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Half-year Report

4 Dec 2019 07:00

RNS Number : 5658V
Tricorn Group PLC
04 December 2019
 

4 December 2019

Tricorn Group plc

("Tricorn" or the "Group")

 

Interim Results

For the six months ended 30 September 2019

 

Tricorn Group plc (AIM: TCN.L), the AIM listed tube manipulation specialist, announces its unaudited interim results for the six months ended 30 September 2019 (the 'Period').

 

Key points

·; US expansion announced and operational ahead of plan

·; Short term impact on US margins from additional US import tariffs

·; Dividend declared from China JV and received post-Period end

·; First half revenue reflects slowing UK demand

·; Strong pipeline of new opportunities

 

Financial Summary

 

Unaudited

Unaudited

 

 

six months to

six months to

Year ended

 

30 September

30 September

31 March

 

2019

2018

2019

 

 

Restated***

Restated***

 

£'000

£'000

£'000

 

 

 

 

Revenue

10,581

11,415

22,763

EBITDA*

944

1,130

2,250

Profit before tax*

280

530

1,041

Cashflow generated by operations

512

506

1,566

Cash & cash equivalents

426

643

493

Net Borrowing **

(3,469)

(3,093)

(3,112)

Earnings per share - basic*

0.77p

1.45p

2.89p

Dividend

-

-

0.2p

 

 

 

 

*All references to EBITDA, operating profit, profit before tax and EPS are before intangible asset amortisation, share based payment charges and foreign exchange derivative valuation

** Net Borrowing excludes the impact of finance lease liabilities and operating lease liabilities as defined by IFRS 16

*** To provide comparison, prior year profit, EPS and cashflow generated by operations have been restated for the impact of IFRS 16 Leases

 

Andrew Moss, Chairman of Tricorn, commented:

 

"Whilst demand in the USA remained broadly in line with expectations, demand in the UK slowed significantly through the second quarter resulting in revenue for the Group being down on the comparable period. In line with the trading update released on 9 October 2019, profitability in the Period was adversely impacted by lower revenues and in the USA short-term pressure on margins due to the impact of increased import tariffs on goods sourced from China.

Our Chinese joint venture performed in line with the Board's expectations and I am pleased to report that it declared a maiden dividend with the Group's share, (£0.171m; 2018: £Nil), being received shortly after the end of the Period.

We are very pleased with the performance of the new paint plant in the USA that we announced in May. It was operational ahead of time and is generating a number of new opportunities. Furthermore our pipeline of new business opportunities across the Group remains healthy.

For the balance of the financial year we expect demand to remain low in the UK and to weaken in the USA. We continue to focus on managing our cost base and working capital to align with these lower volumes whilst capitalising on the many new business opportunities referred to above."

 

Enquiries:

Tricorn Group plc

Tel +44 (0)1684 569956

Mike Welburn, Chief Executive

www.tricorn.uk.com

Phil Lee, Group Finance Director

corporate@tricorn.uk.com

 

 

Shore Capital

Tel + 44 (0)20 7408 4080

Tom Griffiths/Henry Willcocks

 

 

 

 

 

 

Notes to Editors:

Tricorn is a value added manufacturer and specialist manipulator of pipe and tubing assemblies to niche markets worldwide.

Chairman's and Chief Executive's statement

 

Performance in the six months ended 30 September 2019

Revenue for the Group at £10.581m was down 7.3% compared to the six months ended 30 September 2018 (the "Corresponding Period") (2018: £11.415m). In the UK demand slowed significantly through the second quarter resulting in revenue for the Period being 11.5% lower than in the Corresponding Period. Demand in the USA remained broadly in line with the Board's expectations, but the US operation did see some short-term pressure on margins due to the impact of increased import tariffs on goods sourced from China and a change in product mix.

 

Profit before tax for the Period was £0.280m (2018 Restated: £0.530m) with lower distribution and administration costs helping to partially offset the impact of lower revenue.

 

Operational Review

The Group has five manufacturing facilities across the UK, USA and China. These locations make it ideally positioned to support its blue chip OEM customer base, many of whom are seeking to localise supply and technical support for their facilities in these key regions. At the start of the year, the Group consolidated its brands with Franklin Tubular Products and the more recently announced expansion at Rabun Gap operating as Tricorn USA and Malvern Tubular Components and Maxpower Automotive as Tricorn UK. The joint venture in China remains as Minguang-Tricorn Tubular Products. Reporting is now on a geographic segment basis.

 

UK

There are two manufacturing facilities in the UK located in West Bromwich and Malvern. The Malvern facility specialises in the design and manufacture of larger tubular assemblies and fabrications for engine, cooling and generator set applications. Its customer base serves the power generation, oil and gas, mining and marine applications markets. The West Bromwich site is focused on rigid, nylon and hybrid tubular products for engines, hydraulic actuation, transmission lubrication and fuel sender sub-systems. Key end markets are on and off road applications including construction, trucks and agriculture.

 

Demand in the UK slowed significantly through the second quarter and at £6.170m for the Period was down 11.5% on the Corresponding Period (2018: £6.975m). This was principally as a result of weaker market conditions and the impact of some customer destocking. However, the impact of the lower volume was partially offset by the efficiency gains made as a result of the investment in an in-house tube cutting cell.

 

The Malvern facility successfully transitioned to the same IT system as used at West Bromwich which provides future opportunity for further back office integration of the two sites. Segmental profit was £0.134m (2018: £0.384m).

 

USA

In the USA, the Group extended its capabilities with the purchase of a custom built,

powder coat and wet spray painting line located in leased premises at Rabun Gap, Georgia. The facility was fully operational ahead of plan and has allowed previously sub-contracted processes to be brought in-house as well as providing for further expansion of manufacturing facilities. The Group also has manufacturing facilities located at Franklin, North Carolina. Addressing similar markets to the UK facilities, the Group's increasing footprint in the USA is generating significant levels of new opportunities.

 

Overall demand in the USA remained broadly in line with the Board's expectations at £4.552m (2018: £4.440m). However, the USA has seen some short-term pressure on margins. This has been due to both a lag between the impact of the increase in tariffs in the USA on goods sourced

 

 

from China and the time taken to negotiate price increases with customers and also a change in the product sales mix. As a result, segmental profit was £0.087m (2018: £0.192m).

 

Joint Venture

Our Chinese joint venture, Minguang-Tricorn Tubular Products performed well in the Period and delivered a share of profit for the Group of £0.123m (2018: £0.150m).

 

Financial Review

For the half year reporting period, the Group has adopted IFRS 16 Leases under the modified approach. Using this approach, the Group is not required to restate the detailed financial statements for prior periods. However, where it is appropriate for comparative purposes, key performance indicators used in the highlights and commentaries have been restated.

 

The first six months of the financial year have proved challenging for the Group, particularly through its second quarter, with revenue and underlying profitability falling when compared to both the first and second halves of the previous financial year.

 

Earlier this year, the Group was successful in securing a new paint plant located in a 47,000 sq ft facility in Rabun Gap, Georgia. This has proved a successful addition to the Group's capabilities and is now contributing positively to US operations.

 

The initial investment in the facility and the costs of start up have resulted in an increase in net borrowing at the half year end. This increase in net borrowing was exacerbated by a drop in orders towards the end of the first half and new business being deferred to the second half of the financial year. The impact of these additional factors being that the Group was holding higher levels of inventory at the half year end, a situation which is expected to unwind by the year end.

 

Income Statement

Revenue for the Period of £10.581m was down 7.3% (2018: £11.415m).

 

As stated above, the cost of additional tariffs passed on from the supply chain, relating to components imported into the US from China and a change in sales mix in the US impacted gross margins in the Period. Whilst the Group was successful in passing the tariffs on to customers, there was a small timing impact. As a result, the Group delivered a gross margin of 37.6% in the Period, compared to 38.5% in the Corresponding Period and 38.3% in the year ended 31 March 2019. Operational gearing was 30.6% for the Period (2018: 29.5%) and EBITDA for the first half was £0.944m (2018 Restated: £1.130m).

 

The Group's joint venture in China continued to perform well operationally and delivered a share of profit before tax for the Group in the Period of £0.123m (2018: £0.150m).

 

As previously indicated, the Group has adopted IFRS 16 Leases during the Period. The impact on the Group has been largely immaterial in the first half, with a reduction to underlying PBT in the Period of £0.023m. After finance charges the Group underlying profit before tax was £0.280m, down 47.2% (2018 Restated: £0.530m).

 

After deducting intangible asset amortisation and share based payment charges, headline profit before tax was £0.186m (2018 Restated: £0.453m).

 

The underlying earnings per share were 0.77p (2018 Restated: 1.45p) and after deducting non-underlying items the basic earnings per share were 0.50p (2018 Restated: 1.22p). The Board is not recommending the payment of an interim dividend (2018: £Nil).

 

Cash Flow

As previously indicated, cash generated by Group operations was impacted by higher levels of inventory at the half year end following a reduction in orders towards the end of the Period and new business being deferred to the second half of the financial year. In addition, the softer market conditions coupled with the introduction of additional tariffs on imported goods caused US suppliers to shorten credit terms, which put pressure on the Group's cash generation. However, the Group's net cash generated from operations of £0.512m (2018 Restated: £0.506m) was broadly in line with the Corresponding Period.

 

The Group's investment in capital expenditure was broadly in line with depreciation, with US investment in the new paint facility and associated expenditure at Rabun Gap, Georgia. First half expenditure was £0.433m (2018: £0.327m). There was no expenditure on new product introduction related intangible assets in the Period (2018: £0.076m).

 

Net borrowing, which excludes finance leases and operating leases as defined by IFRS 16 Leases, was up at the half year end at £3.469m compared to the Corresponding Period of £3.093m. Gearing calculated on the same basis was up slightly on the Corresponding Period to 46.2% (2018: 45.4%).

 

Balance Sheet

Total assets at 30 September 2019 were £18.712m after recognising an asset of £3.259m relating to operating leases in line with IFRS 16. To partially offset this, both current and non-current liabilities now recognise total obligations under leases of £3.438m, which represents the present value of the Group's future finance and operating lease commitments. Net assets are impacted only to the extent of the impact on profitability of £0.023m, as previously highlighted.

 

Net working capital at 30 September 2019 was £4.379m, which was £0.367m higher than at 30 September 2018 and £0.339m higher than at 31 March 2019, due to the higher inventories as referred to above.

 

Outlook

Whilst demand in the USA remained broadly in line with expectations, demand in the UK slowed significantly through the second quarter resulting in revenue for the Group being down on the comparable period. In line with the trading update released on 9 October 2019, profitability in the Period was adversely impacted by lower revenues and in the USA short-term pressure on margins due to the impact of increased import tariffs on goods sourced from China.

 

Our Chinese joint venture performed in line with the Board's expectations and I am pleased to report that it declared a maiden dividend with the Group's share, (£0.171m; 2018: £Nil), being received shortly after the end of the Period.

 

We are very pleased with the performance of the new paint plant in the USA that we announced in May. It was operational ahead of time and is generating a number of new opportunities. Furthermore our pipeline of new business opportunities across the Group remains healthy.

 

For the balance of the financial year we expect demand to remain low in the UK and to weaken in the USA. We continue to focus on managing our cost base and working capital to align with these lower volumes whilst capitalising on the many new business opportunities referred to above.

 

Andrew Moss Mike Welburn

Chairman Chief Executive

 

Group statement of comprehensive income

For period ended 30 September 2019

 

 

Note

Unaudited six months to 30 September 2019

Unaudited six months to 30 September 2019

Unaudited six months to 30 September 2019

Unaudited

six months to 30 September 2018

Audited

year ended 31 March 2019

 

 

£'000

£'000

£'000

£'000

£'000

 

 

Underlying

Non-Underlying

Group

 

 

 

 

 

 

 

 

 

 Revenue

3

10,581

-

10,581

11,415

22,763

 

 Cost of sales

 

(6,601)

-

(6,601)

(7,016)

(14,025)

 

 Gross profit

 

3,980

-

3,980

4,399

8,738

 

 

 

 

 

 

 

 

 

 Distribution costs

 

(403)

-

(403)

(510)

(1,022)

 

 

 

 

 

 

 

 

 

 Administration costs

 

 

 

 

 

 

 

- General administration costs

 

(3,245)

-

(3,245)

(3,374)

(6,701)

 

- Intangible asset amortisation

 

-

(80)

(80)

(59)

(102)

 

- Share based payment charge

 

-

(14)

(14)

(18)

(36)

 

 

 

 

 

 

 

 

 

 Total administration costs

 

(3,245)

(94)

(3,339)

(3,451)

(6,839)

 

 

 

 

 

 

 

 

 

 Operating profit/(loss)

 

332

(94)

238

438

877

 

 

 

 

 

 

 

 

 

 Share of profit from joint venture

 

123

-

123

150

282

 

 Finance costs

 

(175)

-

(175)

(112)

(209)

 

 

 

 

 

 

 

 

 

 Profit/(loss) before tax

3

280

(94)

186

476

950

 

 

 

 

 

 

 

 

 

 Income tax expense

 

(16)

-

(16)

(41)

(66)

 

 

 

 

 

 

 

 

 

 Profit/(Loss) for the year and total comprehensive income/(expense)

 

264

(94)

170

435

884

 

 

 

 

 

 

 

 

 

 Attributable to:

 

 

 

 

 

 

 

 Equity holders of the parent company

 

264

(94)

170

435

884

 

 

 

 

 

 

 

 

 

Continuing Operations

Earnings per share:

 

 

 

 

 

 

 

 Basic earnings per share

4

 

 

0.50p

1.29p

2.62p

 

 Diluted earnings per share

4

 

 

0.47p

1.16p

2.39p

 

 

 

 

 

 

 

 

            

Group statement of changes in equity

For period ended 30 September 2019

 

 

 

 

Share

 capital

Share premium

Merger reserve

 

 

 

Translation Reserve

 

Share based payment

 Reserve

Retained earnings

Total

 

£'000

£'000

£'000

£'000

£'000

£'000

£'000

 

 

 

 

 

 

 

 

Balance at 1 April 2018

3,379

1,692

1,388

(111)

349

(431)

6,266

(audited)

 

 

 

 

 

 

 

 

Share based payment charge

-

-

-

-

18

-

18

 

-----------------------------------------

-------------------------------------------

-------------------------------------------

-----------------------------------------------

------------------------------------------

-------------------------------------------

-------------------------------------

Total transactions with owners

-

-

-

-

18

-

18

Foreign exchange loss on translation of Reserves

-

-

-

88

-

-

88

Total comprehensive expense

-

-

-

-

-

435

435

 

-----------------------------------------

-------------------------------------------

-------------------------------------------

-----------------------------------------------

------------------------------------------

-------------------------------------------

-------------------------------------

Balance at 30 September 2018

(unaudited)

3,379

1,692

1,388

(23)

367

4

6,807

 

 

 

 

 

 

 

 

Share based payment charge

-

-

-

-

18

-

18

 

-----------------------------------------

-------------------------------------------

-------------------------------------------

-----------------------------------------------

------------------------------------------

-------------------------------------------

-------------------------------------

Total transactions with owners

-

-

-

-

18

-

18

Foreign exchange gain on translation of Reserves

-

-

-

37

-

-

37

Total comprehensive expense

-

-

-

-

-

449

449

 

-----------------------------------------

-------------------------------------------

-------------------------------------------

------------------------------------------------

------------------------------------------

-------------------------------------------

-------------------------------------

Balance at 31 March 2019

(audited)

3,379

1,692

1,388

14

385

453

7,311

 

 

 

 

 

 

 

 

Share based payment charge

-

-

-

-

14

-

14

 

-----------------------------------------

-------------------------------------------

-------------------------------------------

-----------------------------------------------

------------------------------------------

-------------------------------------------

-------------------------------------

Total transactions with owners

-

-

-

-

14

-

14

Issue of new shares

50

 

 

 

 

 

50

Foreign exchange loss on translation of Reserves

-

-

-

(46)

-

-

(46)

Total comprehensive income

-

-

-

-

-

170

170

 

-----------------------------------------

-------------------------------------------

-------------------------------------------

---------------------------------------------

------------------------------------------

-------------------------------------------

-------------------------------------

Balance at 30 September 2019

(unaudited)

3,429

1,692

1,388

(32)

399

623

7,499

 

=========================

=========================

===========================

=========================

============================

=========================

=====================

Group statement of financial position

At 30 September 2019

 

 

 

Unaudited

 

Unaudited

 

Audited

 

 

30 September

30 September

31 March

 

 

2019

2018

2019

 

 

£'000

£'000

£'000

 

 

 

 

 

Assets

 

 

 

 

Non current

 

 

 

 

Goodwill

 

391

391

391

Intangible assets

 

330

228

401

Investment in Joint Venture

 

1,307

1,066

1,191

Property, plant and equipment

 

8,085

4,504

4,668

 

 

10,113

6,189

6,651

Current

 

 

 

 

Inventories

 

3,278

2,981

3,040

Trade and other receivables

 

4,895

5,071

4,854

Cash and cash equivalents

 

426

643

493

Corporation tax

 

-

-

6

 

 

8,599

8,695

8,393

 

 

 

 

 

Total assets

 

18,712

14,884

15,044

 

 

 

 

 

 

 

 

 

 

Liabilities

 

 

 

 

Current

 

 

 

 

Trade and other payables

 

(3,794)

(4,040)

(3,854)

Borrowings

 

(3,895)

(3,815)

(3,675)

Obligations under leases

 

(585)

-

-

Corporation tax

 

(61)

(80)

(70)

 

 

(8,335)

(7,935)

(7,599)

 

 

 

 

 

Non-current

 

 

 

 

Borrowings

 

-

(117)

(109)

Obligations under leases

 

(2,853)

-

-

Deferred tax

 

(25)

(25)

(25)

 

 

(2,878)

(142)

(134)

 

 

 

 

 

 

 

 

 

 

Total liabilities

 

(11,213)

(8,077)

(7,733)

 

 

 

 

 

Net assets

 

7,499

6,807

7,311

 

 

 

 

 

Equity

 

 

 

 

Share capital

 

3,429

3,379

3,379

Share premium account

 

1,692

1,692

1,692

Merger reserve

 

1,388

1,388

1,388

Translation reserve

 

(32)

(23)

14

Share based payment reserve

 

399

367

385

Retained earnings

 

623

4

453

Total equity

 

7,499

6,807

7,311

 

 

 

 

 

 

 

 

 

 

 

Group statement of cash flows

For period ended 30 September 2019

 

 

 

Unaudited

 

Unaudited

 

Audited

 

six months to

six months to

year ended

 

30 September

30 September

31 March

 

2019

2018

2019

 

£'000

£'000

£'000

 

 

 

 

Cash flows from operating activities

 

 

 

Profit after taxation

170

435

884

Adjustment for:

 

 

 

Depreciation

488

278

575

Net finance costs in statement of comprehensive income

175

112

209

Amortisation charge

80

59

102

Share based payment charge

14

18

36

Share of joint venture operating profit

(123)

(150)

(282)

Taxation expense recognised in statement of comprehensive income

16

 

41

 

66

 

(Increase)/decrease in trade and other receivables

(8)

(77)

229

Decrease in trade payables and other payables

(84)

(347)

(542)

Increase in inventories

(216)

(49)

(88)

 

 

 

 

Cash generated by operations

512

320

1,189

Interest paid

(175)

(137)

(246)

 

 

 

 

Net cash generated by operating activities

337

183

943

 

 

 

 

Cash flows from investing activities

 

 

 

Purchase of plant and equipment

(433)

(327)

(723)

Purchase of intangible assets

-

(76)

(278)

Net cash used by investing activities

(433)

(403)

(1,001)

 

 

 

 

Cash flows from financing activities

 

 

 

Issue of new shares

50

-

-

Proceeds of overseas short term borrowing

81

-

304

Movement in short term borrowings

95

213

(361)

Payment of finance lease liabilities

(197)

(42)

(84)

Net cash generated by/(absorbed by) financing activities

29

171

(141)

 

 

 

 

Net decrease in cash and cash equivalents

(67)

(49)

(199)

 

 

 

 

Cash and cash equivalents at beginning of period

493

692

692

 

 

 

 

Cash and cash equivalents at end of period

426

643

493

 

 

 

 

 

 

 

 

1 General information

Tricorn Group plc and subsidiaries' (the 'Group') principal activities comprise high precision tube manipulation, systems engineering and specialist fittings.

The Group's customer base includes major blue chip companies with world-wide activities in key market sectors, including Power Generation, Oil & Gas, Off Highway, Commercial Vehicles, Agriculture and Automotive.

Tricorn Group plc is the Group's ultimate parent company. It is incorporated and domiciled in the United Kingdom. The address of Tricorn Group plc's registered office, which is also its principal place of business, is Spring Lane, Malvern, Worcestershire, WR14 1DA. The Group's shares are admitted to trading on the Alternative Investment Market of the London Stock Exchange.

These consolidated interim financial statements have been approved for issue on 4 December 2019 by the Board of Directors. Amendments to the financial statements are not permitted after they have been approved. Copies of this announcement are available on the Company's website, www.tricorn.uk.com.

The financial information set out in this interim report does not constitute statutory accounts as defined in the Companies Act 2006. The Group's statutory financial statements for the year ended 31 March 2019 have been filed with the Registrar of Companies. The auditor's report on those financial statements was unqualified and did not contain a statement under Section 498(2) or (3) of the Companies Act 2006.

2 Accounting policies

Basis of preparation

These unaudited interim consolidated financial statements are for the six months ended 30 September 2019. They have been prepared in accordance with IAS 34 "Interim Financial Reporting" as adopted by the European Union. They do not include all of the information required for full annual financial statements and should be read in conjunction with the consolidated financial statements of the Group for the year ended 31 March 2019, which have been prepared in accordance with International Financial Reporting Standards.

The same accounting policies and methods of computation are followed in the interim financial statements as compared with the most recent annual financial statements.

IFRS16 Leases - Overview

IFRS 16 replace IAS 17 and provides a single lease accounting model, requiring lessees to recognise right of use assets and lease liabilities in the balance sheet for all relevant leases.

The Group has now adopted IFRS 16 Leases under the modified retrospective approach. The adoption of IFRS 16 under the modified retrospective approach affects only the current reporting period and does not require restatement of comparative half and full year financial statements. In addition, the Board has decided to measure right-of-use assets by reference to the measurement of the lease liability on 1 April 2019 and therefore there is no immediate change to net assets at this date. After 1 April 2019 instead of recognising operating lease costs within operating profit in the Statement of Comprehensive Income the Group will recognise depreciation of the right of use asset within operating profit and interest costs of the lease liability within finance costs. This will result in a decrease in profit before tax reported of approximately £0.023m. Where appropriate and to provide comparison in the narrative, comparatives have been restated for key financial indicators.

3 Segmental reporting

As announced at the time of the March 2019 year end results, the Group has carried out a review of its organisation structure and concluded that segmental results will now be reported on a geographic basis as follows:

§ UK - Comprising all UK based trading divisions

§ US - Comprising all North America based trading divisions

§ The joint venture in China will continue to be reported separately

 

The financial information detailed below is frequently reviewed by the Chief Operating Decision maker.

 

6 months to 30 September 2019 (unaudited)

 

 

 

 

 

 

UK

US

 

Unallocated

Joint Venture

Total

 

£'000

£'000

£'000

£'000

£'000

 

 

 

 

 

 

Revenue

 

 

 

 

 

 - From external customers

6,029

4,552

-

-

10,581

 - From other segments

141

-

(141)

-

-

 

6,170

4,552

(141)

-

10,581

 

 

 

 

 

 

Segmental profit/(loss) before tax

134

87

(64)

123

280

 

 

 

 

 

 

Intangible asset amortisation

 

 

 

 

(80)

Share based payment charge

 

 

 

 

(14)

 

 

 

 

 

________

Profit before tax

 

 

 

 

186

 

 

 

 

 

 

Segmental total assets

10,628

7,009

1,075

-

18,712

 

6 months to 30 September 2018 (unaudited)

 

 

 

 

 

 

 

UK

US

 

Unallocated

Joint Venture

Total

 

£'000

£'000

£'000

£'000

£'000

 

 

 

 

 

 

Revenue

 

 

 

 

 

 - From external customers

6,975

4,440

-

-

11,415

 - From other segments

-

-

-

-

-

 

6,975

4,440

-

-

11,415

 

 

 

 

 

 

Segmental profit/(loss) before tax

384

192

(173)

150

553

 

 

 

 

 

 

Intangible asset amortisation

 

 

 

 

(59)

Share based payment charge

 

 

 

 

(18)

 

 

 

 

 

_________

Profit before tax

 

 

 

 

476

 

 

 

 

 

 

 

 

 

 

 

 

Segmental total assets

6,822

6,231

1,831

-

14,884

 

 

 

3 Segmental reporting (continued)

Year ended 31 March 2019

 

 

 

 

 

 

 

UK

US

Unallocated

Joint Venture

Total

 

£'000

£'000

£'000

£'000

£'000

 

 

 

 

 

 

 

 

 

 

 

 

Revenue

 

 

 

 

 

 - From external customers

14,022

8,741

-

-

22,763

 - From other segments

59

-

(59)

-

-

 

14,081

8,741

(59)

-

22,763

 

 

 

 

 

 

Segmental profit/(loss) before tax

980

46

(220)

282

1,088

 

 

 

 

 

 

Intangibles amortisation

 

 

 

 

(102)

Share based payment charge

 

 

 

 

(36)

 

 

 

 

 

_________

Profit before tax

 

 

 

 

950

 

 

 

 

 

 

Segmental total assets

6,993

6,171

1,880

-

15,044

 

4 Earnings per share

The calculation of the basic earnings per share is based on the earnings attributable to ordinary shareholders divided by the weighted average number of shares in issue during the year.

The calculation of diluted earnings per share is based on the basic earnings per share, adjusted to allow for the issue of shares and the post tax effect of dividends and/or interest, on the assumed conversion of all dilutive options and other dilutive potential ordinary shares.

Reconciliations of the earnings and weighted average number of shares used in the calculations are set out below.

 

 

Six months ended 30 September 2019

 

 

Profit

Weighted average number of shares

 

Earnings per share

 

£'000

Number '000

Pence

 

 

 

 

Basic earnings per share

170

34,295

0.50p

Dilutive shares

 

1,717

 

Diluted earnings per share

170

36,012

0.47p

 

 

Six months ended 30 September 2018

 

 

Profit

Weighted average number of shares

 

Earnings per share

 

£'000

Number '000

Pence

 

 

 

 

Basic earnings per share

435

33,795

1.29p

Dilutive shares

 

3,721

 

Diluted earnings per share

435

37,516

1.16p

 

4 Earnings/(Loss) per share (continued)

 

31 March 2019

 

 

Profit

Weighted average number of shares

 

Earnings per share

 

£'000

Number '000

Pence

 

 

 

 

Basic earnings per share

884

33,795

2.62p

Dilutive shares

 

3,248

 

Diluted earnings per share

884

37,043

2.39p

 

The directors consider that the following adjusted earnings per share calculation is a more appropriate reflection of the Group's performance.

 

 

Six months ended 30 September 2019

 

Profit

Weighted average number of shares

Earnings per share

 

£'000

Number '000

Pence

 

 

 

 

Basic earnings per share

170

34,295

0.50p

Intangible asset amortisation

80

 

 

Share based payment charge

14

 

 

Adjusted earnings per share

264

34,295

0.77p

Dilutive shares

 

1,717

 

Diluted adjusted earnings per share

264

36,012

0.73p

 

 

Six months ended 30 September 2018

 

 

Profit

Weighted average number of shares

 

Earnings per share

 

£'000

Number '000

Pence

 

 

 

 

Basic earnings per share

435

33,795

1.29p

Intangible asset amortisation

59

 

 

Share based payment charge

18

 

 

Adjusted earnings per share

512

33,795

1.52p

Dilutive shares

 

3,721

 

Diluted adjusted earnings per share

512

37,516

1.36p

 

 

31 March 2019

 

 

Profit

Weighted average number of shares

 

Earnings per share

 

£'000

Number '000

Pence

 

 

 

 

Basic earnings per share

884

33,795

2.62p

Intangible asset amortisation

102

 

 

Share based payment charge

36

 

 

Adjusted earnings per share

1,022

33,795

3.02p

Dilutive shares

 

3,248

 

Diluted adjusted earnings per share

1,022

37,043

2.76p

 

 

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
 
 
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