TIDMJHD
RNS Number : 6743A
James Halstead PLC
01 October 2020
1 October 2020
JAMES HALSTEAD PLC
PRELIMINARY ANNOUNCEMENT OF AUDITED RESULTS
FOR THE YEARED 30 JUNE 2020
"It was the best of times (in the first three quarters), it was
the worst of times (in the last quarter). A creditable
performance."
Key Figures
-- Revenue at GBP238.6 million (2019: GBP253.0 million)
- down 5.7%
-- Profit before tax GBP43.9 million (2019: GBP48.3 million)
- down 9.2%
-- Earnings per 5p ordinary share of 16.5p (2019: 18.2p)
- down 9.3%
-- Final dividend per ordinary share proposed of 10.0p
(2019: 10.0p) which with the interim dividends of 4.25p
(2019: 4.0p) takes the total dividend to 14.25p (2019:
14.0p) - an increase of 1.8% and once again a record
dividend
-- Cash GBP67.4 million (2019: GBP68.7 million)
Mr Mark Halstead, Chief Executive, commenting on the results,
said :
" In a year that was on track to be our best ever, the global
pandemic challenged our teams across the world and it is pleasing
to note that we were not found wanting. We undertook many notable
projects as diverse as the renovation of Moscow subway trains and
NATO barracks in Lithuania. The year started with dealing with the
effects of a major production line breakdown through to a record
half year in terms of sales and profit followed by a final three
months of pandemic disruption. Against the backdrop I rate our
team's performance as five star."
Enquiries:
James Halstead:
Mark Halstead, Chief Executive Telephone: 0161 767 2500
Gordon Oliver, Finance Director
Hudson Sandler:
Nick Lyon Telephone: 020 7796 4133
Nick Moore
Panmure Gordon (NOMAD & Joint Broker):
Dominic Morley Telephone: 020 7886 2500
WH Ireland (Joint Broker):
Ben Thorne / Chris Hardie Telephone: 0207 220 1666
CHAIRMAN'S STATEMENT
Results
For the first time in over a generation we are not reporting
record earnings per share.
Turnover for the year at GBP238.6 million (2019: GBP253.0
million) is some 5.7% below last year with the period April through
to June 2020 showing significant decline as the global lockdown
initiatives curtailed normal business with most of our businesses
worldwide resulting in profit before tax at GBP43.9 million (2019:
GBP48.3 million), down 9.2%. Perhaps it is worth noting that
extrapolating the numbers based on performance for the first nine
months we reasonably would have expected turnover to have been
circa GBP25 million higher and profits some GBP7 million
higher.
In reporting these figures we have, as a board, considered our
approach and actions in the difficult months of the lock-downs that
were thrust upon most of our businesses and asked what we should
have done differently. In short, even with hindsight, we as a board
feel the decisions and actions were correct and that the depth and
quality of our senior teams' experience proved, once again, our
capability and resilience.
Crucially in February and March we refocused production on the
assumption of excess healthcare demand and concentrated on
maintaining output whilst altering working practices to minimise
risk to our employees.
These results are more than gratifying against the backdrop that
all our major markets faced.
Our business was awarded the title Contract Flooring
Manufacturer of the year, gratifying as the voting is by the floor
laying contractors that install our products.
The company and our strategy
James Halstead plc is a group of companies involved in the
manufacture and supply of flooring for commercial and domestic
purposes, based in Bury UK. James Halstead plc has been listed on
the London Stock Exchange for more than 70 years.
The group was established in 1914 and continues to operate out
of the original premises in Bury. In its factories in Bury and
Teesside it manufactures resilient flooring for distribution in the
UK and worldwide.
The company's strategy is to enhance the brand identity thereby
generating and enhancing goodwill and customer satisfaction with
the aim of achieving repeat business. This approach is designed to
increase revenue and consequently profitability and cash flow to
enable the continuation of dividends thereby creating shareholder
wealth. As a manufacturer our supply is in bulk to distributors
responsible for regional and local delivery. Key to the company
ethos is having dedicated sales personnel to present our product to
end users and specifiers rather than to delegate the representation
of products to stockists. Our businesses are totally flooring
focused and by far and away the majority of this flooring is
commercial.
Over many years our strategy has also included a policy of
continual investment in both process improvement and in product
development to improve output efficiency and product offering.
Corporate governance and corporate social responsibility
The Board has over many years recognised its responsibility
towards good corporate governance. It is part of our character and,
I believe, contributes to our ability to deliver long-term
shareholder value. Increasingly companies are, quite rightly,
tasked with demonstrating their environmental credentials, supply
chain management with social and economic dimensions and
stewardship.
Polyflor is certified to Quality Management System ISO9001 and
ISO14001 to underline our robust environmental procedures. We are
certified to BES9001 the standard for responsible sourcing which
takes our credentials beyond our own factories to our suppliers.
Added to this is our SA8000 accreditation based on the UN
declaration of human rights that audits supplier provision of sound
workplace and standards. Our commitment to our employees continues
and this year saw one of our shop floor workers achieve the
milestone of 50 years with the business.
We continue to be active members of trade bodies that bring
standards across the industry for example the European Resilient
Flooring Manufacturing Institute ERFMI (where our Technical
Director is President). We publish, annually, a sustainability
report, although given the disruption of the recent few months it
will be a much briefer interim report.
Dividend
Profits and earnings per share have slightly decreased but we
continue un-geared. Our cash balances stand at GBP67.4 million
(2019: GBP 68.7 million), even after dividends paid in the last
year that amounted to GBP25.2 million, increased pension scheme
payments of GBP4.1m and taxation of GBP11.6 million. Our cash
reserves continue as the foundation of our strong balance sheet. I,
and the Board, believe that the work done on control of working
capital during the final quarter of the year was sterling.
It is pleasing to report that the Board proposes at this point,
and subject to the approval of the shareholders at the upcoming
AGM, to pay a final dividend. The final dividend will be 10.0p
(2019: 10.0p). This, combined with the interim dividends paid in
June and September totalling 4.25p (2019: 4.0p), makes a total of
14.25p (2019: 14.0p) for the year, an increase of 1.8%.
This is, yet again, a record level of dividend.
Acknowledgements
My thanks go to our staff in the UK and around the world whose
hard work continues to allow us to increase our business. This year
has been particularly challenging as we all faced uncertainties and
a particular mention to those who have worked hard on the
safeguards we have. I would also like to thank two of our
competitors (Altro Group plc and Amtico International Ltd) for
their assistance with PPE during the lockdown period.
Outlook
Currently, some three months into the new trading year, our
sales are on a par with the record trading of the comparative
period. Business has bounced back with refurbishment in many
sectors buoyant, but with difficulties in sectors such as
catering/hospitality.
Looking ahead there are two external factors that cloud a clear
view of the current year - the pandemic and the final exit of the
UK from the European Union. There are many reasons to believe that
a second wave of the virus will not lead to a second major lock
down - better knowledge and treatments within healthcare, greater
awareness of social distancing and greater testing capability. That
said the effects of targeted lockdowns does mean uncertainty is
ongoing and we cannot say that the worst is past.
Despite these doubts I can only be confident of continued
progress in the coming year.
Both these issues will, no doubt, have an impact on the
forthcoming financial year but, I believe, we have the experience
and ability to move forward with confidence.
Healthcare has always been an area of core competence for our
businesses and alongside the urgent demands of our NHS we have
supplied flooring to 12 modular hospitals in Argentina, 13
hospitals in Mexico and 11 hospitals in South Africa. The pandemic
tested supply chains but across the globe we have supplied from our
stock-holdings. Notwithstanding these sales our business has
suffered as building projects are delayed and it is far from
business as usual in many parts of the world.
I, and the Board, are confident of another solid year tempered
by the uncertainties that currently abound.
Anthony Wild
Chairman
CHIEF EXECUTIVE'S REVIEW
At this time last year, we thought the major challenge would be
the fast approaching implications of "Brexit", but we were tasked
with something on a different scale entirely.
We drew on a wealth of experience to protect our company, our
leading market position and our stakeholders. In most markets we,
as manufacturers, deliver bulk for wholesalers and distributors who
in turn break that bulk. Many of our distributors were closed and
thus we faced the challenge of organising and fulfilling much
smaller despatches to health providers across the UK, Europe and
the rest of the world. In this task we were successful.
Worthy of note were the various government funding initiatives
that were put in place across many markets. At the start of the
lockdowns we assessed liquidity and debtor risk as major issues but
these did not, by and large, transpire. The contrast with the 2008
recession was stark and it can only be said that various government
initiatives appeared to have been a success in the continuity of
liquidity. In terms of our sector, flooring, we were well aware of
the types of flooring that would be in immediate demand for the
healthcare sector, not least because of our prior experience during
the SARS-Cov-1 outbreak many years ago.
Turnover at GBP238.6 million (2019: GBP253.0 million) was 5.7%
down on the year. The UK sales at GBP78.9 million (2019: GBP88.6
million) were 10.9% below last year. Overseas sales were 2.9% below
last year. The shortfalls all came in the period April to June
2020.
Profit before tax at GBP43.9 million (2019: GBP48.3 million) was
9.2% below last year and though we traded profitably in the period
April to June 2020 the shortfall in turnover inevitably lead to a
major fall in profits.
It has been many years since we have seen profits fall, but
these were far from normal times. I am very encouraged by the
actions and efforts of our key staff during those difficult weeks
when the news seemed to get progressively worse. Our focus was to
protect our workforce and our company and to continue to supply our
global market. To date we have succeeded.
Reviewing the businesses in more detail:
Objectflor / Karndean and James Halstead France, our European
operations
Sales overall were slightly behind the prior year by 2.7% which
also had an impact on profitability. The area of slowdown can be
ascribed to the pandemic as there was a downturn in retail shop
fitting in terms of refurbishment and new store openings. The
business supplies a number of "private-label" collections to
various buying groups which are refreshed on a two/three year cycle
and, consequently, sales in these ranges reduced as the ranges
approach re-launch in the coming financial year. Our own branded
ranges however showed increases in sales. There were several
product launches in the year including Expona Simplay 19dB and
Expona Puzzle (an interlocking tile) both of which are loose lay
products (ie not requiring glue). Loose lay flooring is seen as a
growth area and we have developed over the last years a
comprehensive offering in this area. These projects included the
World Fashion Center in Amsterdam and Le Théatre des Folies
Bergère, Paris.
Alongside expansion of the vinyl ranges we have launched a range
of carpet tiles in these markets branded as Expona. This range
closely aligns with our LVT ranges and will act as both
complementary sales as well as new market segments. Our Expona
carpet tiles have been installed in the Friedrich-Ebert-Allee in
Bonn which is a very high profile office development that includes
retail space and a museum. Another example of Expona carpet are the
Mima Furniture Stores in Croatia.
Furthermore, the Saarflor (rubber sheet) range has been updated
and is being sold across the European markets. Polyflor sheet vinyl
sales continue to grow with Polyflor "Trend" fitted in many
branches of Toys "r" Us across Germany and "Palettone" installed at
Kliniken der Stadt Köln-Merheim (municipal hospitals of the City of
Cologne in the district of Merheim).
Geographically, prior to the crisis most of the markets were
showing performance ahead of the prior year, most significantly
growth was experienced in France and Eastern markets with Germany
and Austria performing well. Different markets had different levels
of lock down of which France and Austria were the most significant.
In France our route to market is generally through distribution and
these outlets tend to also sell paint and the majority remained
open and instigated "click and collect" which reduced the downside
of the lockdown to our trade. Our French business continues to
secure prestigious clients of which just one example is the Nestl é
Waters headquarters is Issy-les-Moulineaux. The central European
markets have recovered well following release of the restrictions
and in France we are seeing the start of enquiries in advance of
the 2024 Paris Olympics though it is noticeable that larger
projects in general are being delayed.
Polyflor Pacific - encompassing Australia, New Zealand and
Asia
Turnover in the region was down 4% at constant exchange rates
(7% down when foreign exchange movements are included). Profit was
however 11% ahead of last year as a result of a better mix of sales
and strong control of costs.
Our Australian business faced a series of issues during the
course of the year including bush fires that were widespread in the
most populous states, an ongoing drought that severely impacted the
New South Wales economy, a relatively weak economy and the
significant depreciation of the Australian dollar against the US
dollar. In addition, of course, the pandemic. Furthermore, the
plant breakdown in Radcliffe affected supply of stock for some time
during the mid-part of the financial year. Sales in Australia have
fallen slightly against the prior year (3.7%) although increased
margins coming from sales mix and lower costs has resulted in
slightly higher profits. A particularly creditable result given the
list of adversities.
The Australian business has continued to operate throughout the
period and managed to continue to supply despite the various local
restrictions that were in place. As with a number of our businesses
good levels of local stock assisted in us being able to take
opportunities from competitors where they were unable to supply,
either because of issues within their supply chain or them having
closed their operations. Polyflor (UK) continued despatches to
Australia and New Zealand at normal levels in spite of the local
lockdowns in anticipation that sales would quickly return to normal
due to the majority of sales being refurbishments.
Our Australian business is strong both in the commercial and
domestic sectors, and we have found that softening in the
commercial markets has been offset by stronger domestic demand,
which is thought, partly at least, to be a factor of travel
restrictions meaning people taking fewer holidays and, instead,
investing in their own property. The team have updated the local
website and complemented this with new social media platforms
whilst revamping the sampling processes across the continent and
increasing sales representation in New South Wales and South
Australia.
The New Zealand business, under new local management from the
latter quarter of last year has shown significant growth in sales
and profit for the first three quarters of the year. The business
was closed for a seven week period during which New Zealand's
commercial activities were forced to cease. New Zealand faced the
most stringent lockdown of any market in which we operate. Some
government support was received in this period which, combined with
savings in overheads, has eased the impact on profit which came
from low sales activity. Sales ended up lower than the prior year
as a result of this, however post lockdown activity levels are
showing good recovery. Despite this, profits for the full year were
noticeably higher.
Towards the end of the year we re-secured the Kianga Ora (New
Zealand's social housing provider) contract for a period of four
years. This project takes product manufactured in our Manchester
plant.
We continue to increase our sales resource in several of the
Asian markets, including Indonesia, Malaysia and Singapore whilst
also investing in more localised stocks. A warehouse has been
established in Shanghai during the year to service the market
locally. This initiative is in its infancy. Early signs suggest
that it is having a positive impact on sales overall. Our social
media and marketing are also being developed to be more localised
in nature to facilitate a better understanding of our offering in
these markets. China continues to be an important market but with
the competitive situation there as rigorous as ever.
Polyflor & Riverside Flooring, based in UK
Turnover for the year was 7.2% below the prior year comparative
and profit was 12% down. The loss of turnover and increased cost of
working in the period of the UK lockdown is the causal factor
behind these results. Looking at the turnover in more detail the UK
turnover was down 10.9% against the prior year, sales from Polyflor
to our overseas subsidiaries were level with the prior year and
exports to third parties were 2.7% down. The closure by lockdown of
the UK and several of our major customers was the reason for the
decline. Extrapolating the period to the end of March we were
expecting about 8-10% growth.
Polyflor is the engine behind the growth of our UK and overseas
trade and there were several major product launches in the course
of the year which, I believe, underline our market leading
position. In August 2019 the Expona Design collection was
re-launched with 24 new innovative designs of heavy duty commercial
luxury vinyl tiles. These ranges have exceeded expectations for
increased sales.
I would also note that the new ranges that we brought to market
in the early months of 2019 have also proved to be very successful.
Firstly, Polysafe Quicklay, a vinyl sheet that can be installed
without adhesive (even on damp sub-floors) has been very well
received and was the floor of choice for very many of the
healthcare initiatives during the early stages of the pandemic and
indeed broadened greatly the general acceptance by the conservative
floor layers of a "glue - free" installation. In addition, Expona
EnCore Rigid loc, our commercial luxury tile that is also adhesive
free has been very successful and featured in some depth in the BBC
renovation show "Your Home Made Perfect". It is clear that quality
commercial flooring can gain market share in the domestic market,
though our focus remains in the commercial sector. Projects of note
in the year include Ibrox Stadium refurbishment, Knock Airport in
County Mayo and Glenfield Hospital in Leicester.
As noted in last year's report the Radcliffe factory suffered a
major breakdown in June 2019 that closed one of our four production
lines. This ceased supply from that line for some 12 weeks into the
current year and whilst the management team tried to manage stock
and the adverse effects on sales there were projects that we lost
most noticeably in export markets and in particular our Australian
subsidiary.
Riverside, the manufacturing facility at Teesside saw sales of
its product increase during the year by more than 10% and reported
an increase in profits. The Polyflor sales team in Oldham have
marketed and shipped the Riverside portfolio to an increasing
number of countries despite the UK sales being decimated by the UK
lockdown. A commendable result.
The lockdown of the UK from late March 2020 was a major focus of
efforts in the year. Our production by-and-large continued but it
was at increased cost due to the lower output and ancillary
costs.
Polyflor Nordic comprising Polyflor Norway based in Oslo and
Falck Design based in Sweden
Sales across this region are broadly comparable with those of
the prior year in what has been a difficult year in both markets.
Business continued to be soft however a few individually
significant projects were delivered. Sales mix is weighted more
towards our own product suite through the trading year, and whilst
this has the consequence of reducing margins locally it is more
beneficial to the group as a whole.
Although there were restrictions regarding the national response
to the pandemic in Norway the business remained open throughout. To
keep their economy more active, restrictions in Sweden were less
severe however some negative commercial impacts came later in the
year as the economy and refurbishment slowed. There were many
education projects in Sweden with examples being Orkerstern School,
and the Svärtingeschool . Across the Scandinavian region,
competitors had problems supplying some specifications to the
advantage of our businesses where we were able to supply from
stocks locally or from the UK. This is a trend that has continued
into the new financial year.
Polyflor Canada, based in Toronto
As has been the case every year since the business was
established, we have increased sales, with a further 6.2% added
this year compared to the last. The growth continues to come from
the territories in which we have our own dedicated sales force,
those being Ontario, British Columbia and Ottawa.
As the business supplies the healthcare sector it was able to
remain open as an essential supplier and continue to operate during
the period of restrictions in Ontario. Healthcare and education
remain key sectors for this business selling our core ranges of
products. Sales of luxury vinyl tiles have also increased
significantly over the period in what is a very competitive market.
Our product offerings are attractive given the quality of designs
and product presentation. The City of Orillia Public Library,
Trattoria Nervosa Kitchen in Toronto and Loblaw's Toronto
headquarters are examples of key projects supplied in the year.
Polyflor India, based in Mumbai
The trend of increasing growth since the inception of this
business came to an end during the year with project specifications
facing delays / funding problems and failing to materialise as
sales.
The slowdown was compounded by the effects of the pandemic that
effectively closed the business operations for a three month
period. The majority of sales are new projects and our business in
India has a far lower level of refurbishment than any other market
in which we operate. Sales have therefore retrenched significantly
in this current period and we pared back some of the operations
accordingly. Notwithstanding these issues projects completed
included Johnson & Johnson Pharma in Mumbai and Mark &
Space Telesystems, Gurgaon.
Several significant projects have been delivered post year end
in the healthcare and pharmaceutical sectors, including material
for a manufacturing plant that will be producing one of the leading
vaccines currently being trialled.
Rest of the World
The Polyflor export and marketing offices, based in Royton,
continue to support our international businesses and to directly
sell via a global network of representatives, agents and
distributors.
During the year the export team and our Pacific Asia team have
worked hard to increase our presence in the Far East. We have added
dedicated sales representatives in Malaysia, Indonesia and
Singapore working close with the long established Polyflor Hong
Kong and reporting to the regional director in Australia. A major
programme of presentations across the regions has re-invigorated
the many contactors and architects we have dealt with over the
years and presented the company and its products to a much wider
audience. With Facebook and Instagram accounts added for Malaysia,
Thailand, Vietnam Singapore, Indonesia and Tawain and the
Philippines. In addition, our corporate websites have been
re-vamped and social media sites for Wechat, Weibo and LinkedIn are
all adding to the business and feeding enquires.
Our first full year with a sales office in Bogota, Colombia has
seen good progress with projects across the region including
Argentina, Chile, Brazil and Mexico. The team have not only
increased the support to existing distributors in the region but
also brought new opportunities and contacts with projects such as
the Industrial Hospital Medical Centre in Puerto Rica.
Other local representatives working locally but reporting to
Polyflor continue to represent us in Romania, Indonesia, the Czech
Republic and Hungary. Project Livesport in Prague being just one
example. In March, we appointed an experienced Spanish sales
manager, who is already securing Polyflor specifications not only
in Spain but in other Spanish speaking countries. The
representative office in the Middle East is now underpinned with
stock warehoused in the United Arab Emirates and supporting
increased business in Dubai, Oman, Qatar and Saudi Arabia. During
the year we supplied six emergency hospitals in the UAE, three more
in Qatar and four in Jordan.
The 100,000 square metres of Polyflor Voyager XL that was
shipped to refurbish the Moscow subway trains was a notable
project. This subway is the fourth longest in the world with some
seven million daily users. In addition the supply of Palettone to
the National Hospital of Iceland in Landspitali was also of
note.
In conclusion
I, and the Board, are confident of another solid year tempered
by the uncertainties that currently abound.
In several markets there is general sentiment that the cost of
the recent months will lead to economic slowdown, business closures
and increased unemployment. That said we have seen a very sharp
return to prior levels which may, in part, be pent-up demand but
equally there is demonstrable evidence of ongoing demand where
there are buoyant sectors such as modular buildings.
Mark Halstead
Chief Executive
Audited Consolidated Income Statement
for the year ended 30 June 2020
Year Year
ended ended
30.06.20 30.06.19
GBP'000 GBP'000
Revenue 238,630 253,038
Cost of sales (138,262) (144,236)
----------------- -----------------
Gross profit 100,368 108,802
Selling and distribution costs (45,297) (49,149)
Administration expenses (10,936) (11,279)
Operating profit 44,135 48,374
Finance income 382 357
Finance cost (660) (455)
Profit before income tax 43,857 48,276
Income tax expense (9,502) (10,484)
Profit for the year attributable to equity shareholders 34,355 37,792
----------------- -----------------
Earnings per ordinary share of 5p:
-basic 16.5p 18.2p
-diluted 16.5p 18.2p
All amounts relate to continuing operations.
Audited Consolidated Balance Sheet
as at 30 June 2020
As at As at
30.06.20 30.06.19
GBP'000 GBP'000
Non-current assets
Property, plant and equipment 38,520 37,449
Right of use assets 5,872 -
Intangible assets 3,232 3,232
Deferred tax assets 4,334 3,261
---------- --------------------
51,958 43,942
---------- --------------------
Current assets
Inventories 68,542 69,921
Trade and other receivables 28,361 32,816
Derivative financial instruments 73 372
Cash and cash equivalents 67,445 68,664
---------- --------------------
164,421 171,773
---------- --------------------
Total assets 216,379 215,715
---------- --------------------
Current liabilities
Trade and other payables 47,444 58,354
Derivative financial instruments 883 684
Current income tax liabilities 773 3,419
Lease liabilities 2,568 -
51,668 62,457
---------- --------------------
Non-current liabilities
Retirement benefit obligations 23,216 19,582
Other payables 449 419
Lease liabilities 3,371 -
Preference shares 200 200
---------- --------------------
27,236 20,201
---------- --------------------
Total liabilities 78,904 82,658
---------- --------------------
Net assets 137,475 133,057
---------- --------------------
Equity
Equity share capital 10,407 10,407
Equity share capital (B shares) 160 160
---------- --------------------
10,567 10,567
Share premium account 4,072 4,044
Capital redemption reserve 1,174 1,174
Currency translation reserve 5,601 5,265
Hedging reserve (37) (21)
Retained earnings 116,098 112,028
Total equity attributable to shareholders of the parent 137,475 133,057
---------- --------------------
Audited Consolidated Cash Flow Statement
for the year ended 30 June 2020
Year Year
ended ended
30.06.20 30.06.19
GBP'000 GBP'000
Profit for the year attributable to equity shareholders 34,355 37,792
Income tax expense 9,502 10,484
---------- -------------------
Profit before income tax 43,857 48,276
Finance cost 660 455
Finance income (382) (357)
---------- -------------------
Operating profit 44,135 48,374
Depreciation of property, plant and equipment 3,185 3,105
Depreciation of right of use assets 2,937 -
(Profit)/loss on sale of plant and equipment (43) 16
Defined benefit pension scheme service cost 611 564
Defined benefit pension scheme employer contributions paid (4,138) (1,780)
Change in fair value of financial instruments 14 281
Share based payments 13 11
Decrease in inventories 1,717 1,449
Decrease/(increase) in trade and other receivables 4,388 (621)
(Decrease)/increase in trade and other payables (10,450) 9,033
Cash inflow from operations 42,369 60,432
Taxation paid (11,566) (10,487)
Cash inflow from operating activities 30,803 49,945
---------- -------------------
Purchase of property, plant and equipment (4,215) (4,263)
Proceeds from disposal of property, plant and equipment 110 107
---------- -------------------
Cash outflow from investing activities (4,105) (4,156)
---------- -------------------
Interest received 382 357
Interest paid (30) (33)
Lease interest paid (202) -
Lease capital paid (2,873) -
Equity dividends paid (25,236) (28,405)
Shares issued 28 247
---------- -------------------
Cash outflow from financing activities (27,931) (27,834)
---------- -------------------
Net (decrease)/increase in cash and cash equivalents (1,233) 17,955
---------- -------------------
Effect of exchange differences 14 30
Cash and cash equivalents at start of period 68,664 50,679
Cash and cash equivalents at end of period 67,445 68,664
========== ===================
Audited Consolidated Statement of Comprehensive Income
for the year ended 30 June 2020
Year Year
ended ended
30.06.20 30.06.19
GBP'000 GBP'000
Profit for the year 34,355 37,792
----------- -----------
Other comprehensive income net of tax:
Items that will not be reclassified subsequently to the income statement:
Remeasurement of the net defined benefit liability (5,062) (4,546)
----------- -----------
(5,062) (4,546)
----------- -----------
Items that could be reclassified subsequently to the income statement:
Foreign currency translation differences 336 (170)
Fair value movements on hedging instruments (16) (689)
----------- -----------
320 (859)
----------- -----------
Other comprehensive income for the year (4,742) (5,405)
Total comprehensive income for the year 29,613 32,387
=========== ===========
Attributable to equity holders of the
Company 29,613 32,387
=========== ===========
Items in the statement above are disclosed net of tax.
NOTES
1. The final dividend of 10.0p per ordinary share will be paid, subject to the approval of the
shareholders, on 11 December 2020 to shareholders on the register as at 20 November 2020.
The annual report and accounts will be posted to shareholders on 16 October 2020.
2. The financial information in this statement does not represent the statutory accounts of the
Group. Statutory accounts for the year ended 30 June 2019 have been delivered to the Registrar
of Companies, carrying an unqualified audit report and no statement under section 498 (2)
or (3) of the Companies Act 2006.
3. Statutory accounts for the year ended 30 June 2020 have not yet been delivered to the Registrar
of Companies. They will carry an unqualified audit report and no statement under section 498
(2) or (3) of the Companies Act 2006.
4. Earnings per ordinary share
2019 2019
GBP'000 GBP'000
Profit for the year attributable to equity shareholders 34,355 37,792
-------------- --------------
Weighted average number of shares in issue 208,135,698 208,071,633
-------------- --------------
Dilution effect of outstanding share options 148,358 70,667
Diluted weighted average number of shares 208,284,056 208,142,300
-------------- --------------
Basic earnings per ordinary share 16.5p 18.2p
Diluted earnings per ordinary share 16.5p 18.2p
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END
FR ZZGFLVGVGGZM
(END) Dow Jones Newswires
October 01, 2020 02:00 ET (06:00 GMT)
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