Last checked at 15 Sep 2011 07:00
For immediate release 15 September 2011
VOLEX PLC
('Volex' or the 'Group')
Transition to US Dollar reporting
Restatement of historical financial information in US Dollars
As communicated in our annual financial statements for the year to 3 April 2011 and the Interim Management Statement dated 25 July 2011, the Group is changing its presentation currency from Pounds Sterling ('GBP') to US Dollars ('USD').
This transition is being made for the following reasons:
1. Following the disposal of our Wiring Harness division in 2009, the Group no longer operates any manufacturing facilities in the UK and the proportion of GBP denominated business activity carried out by the Group has been decreasing, with the Group's revenues and profits increasingly generated in USD. For the 52 weeks to 3 April 2011, less than 1% of Group revenue was invoiced in GBP.
2. Over two thirds of the Group's revenue is produced by Group entities with USD as their functional currency. Transition to a USD reporting currency, therefore, better reflects the underlying trading performance, reducing translation related distortions in reported results caused by exchange rate movements. Furthermore the transition to a USD reporting currency better aligns our internal and external reporting; and
3. USD reporting aids comparison with other international cable and interconnect solutions businesses, which predominantly report in US Dollars.
The interim consolidated financial statements for the 6 months to 2 October 2011 will be released on 2 November 2011 and will be presented in USD. All subsequent financial information will also be prepared using USD as the presentation currency. In accordance with relevant accounting standards, comparative information will be provided in USD. To assist shareholders and other users of the accounts with this change, this announcement provides selected audited historical financial information for the years to 3 April 2011 and 4 April 2010 restated in USD ('the restated financial information'), together with a special purpose audit report thereon.
In addition, the Company has provided selected unaudited historical information for the years to 5 April 2009 and 30 March 2008 and selected half-yearly and quarterly analyses for information purposes. Although the restatement of these earlier periods has not been audited, the same translation methodology has been applied.
Financial Highlights
$'million (from continuing operations) | FY11 (audited) | FY10 (audited) | FY09 (unaudited*) | FY08 (unaudited*) |
Revenue | 490.0 | 365.4 | 451.4 | 448.3 |
Operating profit before non-recurring items and share based payments | 26.1 | 21.3 | 18.1 | 14.7 |
Net assets | 38.3 | 19.2 | 9.2 | 45.5 |
Diluted earnings per share (cents) | 28.2 | 14.6 | 4.9 | (1.3) |
Adjusted diluted earnings per share (cents)** | 32.4 | 23.2 | 16.8 | 7.7 |
Closing Rate (USD:GBP) | 1.6111 | 1.5169 | 1.4738 | 2.0095 |
Average Rate (USD:GBP) | 1.5510 | 1.5958 | 1.6924 | 2.0057 |
* While the historic GBP reported figures were audited and an unqualified audit opinion issued, the restatement of these figures into USD has not been audited. The same translation methodology as for FY11 and FY10 has been applied.
** Earnings per share before non-recurring items and share based payment charges.
For further information please contact:
Volex plc
Ray Walsh, Group Chief Executive +44 20 3370 8830
Andrew Cherry, Group Finance Director +44 20 3370 8830
Buchanan Communications
Charles Ryland / Helen Chan +44 20 7466 5000Restated financial information
Consolidated income statement
For the 52 weeks ended 3 April 2011 (52 weeks ended 4 April 2010)
Note |
52 weeks to 3 April 2011 |
52 weeks to 4 April 2010 | |
$'000 | $'000 | ||
Revenue | 2 | 490,009 | 365,437 |
Cost of sales | (397,940) | (291,772) | |
Gross profit | 92,069 | 73,665 | |
Operating expenses | (68,596) | (57,309) | |
Operating profit | 2 | 23,473 | 16,356 |
Analysed as: | |||
Operating profit before non-recurring items and share based payments | 26,075 | 21,313 | |
Non-recurring items | 3 | - | (4,943) |
Operating profit before share based payments | 26,075 | 16,370 | |
Share based payments charge | (2,602) | (14) | |
Operating profit | 23,473 | 16,356 | |
Finance income | 222 | 114 | |
Finance costs | (3,383) | (5,442) | |
Profit on ordinary activities before taxation | 20,312 | 11,028 | |
Taxation | (3,660) | (2,604) | |
Profit for the period attributable to the owners of the parent | 16,652 | 8,424 | |
Earnings per share (cents)* | |||
Basic | 4 | 29.3 | 14.8 |
Diluted | 4 | 28.2 | 14.6 |
* Earnings per share before non-recurring items and share based payment charges is shown in note 4.
Restated financial information
Consolidated statement of comprehensive income
For the 52 weeks ended 3 April 2011 (52 weeks ended 4 April 2010)
52 weeks to 3 April 2011 | 52 weeks to 4 April 2010 | |
$'000 | $'000 | |
Profit for the period | 16,652 | 8,424 |
Other comprehensive income: | ||
Gain on hedge of net investment taken to equity | 827 | 977 |
Exchange differences on translation of foreign operations | (1,843) | 1,268 |
Actuarial gain / (loss) on defined benefit pension schemes | 1,500 | (734) |
Other comprehensive income for the period | 484 | 1,511 |
Tax relating to components of other comprehensive income | - | - |
Other comprehensive income for the period | 484 | 1,511 |
Total comprehensive income for the period attributable to the owners of the parent | 17,136 | 9,935 |
Restated financial information
Consolidated statement of financial position
As at 3 April 2011 (4 April 2010)
Note |
3 April 2011 $'000 |
4 April 2010 $'000 | |
Non-current assets | |||
Goodwill | 3,109 | 2,928 | |
Other intangible assets | 2,120 | 998 | |
Property, plant and equipment | 12,465 | 11,378 | |
Trade and other receivables | 322 | 323 | |
Deferred tax asset | 2,157 | 407 | |
20,173 | 16,034 | ||
Current assets | |||
Inventories | 51,889 | 41,718 | |
Trade and other receivables | 118,127 | 91,235 | |
Current tax assets | 722 | 584 | |
Cash and bank balances | 5 | 20,397 | 27,638 |
191,135 | 161,175 | ||
Total assets | 211,308 | 177,209 | |
Current liabilities | |||
Borrowings | 5 | 27,542 | 428 |
Obligations under finance leases | 5 | 195 | 97 |
Trade and other payables | 127,154 | 93,970 | |
Current tax liabilities | 4,393 | 8,194 | |
Retirement benefit obligation | 251 | 235 | |
Provisions | 2,940 | 6,151 | |
Derivative financial instruments | 296 | 563 | |
162,771 | 109,638 | ||
Net current assets | 28,364 | 51,537 | |
Non-current liabilities | |||
Borrowings | 5 | - | 38,463 |
Obligations under finance leases | 5 | 108 | 135 |
Deferred tax liabilities | 2,309 | 99 | |
Retirement benefit obligation | 1,883 | 3,384 | |
Provisions | 5,744 | 6,165 | |
Non-equity preference shares | 207 | 121 | |
10,251 | 48,367 | ||
Total liabilities | 173,022 | 158,005 | |
Net assets | 38,286 | 19,204 | |
Equity attributable to owners of the parent | |||
Share capital | 28,180 | 25,940 | |
Share premium account | 2,586 | 2,586 | |
Hedging and translation reserve | (4,182) | (3,166) | |
Own shares | (2,240) | - | |
Accumulated gains / (losses) | 13,942 | (6,156) | |
Total equity | 38,286 | 19,204 |
Restated financial information
Consolidated statement of changes in equity
For the 52 weeks ended 3 April 2011 (52 weeks ended 4 April 2010)
Share capital | Share premium account | Hedging and translation reserve | Own shares | Accumulated gains / (losses) | Total equity | |
$'000 | $'000 | $'000 | $'000 | $'000 | $'000 | |
Balance at 5 April 2009 | 25,940 | 2,586 | (5,411) | - | (13,877) | 9,238 |
Profit for the period attributable to the owners of the parent | - | - | - | - | 8,424 | 8,424 |
Other comprehensive income / (loss) for the period | - | - | 2,245 | - | (734) | 1,511 |
Total comprehensive income / (loss) for the period | - | - | 2,245 | - | 7,690 | 9,935 |
Reserve entry for share option charges | - | - | - | - | 31 | 31 |
Balance at 4 April 2010 | 25,940 | 2,586 | (3,166) | - | (6,156) | 19,204 |
Profit for the period attributable to the owners of the parent | - | - | - | - | 16,652 | 16,652 |
Other comprehensive income / (loss) for the period | - | - | (1,016) | - | 1,500 | 484 |
Total comprehensive income / (loss) for the period | - | - | (1,016) | - | 18,152 | 17,136 |
Issue of share capital | 2,240 | - | - | - | - | 2,240 |
Own shares acquired in the period | - | - | - | (2,240) | - | (2,240) |
Reserve entry for share option charges | - | - | - | - | 1,946 | 1,946 |
Balance at 3 April 2011 | 28,180 | 2,586 | (4,182) | (2,240) | 13,942 | 38,286 |
Restated financial information
Consolidated statement of cash flows
For the 52 weeks ended 3 April 2011 (52 weeks ended 4 April 2010)
Note |
52 weeks to 3 April 2011 |
52 weeks to 4 April 2010 | |
$'000 | $'000 | ||
Profit for the period | 16,652 | 8,424 | |
Adjustments for: | |||
Finance income | (222) | (114) | |
Finance costs | 3,383 | 5,442 | |
Income tax expense | 3,660 | 2,604 | |
Depreciation of property, plant and equipment | 3,041 | 3,511 | |
Amortisation of intangible assets | 390 | 147 | |
Loss on disposal of property, plant and equipment | 23 | 10 | |
Share option charge | 2,602 | 14 | |
Decrease in provisions | (4,347) | (2,076) | |
Operating cash flow before movements in working capital | 25,182 | 17,962 | |
(Increase) / decrease in inventories | (9,340) | (5,352) | |
(Increase) / decrease in receivables | (24,708) | (837) | |
Increase / (decrease) in payables | 29,501 | 13,464 | |
Movement in working capital | (4,547) | 7,275 | |
Cash generated by operations | 20,635 | 25,237 | |
Cash generated before non-recurring items | 20,635 | 29,507 | |
Cash utilised in respect of non-recurring items | - | (4,270) | |
Taxation paid | (6,774) | (2,937) | |
Interest paid | (2,774) | (3,508) | |
Net cash (used in) / generated from operating activities | 11,087 | 18,792 | |
Cash flow from investing activities | |||
Interest received | 222 | 114 | |
Proceeds on disposal of intangible assets, property, plant and equipment | 101 | 116 | |
Purchases of property, plant and equipment | (4,363) | (2,585) | |
Purchases of intangible assets | (1,200) | (378) | |
Net cash outflow arising on disposal of operations | (247) | (3,015) | |
Net cash used in investing activities | (5,487) | (5,748) | |
Cash flow before financing activities | 5,600 | 13,044 | |
Cash (used) / generated before non-recurring items | 5,847 | 20,329 | |
Net cash outflow on disposal of operations | (247) | (3,015) | |
Cash utilised in respect of non-recurring items | - | (4,270) | |
Cash flow from financing activities | |||
Repayment of borrowings | 5 | (14,387) | (9,000) |
Refinancing costs paid | 5 | (24) | (2,283) |
Repayments of obligations under finance leases | 5 | (144) | (3) |
Net cash used in financing activities | (14,555) | (11,286) | |
Net (decrease) / increase in cash and cash equivalents | (8,955) | 1,758 | |
Cash and cash equivalents at beginning of period | 5 | 27,210 | 24,873 |
Effect of foreign exchange rate changes | 270 | 579 | |
Cash and cash equivalents at end of period | 5 | 18,525 | 27,210 |
Notes to the restated financial information
1. Basis of preparationThe restated financial information should be read in conjunction with the annual financial statements for the 52 week period ended 3 April 2011, which have been prepared in accordance with IFRSs as adopted by the European Union.
The restated financial information does not comprise statutory accounts within the meaning of section 434 of the Companies Act 2006. The statutory accounts for the 52 weeks ended 3 April 2011 have been filed with the Registrar of Companies for England and Wales and have been reported on by the Group's auditors. The Report of the Auditors was not qualified and did not contain a statement under Section 498 of the Companies Act 2006.
Presentation of financial information
Volex plc will present its consolidated financial statements in US Dollars ('USD') with effect from 4 April 2011. In accordance with IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors this change in presentational currency will be applied retrospectively.
For the 52 weeks ended 3 April 2011 and 4 April 2010, the Company has presented in USD a consolidated income statement, a consolidated statement of comprehensive income, a consolidated statement of changes in equity and a consolidated cash flow statement, along with a consolidated statement of financial position as at 3 April 2011 and 4 April 2010 and accompanying notes. This financial information will form the basis of the comparative financial information expected to be included in the first complete set of financial statements of the Group presented in USD for the 52 week period ended 1 April 2012.
In order to meet the IAS 21 requirements with respect to a change in presentational currency, the statutory financial information as initially reported in the Group's Annual Reports for the 52 week periods ended 3 April 2011 and 4 April 2010 has been restated from Pounds Sterling into US Dollars using the procedures as outlined below:
·; assets and liabilities denominated in non-USD currencies were translated into USD at period end closing rates of exchange;
·; share capital, share premium and own reserves were translated at the historic rates prevailing at 5 April 2004 (i.e. the transition date to IFRS) or the subsequent dates of transactions;
·; non-USD trading results were translated into USD at average rates of exchange;
·; the cumulative hedging and translation reserve was set to nil at 5 April 2004 (i.e. the transition date to IFRS). All subsequent foreign exchange translation movements comprising differences on the retranslation of the opening net assets of non-USD subsidiaries and the retranslation of the trading results of non-USD subsidiaries have been charged to the hedging and translation reserve; and
·; exchange differences recognised directly in the hedging and translation reserve arising from foreign exchange hedging instruments or monetary items receivable from or payable to a foreign operation for which settlement is neither planned nor likely to occur were translated into USD at average rates of exchange.
No events since the signing of the 3 April 2011 and 4 April 2010 financial statements have been taken into consideration in the restatement of the balances into USD
All exchange rates used were extracted from the Group's underlying financial records. The exchange rates used were as follows:
USD / GBP exchange rate | FY2011 | FY2010 | FY2009 |
Closing Rate | 1.6111 | 1.5169 | 1.4738 |
Average Rate | 1.5510 | 1.5958 | 1.6924 |
Notes to the restated financial information
2. Business and geographical segmentsBusiness segments
52 weeks to 3 April 2011 $'000 |
52 weeks to 4 April 2010 $'000 | |
Revenue | ||
Consumer | 304,336 | 222,379 |
Telecoms/Datacoms | 109,948 | 94,766 |
Healthcare | 41,536 | 30,770 |
Industrial | 34,189 | 17,522 |
490,009 | 365,437 |
52 weeks to 3 April 2011 $'000 |
52 weeks to 4 April 2010 $'000 | |
Gross profit | ||
Consumer | 53,609 | 49,053 |
Telecoms/Datacoms | 20,653 | 13,994 |
Healthcare | 9,735 | 6,649 |
Industrial | 8,072 | 3,969 |
92,069 | 73,665 | |
Unallocated overhead costs | (65,994) | (52,352) |
Non-recurring items | - | (4,943) |
Operating profit before share based payments | 26,075 | 16,370 |
Share based payments | (2,602) | (14) |
Operating profit | 23,473 | 16,356 |
Finance income | 222 | 114 |
Finance costs | (3,383) | (5,442) |
Profit before tax | 20,312 | 11,028 |
Tax | (3,660) | (2,604) |
Profit after tax | 16,652 | 8,424 |
3. Non-recurring items
52 weeks to 3 April 2011 $'000 |
52 weeks to 4 April 2010 $'000 | |
Continuing operations | ||
Corporate restructuring | - | 3,439 |
Facilities rationalisation | - | 1,504 |
- | 4,943 |
Notes to the restated financial information
4. Earnings per ordinary shareEarnings per share
The calculations of the basic and diluted earnings per share are based on the following data:
Earnings |
52 weeks to 3 April 2011 $'000 |
52 weeks to 4 April 2010 $'000 |
Profit for the purpose of basic and diluted earnings per share being net profit attributable to equity holders of the parent | 16,652 | 8,424 |
Adjustments for: | ||
Share based payments charge | 2,602 | 14 |
Tax effect of above adjustment | (127) | - |
Normalised earnings | 19,127 | 8,438 |
Adjustments for: | ||
Non-recurring items | - | 4,943 |
Earnings for the purpose of adjusted earnings per share | 19,127 | 13,381 |
Weighted average number of ordinary shares | No. shares | No. shares |
Weighted average number of ordinary shares for the purpose of basic earnings per share | 56,821,563 |
56,821,563 |
Effect of dilutive potential ordinary shares - share options | 2,141,432 | 958,703 |
Weighted average number of ordinary shares for the purpose of diluted earnings per share | 58,962,995 |
57,780,266 |
Basic earnings per share | Cents | Cents |
Basic earnings per share | 29.3 | 14.8 |
Adjustments for: | ||
Share based payments charge | 4.6 | - |
Tax effect of above adjustment | (0.2) | - |
Normalised basic earnings per share | 33.7 | 14.8 |
Adjustments for: | ||
Non-recurring items | - | 8.7 |
Adjusted basic earnings per share | 33.7 | 23.5 |
Diluted earnings per share | ||
Diluted earnings per share | 28.2 | 14.6 |
Adjustments for: | ||
Share based payments charge | 4.4 | - |
Tax effect of above adjustment | (0.2) | - |
Normalised diluted earnings per share | 32.4 | 14.6 |
Adjustments for: | ||
Non-recurring items | - | 8.6 |
Adjusted diluted earnings per share | 32.4 | 23.2 |
The normalised earnings per share has been calculated on the basis of profit before non-recurring items and share based payments, net of tax. The Directors consider that this earnings per share calculation gives a better understanding of the Group's earnings per share in the current and prior period.
Notes to the restated financial information
5. Analysis of net debt
4 April 2010 $'000 |
Cash flow $'000 |
Exchange movement $'000 | Other non-cash changes £'000 |
3 April 2011 £'000 | |
Cash and cash equivalents | 27,210 | (8,955) | 270 | - | 18,525 |
Bank loans | (39,966) | 14,387 | (905) | - | (26,484) |
Finance leases | (232) | 144 | (16) | (199) | (303) |
Debt issue costs | 1,503 | 24 | 65 | (778) | 814 |
Net debt | (11,485) | 5,600 | (586) | (977) | (7,448) |
|
3 April 2011 $'000 |
4 April 2010 $'000 | |
Per balance sheet: | |||
Cash and bank balances | 20,397 | 27,638 | |
Borrowings - short term | (27,542) | (428) | |
Obligations under finance leases - short term | (195) | (97) | |
Borrowings - long term | - | (38,463) | |
Obligations under finance leases - long term | (108) | (135) | |
Net debt | (7,448) | (11,485) | |
Special Purpose Auditors' Report of PricewaterhouseCoopers LLP to Volex plc (the 'Company') on the change in presentational currency applied to the Company's prior periods' financial information
We have audited the consolidated statement of financial position of Volex plc ('the Company') as at 3 April 2011 and 4 April 2010, the related consolidated income statements, consolidated statements of comprehensive income, consolidated statements of change in equity, consolidated statements of cash flow and accompanying notes for the 52 week periods then ended presented in US Dollars (the 'audited restated financial information').
Financial information for the 52 week periods ended 3 April 2011 and 4 April 2010 has been restated from Pounds Sterling into US Dollars, as described in Note 1. For each of the aforementioned periods the Company has presented a consolidated statement of financial position, consolidated income statement, consolidated statement of comprehensive income, consolidated statement of change in equity and consolidated statement of cash flow. This information will form the basis of the comparative financial information expected to be included in the first complete set of financial statements and accompanying information of the Company presented in US Dollars for the 52 week period ended 1 April 2012.
Respective responsibilities of Directors and PricewaterhouseCoopers LLP
The Directors of the Company are responsible for the preparation of the audited restated financial information which has been prepared as part of the Company's transition to US Dollar presentational currency.
Our responsibility is to audit the audited restated financial information in accordance with the terms of our engagement and International Standards on Auditing (UK and Ireland). Those standards require us to comply with the Auditing Practices Board's (APB's) Ethical Standards for Auditors.
Under the terms of our engagement we are required to report to you our opinion as to whether the audited restated financial information has been properly prepared, in all material respects, in accordance with the basis of preparation set out in Note 1. This report, including the opinion, has been prepared for, and only for, the Company for the purposes of assisting with the Company's change in presentational currency and for no other purpose. We do not, in giving this opinion, accept or assume responsibility for any other purpose or to any other person to whom this report is shown or into whose hands it may come save where expressly agreed by our prior consent in writing.
Scope of the audit of the US Dollar financial information
This audit involves obtaining evidence about the amounts and disclosures included within the audited restated financial information sufficient to give reasonable assurance that the audited restated financial information is free from material misstatement, whether caused by fraud or error. This includes an assessment of: whether the basis of preparation is appropriate to the Company's circumstances and has been consistently applied and adequately disclosed; the reasonableness of significant accounting estimates made by the directors; and the overall presentation of the audited restated financial information.
Opinion
In our opinion the audited restated financial information has been properly prepared, in all material respects, in accordance with the basis of preparation set out in Note 1.
PricewaterhouseCoopers LLP
Chartered Accountants
London
14 September 2011
Unaudited additional years
Restated financial information (unaudited)
Consolidated income statement
For the 53 weeks ended 5 April 2009 (52 weeks ended 30 March 2008)
Unaudited 53 weeks to 5 April 2009 | Unaudited 52 weeks to 30 March 2008 | ||
$'000 | $'000 | ||
Continuing operations | |||
Revenue | 451,429 | 448,332 | |
Cost of sales | (380,885) | (386,682) | |
Gross profit | 70,544 | 61,650 | |
Operating expenses | (59,257) | (52,036) | |
Operating profit | 11,287 | 9,614 | |
Analysed as: | |||
Operating profit before non-recurring items and share based payments | 18,072 | 14,708 | |
Non-recurring items | (6,988) | (5,346) | |
Operating profit before share based payments | 11,084 | 9,362 | |
Share based payments charge | 203 | 252 | |
Operating profit | 11,287 | 9,614 | |
Finance income | 382 | 411 | |
Finance costs | (5,441) | (5,718) | |
Profit on ordinary activities before taxation | 6,228 | 4,307 | |
Taxation | (3,441) | (5,036) | |
Profit / (loss) for the period from continuing operations attributable to the owners of the parent | 2,787 | (729) | |
Discontinued operations | |||
Loss for the period from discontinued operations attributable to owners of the parent | (31,659) | (6,031) | |
Loss for the period attributable to the owners of the parent | (28,872) | (6,760) | |
Earnings / (loss) per share (cents) | |||
From continuing operations | |||
Basic | 4.9 | (1.3) | |
Diluted | 4.9 | (1.3) | |
From continuing and discontinued operations | |||
Basic | (50.8) | (11.9) | |
Diluted | (50.8) | (11.9) | |
Adjusted earnings / (loss) per share (cents)* | |||
From continuing operations | |||
Basic | 16.8 | 7.7 | |
Diluted | 16.8 | 7.7 |
* Earnings per share before non-recurring items and share based payment charges.
Restated financial information (unaudited)
Consolidated statement of financial position
As at 5 April 2009 (30 March 2008)
Unaudited 5 April 2009 $'000 | Unaudited 30 March 2008 $'000 | ||
Non-current assets | |||
Goodwill | 2,844 | 3,878 | |
Other intangible assets | 835 | 525 | |
Property, plant and equipment | 11,849 | 15,642 | |
Deferred tax asset | 1,020 | 627 | |
16,548 | 20,672 | ||
Current assets | |||
Inventories | 35,570 | 70,433 | |
Trade and other receivables | 88,061 | 128,359 | |
Current tax assets | 83 | 709 | |
Cash and bank balances | 24,873 | 8,675 | |
148,587 | 208,176 | ||
Total assets | 165,135 | 228,848 | |
Current liabilities | |||
Obligations under finance leases | 3 | 88 | |
Trade and other payables | 83,023 | 105,231 | |
Current tax liabilities | 8,610 | 8,727 | |
Retirement benefit obligation | 225 | 299 | |
Provisions | 5,505 | 6,750 | |
Liability for share based payments | 21 | 431 | |
Derivative financial instruments | 365 | - | |
97,752 | 121,526 | ||
Net current assets | 50,835 | 86,650 | |
Non-current liabilities | |||
Borrowings | 46,663 | 50,806 | |
Trade and other payables | 930 | - | |
Deferred tax liabilities | - | 237 | |
Retirement benefit obligation | 2,480 | 3,040 | |
Provisions | 7,953 | 7,583 | |
Non-equity preference shares | 119 | 161 | |
Liability for share based payments | - | 8 | |
58,145 | 61,835 | ||
Total liabilities | 155,897 | 183,361 | |
Net assets | 9,238 | 45,487 | |
Equity attributable to owners of the parent | |||
Share capital | 25,940 | 25,940 | |
Share premium account | 2,586 | 2,586 | |
Hedging and translation reserve | (5,411) | 1,561 | |
Own shares | - | - | |
Accumulated (losses) / gains | (13,877) | 15,400 | |
Total equity | 9,238 | 45,487 |
Unaudited half-yearly and quarterly information
Restated financial information (unaudited)
Half-yearly information
Consolidated income statement
For FY2011 (FY2010)
FY2010 | FY2011 | ||||||
26 weeks ended 4 October 2009 | 26 weeks ended 4 April 2010 | 52 weeks ended 4 April 2010 | 26 weeks ended 3 October 2010 | 26 weeks ended 3 April 2011 | 52 weeks ended 3 April 2011 | ||
$'000 | $'000 | $'000 | $'000 | $'000 | $'000 | ||
Revenue | |||||||
Consumer | 103,963 | 118,416 | 222,379 | 151,156 | 153,180 | 304,336 | |
Telecoms/Datacoms | 50,321 | 44,445 | 94,766 | 52,523 | 57,425 | 109,948 | |
Healthcare | 15,605 | 15,165 | 30,770 | 18,664 | 22,872 | 41,536 | |
Industrial | 5,834 | 11,688 | 17,522 | 16,011 | 18,178 | 34,189 | |
Group | 175,723 | 189,714 | 365,437 | 238,354 | 251,655 | 490,009 | |
Gross profit | |||||||
Consumer | 21,980 | 27,073 | 49,053 | 27,508 | 26,101 | 53,609 | |
Telecoms/Datacoms | 8,608 | 5,386 | 13,994 | 10,412 | 10,241 | 20,653 | |
Healthcare | 3,312 | 3,337 | 6,649 | 5,166 | 4,569 | 9,735 | |
Industrial | 1,433 | 2,536 | 3,969 | 3,751 | 4,321 | 8,072 | |
Group | 35,333 | 38,332 | 73,665 | 46,837 | 45,232 | 92,069 | |
Administrative expenses | (25,543) | (26,809) | (52,352) | (34,046) | (31,948) | (65,994) | |
Adjusted operating profit | 9,790 | 11,523 | 21,313 | 12,791 | 13,284 | 26,075 | |
Non-recurring items | (4,238) | (705) | (4,943) | - | - | - | |
Normalised operating profit | 5,552 | 10,818 | 16,370 | 12,791 | 13,284 | 26,075 | |
Share based payment charge | (2) | (12) | (14) | (355) | (2,247) | (2,602) | |
Operating profit | 5,550 | 10,806 | 16,356 | 12,436 | 11,037 | 23,473 | |
Financing costs, net | (2,825) | (2,503) | (5,328) | (1,832) | (1,329) | (3,161) | |
Profit before tax | 2,725 | 8,303 | 11,028 | 10,604 | 9,708 | 20,312 | |
Taxation | (1,244) | (1,360) | (2,604) | (2,258) | (1,402) | (3,660) | |
Profit after tax | 1,481 | 6,943 | 8,424 | 8,346 | 8,306 | 16,652 | |
Earnings per share (cents) | |||||||
Basic | 2.6 | 12.2 | 14.8 | 14.7 | 14.6 | 29.3 | |
Diluted | 2.6 | 12.0 | 14.6 | 13.9 | 14.3 | 28.2 | |
Adjusted earnings per share (cents)* | |||||||
Basic | 10.1 | 13.4 | 23.5 | 15.3 | 18.4 | 33.7 | |
Diluted | 10.0 | 13.2 | 23.2 | 14.4 | 18.0 | 32.4 | |
* Earnings per share before non-recurring items and share based payment charges.
Restated financial information (unaudited)
Half-yearly information
Consolidated income statement
For 26 weeks to 5 October 2008 (26 weeks to 30 September 2007)
Unaudited 26 weeks to 5 October 2008 | Unaudited 26 weeks to 30 September 2007 | ||
$'000 | $'000 | ||
Continuing operations | |||
Revenue | 255,312 | 218,785 | |
Cost of sales | (218,738) | (185,251) | |
Gross profit | 36,574 | 33,534 | |
Operating expenses | (28,824) | (22,976) | |
Operating profit | 7,750 | 10,558 | |
Analysed as: | |||
Operating profit before non-recurring items and share based payments | 7,576 | 11,499 | |
Non-recurring items | 5 | - | |
Operating profit before share based payments | 7,581 | 11,499 | |
Share based payments charge | 169 | (941) | |
Operating profit | 7,750 | 10,558 | |
Finance income | 305 | 306 | |
Finance costs | (2,858) | (2,913) | |
Profit on ordinary activities before taxation | 5,197 | 7,951 | |
Taxation | (1,934) | (1,942) | |
Profit / (loss) for the period from continuing operations attributable to the owners of the parent | 3,263 | 6,009 | |
Discontinued operations | |||
Loss for the period from discontinued operations attributable to owners of the parent | (3,423) | (2,259) | |
Loss for the period attributable to the owners of the parent | (160) | 3,750 | |
Earnings / (loss) per share (cents) | |||
From continuing operations | |||
Basic | 5.7 | 10.6 | |
Diluted | 5.7 | 10.6 | |
From continuing and discontinued operations | |||
Basic | (0.3) | 6.6 | |
Diluted | (0.3) | 6.6 | |
Adjusted earnings / (loss) per share (cents)* | |||
From continuing operations | |||
Basic | 5.4 | 12.2 | |
Diluted | 5.4 | 12.2 | |
* Earnings per share before non-recurring items and share based payment charges.
Restated financial information (unaudited)
Half-yearly information
Consolidated statement of financial position
Unaudited 3 October 2010 $'000 | Unaudited 4 October 2009 $'000 | Unaudited 5 October 2008 $'000 | Unaudited 30 September 2007 $'000 | |
Non-current assets | ||||
Goodwill | 3,041 | 3,086 | 3,393 | 3,906 |
Other intangible assets | 1,324 | 753 | 462 | 364 |
Property, plant and equipment | 12,081 | 11,545 | 14,823 | 16,961 |
Deferred tax asset | 771 | 1,099 | 768 | 385 |
17,217 | 16,483 | 19,446 | 21,616 | |
Current assets | ||||
Inventories | 54,791 | 37,094 | 68,579 | 79,175 |
Trade and other receivables | 122,954 | 94,078 | 130,701 | 116,999 |
Current tax assets | 607 | - | 148 | 872 |
Cash and bank balances | 16,026 | 26,598 | 14,430 | 11,557 |
194,378 | 157,770 | 213,858 | 208,603 | |
Total assets | 211,595 | 174,253 | 233,304 | 230,219 |
Current liabilities | ||||
Obligations under finance leases | 41 | - | 26 | 105 |
Trade and other payables | 131,217 | 92,251 | 121,607 | 100,990 |
Current tax liabilities | 5,487 | 9,508 | 9,577 | 7,596 |
Retirement benefit obligation | 246 | 457 | 76 | 799 |
Provisions | 3,022 | 6,166 | 3,469 | 4,914 |
Liability for share based payments | - | - | - | 680 |
Derivative financial instruments | 474 | 766 | - | - |
140,487 | 109,148 | 134,755 | 115,084 | |
Net current assets | 53,891 | 48,622 | 79,103 | 93,519 |
Non-current liabilities | ||||
Borrowings | 31,735 | 44,540 | 47,139 | 46,880 |
Obligations under finance leases | 120 | - | - | 20 |
Deferred tax liabilities | 1,478 | - | 176 | 530 |
Retirement benefit obligation | 3,716 | 5,035 | 1,969 | 4,368 |
Provisions | 6,505 | 7,658 | 5,447 | 7,185 |
Non-equity preference shares | 126 | 128 | 141 | 162 |
Liability for share based payments | - | - | - | 89 |
43,680 | 57,361 | 54,872 | 59,234 | |
Total liabilities | 184,167 | 166,509 | 189,627 | 174,318 |
Net assets | 27,428 | 7,744 | 43,677 | 55,901 |
Equity attributable to owners of the parent | ||||
Share capital | 27,875 | 25,940 | 25,940 | 25,940 |
Share premium account | 2,586 | 2,586 | 2,586 | 2,586 |
Hedging and translation reserve | (3,241) | (5,848) | (691) | 1,864 |
Own shares | (1,935) | - | - | - |
Accumulated (losses) / gains | 2,143 | (14,934) | 15,842 | 25,511 |
Total equity | 27,428 | 7,744 | 43,677 | 55,901 |
Restated financial information (unaudited)
Half-yearly information
Consolidated statement of cash flows
For the 26 weeks ended 3 October 2010 (26 weeks ended 4 October 2009)
| 26 weeks to 3 October 2010 | 26 weeks to 4 October 2009 | |
$'000 | $'000 | ||
Profit for the period | 8,346 | 1,481 | |
Adjustments for: | |||
Finance income | (181) | (60) | |
Finance costs | 2,013 | 2,885 | |
Income tax expense | 2,258 | 1,244 | |
Depreciation of property, plant and equipment | 1,602 | 1,705 | |
Amortisation of intangible assets | 90 | 73 | |
Loss on disposal of property, plant and equipment | 5 | 83 | |
Share option charge | 355 | 2 | |
Decrease in provisions | (3,258) | (760) | |
Operating cash flow before movements in working capital | 11,230 | 6,653 | |
(Increase) / decrease in inventories | (12,669) | (832) | |
(Increase) / decrease in receivables | (29,729) | (3,916) | |
Increase / (decrease) in payables | 34,224 | 10,441 | |
Movement in working capital | (8,174) | 5,693 | |
Cash generated by operations | 3,056 | 12,346 | |
Cash generated before non-recurring items | 3,056 | 14,007 | |
Cash utilised in respect of non-recurring items | - | (1,661) | |
Taxation paid | (3,577) | (432) | |
Interest paid | (1,395) | (2,069) | |
Net cash (used in) / generated from operating activities | (1,916) | 9,845 | |
Cash flow from investing activities | |||
Interest received | 181 | 62 | |
Proceeds on disposal of intangible assets, property, plant and equipment | 84 | 5 | |
Purchases of property, plant and equipment | (1,867) | (1,308) | |
Purchases of intangible assets | (640) | (27) | |
Net cash outflow arising on disposal of operations | - | (2,485) | |
Net cash used in investing activities | (2,242) | (3,753) | |
Cash flow before financing activities | (4,158) | 6,092 | |
Cash (used) / generated before non-recurring items | (4,158) | 10,238 | |
Net cash outflow on disposal of operations | - | (1,661) | |
Cash utilised in respect of non-recurring items | - | (2,485) | |
Cash flow from financing activities | |||
Repayment of borrowings | (7,200) | (3,888) | |
Refinancing costs paid | (23) | (1,237) | |
Repayments of obligations under finance leases | (78) | (3) | |
Net cash used in financing activities | (7,301) | (5,128) | |
Net (decrease) / increase in cash and cash equivalents | (11,459) | 964 | |
Cash and cash equivalents at beginning of period | 27,210 | 24,873 | |
Effect of foreign exchange rate changes | 275 | 761 | |
Cash and cash equivalents at end of period | 16,026 | 26,598 |
Restated financial information (unaudited)
Consolidated quarterly information
FY2012 | |||||
13 weeks ended 3 July 2011 |
| ||||
$'000 |
| ||||
Revenue |
| ||||
Consumer | 77,872 |
| |||
Telecoms/Datacoms | 27,438 |
| |||
Healthcare | 10,917 |
| |||
Industrial | 9,854 |
| |||
Group | 126,081 |
| |||
| |||||
Gross Profit | 23,920 |
| |||
| |||||
Adjusted operating profit * | 6,754 |
| |||
Normalised operating profit ** | 6,754 |
| |||
FY2011 | |||||||
13 weeks ended 4 July 2010 | 13 weeks ended 3 October 2010 | 13 weeks ended 2 January 2011 | 13 weeks ended 3 April 2011 | 52 weeks ended 3 April 2011 | |||
$'000 | $'000 | $'000 | $'000 | $'000 | |||
Revenue | |||||||
Consumer | 71,634 | 79,522 | 74,194 | 78,986 | 304,336 | ||
Telecoms/Datacoms | 24,420 | 28,103 | 30,218 | 27,207 | 109,948 | ||
Healthcare | 8,731 | 9,933 | 12,411 | 10,461 | 41,536 | ||
Industrial | 7,133 | 8,878 | 8,349 | 9,829 | 34,189 | ||
Group | 111,918 | 126,436 | 125,172 | 126,483 | 490,009 | ||
Gross Profit | 22,074 | 24,763 | 22,513 | 22,719 | 92,069 | ||
Adjusted operating profit * | 5,943 | 6,848 | 6,325 | 6,959 | 26,075 | ||
Normalised operating profit ** | 5,943 | 6,848 | 6,325 | 6,959 | 26,075 | ||
FY2010 | |||||||
13 weeks ended 5 July 2009 | 13 weeks ended 4 October 2009 | 13 weeks ended 3 January 2010 | 13 weeks ended 4 April 2010 | 52 weeks ended 4 April 2010 | |||
$'000 | $'000 | $'000 | $'000 | $'000 | |||
Revenue | |||||||
Consumer | 47,508 | 56,455 | 58,202 | 60,214 | 222,379 | ||
Telecoms/Datacoms | 25,471 | 24,850 | 24,182 | 20,263 | 94,766 | ||
Healthcare | 7,901 | 7,704 | 6,901 | 8,264 | 30,770 | ||
Industrial | 2,829 | 3,005 | 5,192 | 6,496 | 17,522 | ||
Group | 83,709 | 92,014 | 94,477 | 95,237 | 365,437 | ||
Gross Profit | 16,102 | 19,231 | 20,210 | 18,122 | 73,665 | ||
Adjusted operating profit * | 4,691 | 5,099 | 5,547 | 5,976 | 21,313 | ||
Normalised operating profit ** | 4,754 | 798 | 4,953 | 5,865 | 16,370 | ||
* Operating profit before share based payment charge and non-recurring items
** Operating profit before share based payment charge
Restated financial information (unaudited)
Consolidated quarterly information
FY2009 | |||||||
13 weeks ended 6 July 2008 | 13 weeks ended 5 October 2008 | 13 weeks ended 4 January 2009 | 14 weeks ended 5 April 2009 | 53 weeks ended 5 April 2009 | |||
$'000 | $'000 | $'000 | $'000 | $'000 | |||
Revenue | |||||||
Consumer | 72,490 | 82,808 | 59,278 | 47,106 | 261,682 | ||
Telecoms/Datacoms | 35,544 | 36,835 | 30,317 | 34,605 | 137,301 | ||
Healthcare | 7,849 | 9,576 | 9,000 | 8,825 | 35,250 | ||
Industrial | 4,645 | 5,565 | 4,262 | 2,724 | 17,196 | ||
Group | 120,528 | 134,784 | 102,857 | 93,260 | 451,429 | ||
Gross Profit | |||||||
Consumer | 38,789 | ||||||
Telecoms/Datacoms | 23,687 | ||||||
Healthcare | 5,710 | ||||||
Industrial | 2,358 | ||||||
Group | 15,569 | 21,005 | 15,378 | 18,592 | 70,544 | ||
Adjusted operating profit * | 1,752 | 5,824 | 4,974 | 5,522 | 18,072 | ||
Normalised operating profit ** | 1,659 | 5,922 | 4,896 | (1,393) | 11,084 | ||
The Group adopted the Consumer, Telecoms/Datacoms, Healthcare and Industrial sector structure in the 52 week period ended 4 April 2010. As part of this revision, the Group restated the comparative sector figures for the 53 week period ended 5 April 2009. Earlier periods were not restated and therefore the Group has not provided a breakdown of revenue for the 52 week period ended 30 March 2008 by sector. Below is the quarterly analysis of total revenue, gross profit, adjusted operating profit and normalised operating profit for the 52 weeks ended 30 March 2008.
FY2008 | |||||||
13 weeks ended 1 July 2007 | 13 weeks ended 30 September 2007 | 13 weeks ended 30 December 2007 | 13 weeks ended 30 March 2008 | 52 weeks ended 30 March 2008 | |||
$'000 | $'000 | $'000 | $'000 | $'000 | |||
Revenue | 104,785 | 114,000 | 114,612 | 114,935 | 448,332 | ||
Gross Profit | 17,738 | 15,796 | 13,633 | 14,483 | 61,650 | ||
Adjusted operating profit * | 4,663 | 6,836 | 1,589 | 1,620 | 14,708 | ||
Normalised operating profit ** | 4,663 | 6,836 | 1,589 | (3,726) | 9,362 | ||
* Operating profit before share based payment charge and non-recurring items
** Operating profit before share based payment charge