TIDMPMP
RNS Number : 5561W
Portmeirion Group PLC
02 August 2018
2 August 2018
PORTMEIRION GROUP PLC
('Portmeirion' or 'the Group')
Interim results for the six months ended 30 June 2018
Portmeirion Group is pleased to announce its performance for the
six months ended 30 June 2018.
Highlights
-- Revenue of GBP36.9 million up by 11.4% on the comparative period (2017: GBP33.1 million).
-- Profit before tax up by 29.1% to GBP2.1 million (2017: GBP1.6 million).
-- EBITDA up by 13.9% to GBP3.1 million (2017: GBP2.7 million).
-- Earnings per share increased by 27.6% to 15.24p (2017: 11.94p).
-- Interim dividend increased by 8.1% to 8.00p per share (2017: 7.40p per share).
-- Net debt reduced by GBP0.4 million to GBP1.3 million (30 June 2017: GBP1.7 million).
-- Good progress on growth and diversification in export markets.
-- Home fragrance division (acquired 2016) delivers sales growth of 14.1%.
-- Online sales growth of 13.5%.
-- Successful new product launches including Sara Miller London
Portmeirion and line extensions in Portmeirion Botanic Garden and
Royal Worcester Wrendale Designs.
Dick Steele, Non-executive Chairman, commented:
"We are delighted with our strong first half trading
performance, which benefits from new product launches and further
diversification into new markets. Our strategy continues to deliver
revenue and profit growth and we remain confident in our ability to
meet full year market expectations."
This announcement contains inside information for the purposes
of Article 7 of Regulation (EU) 596/2014 (MAR).
Enquiries:
Portmeirion Group PLC:
Dick Steele, +44 (0) 1782 steele_clan@msn.com
Non-executive Chairman 744721
Mike Raybould, +44 (0) 1782 mraybould@portmeiriongroup.com
Group Finance Director 744721
Hudson Sandler:
Dan de Belder +44 (0) 207 796 ddebelder@hudsonsandler.com
Nick Moore 4133 nmoore@hudsonsandler.com
Panmure Gordon:
(Nominated Adviser and +44 (0) 207 886
Broker) 2500
Freddy Crossley / Ryan Corporate Finance
McCarthy
James Stearns Corporate Broking
Cantor Fitzgerald Europe:
+44 (0) 207 894
(Joint Broker) 7000
Catherine Leftley / Marc Corporate Finance
Milmo
Caspar Shand Kydd Sales
Interim Review
Portmeirion Group is pleased to announce a positive trading
performance for the first six months of 2018. As reported in our
trading statement issued on 12 July 2018, total Group sales are up
11% for the six months ended 30 June 2018 compared to the same
period last year. On a constant currency basis, total Group sales
are 15% up on last year.
The continued trading seasonality within the business means that
the Group makes a disproportionate amount of profit in the second
half and we expect this to be the same again in 2018. We are
delighted with the progress that the business has made against our
objectives and remain confident of meeting expectations for the
full year for both revenue and profit.
Financial highlights
Revenue was GBP36.9 million for the first six months of the
year, an increase of 11.4% over the previous year (2017: GBP33.1
million). At a constant US dollar exchange rate our revenue
increased by 15.0%.
Profit before taxation was GBP2.1 million, an increase of GBP0.5
million or 29.1% on the previous year. Earnings before interest,
taxation, depreciation and amortisation (EBITDA) increased by 13.9%
to GBP3.1 million for the first half year (2017: GBP2.7
million).
Basic earnings per share has increased by 27.6% to 15.24p per
share (2017: 11.94p).
Dividend
The Board is declaring an interim dividend of 8.00p per share
(2017: 7.40p per share), an increase of 8.1% (2017: 5.7% increase),
which is in line with the increase in the final dividend for the
prior year. The interim dividend will be paid on 1 October 2018.
The ex-dividend date will be 6 September 2018 with a record date of
7 September 2018.
The Board is committed to a progressive dividend policy and aims
to maintain a sustainable and appropriate level of dividend cover.
Our policy is to increase the interim dividend each year by the
same percentage as the final dividend of the preceding year,
subject to prevailing conditions. The Group will look to increase
our dividends whenever appropriate driven by our results, cash
balances, future prospects and other investment requirements. The
final dividend will be determined when we know the results for
2018.
The cover for dividends paid and proposed for 2017 was 1.85
times. We remain of the view that a dividend cover level of
approximately 2.0 times is in the long-term interests of the Group
and shareholders; subject to our full year performance and our
views on future prospects we will look to rebuild the level of
cover over time.
Corporate governance
As an AIM-listed company, the Directors recognise the importance
of good corporate governance and have chosen to apply the Quoted
Companies Alliance Corporate Governance Code (the 'QCA Code').
Revised AIM rules implemented earlier this year require that,
with effect from 28 September 2018, an AIM company must report on
its website how it complies with a recognised corporate governance
code. To see how the Company addresses the key governance
principles defined in the QCA Code please refer to our website at
http://investor.portmeiriongroup.com/.
The Directors anticipate that whilst the Company will continue
to apply the QCA Code, it will also endeavour to have regard to the
provisions of the UK Corporate Governance Code as best practice
guidance to the extent appropriate for a company of our size and
nature.
Operational overview
Revenue for the first six months of 2018 increased by 11.4% to
GBP36.9 million (2017: GBP33.1 million). The Group benefited from
growth across all of our operational segments.
Geographical performance
The UK has become the Group's largest market following the
acquisition of Wax Lyrical in 2016. The UK accounted for 34% of
total Group revenue in 2017. For the first six months of 2018
revenue from the UK grew by 8.5% to GBP12.4 million (2017: GBP11.4
million). The UK retail sector remains uncertain due to the ongoing
Brexit negotiations and well-documented challenges on the high
street. Despite this our retail channel and e-commerce sales
continue to grow driven by new product launches.
Our second largest market, the United States, has had a strong
start to 2018, delivering revenue growth of 28.5% in local currency
over prior year. When translated into sterling this growth was
17.7% to GBP8.3 million (2017: GBP7.0 million). The retail
environment in the United States continues to change rapidly with
sales moving from traditional retail channels to online. We remain
confident about prospects in the second half, driven by our ongoing
development of the popular Spode Christmas Tree range.
Sales into South Korea fell by 23.3% in the first half to GBP2.8
million (2017: GBP3.7 million). This market remains under focus and
we are working closely with our exclusive distributor on expanding
our product portfolio and targeting new customers. We are confident
of a recovery in this market and expect second half sales to be in
line with prior year for this market.
Sales to the rest of the world showed the largest growth over
prior first half, increasing 21.8% to GBP13.4 million (2017:
GBP11.0 million). Sales into Europe continued to grow, as well as
our further penetration of Asian markets such as Taiwan and Hong
Kong.
We are pleased that our strategy of diversification across
geographical markets continues to deliver strong revenue growth for
the Group.
Segmental performance
Portmeirion UK, the main trading entity of the Group, had a
strong first half performance with a sales increase of 8.7% over
prior year to GBP22.4 million (2017: GBP20.6 million). This growth
was driven by strong export sales to Asian markets and new product
launches in the UK such as Sara Miller London Portmeirion and line
extensions within the popular Royal Worcester Wrendale Designs
collection.
Sales from Portmeirion USA increased by 27.9% in local currency,
which translated into a 17.0% increase in sterling terms to GBP8.2
million (2017: GBP7.0 million).
Sales from our home fragrance division increased by 14.1% to
GBP6.2 million for the first six months of the year (2017: GBP5.5
million). The underlying performance of the Wax Lyrical business
unit was pleasing with some new customer wins, and this was
supplemented by further home fragrance sales penetration through
our wider Portmeirion distribution channels.
Profit
Profit before tax has increased by 29.1% over the comparative
period to GBP2.1 million (2017 first half year: GBP1.6 million,
2017 full year: GBP8.8 million); earnings before interest,
taxation, depreciation and amortisation increased by 13.9% to
GBP3.1 million (2017 first half year: GBP2.7 million, 2017 full
year: GBP11.0 million).
Our first half profit is not a reliable indicator of our full
year profit. This is due to the seasonality of our revenue and the
overall importance of second half trading to the full year
result.
Balance sheet
Our net debt position at 30 June 2018 was GBP1.3 million, which
compares with net debt of GBP1.7 million at 30 June 2017 and net
cash of GBP1.6 million at 31 December 2017. It is usual for the
Group to invest in building inventory at the half year in
preparation for our strong seasonal trading in the second half. The
Group continues to generate cash from operating activities and
trades comfortably within our committed bank facilities which total
GBP18.0 million.
Our stock balances are GBP21.0 million compared to GBP18.5
million at 30 June 2017 and GBP18.1 million at 31 December 2017.
Due to the seasonal working capital needs of the business an
increase from the year end position is to be expected. The increase
over prior year is largely due to earlier build in the US to
satisfy orders in the third quarter as well as expanding our
product offering in ceramic and home fragrance.
We carry significant goodwill and intangible asset values on our
balance sheet. These balances largely relate to the Wax Lyrical
acquisition and the goodwill is reviewed annually. The intangible
assets are amortised over a range of ten and twenty years depending
on their nature.
Products and brands
We have five major brand names - Portmeirion, Spode, Wax
Lyrical, Royal Worcester and Pimpernel. Supporting our brands is
central to our business strategy and we continue investing in both
our historical patterns and key new launches.
We continue to introduce new products, launching both exciting
new ranges as well as refreshing and extending existing
collections. Our first half trading performance benefited from
strong sales of new products including the Sara Miller London
Portmeirion collection and further growth from Royal Worcester
Wrendale Designs due to product line extensions.
Pictures, descriptions, prices and availabilities of our current
patterns can be found at www.portmeirion.co.uk, www.spode.co.uk,
www.royalworcester.co.uk, www.pimpernelinternational.co.uk and
www.wax-lyrical.com. Our United States website is
www.portmeirion.com. Online purchasing is available at all these
sites.
Ongoing strategy
The Group's long term strategy is focused around five key areas:
profitable sales growth, introducing new products, investing in our
brands, enhancing our operating capabilities and supporting this
with strategic acquisitions.
Profitable sales growth underpins all of the Group's objectives
and will be achieved by targeted product development within our key
markets. The Group achieved an uplift in first half operating
margin from 5.2% to 5.7%.
New product introduction includes both new ranges and extension
of our existing patterns. During the first half of the year the
Group benefited from revenue growth in new patterns such as Sara
Miller London Portmeirion, whilst also seeing growth due to line
extensions within existing patterns such as Portmeirion Botanic
Garden and Royal Worcester Wrendale Designs.
We continue to invest in our five brands through
customer-targeted marketing in order to maintain our market
position.
Our operational capabilities are constantly reviewed in order to
position the Group to meet anticipated customer demand. We continue
to invest in and seek opportunities to improve our manufacturing
and distribution efficiency.
The Group remains committed to seeking acquisition opportunities
where there is a strategic fit and the combination would be
earnings enhancing.
Our people and teams are central to everything we do. We
continue to focus on attracting and retaining talent and developing
our people through ongoing training programmes.
Outlook
We are delighted in our first half trading performance and
remain confident in our ability to create shareholder value in the
short, medium and long term.
We have a powerful combination of brands, heritage, quality
standards, people, production facilities, logistics and designs. We
believe this is unsurpassed in our worldwide markets and we will
continue to leverage all of these assets to drive profitable
growth.
Our strategy remains unchanged.
Dick Steele Lawrence Bryan
Non-executive Chairman Chief Executive
Independent Review Report to Portmeirion Group PLC
Introduction
We have been engaged by Portmeirion Group PLC to review the
interim financial information for the six months ended 30 June
2018, which comprises the consolidated income statement, the
consolidated statement of comprehensive income, the consolidated
balance sheet, the consolidated statement of changes in equity, the
consolidated statement of cash flows and related notes 1 to 7. We
have read the other information contained in the interim statement
and considered whether it contains any apparent misstatements or
material inconsistencies with the interim financial
information.
This report is made solely to the Company in accordance with
International Standard on Review Engagements (UK and Ireland) 2410
issued by the Auditing Practices Board. Our work has been
undertaken so that we might state to the Company those matters we
are required to state to it in an independent review 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 formed.
Respective responsibilities of directors and auditors
The interim statement, including the interim financial
information contained therein, is the responsibility of, and has
been approved by, the directors. The directors are responsible for
preparing the interim statement in accordance with the AIM Rules
issued by the London Stock Exchange, which require that the interim
statement must be prepared and presented in a form consistent with
that which will be adopted in the Company's annual accounts having
regard to the accounting standards applicable to such annual
accounts.
Our responsibility is to express to the Company a conclusion on
the consolidated interim financial information in the interim
statement 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 Practices Board for use in
the United Kingdom. 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 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 consolidated interim financial
information in the interim statement does not give a true and fair
view of the financial position of the Company as at 30 June 2018
and of its financial performance and its cash flows for the six
months then ended, in accordance with the AIM Rules issued by the
London Stock Exchange.
Mazars LLP
Chartered Accountants
The Pinnacle
160 Midsummer Boulevard
Milton Keynes
MK9 1FF
1 August 2018
Notes:
(a) The maintenance and integrity of the Portmeirion Group PLC
website is the responsibility of the directors; the work carried
out by us does not involve consideration of these matters and,
accordingly, we accept no responsibility for any changes that may
have occurred to the interim statement since it was initially
presented on the website.
(b) Legislation in the United Kingdom governing the preparation
and dissemination of financial information may differ from
legislation in other jurisdictions.
Consolidated Income Statement
Unaudited
Six months Six months Year to
to 30 June to 30 June 31 December
2018 2017 2017
Notes GBP'000 GBP'000 GBP000
Revenue 2 36,896 33,134 84,769
Operating costs (34,790) (31,421) (75,687)
-------------------------------------- ------ ------------ ------------ -------------
Operating profit 2,106 1,713 9,082
Interest income 3 14 17
Finance costs 3 (123) (225) (487)
Share of results of associated
undertakings 98 112 210
Profit before tax 2,084 1,614 8,822
Tax 4 (455) (363) (1,944)
-------------------------------------- ------ ------------ ------------ -------------
Profit for the period attributable
to equity holders 1,629 1,251 6,878
-------------------------------------- ------
Earnings per share 6 15.24p 11.94p 65.07p
-------------------------------------- ------ ------------ ------------ -------------
Diluted earnings per share 6 15.19p 11.86p 64.79p
-------------------------------------- ------ ------------ ------------ -------------
Dividends paid and proposed per
share 5 8.00p 7.40p 34.66p
-------------------------------------- ------ ------------ ------------ -------------
All the above figures relate to continuing operations.
Consolidated Statement of Comprehensive Income
Unaudited
Six months Six months Year to
to 30 June to 30 June 31 December
2018 2017 2017
GBP'000 GBP'000 GBP'000
Profit for the period 1,629 1,251 6,878
-------------------------------------------------- ------------ ------------- --------------
Items that will not be reclassified subsequently
to profit or loss:
Remeasurement of net defined benefit
pension scheme liability - - 4,428
Deferred tax relating to items that will
not be reclassified subsequently to profit
or loss - - (753)
Items that may be reclassified subsequently
to profit or loss:
Exchange differences on translation of
foreign operations 111 (364) (767)
Deferred tax relating to items that may
be reclassified subsequently to profit
or loss - - (57)
-------------------------------------------------- ------------ ------------- --------------
Other comprehensive income for the period 111 (364) 2,851
-------------------------------------------------- ------------ ------------- --------------
Total comprehensive income for the period
attributable to equity holders 1,740 887 9,729
-------------------------------------------------- ------------ ------------- --------------
Consolidated Balance Sheet
Unaudited
30 June 30 June 31 December
2018 2017 2017
GBP'000 GBP'000 GBP'000
Non-current assets
Goodwill 7,229 7,229 7,229
Intangible assets 5,891 6,283 6,058
Property, plant and equipment 9,886 10,264 10,149
Interests in associates 2,620 2,445 2,525
Deferred tax asset 240 1,387 340
Total non-current assets 25,866 27,608 26,301
--------------------------------- ----------- ----------- --------------
Current assets
Inventories 20,979 18,455 18,074
Trade and other receivables 9,051 7,786 12,431
Cash and cash equivalents 4,694 6,221 8,487
Total current assets 34,724 32,462 38,992
--------------------------------- ----------- ----------- --------------
Total assets 60,590 60,070 65,293
--------------------------------- ----------- ----------- --------------
Current liabilities
Trade and other payables (9,796) (8,319) (10,556)
Current income tax liabilities (337) (715) (475)
Borrowings (1,981) (1,961) (1,981)
Total current liabilities (12,114) (10,995) (13,012)
--------------------------------- ----------- ----------- --------------
Non-current liabilities
Pension scheme deficit (1,086) (6,617) (1,672)
Deferred tax liability (842) (921) (882)
Borrowings (3,964) (5,929) (4,955)
Total non-current liabilities (5,892) (13,467) (7,509)
--------------------------------- ----------- ----------- --------------
Total liabilities (18,006) (24,462) (20,521)
--------------------------------- ----------- ----------- --------------
Net assets 42,584 35,608 44,772
--------------------------------- ----------- ----------- --------------
Equity
Called up share capital 555 550 554
Share premium account 7,310 6,624 7,193
Investment in own shares (3,057) (2,389) (1,876)
Share-based payment reserve 196 526 550
Translation reserve 2,187 2,536 2,076
Retained earnings 35,393 27,761 36,275
--------------------------------- ----------- ----------- --------------
Total equity 42,584 35,608 44,772
--------------------------------- ----------- ----------- --------------
Consolidated Statement of Changes in Equity
Unaudited
Share-based
Share Investment payment
Share premium in own reserve Translation Retained
capital account shares GBP'000 reserve earnings Total
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
At 1 January 2017 550 6,624 (2,936) 496 2,900 29,154 36,788
------------------------ ---------- ---------- ------------- ------------ -------------- ----------- ----------
Profit for the period - - - - - 1,251 1,251
Other comprehensive
income for the period - - - - (364) - (364)
------------------------ ---------- ---------- ------------- ------------ -------------- ----------- ----------
Total comprehensive
income for the period - - - - (364) 1,251 887
Dividends paid - - - - - (2,641) (2,641)
Increase in share-based
payment reserve - - - 30 - - 30
Shares issued under
employee share schemes - - 547 - - (3) 544
At 30 June 2017 550 6,624 (2,389) 526 2,536 27,761 35,608
------------------------ ---------- ---------- ------------- ------------ -------------- ----------- ----------
Profit for the period - - - - - 5,627 5,627
Other comprehensive
income for the period - - - - (460) 3,675 3,215
------------------------ ---------- ---------- ------------- ------------ -------------- ----------- ----------
Total comprehensive
income for the period - - - - (460) 9,302 8,842
Dividends paid - - - - - (792) (792)
Increase in share-based
payment reserve - - - 36 - - 36
Transfer on exercise
or lapse of options - - - (12) - 12 -
Shares issued under
employee share schemes 4 569 547 - - (4) 1,116
Purchase of own
shares - - (34) - - - (34)
Deferred tax on
share- based payment - - - - - (4) (4)
------------------------ ---------- ---------- ------------- ------------ -------------- ----------- ----------
At 31 December 2017 554 7,193 (1,876) 550 2,076 36,275 44,772
------------------------ ---------- ---------- ------------- ------------ -------------- ----------- ----------
Profit for the period - - - - - 1,629 1,629
Other comprehensive
income for the period - - - - 111 - 111
------------------------ ---------- ---------- ------------- ------------ -------------- ----------- ----------
Total comprehensive
income for the period - - - - 111 1,629 1,740
Dividends paid - - - - - (2,914) (2,914)
Increase in share-based
payment reserve - - - 57 - - 57
Transfer on exercise
or lapse of options - - - (411) - 411 -
Shares issued under
employee share schemes 1 117 1,138 - - (6) 1,250
Purchase of own
shares - - (2,319) - - (2) (2,321)
------------------------ ---------- ---------- ------------- ------------ -------------- ----------- ----------
At 30 June 2018 555 7,310 (3,057) 196 2,187 35,393 42,584
------------------------ ---------- ---------- ------------- ------------ -------------- ----------- ----------
Consolidated Statement of Cash Flows
Unaudited
Six months Six months Year to
to 30 June to 30 June 31 December
2018 2017 2017
GBP'000 GBP'000 GBP'000
Operating profit 2,106 1,713 9,082
Adjustments for:
Depreciation of property, plant and equipment 665 671 1,329
Amortisation of intangible assets 289 302 588
Charge for share-based payments 57 30 66
Exchange loss (27) (57) (168)
Loss/(profit) on sale of tangible fixed assets 4 (5) (17)
------------------------------------------------ ------------ ------------- -------------
Operating cash flows before movements in
working capital 3,094 2,654 10,880
------------------------------------------------ ------------ ------------- -------------
Increase in inventories (2,672) (2,428) (2,243)
Decrease/(increase) in receivables 3,383 4,580 (193)
(Decrease)/increase in payables (881) (328) 1,992
------------------------------------------------ ------------ ------------- -------------
Cash generated from operations 2,924 4,478 10,436
------------------------------------------------ ------------ ------------- -------------
Contributions to defined benefit pension
scheme (600) (600) (1,200)
Interest paid (94) (110) (247)
Income taxes paid (531) (628) (2,246)
------------------------------------------------ ------------ ------------- -------------
Net cash from operating activities 1,699 3,140 6,743
------------------------------------------------ ------------ ------------- -------------
Investing activities
Interest received 3 14 17
Proceeds on disposal of property, plant and
equipment - 30 47
Purchase of property, plant and equipment (397) (372) (938)
Purchase of intangible assets (122) (19) (80)
------------------------------------------------ ------------ ------------- -------------
Net cash outflow from investing activities (516) (347) (954)
------------------------------------------------ ------------ ------------- -------------
Financing activities
Equity dividends paid (2,914) (2,641) (3,433)
Shares issued under employee share schemes 1,250 544 1,660
Purchase of own shares (2,321) - (34)
New bank loans raised - - 3,000
Repayments of borrowings (1,000) (1,000) (5,000)
------------------------------------------------ ------------ ------------- -------------
Net cash outflow from financing activities (4,985) (3,097) (3,807)
------------------------------------------------ ------------ ------------- -------------
Net (decrease)/increase in cash and cash
equivalents (3,802) (304) 1,982
Cash and cash equivalents at beginning of
period 8,487 6,540 6,540
Effect of foreign exchange rate changes 9 (15) (35)
-------------------------------------------- -------- ------ ------
Cash and cash equivalents at end of period 4,694 6,221 8,487
-------------------------------------------- -------- ------ ------
Notes to the Interim Financial Information
1. Basis of preparation
The interim financial information has not been audited and does
not constitute statutory accounts within the meaning of Section 434
of the Companies Act 2006 but has been reviewed by the auditors in
accordance with International Standard on Review Engagements (UK
and Ireland) 2410 issued by the Auditing Practices Board. The
Group's statutory accounts for the year ended 31 December 2017,
prepared in accordance with accounting standards adopted for use in
the European Union (International Financial Reporting Standards
(IFRS)), have been delivered to the Registrar of Companies; the
report of the auditors on these accounts was unqualified and did
not contain a statement under Section 498 (2) or (3) of the
Companies Act 2006.
The interim financial information has been prepared in
accordance with IFRS on the historical cost basis, except that
derivative financial instruments are stated at their fair value.
The same accounting policies, presentation and methods of
computation are followed in the interim financial information as
were applied in the Group's last annual audited financial
statements.
2. Geographical segments
The following tables provide an analysis of the Group's revenue
by operating segment and geographical market, irrespective of the
origin of the products:
Six months Six months Year to
to 30 June to 30 June 31 December
Operating segment 2018 2017 2017
GBP'000 GBP'000 GBP'000
Portmeirion UK - ceramic 22,433 20,633 46,146
Portmeirion USA - ceramic 8,232 7,038 24,700
Home fragrance 6,231 5,463 13,923
---------------------------- ------------ ------------ -------------
36,896 33,134 84,769
---------------------------- ------------ ------------ -------------
Six months Six months Year to
to 30 June to 30 June 31 December
Geographical market 2018 2017 2017
GBP'000 GBP'000 GBP'000
United Kingdom 12,387 11,421 28,836
United States 8,294 7,047 25,156
South Korea 2,810 3,663 6,604
Rest of the World 13,405 11,003 24,173
----------------------- ------------ ------------ -------------
36,896 33,134 84,769
----------------------- ------------ ------------ -------------
3. Finance costs
Six months Six months Year to
to 30 June to 30 June 31 December
2018 2017 2017
GBP'000 GBP'000 GBP'000
Interest paid 109 138 313
Realised losses on financial derivatives - - 4
Net interest expense on pension
scheme deficit 14 87 170
------------------------------------------ ------------ ------------- --------------
123 225 487
------------------------------------------ ------------ ------------- --------------
Notes to the Interim Financial Information
Continued
4. Taxation
Tax for the interim period is charged at 21.8% (year to 31
December 2017: 22.0%) representing the best estimate of the
weighted average annual corporation tax rate expected for the full
year. Deferred tax has been calculated at a rate of 17%.
5. Dividend
A dividend of 8.00p (2017: 7.40p) per ordinary share will be
paid on 1 October 2018 to shareholders on the register on 7
September 2018.
6. Earnings per share
The earnings per share is calculated on profit after tax of
GBP1,629,000 (June 2017: GBP1,251,000; December 2017: GBP6,878,000)
and the weighted average number of ordinary shares of 10,687,894
(June 2017: 10,473,939; December 2017: 10,570,942) in issue during
the period. The share options in existence during the six months
ended 30 June 2018 have a dilutive effect. Diluted earnings per
share is calculated on earnings of GBP1,629,000 (June 2017:
GBP1,251,000; December 2017: GBP6,878,000) and the weighted average
number of ordinary shares in issue, adjusted to assume conversion
of all dilutive potential ordinary shares, of 10,726,031 (June
2017: 10,546,781; December 2017: 10,616,401).
7. Reconciliation of earnings before interest, tax, depreciation and amortisation (EBITDA)
Six months Six months Year to
to 30 June to 30 June 31 December
2018 2017 2017
GBP'000 GBP'000 GBP'000
Operating profit 2,106 1,713 9,082
Add back:
Depreciation 665 671 1,329
Amortisation 289 302 588
--------------------------------------------- ------------ ------------ -------------
Earnings before interest, tax, depreciation
and amortisation 3,060 2,686 10,999
--------------------------------------------- ------------ ------------ -------------
8. Availability of document
A copy of the interim results will shortly be available on the
Company website at www.portmeiriongroup.com.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
IR FKDDBCBKDOFK
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