TIDMCRAW
RNS Number : 9140O
Crawshaw Group PLC
26 September 2013
26(th) September, 2013
CRAWSHAW GROUP PLC
Interim Results
Crawshaw Group PLC (the "Company"), the meat focused retailer,
today reports its interim results for the 6 months ended 31 July
2013.
Chairman's Statement
Highlights
* Like for Like (LFL) sales up 5% in the 6 months to
the end of July (2012 : +4%). Overall sales have
increased to GBP9.8m (2012 : GBP9.3m).
* Gross profit increased 6% to GBP4.3m (2012 :
GBP4.1m). Gross margin up at 43.9% (2012 : 43.6%).
* EBITDA significantly improved at GBP0.5m (2012 :
GBP0.3m).
* PBT up 3 fold at GBP0.3m (2012 : GBP0.1m)
* Earnings per share up to 0.473p (2012: 0.155p)
The various measures being taken by management to improve our
performance continue to have a positive impact on trading, helped
by good BBQ weather in July. LFL sales are up 5% in the half year
to 31(st) July, 2013 as compared to the same period the previous
year. In addition, total sales for the first half have increased to
GBP9.8m (2012 : GBP9.3m).
Gross Profit has increased by 6% to GBP4.3m (2012 : GBP4.1m) and
I am encouraged that there have been further improvements in gross
margin to 43.9% (2012 : 43.6%) in the 6 months to 31(st) July.
Overhead expenditure continues to be controlled well, remaining
relatively flat in the period at GBP4.0m (2012 : GBP4.0m) with just
a 1% increase in total costs as compared to the same period in the
previous year. This change is wholly related to an increase in
staff hours within our shops as the management team implement
measures to further drive sales.
In the 6 months to 31(st) July 2013 EBITDA increased to GBP0.5m
(2012 : GBP0.3m) and profit before tax rose 3 fold to GBP0.3m (2012
: GBP0.1m). Earnings per share rose to 0.473p (2012 : 0.155p).
Cash generated from operating activities after movements in
working capital in the period was GBP0.5m (2012 GBP0.2m). This is
wholly offset by the partial mortgage repayment of GBP0.3m, the
payment of our maiden dividend (GBP0.1m) and capital expenditure
(GBP0.1m). I am pleased to report that our balance sheet is now
cash positive with the mortgage of GBP0.54m being more than offset
by our cash balances of GBP0.88m and therefore net cash is GBP0.34m
(31(st) January 2013 : nil).
Now our recovery in trading performance has become established
we are giving consideration to re-starting our expansion program,
albeit on a cautious basis, and will report further in due
course.
We are encouraged with current trading, like for like sales for
the first 8 weeks of the second half are up 10% with gross margin
in line with first half performance.
Following on from our maiden dividend announced in April of this
year we are delighted to announce an interim dividend, of 0.09p per
share, as a measure of our confidence in the business going
forward. The dividend will be paid on 25(th) October, 2013 to
shareholders on the register on 4(th) October, 2013. The
ex-dividend date will be 2(nd) October, 2013.
Richard Rose
Chairman
26 September, 2013
For further information please contact:
Crawshaw Group plc
Lynda Sherratt 01709 369602
WH Ireland Limited
Daniel Bate 0161 832 2174
Consolidated Income Statement
For the six months ended 31 July 2013
Unaudited Audited Unaudited
6 Months 12 Months 6 Months
31.7.13 31.1.13 31.7.12
Notes GBP GBP GBP
Revenue 2 9,806,342 18,778,427 9,315,600
Cost of sales (5,503,013) (10,576,493) (5,258,963)
-------------------------------- ------ ------------ ------------- ------------
Gross profit 4,303,329 8,201,934 4,056,637
Other operating income 9,350 20,790 10,210
Administrative expenses (4,009,089) (7,970,906) (3,967,336)
-------------------------------- ------ ------------ ------------- ------------
Operating Profit 303,590 251,818 99,511
Analysed as:
EBITDA 488,776 652,544 291,018
Impairment,depreciation and
amortisation (185,186) (400,726) (191,507)
Operating profit 303,590 251,818 99,511
-------------------------------- ------ ------------ ------------- ------------
Finance income 293 2419 5
Finance expenses (8,362) (17,723) (9,134)
Net Finance Expense (8,069) (15,304) (9,129)
Share of profit/(loss)of
equity accounted investees
(net of tax) 3,750 14,350 6,350
-------------------------------- ------ ------------ ------------- ------------
Profit before income tax 299,271 250,864 96,732
Income tax credit/(expense) 3 (25,894) (72,388) (6,840)
Total recognised income for
the period 5 273,377 178,476 89,892
-------------------------------- ------ ------------ ------------- ------------
Attributable to:
Equity holders of the Company 273,377 178,476 89,892
Basic earnings per ordinary
share 4 0.473p 0.309p 0.155p
Diluted earnings per ordinary
share 4 0.473p 0.309p 0.155p
Consolidated Balance Sheet
As at 31 July 2013
Unaudited Audited Unaudited
31.7.13 31.1.13 31.7.12
Notes GBP GBP GBP
Property, plant and
equipment 4,172,763 4,280,137 4,411,886
Intangible assets -
goodwill
and related
acquisition intangibles 7,504,024 7,521,364 7,538,704
Investment in equity
accounted
investees 98,100 94,350 101,195
---------------------------- ------- -------------------- --------------- --------------------
Total Non Current Assets 11,774,887 11,895,851 12,051,785
Inventories 541,500 507,420 459,512
Trade and other receivables 226,604 289,738 265,491
Cash and cash equivalents 878,946 850,677 654,702
---------------------------- ------- -------------------- --------------- --------------------
Total Current Assets 1,647,050 1,647,835 1,379,705
---------------------------- ------- -------------------- --------------- --------------------
Total Assets 13,421,937 13,543,686 13,431,490
---------------------------- ------- -------------------- --------------- --------------------
Share capital 6 2,890,940 2,890,940 2,890,940
Share premium 6,317,618 6,317,618 6,317,618
Reverse acquisition reserve 446,563 446,563 446,563
Retained earnings 624,215 466,476 377,892
---------------------------- ------- -------------------- --------------- --------------------
Total Shareholders' Equity 5 10,279,336 10,121,597 10,033,013
Other payables 239,475 259,212 278,948
Deferred tax liabilities 410,313 457,218 402,756
Interest bearing loans and 360,000 - -
borrowings
---------------------------- ------- -------------------- --------------- --------------------
Total Non Current
Liabilities 1,009,788 716,430 681,704
Trade and other payables 1,952,813 1,865,659 1,876,773
Interest bearing loans and
borrowings 180,000 840,000 840,000
---------------------------- ------- -------------------- --------------- --------------------
Total Current Liabilities 2,132,813 2,705,659 2,716,773
Total Liabilities 3,142,601 3,422,089 3,398,477
---------------------------- ------- -------------------- --------------- --------------------
Total Equity and
Liabilities 13,421,937 13,543,686 13,431,490
---------------------------- ------- -------------------- --------------- --------------------
Consolidated statement of changes in shareholders' equity
For the six months ended 31 July 2013
Rev Acq Retained
Share Capital Share Premium Reserve Earnings Total Equity
GBP GBP GBP GBP GBP
---------------- --------------- --------------- --------- ---------- -------------
Balance at 1
February
2012 2,890,940 6,317,618 446,563 288,000 9,943,121
---------------- --------------- --------------- --------- ---------- -------------
Profit for the
Period - - - 89,892 89,892
Balance at 31
July
2012 2,890,940 6,317,618 446,563 377,892 10,033,013
---------------- --------------- --------------- --------- ---------- -------------
Profit for the
period - - - 88,584 88,584
Balance at 31
January
2013 2,890,940 6,317,618 446,563 466,476 10,121,597
---------------- --------------- --------------- --------- ---------- -------------
Profit for the
period - - - 273,377 273,377
Dividend on
Equity
Shares - - - (115,638) (115,638)
Balance at 31
July
2013 2,890,940 6,317,618 446,563 624,215 10,279,336
---------------- --------------- --------------- --------- ---------- -------------
Consolidated statement of cash flows
For the six months ended 31 July 2013
Unaudited Audited Unaudited
6 Months 12 Months 6 Months
31.7.13 31.1.13 31.7.12
Cash flows from operating activities GBP GBP GBP
Profit for the period 299,271 178,476 89,892
Adjustments for:
Depreciation and amortization 185,186 390,913 191,507
Loss on sale of property, plant and
equipment 1,012 9,813 5,295
Net financial charges 8,087 15,304 9,129
Share of (profit) of equity accounted
investees (net of tax) (3,750) (14,350) (6,350)
Taxation - 72,388 6,840
------------------------------------------- ------------ ---------- ----------
Operating cash flow before movements
in working capital 489,806 652,544 296,313
------------------------------------------- ------------ ---------- ----------
Movement in trade and other receivables 63,134 16,806 41,053
Movement in trade and other payables (5,378) (205,033) (208,095)
Movement in inventories (34,080) 3,088 50,996
Tax Paid - (45,000) -
------------------------------------------- ------------ ---------- ----------
Net cash (used in)/ generated from
operating activities 513,483 422,405 180,267
------------------------------------------- ------------ ---------- ----------
Cash flows from investing activities
Purchase of property, plant and
equipment (65,656) (186,572) (130,281)
Proceeds from sale of property, plant
& equipment 4,167 12,208 10,750
Received from equity accounted investees - 14,845 -
Interest received 274 2,419 -
Interest paid (8,361) (17,723) (9,129)
------------------------------------------- ------------ ---------- ----------
Net cash (used in)/ generated by
investing activities (69,576) (174,823) (128,660)
------------------------------------------- ------------ ---------- ----------
Cash flows from financing activities
Mortgage Loan Repaid (300,000) - -
Dividends Paid (115,638) - -
------------------------------------------- ------------ ---------- ----------
Net cash (used in)/ generated from
financing activities (415,638)) - -
------------------------------------------- ------------ ---------- ----------
Net change in cash and cash equivalents 28,269 247,582 51,607
Cash and cash equivalents at start
of period 850,677 603,095 603,095
------------------------------------------- ------------ ---------- ----------
Cash and cash equivalents at end
of period 878,946 850,677 654,702
------------------------------------------- ------------ ---------- ----------
Notes to the consolidated financial statements
1. BASIS OF PREPARATION
Reporting Entity
Crawshaw Group Plc (the "Company") is a company incorporated and
domiciled in the UK.
The condensed consolidated interim financial statements of the
Company as at and for the six months ended 31 July 2013 comprise
the Company and its subsidiaries (together referred to as the
"Group") and equity account the Group's interest in jointly
controlled entities.
Basis of Preparation
These condensed consolidated interim financial statements have
been prepared in accordance with IAS 34 'Interim Financial
Reporting', as adopted by the EU and do not include all of the
information required for full annual financial statements.
The comparative figures for the financial year ended 31 January
2013 are not the Company's statutory accounts for that financial
year. Those accounts have been reported on by the Company's
auditors and delivered to the registrar of companies. The report of
the auditors was (i) unqualified, (ii) did not include a reference
to any matters to which the auditors drew attention by way of
emphasis without qualifying their report, and (iii) did not contain
a statement under section 498(2) or (3) of the Companies Act
2006.
The condensed consolidated interim financial statements have not
been audited but have been reviewed by the Company's auditors.
Their review report for the 6 month period ended 31 July 2013 is
set out on page 12.
These condensed consolidated interim financial statements were
approved by the Board of Directors on 26th September, 2013.
Significant Accounting Policies
The accounting policies applied are consistent with those of the
annual financial statements for the year ended 31 January 2013, as
described in those annual financial statements,which were prepared
in accordance with IFRS as adopted by the EU.
Significant Judgements, Key Assumptions and Estimation
Uncertainty
The preparation ofthe condensed consolidated interim financial
statements requires management to make judgements, estimates and
assumptions that affect the application of accounting policies and
reported amounts of assets and liabilities, income and expenses.
The estimates and associated assumptions are based on historical
experience and other factors that are believed to be reasonable at
the time the estimate is made. Actual results may differ from these
estimates.
In preparing these condensed consolidated interim financial
statements, the significant judgements made by management in
applying the Group's accounting policies and the key sources of
estimation uncertainty were the same as those applied to the
consolidated financial statements as at and for the year ended 31
January 2013.
Going Concern
The Group has in place borrowing facilities up to a maximum of
GBP790,000. They consist of a mortgage of GBP540,000 and a working
capital overdraft facility of GBP250,000. These facilities are not
subject to financial performance covenants, however, overdraft
facilities can be withdrawn by the bank at any time.
The overdraft facility is open ended but renegotiated on an
annual basis, the next review being due in April 2014. The mortgage
was renewed in May 2013. The Directors have reviewed the banking
facilities available to the Group plus the profit and cash
forecasts of the Group with appropriate sensitivities around
operational performance. The Directors have concluded that the
Group will have sufficient cash to meet its obligations and to
pursue its existing strategy. Accordingly the Directors consider
that these statements should be prepared on a going concern
basis.
Basis of Consolidation
The consolidated financial information includes the financial
information of the Company and its subsidiary undertakings made up
to 31 July 2013 (together referred to as the 'Group').
2. REVENUE
The Directors have undertaken a review of the Group's continuing
operations and their associated
business risks. The Directors consider that the continuing
operations represent one product offering
with similar risks and rewards and should be reported as a
single business segment in line with the
Group's internal reporting framework. All revenue received
during the period was received from
customers within the United Kingdom.
Unaudited Audited Unaudited
6 Months 12 Months 6 Months
3. INCOME TAX (CREDIT)/EXPENSE 31.7.13 31.1.13 31.7.12
GBP GBP GBP
The income tax expense is based
on the estimated effective rate
of taxation on trading for the
period and represents:
Current tax 72,799 94,456 39,068
Adjustments for prior year - (44,303) -
Sub Total 72,799 50,153 39,068
Deferred tax:
Origination and reversal of timing
differences 12,735 (5,514) 2,571
Adjustments for prior year - 44,000 -
Effect of rate change (59,640) (16,251) (34,799)
Sub Total (46,905) 22,235 (32,228)
Total tax (credit)/expense 25,894 72,388 6,840
4. EARNINGS PER ORDINARY SHARE
Basic earnings per ordinary share is calculated by dividing
the earnings attributable to the ordinary shareholders by the
weighted average number of ordinary shares outstanding during
the period of 57,818,801 (31/1/13: 57,818,801) (31/07/12: 57,818,801).
Diluted EPS is calculated by dividing the profit for the year
attributable to the ordinary shareholders by the weighted average
number of ordinary shares in issue adjusted to assume conversion
of all potentially dilutive ordinary shares from the start of
the year,giving a figure of 57,818,801 (31/1/13:57,818,801) (31/7/12:
57,818,801).
5. CAPITAL AND RESERVES
Share Share Rev. Acq. Retained Total
Capital Premium Reserve Earnings Equity
GBP GBP GBP GBP GBP
Balance at 1 February
2012 2,890,940 6,317,618 446,563 288,000 9,943,121
Profit for the period - - - 178,476 178,476
Balance at 31 January
2013 2,890,940 6,317,618 446,563 466,476 10,121,597
Profit for the period - - - 273,377 273,377
Dividend on Equity
Shares - - - (115,638) (115,638)
Balance at 31 July
2013 2,890,940 6,317,618 446,563 624,215 10,279,336
6. SHARE CAPITAL
31.7.13 31.1.13 31.7.12
Authorised GBP GBP GBP
96,678,257 ordinary shares of 5p each 4,833,913 4,833,913 4,833,913
Allotted, called up and fully paid GBP GBP GBP
57,818,801 ordinary shares of 5p each 2,890,940 2,890,940 2,890,940
7. RELATED PARTY TRANSACTIONS
Crawshaw Butchers Limited, a subsidiary of Crawshaw Group Plc,
holds a 50% share in a partnership which trades under the name of
RGV Refrigeration. The operations of the partnership comprise of
the maintenance and repair of refrigeration machinery for a variety
of customers.
INDEPENDENT REVIEW REPORT TO CRAWSHAW GROUP PLC
Introduction
We have been engaged by the company to review the condensed set
of financial statements in the half-yearly report for the six
months ended31 July 2013 which comprises the Condensed Consolidated
Statement ofComprehensive Income, Condensed Consolidated Balance
Sheet, Condensed Consolidated Statement of Changes inShareholders'
Equity, Condensed Consolidated Cash FlowStatementand the related
explanatory notes. We have read the other information contained in
the half-yearly report and considered whether it contains any
apparent misstatements or material inconsistencies with the
information in the condensed set of financial statements.
This report is made solely to the company in accordance with the
terms of our engagement. Our review has been undertaken so that we
might state to the company those matters we are required to state
to it in this report and for noother purpose. To the fullest extent
permitted by law, we do not accept or assume responsibility to
anyone other than the company for our review work, for this report,
or for the conclusions we have reached.
Directors' responsibilities
The half-yearly report is the responsibility of, and has been
approved by, the directors. The directors are responsible for
preparing the half-yearly report in accordance with the AIM
Rules.
As disclosed in note 1, the annual financial statements of the
group are prepared in accordance with IFRSs as adopted by the EU.
The condensed set of financial statements included in this
half-yearly report has been prepared in accordance with IAS 34
Interim Financial Reporting as adopted by the EU.
Our responsibility
Our responsibility is to express to the company a conclusion on
the condensed set of financial statements in the half-yearly report
based on our review.
Scope of review
We conducted our review in accordance with International
Standard on Review Engagements (UK and Ireland) 2410 'Review of
Interim Financial Information Performed by the Independent Auditor
of the Entity' issued by the Auditing PracticesBoard for use in the
UK. A review of interim financial information consists of making
enquiries, primarily of persons responsible for financial and
accounting matters, and applying analytical and other review
procedures. A review is substantially less in scope than an audit
conducted in accordance with International Standards on Auditing
(UK and Ireland) and consequently does not enable us to obtain
assurance that we would become aware of all significant matters
that mightbe identified in an audit. Accordingly, we do not express
an audit opinion.
Conclusion
Based on our review, nothing has come to our attention that
causes us to believe that the condensed set of financial statements
in the half-yearly report for the six months ended31 July 2013 is
not prepared, in all material respects, in accordance with IAS 34
as adopted by the EU and the AIM Rules.
Jeremy Gledhill
for and on behalf of KPMG Audit Plc
Chartered Accountants
1 The Embankment
Neville Street
Leeds
LS1 4DW
26th September, 2013
This is the final version of the interim report and in line with
last year it will not be printed and distributed to shareholders
however, this report will be available from the Company's website
www.crawshawgroupplc.comfrom today.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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