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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 : 6707B
Mountfield Group plc
09 October 2020
9 October 2020
M o untfield Group Plc
Ha lf-y e arly report to 30 June 2020
Mountfield Group Plc ("the Group"), the AIM quoted commercial flooring and specialist construction services company announces its unaudited half-yearly report to 30 June 2020 ("the Period").
-- Net profit before tax for the first half of the year was GBP81k (2019: GBP719k). -- Turnover decreased from GBP9.14m to GBP5.82m over the corresponding period.
-- The Board therefore anticipates that there will be a substantial reduction in turnover and net profit for the full 2020 calendar year.
The value of the Group's secured order book is, at GBP4.98m, lower than it was at the same point last year.
Peter Jay (Non-Executive Chairman) and Andy Collins (Group CEO) said:
"We are disappointed to report that the Group's performance and profitability that had improved substantially over the last few years have deteriorated significantly in the current year. Turnover and net profit for the Period are substantially lower than those achieved in the corresponding periods of the previous two years.
The substantial deterioration in performance was caused primarily by the contraction in demand for construction services caused by the COVID-19 pandemic. At this relatively early stage it is not possible to determine whether the contraction is a temporary phenomenon or whether its effect will continue to be felt over the longer term.
The Group's Executive Directors are continually monitoring the market to ensure that the Group will be in a position to react quickly to any changes and opportunities as they arise."
The information contained within this announcement is deemed by the Company to constitute inside information under the Market Abuse Regulation (EU) No. 596/2014.
M o untfield Group Plc P eter Jay, C hair man Andy Collins, C hief E xecutive Of ficer +44 ( 0 )1 2 68 5 61 516 Cairn Financial Advisers LLP Jo Turner/Sandy Jamieson +44 ( 0 )20 72 13 0880
M o untfield Group Plc (the "Co mpany" or "the Group") Half-y e arly report to 30 June 2020
Connaught Access Flooring Limited ("CAF")
In the first six months of the year turnover was GBP3.1m (2019 - GBP3.9m) and the underlying profit before tax was GBP71k (2019 - GBP502k).
The majority of the projects that CAF has undertaken during the period were secured prior to the onset of the COVID-19 pandemic. CAF has continued to deliver these contracts, whilst complying with the Government's imposed guidelines, however, this has generally resulted in longer programme durations. Whilst tender activity has remained reasonably strong, the number of new projects start-ups (the majority of which continue to be in commercial office space in the City of London and Canary Wharf) has slowed considerably.
Mountfield Building Group Limited ("MBG")
In the first six months of the year turnover was GBP2.7m (2019 - GBP5.2m) and the underlying profit before tax was GBP138k (2019 - GBP355k).
The demand for MBG services have dropped considerably over the first half of this year, due primarily to the effects of COVID-19, and our IT clients reluctance to have works carried out in their sites where their network is currently at high demand. They are therefore only considering non-risk and essential engineering works currently on their sites. We are not aware how long this situation will remain, but would anticipate no increased demand for our services will be required, until well into the middle of next year.
Group and outlook
Even though the results for the last full financial year resulted in a further improvement in the working capital position of the Group which assisted it when dealing with the impact of COVID-19 and its consequent effect on the economy the Group has been challenged by the need to adjust to the dramatically reduced demand for its services.
The Group's current secured order book is GBP4.98m, mainly comprised of contracts which will be completed in 2020. This figure is substantially lower than at the same point last year. The Board does not expect that a substantial amount of new turnover will be won and delivered by this year end and that the result will be a significant drop in the Group's performance for 2020 as compared to that in 2019.
The Board believes that as regards future prospects, the changes resulting from the COVID-19 epidemic may be of a fundamental nature and that these changes are likely to have a long term and materially negative impact on the markets in which the Group companies operate.
The sharp recession that resulted from the steps taken to limit the spread of the virus has impacted the construction business generally, having had a significant, negative effect on the demand for construction services and in activity levels in the industry generally. The Group has also suffered because both Group companies offer specialist services to small segments of their respective markets.
Whilst the current drop in the UK's GDP is expected to be reversible in the medium to long term, the changes in working practices caused by the virus are likely to result in major changes in the overall demand for construction services and particularly for those services provided by the Group companies. The increasing extent to which companies will rely upon home-based workers has and will continue to reduce demand for city centre located office space and, in turn, for the flooring of large new or refurbished office premises within the City or in neighbouring areas.
In the light of the above, the Group companies are taking a cautious approach to securing their current and mid-term turnover targets and will concentrate on servicing the requirements of core clients on contracts which are neither onerous nor carry a significant risk element. The Board acknowledges that this policy will impact of turnover and net profit but believe that it is necessary and appropriate in order to protect the Group and the interests of shareholders in a period of unprecedented levels of uncertainty and risk.
The Board is continuing to monitor the changing market conditions and seek new contracts in the areas of construction that fall within the current specialisations of the Group companies.
Condensed consolidated statement of comprehensive income
For the six months ended 30 June 2020
Hot Features
Premium
6 months to 30 June 2020 6 months to 12 months to
30 June 2019 31 December 2019
(unaudited) (unaudited) (audited)
Note GBP GBP GBP
Revenue 5,823,166 9,137,192 20,989,052
Cost of sales (4,991,963) (7,572,698) (18,802,737)
------------------------- -------------- ------------------
Gross profit 831,203 1,564,494 2,186,315
Administrative expenses (746,236) (843,172) (1,335,464)
------------------------- -------------- ------------------
Operating profit 84,967 721,322 850,851
Net finance costs (4,362) (2,266) (10,111)
------------------------- -------------- ------------------
Profit before income tax 80,605 719,056 840,740
Income tax expense 3 (19,515) (160,469) (174,727)
------------------------- -------------- ------------------
Total comprehensive profit for the period 61,090 558,587 666,013
========================= ============== ==================
Earnings per share 4
Basic & diluted 0.024p 0.220p 0.262p
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 2020
30 June 2020 30 June 2019 31 December 2019
(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 111,365 145,387 101,601
Right-of-use assets 2,583 - 18,083
------------- ------------- -----------------
6,988,256 7,019,695 6,993,992
------------- ------------- -----------------
Current assets
Inventories 145,891 126,469 147,033
Trade and other receivables 3,004,533 5,292,106 3,543,322
Cash and cash equivalents 504,460 612,451 802,885
3,654,884 6,031,026 4,493,240
------------- ------------- -----------------
TOTAL ASSETS 10,643,140 13,050,721 11,487,232
============= ============= =================
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
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 1,544,735 1,376,219 1,483,645
------------- ------------- -----------------
TOTAL EQUITY 6,762,554 6,594,038 6,701,464
------------- ------------- -----------------
Current liabilities
Trade and other payables 3,134,972 5,517,202 4,199,058
Short-term borrowings 472,095 489,590 297,199
Lease liabilities 2,583 - 18,083
Current tax payable 200,936 388,885 181,428
------------- ------------- -----------------
3,810,586 6,395,677 4,695,768
Non-current liabilities
Loan notes 70,000 61,006 90,000
TOTAL LIABILITES 3,880,586 6,456,683 4,785,768
------------- ------------- -----------------
TOTAL EQUITY & LIABILITIES 10,643,140 13,050,721 11,487,232
============= ============= =================
Co ndens ed cons olidated s tat e m ent of changes in equity
Fo r the six m onths ended 30 June 2020
Sh ar e ca p Sh ar e p re m Capital R e v er se A M e r ge r R e t ai n ed To t a l
i t al i um redemption c qu isi ti rese r ve ear n i ng s
reserve on rese r ve
GBP GBP GBP GBP GBP GBP GBP
B a la n c e
at 1 J a nu a
ry 2019 2,524,426 1,490,682 7,500 (2,856,756) 4,051,967 817,632 6,035,451
T o ta l c omp
r e h e nsi
ve i nc ome - - - - - 558,587 558,587
-------------- -------------- ------------- ------------- -------------- ------------- ---------
B a la n c e
at 30 J une
2019 2,524,426 1,490,682 7,500 (2,856,756) 4,051,967 1,376,219 6,594,038
-------------- -------------- ------------- ------------- -------------- ------------- ---------
B a la n c e
at 1 J uly
2019 2,524,426 1,490,682 7,500 (2,856,756) 4,051,967 1,376,219 6,594,038
T o ta l c omp
r e h e nsi
ve income - - - - - 107,426 107,426
-------------- -------------- ------------- ------------- -------------- ------------- ---------
B a la n c e
at 31 D e ce
m b er 2019 2,524,426 1,490,682 7,500 (2,856,756) 4,051,967 1,483,645 6,701,464
-------------- -------------- ------------- ------------- -------------- ------------- ---------
B a la n c e
at 1 J a nu a
ry 2020 2,524,426 1,490,682 7,500 (2,856,756) 4,051,967 1,483,645 6,701,464
T o ta l c omp
r e h e nsi
ve income - - - - - 61,090 61,090
-------------- -------------- ------------- ------------- -------------- ------------- ---------
B a la n c e
at 30 J une
2020 2,524,426 1,490,682 7,500 (2,856,756) 4,051,967 1,544,735 6,762,554
-------------- -------------- ------------- ------------- -------------- ------------- ---------
Condensed consolidated cash flow statement
For the six months ended 30 June 2020
6 months to 6 months 12 months
to to
30 June 2020 30 June 2019 31 December
2019
(unaudited) (unaudited) (audited)
GBP GBP GBP
Cash from operating activities:
Operating profit 84,967 721,322 850,851
Adjusted for:
Depreciation 23,930 22,475 44,611
Profit on disposal (600) - -
(Increase)/ decrease in inventories 1,142 (11,167) (31,731)
(Increase)/ decrease in trade
and other receivables 538,791 (2,881,044) (1,132,254)
(Decrease)/ increase in trade
and other payables (1,122,555) 2,195,803 777,976
-------------- -------------- -------------
Cash (used in)/ generated by
operations (474,325) 47,389 509,453
Finance costs (4,362) (1,984) (10,111)
Taxation paid - - (223,088)
Net cash
(outflow)/inflow from
operating activities (478,687) 45,405 276,254
-------------- -------------- -------------
Cash flows from investing activities
Purchase of equipment (18,195) (16,126) (12,557)
Proceeds from sale of property, 600 - -
plant and equipment
Net cash flows from /
(used)
in investing
activities (496,282) 29,279 263,697
-------------- -------------- -------------
Cash flows from financing activities:
Lease repayments (15,500) (15,498) (31,000)
Repayment of non-convertible
loan notes (27,961) (18,000) (36,001)
Movement of supplier financing 241,318 - -
facility
Repayment of short-term loans - (61,077) (71,558)
-------------- -------------- -------------
Net cash flows from financing
activities 197,857 (94,575) (138,559)
============== ============== =============
Net (decrease)/increase in cash
and cash equivalents (298,425) (65,296) 125,138
Cash and cash equivalents brought
forward 802,885 677,747 677,747
-------------- -------------- -------------
Cash and cash equivalents carried
forward 504,460 612,451 802,885
============== ============== =============
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
2020 June 2019 2019
GBP GBP GBP
Cash at bank and in hand 504,460 612,451 802,885
Bank overdraft - - -
504,460 612,451 802,885
============== =========== ==================
1 . Notes to the Interim Report
B a s is of preparation
The Group's half-yearly financial statements for the six months ended 30 June 2020 were authorised for issue by the directors on 9 October 2020.
T h e co ns olidated half-yearly fin a ncial state men t s, w hich are u nau dited, do n ot con stit ute s tatuto ry accou n ts wit h in t he meaning of Section 434 of t he C o m p a nies Act 2006. T he statuto ry accou nts f or t he year en ded 31 Dece m ber 2019 have been filed with t he Regis t rar of Co m panies at C o m panies Hou se. T he au dit report on t he statuto ry accou n ts f or the year en ded 31 Dece m ber 2019 was u n q ualified and did n ot co ntain a ny state men ts un der Section 498 (2) or ( 3) of the C o m panies Act 2006.
T h e annu al f i n a ncial state m e nts of Mou n t field Gro up Plc f or the year en ded 31 Decem ber 20 20 w ill be prepar ed in accordance w ith I nter natio n al Fi nancial Reporting Sta n dards as adopted f or use in t he EU ( " I F RS"). Accordin g l y, these inter im f i nan cial state ments h a ve been prepared us i ng accou nti ng policies con siste nt with t h o se w hich will be adopted by t he Gro up in t he f i nancial state m e nts a nd in co m pliance with IAS 34 " I nter im finan cial reporting".
T h e co ns olidated inter im f i n a ncial state men ts have been prepared in accordance w ith the acco unti ng policies set o ut in the ann ual fin a ncial state men ts f or the year en ded 31 Decem ber 2 0 19.
B a s is of cons olidation
T h e Gro up finan cial in f o r m ati on co ns olidates t hat of t he co m p a ny and its s u b sidiaries.
A ll i ntr a - g r o up transactio ns, balances, i nco me a nd ex pen ses are eli m i nated on co ns olidatio n.
2. Seg m ental reporting
Seg ment in f o r mation is presented in res pect of the Group 's b us i ness s e g m e n t s, w hich are based on the Gro u p 's man a g e m e nt and i nter nal reporting str uct u re.
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 2020 30 June 2019 31 December 2019
Segmental PBT Segmental PBT Segmental PBT
revenue revenue revenue
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
---------- -------- ---------- --------
Construction 2,743 138 5,216 355 13,223 117
Fit -out 3,080 71 3,921 502 7,766 724
5,823 209 9,137 857 20,989 841
Inter-segmental
revenue and unallocated
costs (128) - (138) - -
---------- -------- ---------- -------- ---------- --------
5,823 81 9,137 719 20,989 841
========== ======== ========== ======== ========== ========
Business segments assets and liabilities
Six months to Six months to Twelve months
30 June 2020 30 June 2019 to 31 December
2019
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 1,794 2,246 2,481 3,810 1,999 2,582
Fit-out 2,636 1,167 3,665 2,103 3,203 1,763
4,430 3,413 6,146 5,913 5,202 4,345
Goodwill - Construction 2,000 - 2,000 - 2,000 -
Goodwill - Fit-out 4,874 - 4,874 - 4,874 -
Other unallocated
assets & liabilities 17 1,145 30 543 1 1,031
11,321 4,558 13,050 6,456 12,077 5,376
======== ============= ======== ============= ======== =============
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 des tination
Revenue is attributable to the United Kingdom and other EU markets. T o tal assets incl u ding proper t y, plant and eq uip m e nt and i n tangible a ssets are all held in t he UK.
3. Income tax (expense)/credit (continuing operations)
6 months 6 months 12 months to
to 30 June to 30 June 31 December
2020 2019 2019
(unaudited) (unaudited) (audited)
GBP GBP GBP
Current tax on income for the
period (19,515) (160,469) (174,727)
Deferred tax (expense) - - -
------------ ------------ -------------
Income tax (expense)/credit in
the income statement (19,515) (160,469) (174,727)
============ ============ =============
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 6 months 12 months to
to 30 June to 30 June 31 December
2020 2019 2019
(unaudited) (unaudited) (audited)
Number Number Number
B asic ordinary shares of 0.1p
each 254,244,454 254,244,454 254,244,454
Diluti ve ordinary shares f r - - -
om warran ts & optio ns
------------ ------------ -------------
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 31 December
2020 30 June 2019 2019
(unaudited) (unaudited) (audited)
GBP GBP GBP
Continuing operations
Basic earnings per share 0.024p 0.220p 0.262p
Diluted earnings per share 0.024p 0.220p 0.262p
------------ -------------- -------------
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