjustment has been made to reclassify GBP565,000 within non-current assets from property, plant and equipment to investment property. Investment property is accounted for using the depreciated cost method, as such this adjustment has no effect on profit, net assets, net debt or EPS in the prior year.
Working Capital
Working capital which comprises inventories, trade and other receivables, and trade and other payables decreased in the year by GBP345,000 (2017: increased GBP1,007,000). There were no major changes to the working capital requirements for the Group during the year.
Net Asset Value
Net assets increased in the year by GBP686,000 as follows:
Net assets Per share
GBP000 pence
At 31 May 2017 18,302 66.9
Profit after tax 545 2.0
Translation differences 141 0.5
At 31 May 2018 18,988 69.4
========================== ============ ===========
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. Property investments have been financed partly by long term loans of fixed interest rates between 1.5% and 4.07%. Working capital finance, when required, is via short term loans of three months currently attracting interest at approximately 2.5%.
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. Leeds Group do have loans denominated in euros which do carry a currency risk and may be affected by Brexit, however, the directors do not believe the impact would have a material effect on the Group's results as the subsidiary trades in Euros the directors consider this provides a natural hedge.
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 surrounding the current negotiations with regard to the UK leaving the EU and sterling has continued to weaken since the UK announced it was leaving the UK. This benefits Leeds Group since, as the pound weakens, the value of the revenues, profits and net assets of foreign subsidiaries are increased in sterling terms. This effect has been seen in both this year's and last 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
9 August 2018
Consolidated Statement of Comprehensive Income
for the year ended 31 May 2018
Year ended Year ended
31 May 2018 31 May 2017
GBP000 GBP000
---------------------------------------- -------------- --------------
Revenue 41,538 41,053
Cost of sales (32,526) (32,468)
---------------------------------------- -------------- --------------
Gross profit 9,012 8,585
Distribution costs (2,722) (2,610)
Administrative expenses (5,188) (4,398)
Other income 50 -
Profit from operations 1,152 1,577
Finance expense (160) (163)
Finance income - 1
Share of post-tax (loss)/profit
of joint venture (107) 33
---------------------------------------- -------------- --------------
Profit before tax 885 1,448
Tax expense (340) (334)
---------------------------------------- -------------- --------------
Profit for the year attributable
to the equity holders of the Parent
Company 545 1,114
---------------------------------------- -------------- --------------
Other comprehensive income
Translation differences on foreign
operations 141 1,707
Other comprehensive income for
the year 141 1,707
---------------------------------------- -------------- --------------
Total comprehensive income for
the year attributable to the equity
holders of the Parent Company 686 2,821
======================================== ============== ==============
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 2018 31 May 2017
----------------------------- ------ -------------- --------------
Basic and diluted earnings
per share (pence) 3 2.0p 4.1p
============================= ====== ============== ==============
Consolidated Statement of Financial Position
at 31 May 2018
Company number 00067863 31 May 2018 Restated
GBP000 31 May 2017
GBP000
--------------------------------- -------------- --------------
Assets
Non-current assets
Property, plant and equipment 7,755 7,872
Investment property 564 580
Goodwill 1,057 1,055
Investment in joint venture 734 832
Total non-current assets 10,110 10,339
--------------------------------- -------------- --------------
Current assets
Inventories 9,621 10,123
Trade and other receivables 6,252 6,753
Corporation tax recoverable 386 313
Cash and cash equivalents 572 1,567
Total current assets 16,831 18,756
--------------------------------- -------------- --------------
Total assets 26,941 29,095
================================= ============== ==============
Liabilities
Non-current liabilities
Loans and borrowings (3,708) (3,984)
Deferred tax (277) (275)
Total non-current liabilities (3,985) (4,259)
--------------------------------- -------------- --------------
Current liabilities
Trade and other payables (2,619) (3,383)
Loans and borrowings (1,349) (3,103) Derivative financial liability - (48) Total current liabilities (3,968) (6,534) --------------------------------- -------------- -------------- Total liabilities (7,953) (10,793) ================================= ============== ============== TOTAL NET ASSETS 18,988 18,302 ================================= ============== ============== 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) (798) Foreign exchange reserve 2,490 2,349 Retained earnings 12,904 12,359 TOTAL EQUITY 18,988 18,302 ==================================== ======== ========
The financial statements were approved and authorised for issue by the Board of directors on 9 August 2018 and were signed on behalf of the Board by:-
Jan G Holmstrom
Chairman
Consolidated Cash Flow Statement
for the year ended 31 May 2018
Year ended Year ended
31 May 2018 31 May 2017
GBP000 GBP000
-------------------------------------------- -------------- ---- --------------
Cash flows from operating activities
Profit for the year 545 1,114
Adjustments for:
Depreciation of property, plant
and equipment 586 531
Depreciation of investment property 19 -
Amortisation of intangible assets 6 4
Finance expense 160 163
Finance income - (1)
Movement in fair value of derivative (48) 4
Loss on sale of property, plant
and equipment - 3
Share of post-tax loss/(profit)
of joint venture 107 (33)
Income tax expense 340 334
Cash flows from operating activities
before
changes in working capital and
provisions 1,715 2,119
Decrease/(increase) in inventories 597 (1,271)
Decrease/(increase) in trade and
other receivables 583 (211)
(Decrease)/increase in trade and
other payables (835) 475
Cash generated from operating activities 2,060 1,112
Income taxes paid (411) (838)
Net cash flows from operating activities 1,649 274
============================================ ============== ==== ==============
Investing activities
Purchase of property, plant and
equipment (400) (1,715)
Purchase of investment property - (565)
Sale of property, plant and equipment - (83)
Increase in joint venture investment - (68)
Bank interest received - 1
Net cash used in investing activities (400) (2,430)
============================================ ============== ==== ==============
Financing activities
Purchase of treasury shares - (31)
Bank borrowings drawn down (2,102) 2,191
Bank interest paid (160) (163)
Net cash (used)/ generated in financing
activities (2,262) 1,997
============================================ ============== ==== ==============
Net decrease in cash and cash equivalents (1,013) (159)
Translation gain on cash and cash
equivalents 18 114
Cash and cash equivalents at the
beginning of the year 1,567 1,612
Cash and cash equivalents at the
end of the year 572 1,567
============================================ ============== ==== ==============
Consolidated Statement of Changes in Equity
for the year ended 31 May 2018
Share Capital Treasury Foreign Retained Total equity
capital redemption share exchange earnings
reserve reserve reserve GBP000
GBP000 GBP000 GBP000 GBP000 GBP000
------------------------- ---------- ------------- ---------- ----------- ----------- --------------
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
Profit for the year - - - - 545 545
Other comprehensive
income - - - 141 - 141
Total comprehensive
income - - - 141 545 686
------------------------- ---------- ------------- ---------- ----------- ----------- --------------
At 31 May 2018 3,792 600 (798) 2,490 12,904 18,988
========================= ========== ============= ========== =========== =========== ==============
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 reserve Amounts transferred from share capital on
redemption of issued shares.
Treasury share reserve Cost of own shares held in treasury.
Foreign exchange reserve Gains/losses arising on retranslation 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 International Financial Reporting Standards as adopted by the European Union.
2. The Directors do not recommend the payment of a dividend in 2018 (2017: GBPnil).
3. Earnings per share
Since there are no outstanding share options, Year ended Year ended
there is no difference between basic and 31 May 2018 31 May 2017
diluted earnings per share.
-------------------------------------------------- -------------- ---------------
Numerator
Profit for the year from continuing operations, GBP545,000 GBP1,114,000
being the earnings used in earnings per
share
Denominator
Weighted average number of shares used
in earnings per share (excluding treasury
shares) 27,350,843 27,422,227
Basic and diluted earnings per share 2.0p 4.1p
================================================== ============== ===============
4. During the financial year 2017, a subsidiary of the Group acquired a property which was presented within property, plant and equipment in the Consolidated Statement of Financial Position. Although part of the property is occupied by the subsidiary company, part of the property is rented out externally. Under International Financial Reporting Standards, it is therefore more appropriate to present part of the value of this property as investment property. A prior year adjustment has been made to reclassify GBP565,000 within non-current assets from property, plant and equipment to investment property. Investment property is accounted for using the depreciated cost method, as such this adjustment has no effect on profit, net assets, net debt or EPS in the prior year.
5. The financial information set out above does not constitute the company's statutory accounts for 2018 or 2017.
Statutory accounts for the years ended 31 May 2018 and 31 May 2017 have been reported on by the Independent Auditors.
The Independent Auditor's Report on the Annual Report and Financial Statements for both 2018 and 2017 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.
. Statutory accounts for the year ended 31 May 2017 have been filed with the Registrar of Companies. The statutory accounts for the year ended 31 May 2018 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 Parent Financial Goodwill Total
31 May 2018 Europe China segmental Hemmers Company derivatives Group
GBP000 GBP000 GBP000 GBP000 GBP000 GBP000 GBP000 GBP000
------------------ ---------- --------- ------------ ---------- ---------- ------------- ---------- ----------
External revenue 38,299 3,239 - 41,538 - - - 41,538
Inter-segmental
revenue 1 556 (557) - - - - -
Cost of sales (29,839) (3,231) 544 (32,526) - - - (32,526)
Gross
profit/(loss) 8,461 564 (13) 9,012 - - - 9,012
Distribution
costs (2,460) (262) - (2,722) - - - (2,722)
Admin expenses (4,530) (388) - (4,918) (270) - - (5,188)
Other income 50 - - 50 - - - 50
------------------ ---------- --------- ------------ ---------- ---------- ------------- ---------- ----------
Profit from
operations 1,521 (86) (13) 1,422 (270) - - 1,152
Finance expense (160) - - (160) - - - (160)
Internal
interest (238) - - (238) 238 - - -
Share of JV
loss (107) - - (107) - - - (107)
Profit/(loss)
before tax 1,016 (86) (13) 917 (32) - - 885
================== ========== ========= ============ ========== ========== ============= ========== ==========
IFRS adjustments
--------------------------
At 31 May Hemmers Hemmers Inter Total Parent Financial Goodwill Total
2018 Europe China segmental Hemmers Company derivatives Group
GBP000 GBP000 GBP000 GBP000 GBP000 GBP000 GBP000 GBP000
----------------- ---------- --------- ------------ ---------- ---------- -------------- ---------- ----------
Total assets 24,386 1,463 (37) 25,812 149 - 980 26,941
----------------- ---------- --------- ------------ ---------- ---------- -------------- ---------- ----------
Total
liabilities (10,189) (414) - (10,603) 2,927 - (277) (7,953)
Total net
assets 14,197 1,049 (37) 15,209 3,076 - 703 18,988
================= ========== ========= ============ ========== ========== ============== ========== ==========
IFRS adjustments
-------------------------
Year ended Hemmers Hemmers Inter Total Parent Financial Goodwill Total
31 May 2017 Europe China segmental Hemmers Company derivatives Group
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 Parent Financial Goodwill Total
2017 Europe China segmental Hemmers Company derivatives Group
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)
Total net
assets 13,415 1,106 (24) 14,497 3,108 - 697 18,302
============== ========== ========= =========== ========== ========= ============= ========== ==========
Analysis of revenue by destination
Year ended 31 May 2018 Year ended 31 May 2017
Hemmers Hemmers Total Hemmers Hemmers Total
Europe China Group Europe China Group
GBP000 GBP000 GBP000 GBP000 GBP000 GBP000
----------------- --------- --------- --------- --------- --------- ---------
UK 1,250 115 1,365 1,071 162 1,233
Germany 22,555 855 23,410 23,816 42 23,858
Rest of EU 11,486 413 11,899 10,119 867 10,986
Total EU 35,291 1,383 36,674 35,006 1,071 36,077
Rest of Europe 2,182 416 2,598 2,005 257 2,262
Total Europe 37,473 1,799 39,272 37,011 1,328 38,339
North America 272 440 712 225 235 460
Asia 91 272 363 100 1,480 1,580
Oceania 339 617 956 118 239 357
South America 123 109 232 99 183 282
Africa 1 2 3 1 34 35
Total revenue 38,299 3,239 41,538 37,544 3,499 41,053
================= ========= ========= ========= ========= ========= =========
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.
END
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