Excellent Results...4 Apr 2014 09:54
04 April 2014
TANDEM GROUP PLC
PRELIMINARY RESULTS FOR THE YEAR ENDED 31 DECEMBER 2013
Chairman's statement
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Introduction
I am pleased to present the results for the year ended 31 December 2013.
Although the first half of the year was disappointing with revenues nearly 22% behind the prior period due to a prolonged period of poor weather, in the second half the Group recovered strongly with revenue more than 17% ahead of the prior year second half. I am happy to report that the strong second half performance has been carried forward into 2014.
Results
Revenue for the year ended 31 December 2013 reduced by 2% to GBP28,347,000 compared to GBP28,952,000 in the year ended 31 December 2012.
Profit before taxation and non-underlying items improved from GBP768,000 for the year ended 31 December 2012 to GBP823,000 for the year ended 31 December 2013.
The prior year profit was restated for changes to the pension accounting standard, IAS19. The impact of this was a reduction in reported 2012 profit before tax of GBP62,000 from GBP830,000 to GBP768,000.
Non-underlying items included exceptional restructuring costs of GBP142,000, a fair value adjustment for foreign currency derivative contracts which totalled GBP516,000 and GBP149,000 in respect of pension finance costs also required to be disclosed under IAS19. The Board considers that none of these charges reflect the underlying performance of the Group and accordingly have changed the presentation of the Consolidated income statement to reflect this.
Net assets increased to GBP5,640,000 at 31 December 2013 compared to GBP5,562,000 at 31 December 2012.
Further details of operational activities and a detailed segment review of performance can be found in the Strategic report.
Dividend
In accordance with our progressive dividend payment policy, we are proposing to pay a final dividend of 2.30 pence per share (year ended 31 December 2012 - 2.20 pence per share) which, when combined with the interim dividend of 1.15 pence per share (year ended 31 December 2012 - 1.10 pence per share), gives a total dividend of 3.45 pence for the year (year ended 31 December 2012 - 3.30 pence per share).
Subject to shareholder approval at the Annual General Meeting to be held on 10 June 2014, the final dividend will be paid on or around 13 June 2014 to shareholders on the share register as at 16 May 2014. The ex-dividend date will be 14 May 2014.
Pensions
The Group operates two defined benefit pension schemes. Both schemes are closed to new members and there are no active members in either scheme. In the year to 31 December 2013 GBP242,000 (year ended 31 December 2012 - GBP239,000) was paid into the schemes to reduce the actuarially calculated funding deficits and GBP69,000 (year ended 31 December 2012 - GBP75,000) was paid out in government levies and administration costs.
Property acquisition
In Februar
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