TIDMCRAW
RNS Number : 5793F
Crawshaw Group PLC
28 April 2014
Crawshaw Group PLC
Final Results
Crawshaw Group PLC ("the Company"), the meat focussed retailer,
today reports its audited results for the year ended 31 January,
2014
Results highlights for the year to 31(st) January 2014.
-- Sales for the year GBP21.0m (2013: GBP18.8m)
-- Full year like for like sales up 11% (2013: 3%)
-- EBITDA doubled to GBP1.4m (2013: GBP0.7m)
-- Profit before tax GBP1.0m (2013: GBP0.3m)
-- Earnings per share rose to 1.42p (2013: 0.31p)
-- Net cash GBP1.0m (2013: GBPnil)
-- LFL sales first 12 weeks of current year up 19% (2013: 1%)
For further information, please
contact:
Crawshaw Group PLC
Lynda Sherratt 01709 369 602
WH Ireland Limited (Nominated
Adviser)
Katy Mitchell 0161 832 2174
Chairman's Statement
Results highlights for the year to 31(st) January 2014.
-- Sales for the year GBP21.0m (2013: GBP18.8m)
-- Full year like for like sales up 11% (2013: 3%)
-- EBITDA doubled to GBP1.4m (2013: GBP0.7m)
-- Profit before tax GBP1.0m (2013: GBP0.3m)
-- Earnings per share rose to 1.42p (2013: 0.31p)
-- Net cash GBP1.0m (2013: GBPnil)
-- LFL sales first 12 weeks of current year up 19% (2013: 1%)
Sales and gross margin
In the period since our interim statement was issued on 26(th)
September 2013 we have provided three trading updates outlining
significant improvements in performance during the second half of
the year. At the half year point we reported LFL sales to be up 5%
(July 2012 : +4%), I am now pleased to confirm that in the 6 months
to 31(st) January, LFL sales were up 18% (2013 : +2%).
Total sales for the year were GBP21.0m, 12% higher than the
previous year (GBP18.8m). This can be broken down into full year
like for like sales +11% (2013: 3%), plus the introduction of a new
market site in Sheffield and a 11% rise in wholesale sales.
Gross margin levels have been consistent this year and have
further strengthened to 43.8% (2013: 43.7%). Average spend per
retail customer is up 13% versus the previous year due to
competitive pricing via a focus on larger value packs and multi buy
offers, slightly offset by a 1% reduction in customer numbers which
is wholly driven by the VAT changes on the hot cooked product
offer; customer numbers for our raw meat products are up over 10%
versus last year.
We believe the excellent quality and value of our core products
is driving increases in spend from both existing and new customers.
In addition, ongoing improvements in IT, communications, management
information and training have been delivered by the management team
and are contributing to the performance in the year.
Costs
Total overheads were 3% higher at GBP8.2m (2013: GBP8.0m). This
small increase is mainly attributable to volume increases in retail
staff costs, however overheads in total as a proportion of sales is
now down to 39% (2013 : 42%).
Profit
EBITDA for the year doubled to GBP1.4m (2013: GBP0.7m). This
increase in profitability can be directly attributed to the
improvements in like for like sales associated with management
control of gross margin and overheads. Both operating profit and
profit before tax was GBP1.0m (2012: GBP0.3m) and earnings per
share rose to 1.42p (2013: 0.31p).
Dividend
The Board is delighted to propose the payment of a final
dividend of 0.43 pence per share, which together with the interim
dividend of 0.09 pence per share, paid on 25(th) October 2013,
takes the total dividend for the year to 0.52 pence per share, an
increase of over 2 and a half times (2013 : 0.20 pence per share).
Shareholder approval will be sought at the Annual General Meeting,
to be held on 26th June 2014, to pay the final dividend on 31st
July, 2014 to shareholders on the register on 27th June, 2014. The
ex-dividend date will be 25th June, 2014. For the first time,
shareholders will have the opportunity to elect to reinvest their
cash dividend and purchase existing shares in the Company through a
Dividend Reinvestment Plan ('DRIP').
Cash
After working capital movements and taxation the cash generated
from operating activities was significantly higher than last year
at GBP1.4m (2013 GBP0.4m). Cash out flows during the year include
GBP0.2m net on capital projects (leasehold improvements/vehicles
& IT), GBP0.4m on the repayment of the mortgage and GBP0.2m on
dividends. Cash balances at the end of January 2014 were GBP0.6m
higher at GBP1.4m (2013: GBP0.8m).
As at 31st January 2014, we held net cash of GBP1.0m (2013:
GBPnil).
New Shops
We opened our latest high street store in Sheffield on 21(st)
March, and after combining two outlets into one in Lincoln earlier
in the year, this brings our store total to 21.
One of the risks previously associated with our new store roll
out was the high cost of capital investment. Over the last year we
have spent time working with contractors to simplify layouts and
equipment specifications where possible. This has resulted in a
significant reduction in fit out costs and so enhanced potential
returns.
Outlook
I am delighted to be able to report once again on a continued
trading improvement. LFL sales over the first 12 weeks of the
current year are up 19% and gross margin remains strong. I am also
encouraged by the initial performance at our new Sheffield store,
albeit early days.
Our customers are spending more with us and the improvements in
trading performance are spread across most of our stores, giving me
much confidence for the future.
Given the general improvements in trading performance and the
reduction in fit out costs the Board are confident that further
controlled expansion of our existing shop model will be a key
driver of future growth.
Richard Rose
Chairman
28(th) April 2014.
Strategy and Business Model
Mission
To use our expertise to source, prepare and retail quality meat
products at a price and a service level that delights our
customers.
Principal Activities
The principal activity of the Group continues to be the
operation of a chain of meat focused retail food stores.
The Group operates from a head office in Rotherham, two
distribution centres in Grimsby and Rotherham, plus 21 retail
locations across Yorkshire, Lincolnshire, Nottinghamshire and
Derbyshire.
Business Model
Our management team have extensive experience in sourcing
quality meat products from tried and tested local and international
suppliers at the lowest possible prices. Whilst we do buy longer
term to ensure that we have a core range of products, we pride
ourselves on identifying key lines in the spot market that offer
terrific value to our customers.
We have our own distribution centres where we control additional
processing and logistics as well as the production of our very own
award winning sausages.
Our retail outlets are manned with skilled butchers who are
happy to help customers with advice on choosing the right product,
in the right quantities as well as how to cook it.
Our product range is split into 2 distinct areas:
-- Traditional raw meat - we have a wide range of products sold
either (i) loose in a serve over counter for the traditional
experience or (ii) as multi buy packs on supermarket style multi
deck counters which have all been cut and packaged in store.
-- Hot and cold cooked food - Freshly prepared roast chickens,
gammon and pork joints, hot roast sandwiches, shop cooked curries
and casseroles, chicken and chips as well as other traditional deli
products.
Operational Strategy
The Board is focussed on growing the business through
identifying new profitable store locations and investing resources
in a controlled expansion programme, whilst ensuring the core
business continues to deliver quality products and excellent
customer service at competitive prices.
-- New store locations are regularly reviewed for suitability to
grow/replace our existing retail estate.
-- New products are researched, tested and trialled frequently.
-- Customer feedback is sought and reviewed on an ongoing basis.
-- Key price points from competitors are monitored regularly
-- Our food safety management systems are continually reviewed
and updated to ensure our procedures are in line with the highest
standards.
As raw meat is a traded commodity, the business operates in an
environment where input prices can fluctuate based on worldwide
natural and economic factors such as a growing world population,
climate change, exchange rates and changing dietary habits.
The Company's purchasing and sales strategy is designed to
minimise these risks by ensuring (i) we sell a broad range of
products and in particular, as we split into 2 complementary retail
areas, we cover 2 distinct customer types rather than relying on
one product, one customer and (ii) we use a broad range of tried
and tested suppliers across the globe rather than relying on any
specific supplier or region.
Food Safety
We protect our customers and our brand by sourcing quality
products with full traceability. Further to this we invest
continually to ensure our food safety management systems are
implemented, delivered and audited at every location.
As the only independent retail butchers chain in England to have
Primary Authority, we continue to work with the Environmental
Health department at Wakefield Council. This gives each of our
locations, our staff and our customers a level of consistency in
food safety matters as we are all working to the same standards and
interpretations of the regulations.
Crawshaws continue to recognise the importance of food safety
and positive consistent progress has continued and our Hygiene
Ratings have improved yet again in the year with 100% of the
business being on 4 (Good) and 5 (Very Good) scores; 35% on 4 stars
and 65% on 5 stars. Our factories have also consistently maintained
standards whilst increasing throughput to match the increase in
sales.
There has been investment in training which has not only
provided legal compliance but has equipped Managers with further
knowledge and confidence to maintain food safety. Customer feedback
also indicates consistent quality control and that they are happy
that their needs are being met.
The maintenance and continued development of the Company Food
Safety Management System has been fundamental in maintaining
standards across the Company. Whilst the Company will continue to
face challenges, including changes in legislation, we are focused
on maintaining food safety on a consistent basis. The horsemeat
scandal in 2013 is a prime example of this where, backed by our
Food Safety Management System we reacted with professionalism, in a
timely manner and with no issues identified.
The focus on origin and traceability of products will continue
to be managed as we recognise this as being essential if we are to
meet the requirements of our customers and continue to supply safe
and legal products.
KPIs and Risk Management
The performance of the business is regularly monitored against
Key Performance Indicators (KPIs). Most of the KPIs identified
below are discussed in more detail in the Chairman's Statement.
KPI 2014 2013 Notes
------------------------- ---------- ---------- -----------------------------------------
Revenue GBP21.0m GBP18.8m After trade discounts and excluding
VAT
------------------------- ---------- ---------- -----------------------------------------
Gross profit as a percentage
Gross profit 43.8% 43.7% of revenue
------------------------- ---------- ---------- -----------------------------------------
EBITDA GBP1.4m GBP0.7m Pre tax profit before interest,
taxation, depreciation and amortisation
------------------------- ---------- ---------- -----------------------------------------
Profit after tax divided by
the average number of shares
EPS 1.419p 0.309p in issue
------------------------- ---------- ---------- -----------------------------------------
Turnover/average number GBP85,446 GBP80,941 Sales per employee
employees
------------------------- ---------- ---------- -----------------------------------------
Total overheads as a percentage
Overheads % 39% 42% of revenue
------------------------- ---------- ---------- -----------------------------------------
The principal risks and uncertainties affecting the Group
include the following:
-- Raw material availability and prices: the Group monitors raw
material sources on a global basis and negotiates spot and forward
purchase contracts based in sterling where appropriate with key
suppliers. However, the volatility of international currency
markets and their impact on spot raw material prices in sterling is
an ongoing issue.
-- Customer loss and Competition - There is an ongoing risk of
customer loss from enhanced competition. The Groups strategy is to
be aware of competitor pricing, to maintain customer loyalty
through value pricing and varied promotions and to deliver superior
service and product expertise at all times.
-- Environmental risks: the Group places considerable emphasis
upon environmental compliance in its business and not only seeks to
ensure ongoing compliance with relevant legislation but also
strives to ensure that environmental best practice is incorporated
into its key processes.
-- Major disruption/disaster: business continuity planning is reviewed regularly.
-- Food Safety: compliance with legislation is continually
assessed and monitored at every location.
-- The effect of legislation or other regulatory activities: the
Group monitors forthcoming and current legislation.
-- Shrinkage: All retailers are exposed to customer and employee
theft. The Group has a zero tolerance to theft and we continually
review internal systems and controls. We maximise the use of CCTV
surveillance in store and aim to prosecute where relevant.
Directors' Report
The directors present their report together with audited
financial statements for the year ended 31 January 2014.
Crawshaw Group Plc ('the Company') is a public limited company
incorporated and domiciled in the United Kingdom and under the
Companies Act 2006.
The address of the Company's registered office is Crawshaw Group
Plc, Unit 16, Bradmarsh Business Park, Bow Bridge Close, Rotherham,
S60 1BY.
The Company has its primary listing on AIM, part of the London
Stock Exchange.
The Group financial statements were authorised for issue by the
Board of Directors on 28(th) April, 2014.
Further information on the activities of the business, the Group
strategy and an indication of the outlook for the business are
presented in the Chairman's Statement and the Strategy and Business
Model sections of the report.
Results and Dividends
Reported under IFRS the Group profit before taxation is
GBP984,789 (2013: GBP250,864). After a taxation charge of
GBP164,241 (2013: GBP72,388) the Group profit for the year is
GBP820,548 (2013: GBP178,476).
The directors propose a final dividend of 0.43 pence per share
(2013: 0.20 pence) to be paid on 31(st) July 2014, to shareholders
on the register at the close of business on 27th June 2014. The
share price will be marked ex dividend with effect from the 25th
June, 2014.
Dividend Reinvestment Plan ('DRIP')
For the first time this year shareholders can choose to reinvest
any dividends received to purchase further shares in the Company
through a DRIP. A DRIP application form is available from our
registrar Capita Asset Services.
Substantial Shareholdings
At 31(st) March 2014, the directors had been notified of the
following interests, of 3% and over, in the company's issued
ordinary share capital:
Shareholder Number of
Ordinary
Shares %
-------------------------------- ---------- ------
Colin Crawshaw 6,265,711 10.84
-------------------------------- ---------- ------
Richard Rose 6,041,547 10.45
-------------------------------- ---------- ------
Isis Equity Partners 5,256,254 9.09
-------------------------------- ---------- ------
Unicorn Asset Management 4,895,523 8.47
-------------------------------- ---------- ------
John Kelly 4,421,762 7.65
-------------------------------- ---------- ------
Kevin Boyd 3,316,311 5.74
-------------------------------- ---------- ------
Schroder Investment Management 3,173,622 5.49
-------------------------------- ---------- ------
David Stredder 1,746,318 3.02
-------------------------------- ---------- ------
Directors and their interests
The interests of the directors in the ordinary shares of the
Company are shown below:
31 March, 2014 31 March, 2013
Number of 5p Number of 5p Ordinary
Ordinary Shares Shares
--------------------- ----------------- -----------------------
Richard S Rose 6,041,547* 7,670,135
--------------------- ----------------- -----------------------
Colin B Crawshaw 6,265,711 6,265,711
--------------------- ----------------- -----------------------
Kevin P Boyd 3,316,311 3,316,311
--------------------- ----------------- -----------------------
Lynda Sherratt 1,270,000 1,270,000
--------------------- ----------------- -----------------------
Mark Naughton-Rumbo 104,456 -
--------------------- ----------------- -----------------------
*Richard Rose's shareholding reflects the fact that his
daughter, Jessica Rose, is now over the age of 18 and therefore her
shares no longer fall to be incorporated within Richard's combined
holding and also reflect the fact that by virtue of the fact
Richard was a director (although not a controlling director or
shareholder) of Electroswitch Limited, Richard had disclosed the
Electroswitch Limited shareholding in Crawshaw as part of his
shareholding. Since his resignation from the board of Electroswitch
on 21 March 2014, this holding is no longer incorporated in his
combined holding either.
The interests of the Directors in options to acquire shares are
shown below:
31 March, 2014 31 March, 2013
Number of 5p Ordinary Number of 5p Ordinary
Shares Shares
--------------------- ----------------------- -----------------------
Richard S Rose - -
--------------------- ----------------------- -----------------------
Colin B Crawshaw - -
--------------------- ----------------------- -----------------------
Kevin P Boyd 235,294 235,294
--------------------- ----------------------- -----------------------
Lynda Sherratt 117,647 117,647
--------------------- ----------------------- -----------------------
Mark Naughton-Rumbo - -
--------------------- ----------------------- -----------------------
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
-----------------------------------------------------------------------------------------------------
FOR THE YEAR ENDED 31 JANUARY 2014
-----------------------------------------------------------------------------------------------------
Year ended Year ended
------------------------------------------ ----- ------------------------ ------------------------
31 Jan 2014 31 Jan 2013
------------------------------------------ ----- ------------------------ ------------------------
Note GBP GBP
------------------------------------------ ----- ------------------------ ------------------------
Revenue 21,019,596 18,778,427
------------------------------------------ ----- ------------------------ ------------------------
Cost of sales (11,818,044) (10,576,493)
------------------------------------------ ----- ------------------------ ------------------------
Gross profit 9,201,552 8,201,934
------------------------------------------ ----- ------------------------ ------------------------
Other operating income 2 18,060 20,790
------------------------------------------ ----- ------------------------ ------------------------
Administrative expenses (8,231,788) (7,970,906)
------------------------------------------ ----- ------------------------ ------------------------
Operating profit 987,824 251,818
========================================== ===== ======================== ========================
Analysed as:
------------------------------------------ ----- ------------------------ ------------------------
EBITDA 1,368,459 652,544
------------------------------------------ ----- ------------------------ ------------------------
Impairment,depreciation and amortisation 3 (380,635) (400,726)
------------------------------------------ ----- ------------------------ ------------------------
Operating profit 987,824 251,818
========================================== ===== ======================== ========================
Finance income 6 2,116 2,419
------------------------------------------ ----- ------------------------ ------------------------
Finance expenses 6 (16,111) (17,723)
------------------------------------------ ----- ------------------------ ------------------------
Net finance expense (13,995) (15,304)
------------------------------------------ ----- ------------------------ ------------------------
Share of profit of equity accounted
investees (net of tax) 10,960 14,350
------------------------------------------ ----- ------------------------ ------------------------
Profit before income tax 984,789 250,864
------------------------------------------ ----- ------------------------ ------------------------
Income tax expense 7 (164,241) (72,388)
------------------------------------------ ----- ------------------------ ------------------------
Total recognised income for the period 820,548 178,476
------------------------------------------ ----- ------------------------ ------------------------
Attributable to:
------------------------------------------ ----- ------------------------ ------------------------
Equity holders of the Company 820,548 178,476
------------------------------------------ ----- ------------------------ ------------------------
Basic profit per ordinary share 1.419p 0.309p
------------------------------------------ ----- ------------------------ ------------------------
Diluted profit per ordinary share 1.419p 0.309p
------------------------------------------ ----- ------------------------ ------------------------
Balance Sheets
At 31 January 2014
--------------------
Group Group Company Company
-------------------------------- ----- ----------- ----------- ----------- -----------
Note 2014 2013 2014 2013
-------------------------------- ----- ----------- ----------- ----------- -----------
ASSETS GBP GBP GBP GBP
-------------------------------- ----- ----------- ----------- ----------- -----------
Non Current Assets
-------------------------------- ----- ----------- ----------- ----------- -----------
Property, plant and equipment 9 4,170,059 4,280,137 - -
-------------------------------- ----- ----------- ----------- ----------- -----------
Intangible assets - goodwill
and related Acquisition
intangibles 10 7,486,684 7,521,364 - -
-------------------------------- ----- ----------- ----------- ----------- -----------
Investment in equity accounted
investees 11 90,960 94,350 - -
-------------------------------- ----- ----------- ----------- ----------- -----------
Investments in Subsidiaries 12 - - 11,700,000 11,700,000
-------------------------------- ----- ----------- ----------- ----------- -----------
Total Non Current Assets 11,747,703 11,895,851 11,700,000 11,700,000
-------------------------------- ----- ----------- ----------- ----------- -----------
Current Assets
-------------------------------- ----- ----------- ----------- ----------- -----------
Inventories 14 691,569 507,420 - -
-------------------------------- ----- ----------- ----------- ----------- -----------
Trade and other receivables 15 354,085 289,738 72,632 66,686
-------------------------------- ----- ----------- ----------- ----------- -----------
Cash and cash equivalents 1,428,216 850,677 4,445 -
-------------------------------- ----- ----------- ----------- ----------- -----------
Total Current Assets 2,473,870 1,647,835 77,077 66,686
-------------------------------- ----- ----------- ----------- ----------- -----------
Total Assets 14,221,573 13,543,686 11,777,077 11,766,686
-------------------------------- ----- ----------- ----------- ----------- -----------
SHAREHOLDERS' EQUITY
-------------------------------- ----- ----------- ----------- ----------- -----------
Share capital 18 2,890,940 2,890,940 2,890,940 2,890,940
-------------------------------- ----- ----------- ----------- ----------- -----------
Share premium 18 6,317,618 6,317,618 6,317,618 6,317,618
-------------------------------- ----- ----------- ----------- ----------- -----------
Reverse acquisition reserve 18 446,563 446,563 - -
-------------------------------- ----- ----------- ----------- ----------- -----------
Merger Reserve 18 - - 508,146 508,146
-------------------------------- ----- ----------- ----------- ----------- -----------
Retained earnings 18 1,119,348 466,476 394,155 (10,671)
-------------------------------- ----- ----------- ----------- ----------- -----------
Total Shareholders' Equity 10,774,469 10,121,597 10,110,859 9,706,033
-------------------------------- ----- ----------- ----------- ----------- -----------
LIABILITIES
-------------------------------- ----- ----------- ----------- ----------- -----------
Non Current Liabilities
-------------------------------- ----- ----------- ----------- ----------- -----------
Other payables 16 229,801 259,212 - -
-------------------------------- ----- ----------- ----------- ----------- -----------
Interest bearing loans and
borrowings 19 270,000 - - -
-------------------------------- ----- ----------- ----------- ----------- -----------
Deferred tax liabilities 13 398,855 457,218 - -
-------------------------------- ----- ----------- ----------- ----------- -----------
Total Non Current Liabilities 898,656 716,430 - -
-------------------------------- ----- ----------- ----------- ----------- -----------
Current Liabilities
-------------------------------- ----- ----------- ----------- ----------- -----------
Trade and other payables 16 2,368,448 1,865,659 1,666,218 2,060,653
-------------------------------- ----- ----------- ----------- ----------- -----------
Interest bearing loans and
borrowings 19 180,000 840,000 - -
-------------------------------- ----- ----------- ----------- ----------- -----------
Total Current Liabilities 2,548,448 2,705,659 1,666,218 2,060,653
-------------------------------- ----- ----------- ----------- ----------- -----------
Total Liabilities 3,447,104 3,422,089 1,666,218 2,060,653
-------------------------------- ----- ----------- ----------- ----------- -----------
Total Equity and Liabilities 14,221,573 13,543,686 11,777,077 11,766,686
-------------------------------- ----- ----------- ----------- ----------- -----------
CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDERS' EQUITY
-----------------------------------------------------------------------------------------------------
Reverse
Acquisition 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 - - - 178,476 178,476
--------------------------- -------------- -------------- ------------- ---------- -------------
Balance at 31 January
2013 2,890,940 6,317,618 446,563 466,476 10,121,597
--------------------------- -------------- -------------- ------------- ---------- -------------
Balance at 1 February
2013 2,890,940 6,317,618 446,563 466,476 10,121,597
--------------------------- -------------- -------------- ------------- ---------- -------------
Profit for the period - - - 820,548 820,548
--------------------------- -------------- -------------- ------------- ---------- -------------
Dividend on Equity Shares - - - (167,676) (167,676)
--------------------------- -------------- -------------- ------------- ---------- -------------
Balance at 31 January
2014 2,890,940 6,317,618 446,563 1,119,348 10,774,469
--------------------------- -------------- -------------- ------------- ---------- -------------
Cash Flow Statements
For the period ended 31 January 2014
Group Group Company Company
----------------------------------------- ------------ ------------ ------------ ------------
Year Year Year Year
Ended Ended ended ended
----------------------------------------- ------------ ------------ ------------ ------------
31 January 31 January 31 January 31 January
2014 2013 2014 2013
----------------------------------------- ------------ ------------ ------------ ------------
Cash flows from operating activities GBP GBP GBP GBP
----------------------------------------- ------------ ------------ ------------ ------------
Profit/(Loss)for the period 820,548 178,476 404,826 (204,050)
----------------------------------------- ------------ ------------ ------------ ------------
Adjustments for:
----------------------------------------- ------------ ------------ ------------ ------------
Depreciation and amortization 379,748 390,913 - -
----------------------------------------- ------------ ------------ ------------ ------------
Loss on sale of property, plant
and equipment 914 9,813 - -
----------------------------------------- ------------ ------------ ------------ ------------
Net financial charges 13,995 15,304 - -
----------------------------------------- ------------ ------------ ------------ ------------
Share of profit of equity accounted
investees (net of tax) (10,960) (14,350) - -
----------------------------------------- ------------ ------------ ------------ ------------
Taxation 164,241 72,388 (71,521) (65,619)
----------------------------------------- ------------ ------------ ------------ ------------
Operating cashflow before movements
in working capital 1,368,486 652,544 333,305 (269,669)
----------------------------------------- ------------ ------------ ------------ ------------
Movement in trade and other receivables (37,309) 16,806 (43) (46)
----------------------------------------- ------------ ------------ ------------ ------------
Movement in trade and other payables 304,857 (205,033) 836 4,123
----------------------------------------- ------------ ------------ ------------ ------------
Movement in inventories (184,189) 3,088 - -
----------------------------------------- ------------ ------------ ------------ ------------
Tax Paid (81,080) (45,000) - -
----------------------------------------- ------------ ------------ ------------ ------------
Net cash generated/(used in) from
operating activities 1,370,765 422,405 334,098 (265,592)
----------------------------------------- ------------ ------------ ------------ ------------
Cash flows from investing activities
----------------------------------------- ------------ ------------ ------------ ------------
Purchase of property, plant and
equipment (247,338) (186,572) - -
----------------------------------------- ------------ ------------ ------------ ------------
Proceeds from sale of property,
plant & equipment 11,433 12,208 - -
----------------------------------------- ------------ ------------ ------------ ------------
Received from equity accounted
investees 14,350 14,845 - -
----------------------------------------- ------------ ------------ ------------ ------------
Interest received 2,116 2,419 - -
----------------------------------------- ------------ ------------ ------------ ------------
Interest paid (16,111) (17,723) - -
----------------------------------------- ------------ ------------ ------------ ------------
Dividend paid (167,676) - (167,676) -
----------------------------------------- ------------ ------------ ------------ ------------
Net cash (used in) investing activities (403,226) (174,823) (167,676) -
----------------------------------------- ------------ ------------ ------------ ------------
Cash flows from financing activities
----------------------------------------- ------------ ------------ ------------ ------------
Repayment of loans (390,000) - - -
----------------------------------------- ------------ ------------ ------------ ------------
Movements in amounts owed by group
companies - - (161,977) 265,592
----------------------------------------- ------------ ------------ ------------ ------------
Net cash (used in)/ generated from
financing activities (390,000) - (161,977) 265,592
----------------------------------------- ------------ ------------ ------------ ------------
Net change in cash and cash equivalents 577,539 247,582 4,445 -
----------------------------------------- ------------ ------------ ------------ ------------
Cash and cash equivalents at start
of period 850,677 603,095 - -
----------------------------------------- ------------ ------------ ------------ ------------
Cash and cash equivalents at end
of period 1,428,216 850,677 4,445 -
----------------------------------------- ------------ ------------ ------------ ------------
1. BASIS OF PREPARATION
The financial information set out above for the years ended 31
January 2014 and 2013 ("the financial information"), has been
prepared with consistent accounting policies and in accordance with
the International Financial Reporting Standards ("IFRS") as adopted
by the European Union ("EU") and as effective at 31 January
2014.
The financial information set out above does not constitute the
Company's consolidated statutory accounts for the periods ended 31
January 2014 or 31 January 2013 but is derived from those accounts.
Statutory accounts for the period ended 31 January 2013 have been
delivered to the Registrar of Companies, and those for the period
ended 31 January 2014 will be delivered following the Company's
Annual General Meeting. The auditors, KPMG Audit Plc, have reported
on those accounts; their reports were unqualified and did not
contain statements under section 498(2) or (3) of the Companies Act
2006 or equivalent preceding legislation.
2. 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 year of
57,818,801 (31/1/13: 57,818,801).
Diluted EPS is calculated by dividing the profit for the year
attributable to 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).
The calculation of the basic and diluted earnings per share is
based on the following data:
2014 2013
-------------------------- -------- --------
GBP GBP
-------------------------- -------- --------
Earnings attributable to
shareholders 820,548 178,476
-------------------------- -------- --------
3. AGM AND DISPATCH OF ACCOUNTS
ANNUAL REPORT
The Annual Report will be posted to shareholders on 16(th) May,
2014 and will also be available from the Company's website at
www.crawshawgroupplc.com on 9(th) May, 2014.
ANNUAL GENERAL MEETING
The Annual General Meeting will be held at Bradmarsh Business
Park, Bow Bridge Close, Rotherham S60 1BY on 26 June 2014 at 12
noon.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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