Hydro International PLC Final Results -8-
March 03 2015 - 2:01AM
UK Regulatory
------------------------------------- -------- -------------
812 405
Deferred tax:
Origination and reversal of
timing differences (80) 257
Adjustment in respect of prior
years 14 (7)
Effect of changes in tax rate - (16)
------------------------------------- -------- -------------
Tax on profits on ordinary
activities 746 639
------------------------------------- -------- -------------
Factors affecting tax charge for the year
The standard rate of tax for the year, based on the Group's
standard rate of corporation tax, is 21.49% (2013: 23.25%). The
actual tax charge for the current and previous year is more than
the standard rate for the reasons set out in the following
reconciliation.
2014 2013
GBP000 GBP000
--------------------------------------- -------- --------
Profit on ordinary activities
before taxation 1,725 1,401
Tax on profit on ordinary activities
at standard rate 371 326
Effects of:
Expenses not deductible for
taxation purposes (12) (37)
Research and development tax
credits (58) (4)
Adjustments in respect of overseas
taxes 453 360
Adjustments in respect of prior
years (12) (79)
Adjustments in respect of losses (23) 110
Other adjustments 27 (37)
Total tax 746 639
--------------------------------------- -------- --------
Factors that may affect the future tax charge
A deferred tax asset has not been recognised in respect of
timing differences relating to certain trading and capital losses
within the Group. The total gross amount of tax losses in respect
of which no asset has been recognised is GBP685,000 (2013:
GBP882,000); the related tax would be recovered if sufficient
taxable profits arise in future periods in the appropriate
companies in an appropriate time frame. The change in value for the
year reflects the recognition of previously unrecognised trading
losses and the utilisation of previously unrecognised US state tax
losses.
6. Earnings per ordinary share
The calculation of earnings per share for each year is based on
the profit after taxation for the year, divided by the weighted
average number of shares in issue in the relevant year. The number
of shares used in the calculation is as follows:
2014 2013
------------------------------- -------------- --------------
Weighted average number of
shares 14,400,267 14,376,602
------------------------------- -------------- --------------
The diluted earnings per share for each year is calculated after
the inclusion of share options, as per below:
2014 2013
Weighted average number of
shares 14,400,267 14,376,602
Options over shares 461,708 425,968
Diluted weighted average of
shares 14,861,975 14,802,570
----------------------------- ----------- -----------
Excluded from this calculation were share options in respect of
the SAYE scheme, because they were anti-dilutive for the current
period.
Adjusted earnings per share
2014 2013
-------------------------------- -------- --------
Adjusted earnings per share 7.40p 6.01p
Adjusted diluted earnings per 7.18p 5.84p
share
-------------------------------- -------- --------
Adjusted earnings exclude amortisation of acquisition related
intangible assets and the related corporation tax effect.
Reconciliation of profit after tax to adjusted profit after
tax
2014 2013
GBP000 GBP000 GBP000 GBP000
-------------------------------------- ------- ------- ------- -------
Profit after tax per accounts 979 762
Amortisation of acquired intangibles 141 165
Related tax effect (54) (63)
-------------------------------------- ------- ------- ------- -------
87 102
-------------------------------------- ------- ------- ------- -------
Adjusted profit after tax 1,066 864
-------------------------------------- ------- ------- ------- -------
7. Going concern
The Group's business activities, together with the main trends
and factors likely to affect its future development, performance
and position, and the financial position of the Group, its cash
flows, liquidity position and borrowing facilities, are set out
herein.
Whilst the Group has considerable financial resources, the
current economic conditions create uncertainty particularly over
(a) the level of demand for the Group's products; (b) the exchange
rate between Sterling and the Euro and Swedish Kronor and the
consequent impact on the cost of the Group's imports of products
sold through its UK businesses; and (c) the exchange rate between
Sterling and the US Dollar and the consequence for the value of
external borrowings denominated in that currency and the associated
cost of servicing that debt.
The Group's forecasts and projections, taking account of
reasonably possible changes in trading performance, show that the
Group should be able to operate within the level of its current
financial facilities.
After making enquiries, the Directors have concluded that the
Company and the Group have adequate resources to continue in
operational existence for the foreseeable future. Accordingly, they
continue to adopt the going concern basis in preparing the Annual
Report and Accounts and this Preliminary Announcement.
This information is provided by RNS
The company news service from the London Stock Exchange
END
FR EAXDAEAKSEFF
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