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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Rotala Plc | LSE:ROL | London | Ordinary Share | GB00B1Z2MP60 | ORD 25P |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 63.00 | 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
TIDMROL
RNS Number : 8435J
Rotala PLC
22 August 2019
22 August 2019
Rotala Plc
("Rotala" or "the Company" or "the Group")
Unaudited Interim Results
Rotala plc (AIM:ROL), a provider of transport solutions across the UK, announces its unaudited interim results for the six months to 31 May 2019.
Highlights
-- Gross profit margin increased to 19.1% (2018: 17.9%) -- Profit from operations up 4% to GBP2.33 million (2018: GBP2.25 million)* -- Profit before taxation up 2% to GBP1.53 million (2018: GBP1.50 million)* -- Basic adjusted earnings per share up 3% to 2.64 pence per share (2018: 2.56 pence)* -- Interim dividend increased by 3% to 0.95p per share (2018: 0.92p) -- Key acquisition in Bolton in second half of the year -- Recent placing raising GBP1.15 million -- Current trading in line with market expectations
*before exceptional items
For further information please contact:
Rotala Plc 0121 322 2222 John Gunn, Chairman Simon Dunn, Chief Executive Kim Taylor, Group Finance Director Nominated Adviser & Joint Broker: Cenkos Securities plc 020 7397 8900 Stephen Keys/Callum Davidson (Corporate Finance) Michael Johnson/Julian Morse (Corporate Broking) Joint Broker: Dowgate Capital Stockbrokers Ltd David Poutney/James Serjeant (Corporate Broking) 0203 903 7715
Chairman's Statement
I am pleased to present this interim report to shareholders in respect of the six months ended 31 May 2019. However the key event of the current accounting period took place two months into the second half of this year. This was the completion of our acquisition of the Bolton depot of First Manchester Limited on 11 August 2019. Further detail about the acquired business is set out below, but the principal features are that the acquisition will significantly expand Rotala's presence in the Greater Manchester bus market and is in itself an indicator of how the UK bus landscape is beginning to change. The acquisition also demonstrates the Company's ability to capitalise on such opportunities arising out of changes in the UK bus market. This attribute will be important in the successful implementation of the Company's targeted growth strategy. This aspirational goal targets annual revenues in excess of GBP300 million within a five-year period, while maintaining dividend growth and achieving a minimum return on capital employed of 15 per cent per annum.
Results
Revenues for the Group as a whole during the period were GBP30.52 million. This was a slight decrease on the GBP30.99 million recorded in the previous year but resulted from our adherence to group policy, which I highlighted in my statement in the 2018 accounts, of not chasing turnover regardless of profitability. The focus on financial return ensured that the gross profit margin rose to 19.1% for the period (2018: 17.9%). Pre-tax profits before exceptional items rose slightly to GBP1.53 million (2018: GBP1.50 million). I believe it is also worth reminding the reader that, before the recent Bolton acquisition, the Group had a strong seasonal bias to the second half of the year. Contract repricing at renewal is also biased to the first half of the year with the benefit arriving only in the second half.
Contracted Services
Revenues in the Contracted Services division fell overall by 4%, when compared to the first half of 2018, to GBP10.57 million (2018: GBP10.96 million). Revenues in the local authority bus contracts sector continued to increase as we saw the benefit of the contract gains made in the North West in previous years. We also made further advances in the West Midlands in this sector as we were able to take advantage of the sudden demise of a small local competitor in this area and fulfil the emergency tender requests made by Transport for the West Midlands. In contrast, in the corporate contracts sector, as I highlighted in the 2018 annual report, our concentration on maintaining gross margin ensured that revenues from these types of contracts, particularly in our airline business around Heathrow Airport, reduced considerably.
Commercial Services
Revenues in the Commercial Services division, at GBP19.18 million were almost identical to those of the first half of 2018, where they were GBP19.28 million. In the West Midlands we continued to enjoy revenue gains in this sector of our business, whilst revenues in the North West were stable year on year. This was balanced out by a slight fall in traffic at our Heathrow depots which are strongly reliant on passenger movements in and around the airport. This latter business is also particularly subject to seasonal effects and activity increases considerably in the summer months, as it has done this year.
Charter Services
Revenues in the Charter Services division increased by 5% compared to the previous year to GBP782,000 (2018: GBP748,000). Although we saw little rail replacement work in the North West, unlike previous years, we did benefit from a sharp increase in the private hire business based at our Heathrow depot.
The board sees the performance of the Group for the first half of the year therefore as entirely satisfactory and we remain well on course to meet market expectations for the year as a whole.
Acquisition of the Bolton Depot of First Manchester Limited
On 27 June 2019 we announced the exchange of contracts on the acquisition from First Manchester Limited ("First") of the Bolton depot of that company and the bulk of the business operating from it. Completion took place on 11 August 2019. The total consideration for the acquisition was GBP5.3 million, payable in cash on completion, satisfied from the Company's existing bank facilities. The fair value of the assets acquired was GBP4.3 million, so that the acquisition generated goodwill of approximately GBP1 million.
The business acquired from First by Rotala turned over about GBP25 million in the twelve months to 31 March 2019 and in First's hands produced EBITDA and profit before tax of GBP2.3 million and GBP0.3 million respectively over the same time period. The business comprises 18 commercial bus routes operating in the Bolton and Bury areas and into the centre of Manchester. The acquisition includes the depot at Weston Street, Bolton, the plant and machinery at that site and the goodwill of the business. The Bolton depot covers an area of 6.7 acres and consists largely of a combination of freehold and long leasehold interests. The depot is a purpose-built bus depot, constructed about 15 years ago, capable of operating up to 200 vehicles. Approximately 500 staff have also transferred to Rotala with the business.
The board believes that the acquisition of this business will strengthen significantly the operations of the Company in the Greater Manchester area. After London, Greater Manchester represents one of the largest bus markets in the country, on a par with the West Midlands where Rotala already has a notable presence. The Bolton acquisition has, taken together with Rotala's existing operations in the area, created a business which has a significant share of the bus market in Greater Manchester. The Group already had two smaller depots in Greater Manchester, in Eccles and in Atherton, operating approximately 90 vehicles between them. The Bolton depot becomes the headquarters of the Rotala Group in the North West and the existing operations of the Group in the region will be re-organised in order to make full use of the facilities and capacity of the Bolton depot. This re-organisation will enable Rotala to benefit from synergies that the directors have identified between the acquired Bolton business and the Company's existing operations in Eccles and Atherton, and enable its expanded services in the Greater Manchester area to operate in the most efficient manner possible.
The board believes that the acquisition provides an exciting opportunity to achieve a significantly larger presence in this key bus market and to improve further the financial performance of the new combined Manchester business in the medium term, once the integration plans we have drawn up have been fully implemented. The acquisition is therefore expected to be earnings enhancing in the first full year following completion and, over time, to improve further its operating profit and profit before tax contributions to the Group.
Under the terms of a separate vehicle leasing agreement, Rotala has agreed with First to lease from it 125 vehicles which are used at the present time to service the 18 commercial bus routes which form the acquired business. These vehicles will be replaced progressively up to 30 June 2021 with more modern vehicles and the leased vehicles will be returned to First by that date. The directors estimate that the capital expenditure to be incurred over that time period in the re-equipment of the business will total approximately GBP26m, which will be financed using the Group's existing panel of providers of hire purchase finance facilities. However, once fully in place, this capital expenditure programme will have equipped this business with all of its replacement vehicle requirement for at least the next decade.
Placing and Subscription
On 1 August 2019 the Company announced a placing and conditional subscription with new and existing investors to raise up to GBP1,144,640 (before fees and expenses) by the issue and allotment of up to 2,044,000 ordinary shares at an issue price of 56 pence per share. Of this share issue, the directors and certain persons closely associated with them took up 838,000 ordinary shares.
Following on from the acquisition in Bolton, as described above, the Company will continue to seek out further acquisition opportunities. In that light, the board considered the current capital structure of the Company and its associated ability to support such deals. Whilst the Company has historically funded acquisitions primarily through hire purchase and other debt financing facilities, the board, having consulted its shareholders, concluded that it was appropriate to seek to deleverage the business over time and to target a longer-term net debt to EBITDA ratio of 2.5 times. Accordingly, the Company undertook the placing and subscription so that it could improve its balance sheet through a reduction in net debt.
Dividend
The Company will pay an interim dividend of 0.95 pence per share (2018: 0.92 pence) on 13 December 2019 to all shareholders on the register on 22 November 2019. The board is conscious of the importance of dividend flows to shareholders; the board has set a target for dividend cover of 2.5 times earnings in the longer term.
Fuel hedging
In its budgets for this year and forecasts for next year the Group has assumed a fuel price of GBP1 a litre. The board constantly monitors the price of fuel and takes action to hedge the Company's exposure as and when it seems opportune to do so. At the present time the Group has the following fuel hedges in place:
-- Almost all of the fuel requirement for the remainder of 2019 is covered at an average price of about GBP1 a litre;
-- Some 31% of the fuel requirement for 2020 is covered at an average price of about GBP1 a litre.
Financial review
The following comments on the Condensed Income Statement address the results before any exceptional items. Revenues decreased by 1.5% when compared with the same period in 2018, as explained above. Cost of Sales however decreased by 3%. Consequently Gross Profits increased by 3.5% to GBP5.83 million (2018: GBP5.63 million). The gross profit margin rose to 19.1% for the period, as against 17.9% in the prior year. Administrative Expenses increased by 3%. Profit from Operations was therefore up by 4% and reached GBP2.33 million for the period (2018: GBP2.25 million). Net finance expense rose by 7%, reflecting the increased HP and bank debt being used by the business, compared to the prior period. Profit before Taxation increased by 2% to GBP1.53 million (2018: GBP1.50 million). Note 3 to this statement analyses the exceptional item column in the income statement.
Adjusted basic earnings per share, based on profits after tax and before exceptional items, were 3% up at 2.64 pence per share (2018: 2.56 pence). Basic earnings per share, including all exceptional items, were 1.75 pence per share in the period (2018: 2.62 pence). Exceptional items in the current period include the bulk of the advisory costs incurred to effect the acquisition of the Bolton depot of First which was actually completed in the second half of the year.
The gross assets of the Group were GBP81.8 million at 31 May 2019, compared to GBP75.1 million at the same time in the previous year. This change reflects principally the investment in the vehicle fleet and the switch of the defined benefit pension scheme into an asset position from the liability position seen twelve months before. An analysis of the Group's holdings of property, plant and equipment is set out in Note 5 to this statement.
These factors have had their effect on total liabilities, which have risen to GBP46.5 million at 31 May 2019 (2018: GBP41.9 million). The net loans and borrowings of the Group, including its obligations under hire purchase contracts, stood at GBP35.5 million at 31 May 2019 (31 May 2018: GBP32.7 million). An analysis of these borrowings is set out in Notes 6 and 7 to this statement. Net assets were GBP35.3 million at the period end (31 May 2018: GBP33.2 million). A principal cause of this change is the move of the defined benefit pension scheme into an asset position.
Cash flows from operating activities were 7% up on the same period in the previous year and cash generated from operations reached GBP1.46 million (2018: GBP0.04 million). Hire purchase interest increased to reflect the larger borrowings via this type of financing arrangement. Plant and equipment purchases, net of sales, totalled GBP476,000 (2018: GBP240,000).
Cash flows used in financing activities in the period were not distorted this year, as they were the previous year, by the large flows associated with the change in the Group's bankers. The bank loans repaid consisted largely of a one-off mortgage repayment of GBP1 million occasioned by the sale of the Avonmouth property in late 2018. Bank loan interest rose to reflect the greater use of bank facilities. The capital element of payments on HP agreements increased somewhat as a consequence of the overall rise in HP borrowings. In summary (adjusting for the mortgage repayment referred to above) there was the usual decrease in cash and cash equivalents in the first half of the year. The profitability, and resultant cash flows, of the Group are customarily weighted towards the second half of the year and this pattern can be expected to be repeated in the second half of 2019.
Outlook
Rotala has a proven track record of steady organic growth supplemented by sensibly priced acquisitions. The Bolton acquisition described above conforms to this strategy but in addition significantly enhances Rotala's market share in a key UK bus market, this time in Greater Manchester. Furthermore the deal is an indicator of how the UK bus landscape is beginning to change. We can expect more divestment by the big bus groups in future years, as has been publically stated by certain of these groups. We undoubtedly have the management skills and the resources to capitalise on these opportunities. This makes us confident about the prospects of the Group in 2019 and beyond.
John Gunn
Non-Executive Chairman
21 August 2019
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Condensed Note Unaudited Unaudited Unaudited Unaudited Unaudited Unaudited
consolidated 6 months 6 months 6 months 6 months 6 months 6 months
income statement ended 31 ended ended 31 ended 31 ended ended 31
May 2019 31 May May 2019 May 2018 31 May May 2018
2019 (Restated) 2018 (Restated) (Restated)
Results Exceptional Results Results Exceptional Results
before items for the before items for the
exceptional period exceptional period
items items
Continuing GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
operations
Revenue 2 30,523 - 30,523 30,996 - 30,996
Cost of sales (24,698) - (24,698) (25,368) - (25,368)
Gross profit 5,825 - 5,825 5,628 - 5,628
Administrative
expenses (3,495) (386) (3,881) (3,379) 36 (3,343)
Profit from
operations 2,330 (386) 1,944 2,249 36 2,285
Finance expense (801) - (801) (748) - (748)
------------- ------------ ---------- ------------- ----------------- ------------
Profit before
taxation 3 1,529 (386) 1,143 1,501 36 1,537
Tax expense (260) (41) (301) (271) (61) (332)
Profit for the
period from
continuing
operations 1,269 (427) 842 1,230 (25) 1,205
Profit for the
period from
discontinued
operations - - - - 54 54
Profit for the
period
attributable
to the equity
holders of the
parent 1,269 (427) 842 1,230 29 1,259
Earnings per
share for profit
attributable
to the equity
holders of the
parent for the
period:
Basic -
continuing
operations
(pence) 4 2.64 1.75 2.56 2.51
Basic -
discontinued
operations
(pence) - - - 0.11
------------- ------------ ---------- ------------- ----------------- ------------
Total 2.64 1.75 2.56 2.62
------------- ------------ ---------- ------------- ----------------- ------------
Diluted -
continuing
operations
(pence) 4 2.64 1.75 2.56 2.51
Diluted -
discontinued
operations
(pence) - - - 0.11
------------- ------------ ---------- ------------- ----------------- ------------
Total 2.64 1.75 2.56 2.62
------------- ------------ ---------- ------------- ----------------- ------------
Condensed consolidated Note Audited Audited year Audited year
income statement year ended ended 30 ended 30
30 November November November
2018 2018 2018
Results Exceptional Results
before items for the
exceptional year
items
GBP'000 GBP'000 GBP'000
Revenue 2 62,408 - 62,408
Cost of sales (49,942) - (49,942)
Gross profit 12,466 - 12,466
Administrative expenses (6,705) (580) (7,285)
------------- ------------- ---------------
Profit from operations 5,761 (580) 5,181
Finance expense (1,531) - (1,531)
Profit before taxation 4,230 (580) 3,650
Tax expense (761) (46) (807)
------------- ------------- ---------------
Profit for the year from
continuing operations 3,469 (626) 2,843
Loss for the year from
discontinued operations - (534) (534)
Profit for the year attributable
to the equity holders of
the parent 3,469 (1,160) 2,309
Earnings per share for
profit attributable to
the equity holders of the
parent during the year:
Basic - continuing operations
(pence) 4 7.22 5.92
Basic - discontinued operations
(pence) - (1.11)
------------- ------------- ---------------
Total 7.22 4.81
------------- ------------- ---------------
Diluted - continuing operations
(pence) 4 7.22 5.92
Diluted - discontinued
operations (pence) - (1.11)
------------- ------------- ---------------
Total 7.22 4.81
------------- ------------- ---------------
Condensed consolidated statement Unaudited 6 Unaudited Audited year
of comprehensive income months ended 6 months ended 30
31 May 2019 ended 31 November
May 2018 2018
GBP'000 GBP'000 GBP'000
Profit for the period 842 1,259 2,309
-------------- ---------- -------------
Other comprehensive income:
Actuarial profit on defined
benefit pension scheme - - 1,748
Deferred tax on actuarial
profit on defined benefit
pension scheme - - (315)
--------------
Other comprehensive income
for the period (net of tax) - - 1,433
Total comprehensive income
for the period attributable
to the equity holders of
the parent 842 1,259 3,742
============== ========== =============
Condensed consolidated Called Share Merger Shares Retained Total
Statement of Changes up share premium reserve in treasury earnings
in Equity capital account
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
At 1 December 2017 12,220 11,779 2,567 (817) 6,602 32,351
---------- --------- --------- ------------- ---------- ------------
Profit for the period - - - - 1,259 1,259
Other comprehensive - - - - - -
income
Total comprehensive
income - - - - 1,259 1,259
Transactions with
owners:
Share based payment - - - - 2 2
Dividends paid - - - - (408) (408)
Transactions with
owners - - - - (406) (406)
At 31 May 2018 12,220 11,779 2,567 (817) 7,455 33,204
---------- --------- --------- ------------- ---------- ------------
Profit for the period - - - - 1,050 1,050
Other comprehensive
income - - - - 1,433 1,433
Total comprehensive
income - - - - 2,483 2,483
Transactions with
owners:
Share based payment - - - - 1 1
Dividends paid - - - - (793) (793)
Transactions with
owners - - - - (792) (792)
At 30 November 2018 12,220 11,779 2,567 (817) 9,146 34,895
---------- --------- --------- ------------- ---------- ------------
Profit for the period - - - - 842 842
Other comprehensive - - - - - -
income
Total comprehensive
income - - - - 842 842
Transactions with
owners:
Share based payment - - - - - -
Dividends paid - - - - (441) (441)
Transactions with
owners - - - - (441) (441)
At 31 May 2019 12,220 11,779 2,567 (817) 9,547 35,296
Condensed consolidated Notes Unaudited Unaudited Audited as at
statement of financial as at 31 as at 31 30 November 2018
position May 2019 May 2018
GBP'000 GBP'000 GBP'000
Assets
Non-current assets
Property, plant and
equipment 5 41,518 39,353 39,444
Defined benefit pension
asset 1,737 - 1,737
Goodwill and other intangible
assets 14,620 15,110 14,876
_____ _____ _____
Total non-current assets 57,875 54,463 56,057
Current assets
Inventories 3,916 2,743 3,525
Trade and other receivables 19,396 16,628 15,895
Derivative financial
instruments 152 752 95
Cash and cash equivalents 482 514 446
_____ _____ _____
Total current assets 23,946 20,637 19,961
_____ _____ _____
Total assets 81,821 75,100 76,018
Liabilities
Current liabilities
Trade and other payables (8,167) (6,723) (6,465)
Loans and borrowings 6 (16,152) (14,571) (13,830)
Obligations under hire
purchase agreements 7 (3,951) (3,682) (3,843)
Derivative financial
instruments (20) - (132)
Defined benefit pension
obligation - - (129)
______ ______ _____
Total current liabilities (28,290) (24,976) (24,399)
Non-current liabilities
Loans and borrowings 6 (3,982) (5,204) (4,068)
Obligations under hire
purchase agreements 7 (11,861) (9,840) (10,159)
Provision for liabilities (334) (586) (740)
Defined benefit pension - (265) -
obligation
Net deferred taxation (2,058) (1,025) (1,757)
______ ______ ______
Total non-current liabilities (18,235) (16,920) (16,724)
______ ______ ______
Total liabilities (46,525) (41,896) (41,123)
_____ _____ _____
Net assets 35,296 33,204 34,895
====== ====== =====
Condensed consolidated Unaudited Unaudited Audited as at
statement of financial as at 31 as at 31 30 November 2018
position May 2019 May 2018
GBP'000 GBP'000 GBP'000
Equity attributable
to equity holders
of parent
Called up share capital 12,220 12,220 12,220
Share premium reserve 11,779 11,779 11,779
Merger reserve 2,567 2,567 2,567
Shares in treasury (817) (817) (817)
Retained earnings 9,547 7,455 9,146
______ ______ _____
Total equity 35,296 33,204 34,895
===== ===== ====
Condensed consolidated cash Unaudited Unaudited Audited year
flow statement 6 months ended 6 months ended ended 30 November
31 May 2019 31 May 2018 2018
GBP'000 GBP'000 GBP'000
Cash flows from operating
activities
Profit for the period before
tax* 1,143 1,603 2,998
Finance expense (net) 801 748 1,531
Depreciation 2,090 1,725 3,391
Gain on sale of property,
plant and equipment (31) (241) (172)
Acquisition expenses - 49 64
Contribution to defined benefit
pension scheme (129) (162) (298)
Amortisation of intangibles 257 153 450
Notional expense of defined
benefit pension scheme - - 11
Equity-settled share based
payment expense - 2 3
____ ____ ____
Cash flows from operating
activities before changes
in working capital and provisions 4,131 3,877 7,978
Increase in trade and other
receivables (3,501) (2,980) (2,250)
Increase/(decrease) in trade
and other payables 1,792 281 (41)
Increase in inventories (391) (217) (998)
Movement on provisions (406) (617) (463)
Movement on derivative financial
instruments (169) (302) 487
____ ____ ____
(2,675) (3,835) (3,265)
____ ____ ____
Cash generated from operations 1,456 42 4,713
Interest paid on hire purchase
obligations (386) (299) (588)
____ ____ ____
Net cash flows from operating
activities 1,070 (257) 4,125
Profit before taxation comprises* Period ended Period ended Year ended
31 May 2019 31 May 2018 30 November
2018
GBP'000 GBP'000 GBP'000
Profit before tax in the
Consolidated Income Statement 1,143 1,537 3,650
Profit/(loss) before tax
for discontinued operations - 66 (387)
Impairment recognized on
the re-measurement of the
assets of the disposed business,
gross of a tax credit of
GBP48,000 - - (265)
____ ____ ____
Profit before taxation for
the purposes of the cash
flow statement 1,143 1,603 2,998
Condensed consolidated cash Unaudited Unaudited Audited year
flow statement 6 months ended 6 months ended ended 30 November
31 May 2019 31 May 2018 2018
GBP'000 GBP'000 GBP'000
Cash flows from investing
activities
Acquisitions of businesses - (2,007) (2,014)
Purchases of property, plant
and equipment (589) (752) (2,174)
Sale of property, plant and
equipment 113 512 2,685
_____ _____ _____
Net cash flows used in investing
activities (476) (2,247) (1,503)
Cash flow from financing activities
Dividends paid (441) (408) (1,201)
Proceeds of mortgage and other
bank loans 750 17,879 18,379
Repayment of bank loans (1,139) (14,970) (15,111)
Bank loan interest paid (507) (460) (942)
Hire purchase refinancing
receipts 354 1,681 1,709
Capital settlement payments
on vehicles sold (115) (137) (237)
Capital element of lease payments (2,086) (1,784) (3,751)
_____ _____ ____
Net cash (used in)/generated
from financing activities (3,184) 1,801 (1,154)
Net decrease in cash and cash
equivalents (2,590) (703) 1,468
Cash and cash equivalents
at start of period (231) (1,699) (1,699)
_____ _____ _____
Cash and cash equivalents
at end of period (2,821) (2,402) (231)
====== ===== ====
Notes to the Unaudited Consolidated Interim Financial Statements for the six months ended 31 May 2019
1. Basis of preparation:
The unaudited condensed consolidated interim financial statements have been prepared using the accounting policies set out in the group's 2018 statutory financial statements.
The financial statements of the group for the full year are prepared in accordance with IFRS's as adopted by the European Union and these interim financial statements have been prepared in accordance with IAS 34 "Interim Financial Reporting".
2. Turnover:
Revenue represents sales to external customers excluding value added tax. All of the activities of the group are conducted in the United Kingdom within the operating segment of provision of bus services. Management monitors revenue across the following business streams: contracted services, commercial services and charter services.
Six months Six months Year ended
ended 31 ended 31 30 November
May 2019 May 2018 2018
GBP'000 GBP'000 GBP'000
Contracted 10,566 10,964 21,620
Commercial 19,175 19,284 38,865
Charter 782 748 1,923
Total 30,523 30,996 62,408
=========== =========== =============
3. Profit before taxation:
Profit before taxation includes the following:
Unaudited Unaudited Audited year
6 months 6 months ended 30
ended 31 ended 31 November
May 2019 May 2018 2018
GBP'000 GBP'000 GBP'000
Amortisation of intangible
assets (257) (153) (450)
Abortive transaction
costs - (94) (99)
Costs of change of principal
bankers (57) (31) (45)
Costs of acquisition
and integration (397) (271) (458)
Share based payment expense - (2) (3)
Mark to market provision
on fuel derivatives 325 587 475
(Loss)/profit within
profit before taxation (386) 36 (580)
========== ========== =============
The bulk of the costs of acquisition and integration incurred in the six month period to 31 May 2019 in the above table relate to the costs of the acquisition of the Bolton depot of First Manchester Limited, as described in the Chairman's Statement. This transaction completed on 11 August 2019.
4. Earnings per share:
Basic earnings per share have been calculated on the basis of profit after taxation and the weighted average number of shares in issue for the period of 48,026,580 (May 2018: 48,026,580; November 2018: 48,026,580). Diluted earnings per share have been calculated on the basis of profit after taxation and the weighted average number of shares in issue (including such potential issues as are dilutive) for the period of 48,026,580 (May 2018: 48,095,501; November 2018: 48,026,580).
Basic adjusted and diluted adjusted earnings per share before exceptional items have been calculated using the same weighted average numbers of shares in issue, but on the basis of profits after tax and before any exceptional items. This is done in order to aid comparability between the accounting periods.
5. Property, plant and equipment
Freehold Long and Public
land and short Plant service
buildings leasehold and vehicles Total
property machinery
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Cost:
At 1 December
2017 7,680 1,088 4,888 45,653 59,309
Acquisition - - 20 1,463 1,483
Additions 375 1 925 5,638 6,939
Transfers (5) (4) 9 - -
Disposals (2,032) - (604) (1,800) (4,436)
At 30 November
2018 6,018 1,085 5,238 50,954 63,295
Additions 115 - 239 3,892 4,246
Disposals - - (67) (269) (336)
At 31 May 2019 6,133 1,085 5,410 54,577 67,205
Depreciation:
At 1 December
2017 426 230 1,613 20,115 22,384
Charge for the
year 66 29 388 2,908 3,391
Disposals (248) - (397) (1,279) (1,924)
At 30 November
2018 244 259 1,604 21,744 23,851
Charge for the
period 23 14 228 1,825 2,090
Disposals - - (65) (189) (254)
At 31 May 2019 267 273 1,767 23,380 25,687
Net book value:
At 31 May 2019 5,866 812 3,643 31,197 41,518
At 30 November
2018 5,774 826 3,634 29,210 39,444
6. Loans and borrowings:
Secured bank loans are mortgage-type loans secured by reference to the group's freehold property.
At 31 May At 31 May At 30 November
2019 2018 2018
GBP'000 GBP'000 GBP'000
Current:
Overdrafts 3,303 2,916 677
Bank loans (secured) 224 278 1,278
Bank loans (unsecured) 12,625 11,377 11,875
16,152 14,571 13,830
Non- current:
Bank loans (secured) 3,982 5,204 4,068
Total loans and borrowings 20,134 19,775 17,898
7. Obligations under hire purchase agreements:
All finance leases are secured by the lessors' rights over the respective leased assets which consist principally of passenger service vehicles.
At 31 May At 31 May At 30 November
2019 2018 2018
GBP'000 GBP'000 GBP'000
Present value:
Not later than one
year 3,951 3,682 3,843
More than one but less
than two years 3,182 3,211 3,120
More than two but less
than five years 6,609 5,672 5,799
Later than five years 2,070 957 1,240
---------- ---------- ---------------
15,812 13,522 14,002
8. Dividends:
On 7 December 2018 the company paid an interim dividend of 0.92 pence per share in respect of the year ended 30 November 2018; a final dividend in respect of the year was paid on 28 June 2019 at a rate of 1.78 pence per share. All dividends are payable in cash only.
9. Additional information:
The unaudited Consolidated Interim Report was approved by the Board of Directors on 21 August 2019. The consolidated interim financial information for the six months ended 31 May 2019 and for the six months ended 31 May 2018 is unaudited. The financial information in this interim announcement does not constitute statutory accounts within the meaning of Section 434 of the Companies Act 2006. The statutory accounts of Rotala Plc for the year ended 30 November 2018 have been reported on by the company's auditors and have been delivered to the Registrar of Companies. The report of the auditors on these accounts was unqualified, did not contain an emphasis of matter and did not include a statement under section 498 of the Companies Act 2006.
10. Copies of this statement are available from the registered office of the company at Rotala Group Headquarters, Cross Quays Business Park, Hallbridge Way, Tividale, Oldbury, West Midlands, B69 3HW or the Company's website www.rotalaplc.com.
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 BLGDIRUDBGCB
(END) Dow Jones Newswires
August 22, 2019 02:00 ET (06:00 GMT)
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