TIDMCRAW
RNS Number : 0620T
Crawshaw Group PLC
30 September 2014
The following amendments have been made to the 'Half Yearly
Report' announcement released on 30 September 2014 at 7.00am under
RNS No 9121S.
Condensed Consolidated Income Statement - the middle column
heading has been changed from "Audited 6 months 31.1.14" to
"Audited 12 months 31.1.14".
Condensed Consolidated statement of cash flows - the net cash
(used in)/generated from financing activities for 31.7.14 has been
changed from "GBP8,497" to "GBP8,548,497".
All other details remain unchanged.
The full amended text is shown below.
CRAWSHAWGROUP PLC
Interim Results
6 months to 31 July 2014
CHAIRMAN'S STATEMENT
Highlights
* Like for Like (LFL) sales up 12% in the 6 months to
the end of July (2013: +5%). Overall sales have
increased to GBP11.8m (2013: GBP9.8m).
* Gross profit increased 21% to GBP5.2m (2013:
GBP4.3m). Gross margin up at 44.1% (2013: 43.9%).
* EBITDA significantly improved at GBP0.9m (2013:
GBP0.5m).
* PBT more than doubled at GBP0.7m (2013: GBP0.3m)
* Earnings per share up to 0.874p (2013: 0.473p)
As I reported at the end of June trading remains strong and this
performance continues to be widely spread across our store
portfolio. LFL sales are up 12% in the half year to 31(st) July,
2014 as compared to the same period the previous year (2013: 5%).
In addition, total sales for the first half have increased to
GBP11.8m (2013: GBP9.8m), with GBP0.5m generated from new stores
and more than GBP0.2m from our premium sector shop acquired in
May.
Gross profit has increased by 21% to GBP5.2m (2013: GBP4.3m) and
I am encouraged that there have been further improvements in the
gross margin percentage to 44.1% (2013: 43.9%) in the 6 months to
31(st) July.
Whilst actual overhead expenditure has increased year over year
to GBP4.5m (2013: GBP4.0m), this is directly related to the growth
in LFL and non LFL sales via new stores. As a percentage of total
sales overhead expenditure has fallen to 38.3% (2013: 40.9%).
EBITDA increased to GBP0.9m (2013: GBP0.5m) and profit before
tax more than doubled to GBP0.7m (2013: GBP0.3m). Earnings per
share rose to 0.874p (2013: 0.473p).
In the 6 months to 31(st) July 2014 the cash generated from
operating activities after movements in working capital was GBP1.0m
(2013: GBP0.5m). The funds generated have been spent on the
purchase of East Yorkshire Beef Ltd GBP0.25m, operational capital
expenditure of GBP0.4m (including the fit out of out of our new
store in Sheffield and charges associated with the fit out of our
new head office/factory location) added to the payment of our
dividend GBP0.25m and a partial mortgage repayment of GBP0.1m.
Towards the end of the period we completed a share placing,
generating net cash of GBP8.6m. Our cash balance at the end of July
2014 was GBP10.1m. Just after the balance sheet date, in order to
maximise cash returns, our outstanding mortgage balance of GBP0.36m
was repaid. The business is now trading debt free.
Looking towards the second half of the year our core business is
performing in line with expectations with like for like sales for
the first 8 weeks of the second half are up 5% and gross margin
higher than our first half performance. In July 2014 we closed our
small market site in Sheffield now that our high street store,
almost opposite, is trading well and we expect to open our new
factory shop in Hellaby at the beginning of November, being
slightly behind our original timetable. The Board are very excited
about our accelerated store opening programme and we are starting
to build our resource and capability so that we are in a position
to deliver opportunities through 2015.
We are delighted to announce an interim dividend, of 0.10p per
share, (2013: 0.09p). The Board believes the strength of
performance of the core business, in isolation, warrants an
increase in the dividend without utilising the monies raised for
expansion. The dividend will be paid on 31st October, 2014 to
shareholders on the register on 10(th) October, 2014. The
ex-dividend date will be 9th October, 2014.
Richard Rose
Chairman
30 September, 2014
Enquiries:
Crawshaw Group plc 01709 369 602
Lynda Sherratt
W H Ireland Limited
Katy Mitchell 0161 832 2174
Condensed Consolidated Income Statement
For the six months ended 31 July 2014
Unaudited Audited Unaudited
6 Months 12 months 6 Months
31.7.14 31.1.14 31.7.13
Notes GBP GBP GBP
Revenue 2 11,836,248 21,019,596 9,806,342
Cost of sales (6,639,492) (11,818,044) (5,503,013)
-------------------------------- ------ ------------ ------------- ------------
Gross profit 5,196,756 9,201,552 4,303,329
Other operating income 10,253 18,060 9,350
Administrative expenses (4,536,487) (8,231,788) (4,009,089)
-------------------------------- ------ ------------ ------------- ------------
Operating Profit 670,522 987,824 303,590
Analysed as:
EBITDA 874,303 1,368,459 488,776
Impairment,depreciation and
amortisation (203,781) (380,635) (185,186)
Operating profit 670,522 987,824 303,590
-------------------------------- ------ ------------ ------------- ------------
Finance income 4,368 2,116 293
Finance expense (6,233) (16,111) (8,362)
Net Finance Expense (1,865) (13,995) (8,069)
Share of profit/(loss)of
equity accounted investees
(net of tax) 5,000 10,960 3,750
-------------------------------- ------ ------------ ------------- ------------
Profit before income tax 673,657 984,789 299,271
Income tax credit/(expense) 3 (165,747) (164,241) (25,894)
Total recognised income for
the period 5 507,910 820,548 273,377
-------------------------------- ------ ------------ ------------- ------------
Attributable to:
Equity holders of the Company 507,910 820,548 273,377
Basic earnings per ordinary
share 4 0.874p 1.419p 0.473p
Diluted earnings per ordinary
share 4 0.874p 1.419p 0.473p
Condensed Consolidated Balance Sheet
As at 31 July 2014
Unaudited Audited Unaudited
31.7.14 31.1.14 31.7.13
Notes GBP GBP GBP
Property, plant and equipment 4,424,423 4,170,059 4,172,763
Intangible assets - goodwill
and related
acquisition intangibles 7,646,645 7,486,684 7,504,024
Investment in equity
accounted
investees 95,960 90,960 98,100
------------------------------ --------- --------------- --------------- -----------------
Total Non Current Assets 12,167,028 11,747,703 11,774,887
Inventories 661,100 691,569 541,500
Trade and other receivables 335,482 354,085 226,604
Cash and cash equivalents 10,112,488 1,428,216 878,946
------------------------------ --------- --------------- --------------- -----------------
Total Current Assets 11,109,070 2,473,870 1,647,050
------------------------------ --------- --------------- --------------- -----------------
Total Assets 23,276,098 14,221,573 13,421,937
------------------------------ --------- --------------- --------------- -----------------
Share capital 6 3,940,940 2,890,940 2,890,940
Share premium 13,906,115 6,317,618 6,317,618
Reverse acquisition reserve 446,563 446,563 446,563
Retained earnings 1,378,637 1,119,348 624,215
------------------------------ --------- --------------- --------------- -----------------
Total Shareholders' Equity 5 19,672,255 10,774,469 10,279,336
Other payables 228,689 229,801 239,475
Deferred tax liabilities 459,287 398,855 410,313
Interest bearing loans and
borrowings 180,000 270,000 360,000
------------------------------ --------- --------------- --------------- -----------------
Total Non Current Liabilities 867,976 898,656 1,009,788
Trade and other payables 2,555,867 2,368,448 1,952,813
Interest bearing loans and
borrowings 180,000 180,000 180,000
------------------------------ --------- --------------- --------------- -----------------
Total Current Liabilities 2,735,867 2,548,448 2,132,813
Total Liabilities 3,603,843 3,447,104 3,142,601
------------------------------ --------- --------------- --------------- -----------------
Total Equity and Liabilities 23,276,098 14,221,573 13,421,937
------------------------------ --------- --------------- --------------- -----------------
Condensed Consolidated statement of changes in shareholders' equity
For the six months ended 31 July 2014
Rev Acq Retained
Share Capital Share Premium Reserve Earnings Total Equity
GBP GBP GBP GBP GBP
---------------- --------------- --------------- --------- ---------- -------------
Balance at 1
February
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
---------------- --------------- --------------- --------- ---------- -------------
Profit for the
period - - - 547,171 547,171
Dividend on
Equity
Shares - - - (52,038) (52,038)
Balance at 31
January
2014 2,890,940 6,317,618 446,563 1,119,348 10,774,469
---------------- --------------- --------------- --------- ---------- -------------
Profit for the
period - - - 507,910 507,910
Dividend on
Equity
Shares - - - (248,621) (248,621)
Share Placing
20,999,994
5p shares 1,050,000 7,588,497 - - 8,638,497
---------------- --------------- --------------- --------- ---------- -------------
Balance at 31
July
2014 3,940,940 13,906,115 446,563 1,378,637 19,672,255
---------------- --------------- --------------- --------- ---------- -------------
Condensed Consolidated statement of cash flows
For the six months ended 31 July 2014
Unaudited Audited Unaudited
6 Months 12 Months 6 Months
31.7.14 31.1.14 31.7.13
Cash flows from operating activities GBP GBP GBP
Profit for the period 507,910 820,548 273,377
Adjustments for:
Depreciation and amortization 199,959 379,748 185,186
Loss on sale of property, plant and
equipment 3,803 914 1,012
Net financial charges 1,865 13,995 8,087
Share of (profit) of equity accounted
investees (net of tax) (5,000) (10,960) (3,750)
Taxation 165,747 164,241 25,894
------------------------------------------- ----------- ----------- ----------
Operating cash flow before movements
in working capital 874,284 1,368,486 489,806
------------------------------------------- ----------- ----------- ----------
Movement in trade and other receivables 17,953 (37,309) 63,134
Movement in trade and other payables 51,405 304,857 (5,378)
Movement in inventories 45,780 (184,189) (34,080)
Tax Paid 27,011 (81,080) -
------------------------------------------- ----------- ----------- ----------
Net cash (used in)/ generated from
operating activities 1,016,433 1,370,765 513,482
------------------------------------------- ----------- ----------- ----------
Cash flows from investing activities
Purchase of property, plant and
equipment (395,765) (247,338) (65,656)
Purchase of East Yorkshire Beef Ltd (246,500) - -
Cash acquired with East Yorkshire 9,129 - -
Beef Ltd
Proceeds from sale of property, plant
& equipment 3,000 11,433 4,167
Received from equity accounted investees - 14,350 -
Interest received 4,332 2,116 274
Interest paid (6,233) (16,111) (8,361)
Dividend paid (248,621) (167,676) (115,638)
------------------------------------------- ----------- ----------- ----------
Net cash (used in)/ generated by
investing activities (880,658) (403,226) (185,214)
------------------------------------------- ----------- ----------- ----------
Cash flows from financing activities
Mortgage Loan Repaid (90,000) (390,000) (300,000)
Share Placing 8,638,497 - -
------------------------------------------- ----------- ----------- ----------
Net cash (used in)/ generated from
financing activities 8,548,497 (390,000) (300,000)
------------------------------------------- ----------- ----------- ----------
Net change in cash and cash equivalents 8,684,272 577,539 28,269
Cash and cash equivalents at start
of period 1,428,216 850,677 850,677
------------------------------------------- ----------- ----------- ----------
Cash and cash equivalents at end
of period 10,112,488 1,428,216 878,946
------------------------------------------- ----------- ----------- ----------
Notes to the condensed 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 2014 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
2014 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.
Thecondensed 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 2014 is
set out on pages 12 & 13.
Thesecondensed consolidated interim financial statements were
approved by the Board of Directors on 30th September, 2014.
Significant Accounting Policies
The accounting policies applied are consistent with those of the
annual financial statements for the year ended 31 January 2014, 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 of the 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 2014.
Going Concern
The Group meets its day to day working capital requirements
through cash generated from operations. Current cash headroom is
GBP9.75m.
The Directors have reviewed 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 2014 (together referred to as the 'Group').
EBITDA
This is defined as pre tax profit before interest, taxation,
depreciation and amortization.
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 31.7.14 31.1.14 31.7.13
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 105,315 259,124 72,799
Adjustments for prior year - (36,521) -
Sub Total 105,315 222,603 72,799
Deferred tax:
Origination and reversal of timing
differences 51,565 (5,709) 12,735
Adjustments for prior year 8,867 - -
Effect of rate change - (52,653) (59,640)
Sub Total 60,432 (58,362) (46,905)
Total tax (credit)/expense 165,747 164,241 25,894
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 58,123,194 (31/1/14: 57,818,801) (31/07/13: 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 58,123,194 (31/1/14:57,818,801)
(31/7/13: 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
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
Profit for the period - - - 507,910 507,910
Dividend on Equity
Shares - - - (248,621) (248,621)
Share Placing 1,050,000 7,588,497 - - 8,638,497
Balance at 31 July
2014 3,940,940 13,906,115 446,563 1,378,637 19,672,255
6. SHARE CAPITAL 31.7.14 31.1.14 31.7.13
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
78,818,795 ordinary shares of 5p each 3,940,940 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 ended 31 July 2014 which comprises the Condensed
Consolidated Statement of Comprehensive Income, Condensed
Consolidated Balance Sheet, Condensed Consolidated Statement of
Changes in Shareholders' Equity, Condensed Consolidated Cash Flow
Statement and 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 no other 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 issubstantially 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 might be 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 ended 31 July 2014 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 LLP
Chartered Accountants
1 The Embankment
Neville Street
Leeds
LS1 4DW
30th September, 2014
Directors and Advisors
Directors
R S Rose
K P Boyd
L J Sherratt
C B Crawshaw
M Naughton-Rumbo
Company Secretary
L J Sherratt
Company Number
04755803
Registered Office
Unit 16
Bradmarsh Business Park
Bow Bridge Close
Rotherham
South Yorkshire
S60 1BY
Auditors
KPMG LLP
1 The Embankment
Neville Street
Leeds
LS1 4DW
Bankers
Royal Bank of Scotland plc
Yorkshire Corporate Banking
3rd Floor
2 Whitehall Quay
Leeds
LS1 4HR
Nominated Adviser and Broker
W H Ireland Limited
11 St James Square
Manchester
M2 6WH
Registrars and Receiving Agents
Capita Registrars
The Registry
34 Beckenham Road
Beckenham
Kent
BR3 4TU
Solicitors
Atticus Legal
Castlefield House
Liverpool Road
Castlefield
Manchester
M3 4SB
This information is provided by RNS
The company news service from the London Stock Exchange
END
IR LMMATMBBJBJI
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