We could not find any results for:
Make sure your spelling is correct or try broadening your search.
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 |
TIDMMOGP
RNS Number : 6877M
Mountfield Group plc
18 September 2019
18 September 2019
Mountfield Group Plc
Half-yearly report to 30 June 2019
Mountfield Group Plc ("the Group"), the AIM listed commercial flooring and specialist construction services company announces its half-yearly report to 30 June 2019.
-- Net profit before tax for the first half of the year was GBP719k (2018: GBP695k). -- Turnover increased from GBP8.87m to GBP9.14m over corresponding period. -- The Board anticipates an improved performance for the whole of 2019 over 2018.
The value of the Group's secured order book is higher than the same point last year at GBP10.85m.
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 continued into the first half of 2019. Net profits for the period are similar to the figure achieved in the corresponding period of the previous year. The Board expects the results for the full year to show improvement on those for 2018.
Connaught Access Flooring Limited and Mountfield Building Group Limited are both performing strongly and have a combined order book of GBP10.85m and both companies are in the process of negotiating or tendering for substantial new contracts.
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 2019
Connaught Access Flooring Limited ("CAF")
CAF has had a good first half of the year with turnover of GBP3.9m (2018 - GBP5.1m) and a profit before tax of GBP502k (2018 - GBP392k) generated during the period reflecting improved final margins on larger contracts.
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.
Mountfield Building Group Limited ("MBG")
MBG has had another 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 GBP356k (2018 - GBP456k). Whilst turnover increased to GBP5.2m from GBP3.8m, over the corresponding period last year, lower margins are anticipated on some of the larger contracts.
This increase in turnover 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 2020.
6 months 6 months 12 months to 30 June to to 2019 30 June 31 December 2018 2018 (unaudited) (unaudited) (audited) Note GBP GBP GBP Revenue 9,137,192 8,866,607 16,220,768 Cost of sales (7,572,698) (7,271,248) (13,713,296) ------------ ------------ ------------- Gross profit 1,564,494 1,595,359 2,507,472 Administrative expenses (843,172) (892,188) (1,378,299) ------------ ------------ ------------- Operating profit 721,322 703,171 1,129,173 Net finance costs (2,266) (8,554) (19,841) ------------ ------------ ------------- Profit before income tax 719,056 694,617 1,109,332 Income tax expense 4 (160,469) (133,503) (426,758) ------------ ------------ ------------- Total comprehensive profit for the period 558,587 561,114 682,574 ============ ============ ============= Earnings per share 5 Basic & diluted 0.220p 0.221p 0.268p
Condensed consolidated statement of comprehensive income
For the six months ended 30 June 2019
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 2019
30 June 30 June 2018 31 December 2019 2018 (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 145,387 101,969 102,655 Deferred income tax assets - 199,330 - ------------- ------------- ------------ 7,019,695 7,175,607 6,976,963 ------------- ------------- ------------ Current assets Inventories 126,469 107,809 115,302 Trade and other receivables 5,292,106 3,915,220 2,411,068 Cash and cash equivalents 612,451 163,244 1,236,162 6,031,026 4,186,273 3,762,532 ------------- ------------- ------------ TOTAL ASSETS 13,050,721 11,361,880 10,739,495 ============= ============= ============ 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 - - - 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 1,376,219 696,172 817,632 ------------- ------------- ------------ TOTAL EQUITY 6,594,038 5,913,991 6,035,451 ------------- ------------- ------------ Current liabilities Trade and other payables 5,517,202 4,154,056 3,305,728 Short-term borrowings 489,590 850,341 1,107,528 Current tax payable 388,885 257,552 229,782 ------------- ------------- ------------ 6,395,677 5,261,949 4,643,038 Non-current liabilities Loan notes 61,006 179,006 61,006 Bank loan - 6,934 - TOTAL LIABILITES 6,456,683 5,447,889 4,704,044 ------------- ------------- ------------ TOTAL EQUITY & LIABILITIES 13,050,721 11,361,880 10,739,495 ============= ============= ============
Condensed consolidated statement of changes in equity
For the six months ended 30 June 2019
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 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 --------- ------------ ----------- ----------- --------------- ------------ --------- --------- Balance at 1 July 2018 2,524,426 1,490,682 - 7,500 (2,856,756) 4,051,967 696,172 5,913,991 Total comprehensive income - - - - - - 121,460 121,460 Transfer - - - - - - - - Balance at 31 December 2018 2,524,426 1,490,682 - 7,500 (2,856,756) 4,051,967 817,632 6,035,451
--------- ------------ ----------- ----------- --------------- ------------ --------- --------- Balance at 1 January 2019 2,524,426 1,490,682 - 7,500 (2,856,756) 4,051,967 817,632 6,035,451 Total comprehensive income - - - - - - 558,587 558,587 --------- ------------ ----------- ----------- --------------- ------------ --------- --------- Balance at 30 June 2019 2,524,426 1,490,682 - 7,500 (2,856,756) 4,051,967 1,376,219 6,594,038 --------- ------------ ----------- ----------- --------------- ------------ --------- ---------
Condensed consolidated cash flow statement
For the six months ended 30 June 2019
6 months to 6 months 12 months to to 30 June 2019 30 June 2018 31 December 2018 (unaudited) (unaudited) (audited) GBP GBP GBP Cash from operating activities: Operating profit 721,322 703,171 1,129,173 Adjusted for: Depreciation 22,475 5,715 12,556 Profit on disposal - (4,400) (4,400) (Increase)/ decrease in inventories (11,167) (19,508) (27,001) (Increase)/ decrease in trade and other receivables (2,881,044) (263,707) 1,240,449 (Decrease)/ increase in trade and other payables 2,195,803 (278,858) (1,374,996) -------------- -------------- ------------- Cash (used in)/ generated by operations 47,389 142,413 975,781 Finance costs (1,984) (5,964) (19,841) Taxation paid - - (121,696) Net cash (outflow)/inflow from operating activities 45,405 136,449 834,244 -------------- -------------- ------------- Cash flows from investing activities Purchase of equipment (16,126) (27,249) (34,777) Proceeds from sale of property, plant and equipment - 4,400 4,400 Net cash flows from / (used) in investing activities 29,279 113,600 (30,377) -------------- -------------- ------------- Cash flows from financing activities: Lease repayments (15,498) - - Repayment of non-convertible loan notes (18,000) (20,993) (138,994) Movement in supplier financing facility - (387,795) (387,795) Repayment of short-term loans (61,077) (61,869) (119,632) -------------- -------------- ------------- Net cash flows from financing activities (94,575) (470,657) (646,421) ============== ============== ============= Net (decrease)/increase in cash and cash equivalents (65,296) (357,057) 157,446 Cash and cash equivalents brought forward 677,747 520,301 520,301 -------------- -------------- ------------- Cash and cash equivalents carried forward 612,451 163,244 677,747 ============== ============== =============
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 2019 June 2018 2018 GBP GBP GBP Cash at bank and in hand 612,451 163,244 1,236,162 Bank overdraft - - (558,415) 612,451 163,244 677,747 ============== =========== ================== 1. Notes to the Interim Report
Basis of preparation
The Group's half-yearly financial statements for the six months ended 30 June 2019 were authorised for issue by the directors on 18 September 2019.
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 2018 have been filed with the Registrar of Companies at Companies House. The audit report on the statutory accounts for the year ended 31 December 2018 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 2019 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 2018.
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 16 'Leases'
The Group only acts as a lessee and is required to recognise operating leases on the balance sheet. The group has adopted the modified retrospective approach meaning the Group recognised such leases on the balance sheet as at 1 January 2019. The Group has recognised right-of-use assets in respect of the properties it leases with a value of GBP49k being attributed to the assets and a lease liability of the same amount. The asset is being depreciated over the remaining term of the lease, which is 19 months from 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 2019 30 June 2018 31 December 2018 Segmental PBT Segmental PBT Segmental PBT revenue revenue revenue GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 ---------- -------- ---------- -------- Construction 5,216 355 3,786 456 8,034 781 Fit -out 3,921 502 5,081 392 8,186 314 9,137 857 8,867 848 16,220 1,095 Inter-segmental revenue and unallocated costs - (138) - (153) - 14 ---------- -------- ---------- -------- ---------- -------- 9,137 719 8,867 695 16,220 1,109 ========== ======== ========== ======== ========== ========
Business segments assets and liabilities
Six months to Six months to Twelve months 30 June 2019 30 June 2018 to 31 December 2018 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 2,481 3,810 1,248 2,272 936 1,850 Fit-out 3,665 2,103 3,666 2,376 2,923 1,698 6,146 5,913 4,914 4,648 3,859 3,548 Goodwill - Construction 2,000 - 2,000 - 2,000 - Goodwill - Fit-out 4,874 - 4,874 - 4,874 - Other unallocated assets & liabilities 30 543 7 1,234 6 1,156 13,050 6,456 11,795 5,882 10,739 4,704 ======== ============= ======== ============= ======== =============
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 to 31 December 30 June 2019 30 June 2018 2018 (unaudited) (unaudited) (audited) GBP GBP GBP Current tax on income for the period (160,469) (133,503) (227,428) Deferred tax (expense) - - (199,330) -------------- -------------- ------------- Income tax (expense)/credit in the income statement (160,469) (133,503) (426,758) ============== ============== ============= 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 2019 2018 2018 (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 2019 2018 2018 (unaudited) (unaudited) (audited) GBP GBP GBP Continuing operations Basic earnings per share 0.220p 0.221p 0.268p Diluted earnings per share 0.220p 0.221p 0.268p ------------ ------------ -------------
This announcement contains inside information for the purposes of Article 7 of EU Regulation 596/2014.
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 CKODNKBKBCCD
(END) Dow Jones Newswires
September 18, 2019 02:01 ET (06:01 GMT)
1 Year Mountfield Chart |
1 Month Mountfield Chart |
It looks like you are not logged in. Click the button below to log in and keep track of your recent history.
Support: +44 (0) 203 8794 460 | support@advfn.com
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions