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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Pittards Plc | LSE:PTD | London | Ordinary Share | GB00BM8NGB73 | ORD 1P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 5.375 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
TIDMPTD
RNS Number : 7822B
Pittards PLC
25 September 2018
25 September 2018
PITTARDS PLC
("Pittards" or "the Group")
Interim results for the six months ended 30 June 2018
Pittards plc, the specialist producer of technically advanced leather and luxury leather goods for retailers, manufacturers and distributors today announces its results for the six months ended 30 June 2018.
Half year ended 30 June 2018
-- Revenue increased 2% to GBP14.5m (H1 2017: GBP14.2m)
-- EBITDA increased to GBP0.8m (H1 2017: GBP0.7m)
-- Profit before tax GBP0.1m (H1 2017: GBP0.1m)
-- Net assets GBP20.1m (31 December: GBP19.8m)
-- Further progress developing targeted new business with orders to produce bulk sampling.
Stephen Yapp, Chairman commented: "The first six months of 2018 has seen satisfactory trading alongside continued investment to strengthen our operational capability and scalability.
The strategic priorities remain enhancing our offering to existing customers whilst developing new customers in the interiors and performance footwear markets. Good progress has been made in these areas allowing us to look ahead with confidence."
For further information, please contact:
Pittards plc www.pittards.com Stephen Yapp, Chairman Reg Hankey, CEO Matthew O'Rourke, CFO +44 (0) 1935 474 321 WH Ireland Limited www.whirelandcb.com Mike Coe, Chris Savidge +44 (0) 117 945 3470
This announcement includes inside information as defined in Article 7 of the Market Abuse Regulation No. 596/2014 and is disclosed in accordance with the Company's obligations under Article 17 of those regulations.
CHAIRMAN'S STATEMENT
for the SIX MONTHSED 30 JUNE 2018
The first six months' results show satisfactory trading and progress in advancing our strategy. During this period we have continued to invest in people and technology to augment our operational capability. We have also made steady progress in embedding a more efficient supply chain.
This investment in resource and operations enables us to enhance our offering to existing customers and strengthen our capability and scalability for serving the targeted interiors and performance footwear markets.
Half year ended 30 June 2018
-- Revenue increased 2% to GBP14.5m (H1 2017: GBP14.2m) -- EBITDA increased to GBP0.8m (H1 2017: GBP0.7m) -- Profit before tax GBP0.1m (H1 2017: GBP0.1m) -- Net assets GBP20.1m (31 December: GBP19.8m) -- Further progress developing targeted new business with orders to produce bulk sampling.
Financial review
Revenue increased 2% to GBP14.5m, with increases in both the UK and Ethiopia. Due principally to a change in mix, gross margin for the first six months was 21.2%, down on the full year margin achieved last year of 23.4%.
Profit before tax improved slightly year on year, to GBP0.1m, against an unfavourable foreign exchange backdrop and continuing investments to modernise our facilities and support potential business opportunities. In line with prior years, full year profits are anticipated to be weighted towards the second half of the year.
Net assets overall remained at similar levels to that in December. Inventory has increased by GBP0.4m since 31 December 2017, but is GBP1.2m lower than at the same time last year. The increase since December is due to new product sampling, partially offset by a reduction in slower moving stock, with inventory days of sale improving year on year from 282 to 249 days. The increase in net debt to GBP9.8m is primarily due to working capital timing differences which we anticipate will have predominantly reversed by the year end. It is also due to the investments made in new business opportunities. As at 30 June 2018 the headroom in our borrowing facilities was GBP3.6m.
Operational and strategic update
Globally, customers in our existing markets continue to experience a challenging environment arising from the prevailing uncertainty of geopolitical and market factors. Consequently, our UK facilities were affected by a reduction in orders for hide manufacturing towards the latter half of the period, although the production of skins remained stable.
The new government and recent lifting of the state of emergency are helpful to our Ethiopian Division, however, there are still some political uncertainties which we are monitoring closely. The manufacturing of utility and dress gloves remain our core finished product and we have expanded the training of our staff to accommodate our entrance into the casual shoes market, as we pursue our strategy to have a more balanced product portfolio. Alongside this, we continue to drive operational efficiencies through investments in technology and improving our supply chain management. Further investments are planned in the second half of the year to support the new product ranges and ongoing modernisation of our tannery.
The initiatives to reduce slower moving stock continue to gain traction and now include a dedicated resource to identify innovative solutions for better utilisation.
Encouragingly, our pipeline of opportunities within our target markets progressed further, with a few customers entering the significant final bulk sampling phase which typically precedes larger and repeat volumes.
Outlook
As a large proportion of our production is exported, the introduction of tariff barriers globally is likely to create uncertainty which may have an effect on our core business in the second half.
However, against this backdrop our strategic priorities remain enhancing our offering to existing customers whilst developing new customers in the interiors and performance footwear markets. Good progress has been made in these areas allowing us to look ahead with confidence.
CONSOLIDATED INCOME STATEMENT
for the SIX MONTHSED 30 JuNE 2018
Six months Six months Year ended ended 30 June ended 30 June 31 December 2018 2017 2017 GBP'000 GBP'000 GBP'000 Unaudited Unaudited Audited Note Revenue 14,505 14,229 30,287 Cost of sales (11,426) (10,866) (23,194) Gross profit 3,079 3,363 7,093 Distribution costs (1,070) (1,064) (2,443) Administrative expenses (1,578) (1,938) (3,716) --------------- --------------- ------------- Profit from operations before finance costs 431 361 934 Finance costs (344) (276) (521) Finance income 9 - - --------------- --------------- ------------- Profit before taxation 96 85 413 Taxation 4 29 (45) 84 --------------- --------------- ------------- Profit for the period after taxation 125 40 497 --------------- --------------- ------------- Earnings per share 3 --------------- --------------- ------------- Basic 0.90p 0.29p 3.58p Diluted 0.90p 0.28p 3.49p --------------- --------------- -------------
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
for the SIX MONTHS Ended 30 JUNE 2018
Six months ended Six months ended Year ended 30 June 2018 30 June 2017 31 December 2017 GBP'000 GBP'000 GBP'000 Unaudited Unaudited Audited Profit for the period after taxation 125 40 497 Other comprehensive income Items that will not be reclassified to profit or loss Revaluation of land and buildings - - 171 Revaluation of land and buildings - unrealised exchange gain/(loss) 29 (213) (625) ----------------- ----------------- ------------------ 29 (213) (454) Items that may be subsequently reclassified to profit or loss Unrealised exchange gain/(loss) on translation of overseas subsidiaries 172 (489) (1,655) Other comprehensive income/(loss) 201 (702) (2,109) ----------------- ----------------- ------------------ Total comprehensive income/(loss) for the period 326 (662) (1,612)
----------------- ----------------- ------------------
CONSOLIDATED statement of Changes in equity
for the six monthsED 30 JUNE 2018
Shares Share held based Share Share Capital by payment Translation Revaluation Retained Total Note capital premium reserve ESOP reserve reserve reserve earnings equity GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 --------- --------- --------- -------- -------- ------------- ------------- ---------- -------- At 1 January 2017 6,944 2,984 6,475 (495) 29 (1,865) 2,267 4,935 21,274 --------- --------- --------- -------- -------- ------------- ------------- ---------- -------- Comprehensive income for the period Profit for the period after taxation - - - - - - - 40 40 Other comprehensive income Unrealised exchange loss on translation of foreign subsidiaries - - - - - (489) (213) - (702) --------- --------- --------- -------- -------- ------------- ------------- ---------- -------- Total other comprehensive loss - - - - - (489) (213) - (702) --------- --------- --------- -------- -------- ------------- ------------- ---------- -------- Total comprehensive (loss)/income for the period - - - - - (489) (213) 40 (662) --------- --------- --------- -------- -------- ------------- ------------- ---------- -------- Shared based payment expense - - - - 54 - - - 54 At 30 June 2017 6,944 2,984 6,475 (495) 83 (2,354) 2,054 4,975 20,666 --------- --------- --------- -------- -------- ------------- ------------- ---------- -------- Comprehensive income for the period Profit for the period after taxation - - - - - - - 457 457 Other comprehensive income Gain on the revaluation of buildings - - - - - - 171 - 171 Unrealised exchange loss on translation of foreign subsidiaries - - - - - (1,166) (412) - (1,578) --------- --------- --------- -------- -------- ------------- ------------- ---------- -------- Total other comprehensive loss - - - - - (1,166) (241) - (1,407) --------- --------- --------- -------- -------- ------------- ------------- ---------- -------- Total comprehensive (loss)/income for the period - - - - - (1,166) (241) 457 (950) --------- --------- --------- -------- -------- ------------- ------------- ---------- -------- Share based payment expense - - - - 48 - - - 48 --------- --------- --------- -------- -------- ------------- ------------- ---------- -------- At 31 December 2017 6,944 2,984 6,475 (495) 131 (3,520) 1,813 5,432 19,764 --------- --------- --------- -------- -------- ------------- ------------- ---------- -------- Opening balance adjustment 2 - - - - - - - (26) (26) --------- --------- --------- -------- -------- ------------- ------------- ---------- -------- At 1 January 2018 6,944 2,984 6,475 (495) 131 (3,520) 1,813 5,406 19,738 --------- --------- --------- -------- -------- ------------- ------------- ---------- -------- Comprehensive income for the period --------- --------- --------- -------- -------- ------------- ------------- ---------- -------- Profit for the period after taxation - - - - - - - 125 125 --------- --------- --------- -------- -------- ------------- ------------- ---------- -------- Other comprehensive income --------- --------- --------- -------- -------- ------------- ------------- ---------- -------- Unrealised exchange gain on translation of foreign subsidiaries - - - - - 172 29 - 201 --------- --------- --------- -------- -------- ------------- ------------- ---------- -------- Total other comprehensive income - - - - - 172 29 - 201 --------- --------- --------- -------- -------- ------------- ------------- ---------- -------- Total comprehensive income for the period - - - - - 172 29 125 326 --------- --------- --------- -------- -------- ------------- ------------- ---------- -------- Share based payment expense - - - - 58 - - - 58 --------- --------- --------- -------- -------- ------------- ------------- ---------- -------- At 30 June 2018 6,944 2,984 6,475 (495) 189 (3,348) 1,842 5,531 20,122 --------- --------- --------- -------- -------- ------------- ------------- ---------- --------
CONSOLIDATED BALANCE SHEET
AS AT 30 JUNE 2018
30 June 2018 30 June 2017 31 December 2017 Note GBP'000 GBP'000 GBP'000 Unaudited Unaudited Audited Assets Non-current assets Property, plant and equipment 10,760 11,534 10,778 Intangible assets 178 227 209 Deferred income tax asset 5 1,967 1,761 1,901 ------------- ------------- ----------------- Total non-current assets 12,905 13,522 12,888 Current assets Inventories 15,701 16,956 15,332 Trade and other receivables 4,682 4,208 3,991 Cash and cash equivalents 91 469 327 Current income tax recoverable - 46 41 ------------- ------------- ----------------- Total current assets 20,474 21,679 19,691 ------------- ------------- ----------------- Total assets 33,379 35,201 32,579 ------------- ------------- ----------------- Liabilities Current liabilities Trade and other payables (3,261) (4,772) (4,358) Interest bearing loans, borrowings and overdrafts (7,609) (7,560) (5,641) ------------- ------------- ----------------- Total current liabilities (10,870) (12,332) (9,999) ------------- ------------- ----------------- Non-current liabilities Deferred income tax liability 5 (154) (178) (140) Interest bearing loans and borrowings (2,233) (2,025) (2,676) ------------- ------------- -----------------
Total non-current liabilities (2,387) (2,203) (2,816) ------------- ------------- ----------------- Total liabilities (13,257) (14,535) (12,815) ------------- ------------- ----------------- Net assets 20,122 20,666 19,764 ------------- ------------- ----------------- Equity Share capital 6,944 6,944 6,944 Share premium 2,984 2,984 2,984 Capital reserve 6,475 6,475 6,475 Shares held by ESOP (495) (495) (495) Share based payment reserve 189 83 131 Translation reserve (3,348) (2,354) (3,520) Revaluation reserve 1,842 2,054 1,813 Retained earnings 5,531 4,975 5,432 ------------- ------------- ----------------- Total equity 20,122 20,666 19,764 ------------- ------------- -----------------
CONSOLIDATED STATEMENT of cash flows
for the SIX MONTHS ended 30 JUNE 2018
Six months ended Six months ended Year ended 30 June 2018 30 June 2017 31 December 2017 Note GBP'000 GBP'000 GBP'000 Unaudited Unaudited Audited Cash flows from operating activities Cash (used in)/generated from operations 6 (1,107) 1,191 2,299 Tax paid (26) - (48) Interest paid (330) (276) (516) ----------------- ----------------- ------------------ Net cash (used in)/generated from operating activities (1,463) 915 1,735 ----------------- ----------------- ------------------ Cash flows from investing activities Purchases of property, plant and equipment (245) (289) (696) Purchases of intangible assets - (2) (2) Net cash used in investing activities (245) (291) (698) ----------------- ----------------- ------------------ Cash flows from financing activities Proceeds from borrowings 1 737 1,096 Repayment of bank loans (662) (834) (1,072) New finance lease obligations 41 - - Repayment of obligations under finance leases (41) (41) (84) ----------------- ----------------- ------------------ Net cash used in financing activities (661) (138) (60) ----------------- ----------------- ------------------ (Decrease)/increase in cash and cash equivalents (2,369) 486 977 ----------------- ----------------- ------------------ Cash and cash equivalents at beginning of the period (2,698) (3,738) (3,738) Exchange gains on cash and cash equivalents - 21 63 ----------------- ----------------- ------------------ Cash and cash equivalents at end of the period (5,067) (3,231) (2,698) ----------------- ----------------- ------------------
NOTES TO THE CONSOLIDATED ACCOUNTS (UNAUDITED)
1. Basis of preparation
The financial information set out in the interim statements for the six months ended 30 June 2018 and the comparative figures are unaudited and do not constitute statutory accounts as defined in section 434 of the Companies Act 2006. As permitted, this interim report has been prepared in accordance with UK AIM listing rules and not in accordance with IAS 34 Interim Financial Reporting, therefore it is not fully in compliance with International Financial Reporting Standards (IFRS).
The financial information for the full preceding year is extracted from the statutory accounts for the financial year ended 31 December 2017. Those accounts, upon which the auditor issued an unqualified opinion, have been delivered to the Registrar of Companies. The auditor's report did not contain a statement under section 498(2) or (3) of the Companies Act 2006.
These financial statements are presented in sterling, being the functional currency of the primary economic environment in which the Group operates.
Pittards plc is a public limited company incorporated and domiciled under the Companies Act 2006 in England. It is quoted on the Alternative Investment Market ("AIM").
The directors approved and authorised the interim statement for issue on 25 September 2018.
2. Opening balance adjustment
The Group has adopted IFRS 9 Financial Instruments (IFRS 9) and IFRS 15 Revenue from contracts with customers (IFRS 15) from 1 January 2018. The modified retrospective approach has been applied in both instances, with an adjustment made to opening retained earnings to reflect the brought forward position at the start of the year.
1 January 2018 GBP'000 IFRS 9 adjustment 17 IFRS 15 adjustment 9 ---------- 26 ----------
Under IFRS 9, the impairment of financial assets is now provided for on an expected loss basis, rather than incurred loss, resulting in an increase in the accounts receivable provisions of GBP0.017m as at 1 January 2018. The impact on the current period is to increase the accounts receivable provisions by GBP0.006m.
Following the adoption of IFRS 15, any variable consideration, such as early payment discount, is considered as part of the initial recognition of revenue for the transaction and therefore shown as a reduction in total revenue, rather than a separate cost disclosed within distribution costs. An opening provision against accounts receivable in relation to variable consideration as at 1 January 2018 of GBP0.009m has been recognised. The impact on the current period is a reduction in revenue of GBP0.026m, a reduction in distribution costs of GBP0.019m and therefore an increase in the accounts receivable provisions of GBP0.007m.
3. Earnings per ordinary share a) Basic
Basic earnings per share is calculated by dividing the profit attributable to equity holders of the company by the weighted average number of ordinary shares in issue during the year excluding the shares owned by the Pittards employee share ownership trust.
Six months ended Six months ended Year ended 30 June 2018 30 June 2017 31 December 2017 GBP'000 GBP'000 GBP'000 Profit for the period after taxation 125 40 497 Shares '000s Shares '000s Shares '000s Weighted average number of ordinary shares in issue 13,870 13,870 13,870 ----------------- ----------------- ------------------ b) Diluted
Diluted earnings per share is calculated by adjusting the weighted average number of ordinary shares by the shares issued under the 2017 Save As You Earn (SAYE) scheme. The 2015 Long Term Incentive Plan (LTIP) lapsed in the period, with no shares issued.
Six months ended Six months ended Year ended 30 June 2018 30 June 2017 31 December 2017 GBP'000 GBP'000 GBP'000 Profit for the period after taxation 125 40 497 Shares '000s Shares '000s Shares '000s Weighted average number of ordinary shares in issue 13,879 14,304 14,224 ----------------- ----------------- ------------------ 4. Taxation Six months ended Six months ended Year ended 30 June 2018 30 June 2017 31 December 2017 GBP'000 GBP'000 GBP'000 Analysis of the charge in the period The charge based on the profit for the period comprises: Foreign tax on profit for the period 15 - 32 Foreign tax related to prior years 9 - - ----------------- ----------------- ------------------ Total current tax 24 - 32 ----------------- ----------------- ------------------ Deferred tax Origination and reversal of temporary differences (53) 45 (128) Impact of change in UK tax rate - - 12 ----------------- ----------------- ------------------ Total deferred tax (53) 45 (116) ----------------- ----------------- ------------------ Income tax (credit)/charge (29) 45 (84) ----------------- ----------------- ------------------ 5. Deferred taxation 30 June 2018 30 June 2017 31 December 2017 GBP'000 GBP'000 GBP'000 Deferred tax asset 1,967 1,761 1,901 Deferred tax liability (154) (178) (140) ------------- ------------- ------------ Deferred tax asset (net) 1,813 1,583 1,761 ------------- ------------- ------------
The Group has unrecognised deferred tax assets of GBP0.311m.
6. Cash (used in)/generated from operations Six months ended Six months ended Year ended 30 June 2018 30 June 2017 31 December 2017 GBP'000 GBP'000 GBP'000 Profit before taxation 96 85 413 Adjustments for: Depreciation of property, plant and equipment 339 319 604 Amortisation of intangibles 31 18 36 Bank and other interest charges 335 276 521 Share based payment expense 58 54 102 Other non-cash items in Income Statement 125 87 (133) ----------------- ----------------- ------------------ Operating cash flows before movement in working capital 984 839 1,543 Movements in working capital (excluding exchange differences on consolidation): (Increase)/decrease in inventories (275) (618) (749) (Increase)/decrease in receivables (620) 29 (47) (Decrease)/increase in payables (1,196) 941 1,552 ----------------- ----------------- ------------------ Cash (used in)/generated from operations (1,107) 1,191 2,299 ----------------- ----------------- ------------------ 7. Availability of interim report
The interim report will be available on the Company's website www.pittards.com, in accordance with AIM Rule 20.
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 PGURABUPRGBC
(END) Dow Jones Newswires
September 25, 2018 02:01 ET (06:01 GMT)
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