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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 : 0612C
Mountfield Group plc
27 September 2018
27 September 2018
Mountfield Group Plc
Half-yearly report to 30 June 2018
Mountfield Group Plc ("the Group"), the AIM quoted commercial flooring and specialist construction services company announces its half-yearly report to 30 June 2018.
-- A substantial increase in net profit before tax for the first half of the year - GBP695k (2017: GBP305k).
-- Turnover increased to GBP8.87m (2017: GBP5.68m) -- The Board expects an improved performance from the Group for 2018 over 2017. -- The Group has secured orders in excess of those held at this stage of 2017.
Peter Jay (Non-Executive Chairman) and Andy Collins (Group CEO) said:
We are pleased to report that the improvement in the Group's performance and profitability that we have seen over the last few years has accelerated and enabled the Group to perform very strongly in the first half of 2018.
The Group is expected to perform well in the year overall.
Connaught Access Flooring Limited ("CAF") and Mountfield Building Group Limited ("MBG") are both performing strongly and have a combined order book of GBP9.1m which is scheduled to be delivered in the remainder of this year and next year. In addition both companies are in the process of negotiating or in tenders for substantial new contracts.
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Mountfield Group Plc
Peter Jay, Chairman
Andy Collins, Chief Executive
Officer +44 (0)1268 561 516
Cairn Financial Advisers LLP
Jo Turner/Tony Rawlinson +44 (0)20 7213 0880
Mountfield Group Plc (the "Company" or "the Group") Half-yearly report to 30 June 2018
Chairman and CEO's Statement
The first half of 2018 saw the Group's turnover grow significantly to GBP8.87m from the same period last year (2017 - GBP5.68m) and this resulted in net profit before tax of GBP695k which is also a significant increase over that earned in the corresponding period of 2017 (2017 - GBP305k).
The Board is very pleased that the performance of the Group has continued to build on the results from 2017 particularly in the second half of that year and expects the overall results for 2018 to be ahead of those for 2017.
CAF
CAF has had a good first half of the year with its turnover increasing to GBP5.1m from GBP4.4m with a profit before tax of GBP392k generated during the period being broadly consistent with that of the previous year (2017 - GBP408k).
CAF continues to be a market leader in its sector and has a proven track record of successfully delivering some of the largest contracts in the raised access flooring market.
MBG
MBG has had a very strong six months following on from a very good year last year and has generated profits before tax in the first half of the year of GBP456k (2017 - GBP44k). This was achieved due to turnover increasing to GBP3.8m from GBP1.3m over the corresponding period last year, together with a keen control of its operating expenditure.
This increase in turnover and profitability has been achieved by continuing to successfully deliver projects to its clients including those major contracts that have previously been announced.
Group
The Board anticipates the Group performing well in the second half of the year and also CAF and MBG securing further business that will ensure a strong platform for 2019.
Condensed consolidated statement of comprehensive income
For the six months ended 30 June 2018
6 months 6 months 12 months
to 30 June to 30 June to 31 December
2018 2017 2017
(unaudited) (unaudited) (audited)
Note GBP GBP GBP
Revenue 8,866,607 5,683,667 12,692,126
Cost of sales (7,271,248) (4,653,137) (10,467,673)
------------ ------------ ----------------
Gross profit 1,595,359 1,030,530 2,224,453
Administrative expenses (892,188) (714,696) (1,322,171)
------------ ------------ ----------------
Operating profit 703,171 315,834 902,282
Net finance costs (8,554) (10,815) (37,910)
------------ ------------ ----------------
Profit before income tax 694,617 305,019 864,372
Income tax expense 4 (133,503) (84,414) (218,999)
------------ ------------ ----------------
Total comprehensive profit
for the period 561,114 220,605 645,373
============ ============ ================
Earnings per share 5
Basic & diluted 0.221p 0.086p 0.254p
There are no recognised gains and losses other than those passing through the Statement of Comprehensive Income
Condensed consolidated statement of financial position
As at 30 June 2018
30 June 30 June 2017 31 December
2018 2017
(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 101,969 85,389 80,434
Deferred income tax assets 199,330 269,030 199,330
------------- ------------- ------------
7,175,607 7,228,727 7,154,072
------------- ------------- ------------
Current assets
Inventories 107,809 100,601 88,301
Trade and other receivables 3,915,220 2,916,039 3,651,516
Cash and cash equivalents 163,244 - 520,301
4,186,273 3,016,640 4,260,118
------------- ------------- ------------
TOTAL ASSETS 11,361,880 10,245,367 11,414,190
============= ============= ============
EQUITY AND LIABILITIES
Share capital and reserves
Issued share capital 2,524,426 2,524,426 2,524,426
Share premium 1,490,682 1,490,682 1,490,682
Share based payments reserve - 68,871 -
Capital redemption reserve 7,500 7,500 7,500
Merger reserve 4,051,967 4,051,967 4,051,967
Reverse acquisition reserve (2,856,756) (2,856,756) (2,856,756)
Retained earnings 696,172 (358,581) 135,058
------------- ------------- ------------
TOTAL EQUITY 5,913,991 4,928,109 5,352,877
------------- ------------- ------------
Current liabilities
Trade and other payables 4,154,056 3,357,051 4,712,512
Short-term borrowings 850,341 1,434,896 958,020
Current tax payable 257,552 115,946 124,050
------------- ------------- ------------
5,261,949 4,907,893 5,794,582
Non-current liabilities
Loan notes 179,006 297,911 200,000
Bank Loan 6,934 111,454 66,731
TOTAL LIABILITES 5,447,889 5,317,258 6,061,313
------------- ------------- ------------
TOTAL EQUITY & LIABILITIES 11,361,880 10,245,367 11,414,190
============= ============= ============
Condensed consolidated statement of changes in equity
For the six months ended 30 June 2018
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
2017 2,524,426 1,490,682 68,871 7,500 (2,856,756) 4,051,967 (579,186) 4,707,504
Total
comprehensive
income - - - - - - 220,605 220,605
--------- ------------ ----------- ----------- --------------- ------------ --------- ---------
Balance at
30 June 2017 2,524,426 1,490,682 68,871 7,500 (2,856,756) 4,051,967 (358,581) 4,928,109
--------- ------------ ----------- ----------- --------------- ------------ --------- ---------
Balance at
1 July 2017 2,524,426 1,490,682 68,871 7,500 (2,856,756) 4,051,967 (358,581) 4,928,109
Total
comprehensive
income - - - - - - 424,768 424,768
Transfer - - (68,871) - - - 68,871 -
Balance at
31 December
2017 2,524,426 1,490,682 - 7,500 (2,856,756) 4,051,967 135,058 5,352,877
--------- ------------ ----------- ----------- --------------- ------------ --------- ---------
Balance at
1 January
2018 2,524,426 1,490,682 - 7,500 (2,856,756) 4,051,967 135,058 5,352,877
Total
comprehensive
income - - - - - - 561,114 561,114
--------- ------------ ----------- ----------- --------------- ------------ --------- ---------
Balance at
30 June 2018 2,524,426 1,490,682 - 7,500 (2,856,756) 4,051,967 696,172 5,913,991
--------- ------------ ----------- ----------- --------------- ------------ --------- ---------
Condensed consolidated cash flow statement
For the six months ended 30 June 2018
6 months to 6 months 12 months
to to
30 June 2018 30 June 2017 31 December
2017
(unaudited) (unaudited) (audited)
GBP GBP GBP
Cash from operating activities:
Operating profit 703,171 315,834 902,282
Adjusted for:
Depreciation 5,715 6,453 11,595
Profit on Disposal (4,400) - (1,294)
(Increase)/ decrease in inventories (19,508) (12,329) (29)
(Increase)/ decrease in trade
and other receivables (263,707) (1,139,428) (1,874,903)
(Decrease)/ increase in trade
and other payables (278,858) 740,843 1,508,009
-------------- -------------- -------------
Cash (used in)/ generated by
operations 142,413 (88,627) 545,660
Finance costs (5,964) (10,815) (37,910)
Taxation paid - - (56,782)
Net cash
(outflow)/inflow from
operating activities 136,449 (99,442) 450,968
-------------- -------------- -------------
Cash flows from investing activities
Purchase of equipment (27,249) (886) (3,782)
Proceeds from sale of property,
plant and equipment 4,400 - 4,003
Net cash flows from
used in
investing activities 113,600 (886) 221
-------------- -------------- -------------
Cash flows from financing activities:
Finance lease rentals - (583) (583)
Repayment of non-convertible
loan notes (20,993) (95,946) (190,901)
Movement in supplier financing
facility (387,795) - 387,795
Repayment of short-term loans (61,869) (62,229) (106,952)
-------------- -------------- -------------
Net cash flows from financing
activities (470,657) (158,758) 89,359
============== ============== =============
Net (decrease)/increase in cash
and cash equivalents (357,057) (259,086) 540,548
Cash and cash equivalents brought
forward 520,301 (20,247) (20,247)
-------------- -------------- -------------
Cash and cash equivalents carried
forward 163,244 (279,333) 520,301
============== ============== =============
For the purposes of the cash flow statement, cash and cash equivalents comprise the following:
As at 30 June As at 30 As at 31 December
2018 June 2017 2017
GBP GBP GBP
Cash at bank and in hand 163,244 - 520,301
Bank overdraft - (279,333) -
163,244 (279,333) 520,301
============== =========== ==================
1. Notes to the Interim Report
Basis of preparation
The Group's half-yearly financial statements for the six months ended 30 June 2018 were authorised for issue by the directors on 27 September 2018.
The consolidated half-yearly 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 2017 have been filed with the Registrar of Companies at Companies House. The audit report on the statutory accounts for the year ended 31 December 2017 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 2018 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 2017.
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. Changes in accounting policies and disclosures
IFRS 15 'Revenue from Contracts with Customers'
The Group has applied this accounting standard from 1 January 2018 and has adopted the modified retrospective approach to its adoption which would result in any adjustments for contracts in progress at 1 January 2018 being made to opening retained earnings at that date.
The Group has considered how contracts are accounted for in accordance with IFRS 15 using the 5 step approach set out in that standard. In undertaking this exercise the Group has not identified any material changes in how revenue would be recognised for the contracts in progress at 31 December 2017 nor with those that have been undertaken in the six months to 30 June 2018.
The Group expects that the adoption of this standard could have an impact if loss making contracts occur but other than those does not currently foresee any material changes from the previous accounting policy.
IFRS 9 'Financial Instruments'
The Group has applied this standard from 1 January 2018 but it has had no material effect on the Group's financial statements.
IFRS 16 'Leases'
The Group is working with its advisors to assess the potential impact of IFRS 16 'Leases', including consideration of transition method. The standard is expected to only affect the Group in respect of leases that it has in place that are currently treated as operating leases in accordance with current standards.
The Group only acts as a lessee and will be required to recognise operating leases on the balance sheet when the new standard is implemented. It is likely that the modified retrospective approach will be adopted meaning the Group will only recognise such leases on the balance sheet as at 1 January 2019.
3. 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:
Construction
Direct contracting and trade contracting services to both main contractors and corporate end users.
Fit-out
Providing raised flooring systems to both main contractors and corporate end users.
Segmental operating performance
Six months to 30 Six months to Twelve months to
June 2018 30 June 2017 31 December 2017
Segmental PBT Segmental PBT Segmental PBT
revenue revenue revenue
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
---------- -------- ---------- --------
Construction 3,786 456 1,298 44 4,292 289
Fit -out 5,081 392 4,386 408 8,420 568
8,867 848 5,684 452 12,712 857
Inter-segmental
revenue and
unallocated
costs - (153) - (147) (20) 7
---------- -------- ---------- -------- ---------- --------
8,867 695 5,684 305 12,692 864
========== ======== ========== ======== ========== ========
Business segments assets and liabilities
Six months to Six months to Twelve months
30 June 2018 30 June 2017 to 31 December
2017
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 1,248 2,272 953 2,693 1,300 2,633
Fit-out 3,666 2,376 2,406 1,774 3,238 2,579
4,914 4,648 3,359 4,467 4,538 5,212
Goodwill - Construction 2,000 - 2,000 - 2,000 -
Goodwill - Fit-out 4,874 - 4,874 - 4,874 -
Other unallocated
assets & liabilities 7 1,234 12 850 2 849
11,795 5,882 10,245 5,317 11,414 6,061
======== ============= ======== ============= ======== =============
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.
4. Income tax (expense)/credit (continuing operations)
6 months 6 months 12 months to
to 30 June to 30 June 31 December
2018 2017 2017
(unaudited) (unaudited) (audited)
GBP GBP GBP
Current tax on income for the
period (133,503) (58,176) (123,061)
Deferred tax (expense) - (26,238) (95,938)
------------ ------------ -------------
Income tax (expense)/credit
in the income statement (133,503) (84,414) (218,999)
============ ============ =============
5. 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 6 months 12 months to
to 30 June to 30 June 31 December
2018 2017 2017
(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
------------ ------------ -------------
Earning attributable to equity shareholders of the parent
6 months 6 months 12 months to
to 30 June to 30 June 31 December
2018 2017 2017
(unaudited) (unaudited) (audited)
GBP GBP GBP
Continuing operations
Basic earnings per share 0.221p 0.086p 0.254p
Diluted earnings per share 0.221p 0.086p 0.254p
------------ ------------ -------------
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
IR FKADNPBKDNCB
(END) Dow Jones Newswires
September 27, 2018 02:00 ET (06:00 GMT)
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