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ZYT Zytronic Plc

60.00
0.00 (0.00%)
28 Mar 2024 - Closed
Delayed by 15 minutes
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

Zytronic PLC Interim Results for six months ended 31 March 2018 (0354O)

15/05/2018 7:00am

UK Regulatory


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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)

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