We could not find any results for:
Make sure your spelling is correct or try broadening your search.
Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Zytronic Plc | LSE:ZYT | London | Ordinary Share | GB0006971013 | ORD 1P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 60.00 | 55.00 | 65.00 | 60.00 | 60.00 | 60.00 | 23,580 | 00:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
Magnetc,optic Recordng Media | 8.61M | -1.56M | -0.1539 | -3.90 | 6.1M |
TIDMZYT
RNS Number : 0354O
Zytronic PLC
15 May 2018
15 May 2018
Zytronic plc
("Zytronic" or the "Group")
Interim Results for the six months ended 31 March 2018
Zytronic plc, a leading specialist manufacturer of touch sensors, announces its consolidated interim results for the six months ended 31 March 2018.
Overview
-- Group revenue of GBP10.6m (H1 2017: GBP11.3m) -- Gaming revenues increased by 17%, offset by a decline in Financial revenues of 29% -- Profit before tax of GBP2.2m (H1 2017: GBP2.5m) -- Interim dividend increased by 100% to 7.60p per share (H1 2017: 3.80p) -- Basic earnings per share ("EPS") of 11.7p (H1 2017: 13.8p) -- Net cash of GBP13.7m (30 September 2017: GBP14.1m) following an increase to dividend payments
Commenting on the results, Chairman, Tudor Davies said:
"The second half of the year has started with some improvement in demand from the ATM market and an increased number of projects in the growing Gaming sector. This is consistent with the improvement in trading normally experienced in the second half, and whilst growth may be suppressed compared with recent years, we expect to make good progress in developing our unique, award-winning products, particularly in the USA and Asia."
Enquiries:
Zytronic plc Mark Cambridge, Chief Executive Claire Smith, Group Finance Director 0191 414 5511 N+1 Singer (Nominated Adviser and Broker) Aubrey Powell, Liz Yong 020 7496 3000
Notes to Editors
Zytronic is the developer and manufacturer of a unique range of internationally award-winning and patented touch sensor products, operating from three modern factories totaling 80,000ft(2) near Newcastle-upon-Tyne in the United Kingdom.
Zytronic touch products employ an embedded sensing solution and are readily configurable to enable multi-user and multi-touch touch sensing sizes from five inches to ultra-large 85", making them an ideal solution for system designers' specific requirements, offering significant durability, environmental stability and optical enhancement benefits to touch interactivity for industrial, self-service and public access equipment.
Chairman's statement
Introduction
The Board is pleased to report a doubling of the interim dividend to 7.6p (H1 2017: 3.8p) in line with our progressive dividend policy, and the continued development of our business into new markets, which in the first half has counteracted some deferral in business from the Financial sector.
Results
Revenues for the first half to 31 March 2018 were GBP10.6m (H1 2017: GBP11.3m), with profit before taxation of GBP2.2m (H1 2017: GBP2.5m).
There has been a considerable variation in demand across the various sectors, resulting in a reduction in revenues. The most positive has been Gaming which has increased by 17%, whereas in the Financial sector, where we supply product for ATM manufacture, demand has been unpredictable with projects being deferred and sales lower than at this time last year. However, in recent weeks we have seen some improvement in demand from the ATM market, and the good progress in Gaming is continuing with an increasing number of projects in the pipeline, and we expect further opportunities to result from the change to direct sales representation in USA and Asia.
Cash generation
Cash generation from operating activities improved to GBP2.4m (H1 2017: GBP2.1m), of which GBP0.3m was invested into capital expenditure, and with the 2017 final dividend payment of GBP2.4m, some GBP0.7m higher than the 2016 final dividend payment, resulted in cash balances of GBP13.7m (30 September 2017: GBP14.1m).
Dividend
The Directors have declared a 100% increase to the interim dividend to 7.60p per share (H1 2017: 3.80p) payable on 20 July 2018 to shareholders on the Register on 6 July 2018, to facilitate a move towards an improved balance between the interim and final dividends for a fiscal year, whilst maintaining the Company's progressive dividend policy.
Outlook
The second half of the year has started with some improvement in demand from the ATM market and an increased number of projects in the growing Gaming sector. This is consistent with the improvement in trading normally experienced in the second half, and whilst growth may be suppressed compared with recent years, we expect to make good progress in developing our unique, award-winning products, particularly in the USA and Asia.
Tudor Davies
Chairman
15 May 2018
Consolidated statement of comprehensive income
Unaudited results for the six months to 31 March 2018
Six months Six months Year to to to 31 March 31 March 30 September 2018 2017 2017 Unaudited Unaudited Audited Notes GBP'000 GBP'000 GBP'000 ------------------------- ------ ----------- ----------- ------------- Group revenue 10,605 11,281 22,892 Cost of sales (6,408) (6,414) (13,481) ------------------------- ------ ----------- ----------- ------------- Gross profit 4,197 4,867 9,411 Distribution costs (213) (229) (393) Administration expenses (1,806) (2,117) (3,591) ------------------------- ------ ----------- ----------- ------------- Group trading profit 2,178 2,521 5,427 Finance costs (3) (9) (24) Finance revenue 27 5 10 ------------------------- ------ ----------- ----------- ------------- Profit before tax 2,202 2,517 5,413 Tax expenses 3 (330) (366) (825) ------------------------- ------ ----------- ----------- ------------- Profit for the period 1,872 2,151 4,588 ------------------------- ------ ----------- ----------- ------------- Earnings per share Basic 4 11.7p 13.8p 29.0p Diluted 4 11.7p 13.6p 28.8p ------------------------- ------ ----------- ----------- -------------
All profits are from continuing operations.
Consolidated statement of changes in equity
Unaudited results for the six months to 31 March 2018
Called up share Share Retained capital premium earnings Total GBP'000 GBP'000 GBP'000 GBP'000 ------------------------------ -------- -------- --------- -------- At 1 October 2017 160 8,994 17,622 26,776 Profit for the period - - 1,872 1,872 Dividends - - (2,439) (2,439) ------------------------------ -------- -------- --------- -------- At 31 March 2018 (unaudited) 160 8,994 17,055 26,209 ------------------------------ -------- -------- --------- --------
Consolidated balance sheet
Unaudited results at 31 March 2018
At At At 31 March 31 March 30 September 2018 2017 2017 Unaudited Unaudited Audited GBP'000 GBP'000 GBP'000 ---------------------------------- ---------- ---------- ------------- Assets Non-current assets Intangible assets 1,660 1,585 1,633 Property, plant and equipment 6,790 7,228 7,030 ----------------------------------- ---------- ---------- ------------- 8,450 8,813 8,663 ---------------------------------- ---------- ---------- ------------- Current assets Inventories 2,969 3,479 2,996 Trade and other receivables 3,562 3,563 3,506 Derivative financial assets 28 - 54 Cash and short term deposits 13,730 13,520 14,099 ----------------------------------- ---------- ---------- ------------- 20,289 20,562 20,655 ---------------------------------- ---------- ---------- ------------- Total assets 28,739 29,375 29,318 ----------------------------------- ---------- ---------- ------------- Liabilities Current liabilities Trade and other payables 1,030 1,494 1,042 Financial liabilities - 1,049 - Derivative financial liabilities - 442 - Accruals 700 1,021 862 Tax liabilities 175 405 3 ----------------------------------- ---------- ---------- ------------- 1,905 4,411 1,907 ---------------------------------- ---------- ---------- ------------- Non-current liabilities Government grants 17 17 25 Deferred tax liabilities (net) 608 260 610 ----------------------------------- ---------- ---------- -------------
625 277 635 ---------------------------------- ---------- ---------- ------------- Total liabilities 2,530 4,688 2,542 ----------------------------------- ---------- ---------- ------------- Net assets 26,209 24,687 26,776 ----------------------------------- ---------- ---------- ------------- Equity Equity share capital 160 159 160 Share premium 8,994 8,805 8,994 Revenue reserve 17,055 15,723 17,622 ----------------------------------- ---------- ---------- ------------- Total equity 26,209 24,687 26,776 ----------------------------------- ---------- ---------- -------------
Consolidated cashflow statement
Unaudited results for the six months to 31 March 2018
Six months Six months Year to to to 31 March 31 March 30 September 2018 2017 2017 Unaudited Unaudited Audited Notes GBP'000 GBP'000 GBP'000 -------------------------------------------- ------ ----------- ----------- ------------- Operating activities Profit before tax 2,202 2,517 5,413 Net finance (revenue)/costs (24) 4 14 Depreciation and impairment of property, plant and equipment 369 387 749 Amortisation and impairment of intangible assets 175 178 424 Loss on disposal of intangible assets - 28 - Amortisation of government grant (8) (31) (42) Fair value movement on foreign exchange forward contracts 26 (517) (1,013) Working capital adjustments Decrease/(increase) in inventories 27 (719) (236) (Increase)/decrease in trade and other receivables (56) 316 239 (Decrease)/increase in trade and other payables and provisions (165) 27 (356) -------------------------------------------- ------ ----------- ----------- ------------- Cash generated from operations 2,546 2,190 5,192 Tax paid (195) (83) (521) -------------------------------------------- ------ ----------- ----------- ------------- Net cashflow from operating activities 2,351 2,107 4,671 -------------------------------------------- ------ ----------- ----------- ------------- Investing activities Interest received 27 5 10 Receipt of government grant - - 19 Payments to acquire property, plant and equipment (103) (214) (472) Payments to acquire intangible assets (202) (333) (600) -------------------------------------------- ------ ----------- ----------- ------------- Net cashflow from investing activities (278) (542) (1,043) -------------------------------------------- ------ ----------- ----------- ------------- Financing activities Interest paid (3) (8) (24) Dividends paid to equity shareholders of the Parent (2,439) (1,744) (2,354) Proceeds from share issues relating to options - 1,044 1,234 Repayment of borrowings - (100) (1,148) -------------------------------------------- ------ ----------- ----------- ------------- Net cashflow from financing activities (2,442) (808) (2,292) -------------------------------------------- ------ ----------- ----------- ------------- (Decrease)/increase in cash and cash equivalents (369) 757 1,336 -------------------------------------------- ------ ----------- ----------- ------------- Cash and cash equivalents at the beginning of the period 14,099 12,763 12,763 -------------------------------------------- ------ ----------- ----------- ------------- Cash and cash equivalents at the end of the period 6 13,730 13,520 14,099 -------------------------------------------- ------ ----------- ----------- -------------
Notes to the interim report
Unaudited results for the six months to 31 March 2018
1. Basis of preparation
The financial information in these interim statements is prepared under the historical cost convention and in accordance with international accounting standards. It does not constitute statutory accounts as defined in Section 435 of the Companies Act 2006 and does not reflect all the information contained in the Group's annual report and financial statements.
The tax charge is calculated by applying the Directors' best estimate of the annual tax rate to the profit for the period. Other expenses are accrued in accordance with the same principles used in the preparation of the annual report and financial statements.
The interim results for the six months to 31 March 2018 are not reviewed by Ernst & Young LLP and accordingly no opinion has been given.
The interim financial statements have been prepared using the same accounting policies and methods of computation used to prepare the 2017 annual report and financial statements.
The financial information for the six months to 31 March 2018 and the comparative financial information for the six months to 31 March 2017 have not been audited. The comparative financial information for the year ended 30 September 2017 has been extracted from the 2017 annual report and financial statements.
The annual report and financial statements for the year ended 30 September 2017, which were approved by the Board of Directors on 11 December 2017, received an unqualified audit report, did not contain a statement under Section 498(2) or (3) of the Companies Act 2006 and have been filed with the Registrar of Companies.
The Group has one reportable business segment comprising the development and manufacture of customised optical products to enhance electronic display performance. Products in this reportable business segment include touch sensors, filters and other laminated products. All revenue, profits or losses before tax and net assets are attributable to this reportable business segment.
2. Basis of consolidation
The Group results consolidate the accounts of Zytronic plc and all its subsidiary undertakings drawn up to 31 March 2018.
3. Tax charge on profit on ordinary activities
The estimated tax rate for the year of 15% has been applied to the half year's profit before tax, in accordance with the Auditing Standard Board's statement on interim reports.
4. Earnings per share
Basic EPS is calculated by dividing the profit attributable to ordinary equity holders of the Company by the weighted average number of ordinary shares in issue during the period. All activities are continuing operations and therefore there is no difference between EPS arising from total operations and EPS arising from continuing operations.
For the six months to 31 March 2018 and 2017
Weighted Weighted average average number number Earnings of shares EPS Earnings of shares EPS 31 March 31 March 31 March 31 March 31 March 31 March 2018 2018 2018 2017 2017 2017 GBP'000 Thousands Pence GBP'000 Thousands Pence ------------------------------- --------- ---------- --------- --------- ---------- --------- Profit on ordinary activities after tax 1,872 16,044 11.7 2,151 15,626 13.8 ------------------------------- --------- ---------- --------- --------- ---------- --------- Basic EPS 1,872 16,044 11.7 2,151 15,626 13.8 ------------------------------- --------- ---------- --------- --------- ---------- ---------
The weighted average number of shares for diluted EPS is calculated by including the weighted average number of shares under option.
Weighted Weighted average average number number Earnings of shares EPS Earnings of shares EPS 31 March 31 March 31 March 31 March 31 March 31 March 2018 2018 2018 2017 2017 2017 GBP'000 Thousands Pence GBP'000 Thousands Pence ------------------------------- --------- ---------- --------- --------- ---------- --------- Profit on ordinary activities after tax 1,872 16,044 11.7 2,151 15,626 13.8 Weighted average number of shares under option - - - - 168 (0.2) ------------------------------- --------- ---------- --------- --------- ---------- --------- Diluted EPS 1,872 16,044 11.7 2,151 15,794 13.6 ------------------------------- --------- ---------- --------- --------- ---------- ---------
For the year to 30 September 2017
Weighted average number Earnings of shares EPS 30 September 30 September 30 September 2017 2017 2017 GBP'000 Thousands Pence ----------------------------------------- ------------- ------------- ------------- Profit on ordinary activities after tax 4,588 15,819 29.0 ----------------------------------------- ------------- ------------- ------------- Basic EPS 4,588 15,819 29.0 ----------------------------------------- ------------- ------------- -------------
The weighted average number of shares for diluted EPS is calculated by including the weighted average number of shares under option.
Weighted average number Earnings of shares EPS 30 September 30 September 30 September 2017 2017 2017 GBP'000 Thousands Pence ------------------------------------------------ ------------- ------------- ------------- Profit on ordinary activities after tax 4,588 15,819 29.0 Weighted average number of shares under option - 131 (0.2) ------------------------------------------------ ------------- ------------- ------------- Diluted EPS 4,588 15,950 28.8 ------------------------------------------------ ------------- ------------- -------------
5. Dividends
The Directors propose the payment of an interim dividend of 7.60p per share (H1 2017: 3.80p), payable on 20 July 2018 to shareholders on the Register on 6 July 2018. This dividend has not been accrued in these interim accounts. The dividend payment will be approximately GBP1.2m.
Six months Six months Year to to 31 March to 31 March 30 September 2018 2017 2017 Unaudited Unaudited Audited GBP'000 GBP'000 GBP'000 ---------------------------------------------- ------------- ------------- -------------- Ordinary dividends on equity shares Final dividend of 10.96p per ordinary share paid on 3 March 2017 - 1,744 1,744 Interim dividend of 3.80p per ordinary share paid on 21 July 2017 - - 610 Final dividend of 15.20p per ordinary share paid on 9 March 2018 2,439 - - ---------------------------------------------- ------------- ------------- -------------- 2,439 1,744 2,354 ---------------------------------------------- ------------- ------------- --------------
6. Cash and cash equivalents
Six months Six months Year to to 31 March to 31 March 30 September 2018 2017 2017 Unaudited Unaudited Audited GBP'000 GBP'000 GBP'000 -------------------------- ------------- ------------- -------------- Cash at bank and in hand 13,730 13,520 14,099 -------------------------- ------------- ------------- --------------
For the purpose of the consolidated cashflow statement, cash and cash equivalents comprise the following:
Six months Six months Year to 31 March to 31 March to 30 September 2018 2017 2017 Unaudited Unaudited Audited GBP'000 GBP'000 GBP'000 -------------------------- -------------- -------------- ------------ Cash at bank and in hand 11,382 10,709 11,679 Short term deposits 3,030 3,671 3,089 Bank overdraft (682) (860) (669) -------------------------- -------------- -------------- ------------ 13,730 13,520 14,099 -------------------------- -------------- -------------- ------------
Cash at bank earns interest at floating rates based on daily bank deposit rates. Short term deposits are made for variable lengths, being overnight, three months or one year (with break conditions), depending on the immediate cash requirements of the Group, and earn interest at variable rates.
At 31 March 2018 the Group had available a net GBP1.0m (cash less overdrawn accounts) overdraft facility from Barclays Bank plc which will fall for review in November 2018.
The fair value of cash and cash equivalents is GBP13.7m (H1 2017: GBP13.5m).
7. Availability of the interim report
A copy of the interim report is available on the Company's website, www.zytronicplc.com, and can be obtained from the Company's registered office: Whiteley Road, Blaydon-on-Tyne, Tyne and Wear NE21 5NJ. Copies will be sent to shareholders shortly. A copy of the presentation made to institutional investors is also available on the Company's website.
Corporate information
Websites:
www.zytronicplc.com
www.zytronic.co.uk
www.zytronic-inc.com
www.zytronic.cn
www.zytronic.jp
Secretary
Claire Smith
Email: claire.smith@zytronic.co.uk
Registered office
Whiteley Road
Blaydon-on-Tyne
Tyne and Wear
NE21 5NJ
Tel: 0191 414 5511 Fax: 0191 414 0545
Registration number
3881244
Nominated Adviser and Broker
N+1 Singer
One Bartholomew Lane
London
EC2N 2AX
Registrars
Computershare Investor Services PLC
The Pavilions
Bridgwater Road
Bristol
BS13 8AE
Auditors
Ernst & Young LLP
Citygate
St James' Boulevard
Newcastle-upon-Tyne
NE1 4JD
Bankers
Barclays Bank plc
71 Grey Street
Newcastle-upon-Tyne
NE99 1JP
Handelsbanken
8 Keel Row
The watermark
Gateshead
NE11 9SZ
Santander Corporate Banking
Baltic Place
South Shore Road
Gateshead
NE8 3AE
Yorkshire Bank
131-135 Northumberland Street
Newcastle-upon-Tyne
NE1 7AG
Regions Bank
2653 Marietta Hwy
Canton, GA
30114
USA
Solicitors
Ward Hadaway
Sandgate House
102 Quayside
Newcastle-upon-Tyne
NE1 3DX
Muckle LLP
Time Central
32 Gallowgate
Newcastle-upon-Tyne
NE1 4BF
This information is provided by RNS
The company news service from the London Stock Exchange
END
IR FKQDKOBKDFPD
(END) Dow Jones Newswires
May 15, 2018 02:00 ET (06:00 GMT)
1 Year Zytronic Chart |
1 Month Zytronic Chart |
It looks like you are not logged in. Click the button below to log in and keep track of your recent history.
Support: +44 (0) 203 8794 460 | support@advfn.com
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions