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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Solid State Plc | LSE:SOLI | London | Ordinary Share | GB0008237132 | ORD 5P |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| -5.00 | -0.36% | 1,370.00 | 1,350.00 | 1,390.00 | 1,375.00 | 1,370.00 | 1,375.00 | 4,505 | 09:33:25 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| Electronic Parts,eq-whsl,nec | 126.5M | 6.69M | 0.5899 | 23.22 | 155.45M |
From Apr 2019 to Apr 2024
TIDMSOLI
RNS Number : 9971J
Solid State PLC
04 July 2017
Solid State plc
("Solid State", the "Company" or the "Group")
Final Results for the year ended 31 March 2017
Solid State plc (AIM: SOLI), the AIM listed supplier of specialist industrial/ruggedised computers, electronic components, advanced antenna products, communications systems and battery power solutions to the electronics market, is pleased to announce its Final Results for the year ended 31 March 2017.
Highlights in the period include:
Financial: underlying continuing operations shown to reflect the exclusion of the discontinued activities of MoJ and SEMS business unit - refer to note 7 and 8
Hot Features
Premium
2017 2016 Change
Revenue from continuing
operations GBP40.0m GBP36.8m +9%
Adjusted profit before
tax GBP3.1m GBP2.9m +6%
Adjusted diluted Earnings
per share (note 3) 32.0p 31.3p +2%
Adjusted gross profit
margin 30.5% 31.1% -60bps
Adjusted operating margin 7.9% 8.3% -40bps
Dividend 12.0p 12.0p -
Reported revenue and profit after tax for 2017 were - revenue of GBP40.02m and profit after tax of GBP1.85m.
Operational:
-- Acquisition of Creasefield Limited, a specialist battery business for GBP1.6m -- A number of significant new product launches in the Manufacturing Division -- Group export sales in the financial year ended 31 March 2017 of 20% of revenue (2016: 15%)
-- Appointment of Matthew Richards to the Board as MD of Steatite - bringing considerable experience of the security and defence sectors
-- Appointment of Peter James to the Board as Group Finance Director - 4 years with IQE plc and prior to this 11 years with PwC
-- Strengthening of sales teams across the Group to drive organic growth -- Creation of sourcing and obsolescence team in the Distribution Division
-- Successful relocation of the Redditch battery operation to Creasefield facility in Crewkerne, Somerset, creating a battery centre of excellence
-- Opening of new state of the art antenna development, manufacturing and test facility in Leominster, Herefordshire
-- Record Group open order book as at 31 May 2017 of GBP20.67m (31 May 2016: GBP17.84m) up 16%, of which GBP14.38m is due for delivery in this financial year
This announcement contains inside information for the purposes of Article 7 of EU Regulation 596/2014.
Commenting on the results and prospects, Tony Frere, Chairman of Solid State said:
"The year has been very productive in laying the foundations for the future growth of the Group. Our ambition is to double the size of the business over the next 5 years through a combination of organic and acquisitive growth.
"Activity levels are encouraging across both divisions. Leading edge indicators which include our open order book, which is at a record GBP20.67m and up 16% on the comparable period last year, our book to bill ratio, and our 1(st) quarter order intake, give the Board confidence in the prospects for Solid State."
Investor Lunch
An investor lunch for Private Client Investment Managers and Private Investors will be held on Tuesday 11 July 2017 at St Pauls, London. Those wishing to attend should contact Tom Cooper on tom.cooper@walbrookpr.com or 0797 122 1972.
For further information please contact:
Solid State plc 01527 830 630
Gary Marsh - Chief Executive investor.information@solidstateplc.com
Peter James - Group Finance
Director
WH Ireland (Nominated Adviser
& Joint Broker) 0117 945 3470
Mike Coe / Ed Allsopp (Corporate
Finance)
Jasper Berry / David Kilbourn
(Corporate Broking / Sales)
finnCap (Joint Broker)
Ed Frisby / Kate Bannatyne
(Corporate Finance)
Emily Morris / Rhys Williams
(Corporate Broking / Sales) 020 7220 0500
Walbrook PR (Financial PR) 020 7933 8780
Tom Cooper / Paul Vann 0797 122 1972
tom.cooper@walbrookpr.com
Notes to Editors:
Solid State plc (SOLI) is a leading value added group of companies providing specialist design-in and manufacturing services to those acquiring industrial/rugged computing products, battery power solutions, communications systems, advanced antenna products and electronic components for use in harsh environments.
Serving niche markets in oil & gas production, medical, construction, security, military and field maintenance, Solid State acts as both a distributor to OEMs and bespoke manufacturer of specialist units to clients with complex requirements.
Headquartered in Redditch, Solid State employs over 200 staff across five sites. Solid State operates two main divisions: Manufacturing and Distribution.
Solid State was established in 1971 and admitted to AIM in June 1996.
CHAIRMAN'S STATEMENT
Overview of the year:
The financial year ended 31 March 2017 represents a year of strategic investment to lay the foundations for the future growth of the Group. We made tangible progress in the year by completing our re-organisation plan and progressing our strategic goals through; successfully completing the acquisition and integration of Creasefield Limited; discontinuing the Steatite Electronic Monitoring Systems (SEMS) business unit; appointing two new executive directors; investing in the sales and marketing team; establishing our component sourcing and obsolescence team in our Distribution Division; and completing a significant capital investment programme at our new secure communications facility in Leominster, Herefordshire.
Financial overview
Group revenue from continuing operations of GBP40.0m was up 8.7% on the prior year GBP36.8m. The revenue delays we have faced on a number of the antenna projects have more than been offset by the additional batteries revenue from the Creasefield acquisition.
The Group's adjusted gross margin of 30.5% has seen a marginal reduction of 0.6% compared to the 2016 margin of 31.1%. This reduction reflects the impact of the changing mix of sales combined with the additional Creasefield sales, which are typically lower than the average margins for the Manufacturing Division.
Adjusted operating profit from continuing operations of GBP3.2m has increased GBP0.1m from GBP3.1m in 2016. This translates in to fully diluted adjusted earnings per share from continuing operations of 32.0p (2016: 31.3p).
The Group balance sheet shows net assets of GBP16.6m (2016: GBP15.8m) and net cash of GBP0.9m (2016: leverage GBP3.8m). This balance sheet position puts the Group in a strong position to make further strategic acquisitions and to generate organic growth.
Solid State celebrated its 21(st) anniversary on AIM in June of this year. It has paid a dividend in each of those years which is a record that the Group is very proud of. Continuing in that vein, the Board is recommending a final dividend of 8p which added to the interim dividend of 4p per share paid on 20 January 2017 gives a total dividend for the year of 12p per share (2016: 12p). Dividends were 2.25 times covered in 2017 based on profit from continuing operations. The final dividend will be paid on 22 September 2017 to shareholders on the register at the close of business on 1 September 2017. The shares will be marked ex-dividend on 31 August 2017.
Following a review of dividend policy and benchmarking against our peer group, in particular with a view to dividend cover, the Board has agreed a new policy whereby it will target a dividend cover between 2.5 - 2.75 times adjusted earnings in future periods.
Senior management and corporate governance
As a Board we were conscious of the need to evolve and develop the knowledge, experience and balance of skills within the executive team, therefore at the beginning of the year, we appointed Matthew Richards as Managing Director of the Manufacturing Division. Matthew brings a wealth of commercial and sales experience with a background in the security and defence sectors. Towards the end of the year Peter James joined the Board as Group Finance Director. Peter spent the last 4 years with IQE plc and prior to this 11 years with PwC. Over his career to date, he has gained a broad base of financial experience both in practice and industry, including transactions, commercial contract negotiations and public company reporting which will bring a fresh and different perspective to our Board.
Our mission and strategy to deliver growth
Our mission is "To remain at the forefront of electronics technology, delivering reliable, high quality products and services. Adding value at every opportunity, from enquiry to order fulfilment; consistently meeting customer and partner expectations."
Our strategy to deliver this has three key elements:
1) Investment in our people, our technical knowledge and our capabilities, to ensure we remain at the forefront of electronics technology where we are the go to technical solutions provider of choice, enabling us to develop and maintain long term client relationships as a trusted adviser with the sector 'know how'.
2) Targeting strategic acquisitions which are aligned with our core capabilities which provide access to new markets or deepen our knowledge, ability and enhance the value we can add to our customers.
3) Continue to develop our strategic partnerships with customers and suppliers within the electronics industry, building our portfolio of value added services.
Strategic milestones achieved in 2016/2017
Notable milestones achieved in 2016/2017 to advance our strategy include:
-- The acquisition of Creasefield Limited to achieve critical mass in our batteries business unit and create a centre of excellence for batteries in Crewkerne;
-- The investment of circa GBP1m in our communications business unit to create a facility that has antenna manufacturing and test capability that only a handful of operations in the country can offer;
-- The recruitment of industry experts to establish a sourcing and obsolescence team; -- The expansion of the field sales force for the Distribution Division; -- The appointment of two senior Executives on the Board; and -- The closure of our SEMS business unit within the Manufacturing Division.
The Chief Executive's strategic report provides further details on these milestones and the progress we have made in executing our strategy.
Opportunities and prospects for 2017/2018
The Group is well positioned for growth across well diversified revenue streams.
Applications in harsh environments for new battery chemistries such as lithium sulphur is an example of the exciting opportunities which we are now well placed to service in coming years as a major provider of battery solutions. The acquisition of Creasefield and creation of a centre of excellence for batteries was timely given the recovery of the Oil & Gas market after a period of contraction.
The expansion of our added value services in our component distribution division, and in particular the formation of our component sourcing and obsolescence team, will bring a brand new source of recurring revenue to the Group.
The additional capacity and improved capability at our new Leominster facility enables us to stay at the forefront of the antenna market where our team's value and technical knowledge is now matched by our manufacturing and testing capabilities. This positions the Group's communications business unit to build its market share.
Brexit negotiations present a level of risk and uncertainty to the business environment in which we operate. However, our breadth of technical knowledge, service levels from our specialist sales teams, scale of our operations, structure, strong balance sheet, governance, quality standards and disaster recovery programmes mean the Board believes the Group is well positioned to respond quickly to the challenges and opportunities that lie ahead as the UK negotiates its exit from the EU. The Board believes that the Group's diversified structure gives it resilience, and places it in a far stronger position than our smaller unlisted competitors within our customers' supply chains.
We made our last acquisition in May 2016 and our target is to make one acquisition per year. With a good pipeline of opportunities across both divisions, our focus moving forward is to develop greater depth in each business unit.
The Board is encouraged by new order intake during the first two months of our new fiscal year, giving the Board confidence that the Group remains on track to deliver in-line with market expectations. The Group open order book at 31 May 2017 stood at a record GBP20.67m (31 May 2016: GBP17.84m) up 16% on the prior year, with GBP14.38m being due for delivery between 1 June 2017 and 31 March 2018. The balance of GBP6.29m is deliverable beyond 1 April 2018.
Finally, on behalf of the Board, I would like to acknowledge the significant contribution of our staff in achieving Solid State's continued progress and thank them accordingly. Ours is, in large part, a people business which relies on the dedication of our colleagues across the Group; this is acknowledged and appreciated.
A B Frere
Chairman
CHIEF EXECUTIVE'S REPORT
Introduction to Solid State plc
The two divisions of the Solid State Group have distinct characteristics in their market places, however they have a common mission, a clear delivery strategy, and consistent business values. Across the Group our depth of understanding and a collaborative approach to client relationships have always promoted an integrated process of product design and supply often resulting in a trusted adviser relationship.
This degree of co-operation is appreciated by our clients and we believe it is of significant commercial value both to us and our customers. The Group will continue to pursue this approach and extend it into new relationships where appropriate.
Our stated strategy is to supplement organic growth with selective acquisitions within the electronics industry which will complement our existing Group companies and enable us to achieve over time improved operating margins through the delivery of operational efficiencies, scale and distribution.
The Group is focussed on the supply and support of specialist electronics equipment through its Distribution and Manufacturing Divisions described below.
The Distribution Division is a market leader in delivering innovative, value added, technical solutions for customers seeking specialist electronic components and displays.
The Manufacturing Division is a market leader in the design, development and supply of high specification rugged and industrial computers, tailor made battery packs providing portable power and energy storage solutions, advanced communication systems, antennas and high bandwidth video transmission products.
The market for the Group's products and services is driven by the need for custom electronic solutions to address complex needs, typically in harsh environments where enhanced durability and resistance to extreme and volatile humidity, temperature, pressure and wind is vital. The drivers of value in our markets include safety, technical performance, efficiency improvements, cost savings, and environmental monitoring.
Distribution Division
The Group's Distribution Division, is a focused distributor serving the needs of the electronics original equipment manufacturer community in the UK, principally from its base in Redditch.
The Distribution Division represents a modest number of suppliers who manufacture semiconductors, related electronic components and modules. The Distribution Division seeks to understand these products in depth and to offer outstanding levels of commercial and technical support to its customers.
The products offered include those for the I.O.T (internet of things), embedded processing, control, wireless and wired communications, power management, and LED lighting from globally recognised manufacturers.
The Division has particular expertise in high-reliability components for military and aerospace applications. The Division's Quality Management System is accredited to the International Aerospace standard AS9120.
During the year the Group invested in the establishment of a component sourcing and obsolescence team. The Distribution Division also offers value added services for customers who require their programmes pre-loaded onto hardware or their products prepared to go direct to the production line. All of these services are carried out in our bespoke electrostatic discharge facility in line with our AS9100 certification, which is an offering many of our competitors are unable to provide.
Our Distribution Division understands the need to provide the highest level of service to its customers and has a clear focus on supporting the electronic design community.
Manufacturing Division - including Rugged and Industrial Computers, Batteries and Communications business units
Our Manufacturing Division, operates across three sites at Redditch, Crewkerne and Leominster. It is a market leader in the design, development and supply of rugged and industrial computers, portable power and energy storage solutions, advanced communication systems, antennas and high bandwidth video transmission products.
The Division has consolidated battery production in Crewkerne, Somerset, with resulting efficiencies, allowing the Redditch facility to focus on the delivery of computer and radio products. The Leominster facility, in Herefordshire, houses the antenna design, production and test facilities. The recently commissioned near field antenna test chamber will support in house development in addition to being made available to third parties looking to utilise the state of the art chamber on a chargeable basis. Our environmental chamber and vibration testing capabilities, both already owned by the Group, will be commissioned in FY 2017/18 to provide testing services which can be utilised across the Group.
All three facilities are cleared by the UK Government to allow secure work. Personnel hold individual security clearance as required.
Rugged and Industrial Computer business unit
The rugged and industrial computer business unit serves a wide range of markets including Industrial, Military, Transportation and Broadcasting. Success has been achieved through specialisation in industrial computer design and integration, custom chassis builds, production, test and certification and customisation of Windows Embedded I.O.T and related software products.
Our product offering has been extended to computers and displays, time and positioning solutions, motherboards and modules and test and measurement solutions. Our capabilities extend from the provision of single board computer modules to turnkey integrated systems with significant value added in the production stages at the Redditch facility.
The business unit has strong and long standing commercial relationships directly with key suppliers in Asia and the USA. Additional sales resources and sustained digital marketing initiatives are leading to increased demand from diverse markets.
Batteries business unit
The batteries business unit, which provides portable power and energy storage solutions, has seen significant growth following a recovery in the Oil and Gas market sector, where the batteries business unit produces power solutions for pipeline inspection gauges.
The batteries business unit has over 30 years' experience in the supply of batteries into some of the world's most demanding environments. In addition to the Oil and Gas sector, our battery packs are used in a range of sectors including: Military and Security, Aerospace, Environmental and Oceanographic, Medical and Industrial OEM.
We provide battery packs assembly and build, control electronic design, and advanced battery testing. From initial design through qualification and United Nations testing, production, support and disposal at end of life, the business unit is well positioned to respond to an increasing demand for mobile and static power solutions where there is a specific requirement for high reliability, harsh environment and, above all else, safe systems.
Communications business unit
Within the communications business unit the Group provides advanced ultra-wide band antenna systems addressing demand from a worldwide customer base. Our antennas are utilised in a range of applications including electronic warfare, meteorological sensors and test and measurement applications. With over 40 years of experience, the business unit is at the forefront of antenna design and manufacture.
The brand new purpose built 18,000 sq ft facility includes the world class near-field test chamber that will set the business apart from competitors and allow the business unit to remain as the preeminent provider of ultra wideband/high power solutions. Focus is now being given to opportunities for repeat business and scaling the unit for growth with additional sales and engineering resources.
The business unit provides custom solutions that include bespoke antenna design from the Leominster facility, advanced high bandwidth radios including related peripheral technology from the Redditch facility and domain knowledge from the in-house product support team with direct end user experience.
Divisional Business review
Distribution Division
The financial year ended 31 March 2017 saw an improvement in several key metrics for the Distribution Division.
Stock turns of 5.15 against an industry average of 2.6 (Source ECSN-March 2017) giving rise to consequent benefits in working capital requirements.
The Distribution Division's company's "book to bill" ratio returned to greater than 1 at the year-end with significant further improvements being seen in the book to bill ratio during April 2017. This is a further demonstration of improving order intake and prospects for the division.
The Distribution Division saw billings of GBP16.5m consistent with 2015/16. Efforts to improve the margins on material were successful, showing an improvement of more than 1 percentage point despite downward pressure caused by the falling Pound vs the USD.
With investment in human resource designed to accelerate growth in FY2017/18 overall profit before tax was broadly flat. During 2016/17 the division recruited experts in the area of sourcing and obsolescence to form the Solid State SOS (sourcing and obsolescence services) team. This provides a new revenue stream for the division and Group, both through obsolescent component sales and through ongoing long term secure storage recurring revenues. To support this activity the division successfully extended its AS9120 accreditation to include the Rochester facility and counterfeit avoidance processes.
The division also invested heavily in its technical field sales team increasing the field based resource by approximately 25% to give greater account coverage, improved service and to take advantage of the cross-selling opportunities within the Group, particularly with regard to battery packs following the Group's acquisition of Creasefield.
The outlook for the financial year ending 31 March 2018 is strong with the Electronic Component Supply Network (ECSN) reporting that early indications suggest that the upper limit of the industry wide growth forecast of 4.3% may be understated. Our Distribution Division is now well positioned to exceed this industry wide forecast and has seen a strong start to the first quarter with record order intake across the first two months.
Manufacturing Division - including Rugged and Industrial Computers, Batteries and Communications business units
Manufacturing saw billings from continuing operations increase by 16.3% from GBP20.2m to GBP23.5m. The Creasefield acquisition added GBP4.2m of revenue which more than mitigated for delays in a number of antenna contracts seen in our communications business. The discontinued SEMS business unit contributed GBP7.3m of revenue in the prior year which has not recurred as a result of the termination of this business unit.
Further details of the financial performance are set out in the financial review.
Rugged and Industrial Computers business unit
The computer business unit has also geared up with additional sales resource in the second half of 2016, responding to increased demand as a result of directed marketing efforts including advanced use of Search Engine Optimisation (SEO) and Google Adwords. Key supplier relationships remain in place with the addition of the co-operation with ADLINK, a technology-leading provider of computer platforms for high end applications.
Batteries business unit
The Creasefield battery business based in Crewkerne, Somerset, was acquired on 31 May 2016, complementing the existing battery business unit.
This has resulted in an extension of market reach, with a customer base extending beyond the Oil and Gas sector to include Medical, Aerospace, Utilities and Defence/Security sectors.
The Crewkerne facility has brought increased capacity, technical resources and long standing supplier relationships. In addition it has brought exposure to new battery chemistries (NiMH/NiCd, Alkaline & Lead Acid) and charging technologies, significantly adding to the capacity and capability of our batteries business unit and putting us at the forefront of battery power storage solutions.
As part of the acquisition integration plan we transferred our battery business unit in Redditch into the Crewkerne facility, incurring GBP0.2m of one off non-recurring costs. This year the acquisition added GBP4.2m to Group revenue and GBP0.02m to net profit. Margins at Creasefield are typically lower than the other business units of the Manufacturing Division albeit this is an area of focus for improvement.
2016/2017 saw a demonstrable recovery of the Oil and Gas sector with strong battery bookings from customers in this sector in the final quarter. The recovery appears to be driven by the recovery of oil prices since the beginning of 2016 and the associated oil exploration. Strong orders were received in the latter part of 2016 as prime contractors rebuilt stock levels.
Communications business unit
The antenna manufacturing was relocated to a world class purpose built facility in Leominster, Herefordshire, in January 2017, after a capital investment of circa GBP1m. The major investment within this business unit has been in a state of the art nearfield antenna test chamber, which has been commissioned and put into service. The new facility is able to design, manufacture and test complex systems and is large enough to accommodate antennas with a dish diameter of up to 3 meters. This investment enables the Group to remain at the cutting edge of antenna design, manufacture and testing. In addition, environmental testing facilities have been relocated to the site and will be commissioned in 2017, alongside vibration testing facilities for use across the Group.
Investment has continued with the addition of technical and commercial staff. The business unit is resourced and poised for growth. Particular emphasis has been paid to opportunities for repeat business and medium volume production.
Steatite has won the Persistent Systems franchise for distribution of the secure wave relay mesh network mobile, providing HD video and voice in the most severe environments. Steatite is the only UK authorised supplier of the product and has secured contracts to supply radio systems to the Ministry of Defence (MOD) both directly and via prime contractors. An important export order for the mesh radio solution was secured in the Asia Pacific region with strong potential for additional systems.
A long standing relationship with the provider of an advanced satellite communications system has secured on-going business with the MOD for maritime applications both surface and underwater.
Discontinued operations
On commercial grounds the Group made the decision to close the self-funded Steatite Electronic Monitoring Systems (SEMS) business unit in the latter part of the year, allowing the Manufacturing Division to focus on its core activities.
Following the termination of the MOJ contract, the Board had decided it was appropriate to explore if the Group could commercialise the intellectual property the Group had developed as part of the MOJ contract. During 2016 we continued to explore if the Group could successfully commercialise the SEMS solution however, at the end of the 2016/17 financial year, the Board took the decision that returns would not be sufficient to warrant continued investment and development in the SEMS market.
The details of the discontinued operations are set out in note 8.
FINANCIAL REVIEW
In order to provide a fuller understanding of the Group's on-going underlying performance, we have included a number of adjusted profit measures as supplementary information. As detailed in note 7, the adjusted measures eliminate the impact of certain non-cash charges and non-recurring items.
Revenues
Group revenues from continuing operations of GBP40.0m were up 8.7% on the prior year (GBP36.8m).
The Distribution Division reported stable revenue of GBP16.5m (2016: GBP16.6m).
Revenue from continuing operations in the Manufacturing Division of GBP23.5m was up 16.3% on prior year of GBP20.2m.
Excluding revenues from Creasefield, like for like manufacturing revenues from continuing operations of GBP19.4m were GBP0.8m lower than prior year at GBP20.2m. The shortfall primarily reflects reported delays in a number of antenna contracts in our communications business unit.
Following the Creasefield acquisition, the Manufacturing Division has substantially completed the consolidation of its batteries business into the Crewkerne facility. Creasefield contributed revenue of GBP4.2m in the ten months post acquisition.
As a result of the acquisition and re-organisation of our Manufacturing Division we have incurred one off costs of GBP0.2m which have been presented in our adjusted performance metrics.
There were no revenues in the current year from the discontinued operations, however in the prior year they contributed revenues of GBP7.3m. The discontinued operations resulted in a loss of GBP0.4m in the current year compared to a profit of GBP1.9m in the prior year.
Adjusted gross profit margin percentage
Adjusted gross margin from continuing operations of 30.5% has seen a reduction of 0.6% compared to the 2016 margin of 31.1%.
The reduction reflects the impact of the changing mix of sales with the additional inclusion of Creasefield sales which are typically at lower than the average margin for the Manufacturing Division. Higher margin areas which include obsolescence sourcing and antennas are expected to enhance Group margins going forward as these product areas develop.
Distribution gross margins have been maintained at 26.1% (2016: 26.1%) in the face of margin pressure and adverse foreign exchange. This reflects continued investment and development of our added value service to mitigate this margin pressure.
Adjusted manufacturing gross margins of 33.5% (2016: 35.3%) have reduced as a result of the acquisition of Creasefield which delivered a margin of 23.6%. Like for like adjusted continuing manufacturing gross margins in the year of 35.7% reflect a small improvement compared to 35.3% in 2016.
Group reported gross margin from continuing operations at 30.1% was down 1.0% on the comparative period of 31.1%.
Adjusted sales and general administration expenses
Adjusted sales and general administration expenses from continuing operations of GBP9.0m have increased by GBP0.6m from GBP8.4m in 2016. This increase primarily reflects the additional overhead from Creasefield of GBP0.8m.
Commencing in the fourth quarter of the year, the Distribution Division started investing in additional sales resources in order to deliver the targeted organic growth in 2017/18. This expenditure has an annualised cost of circa GBP0.25m which for the reported year has resulted in the Distribution Division's adjusted sales and general administration expenses increasing from GBP3.15m to GBP3.2m.
The Manufacturing Division's adjusted sales and general administration expenses have increased to GBP5.0m from GBP4.5m. This reflects an increase of GBP0.8m as a result of the Creasefield acquisition which is offset in part by small like for like reduction of GBP0.3m.
Adjusted Head Office sales and general administration costs have remained broadly flat at GBP0.8m.
Reported sales and general administration costs from continuing operations of GBP9.3m were GBP0.5m higher than 2016 at GBP8.8m.
Within sales, general and administrative expenses adjusted depreciation and amortisation from continuing operations has increased to GBP0.6m from GBP0.4m primarily as a result of additional amortisation of capitalised R&D of GBP0.1m.
Reported depreciation and amortisation from continuing operations in the year was GBP0.8m which is up GBP0.2m from GBP0.6m in 2016.
There were impairments of GBP0.6m charged in the prior year associated with the discontinued operations.
Adjusted operating profit
Adjusted operating profit from continuing operations of GBP3.2m has increased GBP0.1m from GBP3.1m in 2016.
Reported operating profit from continuing operations is flat at GBP2.7m in both years.
The adjustments to operating profit are set out in further detail in note 7 and 8.
Earnings per share
Adjusted fully diluted earnings per share from continuing operations in the year ended 31 March 2017 have increased to 32.0p from 31.3p in the year ended 31 March 2016.
Reported fully diluted earnings per share from continuing operations have remained flat at 27.2p.
Cash inflow from operations
Cash inflow from continuing operations in 2017 of GBP5.8m is up from GBP3.5m in 2016 primarily due to a cash inflow of circa GBP2.4m from working capital with underlying cash profit from operations being stable at circa GBP3.5m.
Cash flow from discontinued operations in the year was a GBP3.3m inflow compared to a GBP1.7m outflow in the prior year.
Capital investment
During the year the Group invested GBP1.5m (2016: GBP0.6m) in property plant and equipment and GBP0.4m (2016: GBP0.05m) in software and research and development intangibles.
There have been two significant one off investments in the year relating to the new facility in Leominster and the expansion of the office and meeting room space in our Redditch facility.
Investment in subsidiaries
During 2016/17 the Group invested GBP1.9m, which included the final deferred consideration payment for Ginsbury Electronics Limited of GBP0.3m and GBP1.6m in acquiring Creasefield Limited. In the prior year we invested GBP1.8m being the initial consideration for the acquisition of Ginsbury Electronics Limited which in aggregate amounted to GBP2.1m.
KPIs
In addition to the information provided in the Chairman's Report and this Strategic Report, the Directors use a number of key performance indicators to manage the business. Non-financial KPIs are not disclosed.
KPI 2017 2016 ------------------------------------------- --------- ---------- Sales from continuing operations GBP40.0m GBP36.8m ------------------------------------------- --------- ---------- Adjusted operating profit from continuing GBP3.2m GBP3.1m operations ------------------------------------------- --------- ---------- Adjusted profit before taxation from GBP3.1m GBP2.9m continuing operations ------------------------------------------- --------- ---------- Adjusted diluted EPS from continuing operations 32.0p 31.3p ------------------------------------------- --------- ---------- Cash flow from continuing operating GBP5.8m GBP3.5m activities ------------------------------------------- --------- ---------- Net cash/(leverage) GBP0.9m (GBP3.8m) ------------------------------------------- --------- ---------- Open order book @ 31 May 2017 GBP20.7m GBP17.8m ------------------------------------------- --------- ----------
Outlook
The Group finished the year in a strategically stronger position, having focused investment on the areas that will deliver the future strategic goals of profitable organic and acquisitive growth. As reported, this involved closing the SEMS operation which was not going to meet the required return on investment, completion of the acquisition of Creasefield and establishment of the component sourcing and obsolescence management team. The Creasefield acquisition added production capacity, technical capability and scale to our batteries business unit at an opportune time given the resurgence in the Oil & Gas market. Additionally, the Group has made significant investment in the management, sales and operational teams to position it to deliver the future growth in 2017/18 in-line with expectations. We believe that the Group, with its diversified structure, increasing export sales, new opportunities with battery chemistries, additional antenna capability and capacity, and higher margin products, is now well placed to deliver organic growth.
The Group is focused on its core markets of "value added distribution of electronic components and displays" and "manufacturing of electronics technology" delivering rugged high quality products and services across our wide range of target sectors.
In these markets, we are well placed to add value at every opportunity, from enquiry to order fulfilment; consistently meeting customer and partner expectations which is at the core of maintaining our margins in a highly competitive market place. Through delivering on our strategy over the next five years, we are striving to double the size of the business through a combination of organic growth and strategic acquisition. Our record open order book, book to bill ratio and 1st quarter order intake act as very strong leading edge indicators and give the Board confidence in the prospects for 2017/2018.
G S Marsh
Chief Executive Officer
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
For the year ended 31 March 2017
Continuing operations 2017 2016
Notes GBP'000 GBP'000
Revenue 5 40,021 36,807
Cost of sales (27,994) (25,348)
___________ ___________
GROSS PROFIT 12,027 11,459
Sales, general and administration
expenses (9,291) (8,758)
___________ ___________
PROFIT FROM OPERATIONS 2,736 2,701
Finance costs (42) (112)
___________ ___________
PROFIT BEFORE TAXATION 2,694 2,589
Tax expense 6 (405) (286)
___________ ___________
ADJUSTED PROFIT AFTER
TAXATION 2,693 2,656
Adjustments to profit 7 (404) (353)
----------------------------------- ------ ------------ --------------------
PROFIT AFTER TAXATION 2,289 2,303
___________ ___________
(LOSS)/PROFIT FROM DISCONTINUED
OPERATIONS 8 (438) 1,865
___________ ___________
PROFIT ATTRIBUTABLE
TO EQUITY HOLDERS OF
THE PARENT 1,851 4,168
OTHER COMPREHENSIVE - -
INCOME
___________ ___________
TOTAL COMPREHENSIVE
INCOME FOR THE YEAR 1,851 4,168
___________ ___________
EARNINGS PER SHARE
Basic EPS from continuing
operations 3 27.2p 27.6p
Basic EPS from discontinued
operations 3 (5.2p) 22.3p
Basic EPS from profit
for the year 3 22.0p 49.9p
Diluted EPS from continuing
operations 3 27.2p 27.2p
Diluted EPS from discontinued
operations 3 (5.2p) 22.0p
Diluted EPS from profit
for the year 3 22.0p 49.2p
Adjusted EPS measures are reported in note 3 to the preliminary announcement
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
For the year ended 31 March 2017
Share Capital Shares
Share Premium Redemption Retained held Total
Capital Reserve Reserve Earnings in Treasury Equity
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Balance at 31
March 2015 417 3,629 5 8,654 (313) 12,392
Total comprehensive
income for the
year ended 31
March 2016 - - - 4,168 - 4,168
Issue of new shares 4 - - - - 4
Share based payment
expense - - - 174 - 174
Dividends - - - (1,005) - (1,005)
Transfer of shares
to All Employee
Share Ownership
Plan - - - - 32 32
______ ________ _________ _________ ________ _________
Balance at 31
March 2016 421 3,629 5 11,991 (281) 15,765
______ ________ _________ _________ ________ _________
Balance at 31
March 2016 421 3,629 5 11,991 (281) 15,765
Total comprehensive
income for
the year ended
31 March 2017 - - - 1,851 - 1,851
Issue of new shares 4 - - - - 4
Dividends - - - (1,016) - (1,016)
Transfer of shares
to All Employee
Share
Ownership Plan - - - - 38 38
______ ________ _________ _________ ________ _________
Balance at 31
March 2017 425 3,629 5 12,826 (243) 16,642
______ ________ _________ _________ ________ _________
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
at 31 March 2017
2017 2016
GBP'000 GBP'000 GBP'000 GBP'000
ASSETS
NON-CURRENT ASSETS
Property, plant
and equipment 2,406 1,366
Intangible assets 6,224 5,283
_______ _______
TOTAL NON-CURRENT
ASSETS 8,630 6,649
CURRENT ASSETS
Inventories 5,577 5,534
Trade and other
receivables 8,085 13,465
Corporation tax - -
receivable
Cash and cash
equivalents 909 994
_______ _______
TOTAL CURRENT
ASSETS 14,571 19,993
_________ _________
TOTAL ASSETS 23,201 26,642
_________ _________
LIABILITIES
CURRENT LIABILITIES
Bank overdraft - 4,398
Trade and other
payables 5,908 6,024
Corporation tax
liabilities 324 165
_______ _______
TOTAL CURRENT
LIABILITIES 6,232 10,587
NON CURRENT LIABILITIES
Trade and other
payables - 5
Deferred tax
liability 327 285
_______ _______
TOTAL NON CURRENT
LIABILITIES 327 290
_________ _________
TOTAL LIABILITIES 6,559 10,877
_________ _________
TOTAL NET ASSETS 16,642 15,765
_________ _________
CAPITAL AND RESERVES ATTRIBUTABLE
TO EQUITY HOLDERS OF THE
PARENT
Share capital 425 421
Share premium
reserve 3,629 3,629
Capital redemption
reserve 5 5
Retained earnings 12,826 11,991
Shares held in
treasury (243) (281)
_________ _________
TOTAL EQUITY 16,642 15,765
_________ _________
CONSOLIDATED STATEMENT OF CASH FLOWS
at 31 March 2017
2017 2016
GBP'000 GBP'000 GBP'000 GBP'000
OPERATING ACTIVITIES
Profit before taxation
including discontinued
operations 2,155 4,196
Adjustments for:
Depreciation 447 406
Amortisation 387 225
Impairments - 618
(Profit)/loss on disposal
of property, plant and
equipment (17) 2
Loss on disposal of 28 -
intangible fixed assets
Share based payment
expense - 174
Finance costs 42 112
Other 38 32
_________ _________
Profit from operations
before changes
in working capital
and provisions 3,080 5,765
Decrease in inventories 626 162
Decrease/(increase)
in trade and other receivables 6,179 (3,663)
Decrease in trade
and other payables (548) (468)
_________ _________
6,257 (3,969)
_________ _________
Cash generated from
operations 9,337 1,796
Income taxes paid (185) (102)
Income taxes recovered - 128
_________ _________
(185) 26
_________ _________
Cash flow from operating
activities 9,152 1,822
INVESTING ACTIVITIES
Purchase of property,
plant and equipment (1,477) (900)
Purchase of intangible
assets (426) (36)
Proceeds of sales from
property, plant and
equipment 183 55
Consideration paid on
acquisition of subsidiaries (1,941) (1,761)
(Overdraft)/cash with
subsidiaries over which
control has been obtained (114) 977
_________ _________
(3,775) (1,665)
_________ _________
5,377 157
FINANCING ACTIVITIES
Issue of ordinary
shares 4 5
Interest paid (42) (112)
Dividend paid to
equity shareholders (1,026) (991)
_________ _________
(1,064) (1,098)
_________ _________
4,313 (941)
CONSOLIDATED STATEMENT OF CASH FLOWS
For the year ended 31 March 2017 (continued)
Cash and cash equivalents comprise:
2017 2016
GBP'000 GBP'000
Net increase/(decrease) in cash
and cash equivalents 4,313 (941)
Cash and cash equivalents at
beginning of year (3,404) (2,463)
__________ __________
Cash and cash equivalents at
end of year 909 (3,404)
__________ __________
There were no significant non-cash transactions
2017 2016
GBP'000 GBP'000
Cash available on demand 909 994
Overdrafts - (4,398)
__________ __________
909 (3,404)
__________ __________
NOTES TO THE FINANCIAL STATEMENTS
For the year ended 31 March 2017
1. All figures are taken from the 2017 audited annual accounts which were approved by the directors on 4 July 2017, unless denoted as 'unaudited'. Comparative figures in the results for the year ended 31 March 2016 have been taken from the 2016 audited annual accounts other than where represented for the impact of discontinued operations and adjusted performance metrics as set out in note 7 and 8.
This financial information is presented in pounds sterling and all values are rounded to the nearest thousand (GBP'000) except when otherwise indicated.
The financial information for the year ended 31 March 2017 does not constitute statutory accounts as defined in section 435 (1) and (2) of the Companies Act 2006.
Whilst this preliminary announcement has been prepared in accordance with International Financial Reporting Standards (IFRS) and IFRS Interpretations Committee (IFRIC) interpretations adopted for use by the European Union, with those parts of the Companies Act 2006 applicable to companies reporting under these condensed financial statements do not contain sufficient information to comply with IFRS.
The auditors have reported on these accounts; their reports were unqualified, did not include a reference to any matter to which the auditors drew attention by way of emphasis of matter and did not contain a statement under section 498 (2) or (3) of the Companies Act 2006.
Statutory accounts for the year ended 31 March 2016 have been delivered to the Registrar of Companies and those for the year ended 31 March 2017 will be delivered to the Registrar of Companies shortly.
Certain statements in this announcement constitute forward-looking statements. Any statement in this announcement that is not a statement of historical fact including, without limitation, those regarding the Group's future expectations, operations, financial performance, financial condition and business is a forward-looking statement. Such forward-looking statements are subject to risks and uncertainties that may cause actual results to differ materially. These risks and uncertainties include, among other factors, changing economic, financial, business or other market conditions. These and other factors could adversely affect the outcome and financial effects of the plans and events described in this announcement and the Group undertakes no obligation to update its view of such risks and uncertainties or to update the forward-looking statements contained herein. Nothing in this announcement should be construed as a profit forecast.
2. ACCOUNTING POLICIES AND CRITICAL ACCOUNTING JUDGEMENTS
The financial information in this preliminary announcement has been prepared using the recognition and measurement principles of International Accounting Standards, International Financial Reporting Standards and Interpretations adopted for use in the European Union (collectively Adopted IFRSs).
The application of these standards and interpretations necessitates the use of estimates and judgements. This financial information is also prepared on a going concern basis under the historical cost convention except where fair value measurement is required by IFRS.
The principal accounting policies used in preparing the preliminary announcement are those the Group will apply in its financial statement for the year ended 31 March 2017 and are unchanged from those disclosed in the Group's Report and Financial Statements for the year ended 31 March 2016.
3. EARNINGS PER SHARE
The earnings per share is based
on the following:
2017 2016
GBP'000 GBP'000
Adjusted continuing earnings
post tax 2,693 2,656
Reported continuing earnings
post tax 2,289 2,303
Discontinued earnings post tax (438) 1,865
Adjusted total earnings post
tax 2,255 4,521
Reported total earnings post
tax 1,851 4,168
__________ __________
Weighted average number of shares 8,426,418 8,345,406
Diluted number of shares 8,426,418 8,474,536
Reported EPS
Basic EPS from continuing operations 27.2p 27.6p
Basic EPS from discontinued
operations (5.2p) 22.3p
Basic EPS from profit for the
year 22.0p 49.9p
Diluted EPS from continuing
operations 27.2p 27.2p
Diluted EPS from discontinued
operations (5.2p) 22.0p
Diluted EPS from profit for
the year 22.0p 49.2p
Adjusted EPS
Adjusted basic EPS from continuing
operations 32.0p 31.8p
Adjusted basic EPS from discontinued
operations (5.2p) 22.3p
Adjusted basic EPS from profit
for the year 26.8p 51.8p
Adjusted diluted EPS from continuing
operations 32.0p 31.3p
Adjusted diluted EPS from discontinued
operations (5.2p) 22.0p
Adjusted diluted EPS from profit
for the year 26.8p 51.3p
Earnings per ordinary share has been calculated using the weighted average number
of shares in issue during the year. The weighted average number of equity shares
in issue was 8,426,418 (2016: 8,345,406).
The diluted earnings per share is based on 8,426,418 (2016: 8,474,536) ordinary
shares which allow for the exercise of all dilutive potential ordinary shares.
The adjustments to profit made in calculating the adjusted earnings are set
out in note 7.
4. DIVIDS
2017 2016
GBP'000 GBP'000
Final dividend paid for the
prior year of 8p per share (2016:
8p) 680 673
Interim dividend paid of 4p
per share (2016: 4p) 340 337
Cancelled dividends on shares
held in treasury (4) (5)
__________ __________
1,016 1,005
__________ __________
Final dividend proposed for
the year 8p per share (2016:
8p) 677 670
__________ __________
The proposed final dividend has not been accrued for as the dividend will be approved by the shareholders at the annual general meeting
5. SEGMENT INFORMATION
Year ended Distribution Manufacturing Head Continuing Discontinued
31 March 2017 division division office operations operations Total
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
External revenue 16,479 23,542 - 40,021 - 40,021
_________ _________ _______ _________ _________ _____
Profit/(loss)
before tax 1,125 2,526 (957) 2,694 (539) 2,155
Tax expense (229) (371) 195 (405) 101 (304)
_________ _________ _______ _________ _________ _____
Profit after
tax 896 2,155 (762) 2,289 (438) 1,851
_________ _________ _______ _________ _________ _____
Balance sheet
Assets 7,090 10,224 5,887 23,201 - 23,201
Liabilities (2,256) (3,997) (306) (6,559) - (6,559)
_________ _________ _______ _________ _________ _____
Net assets 4,834 6,227 5,581 16,642 - 16,642
_________ _________ _______ _________ _________ _____
Other
Capital expenditure
- Tangible
fixed assets 348 1,129 - 1,477 - 1,477
- Intangible
assets 40 389 - 426 - 426
Depreciation, 153 259 - 412 35 447
Amortisation 19 165 203 387 - 387
Other non-cash - - - - - -
expenses
Interest paid 1 41 - 42 - 42
_________ _________ _______ _________ _________ _____
No individual customer contributed more than 10% of the Groups revenue in the financial year ended 31 March 2017. During the year ended 31 March 2016, greater than 10% of the Group's Revenue was derived from one customer within the Manufacturing Division.
5. SEGMENT INFORMATION (continued)
Year ended Distribution Manufacturing Head Continuing Discontinued
31 March 2016 division division office operations operations Total
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
External revenue 16,628 20,179 - 36,807 7,293 44,100
_________ _________ _______ _________ _________ _____
Profit before
tax 1,198 2,539 (1,148) 2,589 1,607 4,196
Tax expense (232) (411) 357 (286) 258 (28)
_________ _________ _______ _________ _________ _____
Profit after
tax 966 2,128 (791) 2,303 1,865 4,168
_________ _________ _______ _________ _________ _____
Balance sheet
Assets 7,720 9,103 5,323 22,146 4,496 26,642
Liabilities (2,069) (3,260) (4,884) (10,213) (664) (10,877)
_________ _________ _______ _________ _________ _____
Net assets 5,651 5,843 439 11,933 3,832 15,765
_________ _________ _______ _________ _________ _____
Other
Capital expenditure
- Tangible
fixed assets 295 330 - 625 - 625
- Intangible
assets 17 19 - 36 - 36
Depreciation 159 247 - 406 - 406
Amortisation 10 33 182 225 - 225
Impairment - - - - 618 618
Other non-cash
expenses - - 174 174 - 174
Interest paid 3 109 - 112 - 112
_________ _________ _______ _________ _________ _____
Net tangible
External revenue Total assets capital
by by expenditure
location of location of by location
customer assets of assets
2017 2016 2017 2016 2017 2016
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
United Kingdom 32,199 30,277 23,201 26,642 1,477 625
Rest of
Europe 5,061 3,267 - - - -
Asia 1,511 845 - - - -
North America 900 2,243 - - - -
Other 350 175 - - - -
_________ _________ _________ _________ _________ _________
40,021 36,807 23,201 26,642 1,477 625
_________ _________ _________ _________ _________ _________
All the above relate to continuing operations.
The discontinued operations revenue reported
above all related to customers located in the
United Kingdom.
6. TAX EXPENSE
2017 2016
GBP'000 GBP'000
Analysis of continuing and
discontinuing total tax expense
Total tax charge from continuing
operations 405 286
Total tax credit from discontinued
operations (101) (258)
_________ _________
304 28
_________ _________
Current tax expense
UK corporation tax on profits
or losses for the year 307 165
Adjustment in respect of - -
prior periods
_________ _________
307 165
Deferred tax (credit) (3) (137)
_________ _________
Total tax charge 304 28
_________ _________
The reasons for the difference between the
actual tax charge for the year and the standard
rate of corporation tax in the UK applied
to profits for the year are as follows
2017 2016
GBP'000 GBP'000
Profit before tax including
discontinued operations 2,155 4,196
_________ _________
Expected tax charge based
on the standard rate of
corporation tax in the UK
of 20% (2016 - 20%) 431 839
Effect of:
Expenses not deductible for
tax purposes 24 52
Deductible expenses not charged
in Group accounts (47) (7)
Difference between depreciation
for the year and capital
allowances 12 18
Tax relief on exercise of
share options at less than
market value (15) (158)
Enhanced relief on research
and development expenditure (94) (674)
Deferred tax credit arising
on change of tax rate (15) (18)
Amortisation of intangibles 8 (4)
Other - (20)
_________ _________
Total tax charge 304 28
_________ _________
See note 8 for further analysis of continuing and discontinued tax charge
7. ADJUSTMENTS TO PROFIT
The group's results are reported after a number of imputed non-cash charges and non-recurring items. Therefore we have provided additional information to aid an understanding of the group's performance. We have presented an adjusted profit metric adjusting for the following items:
-- Non-cash accounting charges arising from share based payments and the amortisation of acquisition related intangibles.
-- One off cash costs relating to the acquisition of Creasefield Limited and the re-organisation of the manufacturing division.
2017 2016
GBP'000 GBP'000
----------------------------------------- --------- ---------
Acquisition and re-organisation costs
in cost of sales 175 -
Acquisition and re-organisation costs
in sales, general and administration
expenses 61 -
----------------------------------------- --------- ---------
Total acquisition and re-organisation
costs 236 -
Amortisation of acquisition intangibles 203 182
Share based payments - 174
Taxation effect (35) (3)
----------------------------------------- --------- ---------
Total 404 353
----------------------------------------- --------- ---------
2017 2016
GBP'000 GBP'000
-------------------------------------------- --------- ---------
Reported gross profit from continuing
operations 12,027 11,459
Adjusted gross profit from continuing
operations 12,202 11,459
Reported gross margin percentage from
continuing operations 30.1% 31.1%
Adjusted gross margin percentage from
continuing operations 30.5% 31.1%
Reported operating profit from continuing
operations 2,736 2,701
Adjusted operating profit from continuing
operations 3,175 3,057
Reported operating margin percentage
from continuing operations 6.8% 7.3%
Adjusted operating margin percentage
from continuing operations 7.9% 8.3%
Reported profit before tax from continuing
operations 2,694 2,589
Adjusted profit before tax from continuing
operations 3,133 2,945
Reported profit after tax from continuing
operations 2,289 2,303
Adjusted profit after tax from continuing
operations 2,693 2,656
-------------------------------------------- --------- ---------
8. DISCONTINUED OPERATIONS
The table below reconciles the discontinued operations to the previously reported income statement.
2017 2016
Continuing Discontinued Continuing Discontinued
operations operations Total operations operations Total
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
------------------- ------------ ------------- --------- ------------ ------------- ---------
Revenue 40,021 - 40,021 36,807 7,293 44,100
Cost of sales (27,994) - (27,994) (25,348) (4,724) (30,072)
------------------- ------------ ------------- --------- ------------ ------------- ---------
Gross profit 12,027 - 12,027 11,459 2,569 14,028
Sales general
& administration
expenses (9,291) (539) (9,830) (8,758) (962) (9,720)
------------------- ------------ ------------- --------- ------------ ------------- ---------
Operating
profit 2,736 (539) 2,197 2,701 1,607 4,308
Finance costs (42) - (42) (112) - (112)
------------------- ------------ ------------- --------- ------------ ------------- ---------
Profit before
tax 2,694 (539) 2,155 2,589 1,607 4,196
Tax expense (405) 101 (304) (286) 258 (28)
------------------- ------------ ------------- --------- ------------ ------------- ---------
Profit after
tax 2,289 (438) 1,851 2,303 1,865 4,168
------------------- ------------ ------------- --------- ------------ ------------- ---------
Cash flows from discontinued operations are as follows:
2017 2016
Continuing Discontinued Continuing Discontinued
operations operations Total operations operations Total
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
------------- ------------ ------------- --------- ------------ ------------- ---------
Operating
cash flows 5,824 3,328 9,152 3,542 (1,720) 1,822
Investing
cash flows (3,775) - (3,775) (1,559) (106) (1,665)
Financing
cash flows (1,064) - (1,064) (1,098) - (1,098)
------------- ------------ ------------- --------- ------------ ------------- ---------
9. The Annual Report will be sent to shareholders shortly and made available to the public at the registered office of the Company at 2 Ravensbank Business Park, Hedera Rd, Redditch, B98 9EY and will also be available to download on the Company's website www.solidstateplc.com.
This information is provided by RNS
The company news service from the London Stock Exchange
END
FR UGUUWMUPMGMW
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July 04, 2017 02:00 ET (06:00 GMT)
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