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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 | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 55.00 | 50.00 | 60.00 | 55.00 | 55.00 | 55.00 | 15,835 | 08:00:29 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
Magnetc,optic Recordng Media | 8.61M | -1.56M | -0.1539 | -3.57 | 5.59M |
TIDMZYT
RNS Number : 1503Y
Zytronic PLC
11 May 2021
11 May 2021
Zytronic plc
("Zytronic" or the "Company" and, together
with its subsidiaries, the "Group")
Interim Results for the six months ended 31 March 2021 (unaudited)
Zytronic plc, a leading specialist manufacturer of touch sensors, announces its consolidated interim results for the six months ended 31 March 2021. Comparative data is given for the six months ended 31 March 2020, except where indicated.
Overview
-- Group revenue of GBP4.8m (2020: GBP7.4m), impacted by the Coronavirus pandemic -- EBITDA of GBP0.2m (2020: GBP1.0m) -- Loss before tax of GBP0.3m (2020: profit of GBP0.5m) -- Basic (loss)/earnings per share of (1.2)p (2020: 2.5p) -- Positive operating cashflow of GBP0.4m (2020: GBP1.9m)
-- Net cash of GBP7.8m (30 September 2020: GBP14.0m), after payment of GBP6.7m in respect of the return of capital
Commenting on the results, Tudor Davies, Chairman said:
"Whilst we are starting from a very low base compared with our historic sales levels, the recent improvement in orders and sales are an encouraging sign of the prospects for the second half and for a return to profitability as more normal global trading resumes post COVID-19."
Enquiries:
Zytronic plc Mark Cambridge, Chief Executive Claire Smith, Group Finance Director 0191 414 5511 N+1 Singer (Nominated Adviser and Broker) Aubrey Powell, Rachel Hayes, Amanda Gray (Investment Banking) 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
In the January trading update, we explained that sales continued to be badly affected by the Coronavirus pandemic, but the prior year's reorganisation and cost reduction measures were enabling us to maintain a positive EBITDA, and there were some signs of an improvement in the order intake.
We are pleased to report a continuation of the improvement in order intake and sales during the remainder of the first half to 31 March 2021, and now expect a gradual return to profitability as long as the Coronavirus pandemic continues to be controlled in our major markets of Europe, Asia and the Americas.
Trading
Revenues for the half year ended 31 March 2021 were GBP4.8m (2020: GBP7.4m), with gross margin of 27.0% (2020: 30.3%), EBITDA of GBP0.2m (2020: GBP1.0m) and after depreciation and amortisation the loss before tax was GBP0.3m (2020: profit of GBP0.5m).
Whilst the drop in revenues of 35% is significant when compared with the same period last year, the comparison with a pre-COVID-19 period only provides an indicator of more normal historic trading levels. A better indicator of progress at this stage is the order intake, and from April last year we had continued to experience a consistently low order intake level. However, from January onwards we have seen an improving monthly average order intake, and it is particularly pleasing that the Gaming and Financial sectors have made a major contribution to the improvement.
Cash position
The Board decided that the GBP14.0m cash balances as at 30 September 2020, arising from the Company's 16-year record of unbroken profitability prior to the pandemic, and despite a 15-year unbroken dividend, should provide the opportunity for shareholders to either participate in a return of surplus cash, or to maintain their shareholdings.
Following the conclusion of the Tender Offer on 25 February 2021, the number of shares in issue reduced by 28.8% to 11,419,152 as 4,624,889 shares were purchased at a price of 145p and a cost of GBP6.7m.
We continue to be in a strong financial position with cash balances of GBP7.8m (30 September 2020: GBP14.0m) and are pleased that despite the considerable downturn we have generated GBP0.4m.
Outlook
Whilst we are starting from a very low base compared with our historic sales levels, the recent improvement in orders and sales are an encouraging sign of the prospects for the second half and for a return to profitability as more normal global trading resumes post-COVID-19.
Tudor Davies
Chairman
11 May 2021
Consolidated statement of comprehensive income
Unaudited results for the six months to 31 March 2021
Six months Six months Year to to to 31 March 31 March 30 September 2021 2020 2020 Unaudited Unaudited Audited Notes GBP'000 GBP'000 GBP'000 ----------------------------------------------- ------ ----------- ----------- ------------- Group revenue 4,784 7,378 12,680 Cost of sales (3,490) (5,146) (10,130) ----------------------------------------------- ------ ----------- ----------- ------------- Cost of sales excluding exceptional items (3,490) (5,146) (9,015) Exceptional items 3a - - (1,115) ----------------------------------------------- ------ ----------- ----------- ------------- Gross profit 1,294 2,232 2,550 Distribution costs (66) (135) (196) Administration expenses (1,542) (1,679) (3,318) ----------------------------------------------- ------ ----------- ----------- ------------- Administration expenses excluding exceptional items (1,542) (1,679) (3,060) Exceptional items 3b - - (258) ----------------------------------------------- ------ ----------- ----------- ------------- Group trading (loss)/profit (314) 418 (964) Exceptional other income 4 - - 500 ----------------------------------------------- ------ ----------- ----------- ------------- Group operating (loss)/profit (314) 418 (464) Finance revenue - 40 41 ----------------------------------------------- ------ ----------- ----------- ------------- (Loss)/profit before tax (314) 458 (423) Tax credit/(expense) 5 130 (64) 129 ----------------------------------------------- ------ ----------- ----------- ------------- (Loss)/profit for the period (184) 394 (294) ----------------------------------------------- ------ ----------- ----------- ------------- (Loss)/earnings per share Basic 6 (1.2)p 2.5p (1.8)p Diluted 6 (1.2)p 2.5p (1.8)p ----------------------------------------------- ------ ----------- ----------- -------------
All activities are from continuing operations.
Consolidated statement of changes in equity
Unaudited results for the six months to 31 March 2021
Called up share Share Retained capital premium earnings Total GBP'000 GBP'000 GBP'000 GBP'000 --------------------------------------- -------- -------- --------- -------- At 1 October 2020 160 8,994 13,911 23,065 Loss for the period - - (184) (184) Repurchase and cancellation of shares (46) - (6,660) (6,706) --------------------------------------- -------- -------- --------- -------- At 31 March 2020 (unaudited) 114 8,994 7,067 16,175 --------------------------------------- -------- -------- --------- --------
Consolidated statement of financial position
Unaudited results at 31 March 2021
At At At 31 March 31 March 30 September 2021 2020 2020 Unaudited Unaudited Audited Notes GBP'000 GBP'000 GBP'000 ---------------------------------- ------ ---------- ---------- ------------- Assets Non-current assets Intangible assets 875 1,208 1,043 Property, plant and equipment 5,490 6,126 5,820 ---------------------------------- ------ ---------- ---------- ------------- 6,365 7,334 6,863 ---------------------------------- ------ ---------- ---------- ------------- Current assets Inventories 1,621 2,713 2,332 Trade and other receivables 1,912 3,357 1,888 Derivative financial assets 8 - - Cash and short term deposits 8 7,752 12,369 14,038 ---------------------------------- ------ ---------- ---------- ------------- 11,293 18,439 18,258 ---------------------------------- ------ ---------- ---------- ------------- Total assets 17,658 25,773 25,121 ---------------------------------- ------ ---------- ---------- ------------- Equity and liabilities Current liabilities Trade and other payables 489 650 591 Derivative financial liabilities - 93 - Provisions - - 582 Accruals 489 636 376 Government grants 25 - 27 Tax liabilities - 125 - ---------------------------------- ------ ---------- ---------- ------------- 1,003 1,504 1,576 ---------------------------------- ------ ---------- ---------- ------------- Non-current liabilities Deferred tax liabilities (net) 480 516 480 ---------------------------------- ------ ---------- ---------- ------------- 480 516 480 ---------------------------------- ------ ---------- ---------- ------------- Total liabilities 1,483 2,020 2,056 ---------------------------------- ------ ---------- ---------- ------------- Net assets 16,175 23,753 23,065 ---------------------------------- ------ ---------- ---------- ------------- Capital and reserves 9 Equity share capital 114 160 160 Share premium 8,994 8,994 8,994 Retained earnings 7,067 14,599 13,911 ---------------------------------- ------ ---------- ---------- ------------- Total equity 16,175 23,753 23,065 ---------------------------------- ------ ---------- ---------- -------------
Consolidated cashflow statement
Unaudited results for the six months to 31 March 2021
Six months Six months Year to to to 31 March 31 March 30 September 2021 2020 2020 Unaudited Unaudited Audited Notes GBP'000 GBP'000 GBP'000 -------------------------------------------------- ------ ----------- ----------- ------------- Operating activities (Loss)/profit before tax (314) 458 (423) Finance income - (40) (41) Depreciation and impairment of property, plant and equipment 333 365 718 Amortisation, impairment and write-off of intangible assets 188 213 457 Amortisation of government grant (2) - (442) Fair value movement on foreign exchange forward contracts 8 72 (21) Working capital adjustments Decrease in inventories 711 321 702 Decrease in trade and other receivables 47 770 2,360 (Decrease)/increase in trade and other payables and provisions (589) (170) 88 -------------------------------------------------- ------ ----------- ----------- ------------- Cash generated from operations 382 1,989 3,398 Tax received/(paid) 61 (127) (220) -------------------------------------------------- ------ ----------- ----------- ------------- Net cashflow from operating activities 443 1,862 3,178 -------------------------------------------------- ------ ----------- ----------- ------------- Investing activities Interest received - 31 41 Payments to acquire property, plant and equipment (3) (106) (153) Payments to acquire intangible assets (20) (122) (201) -------------------------------------------------- ------ ----------- ----------- ------------- Net cashflow used in investing activities (23) (197) (313) -------------------------------------------------- ------ ----------- ----------- ------------- Financing activities Dividends paid to equity shareholders of the Parent - (2,439) (2,439) Receipt of government grants - - 469 Repurchase and cancellation of shares (6,706) - - Net cashflow used in financing activities (6,706) (2,439) (1,970) -------------------------------------------------- ------ ----------- ----------- ------------- (Decrease)/increase in cash and cash equivalents (6,286) (774) 895 -------------------------------------------------- ------ ----------- ----------- ------------- Cash and cash equivalents at the beginning of the period 14,038 13,143 13,143 -------------------------------------------------- ------ ----------- ----------- ------------- Cash and cash equivalents at the end of the period 8 7,752 12,369 14,038 -------------------------------------------------- ------ ----------- ----------- -------------
Notes to the interim report
Unaudited results for the six months to 31 March 2021
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 2021 are not reviewed by Crowe U.K. 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 2020 annual report and financial statements.
The financial information for the six months to 31 March 2021 and the comparative financial information for the six months to 31 March 2020 have not been audited. The comparative financial information for the year ended 30 September 2020 has been extracted from the 2020 annual report and financial statements.
The annual report and financial statements for the year ended 30 September 2020, which were approved by the Board of Directors on 7 December 2020, 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 2021.
3. Exceptional costs
(a) Cost of sales
Six months Six months Year to to 31 March to 31 March 30 September 2021 2020 2020 Unaudited Unaudited Audited GBP'000 GBP'000 GBP'000 ------------------------- -------------- -------------- -------------- Costs of restructuring - - 652 Costs of Furlough - - 463 ------------------------- -------------- -------------- -------------- Total exceptional costs - - 1,115 ------------------------- -------------- -------------- --------------
These charges have arisen as a direct result of the COVID-19 impact on the Group whereby restructuring was necessary to align headcount with operations.
(b) Administration expenses
Six months Six months Year to to 31 March to 31 March 30 September 2021 2020 2020 Unaudited Unaudited Audited GBP'000 GBP'000 GBP'000 ------------------------- -------------- -------------- -------------- Costs of restructuring - - 144 Costs of Furlough - - 114 ------------------------- -------------- -------------- -------------- Total exceptional costs - - 258 ------------------------- -------------- -------------- --------------
These charges have arisen as a direct result of the COVID-19 impact on the Group whereby restructuring was necessary to align headcount with operations.
4. Exceptional other income
Six months Six months Year to to 31 March to 31 March 30 September 2021 2020 2020 Unaudited Unaudited Audited GBP'000 GBP'000 GBP'000 ----------------------------- -------------- -------------- -------------- Grant monies received - - 500 ----------------------------- -------------- -------------- -------------- Total grant monies received - - 500 ----------------------------- -------------- -------------- --------------
The income received and accrued as above is as a result of claims made under the CJRS for when personnel were on Furlough leave.
5. Tax charge on (loss)/profit on ordinary activities
The estimated tax rate for the year of 41% has been applied to the half year's loss before tax, in accordance with the Auditing Standards Board's statement on interim reports.
6. (Loss)/earnings per share ("LPS" / "EPS")
Basic LPS/EPS is calculated by dividing the (loss)/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 LPS/EPS arising from total operations and LPS/EPS arising from continuing operations.
For the six months to 31 March 2021 and 2020
Weighted Weighted average average number number Loss of shares LPS Earnings of shares EPS 31 March 31 March 31 March 31 March 31 March 31 March 2021 2021 2021 2020 2020 2020 GBP'000 Thousands Pence GBP'000 Thousands Pence --------------------------- --------- ---------- --------- --------- ---------- --------- (Loss)/profit on ordinary activities after tax (184) 15,273 (1.2) 394 16,044 2.5 --------------------------- --------- ---------- --------- --------- ---------- --------- Basic LPS/EPS (184) 15,273 (1.2) 394 16,044 2.5 --------------------------- --------- ---------- --------- --------- ---------- ---------
The weighted average number of shares for diluted LPS/EPS is calculated by including the weighted average number of shares under option.
Weighted Weighted average average number number Loss of shares LPS Earnings of shares EPS 31 March 31 March 31 March 31 March 31 March 31 March 2021 2021 2021 2020 2020 2020 GBP'000 Thousands Pence GBP'000 Thousands Pence --------------------------- --------- ---------- --------- --------- ---------- --------- (Loss)/profit on ordinary activities after tax (184) 15,273 (1.2) 394 16,044 2.5 Weighted average number - - - - - - of shares under option --------------------------- --------- ---------- --------- --------- ---------- --------- Diluted LPS/EPS (184) 15,273 (1.2) 394 16,044 2.5 --------------------------- --------- ---------- --------- --------- ---------- ---------
For the year to 30 September 2020
Weighted average number Loss of shares LPS 30 September 30 September 30 September 2020 2020 2020 GBP'000 Thousands Pence --------------------------------------- ------------- ------------- ------------- Loss on ordinary activities after tax (294) 16,044 (1.8) --------------------------------------- ------------- ------------- ------------- Basic LPS (294) 16,044 (1.8) --------------------------------------- ------------- ------------- -------------
The weighted average number of shares for diluted LPS is calculated by including the weighted average number of shares under option.
Weighted average number Loss of shares LPS 30 September 30 September 30 September 2020 2020 2020 GBP'000 Thousands Pence ------------------------------------------------ ------------- ------------- ------------- Loss on ordinary activities after tax (294) 16,044 (1.8) Weighted average number of shares under option - - - ------------------------------------------------ ------------- ------------- ------------- Diluted LPS (294) 16,044 (1.8) ------------------------------------------------ ------------- ------------- -------------
7. Dividends
Under the present circumstances, the Directors consider that it is appropriate to defer returns to shareholders until there is clear evidence of a return towards normality. Accordingly, no interim dividend is proposed for the period (2020: Nil). The table below reflects historic dividend payments.
Six months Six months Year to to 31 March to 31 March 30 September 2021 2020 2020 Unaudited Unaudited Audited GBP'000 GBP'000 GBP'000 -------------------------------------------- -------------- ------------- -------------- Ordinary dividends on equity shares Final dividend of 15.2p per ordinary share paid on 7 February 2020 - 2,439 2,439 -------------------------------------------- -------------- ------------- -------------- - 2,439 2,439 ----------------------------------------------------------- ------------- --------------
8. Cash and cash equivalents
Six months Six months Year to to 31 March to 31 March 30 September 2021 2020 2020 Unaudited Unaudited Audited GBP'000 GBP'000 GBP'000 -------------------------- ------------- ------------- -------------- Cash at bank and in hand 7,752 12,369 14,038 -------------------------- ------------- ------------- --------------
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 2021 2020 2020 Unaudited Unaudited Audited GBP'000 GBP'000 GBP'000 -------------------------- -------------- -------------- ------------ Cash at bank and in hand 7,752 9,839 11,503 Short term deposits - 2,530 2,535 7,752 12,369 14,038 -------------------------- -------------- -------------- ------------
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 2021 the Group had available a net GBP1.0m (cash less overdrawn accounts) overdraft facility from Barclays Bank plc, which will fall for review in July 2021.
The fair value of cash and cash equivalents is GBP7.8m (2020: GBP12.4m).
9. Capital and reserves
On 1 February 2021 the Company announced a proposed return of up to GBP10.0m of capital by way of a Tender Offer which was accepted by shareholders on 25 February 2021. As a result, 4,624,889 shares were purchased and subsequently cancelled by the Company at a price of 145p per share, returning GBP6.7m of the Company's cash.
10. Availability of the interim report
A copy of the interim report and interim results presentation is available on the Company's corporate website, www.zytronicplc.com. Copies can be requested from the Company's registered office: Whiteley Road, Blaydon-on-Tyne, Tyne and Wear NE21 5NJ.
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