Last checked at 8 Jun 2016 07:00
FOR IMMEDIATE RELEASE 8 JUNE 2016
SANDERSON GROUP PLC
Interim Results for the six months ended 31 March 2016
"Continued profitable growth; Very strong order book; Interim dividend up 11%; Board Change"
Sanderson Group plc ('Sanderson' or 'the Group'), the software and IT services business specialising in digital technology and enterprise software for businesses operating in the retail, manufacturing, wholesale distribution and logistics sectors, announces its interim results for the six month period ended 31 March 2016.
Commenting on the results, Chairman, Christopher Winn, said:
"The Group has made further progress during the period with revenue increasing to £9.86 million (2015: £9.09 million) and operating profit* rising to £1.47 million (2015: £1.37 million)."
"Gross margin has improved to 86% (2015: 85%), reflecting continuing emphasis on the supply of Sanderson 'owned' proprietary software and services. The recurring revenue from pre-contracted licence and ongoing support services grew to £5.19 million (2015: £4.76 million), representing 53% of total revenue in the period. The Group's order book at the period end was very strong and stood at £3.20 million (2015: £2.84 million) compared with £2.35 million at 30 September 2015."
"The Group has an established history of converting substantially all of its profit into cash and at 31 March 2016, after payment of £1.54 million deferred consideration in respect of acquired businesses, the Group's net cash balance was £3.39 million (2015: £ 3.95 million). The Board remains committed to maintaining a progressive dividend policy and is pleased to declare an increase of 11% in the level of the interim dividend to 1.0 pence per share (2015: 0.9 pence)."
Highlights - Financial
* Operating profit is stated before amortisation of acquisition-related intangibles, share-based payment charges and acquisition-related and restructuring costs.
Highlights - Operational
On current trading and prospects, Group Chief Executive, Ian Newcombe, added:
"The general economic environment has continued to improve and although sales cycles do remain protracted, the Group has achieved a very high level of business from new customers during the period. Whilst the Board continues to adopt a cautious approach, the very strong order book and healthy balance sheet, together with an extensive list of sales prospects, provide a good level of confidence that the Group will continue to make further progress and deliver trading results in line with market expectations for the current year ending 30 September 2016."
Enquiries:
Christopher Winn, Chairman Telephone: 0333 123 1400
Ian Newcombe, Group Chief Executive
Adrian Frost, Finance Director
Erik Anderson/Fred Walsh, Panmure Gordon & Co Telephone: 020 7886 2500
(Nominated Adviser and Broker)
Paul Vann, Walbrook PR Limited Telephone: 0117 985 8989
or 07768 807631
SANDERSON GROUP PLCInterim Results for the six months ended 31 March 2016
CHAIRMAN'S STATEMENT
Sanderson Group plc ('Sanderson' or 'the Group'), the software and IT services business specialising in digital technology and enterprise software for businesses operating in the retail, manufacturing, wholesale distribution and logistics sectors, announces its interim results for the six month period ended 31 March 2016.
Financial results
The Group has made further progress during the period with revenue increasing to £9.86 million (2015: £9.09 million) and operating profit* rising to £1.47 million (2015: £1.37 million). Gross margin has improved to 86% (2015: 85%), reflecting continuing emphasis on the supply of Sanderson 'owned' proprietary software and services. The recurring revenue from pre-contracted licence and ongoing support services grew to £5.19 million (2015: £4.76 million) representing 53% of total revenue in the period. The Group's order book at the period end was very strong and stood at £3.20 million (2015: £2.84 million) compared with £2.35 million at 30 September 2015.
The Sanderson Board remains committed to pursuing a growth strategy based upon a conservative financing policy, the cornerstone of which is a strong balance sheet. The Group has an established history of converting substantially all of its profit to cash and at 31 March 2016, after the payment of £1.54 million deferred consideration in respect of acquired businesses, the Group's net cash balance was £3.39 million (2015: £3.95 million).
Dividend
The Board remains committed to maintaining a progressive dividend policy and is pleased to declare an increase of 11% in the level of the interim dividend to 1.0 pence per share (2015: 0.90 pence). The dividend will be paid on 19 August 2016 to shareholders on the register at the close of business on 29 July 2016.
Strategy
The strategy of the Board is to achieve sustained growth by continuing to build and to develop the Sanderson businesses which address the Group's target markets. Whilst investment is planned across all of its businesses, particular emphasis will again be placed on enhancing the range of mobile and ecommerce solutions in digital retail and on further strengthening the proposition for food and drink processing. Mobile solutions continue to be developed to address all of the Group's target markets.
In order to augment organic growth, selective acquisition opportunities continue to be considered and a number of potential opportunities are currently being developed. The Board adopts a careful and measured approach to acquisitions and management is very much focused on further increasing shareholder value by delivering continued growth and achieving 'on target' results.
Management and staff
Sanderson now employs nearly 230 staff who have a high level of experience and specialist expertise in the market sectors which the Group addresses. On behalf of the Board, I would again like to thank everyone for their hard work, support, dedication and contribution to the ongoing development of the Group.
Mr Philip Kelly, a Non-Executive Director since November 2004, will retire from the Board following the release of the Interim Results announcement today, after over eleven years of valued service and support to the Group, the Board and shareholders. On behalf of the Board, I would like to thank Philip, for his support and contribution to the development of the Group.
Christopher WinnChairman8 June 2016
SANDERSON GROUP PLCInterim Results for the six months ended 31 March 2016
GROUP CHIEF EXECUTIVE'S BUSINESS REVIEW
The primary target market for Sanderson products and services consists of small and medium-sized enterprises ('SMEs') whose current business outlook we would generally describe as 'cautiously optimistic'. At the core of the Group's well-developed business model is a strategy to foster long-term customer relationships which result in a high proportion of sales arising from pre-contracted recurring revenue. Sanderson proprietary software is marketed, sold under licence, delivered, supported and serviced by expert Sanderson staff.
Group solutions are developed and marketed to provide customers with 'value for money' IT systems, which offer timely and tangible business benefits. These solutions typically enable customers to increase sales and revenue whilst also achieving additional efficiencies by making and maintaining cost savings, often within twelve months of implementation. The Group has continued to invest in both the development of its software products and services, as well as in its sales and marketing capacity and capability. Particular emphasis has been placed on the Group businesses specialising in the UK food and drink processing sector and more especially in the market for digital retail solutions with the development of mobile and ecommerce solutions. These solutions enable retailers to capitalise on the huge growth in the widespread adoption of smartphones and tablets and to exploit 'mobile' as a sales channel integrated with existing business systems.
Reflecting both prior and continuing investment in the Group's sales and marketing function, Sanderson achieved a significantly improved level of order intake during the period of £6.02 million compared with £4.94 million in the comparative prior year period. The Group experienced a surge in sales orders towards the end of the period and ten new customers contributed orders to the value of £2.08 million (2015: thirteen new customers generated orders to the value of £1.03 million).
Review of Digital Retail
Sanderson provides comprehensive IT solutions to businesses operating in the ecommerce, mobile commerce and retail sectors of the UK. Mobile enablement and deployment continues to be a key business driver in this market sector with increasing levels of business activity.
Revenue increased to £2.95 million (2015: £2.80 million), whilst operating profits* of £0.33 million (2015: £0.49 million) reflect the planned further investment in management, sales and delivery capacity in anticipation of continued rapid growth within the digital retail market. Demand from existing customers for the Group's latest release of its ecommerce solution continued to grow with sales orders gained from a number of customers including Hotel Chocolat and Scotts of Stow. The mobile solutions business had a busy first half, successfully completing phase two of a European roll out for Superdry, delivered across eight countries and including major cities such as, Munich, Paris, Brussels, Stockholm and Vienna. The 'connected retail' solution enables Superdry customers to order anywhere, on any device, using any payment method and have their order delivered wherever they choose.
The period end order book stood at £0.78 million (2015: £1.03 million) and with a number of good sales prospects, active pilot schemes and strengthening partnerships with existing customers, the Digital Retail business is well-positioned to take advantage of the growth in this market.
Review of Enterprise Division
The Enterprise division comprises two market-focused businesses which are based upon the manufacturing sector and the wholesale distribution and logistics sector. Divisional revenue and operating profit* increased to £6.92 million (2015: £6.29 million) and £1.15 million (2015: £0.89 million) respectively. The Enterprise division has built-up a strong order book which, at period end, was valued at £2.42 million (2015: £1.81 million). The focus remains on delivering a significant proportion of these orders before the financial year-end on 30 September 2016.
Businesses in the engineering, plastics, aerospace, electronics, print ('general manufacturing') and food and drink processing sectors represent the main areas of specialisation for Sanderson in manufacturing markets. Sanderson continues to invest in product development and in its sales and marketing capability. Traceability of products and ingredients through the food manufacturing and supply chain and the assurance of product compliance to the latest regulatory standards are strong features of the Group's solution; these are key requirements for businesses operating in the food and drink processing industry.
The manufacturing business gained five new customers during the period (2015: eight), including Thistle Seafoods Limited and Dunkleys, at an average order value significantly higher than in the comparative period. Revenue for the period was £3.25 million (2015: £3.14 million) and operating profit* was £0.51 million (2015: £0.37 million). Recurring revenue represents 58% of total divisional revenue and covers over three-quarters of divisional overheads.
The Group's activities in the wholesale distribution and logistics sectors have been augmented by the 2013 and 2014 acquisitions which have expanded the application of Sanderson solutions from the wholesale distribution, cash and carry and fulfilment sectors into warehousing, logistics and supply chain. Five new customers were gained during the period, including Pedigree Wholesale Limited, Robinson's on the Isle of Man and J W Gray & Co, in the Shetland Islands. This compares with three new customers in the comparative period of 2015. Large orders from existing customers included Tottenham Hotspur and Clipper Logistics plc. Revenue and operating profits* amounted to £3.66 million (2015: £3.15 million) and £0.59 million (2015: £0.63 million) respectively.
Outlook
The general economic environment has continued to improve and although sales cycles do remain protracted, the Group has achieved a very high level of business from new customers during the period. Whilst the Board continues to adopt a cautious approach, the very strong order book and healthy balance sheet, together with an extensive list of sales prospects provide a good level of confidence that the Group will continue to make further progress and deliver trading results in line with market expectations for the current year ending 30 September 2016.
Ian Newcombe
Group Chief Executive
8 June 2016
* Operating profit is stated before amortisation of acquisition-related intangibles, share-based payment charges and acquisition-related and restructuring costs.
CONSOLIDATED INCOME STATEMENT
|
Note | Unaudited six months to 31/03/16 £000 | Unaudited six months to 31/03/15 £000 | Audited year to 30/09/15 £000 |
|
|
|
|
|
Revenue | 2 | 9,860 | 9,090 | 19,182 |
Cost of sales |
| (1,359) | (1,388) | (2,964) |
Gross profit |
| 8,501 | 7,702 | 16,218 |
|
|
|
|
|
Other operating expenses |
| (7,327) | (6,696) | (13,797) |
Results from operating activities | 2 | 1,174 | 1,006 | 2,421 |
|
|
|
|
|
Results from operating activities before adjustments in respect of the following: |
2 |
1,474 |
1,374 |
3,303 |
Amortisation of acquisition-related intangibles |
| (258) | (236) | (483) |
Acquisition related and restructuring costs |
| - | (87) | (310) |
Share-based payment charges |
| (42) | (45) | (89) |
Results from operating activities | 2 | 1,174 | 1,006 | 2,421 |
Net finance expense |
| (84) | (75) | (138) |
Acquisition-related finance expense |
| (61) | (26) | (252) |
Profit before taxation |
| 1,029 | 905 | 2,031 |
Taxation |
| (91) | (71) | (164) |
Profit for the period attributable to equity holders of the parent |
|
938 |
834 |
1,867 |
Earnings per share
From profit attributable to the owners of the parent undertaking during the period |
|
|
|
|
Basic earnings per share | 3 | 1.7p | 1.5p | 3.4p |
Diluted earnings per share | 3 | 1.7p | 1.5p | 3.3p |
|
|
|
|
|
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
|
| Unaudited six months to 31/03/16 £000 | Unaudited six months to 31/03/15 £000 | Audited year to 30/09/15 £000 | |
Profit for the period |
| 938 | 834 | 1,867 | |
Other comprehensive income/(expense) |
|
|
|
| |
Items that will not subsequently be reclassified to profit or loss |
|
|
|
| |
Remeasurement of net defined benefit liability |
| - | - | (90) | |
Deferred taxation effect of defined benefit pension plan items |
| - | - | 18 | |
|
| - | - | (72) | |
|
|
|
|
| |
Items that will subsequently be reclassified to profit or loss |
|
|
|
| |
Change in the fair value of available for sale financial asset |
| 2 | (22) | (31) | |
Foreign exchange translation differences |
| (63) | (6) | (78) | |
|
|
|
|
| |
Total comprehensive income for the period |
| 877 | 806 | 1,686 | |
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
|
| Unaudited as at31/03/16 £000 | Unaudited as at31/03/15 £000 | Audited as at30/09/15 £000 |
Non-current assets |
|
|
|
|
Intangible assets |
| 30,502 | 30,573 | 30,627 |
Property, plant & equipment |
| 528 | 359 | 469 |
Deferred tax asset |
| 1,311 | 1,048 | 1,319 |
|
| 32,341 | 31,980 | 32,415 |
Current assets |
|
|
|
|
Inventories |
| 98 | 27 | 83 |
Trade and other receivables |
| 5,534 | 5,157 | 5,472 |
Current tax |
| - | - | - |
Other short-term financial assets |
| 192 | 200 | 190 |
Cash and cash equivalents |
| 3,386 | 3,954 | 4,607 |
|
| 9,210 | 9,338 | 10,352 |
Current liabilities |
|
|
|
|
Trade and other payables |
| (3,871) | (3,431) | (3,909) |
Deferred consideration |
| (201) | (860) | (1,594) |
Current tax liabilities |
| (83) | (39) | - |
Deferred income |
| (4,827) | (4,853) | (4,830) |
|
| (8,982) | (9,183) | (10,333) |
|
|
|
|
|
Net current assets |
| 228 | 155 | 19 |
Total assets less current liabilities |
| 32,569 | 32,135 | 32,434 |
|
|
|
|
|
Non-current liabilities |
|
|
|
|
Deferred tax liabilities |
| (936) | (747) | (936) |
Deferred consideration |
| (160) | (606) | (244) |
Pension and other employee obligations |
| (4,539) | (4,600) | (4,627) |
|
| (5,635) | (5,953) | (5,807) |
|
|
|
|
|
Net assets |
| 26,934 | 26,182 | 26,627 |
|
|
|
|
|
Equity |
|
|
|
|
Called-up share capital |
| 5,480 | 5,455 | 5,460 |
Share premium |
| 9,048 | 9,015 | 9,023 |
Available for sale reserve |
| 62 | 69 | 60 |
Foreign exchange reserve |
| (150) | (15) | (87) |
Retained earnings |
| 12,494 | 11,658 | 12,171 |
Total equity |
| 26,934 | 26,182 | 26,627 |
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
For the six month period to 31 March 2016
| Share capital £000 | Share premium £000
| Other reserves £000
| Retained earnings £000 | Total equity £000
|
At 1 October 2015 | 5,460 | 9,023 | (27) | 12,171 | 26,627 |
Exercise of share options | 20 | 25 | - | - | 45 |
Dividend paid | - | - | - | (657) | (657) |
Share-based payment charge | - | - | - | 42 | 42 |
Transactions with owners | 20 | 25 | - | (615) | (570) |
Profit for the period | - | - | - | 938 | 938 |
Other comprehensive income: |
|
|
|
|
|
Foreign exchange translation difference | - | - | (63) | - | (63) |
Change in market value of short-term financial asset | - | - | 2 | - | 2 |
Total comprehensive expense | - | - | (61) | 938 | 877 |
|
|
|
|
|
|
At 31 March 2016 | 5,480 | 9,048 | (88) | 12,494 | 26,934 |
For the six month period to 31 March 2015
| Share capital £000 | Share premium £000
| Other reserves £000
| Retained earnings £000 | Total equity £000
|
At 1 October 2014 | 5,406 | 8,809 | 82 | 11,520 | 25,817 |
Exercise of share options | 49 | 206 | - | (150) | 105 |
Dividend paid | - | - | - | (544) | (544) |
Settlement of share options | - | - | - | (47) | (47) |
Share-based payment charge | - | - | - | 45 | 45 |
Transactions with owners | 49 | 206 | - | (696) | (441) |
Profit for the period | - | - | - | 834 | 834 |
Other comprehensive income: |
|
|
|
|
|
Foreign exchange translation difference | - | - | (6) | - | (6) |
Change in market value of short-term financial asset | - | - | (22) | - | (22) |
Total comprehensive expense | - | - | (28) | 834 | 806 |
|
|
|
|
|
|
At 31 March 2015 | 5,455 | 9,015 | 54 | 11,658 | 26,182 |
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY (continued)
For the year ended 30 September 2015
| Share capital £000 | Share premium £000
| Other reserves £000
| Retained earnings £000 | Total equity £000
|
At 1 October 2014 | 5,406 | 8,809 | 82 | 11,520 | 25,817 |
Exercise of share options | 54 | 214 | - | (150) | 118 |
Settlement of share options | - | - | - | (48) | (48) |
Dividend paid | - | - | - | (1,035) | (1,035) |
Share-based payment charge | - | - | - | 89 | 89 |
Transactions with owners | 54 | 214 | - | (1,144) | (876) |
Profit for the year | - | - | - | 1,867 | 1,867 |
Other comprehensive income: |
|
|
|
|
|
Remeasurement of net defined benefit liability |
- |
- |
- |
(90) |
(90) |
Deferred tax on above | - | - | - | 18 | 18 |
Foreign exchange translation differences | - | - | (78) | - | (78) |
Change in fair value of available for sale financial asset | - | - | (31) | - | (31) |
Total comprehensive income | - | - | (109) | 1,795 | 1,686 |
|
|
|
|
|
|
At 30 September 2015 | 5,460 | 9,023 | (27) | 12,171 | 26,627 |
|
|
|
|
|
|
CONSOLIDATED STATEMENT OF CASH FLOWS
| Note | Unaudited six months to 31/03/16 £000 | Unaudited six months to 31/03/15 £000 | Audited year to 30/09/15 £000 |
|
|
|
|
|
Profit for the period |
| 938 | 834 | 1,867 |
Adjustments for: |
|
|
|
|
Depreciation and amortisation |
| 596 | 490 | 1,138 |
Share-based payment charges |
| 42 | 45 | 89 |
Net finance expense |
| 145 | 101 | 390 |
Income tax expense |
| 91 | 71 | 164 |
Operating cash flow from continuing operations before working capital movements |
| 1,812 | 1,541 | 3,648 |
Movement in working capital |
| (179) | (792) | (771) |
Cash generated by continuing operations |
| 1,633 | 749 | 2,877 |
Income tax paid |
| - | - | (5) |
Payments to defined benefit pension scheme |
| (180) | (300) | (450) |
Net cash from operating activities |
| 1,453 | 449 | 2,422 |
|
|
|
|
|
Investing activities |
|
|
|
|
Purchases of property, plant & equipment |
| (127) | (101) | (296) |
Acquisition of subsidiary, net of cash acquired |
| - | (948) | (1,041) |
Deferred consideration paid |
| (1,538) | (845) | (895) |
Dividend received |
| - | - | 12 |
Bank interest received |
| 6 | 12 | 35 |
Expenditure on product development |
| (403) | (286) | (824) |
Net cash received used in investing activities |
| (2,062) | (2,168) | (3,009) |
|
|
|
|
|
Financing activities |
|
|
|
|
Equity dividends paid | 4 | (657) | (544) | (1,035) |
Issue of shares, net of costs |
| 45 | 105 | 118 |
Settlement of share options |
| - | (47) | (48) |
Net cash (used in)/arising from financing activities |
| (612) | (486) | (965) |
|
|
|
|
|
(Decrease)/increase in cash and cash equivalents |
| (1,221) | (2,205) | (1,552) |
Cash and cash equivalents at start of the period |
| 4,607 | 6,159 | 6,159 |
Cash and cash equivalents at end of the period |
| 3,386 | 3,954 | 4,607 |
NOTES TO THE INTERIM RESULTS
1. Basis of preparation
The Group's interim results for the six month period ended 31 March 2016 are prepared in accordance with the Group's accounting policies which are based on the recognition and measurement principles of International Financial Reporting Standards ('IFRS') as adopted by the EU and effective, or expected to be adopted and effective, at 30 September 2016. As permitted, this interim report has been prepared in accordance with the AIM rules and not in accordance with IAS34 'Interim financial reporting'.
These interim results do not constitute full statutory accounts within the meaning of section 434(5) of the Companies Act 2006 and are unaudited. The unaudited interim financial statements were approved by the Board of Directors on 7 June 2016.
The consolidated financial statements are prepared under the historical cost convention as modified to include the revaluation of financial instruments. The statutory accounts for the year ended 30 September 2015, which were prepared under IFRS, have been filed with the Registrar of Companies. These statutory accounts carried an unqualified Auditors' Report and did not contain a statement under either Section 498(2) or (3) of the Companies Act 2006.
2. Segmental reporting
The Group is managed as two separate divisions: Enterprise Software and Digital Retail. Substantially all revenue is generated within the UK.
| Enterprise |
| Digital Retail |
| Total | |||||||||||||
| Six months 31/03/16£000 | Six months 31/03/15 £000 | Year Ended 30/09/15£000 |
| Six months 31/03/16 £000 | Six months 31/03/15 £000 | Year Ended 30/09/15 £000 |
| Six months 31/03/16 £000 | Six months 31/03/15 £000 | Year Ended 30/09/15 £000 | |||||||
Revenue | 6,915 | 6,287 | 13,325 |
| 2,945 | 2,803 | 5,857 |
| 9,860 | 9,090 | 19,182 | |||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Operating profit before adjustments* | 1,146 | 887 | 2,036 |
| 328 | 487 | 1,267 |
| 1,474 | 1,374 | 3,303 | |||||||
Amortisation | (125) | (103) | (217) |
| (133) | (133) | (266) |
| (258) | (236) | (483) | |||||||
Share-based payment | (16) | (18) | (34) |
| (26) | (27) | (55) |
| (42) | (45) | (89) | |||||||
Acquisition- related and restructuring costs | - | (87) | (284) |
| - | - | (26) |
| - | (87) | (310) | |||||||
Operating profit | 1,005 | 679 | 1,501 |
| 169 | 327 | 920 |
| 1,174 | 1,006 | 2,421 | |||||||
Net finance expense |
|
|
|
|
|
|
|
| (145) | (101) | (390) | |||||||
| Profit before tax;continuing operations | 1,029 | 905 | 2,031 | |||||||||||||||
* Adjustments to operating profit in respect of amortisation of acquisition-related intangibles, share-based payment charges and acquisition-related and restructuring costs.
3. Earnings per share
|
|
|
| ||
| Unauditedsix months to 31/03/16 £000 | Unauditedsix months to 31/03/15 £000 | Auditedyear to 30/09/15 £000 |
| |
|
|
|
|
| |
Earnings: |
|
|
|
| |
Result for the period from continuing operations | 938 | 834 | 1,867 |
| |
Amortisation of acquisition-related intangibles | 258 | 236 | 483 |
| |
Share-based payment charges | 42 | 45 | 89 |
| |
Acquisition-related costs | - | 87 | 310 |
| |
Adjusted profit for the period from continuing operations | 1,238 | 1,202 | 2,749 |
| |
Number of shares: | Unauditedsix months to 31/03/16 No. | Unauditedsix months to 31/03/15 No. | Auditedyear to 30/09/15 No. |
|
|
|
|
In issue at the start of the year | 54,600,550 | 54,063,808 | 54,063,808 |
Effect of shares issued in the period | 81,658 | 152,155 | 347,143 |
Weighted average number of shares at period end | 54,682,208 | 54,215,963 | 54,410,951 |
Effect of share options | 1,626,719 | 1,465,785 | 1,446,115 |
Weighted average number of shares (diluted) | 56,308,927 | 55,681,748 | 55,857,066 |
Earnings per share: | Unauditedsix months to 31/03/16 (pence) | Unauditedsix months to 31/03/15 (pence) | Auditedyear to 30/09/15 (pence) |
Total attributable to equity holders of the parent undertaking: |
|
|
|
Basic | 1.7 | 1.5 | 3.4 |
Diluted | 1.7 | 1.5 | 3.3 |
Earnings per share, adjusted, from continuing operations: |
|
|
|
Basic | 2.3 | 2.2 | 5.1 |
Diluted | 2.2 | 2.2 | 4.9 |
4. Equity dividends paid
|
| UnauditedSix months to 31/03/16 £000 | UnauditedSix months to 31/03/15 £000 | AuditedYear to 30/09/15 £000 | ||
Interim dividend |
| - | - | 491 | ||
Final dividend |
| 657 | 544 | 544 | ||
Total dividend paid in period |
| 657 | 544 | 1,035 | ||
5. Interim report
The Group's interim report will be sent to the Company's shareholders. This report will also be available from the Company's registered office and on the Company's website www.sanderson.com.