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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Mountfield Group Plc | LSE:MOGP | London | Ordinary Share | GB00B3CQW227 | 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% | 0.32 | 0.30 | 0.32 | 0.00 | 01:00:00 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| 0 | 0 | N/A | 0 |
From Apr 2019 to Apr 2024
TIDMMOGP
RNS Number : 2550K
Mountfield Group plc
20 September 2016
Mountfield Group Plc
(the "Company" or the "Group")
Half-yearly report to 30 June 2016
Mountfield Group Plc , the AIM listed construction company specialising in supplying and installing raised access flooring and the construction, fitting out and refurbishing of data centres and commercial and residential buildings, announces its half-yearly report to 30 June 2016.
-- Gross profit of GBP1m (H1 2015: GBP1.1m) on revenue of GBP4.9m (H1 2015: GBP7.3m). -- Group margins increased from 14.8% (in the first half of 2015) to 20.8%. -- Net profit before tax increased from GBP246k (in the first half of 2015) to GBP316k. -- Directors expect the performance to continue in the second half of the year.
-- The business of Connaught Access Flooring Limited ("CAF" or "Connaught") continues to cement its position as a market leader.
Hot Features
Premium
-- Mountfield Building Group Limited ("MBG") is now able to achieve sustainable profitability.
-- Neither Company has seen a post-Brexit decline in business activity.
Andy Collins - Group CEO said:
"The results are particularly satisfying because they show that the Board's key objectives of establishing Connaught as a market leader in the raised access flooring market and positioning MBG on a path of sustainable profitability, have been met.
It is very encouraging that demand for the services of the Group Companies have not been reduced since the Brexit vote and the state of activity that we saw ahead of the vote has continued undiminished."
Mountfield Group Plc
Peter Jay, Chairman
Andy Collins, Chief Executive
Officer +44 (0)1268 561 516
WH Ireland (Nominated Adviser)
Paul Shackleton +44 (0)20 7220 1666
Chairman and CEO's Statement
The first half of the year saw an increase in the unaudited pre-tax profits of the Group from GBP245k to GBP316k and the Directors expect the improvement in net profits to continue in the second half of the year.
The Directors are satisfied that the market remains strong and they do not see any reduction in demand for the services of the Group companies following the Brexit vote.
CAF achieved a profit of GBP397k during the first half of 2016 (H1 2015: GBP321k). The key feature of the period was the completion of its GBP5m + contract for flooring at a new City HQ building. The successful completion of this contract has cemented its position as one of the very few companies able to undertake access flooring contracts of this nature. This is evidenced by the record volume of tenders for the supply and installation of raised access flooring for prestigious new developments in and around London. Conversion of even a small proportion of these tenders will provide a significant contribution to turnover over the next 2-3 years.
The smaller contract business of CAF also continues to perform well.
CAF has already begun to expand its management team to enable it to handle a larger and more varied workload and has appointed a marketing development director whose role will be to increase awareness of CAF and its businesses amongst main contractors, developers and architects.
MBG's net profits increased for the half-year from GBP46k in 2015 to GBP71k and the Directors now believe it is able to achieve sustainable profitability because of its reduced operating costs and altered business strategy. The Directors anticipate that the second half of the year will see an improvement to its net profit over that achieved in the first half of 2016.
MBG now primarily undertakes contracts of a low risk nature, direct for its clients in various areas of specialist construction including the construction of data centres, commercial and residential properties. This strategy together with the reduced overheads has enabled it to operate profitably.
Its remains the intention of the Group to extend its business activities and continue to explore acquisition opportunities in the market.
Condensed consolidated statement of comprehensive income
For the six months ended 30 June 2016
6 months 6 months 12 months
to 30 June to 30 June to 31 December
2016 2015 2015
(unaudited) (unaudited) (audited)
Note GBP GBP GBP
Revenue 4,915,089 7,253,265 13,033,039
Cost of sales (3,892,054) (6,179,663) (11,155,909)
------------ ------------ ----------------
Gross profit 1,023,035 1,073,602 1,877,130
Administrative expenses (695,182) (796,210) (1,673,235)
------------ ------------ ----------------
Operating profit 327,853 277,392 203,895
Net finance costs (11,436) (31,752) (26,778)
------------ ------------ ----------------
Profit before income tax 316,417 245,640 177,117
Income tax expense 3 (68,871) (43,862) (60,728)
------------ ------------ ----------------
Total comprehensive profit
for the period 247,546 201,778 116,389
============ ============ ================
Earnings per share 4
Basic & diluted 0.097p 0.079p 0.046p
There are no recognized gains and losses other than those passing
through the Statement of Comprehensive Income
Condensed consolidated statement of financial position
As at 30 June 2016
30 June 30 June 2015 31 December
2016 2015
(Unaudited)
(Unaudited) (audited)
GBP GBP GBP
ASSETS
Non-current assets
Intangible assets 6,874,308 6,874,308 6,874,308
Property, plant and equipment 97,612 109,490 102,213
Deferred income tax assets 329,932 407,032 346,304
------------- ------------- ------------
7,301,852 7,390,830 7,322,825
------------- ------------- ------------
Current assets
Inventories 84,870 88,279 72,835
Trade and other receivables 2,743,903 4,024,658 2,345,797
Cash and cash equivalents 396,024 355,571 350,232
3,224,797 4,468,508 2,768,864
------------- ------------- ------------
TOTAL ASSETS 10,526,649 11,859,338 10,091,689
============= ============= ============
EQUITY AND LIABILITIES
Share capital and reserves
Issued share capital 254,244 254,244 254,244
Share premium 1,490,682 1,490,682 1,490,682
Share based payments reserve 68,871 68,871 68,871
Capital redemption reserve 7,500 7,500 7,500
Merger reserve 12,951,180 12,951,180 12,951,180
Reverse acquisition reserve (2,856,756) (2,856,756) (2,856,756)
Retained earnings (9,564,591) (9,726,749) (9,812,138)
------------- ------------- ------------
TOTAL EQUITY 2,351,130 2,188,972 2,103,583
------------- ------------- ------------
Current liabilities
Trade and other payables 3,590,023 4,674,126 3,532,971
Short-term borrowings 1,620,615 1,976,600 1,403,568
Finance lease liabilities 2,399 3,564 4,147
Current tax payable 52,499 57,743 -
------------- ------------- ------------
5,265,536 6,712,033 4,940,686
Non-current liabilities
Loan notes 2,909,983 2,956,001 3,047,420
Finance lease liabilities - 2,332 -
TOTAL LIABILITES 8,175,519 9,670,366 7,988,106
------------- ------------- ------------
TOTAL EQUITY & LIABILITIES 10,526,649 11,859,338 10,091,689
============= ============= ============
Condensed consolidated statement of changes in equity
For the six months ended 30 June 2016
Share Share Share Capital Reverse Merger Retained Total
capital premium based redemption Acquisition reserve earnings
payments reserve reserve
GBP GBP reserve GBP GBP GBP GBP GBP
GBP
Balance at
1 January
2015 254,244 1,490,682 66,084 7,500 (2,856,756) 12,951,180 (9,928,527) 1,984,407
Total
comprehensive
income - - - - - - 201,778 201,778
Share based
payments - - 2,787 - - - - 2,787
-------- ------------- ----------- ---------- ------------------- -------------- -------------- ---------
Balance at
30 June 2015 254,244 1,490,682 68,871 7,500 (2,856,756) 12,951,180 (9,726,749) 2,188,972
-------- ------------- ----------- ---------- ------------------- -------------- -------------- ---------
Balance at
1 July 2015 254,244 1,490,682 68,871 7,500 (2,856,756) 12,951,180 (9,726,749) 2,188,972
Total
comprehensive
income - - - - - - (85,389) (85,389)
Balance at
31 December
2015 254,244 1,490,682 68,871 7,500 (2,856,756) 12,951,180 (9,812,138) 2,103,583
-------- ------------- ----------- ---------- ------------------- -------------- -------------- ---------
Balance at
1 January
2016 254,244 1,490,682 68,871 7,500 (2,856,756) 12,951,180 (9,812,138) 2,103,583
Total
comprehensive
income - - - - - - 247,546 247,546
-------- ------------- ----------- ---------- ------------------- -------------- -------------- ---------
Balance at
30 June 2016 254,244 1,490,682 68,871 7,500 (2,856,756) 12,951,180 (9,564,591) 2,351,130
-------- ------------- ----------- ---------- ------------------- -------------- -------------- ---------
Condensed consolidated cash flow statement
For the six months ended 30 June 2016
6 months to 6 months 12 months
to to
30 June 2016 30 June 2015 31 December
2015
(unaudited) (unaudited) (audited)
GBP GBP GBP
Cash from operating activities:
Operating profit 327,853 277,392 203,895
Adjusted for:
Depreciation 6,861 7,035 14,418
Share based payment provision - 2,787 2,787
(Increase)/ decrease in inventories (12,035) (5,980) 9,464
(Increase)/ decrease in trade
and other receivables (398,109) (601,891) 1,076,972
(Decrease)/ increase in trade
and other payables 2,483 433,673 (707,481)
-------------- -------------------------------- -------------
Cash (used in)/ generated by
operations (72,947) 113,016 600,055
Finance costs (11,436) (35,412) (33,993)
Finance income - 3,661 7,215
Taxation paid - - (13,881)
Net cash
(outflow)/inflow from
operating activities (84,383) 81,265 559,396
-------------- -------------------------------- -------------
Cash flows from investing activities
Purchase of equipment (2,259) (6,884) (7,667)
Net cash flows from
used in
investing activities (2,259) (6,884) (7,667)
-------------- -------------------------------- -------------
Cash flows from financing activities:
Finance lease rentals (1,747) (5,696) (6,768)
Repayment of non-convertible
loan notes (137,437) (90,946) (305,790)
Proceeds from short-term loans - (74,999) (161,419)
-------------- -------------------------------- -------------
Net cash flows from financing
activities (139,184) (171,641) (473,977)
============== ================================ =============
Net (decrease)/increase in cash
and cash equivalents (225,826) (97,260) 77,752
Cash and cash equivalents brought
forward (424,988) (502,740) (502,740)
-------------- -------------------------------- -------------
Cash and cash equivalents carried
forward (650,814) (600,000) (424,988)
============== ================================ =============
For the purposes of the cash flow statement, cash and cash equivalents comprise the following:
As at 30 As at 30 As at 31 December
June 2016 June 2015 2015
GBP GBP GBP
Cash at bank and in hand 396,024 355,571 350,232
Bank overdraft (1,046,838) (955,571) (775,220)
(650,814) (600,000) (424,988)
============ =========== ==================
1. Notes to the Interim Report
Basis of preparation
The Group's interim financial statements for the six months ended 30 June 2016 were authorised for issue by the directors on 19 September 2016.
The consolidated interim financial statements, which are unaudited, do not constitute statutory accounts within the meaning of Section 434 of the Companies Act 2006. The statutory accounts for the year ended 31 December 2015 have been filed with the registrar of companies at Companies House. The audit report on the statutory accounts for the year ended 31 December 2015 was unqualified and did not contain any statements under Section 498 (2) or (3) of the Companies Act 2006.
The annual financial statements of Mountfield Group Plc for the year ended 31 December 2016 will be prepared in accordance with International Financial Reporting Standards as adopted for use in the EU ("IFRS"). Accordingly, these interim financial statements have been prepared using accounting policies consistent with those which will be adopted by the Group in the financial statements and in compliance with IAS 34 "Interim financial reporting".
The consolidated interim financial statements have been prepared in accordance with the accounting policies set out in the annual financial statements for the year ended 31 December 2015.
Basis of consolidation
The Group financial information consolidates that of the company and its subsidiaries.
All intra-group transactions, balances, income and expenses are eliminated on consolidation.
2. Segmental reporting
Segment information is presented in respect of the Group's business segments, which are based on the Group's management and internal reporting structure.
The chief operating decision-maker has been identified as the Board of Directors (the Board). The Board reviews the Group's internal reporting in order to assess performance and allocate resources. Management have determined the operating segments based on these reports and on the internal report's structure.
Segment performance is evaluated by the Board based on revenue and profit before tax ("PBT"). Segment results include items directly attributable to a segment as well as those that can be allocated on a reasonable basis, such as centrally managed costs relating to individual segments and costs relating to land used in more than one individual segment.
Given that income taxes and certain corporate costs are managed on a centralised basis, these items are not allocated between operating segments for the purposes of the information presented to the Board and are accordingly omitted from the analysis below.
The Group comprises the following segments:
Mountfield
Direct contracting and trade contracting services to both main contractors and corporate end users.
Connaught
Providing raised flooring systems to both main contractors and corporate end users.
Land sourcing
Sourcing land and enhancing value.
Segmental operating performance
Six months to 30 Six months to Twelve months to
June 2016 30 June 2015 31 December 2015
Segmental PBT Segmental PBT Segmental PBT
revenue revenue revenue
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
---------- -------- ---------- --------
Construction 1,734 71 3,405 46 5,918 (420)
Fit -out 3,198 397 3,934 321 7,517 467
Land sourcing - - - - - -
---------- -------- --------------------- ------------------ ---------- --------
4,932 468 7,339 367 13,435 47
Inter-segmental
revenue and
unallocated
costs (17) (152) (86) (121) (402) 130
---------- -------- --------------------- ------------------ ---------- --------
4,915 316 7,253 246 13,033 177
========== ======== ===================== ================== ========== ========
Business segments assets and liabilities
Six months to Six months to Twelve months
30 June 2016 30 June 2015 to 31 December
2015
Segment Segment Segment Segment Segment Segment
assets liabilities assets liabilities assets liabilities
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
-------- -------------
Construction 2,469 3,727 2,823 4,253 1,380 3,300
Fit-out 1,184 1,831 2,096 1,871 1,838 1,314
Land sourcing - - - 2 - -
-------- ------------- -------- ------------- -------- -------------
3,653 5,558 4,919 6,126 3,218 4,614
Goodwill - Construction 2,000 - 2,000 - 2,000 -
Goodwill - Fit-out 4,874 - 4,874 - 4,874 -
Goodwill - Land - - - -
sourcing - -
Other unallocated
assets & liabilities - 2,565 66 3,544 - 3,374
10,527 8,123 11,859 9,670 10,092 7,988
======== ============= ======== ============= ======== =============
Unallocated assets consist of deferred tax, trade and other receivables and cash held by the Parent Company. Unallocated liabilities consist of trade and other payables and interest bearing loans owed by the Parent Company.
Revenue by geographical destination
Revenue is attributable to the United Kingdom and other EU markets.
Total assets including property, plant and equipment and intangible assets are all held in the UK.
3. Income tax (expense)/credit (continuing operations)
6 months 6 months 12 months to
to 30 June to 30 June 31 December
2016 2015 2015
(unaudited) (unaudited) (audited)
GBP GBP GBP
Current tax on income for the
period (52,499) (43,862) -
Deferred tax (expense) (16,372) - (60,728)
------------ ---------------------- -------------
Income tax (expense)/credit
in the income statement (68,871) (43,862) (60,728)
============ ====================== =============
4. Earnings per share
The basic earnings per share is calculated by dividing the earnings attributable to equity shareholders by the weighted average number of shares in issue. In calculating the diluted earnings per share, share options outstanding have been taken into account where the impact of these is dilutive.
The weighted average number of shares in the period was:
6 months to 6 months 12 months to
30 June 2016 to 31 December
30 June 2015 2015
(unaudited) (unaudited) (audited)
Number Number Number
Basic ordinary shares of 0.1p
each 254,244,454 254,244,454 254,244,454
Dilutive ordinary shares from - - -
Warrants & options
-------------- -------------- ----------------------
Total Diluted 254,244,454 254,244,454 254,244,454
-------------- -------------- ----------------------
In the six months to 30 June 2016, the exercise price of the options and warrants exceeded the average market price of ordinary shares in the period, thus there is no dilutive effect on the weighted average number of ordinary shares or the diluted earnings per share.
Earning attributable to equity shareholders of the parent
6 months to 6 months 12 months to
30 June 2016 to 31 December
30 June 2015 2015
(unaudited) (unaudited) (audited)
Continuing operations
Basic earnings per share 0.097p 0.079p 0.046p
Diluted earnings per share 0.097p 0.079p 0.046p
-------------- -------------- ----------------------
This information is provided by RNS
The company news service from the London Stock Exchange
END
IR LLFSDARIALIR
(END) Dow Jones Newswires
September 20, 2016 02:00 ET (06:00 GMT)
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