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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 | |
---|---|---|---|---|---|---|---|---|---|---|
4.00 | 6.96% | 61.50 | 58.00 | 65.00 | 61.50 | 57.50 | 57.50 | 23,911 | 13:06:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
Magnetc,optic Recordng Media | 8.61M | -1.56M | -0.1539 | -4.00 | 6.25M |
TIDMZYT
RNS Number : 8880Y
Zytronic PLC
14 May 2019
14 May 2019
Zytronic plc
("Zytronic" or the "Company" and, together with its subsidiaries, "Group")
Interim Results for the six months ended 31 March 2019 (unaudited)
Zytronic plc, a leading specialist manufacturer of touch sensors, announces its consolidated interim results for the six months ended 31 March 2019. Comparative data is given for the six months ended 31 March 2018, except where indicated.
Overview
-- Group revenue of GBP9.5m (2018: GBP10.6m), impacted by decrease in Gaming revenue
(partially offset by stronger revenues in other sectors)
-- Profit before tax of GBP1.4m (2018: GBP2.2m) -- Interim dividend maintained at 7.6p per share (2018: 7.6p) -- Basic earnings per share ("EPS") of 7.4p (2018: 11.7p) -- Net cash of GBP12.1m (30 September 2018: GBP14.6m)
Commenting on the results, Tudor Davies, Chairman said:
"As stated in our recent trading update, whilst historically trading in the second half has shown an improvement over the first half, and there are several projects that should improve performance as they come to fruition, at this stage the Board is taking a cautious and conservative view on an increase in activity levels from the Gaming sector in the second half."
Enquiries:
Zytronic plc Mark Cambridge, Chief Executive Claire Smith, Group Finance Director 0191 414 5511 N+1 Singer (Nominated Adviser and Broker) Aubrey Powell, Alex Bond (Corporate Finance) Rachel Hayes (Corporate Broking) 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
As announced in the trading update on 2 May 2019, we have experienced lower than expected revenues and profitability in the first half of this year, principally due to considerably slower sales of our touchscreen products into the previously buoyant Gaming sector.
Results
Revenues for the first half to 31 March 2019 were GBP9.5m (2018: GBP10.6m), with profit before tax of GBP1.4m (2018: GBP2.2m).
The reduction in revenues was due to the decline in sales into the Gaming market to GBP3.1m (2018: GBP4.2m) with sales to sectors such as Financial, Vending and Signage showing an increase to GBP5.1m (2018: GBP4.6m), and other sales including Industrial of GBP1.3m (2018: GBP1.8m).
The Gaming revenues were affected by a slower conversion of opportunities to orders of new design projects not replacing the anticipated reduction in volumes from several longer running projects, which had consisted of higher margin larger format products. In volume terms the numbers of touchscreens sold remained at similar levels to last year, but the number of larger panels dropped by 35% and this change in mix contributed toward a decline in gross margin to 34.7% (2018: 39.6%) and had a knock-on effect on profitability.
Cash generation
Net cash generation from operating activities was GBP0.2m (2018: GBP2.4m) as a result of a GBP1.7m increase in working capital. Along with further investment made into capital expenditure during the first half of GBP0.4m and with the payment of the 2018 final dividend of GBP2.4m, this resulted in closing cash balances of GBP12.1m (30 September 2018: GBP14.6m).
Dividend
The Directors have maintained the interim dividend at 7.6p per share (2018: 7.6p), payable on 19 July 2019 to shareholders on the Register on 5 July 2019.
Outlook
As stated in our recent trading update, whilst historically trading in the second half has shown an improvement over the first half, and there are several projects that should improve performance as they come to fruition, at this stage the Board is taking a cautious and conservative view on an increase in activity levels from the Gaming sector in the second half.
Tudor Davies
Chairman
14 May 2019
Consolidated statement of comprehensive income
Unaudited results for the six months to 31 March 2019
Six months Six months Year to to to 31 March 31 March 30 September 2019 2018 2018 Unaudited Unaudited Audited Notes GBP'000 GBP'000 GBP'000 ------------------------- ------ ----------- ----------- ------------- Group revenue 9,463 10,605 22,288 Cost of sales (6,178) (6,408) (14,047) ------------------------- ------ ----------- ----------- ------------- Gross profit 3,285 4,197 8,241 Distribution costs (182) (213) (461) Administration expenses (1,755) (1,806) (3,639) ------------------------- ------ ----------- ----------- ------------- Group trading profit 1,348 2,178 4,141 Finance costs - (3) (21) Finance revenue 35 27 68 ------------------------- ------ ----------- ----------- ------------- Profit before tax 1,383 2,202 4,188 Tax expense 3 (193) (330) (541) ------------------------- ------ ----------- ----------- ------------- Profit for the period 1,190 1,872 3,647 ------------------------- ------ ----------- ----------- ------------- Earnings per share Basic 4 7.4p 11.7p 22.7p Diluted 4 7.4p 11.7p 22.7p ------------------------- ------ ----------- ----------- -------------
All activities are from continuing operations.
Consolidated statement of changes in equity
Unaudited results for the six months to 31 March 2019
Called up share Share Retained capital premium earnings Total GBP'000 GBP'000 GBP'000 GBP'000 ------------------------------ -------- -------- --------- -------- At 1 October 2018 160 8,994 17,611 26,765 Profit for the period - - 1,190 1,190 Dividends - - (2,439) (2,439) ------------------------------ -------- -------- --------- -------- At 31 March 2019 (unaudited) 160 8,994 16,362 25,516 ------------------------------ -------- -------- --------- --------
Consolidated statement of financial position
Unaudited results at 31 March 2019
At At At 31 March 31 March 30 September 2019 2018 2018 Unaudited Unaudited Audited GBP'000 GBP'000 GBP'000 ---------------------------------- ---------- ---------- ------------- Assets Non-current assets Intangible assets 1,460 1,660 1,585 Property, plant and equipment 6,566 6,790 6,605 ----------------------------------- ---------- ---------- ------------- 8,026 8,450 8,190 ---------------------------------- ---------- ---------- ------------- Current assets Inventories 3,948 2,969 3,021 Trade and other receivables 3,856 3,562 3,738 Derivative financial assets - 28 - Cash and short term deposits 12,060 13,730 14,626 ----------------------------------- ---------- ---------- ------------- 19,864 20,289 21,385 ---------------------------------- ---------- ---------- ------------- Total assets 27,890 28,739 29,575 ----------------------------------- ---------- ---------- ------------- Equity and liabilities Current liabilities Trade and other payables 978 1,030 1,446 Derivative financial liabilities 3 - 7 Accruals 591 700 767 Tax liabilities 227 175 13 ----------------------------------- ---------- ---------- ------------- 1,799 1,905 2,233 ---------------------------------- ---------- ---------- ------------- Non-current liabilities Government grants 13 17 15 Deferred tax liabilities (net) 562 608 562 ----------------------------------- ---------- ---------- ------------- 575 625 577
---------------------------------- ---------- ---------- ------------- Total liabilities 2,374 2,530 2,810 ----------------------------------- ---------- ---------- ------------- Net assets 25,516 26,209 26,765 ----------------------------------- ---------- ---------- ------------- Equity Equity share capital 160 160 160 Share premium 8,994 8,994 8,994 Revenue reserve 16,362 17,055 17,611 ----------------------------------- ---------- ---------- ------------- Total equity 25,516 26,209 26,765 ----------------------------------- ---------- ---------- -------------
Consolidated cashflow statement
Unaudited results for the six months to 31 March 2019
Six months Six months Year to to to 31 March 31 March 30 September 2019 2018 2018 Unaudited Unaudited Audited Notes GBP'000 GBP'000 GBP'000 -------------------------------------------------- ------ ----------- ----------- ------------- Operating activities Profit before tax 1,383 2,202 4,188 Net finance income (35) (24) (47) Depreciation and impairment of property, plant and equipment 361 369 709 Amortisation, impairment and write-off of intangible assets 205 175 438 Amortisation of government grant (3) (8) (10) Fair value movement on foreign exchange forward contracts (4) 26 61 Working capital adjustments (Increase)/decrease in inventories (927) 27 (25) Increase in trade and other receivables (118) (56) (232) (Decrease)/increase in trade and other payables and provisions (648) (165) 295 -------------------------------------------------- ------ ----------- ----------- ------------- Cash generated from operations 214 2,546 5,377 Tax received/(paid) 25 (195) (573) -------------------------------------------------- ------ ----------- ----------- ------------- Net cashflow from operating activities 239 2,351 4,804 -------------------------------------------------- ------ ----------- ----------- ------------- Investing activities Interest received 30 27 65 Payments to acquire property, plant and equipment (322) (103) (273) Payments to acquire intangible assets (74) (202) (390) -------------------------------------------------- ------ ----------- ----------- ------------- Net cashflow used in investing activities (366) (278) (598) -------------------------------------------------- ------ ----------- ----------- ------------- Financing activities Interest paid - (3) (21) Dividends paid to equity shareholders of the Parent (2,439) (2,439) (3,658) Net cashflow used in financing activities (2,439) (2,442) (3,679) -------------------------------------------------- ------ ----------- ----------- ------------- (Decrease)/increase in cash and cash equivalents (2,566) (369) 527 -------------------------------------------------- ------ ----------- ----------- ------------- Cash and cash equivalents at the beginning of the period 14,626 14,099 14,099 -------------------------------------------------- ------ ----------- ----------- ------------- Cash and cash equivalents at the end of the period 6 12,060 13,730 14,626 -------------------------------------------------- ------ ----------- ----------- -------------
Notes to the interim report
Unaudited results for the six months to 31 March 2019
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 2019 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 2018 annual report and financial statements.
The financial information for the six months to 31 March 2019 and the comparative financial information for the six months to 31 March 2018 have not been audited. The comparative financial information for the year ended 30 September 2018 has been extracted from the 2018 annual report and financial statements.
The annual report and financial statements for the year ended 30 September 2018, which were approved by the Board of Directors on 10 December 2018, received an unqualified audit report, did not contain a statement under Sections 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 2019.
3. Tax charge on profit on ordinary activities
The estimated tax rate for the year of 14% 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 2019 and 2018
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 2019 2019 2019 2018 2018 2018 GBP'000 Thousands Pence GBP'000 Thousands Pence ------------------------------- --------- ---------- --------- --------- ---------- --------- Profit on ordinary activities after tax 1,190 16,044 7.4 1,872 16,044 11.7 ------------------------------- --------- ---------- --------- --------- ---------- --------- Basic EPS 1,190 16,044 7.4 1,872 16,044 11.7 ------------------------------- --------- ---------- --------- --------- ---------- ---------
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 2019 2019 2019 2018 2018 2018 GBP'000 Thousands Pence GBP'000 Thousands Pence ------------------------------- --------- ---------- --------- --------- ---------- --------- Profit on ordinary activities after tax 1,190 16,044 7.4 1,872 16,044 11.7 Weighted average number - - - - - - of shares under option ------------------------------- --------- ---------- --------- --------- ---------- --------- Diluted EPS 1,190 16,044 7.4 1,872 16,044 11.7 ------------------------------- --------- ---------- --------- --------- ---------- ---------
For the year to 30 September 2018
Weighted average number Earnings of shares EPS 30 September 30 September 30 September 2018 2018 2018 GBP'000 Thousands Pence ----------------------------------------- ------------- ------------- ------------- Profit on ordinary activities after tax 3,647 16,044 22.7 ----------------------------------------- ------------- ------------- ------------- Basic EPS 3,647 16,044 22.7 ----------------------------------------- ------------- ------------- -------------
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 2018 2018 2018 GBP'000 Thousands Pence ------------------------------------------------ ------------- ------------- ------------- Profit on ordinary activities after tax 3,647 16,044 22.7 Weighted average number of shares under option - - - ------------------------------------------------ ------------- ------------- ------------- Diluted EPS 3,647 16,044 22.7 ------------------------------------------------ ------------- ------------- -------------
5. Dividends
The Directors propose the payment of an interim dividend of 7.6p per share (2018: 7.6p), payable on 19 July 2019 to shareholders on the Register on 5 July 2019. 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 2019 2018 2018 Unaudited Unaudited Audited GBP'000 GBP'000 GBP'000 --------------------------------------------- ------------- ------------- -------------- Ordinary dividends on equity shares Final dividend of 15.2p per ordinary share paid on 9 March 2018 - 2,439 2,439 Interim dividend of 7.6p per ordinary share paid on 20 July 2018 - - 1,219 Final dividend of 15.2p per ordinary share paid on 22 February 2019 2,439 - - --------------------------------------------- ------------- ------------- -------------- 2,439 2,439 3,658 --------------------------------------------- ------------- ------------- --------------
6. Cash and cash equivalents
Six months Six months Year to to 31 March to 31 March 30 September 2019 2018 2018 Unaudited Unaudited Audited GBP'000 GBP'000 GBP'000 -------------------------- ------------- ------------- -------------- Cash at bank and in hand 12,060 13,730 14,626 -------------------------- ------------- ------------- --------------
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 2019 2018 2018 Unaudited Unaudited Audited GBP'000 GBP'000 GBP'000 -------------------------- -------------- -------------- ------------ Cash at bank and in hand 5,991 11,382 8,580 Short term deposits 6,069 3,030 6,046 Bank overdraft - (682) - -------------------------- -------------- -------------- ------------ 12,060 13,730 14,626 -------------------------- -------------- -------------- ------------
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 2019 the Group had available a net GBP1.0m (cash less overdrawn accounts) overdraft facility from Barclays Bank plc, which will fall for review in September 2019.
The fair value of cash and cash equivalents is GBP12.1m (2018: GBP13.7m).
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 made available 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
Stockbroker and Nominated Adviser
N+1 Singer
One Bartholomew Lane
London
EC2N 2AX
Registrars
Computershare Investor Services PLC
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Auditor
Ernst & Young LLP
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Bankers
Barclays Bank plc
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Yorkshire Bank
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Solicitors
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NE1 3DX
Muckle LLP
Time Central
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This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.
END
IR CKNDDFBKDOPD
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