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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Van Elle Holdings Plc | LSE:VANL | London | Ordinary Share | GB00BYX4TP46 | ORD 2P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
-1.00 | -2.33% | 42.00 | 41.00 | 43.00 | 42.50 | 42.00 | 42.50 | 105,531 | 09:40:45 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
Engineering Services | 148.73M | 4.68M | 0.0438 | 9.59 | 45.9M |
TIDMVANL
RNS Number : 5557U
Van Elle Holdings PLC
19 January 2017
Van Elle Holdings plc
("Van Elle" or the "Group")
Interim results for the six months ended 31 October 2016
Van Elle Holdings plc (the "Group"), the AIM listed geotechnical contractor offering a wide range of ground engineering techniques and services to customers in a variety of UK construction end markets, announces its unaudited interim results for the six months ended 31 October 2016:
Highlights
-- Successful admission to AIM on 26 October 2016 -- First half results in line with the Board's expectations -- Group first half revenues increased by 7.6% to GBP43.1m (H1 2016: GBP40.1m) -- Solid trading performance achieving a gross margin of 36.2% (H1 2016: 35.4%) -- Investment in new rigs of GBP2.1m -- Net IPO proceeds of GBP7.4m to further strengthen financial position -- Maiden interim dividend of pence 0.85 pence per share
Jon Fenton, CEO, commented:
"We are pleased with our performance in the first half of this financial year. The Group continued to deliver operationally through the IPO process, reflecting the high quality divisional and central teams at Van Elle.
"Trading since the period end has been in line with our expectations, with a good level of work undertaken over the Christmas period. The second half is an important period for the Group, particularly the Specialist Piling division which has a number of contracts expected to be confirmed and commenced in the period. The anticipated outturn for the full year remains in line with the Board's expectations.
"The admission to AIM has given Van Elle an elevated platform from which to drive the business forward. We are excited by the opportunities for the business and the Board is focussed on executing against its strategy as we move forward."
19 January 2017
Van Elle Holdings plc 017 7358 0580 Jon Fenton, Chief Executive Officer Paul Pearson, Chief Financial Officer Instinctif Partners (Financial Public Relations) 020 7457 2020 Mark Garraway James Gray Rosie Driscoll Peel Hunt LLP (Nominated Adviser and corporate broker) 020 7418 8900 Charles Batten Mike Bell Justin Jones
The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulation. Upon the publication of this announcement via Regulatory Information Service, this inside information is now considered to be in the public domain.
Van Elle Holdings plc Interim Report to 31 October 2016
Board's Statement
Van Elle was admitted to trading on AIM on 26 October 2016, following a successful IPO process which provided the Group with a strong platform for future growth as well as raising net proceeds of GBP7.4m to enable the Group to accelerate its strategy.
The Board is pleased to report that revenue in the six months to 31 October 2016 increased by 7.6% to GBP43.1m (H1 2016: GBP40.1m) with the gross margin for the period increasing to 36.2% (H1 2016: 35.4%). This trading performance reflects the delivery of a large number of contracts across a broad range of end markets, with the Group able to achieve good returns through its long-standing and effective operational model.
As anticipated, operating profit, before exceptional IPO costs of GBP1.5m, decreased by 8.1% to GBP4.9m (H1 2016: GBP5.3m) reflecting the sales mix within Specialist Piling and increased overhead investment made by the Group to ensure it had adequate resource, in both piling rigs and people, to deliver on the traditionally busier second half of the year. After net finance costs of GBP0.2m (H1 2016: GBP0.2m), profit before tax and exceptional IPO costs decreased to GBP4.7m (H1 2016: GBP5.2m) with statutory profit before tax being GBP3.2m (H1 2016: GBP5.2m).
Van Elle saw no adverse impact for its services following the EU referendum in June 2016 and levels of demand in the Group's end markets remain consistent. In addition, during the first half, the Group secured its largest ever single contract for GBP5m in the Specialist Piling division which is currently being delivered.
Reported basic and diluted earnings per share were 3.2p.
Underlying operating cash inflow for the period, before movements in working capital and after IPO costs, was GBP5.6m (H1 2016: GBP6.8m). There was net investment in working capital in the first half of the year of GBP2.7m with net cash generated from operations of GBP2.6m.
Net capital expenditure in the period was GBP3.3m (H1 2016: GBP3.4m; H2 2016: 2.8m) which included the continued development of the Group's precast concrete manufacturing facilities and additional piling rigs to support activity in the busier second half of the year. This figure also includes capex of GBP0.2m to ensure the existing rig fleet is capable of operating at maximum efficiency.
Including the net IPO proceeds of GBP7.4m, the Group's net debt as at 31 October 2016 was GBP4.1m, comprising cash of GBP8.8m net of HP and loan debt of GBP12.9m (H1 2016: GBP4.9m, of which GBP5.8m was cash, net of GBP10.7m HP and loan debt).
Net assets between the year end of 30 April 2016 and 31 October 2016 increased by GBP11.1m to GBP31.9m due to profit retained in the company of GBP2.2m and the impact of the share issue of GBP8.8m.
Divisional review
General Piling
Revenue during the first half remained flat year on year at GBP21.2m. The division delivered a large number of contracts across a range of end markets with strong demand from new housing and the commercial sector in particular. Gross margins increased from 32% to 35% reflecting a positive mix of work, as well as efficiency benefits, with divisional operating profit improving by GBP0.1m to GBP2.6m (H1 2016: GBP2.5m).
Specialist Piling
Revenue increased by 3.9% to GBP11.5m (H1 2016: GBP11.0m), driven by high levels of activity in the division's restricted access business offset by a lower level of demand for on-track rail work in the period. The sales mix resulted in a reduction in gross margin from 49% to 46%. Divisional operating profit in the period declined by GBP0.9m to GBP1.4m (H1 2016: GBP2.3m), in line with management's expectations, as a result of the mix impact of the lower level of sales activity in on-track rail and the investment in overhead.
Ground Engineering Services
Revenue increased by 2.6% to GBP4.9m (H1 2016: GBP4.7m), with gross margins improving from 34% to 41% as a result of an increased level of higher margin ground stabilisation work. Operating profit in the period remained flat at GBP0.3m due to the impact of increased overheads arising from the start up of operations in Scotland, which contributed GBP0.1m of revenue in the first half.
Ground Engineering Products
Revenue increased by 84.0% to GBP5.6m (H1 2015: GBP3.0m), largely as a result of the continued success of the Group's Smartfoot(R) modular foundation product which grew by 57% year on year, contributing GBP1.6m of the increased turnover. Revenue from the production of pre-cast piles for internal use also increased as a result of greater demand from the General Piling division. Divisional operating profit grew to GBP0.5m (H1 2016: GBP0.1m), with the EBITA margin increasing to 8.9% (H1 2016: 2.4%) due to the operational gearing benefits of the increased revenue on the recently expanded production base. In addition, the division saw early demand for pre-cast products in Scotland, produced at the Group's new facility in Glasgow, exceed initial expectations.
Board Changes
As announced on 23 December 2016, Michael Ellis, co-founder of Van Elle, retired as Non-Executive Chairman with effect from 31 December 2016, having supported the Group through the successful IPO process. Adrian Barden has been appointed acting Non-Executive Chairman and the Board will consider in due course if another independent Non-Executive Director should be appointed.
Dividend
The Board has declared a maiden interim dividend of 0.85 pence per share. The interim dividend will be paid on 28 February 2017 to shareholders on the register on 27 January 2017. The shares will trade ex-dividend on 26 January 2017.
Outlook and future prospects
Trading since the period end has been in line with the Board's expectations, with a good level of work undertaken over the Christmas period. The second half is an important period for the Group, particularly the Specialist Piling division which has a number of contracts expected to be confirmed and commenced in the period. The anticipated outturn for the full year remains in line with the Board's expectations.
Consolidated statement of comprehensive income for 6 months ended 31 October 2016 6 months 6 months 12 months to 31 to 31 to 30 October October April 2016 2015 2016 (unaudited) (unaudited) (audited) Note GBP000 GBP000 GBP000 Revenue 43,126 40,063 84,199 Cost of Sales (27,512) (25,873) (53,796) Gross Profit 15,614 14,190 30,403 Administrative Expenses (10,917) (8,862) (19,348) Exceptional Costs 3. (1,452) - - Other Operating Income 6. 200 ------------- ------------- ----------- Operating Profit 3,445 5,328 11,055 Finance Expense (219) (167) (344) Finance Income 5 10 11
------------- ------------- ----------- Profit before income tax 3,231 5,171 10,722 Income Tax Expense (995) (1,098) (2,277) Total comprehensive profit for the period 2,236 4,073 8,445 Earnings per share: Basic 3.2p 5.8p 12.1p Diluted 3.2p 5.8p 12.1p Consolidated statement of financial position for 6 months ended 31 October 2016 31 October 31 October 30 April 2016 (unaudited) 2015 (unaudited) 2016 (audited) GBP000 GBP000 GBP000 ASSETS Non-current assets Intangible assets 2,291 2,179 2,291 Property, plant and equipment 28,830 21,469 25,120 31,121 23,648 27,411 ------------------ ------------------ ----------- Current Assets Inventories 1,704 1,065 1,611 Trade and other receivables 20,353 13,396 16,696 Cash and cash equivalents 8,806 5,819 3,601 30,863 20,280 21,908 ------------------ ------------------ ----------- TOTAL ASSETS 61,984 43,928 49,319 ------------------ ------------------ ----------- LIABILITIES Current Liabilities Trade and other payables 15,084 12,972 14,314 Loans and borrowings 3,621 2,850 3,500 Current tax payable 1,111 1,658 1,224 19,816 17,480 19,038 Non-current liabilities Provisions 327 1,231 375 Deferred tax 712 596 712 Loans and borrowings 9,245 7,820 8,442 Total Liabilities 30,100 27,127 28,567 ------------------ ------------------ ----------- NET ASSETS 31,884 16,801 20,752 ================== ================== =========== EQUITY AND LIABILITIES Issued share capital 1,600 1,006 1,006 Share premium 8,633 - - Non-controlling interest 18 18 18 Retained earnings 21,633 15,777 19,728 ------------------ ------------------ ----------- TOTAL EQUITY 31,884 16,801 20,752 ================== ================== ===========
Consolidated statement of changes in equity
for 6 months ended October 2016
Share Share Non-controlling Retained Total capital premium interest earnings equity GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 Balance at 1 May 2015 1,006 - 18 11,704 12,728 Total comprehensive income - - - 4,073 4,073 _______ _______ _______ _______ _______ Balance at 31 October 2015 1,006 - 18 15,777 16,801 _______ _______ _______ _______ _______ Total comprehensive income - - - 4,372 4,372 Dividend payment - - - (421) (421) _______ _______ _______ _______ _______ Balance at 30 April 2016 1,006 - 18 19,728 20,752 _______ _______ _______ _______ _______ Total comprehensive income - - - 2,236 2,236 Share redesignation and bonus issue 63 - - - 63 Issue of bonus shares 331 - - (331) - Issue of ordinary shares on IPO 200 9,800 - - 10,000 Share issue costs - (1,167) - - (1,167) _______ _______ _______ _______ _______ Balance at 31 October 2016 1,600 8,633 18 21,633 31,884 _______ _______ _______ _______ _______
On 21 October 2016 the company carried out a bonus issue of shares allotted to existing shareholders for no consideration. The bonus issue increased the issued share capital of the company by GBP331k.
On 21 October 2016 the company redesignated its 50p A ordinary shares, 50p B ordinary shares, 1p C ordinary shares and 15p D ordinary shares into a single class of 1p ordinary shares. This process did not result in changes to the issued share capital of the company and was carried out in order to facilitate the Listing.
On 26 October 2016 the Company's shares were admitted to trading on the Alternative Investment Market of the London Stock Exchange (the "Listing"). In conjunction, the Company made an initial public offering ("IPO") of 10,000,000 new 1 pence ordinary shares at a price of 100 pence per ordinary share.
Costs relating directly to the new issue of shares to the amount of GBP1.2 million were deducted from the share
premium account. Other costs attributable to the Listing were expensed. Consolidated cash flow 6 months 12 months statement 6 months to 31 to 30 For 6 months ended 31 October to 31 October October April 2016 2016 (unaudited) 2015 (unaudited) 2016 (audited) Cash from operating activities GBP000 GBP000 GBP000 Profit for the year 2,236 4,073 8,445 Adjusted for; Depreciation 2,141 1,508 3,333 Finance income (5) (10) (11) Finance expense 219 167 344 Gain on sale of property, plant and equipment - - (53) Income tax expense 995 1,098 2,277 ------------------ ------------------ ---------------- 5,586 6,836 14,335 (Increase)/decrease in inventories (93) 39 (507) (Increase)/decrease in trade and other receivables (3,657) 3,740 440 Increase/(decrease) in trade and other payables 833 (2,769) (1,919) Decrease in provisions (48) (75) (931) Cash generated from operations 2,621 7,771 11,418 Interest received 5 10 11 Interest paid on finance leases and loans (219) (167) (344) Income taxes paid (1,108) (714) (1,748) ------------------ ------------------ ---------------- Net cash flows from operating activities 1,299 6,900 9,337 Cash flows from investing activities Purchase of property, plant and equipment (3,349) (3,412) (6,162) Disposal of property, plant and equipment - - 97 Purchases of intangibles - - (112) ------------------ ------------------ ---------------- Net cash flows from investing activities (3,349) (3,412) (6,177) Cash flows from financing activities: Proceeds from bank borrowings - 1,425 1,425 Repayment of bank borrowings (75) (59) - Proceeds from Invest to Grow loan 260 - - Repayments of Invest to Grow loan (8) - - Issue of shares net of
issue costs 8,833 - - Repayment of invoice discounting facility - - (4) Payments to finance lease creditors (1,755) (1,379) (2,903) Dividends paid to the holders of the parent - - (421) ------------------ ------------------ ---------------- Net cash flows from/(used in) financing activities 7,255 (13) (1,903) Net (decrease)/increase in cash and cash equivalents 5,205 3,475 1,257 Cash and cash equivalents beginning of periods 3,601 2,344 2,344 ------------------ ------------------ ---------------- Cash and cash equivalents at end of periods 8,806 5,819 3,601 ================== ================== ================ 1. Notes to the Interim Report
Basis of preparation
The unaudited interim consolidated statements of Van Elle Holdings plc are for the six months ended 31 October 2016 and do not comprise statutory accounts within the meaning of S.435 of the Companies Act 2006. These consolidated financial statements have been prepared in compliance with the recognition and measurement requirements of International Financial Reporting Standards, International Accounting Standards and Interpretations (collectively IFRSs) as adopted by the EU. They do not include all disclosures that would otherwise be required in a complete set of financial statements and should be read in conjunction with the Group's annual report. These consolidated financial statements have been prepared in accordance with the accounting policies that are expected to be applied in the report and accounts for the year ending 30 April 2017.
The consolidated financial statements are presented in Sterling, which is also the Group's functional currency. Amounts are rounded to the nearest thousand, unless otherwise stated.
Comparatives
The comparative figures for the year ended 30 April 2016 do not constitute statutory accounts within the meaning of S.435 of the Companies Act 2006, but they have been derived from the audited financial statements for that year, which have been filed with the Registrar of Companies. The report of the auditor was unqualified and did not contain statements under section 498 (2) or (3) of the Companies Act 2006 nor a reference to any matters which the auditor drew attention by way of emphasis of matter without qualifying their report.
Accounting policies
The accounting policies adopted are consistent with those described in the annual financial statements for the year ended 30 April 2016 and that will be adopted for the year ended 30 April 2017. There have been no significant changes in the basis upon which estimates have been determined, compared to those applied at 30 April 2016 and no change in estimate has had a material effect on the current period.
Share options
Share options were granted on 26 October 2016 and have a 3 year vesting period and therefore the fair value charge is not material for the period and is not included in these interims.
2. Segmental Reporting
The Group has four main divisions:
-- General Piling division - This division delivers drilled, augered, bored and driven piling solutions to customers in a broad range of end markets. Operating principally on open site construction projects, the division is, at any one time, engaged on jobs ranging from several days to several months duration.
-- Specialist Piling division - This division provides piling solutions in environments with access or operational constraints which require the use of specialist piling rigs and techniques. Through Van Elle Rail, the division also operates in "on-track" rail environments for which it retains a fleet of specialist road/rail vehicles.
-- Ground Engineering Services division - This division offers temporary and permanent solutions for ground stability and support as well as a broad range of geotechnical services. The Group's ground stabilisation offering includes ground anchors, soil nails, grouting techniques and mine consolidation. Its geotechnical solutions include general site investigation work, pile testing and geothermal bore-holes. These solutions can be implemented in open site, restricted access and on-track rail environments.
-- Ground Engineering Products division - This division designs and manufactures precast piles, including both traditional long piles and segmental VeMech(R) piles for the Group's General Piling division. The Group also designs, manufactures and installs a modular precast foundation system targeted at the housebuilding market, under its patented Smartfoot(R) trademark. Van Elle's principal manufacturing operations are located at the Group's 16 acre site in Kirkby-in-Ashfield in Nottinghamshire which is ISO9001, 14001 and 18001 accredited (as is the Group as a whole).
The Group's reportable segments, as reported to the Chief Executive, are strategic business units that offer different techniques and services. They are managed separately because each business requires different technology and marketing strategies. The segments are sub-divided into operational units based around the piling techniques that they deliver.
The Group evaluates segmental performance on the basis of profit or loss from operations calculated in accordance with IFRS but excluding non-recurring losses, such as goodwill impairment, and the effects of share-based payments. Traditionally the second half of the year is stronger in turnover and operating performance than the first half of the year with work undertaken by the Specialist Piling Division undertaken during statutory holiday periods over Christmas and Easter.
Inter-segment sales are priced along the same lines as sales to external customers, with an appropriate discount being applied to encourage use of group resources at a rate acceptable to local tax authorities.
Segment assets exclude tax assets and assets used primarily for corporate purposes. Segment liabilities exclude tax liabilities and defined benefit liabilities.
Loans and borrowings, insurances and head office central services' costs are allocated to the segments based on levels of turnover.
Six months ended 31 October 2016
Ground Ground General Specialist Engineering Engineering Head Piling Piling Services Products Office Total GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 Revenue Total Revenue 22,349 11,451 4,866 6,922 - 45,588 Inter-segmental revenue (1,144) - - (1,318) - (2,462) Total revenue from external customers 21,205 11,451 4,866 5,604 - 43,126 _______ _______ _______ _______ _______ _______ Depreciation 765 789 243 88 256 2,141 _______ _______ _______ _______ _______ _______ Segment profit before tax 2,643 1,426 330 498 (1,452) 3,445 _______ _______ _______ _______ _______ Finance expense (net) (214) _______ Group profit before tax 3,231 _______ Head office loss reflects exceptional costs relating to the IPO Six Six months ended 31 October 2015 Ground Ground General Specialist Engineering Engineering Head Piling Piling Services Products Office Total GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 Revenue Total Revenue 21,254 11,020 4,744 4,005 - 41,023 Inter-segmental revenue - - - (960) - (960) _______ _______ _______ _______ _______ _______ Total revenue from external customers 21,254 11,020 4,744 3,045 - 40,063 _______ _______ _______ _______ _______ _______ Depreciation 564 522 183 61 178 1,508 _______ _______ _______ _______ _______ _______ Segment profit before tax 2,546 2,362 346 74 -- 5,328 _______ _______ _______ _______ _______ Finance expense (net) (157) _______ Group profit before tax 5,171 _______ Twelve months ended 30 April 2016 Ground Ground
General Specialist Engineering Engineering Head Piling Piling Services Products Office Total GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 Revenue Total Revenue 42,707 25,840 10,151 8,358 37 87,093 Inter-segmental revenue (596) - - (2,261) (37) (2,894) _______ _______ _______ _______ _______ _______ Total revenue from external customers 42,111 25,840 10,151 6,097 - 84,199 _______ _______ _______ _______ _______ _______ Depreciation 1,421 1,316 435 161 - 3,333 _______ _______ _______ _______ _______ _______ Segment profit before tax 4,735 5,879 456 (15) - 11,055 _______ _______ _______ _______ _______ Finance expense (333) _______ Group profit before tax 10,722 _______ Ground Ground October 2016 General Specialist Engineering Engineering Head Piling Piling Services Products Office Total GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 Additions to non-current assets 1,442 2,005 925 409 1,117 5,898 _______ _______ _______ ______ _______ _______ Property, plant & equipment 8,559 9,584 2,119 1,263 7,305 28,830 Intangible assets - - - - 2,291 2,291 Inventories 284 198 57 1,165 - 1,704 Trade and other receivables - - - - 20,353 20,353 Cash and cash equivalents - - - - 8,806 8,806 _______ _______ _______ _______ ______ _______ Total assets 8,843 9,782 2,176 2,428 38,755 61,984 _______ _______ _______ _______ ______ _______ Loans and borrowings - - - - 12,866 12,866 Trade and other payables - - - - 16,195 16,195 Provisions and deferred tax - - - - 1,039 1,039 _______ _______ _______ _______ ______ _______ Total liabilities - - - - 30,100 30,100 _______ _______ _______ _______ _______ _______ Ground Ground October 2015 General Specialist Engineering Engineering Head Piling Piling Services Products Office Total GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 Additions to non-current assets 599 1,760 228 138 1,913 4,638 _______ _______ _______ ______ ______ _______ Property, plant & equipment 6,678 7,105 1,520 740 5,426 21,469 Intangible assets - - - - 2,179 2,179 Inventories 253 120 137 555 - 1,065 Trade and other receivables - - - - 13,396 13,396 Cash and cash equivalents - - - - 5,819 5,819 _______ _______ _______ _______ ______ _______ Total assets 6,931 7,225 1,657 1,295 26,820 43,928 _______ _______ _______ _______ ______ _______ Loans and borrowings - - - - 10,670 10,670 Trade and other payables - - - - 14,630 14,630 Provisions and deferred tax - - - - 1,827 1,827 _______ _______ _______ _______ ______ _______ Total liabilities - - - - 27,127 27,127 _______ _______ _______ _______ _______ _______ Ground Ground April 2016 General Specialist Engineering Engineering Head Piling Piling Services Products Office Total GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 Additions to non-current assets 2,534 4,280 359 390 3,843 11,406 _______ _______ _______ ______ ______ _______ Property, plant & equipment 7,949 8,372 1,444 907 6,448 25,120 Intangible assets - - - - 2,291 2,291 Inventories 338 217 82 974 - 1,611 Trade and other receivables - - - - 16,696 16,696 Cash and cash equivalents - - - - 3,601 3,601 _______ _______ _______ _______ ______ _______ Total assets 8,287 8,589 1,526 1,881 29,036 49,319 _______ _______ _______ _______ ______ _______ Loans and borrowings - - - - 11,942 11,942 Trade and other payables - - - - 15,538 15,538 Provisions and deferred tax - - - - 1,087 1,087 _______ _______ _______ _______ ______ _______ Total liabilities - - - - 28,567 28,567 _______ _______ _______ _______ _______ _______ 3. Exceptional Costs
Exceptional costs of GBP1,452,000 incurred during the six month period ended October 2016 relate to the initial public offering of the company. Costs relating directly to the new issue of shares to the amount of GBP1,167,000 were deducted from the share premium account. Attributable IPO costs were allocated between the share premium account and profit and loss account based in proportion to the number of primary and secondary shares traded on Admission. Other costs attributable to the Listing were expensed.
4. Capital Commitments October October April 2016 2015 2016 GBP'000 GBP'000 GBP'000 Contracted but not provided for 3,889 1,006 1,490 _______ _______ _______
Capital commitments represents the total purchase value of new Property, Plant and Equipment which the company has either paid a deposit or placed an order for as at the period end dates, and for which delivery is due after the period ends.
5. Contingent Liability
The company has been notified of a possible liability related to payments allegedly due to a former employee, pursuant to historic employment arrangements. This matter has only recently come to the Board's attention and it is not possible, at the date of approval of the interim statement, to establish whether an actual liability exists nor, in the case that it does, the potential financial impact, if any, that may arise. The company is actively investigating the matter, including as to whether any other individuals may bring forward a similar claim and accordingly is not in a position to disclose further information at this time.
6. Related Party Transactions
Pursuant to an agreement with the Company, Michael Hughes, who is an employee, settled an insurance policy excess of GBP200k. This was in respect of a claim on a contract for which there is already an insurance provision for the policy excess, and the claim is expected to be settled within the policy cover level. This amount is presented within other operating income.
7. Earnings per Share 6 months 12 months to 31 6 months to30 October to 31 April 2016 October2015 2016 Weighted average number of shares and dilutive shares 70,372,665 70,000,000 70,000,000 Earnings per share: Basic 3.2p 5.8p 12.1p Diluted 3.2p 5.8p 12.1p
The calculation of basic earnings per share is based on the earnings attributable to ordinary shareholders divided by the weighted average number of shares in issue during the period. In accordance with IAS 33 the weighted average number of shares in issue during the period has been retrospectively adjusted for the proportionate change in the number of the shares outstanding as a result of the bonus issue and share splits in the period as if the event had occurred at the beginning of the earliest period presented. The weighted average of new shares issued in the period have been considered in the current period and have not been retrospectively adjusted.
Share options with a 3 year vesting period were issued on 26 October 2016, 5 days prior to the end of the period. As a result the weighted average dilutive effect of the share options is not material and does not change the reported basic earnings per share.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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(END) Dow Jones Newswires
January 19, 2017 02:00 ET (07:00 GMT)
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