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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
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Midas Cap. | LSE:MDS | London | Ordinary Share | GB00B01WR582 | ORD 0.1P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 20.50 | 0.00 | 00:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
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0 | 0 | N/A | 0 |
TIDMMGR
RNS Number : 3130A
Miton Group Plc
28 September 2015
28 September 2015
MITON GROUP PLC
HALF YEAR RESULTS FOR THE SIX MONTHS ENDED 30 JUNE 2015
Miton Group plc ('Miton' or 'the Group'; ticker: MGR), the AIM quoted fund management group, today announces its half year results for the six months ended 30 June 2015.
Financial Highlights
-- Renewed momentum with net inflows in Q2 following outflows in Q1. Over six months to 30 June, AUM increased from GBP2,050m to GBP2,225m.
-- Average AUM over the six month period was GBP2,140m (H1 2014 - GBP2,953m(1) ). This reduction included the impact of the disposal of the Liverpool business.
-- Net revenue margin increased to 66.6bp (H1 2014 - 65.0bp). -- H1 costs maintained at GBP5.7m(2) (H1 2014 - GBP5.8m). -- Adjusted Profit before Tax reduced to GBP0.8m (H1 2014 GBP3.4m).
-- Total cash balances as at 30 June 2015 were GBP13.6m (31 December 2014: GBP15.2m) after payment of year-end bonuses and the dividend.
Good progress since the half year end
-- Trading is currently in line with the Board's expectations for the year as a whole.
-- The positive net flows experienced in Q2 have continued. AUM rose to GBP2,364m as at 31 August 2015.
-- CF Miton UK Value Opportunities fund(3) increased AUM to GBP498m as at 31 August 2015 (30 June 2015: GBP378m; 30 June 2014: GBP86m).
-- Funds rebranded:
o Miton's Cautious and Defensive multi asset funds(4) were repositioned in Q1 and moved to more appropriate sector groupings. They have generated first quartile performance since the change of manager in June 2014.
o Proposed change of the PFS Darwin Multi Asset fund to an income mandate. It will be renamed the PFS Miton Cautious Monthly Income Fund in October.(5)
-- Miton UK MicroCap Trust plc was launched in April raising GBP50m. Since launch a further GBP5m has been raised.
-- Following appointment of Carlos Moreno in August, we intend to launch a new European equities fund in Q4.
Notes
(1) GBP2,953m includes GBP438m of AUM relating to the Liverpool business which was sold on 31 March 2014.
(2) After adjusting for the write-back of a VAT provision of GBP185,000.
(3) CF Miton UK Value Opportunities fund AUM includes FP Miton Undervalued Assets fund AUM. It is intended to merge the two funds in
Q1 2016.
(4) CF Miton Cautious Multi Asset fund and CF Miton Defensive Multi Asset fund.
(5) Subject to unitholder vote on 30 September 2015.
Ian Dighé, Executive Chairman of Miton Group, commented:
"The fall in Miton Group's half year profits reflected the operational gearing of the business following the reduction in funds under management compared to last year. Despite this, the Group remained profitable and ended the period with renewed momentum in terms of inflows into our funds.
"The second half of the year has got off to a strong start, with continuing momentum in net inflows into our funds. As a result, AUM rose to GBP2,364m as at 31 August, in spite of unsettled markets. As AUM rises we anticipate benefiting from the operational gearing of the business."
For further information, please contact:
Miton Group plc
Ian Dighé (Executive Chairman) 07785 703261
Gervais Williams (Managing Director) 07811 331824
MHP Communications miton@mhpc.com
Reg Hoare / Charlie Barker 020 3182 8100
Peel Hunt (Nominated adviser and Broker) 020 7418 8893
Guy Wiehahn
www.mitongroup.com
Note to Editors:
Miton Group plc is a multi-asset and equity fund management specialist based in London. The Group manages GBP2.4 billion of assets including nine OEICs, four unit trusts and four investment trusts under the Miton brand. Members of the fund management team invest in their own funds and are significant shareholders in the Company.
Chairman's Statement
The first six months of this year were challenging. In spite of the unsettled markets many of the Miton funds continued to generate decent absolute gains for clients. Encouragingly, fund flows in Q2 were positive and redemptions in multi assets tapered significantly.
The fall in Miton's half year profits reflects the operational gearing in the business following the reduction in funds under management compared to last year. We continue to focus on growing AUM and the positive net flows we are experiencing give us cause for optimism. The continuing performance of the majority of Miton's funds and their distinctive market position allows the sales team to market a truly differentiated product.
The greatest inflows during the first half were into the UK Value Opportunities fund (AUM of GBP378m as at 30 June 2015), the UK Multi Cap Income fund (AUM of GBP440m as at 30 June 2015) and via the flotation of Miton UK MicroCap Trust plc which raised GBP50m in April.
Our multi asset investment team who joined in June 2014 have continued to deliver first quartile returns, which has helped stem the outflows seen at the start of the year. The two Miton multi asset funds have been renamed CF Miton Cautious Multi Asset fund and CF Miton Defensive Multi Asset fund, which reflects their new fund peer group.
We continue to focus on growing AUM:
-- Carlos Moreno joined Miton in August to manage a new European equities fund which we plan to launch later this year. To capitalise on this particular opportunity our plans were brought forward from 2016. There will therefore be up to GBP400,000 of additional costs in 2015.
-- Miton UK MicroCap Trust plc has already grown with an additional GBP5m raised since launch.
-- The strong performance of the Miton multi asset funds means we can develop our offering. Therefore the PFS Darwin Multi Asset fund will, subject to unitholder approval, be renamed as PFS Miton Cautious Monthly Income fund with a mandate to provide investors with an income-oriented multi asset investment opportunity from October.
Comprehensive compliance and an appreciation of the sources of risk are naturally a high priority in our business. Nevertheless we are continuing to focus on cost control through increasingly automated fund management operations. Overall costs have been contained at a slightly lower level than the same period last year. We are continuing to drive efficiencies further by working closely with our fund administration partners.
Board changes following the half year end
On 11 September 2015, we announced that Ian Chimes and Piers Harrison were joining the Board with immediate effect as Sales & Marketing Director and Chief Operating Officer, respectively.
Ian Chimes joined Miton as Head of Sales and Marketing in July 2013. Piers Harrison joined Miton in July 2013 as Director of Operations and Risk Management.
At the same time we announced that Robert Clarke will be resigning from the Board with effect from 28 September. Bart Edgar will become Director of Finance, reporting to Piers Harrison, following Robert's departure. The Board thanks Robert for his diligence and hard work.
Outlook
The second half of the year has started strongly with the momentum of positive net flows in Q2 continuing into Q3. As at 31 August 2015 assets under management were GBP2,364m in spite of unsettled markets. As AUM rises we anticipate benefiting from the operational gearing of the business.
Ian Dighé
Executive Chairman
25 September 2015
Financial Review
Assets under Management
On 30 June 2015 Assets under Management (AUM) were GBP2,225m (30 June 2014: GBP2,643m; 31 December 2014: GBP2,050m). During the first half of 2015 fund performance and market movements accounted for the increase in value. Net outflows in the first three months of GBP54m were transformed into net inflows of GBP64m in the second quarter. This trend has continued since 30 June with net inflows of GBP134m in July and August.
Average AUM over the first half was GBP2,140m down from GBP2,953m in the corresponding period last year which included GBP438m of AUM relating to the Liverpool business which was sold on 31 March 2014.The following summary shows the movements during the six months ended 30 June 2015:
Fund Flows Summary
Audited Unaudited Opening Closing AUM Other AUM 1 January Net (including 30 June 2015 Inflows Outflows flows market) 2015 GBPm GBPm GBPm GBPm GBPm GBPm ----------- -------- --------- ------- ------------ ---------- Equity funds 1,080 276 (187) 89 104 1,273 Multi asset funds 603 28 (156) (128) 29 504 Total funds 1,683 304 (343) (39) 133 1,777 Investment trusts 367 49 - 49 32 448 Total 2,050 353 (343) 10 165 2,225 ----------- -------- --------- ------- ------------ ----------
Revenue and Margins
With the 28% reduction in average AUM referred to above, net revenue reduced to GBP7.1m from GBP9.6m in H1 2014. The average net revenue margin for the first half was 66.6bp compared with 65.0bp in 2014 due to the loss of some lower margin funds and maintained margins elsewhere.
Costs
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H1 administrative expenses of GBP5.7m (after adjusting for a VAT provision write-back) were reduced marginally from the GBP5.8m in H1 2014.
Adjusted Profit before Tax
Adjusted Profit before Tax of GBP0.8m for the period reduced significantly compared to H1 2014 as a result of the operational gearing in the business acting on the reduced revenue base. This sensitivity emphasises the opportunity for increased future profitability as a result of increasing AUM.
Reconciliation of Adjusted Profit before Tax
Six months Six months Year to to 30 June to 30 June 31 December 2015 2014 2014 GBPm GBPm GBPm --------------------------- ----------- ----------- ------------ Net revenue 7.1 9.6 17.2 Administrative expenses(1) (5.7) (5.8) (11.1) Share-based payment charge (0.6) (0.4) (0.9) Net finance revenue - - 0.1 Adjusted Profit before Tax(2) 0.8 3.4 5.3 Amortisation (0.4) (0.9) (1.2) Write-back / (creation) of VAT provision(1) 0.2 - (0.2) Exceptional non-recurring items - (12.5) (9.4) Profit/(Loss) before Tax 0.6 (10.0) (5.5) ---------------------------- ----------- ----------- ------------
Notes
(1) The VAT provision of GBP185,000 created in 2014 has been written back since it is no longer required. The impact of the provision has been excluded from administrative expenses in this table in order to calculate Adjusted Profit before Tax on a consistent basis.
(2) Adjusted Profit before Tax represents profit before amortisation, exceptionals and taxation.
Earnings per share
Six months Six months Year to to 30 June to 30 June 31 December 2015 2014 2014 pence pence pence -------------------------- ----------- ----------- ------------ Adjusted earnings per share 0.43 1.68 2.78 Diluted adjusted earnings per share 0.37 1.64 2.53 Basic earnings / (loss) per share 0.28 (6.20) (3.27) Diluted earnings per share 0.24 - - --------------------------- ----------- ----------- ------------
The dilution of 14% arises largely as a result of the estimate of the Miton Group plc ordinary shares which would be issued if all the Growth Share Plan shares with an accrued value at 30 June 2015 had vested and had been exchanged for Miton Group plc ordinary shares at that date.
Cash
At 30 June 2015 cash balances amounted to GBP13.6m compared with GBP15.2m at the start of the year. After making deductions for regulatory capital requirements, the creditors reserve and other provisions, the Group's free cash as at 30 June 2015 was GBP4.7m. The creditors reserve of GBP2.9m arose from the capital reduction in 2013 and will no longer need to be held on the balance sheet after 2015.
Growth Share Plan
As at 30 June 2015 the total accrued value of the growth shares in issue estimated according to the Plan rules was GBP6.6m (31.12.14: GBP2.7m). This equates to 14.6% (8.2%) of Miton Group plc ordinary shares in issue at the date of approval of the Plan in 2013. This disclosure is required in accordance with accounting standards. The actual dilution experienced in future will depend on a number of factors including:
-- the value of assets under management (AUM) within each Fund Management Unit (FMU) and within the Group
as a whole at the end of the reporting period
-- average AUM over a reporting period -- the profitability of specific FMUs and of the Miton Group -- the share price of Miton Group plc -- the proportion of an FMU's value in relation to that of the Group
-- the timing and extent of the exchange of growth shares into Miton shares by participants: growth shares
currently in issue are due to vest proportionately over the period 2016 to 2018.
The Company will consider when appropriate the use of Group cash balances to finance the buying back of Miton Group plc ordinary shares.
Unaudited Consolidated Statement of Comprehensive Income
For the period ended 30 June 2015
Unaudited Unaudited Audited Six months Six months Year to to to 30 June 30 June 31 December 2015 2014 2014 Notes GBP000 GBP000 GBP000 ----------------------------------------------- ----- ----------- ----------- ------------ Revenue 10,372 15,253 26,952 Fees and commission expenses (3,242) (5,655) (9,732) ----------------------------------------------- ----- ----------- ----------- ------------ Net revenue 7,130 9,598 17,220 Administration expenses (5,505) (5,804) (11,297) Share-based payment charge 10 (588) (392) (905) Amortisation of intangible assets (414) (895) (1,218) Exceptional operating expenses 4 - (12,540) (9,364) Operating profit/(loss) 623 (10,033) (5,564) Finance revenue 10 22 58 ----------------------------------------------- ----- ----------- ----------- ------------ Profit/(Loss) for the period before taxation 633 (10,011) (5,506) Taxation 5 (205) 979 679 ----------------------------------------------- ----- ----------- ----------- ------------ Profit/(Loss) for the period after taxation and profit/(loss) for the period attributable to equity holders of the parent 428 (9,032) (4,827) ----------------------------------------------- ----- ----------- ----------- ------------ pence pence pence Basic earnings/(loss) per share 6 0.28 (6.20) (3.27) Diluted earnings per share 6 0.24 - - ----------------------------------------------- ----- ----------- ----------- ------------
No other comprehensive income was recognised during 2015 or 2014, therefore the profit/(loss) for the period is equal to the total comprehensive income.
Unaudited Consolidated Statement of Changes in Equity
For the period ended 30 June 2015
Employee Share Share Benefit Treasury Creditors Retained Capital Premium Trust Shares Reserve Earnings Total GBP000 GBP000 GBP000 GBP000 GBP000 GBP000 GBP000 ---------------------- -------- -------- -------- -------- --------- --------- ------- At 1 January 2015 171 2,661 (6,294) (26) 3,057 57,171 56,740 ---------------------- -------- -------- -------- -------- --------- --------- ------- Profit for the period - - - - - 428 428 Release of Treasury shares - - - 43 - - 43 Purchase of Treasury shares - - - (17) - - (17) Share-based payment charge - - - - - 588 588 Release from Creditors Reserve - - - - (146) 146 - Dividend - - - - - (910) (910) ---------------------- -------- -------- -------- -------- --------- --------- ------- At 30 June 2015 (unaudited) 171 2,661 (6,294) - 2,911 57,423 56,872 ---------------------- -------- -------- -------- -------- --------- --------- ------- At 1 January 2014 164 - (6,924) - 3,799 62,464 60,133 ---------------------- -------- -------- -------- -------- --------- --------- ------- (Loss) for the period - - - - - (9,032) (9,032) Shares issued on exercise of options 2 651 - - - (322) 331 Share-based payment charge - - - - - 392 392 Deferred tax direct to equity - - - - - (922) (922) Reduction in
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Creditors Reserve - - - - (404) 404 - Dividend - - - - - (782) (782) ---------------------- -------- -------- -------- -------- --------- --------- ------- At 30 June 2014 (unaudited) 166 651 (6,294) - 3,395 52,202 50,120 ---------------------- -------- -------- -------- -------- --------- --------- ------- At 1 January 2014 164 - (6,294) - 3,799 62,464 60,133 ---------------------- -------- -------- -------- -------- --------- --------- ------- (Loss) for the year - - - - - (4,827) (4,827) Shares issued re acquisition of PSigma Asset Management Holdings 3 1,254 - - - - 1,257 Shares issued on acquisition of Darwin Investment Managers 2 700 - - - - 702 Purchase of Treasury shares - - - (26) - - (26) Shares issued on exercise of options 2 707 - - - (377) 332 Share-based payment charge - - - - - 905 905 Deferred tax direct to equity - - - - - (953) (953) Release from Creditors Reserve - - - - (742) 742 - Dividend - - - - - (783) (783) ---------------------- -------- -------- -------- -------- --------- --------- ------- At 31 December 2014 (audited) 171 2,661 (6,294) (26) 3,057 57,171 56,740 ---------------------- -------- -------- -------- -------- --------- --------- -------
Unaudited Consolidated Statement of Financial Position
As at 30 June 2015
Unaudited Unaudited Audited 30 June 30 June 31 December 2015 2014 2014 Notes GBP000 GBP000 GBP000 --------------------------------- ----- --------- --------- ------------- Non-current assets Goodwill 41,070 39,385 41,070 Intangible assets 1,361 798 1,575 Property and equipment 201 273 216 --------------------------------- ----- --------- --------- ------------- 42,632 40,456 42,861 --------------------------------- ----- --------- --------- ------------- Current assets Trade and other receivables 4,014 4,385 2,871 Deferred tax asset 90 - 109 Cash and cash equivalents 7 13,605 16,153 15,192 --------------------------------- ----- --------- --------- ------------- 17,709 20,538 18,172 --------------------------------- ----- --------- --------- ------------- Total assets 60,341 60,994 61,033 --------------------------------- ----- --------- --------- ------------- Current liabilities Trade and other payables 2,650 6,284 3,690 Other payables 550 734 - Provisions 8 - 106 260 --------------------------------- ----- --------- --------- ------------- 3,200 7,124 3,950 Non-current liabilities Other payables - 3,750 - Deferred tax liability 244 - 343 Provisions 8 25 - - --------------------------------- ----- --------- --------- ------------- 269 3,750 343 --------------------------------- ----- --------- --------- ------------- Total liabilities 3,469 10,874 4,293 --------------------------------- ----- --------- --------- ------------- Net assets 56,872 50,120 56,740 --------------------------------- ----- --------- --------- ------------- Equity Share capital 9 171 166 171 Share premium 2,661 651 2,661 Employee Benefit Trust (6,294) (6,294) (6,294) Treasury shares - - (26) Creditors Reserve 2,911 3,395 3,057 Retained earnings 57,423 52,202 57,171 --------------------------------- ----- --------- --------- ------------- Total equity shareholders' funds 56,872 50,120 56,740 --------------------------------- ----- --------- --------- -------------
Unaudited Consolidated Statement of Cash Flows
For the period ended 30 June 2015
Unaudited Unaudited Audited Six months Six months Year to to 30 June to 30 June 31 December 2015 2014 2014 Notes GBP000 GBP000 GBP000 ------------------------------------------ ----- ----------- ----------- ------------ Operating activities Profit/(loss) for the year after taxation 428 (9,032) (4,827) Adjustments to reconcile profit/(loss) to net cash flow from operating activities: Tax on continuing operations 205 (979) (679) Net finance revenue (10) (22) (58) Depreciation 44 47 99 Loss on disposal of fixed assets 2 - 10 Amortisation of intangible assets 414 895 1,218 Share-based payment charge 588 392 905 Loss on disposal of Miton Capital Partners Limited (MCPL) - - 11,990 Intangible assets written off on disposal of MCPL - 16,029 - Consideration receivable on disposal of MCPL - (4,150) - Change in fair value of deferred contingent consideration payable - - (3,410) (Increase) in trade and other receivables (295) (920) (83) (Decrease)/increase in trade and other payables (262) 52 (737) (Decrease) in provisions (235) (412) (258) Cash generated from operations 879 1,900 4,170 Income tax paid (1,141) (445) (1,245) ------------------------------------------ ----- ----------- ----------- ------------ Net cash flow from operating activities (262) 1,455 2,925 ------------------------------------------ ----- ----------- ----------- ------------ Investing activities: Interest received 10 22 58 Purchase of property and equipment (31) (81) (72) Acquisition of PSigma Asset Management Holdings Limited - - (1,672) Acquisition of Darwin Investment Managers Limited (420) - (645) Consideration received on disposal of MCPL - 4,000 4,614 Purchase of Matterley management contract - - (750) Net cash flow from investing activities (441) 3,941 1,533 ------------------------------------------ ----- ----------- ----------- ------------ Financing activities: Net release/(purchase) of Treasury shares 26 - (26) Proceeds from share issue - 328 332 Dividend paid 3 (910) (782) (783) ------------------------------------------ ----- ----------- ----------- ------------ Net cash flow from financing activities (884) (454) (477) ------------------------------------------ ----- ----------- ----------- ------------ (Decrease)/increase in cash and cash equivalents (1,587) 4,942 3,981 Cash and cash equivalents at the beginning of the period 15,192 11,211 11,211 ------------------------------------------ ----- ----------- ----------- ------------
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Cash and cash equivalents at the end of the period 7 13,605 16,153 15,192 ------------------------------------------ ----- ----------- ----------- ------------
Notes to the Consolidated Financial Statements
For the period ended 30 June 2015
1. Basis of accounting
These interim condensed and consolidated financial statements do not constitute statutory accounts within the meaning of section 435 of the Companies Act 2006. They have been prepared on the basis of the accounting policies as set out in the Group's Annual Report for the year ended 31 December 2014.
The interim report has been prepared in accordance with IAS 34 'Interim Financial Reporting' and the Listing Rules of the Financial Conduct Authority.
The accounting policies applied in these interim financial statements are consistent with those applied in the Group's
most recent annual financial statements.
The Group has sufficient financial resources and contracts with a number of customers and suppliers such that the directors believe that the Group is well placed to manage its business risks successfully despite the continued uncertain economic outlook.
After making enquiries, the directors have a reasonable expectation that the Group has adequate resources to continue in operational existence for the foreseeable future. Accordingly, they continue to adopt the going concern basis in preparing the interim report.
The Group's 2014 Annual Report is prepared in accordance with International Financial Reporting Standards (IFRS) as adopted by the European Union, and is available on the Miton Group plc website (www.mitongroup.com).
These unaudited financial statements were approved and authorised for issue by a duly appointed and authorised committee of the Board of Directors on 25 September 2015.
The full year accounts to 31 December 2014 were approved by the Board of Directors on 27 March 2015 and have been delivered to the Registrar of Companies. The report of the Auditors on those accounts was unqualified, did not contain an emphasis of matter paragraph and did not contain any statement under Section 498 of the Companies Act 2006. The figures for the six months ended 30 June 2015 and the six months ended 30 June 2014 have not been audited.
2. Segmental information
The Group operates as one business segment, Fund Management, which offers a number of fund management products through a variety of distribution channels, and therefore does not provide information on different segments.
3. Dividend
The dividend for the year ended 31 December 2014 was paid on 7 May 2015, being 0.60p per share. The trustees of the Employee Benefit Trust waived their rights to part of this dividend, leading to a total distribution of GBP910,000, which is reflected in the Consolidated Statement of Changes in Equity.
4. Exceptional operating Year to expenses Six months to Six months to 31 December 30 June 2015 30 June 2014 2014 GBP000 GBP000 GBP000 Loss on disposal of Miton Capital Partners Limited - 12,000 11,990 Growth Share Plan implementation costs - 343 309 Changes to multi-asset fund management team and Darwin acquisition - 197 - Movement in fair value of deferred contingent consideration - - (3,210) Acquisition costs - - 275 ------------- ------------- ------------ Total exceptional operating costs - 12,540 9,364 ------------- ------------- ------------
5. Taxation
Six months Year to to Six months to 31 December 30 June 2015 30 June 2014 2014 GBP000 GBP000 GBP000 ----------------------- -------------- ------------- ------------ Corporation tax charge 288 844 920 Deferred tax credit (83) (139) (1,599) Deferred tax credit on goodwill write-off - (1,684) - ------------------------ ------------- ------------- ------------ Tax charge/(credit) 205 (979) (679) ------------------------ ------------- ------------- ------------
6. Earnings per share
Basic earnings per share is calculated by dividing the profit/(loss) for the period attributable to ordinary equity holders of the parent by the weighted average number of ordinary shares outstanding during the period.
In calculating diluted earnings per share, IAS 33 Earnings Per Share requires that the profit/(loss) be divided by the weighted average number of ordinary shares outstanding during the period plus the weighted average number of any potential dilutive ordinary shares that would be issued on their conversion to ordinary shares during the period.
(a) Reported earnings per share
Reported basic profit/(loss) per share has been calculated as follows:
Six months Six months Year to to 30 June to 30 June 31 December 2015 2014 2014 ---------------------------------- ------------------- ------------------ ------------ Net profit/(loss) attributable to ordinary equity holders of the parent for basic earnings (GBP000) 428 (9,032) (4,827) Weighted average shares in issue (No. 000) 151,841 145,712 147,702 Weighted average shares in issue - diluted (No. 000) 175,923 - - Basic EPS (pence) 0.28 (6.20) (3.27) Diluted EPS (pence) 0.24 -* -* ---------------------------------- ------------------- ------------------ ------------
*No diluted EPS is disclosed for 2014 as the Company reported a basic loss per share in the year.
6. (b) Adjusted earnings per share ("Adjusted EPS")
Adjusted EPS is based on Adjusted Profit after tax, where Adjusted Profit is stated after charging interest and share-based payments but before amortisation and exceptional items.
Six months Six months Year to to 30 June to 30 June 31 December 2015 2014 2014 GBP000 GBP000 GBP000 ------------------------------ ----------- ----------- ------------ Profit/(Loss) before taxation for the period 633 (10,011) (5,506) Adjust: Exceptional operating expenses - 12,540 9,364 Amortisation 414 895 1,218 (Write-back) / creation of VAT provision (185) - 185 ------------------------------ ----------- ----------- ------------ Adjusted Profit before Tax 862 3,424 5,261 ------------------------------ ----------- ----------- ------------ Taxation: Tax in the Consolidated Statement of Comprehensive Income (205) 979 679 Tax effect of adjustments (3) (1,948) (1,829) ------------------------------ ----------- ----------- ------------ Adjusted Profit after tax for the calculation of Adjusted earnings per share 654 2,455 4,111 ------------------------------ ----------- ----------- ------------
Adjusted earnings per share and diluted adjusted earnings per share
were as follows:
Six months Six months Year to to 30 June to 30 June 31 December 2015 2014 2014 pence pence pence ---------------------------- ----------- ----------- ------------ Adjusted earnings per share 0.43 1.68 2.78 ---------------------------- ----------- ----------- ------------ Diluted adjusted earnings per share 0.37 1.64 2.53 ---------------------------- ----------- ----------- ------------
The above dilution arises largely as a result of the requirement to include an estimate of the Miton Group plc shares which would be issued if all the Growth Share Plan shares with an accrued value at 30 June 2015, which will not fully vest until 2018, had vested and had been exchanged into Miton Group plc ordinary shares at that date.
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