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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
London Security Plc | LSE:LSC | London | Ordinary Share | GB0005314363 | ORD 1P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 3,050.00 | 2,800.00 | 3,300.00 | 3,050.00 | 3,050.00 | 3,050.00 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
Fire Protection | 188.9M | 20.2M | 1.6478 | 18.51 | 373.95M |
TIDMLSC
RNS Number : 9415Y
London Security PLC
15 September 2020
London Security PLC
(the "Group" or "Company")
Interim results for the six months ended 30 June 2020
Chairman's statement
J.G. Murray, Chairman
Financial highlights
-- Revenue GBP67.2m (2019: GBP71.7m) -- Operating profit GBP7.6m (2019: GBP10.5m) -- Earnings per share 39.9p (2019: 57.9p)
TRADING
The financial highlights illustrate that the Group's revenue decreased by GBP4.5 million (6.3%) to GBP67.2 million
Operating profit decreased by GBP2.9 million (27.6%) to GBP7.6 million.
The period under review reflects the impact from the coronavirus outbreak, which has significantly impacted all the countries in which we operate. Although there has been some return to normality in our business some customers remain closed and there are still restrictions on our operations. We must be prepared for further disruption should a second wave materialise in any of the countries in which we operate.
ACQUISITIONS
In the six months to the end of June, the Group has made no acquisitions. It remains a principal aim of the Group to grow through acquisition. Acquisitions are being sought throughout Europe and the Group will invest at the upper end of the price spectrum where an adequate return is envisaged by the Board.
CASH AND FINANCING
The Group's cash balance as at 30 June 2020 was GBP34.4 million. This is an increase of GBP7.3 million on the 31 December 2019 balance of GBP27.1 million
In May 2018 the Group entered into a new five year multi-currency facility until 2023 comprising GBP3.15 million and EUR8.40 million. To limit our exposure to increasing interest rates these loans are subject to interest rate caps of 1.5% LIBOR on the Sterling loan and 0.25% EURIBOR on the Euro loan.
PROSPECTS
As the situation continues, cash management will be a key consideration; the London Security Group has a healthy balance sheet, strong cash reserves and a track record for good cash generation. Debt recovery remains consistent with previous years and staff costs will be controlled using the furlough process where applicable. The Board therefore considers that its strong balance sheet and material net cash position means that it is well placed to navigate through the impact of the coronavirus outbreak.
DIVIDS
A final dividend in respect of 2019 of GBP0.20 per ordinary share was paid to shareholders on 10 July 2020.
J.G. Murray
Chairman
15 September 2020
Consolidated income statement
for the six months ended 30 June 2020
Unaudited Unaudited Audited six months six months year ended ended ended 30 June 30 June 31 December 2020 2019 2019 Note GBP'000 GBP'000 GBP'000 ----------------------------------- ---- ---------- ---------- ----------- Revenue 67,164 71,737 146,920 Cost of sales (16,452) (17,932) (36,293) ----------------------------------- ---- ---------- ---------- ----------- Gross profit 50,712 53,805 110,627 Distribution costs (26,310) (26,253) (54,140) Administrative expenses (16,768) (17,025) (32,333) ----------------------------------- ---- ---------- ---------- ----------- Operating profit 7,634 10,527 24,154 ----------------------------------- ---- ---------- ---------- ----------- EBITDA* 11,951 14,474 32,503 Depreciation and amortisation (4,317) (3,947) (8,349) ----------------------------------- ---- ---------- ---------- ----------- Operating profit 7,634 10,527 24,154 ----------------------------------- ---- ---------- ---------- ----------- Finance income 21 23 142 Finance costs (96) (121) (254) ----------------------------------- ---- ---------- ---------- ----------- Finance costs - net (75) (98) (112) ----------------------------------- ---- ---------- ---------- ----------- Profit before income tax 7,559 10,429 24,042 Income tax expense (2,602) (3,237) (7,229) ----------------------------------- ---- ---------- ---------- ----------- Profit for the period 4,957 7,192 16,813 ----------------------------------- ---- ---------- ---------- ----------- Profit is attributable to Equity shareholders of the Company 4,895 7,103 16,653 Non-controlling interest 62 89 160 ----------------------------------- ---- ---------- ---------- ----------- 4,957 7,192 16,813 ----------------------------------- ---- ---------- ---------- ----------- Earnings per share Basic and diluted 3 39.9p 57.9p 135.8p Dividends Dividends paid per share Nil Nil 80.0p ----------------------------------- ---- ---------- ---------- -----------
* Earnings before interest, taxation, depreciation, amortisation and impairment charges.
The above are all as a result of continuing operations.
Consolidated statement of comprehensive income
for the six months ended 30 June 2020
Unaudited Unaudited Audited six months six months year ended ended ended 30 June 30 June 31 December 2020 2019 2019 GBP'000 GBP'000 GBP'000 --------------------------------------------------------- ---------- ---------- ----------- Profit for the financial period 4,957 7,192 16,813 --------------------------------------------------------- ---------- ---------- ----------- Other comprehensive income/(expense): Items that will not be reclassified subsequently to profit or loss: - currency translation differences on foreign operation consolidation, net of tax 3,196 47 (2,389) - actuarial gain recognised in the Nu-Swift pension scheme - - 414 - movement on deferred tax relating to the Nu-Swift pension scheme - - (145) - actuarial loss recognised in the Ansul pension scheme - - (412) - movement on deferred tax relating to the Ansul pension scheme - - 103 --------------------------------------------------------- ---------- ---------- ----------- Other comprehensive income for the period, net of tax 3,196 47 (2,429) --------------------------------------------------------- ---------- ---------- ----------- Total comprehensive income for the period 8,153 7,239 14,384 --------------------------------------------------------- ---------- ---------- -----------
Consolidated statement of changes in equity
for the six months ended 30 June 2020
Share Share Capital Merger Other Retained Non-controlling capital premium redemption reserve reserve earnings interest Total GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 ----------------------------------------------------------- ------- ------- ---------- ------- ------- -------- --------------- ------- At 1 January 2019 123 344 1 2,033 8,831 100,078 302 111,712 ----------------------------------------------------------- ------- ------- ---------- ------- ------- -------- --------------- ------- Comprehensive income for the period: - profit for the period - - - - - 7,103 89 7,192 - exchange adjustments - - - - 47 - - 47 ----------------------------------------------------------- ------- ------- ---------- ------- ------- -------- --------------- ------- Total comprehensive income for the period - - - - 47 7,103 89 7,239 ----------------------------------------------------------- ------- ------- ---------- ------- ------- -------- --------------- ------- Distribution to non-controlling interest - - - - - - (23) (23)
----------------------------------------------------------- ------- ------- ---------- ------- ------- -------- --------------- ------- At 30 June 2019 123 344 1 2,033 8,878 107,181 368 118,928 ----------------------------------------------------------- ------- ------- ---------- ------- ------- -------- --------------- ------- Comprehensive income for the period: - profit for the period - - - - - 9,550 71 9,621 - exchange adjustments - - - - (2,436) - - (2,436) - actuarial gain on pension schemes - - - - 2 - 2 * movement on deferred tax relating to pension schemes - - - - - (42) - (42) ----------------------------------------------------------- ------- ------- ---------- ------- ------- -------- --------------- ------- Total comprehensive income for the period - - - - (2,436) 9,510 71 7,145 ----------------------------------------------------------- ------- ------- ---------- ------- ------- -------- --------------- ------- Contributions by and distributions to owners of the Company: - dividends - - - - - (9,809) - (9,809) ----------------------------------------------------------- ------- ------- ---------- ------- ------- -------- --------------- ------- Distribution to non-controlling interest - - - - - - (90) (90) ----------------------------------------------------------- ------- ------- ---------- ------- ------- -------- --------------- ------- At 31 December 2019 123 344 1 2,033 6,442 106,882 349 116,174 ----------------------------------------------------------- ------- ------- ---------- ------- ------- -------- --------------- ------- Comprehensive income for the period: - profit for the period - - - - - 4,895 62 4,957 - exchange adjustments - - - - 3,196 - - 3,196 ----------------------------------------------------------- ------- ------- ---------- ------- ------- -------- --------------- ------- Total comprehensive income for the period - - - - 3,196 4,895 62 8,153 ----------------------------------------------------------- ------- ------- ---------- ------- ------- -------- --------------- ------- Distribution to non-controlling interest - - - - - - (159) (159) ----------------------------------------------------------- ------- ------- ---------- ------- ------- -------- --------------- ------- At 30 June 2020 123 344 1 2,033 9,638 111,777 252 124,168 ----------------------------------------------------------- ------- ------- ---------- ------- ------- -------- --------------- -------
Consolidated statement of financial position
as at 30 June 2020
Unaudited Unaudited Audited as at as at as at 30 June 30 June 31 December 2020 2019 2019 GBP'000 GBP'000 GBP'000 ---------------------------------------------------- --------- --------- ----------- Assets Non-current assets Property, plant and equipment 13,308 12,921 12,164 Right-of-use assets 2,382 2,752 2,360 Intangible assets 67,502 67,548 67,504 Deferred tax asset 779 807 683 Retirement benefit surplus 4,959 4,430 4,959 ---------------------------------------------------- --------- --------- ----------- 88,930 88,458 87,670 ---------------------------------------------------- --------- --------- ----------- Current assets Inventories 15,182 14,613 13,434 Trade and other receivables 32,499 29,129 27,822 Cash and cash equivalents 34,422 28,869 27,143 ---------------------------------------------------- --------- --------- ----------- 82,103 72,611 68,399 ---------------------------------------------------- --------- --------- ----------- Total assets 171,033 161,069 156,069 ---------------------------------------------------- --------- --------- ----------- Liabilities Current liabilities Trade and other payables (29,119) (23,808) (23,158) Income tax liabilities (2,311) (1,145) (987) Borrowings (2,139) (2,125) (2,048) Lease liabilities (1,169) (1,239) (1,134) Provision for liabilities and charges - (5) - ---------------------------------------------------- --------- --------- ----------- (34,738) (28,322) (27,327) ---------------------------------------------------- --------- --------- ----------- Non-current liabilities Trade and other payables (1,275) (1,026) (850) Borrowings (4,270) (6,379) (5,122) Lease liabilities (1,209) (1,535) (1,256) Derivative financial instruments (43) (54) (47) Deferred income tax liabilities (2,873) (2,756) (2,909) Retirement benefit obligations (2,282) (1,880) (2,215) Provision for liabilities and charges (175) (189) (169) ---------------------------------------------------- --------- --------- ----------- (12,127) (13,819) (12,568) ---------------------------------------------------- --------- --------- ----------- Total liabilities (46,865) (42,141) (39,895) ---------------------------------------------------- --------- --------- ----------- Net assets 124,168 118,928 116,174 ---------------------------------------------------- --------- --------- ----------- Shareholders' equity Ordinary shares 123 123 123 Share premium 344 344 344 Capital redemption reserve 1 1 1 Merger reserve 2,033 2,033 2,033 Other reserves 9,638 8,878 6,442 Retained earnings 111,777 107,181 106,882 ---------------------------------------------------- --------- --------- ----------- Equity attributable to owners of the Parent Company 123,916 118,560 115,825 Non-controlling interest 252 368 349 ---------------------------------------------------- --------- --------- ----------- Total equity 124,168 118,928 116,174 ---------------------------------------------------- --------- --------- -----------
Consolidated statement of cash flow
for the six months ended 30 June 2020
Unaudited Unaudited Audited six months six months year ended ended ended 30 June 30 June 31 December 2020 2019 2019 GBP'000 GBP'000 GBP'000 --------------------------------------------------------- ---------- ---------- ----------- Cash flows from operating activities Cash generated from operations 12,319 13,953 32,363 Interest paid (66) (74) (160) Income tax paid (2,323) (4,414) (7,639)
--------------------------------------------------------- ---------- ---------- ----------- Net cash generated from operating activities 9,930 9,465 24,564 --------------------------------------------------------- ---------- ---------- ----------- Cash flows from investing activities Acquisition of subsidiary undertakings - (1,007) (2,264) Purchases of property, plant and equipment (2,344) (2,536) (3,974) Proceeds from sale of property, plant and equipment 137 109 329 Purchases of intangible assets (969) (2,001) (2,068) Interest received 17 23 27 --------------------------------------------------------- ---------- ---------- ----------- Net cash used in investing activities (3,159) (5,412) (7,950) --------------------------------------------------------- ---------- ---------- ----------- Cash flows from financing activities Repayments of borrowings (1,015) (1,040) (2,091) Payment of lease liabilities (987) (831) (1,750) Dividends paid to Company's shareholders - - (9,809) Distribution to non-controlling interest (159) (23) (113) --------------------------------------------------------- ---------- ---------- ----------- Net cash used in financing activities (2,161) (1,894) (13,763) --------------------------------------------------------- ---------- ---------- ----------- Effects of exchange rates on cash and cash equivalents 2,669 600 (1,818) --------------------------------------------------------- ---------- ---------- ----------- Net increase in cash in the period 7,279 2,759 1,033 Cash and cash equivalents at the beginning of the period 27,143 26,110 26,110 --------------------------------------------------------- ---------- ---------- ----------- Cash and cash equivalents at the end of the period 34,422 28,869 27,143 --------------------------------------------------------- ---------- ---------- -----------
Notes to the financial statements
for the six months ended 30 June 2020
1 Nature of information
The financial information contained in this Interim Statement has been neither audited nor reviewed by the auditors and does not constitute statutory accounts within the meaning of Section 434 of the Companies Act 2006. The financial information for the six months ended 30 June 2020 has been prepared applying the accounting policies and presentation that were applied in the preparation of the Group's published consolidated financial statements for the year ended 31 December 2019. The principal risks and uncertainties as disclosed in the year end accounts are considered to be consistent with those that are still applicable now.
Comparative figures for the year ended 31 December 2019 have been extracted from the statutory accounts for the year ended 31 December 2019, which have been delivered to the Registrar of Companies. The Independent Auditors' Report on those accounts was unqualified and did not contain an emphasis of matter paragraph or any statement under Section 498 of the Companies Act 2006.
2 Basis of preparation
The preparation of interim financial statements requires management to make judgements, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets and liabilities and income and expense. Actual results may differ from these estimates.
3 Earnings per share
The calculation of basic earnings per ordinary share is based on the profit on ordinary activities after taxation of GBP4,895,000 (2019: GBP7,103,000) and on 12,261,477 (2019: 12,261,477) ordinary shares, being the weighted average number of ordinary shares in issue during the period.
For diluted earnings per ordinary share, the weighted average number of shares in issue is adjusted to assume conversion of all potentially dilutive ordinary shares. There was no difference in the weighted average number of shares used for the calculation of basic and diluted earnings per share as there are no potentially dilutive shares outstanding.
Unaudited Unaudited Audited six months six months year ended ended ended 30 June 30 June 31 December 2020 2019 2019 GBP'000 GBP'000 GBP'000 --------------------------------------------- ---------- ---------- ----------- Profit on ordinary activities after taxation 4,895 7,103 16,653 --------------------------------------------- ---------- ---------- ----------- Basic earnings per ordinary share 39.9p 57.9p 135.8p --------------------------------------------- ---------- ---------- -----------
4 Actuarial valuation of the pension scheme
As permitted under IAS 19 the Group has not prepared an actuarial valuation of the pension scheme assets and liabilities for the Interim Statement 2020. In accordance with IAS 19 such a valuation will be prepared for the purposes of the Group's Annual Report and Accounts 2020.
For further information, please contact:
London Security plc
Richard Pollard
Company Secretary Tel : 01422 372852
WH Ireland Limited
Chris Fielding Tel : 0207 220 1666
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