26 Jun 2012 07:00
26 June 2012
James Cropper PLC
James Cropper plc (AIM:CRPR.L) the specialist paper and advanced materials group, is pleased to announce its
Preliminary Audited Results for the year ended 31st March 2012
Financial Highlights | ||
Full year to | 31 March | 2 April |
2012 | 2011 | |
£ms | £ms | |
·; Turnover - continuing operations | 78.2 | 83.3 |
·; EBITDA (before IAS19 pension adjustment) | 3.9 | 4.7 |
·; Group profit before tax (before IAS19 pension adjustment) - note 1
| 1.6 | 1.7 |
·; Group profit before tax (after IAS19 pension adjustment) - notes 1 & 2
| 1.8 | 12.8 |
·; Total Shareholders' Equity - note 3
| 22.0 | 27.4 |
·; Earnings per share - continuing operations - diluted o Before IAS 19 curtailment adjustment o After IAS 19 curtailment adjustment (prior year only) |
9.5p N.A. |
33.3p 117.4p
|
·; Dividend per share declared | 7.9 pence | 7.9 pence |
·; Gearing (after IAS 19 pension deficit) | 30% | 6% |
Notes | ||
1. FY 2011/12 - Before redundancy provision of £0.8m | ||
2. FY 2010/11 - Curtailment of DB pension future service benefits reduced IAS 19 deficit by £10.2m. | ||
3. FY 2011/12 - IAS 19 pension deficit increased by £6.3m to £7.7m as a consequence of fall in bond yields | ||
Operational Highlights - FY 2011/12 | ||
·; Actions taken to consolidate all of TFP's US activities onto one site | ||
·; Strategic investment in capability of TFP and Speciality Papers o Capital investment - £5.9m o Expensed against revenue - £1.4m (including US consolidation costs) | ||
·; Restructuring of UK workforce to take place in FY 2012/13 - full redundancy provision of £0.8m charged in FY 2011/12; expect savings of £0.3m in FY 2012/13 and annual savings of £1.0m from FY 2013/14 onward | ||
Divisional Highlights - FY 2011/12 | ||
·; TFP turnover down 9%; operating profit £0.6m (£2.3m in FY 2010/11) | ||
·; Speciality Papers turnover down 3%; operating profit £1.4m (£0.6m in FY 2010/11) | ||
·; Converting turnover down 15%; operating profit £0.2m (£1.3m in FY 2010/11) |
Mark Cropper, Chairman, commented:
"Although the troubles in the Euro-zone economy are a particular challenge, I am confident that our competitiveness will improve over the coming year as a consequence of our specialist capabilities, products and excellent service levels coupled with our recent investments and the restructuring process".
"We are also reorganising and strengthening our commercial teams across the Group, not least in response to the significant business development opportunities available to our businesses in spite of the economic climate. Identifying and converting these opportunities are the key to our future prosperity".
James Cropper PLC | Westhouse Securities Limited |
John Denman, Group Finance Director | Richard Baty, Paul Gillam |
Tel: 01539 722002 | Tel: 0207 601 6100 |
www.cropper.com |
Summary of Results | 2012 | 2011 |
Group turnover | £000s | £000s |
Continuing operations | 78,223 | 83,264 |
The Paper Mill Shop (discontinued operation) | - | 3,609 |
78,223 | 86,873 | |
Trading profit before interest | 1,207 | 1,665 |
Depreciation | 2,675 | 3,072 |
EBITDA (before IAS 19 pension adjustment) | 3,882 | 4,737 |
Trading profit before interest | ||
Continuing operations | 1,207 | 3,361 |
The Paper Mill Shop (discontinued operation) | - | (1,696) |
1,207 | 1,665 | |
Trading activities | ||
Technical Fibre Products | 629 | 2,289 |
Speciality Papers | 1,430 | 587 |
Converting | 192 | 1,272 |
The Paper Mill Shop (discontinued operation) | - | (1,696) |
Other Group expenses | (158) | (119) |
2,093 | 2,333 | |
Director and employee bonuses | (86) | (668) |
Trading operating profit | 2,007 | 1,665 |
Redundancy provision | (800) | - |
Trading profit before interest | 1,207 | 1,665 |
Net interest | (364) | 29 |
Trading profit before tax | 843 | 1,694 |
(After future service pension contributions paid) | ||
Net IAS 19 pension adjustments to | ||
Net current service charge required | (539) | (763) |
Exceptional curtailment adjustment | - | 10,158 |
Operating profit | (539) | 9,395 |
Net interest | 667 | (3) |
Net pension adjustment before tax | 128 | 9,392 |
Overall Group after pension adjustments | ||
Operating profit | 1,468 | 11,060 |
Joint venture | - | - |
Redundancy provision | (800) | - |
Profit before interest | 668 | 11,060 |
Net interest | 303 | 26 |
Profit before Tax | 971 | 11,086 |
Profit/(loss) before Tax | ||
Continuing operations | 971 | 12,812 |
The Paper Mill Shop (discontinued operation) | - | (1,726) |
971 | 11,086 | |
Earnings/(losses) per Share - diluted | 9.5p | 117.4p |
Continuing operations after IAS 19 | ||
Dividends per Share | 7.9p | 7.9p |
Balance Sheet Summary £'000 | ||
Non-pension assets - excluding cash | 46,278 | 44,000 |
Non-pension liabilities - excluding borrowings | (11,956) | (13,841) |
34,322 | 30,159 | |
Net IAS 19 pension deficit (after deferred tax) | (5,850) | (1,039) |
28,472 | 29,120 | |
Net borrowings | (6,505) | (1,711) |
Equity shareholders' funds | 21,967 | 27,409 |
Gearing % - before IAS 19 deficit | 23 | 6 |
Gearing % - after IAS 19 deficit | 30 | 6 |
Capital Expenditure £'000 | 5,934 | 2,276 |
CHAIRMAN'S REVIEW
Against the background of a challenging economic climate, the Group has made major strategic investments in its capabilities and has announced a significant restructuring of its UK workforce during the year.
After allowing for major project expenditure and redundancy costs, profit before tax was £843,000 compared to £1,694,000 in 2010/11 (prior to the IAS 19 pension adjustment).
Profit after the IAS 19 pension adjustment but before tax was £971,000 compared to £11,086,000 in 2010/11.
Major project expenditure expensed against profit was £1,444,000. This sum included costs associated with the consolidation of Technical Fibre Products ("TFP") US activities onto one site.
A provision relating to redundancy costs of £800,000 has been recognised in the financial statements for the year ended 31 March 2012.
Group turnover relating to continuing operations for the financial year was £78,223,000, down 6% on last year. Both UK and export sales were down 6%. Exports represented 51% of turnover.
The weakening US$ had an adverse impact on the £Sterling value of TFP and Converting sales and a broadly favourable impact on Speciality Papers. The average exchange rate for the year was US$1.60/£ compared to US$1.55/£ in the previous year, a weakening of 3%.
Diluted Earnings per Share of the continuing operations, before the adjustment for IAS 19 curtailment was 9.5 pence compared to 33.3 pence in the previous year.
Dividend
The Board has decided to maintain the final dividend at 5.7 pence per share making a total dividend for the full year of 7.9 pence (7.9 pence in 2010/11).
Technical Fibre Products ("TFP")
TFP's operating profit for the year was £629,000 compared to £2,289,000 in 2010/11, with turnover down by 9% on the previous year at £11,942,000.
Early in the year it became apparent that growing concerns amongst TFP's US customers relating to resurgent recessionary pressures and Federal austerity measures were beginning to be reflected in TFP's order book. In the event, sales in the USA were down by 16% and 13% in £Sterling and US$ terms respectively. Sales to the USA accounted for 50% of TFP's turnover compared with 54% in the previous year. Sales outside of the USA were down by 2%. All sectors were adversely affected with the exception of aerospace, which grew strongly.
TFP supplies specialist metal-coated fibres and non-woven material to the aerospace, defence and electronic sectors. The primary manufacture of these materials takes place at TFP's existing US facilities in Cincinnati, OH and Stratford, CT with secondary processing at the Group's main site in Kendal, UK. In late 2011 TFP entered into a 10 year lease of a 50,000 square foot facility in Schenectady, New York State, in order to consolidate all of its US activities onto one site as the existing US manufacturing sites did not have the capacity or capability to meet the expected growing demand in a number of customer programmes which are anticipated to generate significant long term revenues.
An initial investment of US$3 million at the Schenectady facility has also been authorised. This will include the installation of two fibre plating lines.
As the first step in consolidating our US facilities, the Cincinnati facility was closed in April 2012. It will take until Autumn 2013 for the facility at Schenectady to attain accreditation to a number of important customer programmes which consume materials sourced from the Stratford facility. Once accreditation has been achieved the Stratford facility will also be closed.
James Cropper Speciality Papers ("Speciality Papers")
Speciality Papers reported an operating profit of £1,430,000 against £587,000 in the previous year.
Turnover fell by £2,003,000 to £59,591,000, a 3% decline. Overall volume was down 9%, with UK and export volumes down by 13% and 4% respectively. All sectors were lower with the exception of the Luxury & Packaging sector.
The price of pulp continued to move upward during the first four months of the financial year. Northern Bleached Softwood Kraft ("NBSK") pulp opened at US$965/tonne and peaked at US$1020/tonne in July, an increase of 60% since July 2009. By the period end the price of NBSK had fallen to US$840/tonne. Since then however it has been on a rising trend and was US$855/tonne at the end of May 2012.
The overall cost of consumption of natural gas at commodity prices was £3.9 million compared to £3.5 million in the prior year, up 11%.
James Cropper Converting ("Converting")
Converting's operating profit was £192,000 compared to £1,272,000 in the previous year.
Turnover was down 15% to £10,997,000 with volume down by 12%. Sales denominated in US$ fell by 27% and 24% in £Sterling and US$ terms respectively. Over the course of the financial year sales in US$ accounted for 30% of Converting's turnover compared to 35% in the previous year. A significant fall in sales of digital printing grades into the US retail sector was expected in 2011/12 as a proportion of the 2010/11 sales included customer launch stocks. Display board sales were down 20% reflecting recessionary pressures in the UK retail sector. Mount board sales were in line with last year.
Pensions and International Accounting Standard 19 ("IAS 19")
The Group operates two funded pension schemes providing defined benefits for the majority of its employees. The overall value of the schemes' assets grew by 3% over the period however their liabilities increased by 12%. The IAS19 valuations of these schemes as at 31st March 2012 revealed a combined deficit of £7,698,000, compared with £1,404,000 at the previous year end, an increase of £6,294,000. The primary reason for the increase in the schemes' liabilities is the discount rate of 4.95% used at March 2012 compared to 5.50% at March 2011, reflecting the decline in corporate bond yields over this period.
As from 1st April 2011 active members' benefits have been reduced such that future increases in pensionable salaries are restricted to RPI up to a maximum of 2% per annum.
Restructuring process
In late March 2012 the Group advised its employees of its intent to embark on a restructuring process which would lead to changes in working practices. This process, which will reduce the size of the Group's UK workforce by 8% during the course of 2012, is expected to result in cost savings of approximately £1.0 million on an annualised basis from 2013/14 onwards, with savings of £0.3 million in 2012/13. The resultant increase in productivity will improve the Group's competitive position. The capacity and capability of the Group's three businesses will be unaffected by this process. A full provision relating to redundancy costs of £0.8 million has been recognised in the financial statements for the year ended 31 March 2012.
Cash and borrowings
Capital expenditure during the year was £5.9 million (£2.3 million in 2010/11). At 31st March 2012 gross drawn down loans totalled £11.9 million, with £5.4 million held as cash at bank. In addition the Group had un-drawn overdraft facilities of £3.3 million, US$1.4 million and €1.0 million. Gearing at the financial year end, after deduction of the IAS 19 pension deficit, was 30%. Capital expenditure in the coming year will revert to normal levels and working capital will remain under tight control.
Outlook
In TFP, current demand in the aerospace sector remains strong through USA supply routes, whilst other sectors remain somewhat unpredictable as short term buying patterns prevail.
In Speciality Papers, the new financial year has opened in a similar way to how last year ended. The economic uncertainty, which led to the significant loss of confidence amongst customers in many export paper markets in the second half of last year, shows no immediate sign of lifting. In the home market we have been successful in winning some business in new areas which has helped to fill the capacity gap.
In Converting, sales of mount board and digital printing grades in the new financial year are broadly in line with the same period last year, whilst display board sales are on an improving trend.
Although the troubles in the Euro-zone economy are a particular challenge, I am confident that our competitiveness will improve over the coming year as a consequence of our specialist capabilities, products and excellent service levels coupled with our recent investments and the restructuring process.
We are also reorganising and strengthening our commercial teams across the Group, not least in response to the significant business development opportunities available to our businesses in spite of the economic climate. Identifying and converting these opportunities are the key to our future prosperity.
Mark Cropper
Chairman
James Cropper Plc | |||||
Statement of Comprehensive Income | |||||
52 week period to | 53 week period to | 53 week period to | 53 week period to | ||
31 March 2012 | 2 April 2011 | 2 April 2011 | 2 April 2011 | ||
Continuing Operations | Continuing Operations | Pension Curtailment | Total | ||
£'000 | £'000 | £'000 | £'000 | ||
Continuing operations | |||||
Revenue | 78,223 | 83,264 | - | 83,264 | |
Other income | 187 | 209 | - | 209 | |
Changes in inventories of finished goods and work in progress | 648 | 1,281 | - | 1,281 | |
Raw materials and consumables used | (35,433) | (40,494) | - | (40,494) | |
Energy costs | (4,616) | (4,255) | - | (4,255) | |
Employee benefit costs | (20,679) | (19,596) | - | (19,596) | |
Depreciation and amortisation | (2,675) | (2,908) | - | (2,908) | |
Exceptional Pension Credit | - | - | 10,158 | 10,158 | |
Other expenses | (14,987) | (14,903) | - | (14,903) | |
Operating Profit | 668 | 2,598 | 10,158 | 12,756 | |
Interest payable and similar charges | (369) | (137) | |||
Interest receivable and similar income | 672 | 193 | |||
Profit before taxation | 971 | 12,812 | |||
Tax expense | (134) | (2,598) | |||
Profit from continuing operations | 837 | 10,214 | |||
Discontinued operation | - | (1,726) | |||
Profit for the period | 837 | 8,488 | |||
Other comprehensive income | |||||
Foreign currency translation | 4 | 4 | |||
Retirement benefit liabilities - actuarial (losses) / gains | (7,418) | 2,388 | |||
Deferred tax on actuarial losses / (gains) on retirement benefit liabilities | 1,483 | (621) | |||
Income tax on other comprehensive income | 292 | - | |||
Total comprehensive income for the period attributable to equity holders of the Company | (4,802) | 10,259 | |||
Earnings per share - basic | 9.9p | 100.2p | |||
Earnings per share -diluted | 9.5p | 97.6p | |||
Continuing Operations Earnings per share - basic | 9.9p | 120.6p | |||
Continuing Operations Earnings per share -diluted | 9.5p | 117.4p | |||
Dividend declared in the period - pence per share | 7.9p | 7.9p |
James Cropper Plc | |||||
Statement of Financial Position | |||||
Group | Group | Company | Company | ||
As at | As at | As at | As at | ||
31 March 2012 | 2 April 2011 | 31 March 2012 | 2 April 2011 | ||
£'000 | £'000 | £'000 | £'000 | ||
Assets | |||||
Intangible assets | 943 | 1,386 | 723 | 1,140 | |
Property, plant and equipment | 19,748 | 16,177 | 2,875 | 2,137 | |
Investments in subsidiary undertakings | - | - | 7,350 | 7,350 | |
Deferred tax assets | - | - | 1,437 | - | |
Total non- current assets | 20,691 | 17,563 | 12,385 | 10,627 | |
Inventories | 12,361 | 11,956 | - | - | |
Trade and other receivables | 13,198 | 14,481 | 30,945 | 27,540 | |
Cash and cash equivalents | 5,438 | 4,282 | 3,608 | 3,001 | |
Current tax assets | 28 | - | - | - | |
Total current assets | 31,025 | 30,719 | 34,553 | 30,541 | |
Total assets | 51,716 | 48,282 | 46,938 | 41,168 | |
Liabilities | |||||
Trade and other payables | 9,328 | 10,146 | 14,445 | 11,985 | |
Other financial liabilities | 30 | - | 30 | - | |
Loans and borrowings | 2,069 | 1,426 | 1,773 | 1,399 | |
Current tax liabilities | - | 780 | 54 | - | |
Total current liabilities | 11,427 | 12,352 | 16,302 | 13,384 | |
Long-term borrowings | 9,874 | 4,567 | 6,600 | 2,909 | |
Retirement benefit liabilities | 7,698 | 1,404 | 7,698 | 1,404 | |
Deferred tax liabilities | 750 | 2,550 | - | 108 | |
Total non-current liabilities | 18,322 | 8,521 | 14,298 | 4,421 | |
Total liabilities | 29,749 | 20,873 | 30,600 | 17,805 | |
Equity | |||||
Share capital | 2,119 | 2,118 | 2,119 | 2,118 | |
Share premium | 575 | 573 | 575 | 573 | |
Translation reserve | 273 | 269 | - | - | |
Reserve for own shares | (226) | (222) | - | - | |
Retained earnings | 19,226 | 24,671 | 13,644 | 20,672 | |
Total shareholders' equity | 21,967 | 27,409 | 16,338 | 23,363 | |
Total equity and liabilities | 51,716 | 48,282 | 46,938 | 41,168 |
Statement of Cash Flows for the period ended 31 March 2012 | Group | Company | ||
(2011: for the period ended 2 April 2011) | 2012 | 2011 | 2012 | 2011 |
£'000 | £'000 | £'000 | £'000 | |
Cash flows from operating activities | ||||
Net Profit | 837 | 8,488 | (746) | 5,954 |
Adjustments for: | ||||
Tax | 134 | 2,598 | 283 | 2,899 |
Depreciation and amortisation | 2,675 | 3,072 | 521 | 500 |
Net IAS 19 pension adjustments within SCI | (128) | (9,392) | (128) | (9,392) |
Past service pension deficit payments | (996) | (996) | (996) | (996) |
Foreign exchange differences | 196 | (121) | 85 | - |
(Profit)/loss on disposal of property, plant and equipment | (2) | 113 | - | - |
Net bank interest income & expense | 364 | (29) | (589) | (736) |
Share based payments | 145 | 114 | 145 | 114 |
Dividends received from Subsidiary Companies | - | - | (400) | (2,500) |
Impairment of Inter-company Loan | - | - | 208 | - |
Changes in working capital: | ||||
Increase in inventories | (406) | (1,767) | - | - |
Decrease / (increase) in trade and other receivables | 1,181 | (26) | 2,359 | 294 |
(Decrease) / increase in trade and other payables | (657) | (326) | 2,605 | (5,224) |
Interest received | 5 | 197 | 767 | 802 |
Interest paid | (355) | (309) | (164) | (211) |
Tax paid | (965) | (444) | - | (452) |
Net cash generated from / (used by) operating activities | 2,028 | 1,172 | 3,950 | (8,948) |
Cash flows from investing activities | ||||
Purchase of intangible assets | (14) | (75) | - | - |
Purchases of property, plant and equipment | (5,920) | (2,200) | (963) | (80) |
Proceeds from sale of property, plant and equipment | 6 | 6 | - | - |
Dividends received | - | - | 400 | 2,500 |
Net cash (used in) / generated from investing activities | (5,928) | (2,269) | (563) | 2,420 |
Cash flows from financing activities | ||||
Proceeds from issue of ordinary shares | 3 | - | 3 | - |
Proceeds from issue of new loans | 7,609 | 3,153 | 5,625 | 3,000 |
Repayment of borrowings | (1,636) | (2,120) | (1,560) | (2,104) |
Repayment / (issue) of inter-company loans | - | - | (6,099) | 5,848 |
Purchase of LTIP investments | (131) | (152) | - | - |
Dividends paid to shareholders | (657) | (623) | (657) | (635) |
Net cash generated from / (used in) financing activities | 5,188 | 258 | (2,688) | 6,109 |
Net increase / (decrease) in cash and cash equivalents | 1,288 | (839) | 699 | (419) |
Effect of exchange rate fluctuations on cash held | (132) | 71 | (92) | - |
Net increase / (decrease) in cash and cash equivalents | 1,156 | (768) | 607 | (419) |
Cash and cash equivalents at the start of the period | 4,282 | 5,050 | 3,001 | 3,420 |
Cash and cash equivalents at the end of the period | 5,438 | 4,282 | 3,608 | 3,001 |
Cash and cash equivalents consists of: | ||||
Cash at bank and in hand | 5,438 | 4,282 | 3,608 | 3,001 |
Statement of Changes in Equity | ||||||
Group | ||||||
All figures in £'000 | Share capital | Share premium | Translation reserve | Own Shares | Retained earnings | Total |
At 27 March 2010 | 2,118 | 573 | 265 | (128) | 14,983 | 17,811 |
Profit for the period | - | - | - | - | 8,488 | 8,488 |
Exchange differences | - | - | 4 | - | - | 4 |
Actuarial gains on retirement benefit liabilities (net of tax) | - | - | - | - | 1,767 | 1,767 |
Total other comprehensive income | - | - | 4 | - | 1,767 | 1,771 |
Dividends paid | - | - | - | - | (623) | (623) |
Share based payment charge | - | - | - | - | 114 | 114 |
Distribution of own shares | - | - | - | 58 | (58) | - |
Consideration paid for own shares | - | - | - | (152) | - | (152) |
Total contributions by and distributions to owners of the Group | - | - | - | (94) | (567) | (661) |
At 2 April 2011 | 2,118 | 573 | 269 | (222) | 24,671 | 27,409 |
Profit for the period | 837 | 837 | ||||
Exchange differences | - | - | 4 | - | - | 4 |
Actuarial losses on retirement benefit liabilities (net of tax) | - | - | - | - | (5,643) | (5,643) |
Total other comprehensive income | - | - | 4 | - | (5,643) | (5,639) |
Dividends paid | - | - | - | - | (657) | (657) |
Share based payment charge | - | - | - | - | 145 | 145 |
Distribution of own shares | - | 127 | (127) | - | ||
Proceeds from issue of ordinary shares | 1 | 2 | - | - | - | 3 |
Consideration paid for own shares | - | - | - | (131) | - | (131) |
Total contributions by and distributions to owners of the Group | 1 | 2 | - | (4) | (639) | (640) |
At 31 March 2012 | 2,119 | 575 | 273 | (226) | 19,226 | 21,967 |
Statement of Changes in Equity | ||||
Company | ||||
All figures in £'000 | Share capital | Share premium | Retained earnings | Total |
At 27 March 2010 | 2,118 | 573 | 13,530 | 16,221 |
Profit for the period | - | - | 5,954 | 5,954 |
Actuarial gains on retirement benefit liabilities (net of tax) | - | - | 1,767 | 1,767 |
Total other comprehensive income | - | - | 1,767 | 1,767 |
Dividends paid | - | - | (635) | (635) |
Share based payment charge | - | - | 114 | 114 |
Distribution of own shares | - | - | (58) | (58) |
Total contributions by and distributions to owners of the Group | - | - | (579) | (579) |
At 2 April 2011 | 2,118 | 573 | 20,672 | 23,363 |
Profit for the period | - | - | (746) | (746) |
Actuarial losses on retirement benefit liabilities (net of tax) | - | - | (5,643) | (5,643) |
Total other comprehensive income | - | - | (5,643) | (5,643) |
Dividends paid | - | - | (657) | (657) |
Share based payment charge | - | - | 145 | 145 |
Proceeds from issue of ordinary shares | 1 | 2 | - | 3 |
Distribution of own shares | - | - | (127) | (127) |
Total contributions by and distributions to owners of the Group | 1 | 2 | (639) | (636) |
At 31 March 2012 | 2,119 | 575 | 13,644 | 16,338 |
Preliminary Results for the year ended 31 March 2012
1. Basic profits per share have been calculated on the profit after taxation of £837,000 (2011: £8,488,000) divided by the weighted average number of Ordinary shares in issue during the period of 8,473,102 (2011: 8,472,368).
2. The dividend will, if approved, be paid on 10 August 2012 to all shareholders on the Register on 13 July 2012.
3. The financial information set out above does not constitute the statutory accounts for the years ended 31 March 2012. Statutory accounts for 2011 have been delivered to the Registrar of Companies and those for 2012 will be delivered following the Company's Annual General Meeting. The auditor has reported on these accounts, the report was unqualified and did not contain statements under section 498 (2) or (3) of the Companies Act 2006.
4. The Annual Report and Accounts for 2012 will be posted to shareholders on 9 July 2012. They will also be available on the Company's website (www.cropper.com) and on request from the Company's registered office, Burneside Mills, Kendal, Cumbria LA9 6PZ.
5. The Annual General Meeting of the Company will be held at 11.00am on Wednesday 1 August 2012 at the Bryce Institute, Burneside, Kendal, Cumbria.