TIDMJHD
RNS Number : 2460O
James Halstead PLC
02 October 2023
2 October 2023
JAMES HALSTEAD PLC
("James Halstead", the "Group" or the "Company")
PRELIMINARY ANNOUNCEMENT OF AUDITED RESULTS
FOR THE YEARED 30 JUNE 2023
James Halstead plc, the AIM listed manufacturer and
international distributor of commercial flooring, announces its
results for the year ended 30 June 2023:
Financial highlights
-- Revenue at GBP303.6 million (2022: GBP291.9 million)
- up 4%
-- Profit before tax of GBP52.1 million (2022: GBP52.1 million)
- a small increase
-- Profit after tax of GBP42.4 million (2022: GBP40.3 million)
- up 5.1%
-- Earnings per 5p ordinary share of 10.2p (2022: 9.7p)
- up 5.2%
-- Final dividend per ordinary share proposed of 5.75p (2022:
5.50p) - up 4.5%
-- Cash of GBP63.2 million (2022: GBP52.1 million)
Mr Mark Halstead, Chief Executive, commenting on the results,
said :
"Against a challenging backdrop, I am pleased to announce a very
respectable performance across the Group and another record sales
performance. Good demand across a number of our key markets has
continued to drive the positive top line. Consequently, we are also
pleased to report a record level of profit and record EPS, creating
even more value for our shareholders.
We continue to invest in driving process improvement and
developing our product offering, with a view to also improve output
efficiency. It is this approach and our tested business model which
position us resiliently in the inflationary environment that has
been seen across global markets.
We ended the year with a robust balance sheet and in a position
to propose a record dividend to our shareholders. Whilst
inflationary issues and spending constraints remain, I and the
Board remain confident in the Group's progress going forward and
look ahead to the future with confidence".
Enquiries:
James Halstead:
Mark Halstead, Chief Executive Telephone: 0161 767 2500
Gordon Oliver, Finance Director
Hudson Sandler:
Nick Lyon Telephone: 020 7796 4133
Nick Moore
Panmure Gordon (NOMAD & Joint Broker):
Dominic Morley Telephone: 020 7886 2500
WH Ireland (Joint Broker):
Ben Thorne Telephone: 020 7220 1666
CHAIRMAN'S STATEMENT
Results
Revenue for the year at GBP303.6m (2022: GBP291.9m) is 4% ahead
of the comparative year largely driven by increased demand across a
number of our key markets. This is a record level of sales.
The reported profit before tax for the year of GBP52.1m (2022:
GBP52.1m) is a fraction over the comparative. Nevertheless, profit
after tax is GBP42.4m (2022: GBP40.3m) - an increase of 5.1%. A
record level of profit. Furthermore, earnings per share are at
10.2p (2022: 9.7p) which is an increase of 5.2% and a record level
of EPS.
The financial year was one of contrast, with the earlier months
having encountered escalating energy costs, severe difficulties as
a result of the lack of timely availability of international
shipping and increased transportation costs. However, the latter
months of the year were much more positive with the easing of
energy costs and a great improvement in shipping and transportation
costs. In addition, our export sales in many markets developed as
demand increased. The breadth of projects stretches from The Media
Centre for the Paris 2024 Olympics, Castlerock Farm in British
Columbia to The Centre for Autism Research (CFAR) at the King
Faisal Specialist Hospital & Research Centre in Riyadh.
Sales growth has, on the whole, proved positive with the UK, the
Americas, Australia, New Zealand and Malaysia all reporting
increased demand, although Central Europe sales were lower than
last year. As the year progressed, gross margins improved for the
reasons already noted helped by the price increases and also by a
swing in the mix of sales to pure commercial ranges as opposed to
light commercial/heavy domestic. The core focus of our flooring
ranges in healthcare, education and retail infrastructure, rather
than private residential, remains a key benefit to our business
model. Nevertheless, in Germany we have seen recent successes in
new residential apartment buildings such as Quartier Möllner Straße
in Rostock ( Mecklenburg-Vorpommern ) and York-Quartier in Münster
( North Rhine-Westphalia ).
The Company and our strategy
James Halstead is a group of companies involved in the
manufacture and supply of flooring for commercial and domestic
purposes, based in Bury, UK. James Halstead plc has been listed on
the London Stock Exchange for 75 years. The Group was established
in 1914 and continues to operate out of the original premises in
Bury. In its factories in Bury and Teesside it manufactures
resilient flooring for distribution in the UK and worldwide.
The Company's strategy is to constantly develop its brand
identity and its reputation for quality, product innovation,
durability and availability, thereby enhancing and maintaining
goodwill with the aim of achieving repeat business. Our focus is to
work with stockists who in turn distribute those bulk deliveries
whilst promoting and representing the products to the end users and
specifiers who will purchase the stock from those stockists.
This approach is designed to increase and secure revenue streams
and drive profitability and cash flow which enables the
continuation of dividends, in turn creating shareholder value. In
the normal course of business one key element of the Company ethos
is having dedicated sales personnel to present our product to our
customers' clientele.
Over many years our strategy has also included a policy of
continual investment in both process improvement and in product
development to improve output efficiency and our product
offering.
Sustainability, social responsibility and the environment
We have in recent weeks published our 18(th) sustainability
report that details our actions and ambitions in the areas of the
environment, sustainability and social responsibility. Climate
change has led to a greater focus on carbon dioxide levels but
climate change it is not, in our view, a matter of trying to
highlight any one single measure such as carbon emissions or net
zero targets. As a manufacturer in the UK there are basic levels of
environmental legislation that far exceed the standards of many
countries. However we look to go far beyond that. Further
information on the actions that we have taken are included further
down in this report.
Dividend
Our cash balances stand at GBP63.2 million (2022: GBP52.1
million) with one of the major reasons for the increase being
decreased stock. The finished goods inventory at the year-end is
GBP77.1 million (2022: GBP101.9 million) which is about 24.3% lower
than the prior year comparative.
Also of note regarding the cash flow for the year is taxation
paid of GBP11.9 million (2022: GBP9.9 million), fixed asset
additions of GBP2.9 million (2022: GBP3.2 million) and equity
dividends paid of GBP32.3 million (2022: GBP32.3 million).
The interim dividend of 2.25p (2022: 2.25p) was paid in June
2023. The Board, having regard to the cash balances and
profitability, is proposing a final dividend of 5.75p (2022: 5.50p)
which will mean a total dividend for the year of 8.0p (2022: 7.75p)
an increase of 3.23%. This is a record level of dividend.
Acknowledgements
Once again, I would like to thank our colleagues for their
continued efforts in achieving this year's result.
Our thanks also to the UK Contract Flooring Association for
their members' accolades with Polyflor being awarded the 2023
Manufacturer of the Year, as well as the best use of flooring in a
charitable initiative with the community interest company House of
Books and Friends, Manchester.
Outlook
Trading from the year-end to date, overall, has been positive.
Flooring has been supplied to diverse end customers from Medica
Sur, which is recognised as the best hospital in Mexico, the Giant
Flagship Store, Düsseldorf (one of the world's largest
manufacturers of high-end bicycles) and the new headquarters of
Deloitte in Milan (a NZEB - "Nearly Zero Energy Building"), helped
by our flooring rated with both LEED "Platinum" status and WELL
"Gold" certified. While both four-letter acronyms have similar
requirements and standards, the two certifications are very
different. WELL Certification focuses on people's health and
wellness, while LEED is a certification that focuses on
environmental impact and sustainability.
In the UK demand has been slightly less buoyant. Our UK business
is far more focused on commercial flooring and repair, renewal and
refurbishment and consequently less exposed to consumer spending.
Nevertheless, there are budgetary constraints on renewal spending.
Indeed, the Chairman's report of September 2016 noted UK government
spending restrictions on refurbishment in the education sector and
this continues to be case.
We welcome the Comprehensive and Progressive Agreement for
Trans-Pacific Partnership (CPTPP) and note that we already trade
with 10 of the 11 countries that now have a free trade agreement
with the UK.
Overall overseas turnover is 60-65% of total turnover and
growing. With greater availability of global shipping, a strong
balance sheet and a proven business model, we are confident in the
prospects of the year ahead and progress across the Group.
Anthony Wild
Chairman
CHIEF EXECUTIVE'S REVIEW
Our business is, in essence, really simple. We create a
floorcovering fit for purpose, we manufacture in volume and
efficiently, we present the product to wholesalers, architects and
end-users then sell the product, collect payment, make a profit and
repeat the process.
It has been a record year for sales for the Group but the year
had its challenges, disappointments and successes and overall must
be considered as satisfactory. We have supplied flooring from the
Van der Valk Hotel in Sneek, Netherlands to the Hospital de Bosa in
Bogota, Colombia whilst supplying innumerable small projects in
schools, offices, cafes, care homes, ships and hospitals across the
world. Our own distribution teams and those of our very many
stockists are despatching constantly and it is our delivery,
availability and quality that keeps this show on the road. Our
sales tomorrow are the orders we receive today as we are not in the
"make to order" sector. Our sales are what we have in the
warehouse.
Sustainability and environmental consideration have been a key
part of buying decisions for many end users for very many years and
increasingly part of listed company accounts. I echo the Chairman's
comment to look at the audited sustainability report that is in its
18(th) annual version. We are proud of our record in this area and
the annual accounts will have fuller details including the
ubiquitous SECR (streamlined energy and carbon reporting) and the
Companies (Strategic Report) (Climate-related Financial Disclosure)
Regulations 2022 statements which are often referred to as the very
similar "TCFD" (task force on climate related change financial
disclosures). The ESG element of our business is a part of the
presentation to end users and their purchase decision process
whether it is Wendy's Restaurants, Ontario or the new Louis
Vuitton's headquarters just steps away from La Samaritaine in
Paris.
Environment and sustainability are as much about marginal gains
with each 1% adding to the amassed improvements to offset the
effects of anthropogenic climate change. Sustainable manufacturing
has, to us, always been important and we look to minimise use of
scarce resources, recycle and recover materials, and leave as small
a footprint by our manufacturing as possible.
Perhaps one point I would make on the subject of social
responsibility is that we are deeply involved in many trade bodies
across Europe and in our markets globally. Rather than hire
consultants to represent us we feel that trade bodies act not only
as a representative body for the industry/market that they
characterise, putting forward the collective view and position of
its members, but probably more importantly the members set and
raise standards to promote and improve best practices, whilst
highlighting common areas of concern. The results over time are
that end users and consumers gain confidence in the product. In
addition, a trade body can give the 'industry voice'. Trade
associations speak on behalf of their members with the 'industry
voice', especially when communicating with related industries
(suppliers, customers and end-users), governments, agencies,
regulators and on occasion the media.
Objectflor / Karndean and James Halstead France, our European
operations
It was a difficult year for our Central European business (based
in Cologne) with sales down 7.9% in the year. Sales in Germany are
more exposed to the retail and domestic market than any other
subsidiary. The French market saw a 12.6% increase in sales where
the effects from the Ukraine crisis were lower due to greater
government intervention in the cost of living crisis. We moved to a
new warehouse in France during the year, reduced our costs, whilst
also improving our service to customers.
Inflation, uncertainty from the conflict in Ukraine, and some
destocking by customers all played a part in a clearly challenging
economic environment. Given interest rates and construction costs,
many new build projects were put on hold or cancelled. The housing
market in Germany has been poor. Even though demand for
accommodation is large the supply has fallen significantly. A 32%
fall in residential housing construction in Germany has driven
negative sentiment which is reported to be at levels last seen
after the global financial crisis.
In France, the sales were raised by particular successes in
increasing loose lay tile products (albeit these tend to be at
lower margin than many other ranges), a 29% increase in own label
collections to distributors and growing success in the healthcare
sector. Healthcare was targeted in France last year by the
introduction of dedicated sales representation to this end user
segment and the success against economic conditions was clearly the
result of taking increased market share in this area.
Margins remained suppressed during the year, driven by the
overhang of cost surcharges and price increases in the stock value.
There have been improvements in the latter half of the year as
stock is replenished and sea freight surcharges have reduced.
Stocks within Objectflor have been reduced by 25.2% which
resulted from a combination of reduction from last year's strategic
increases and also a reaction to the lower sales in the year. The
management team have placed focus on costs to mitigate the drop off
in sales and profitability. Just one example was that Objectflor
withdrew from major exhibitions along with many other flooring
manufacturers which did the same, reflecting the negative sentiment
of the industry against market conditions. The headcount was
reduced as staff leaving were not replaced on sales-facing
roles.
The business remains very profitable and the re-launch of the
Expona Domestic luxury vinyl tile collection in January 2023 was
very successful. The business supplied new flooring to the Ford
factory in Cologne.
Polyflor APAC - encompassing Australia, New Zealand and Asia
Our APAC region is made up of four distinct areas including
Australia, New Zealand, North Asia and Southeast Asia. To give a
better strategic focus in the region a new reporting structure has
been established to oversee the region as a whole. These changes
are aimed at enhancing collaboration, aligning strategies and
ensuring efficient decision making across the region creating a
stronger network, promoting regional initiatives and leveraging
resources effectively.
One immediate example of this is the implementation of a new ERP
system. Our Malaysian business was the first to move over to this
software during 2022, led by the Australian team who then supported
New Zealand in their switch at the start of 2023. Australia
successfully went live on the same system on 1 July 2023 and whilst
all separate reporting entities, now have a common system where
shared resources can be utilised.
Sales in the region were affected by international shipping
delays that depleted stock holdings and the cost of shipping
affected margins.
Looking individually at each of these regions, we have seen
Australia grow gross sales by a further 3.8% to a record level, an
excellent achievement. The increase this year has been driven
largely through price increases with volumes 4.5% down in the
year.
Despite price increases, margins are down on last year with the
sales growth for the period coming from more commercial flooring
than domestic, adversely affecting the product mix in terms of
margin. Stocks, including goods in transit, are 13% down on the
previous years.
New Zealand saw another solid year. Sales were ahead by 20% but
the ongoing high freight and product cost affected margins. During
the early part of the year we experienced significant shipping
delays which gradually eased from January 2023 onwards. Stock
levels were reduced 17%. There remains traffic congestion locally
holding up shipments. There were some one-off costs in the year,
such as the ERP implementation noted above, but overall
profitability remained level despite this.
Our Malaysian business which services the Southeast Asia region
has gone from strength to strength increasing sales by 78%. We are
starting to see the benefits of our investment in salespeople
across the region as more projects are secured, although Malaysia
remains the biggest market. Sales into Singapore were boosted by
obtaining SGBC (Singapore Green Building Council) certification
which helped sales of Polyflor products into the government
sector.
All sales to date in this region are from products manufactured
in our UK factories, however, now we have established ourselves in
the market, we will look to introduce a small range of luxury vinyl
tile products during the next financial year, sourced regionally.
Interest has been positive.
Unfortunately, our North Asia sales continue to underperform.
Extended Covid shutdowns in China, lack of projects, surplus
capacity from competing Chinese factories and delays in
manufacturing and shipping our product have all contributed. None
of the countries covered by this area showed any growth. Following
a review of the North-Asia region at the end of the year, a change
in management has occurred and with all travel restrictions now
over, our APAC management will take a more strategic view of the
whole region and focus resources to best achieve growth. There will
not be an immediate turn around given the nature of the business,
but we believe it will succeed.
Polyflor and Riverside Flooring, based in UK
Undoubtedly, it was overall a commendable year at our UK
manufacturing sites. These businesses supply not only the UK, where
turnover was 4.2% ahead of last year, but also our overseas
subsidiaries and direct export customers. Profits were also ahead
of the prior year despite the challenges of increased input cost,
massive energy cost increases and industrial action by part of the
workforce in Radcliffe.
Riverside output and sales increased with a near 14% increase in
turnover. In the UK the increase was 10%, sales to our own overseas
subsidiaries were down 10% but sales to the rest of the world
increased by 36%.
Export demand was restricted for the early part of the year by
availability of timely shipping though this was greatly improved by
the year end. It was also the case that the "bottlenecks" of
international transport delayed and restricted supplies to our
overseas subsidiaries; local stock helped to minimise the effects
on sales but opportunities for greater sales were lost.
Significant product launches in the year were undertaken. Camaro
(our light commercial heavy domestic luxury tile range) in
September 2022 was relaunched with new designs and tiles. The
market reception was extremely positive. Expona Commercial (our
project focused luxury vinyl tile) was relaunched in July 2022 was
extremely well received. The marketing support for these launches
in terms of sampling, product presenters, and display materials was
impressive, and costly, but will stand the ranges in good stead
over the next 2-3 years before we again refresh designs. The Aztech
Soccer Arena in Guernsey was just one project that Expona
commercial was used in.
Raw material costs and availability were difficult in the early
months of the year but improved and from January 2023, when
combined with sales price increases, led to improved margins.
Energy cost increases were a severe problem in the first half of
the year and though this eased in the second half, the costs are
still very high when compared to prior year comparatives. In this
we are not alone but in the global market place, outside Europe,
energy costs have not been so severe. Inflationary pressures
affected all costs. Wages, services and costs across all areas were
challenging. Cost control was a constant focus for the Group.
Our stock levels were drastically reduced as concerns over
energy abated, indeed the industrial action on part of our plant
helped reduce stock levels more rapidly than we might otherwise has
chosen. The stock reduction was generally very good for cash
generation but as a result we have struggled to supply certain
product ranges and have been out of stock in some lines.
Unfulfilled demand to a manufacturer is far from desirable.
Shift patterns and overtime in part helped alleviate some of the
difficulties but on several key ranges stock levels remained
persistently low. The export departments ended the year with
outstanding orders that were unfulfilled by production and, whilst
the second half of the year saw much greater ability to get exports
to the end markets, our manufacturing capability lagged. Against
the economic environment, the balance between prudence and
increasing manufacturing headcount was assessed and prudence
prevailed.
Polyflor Nordic comprising Polyflor Norway based in Oslo and
Polyflor Sweden based in Gothenburg
After a strong performance in the previous financial period, we
saw a flat year for our Nordic markets with combined sales
marginally down by 1.8% in the year. An increase in costs saw the
region fall back in terms of profitability, but our investment in
extra sales personnel across the region, this year more
concentrated on Sweden, should return us to further growth next
year.
Our Norwegian business had some key project success in hospital
projects and introduced a new high-end commercial carpet from
Germany.
Whilst the sales have remained flat overall, the mix has
improved with an increase in UK manufactured product which benefits
the Group as a whole. Growth remains the focus in both markets.
As with other markets, overall stocks have been reduced in the
region (by approximately 10%), but with the greater cooperation
between the countries, a more balanced approach should lead to
improved delivery times and lower freight costs as we progress.
Polyflor Canada, based in Toronto
Our Canadian business saw a record year for sales and a
significant increase in net profit against a generally sluggish
economy. It was another strong performance with sales ahead of last
year by 30%. We have seen growth in both LVT volumes (+24%) and UK
manufactured product (10%). The Canadian sales of product supplied
by our Teesside plant increased by 30%.
The business supplied flooring to the Huawei Offices in
Vancouver and to the Toronto Dominion Bank, the latter being in
Expona commercial luxury vinyl tile (newly re-launched by Polyflor
UK).
As we noted last year, Covid-19 resulted in restricted travel so
with a greater ability to visit distributors and specifiers we have
seen an uplift in trading. There has also been an improvement in
the logistic bottlenecks that hampered previous years helping to
ensure product was available for projects. It was clear that
increased interest rates and input costs have noticeably affected
customer confidence and building projects were keenly
contested.
Stocks have been reduced by 8.3%, despite the decision to
purchase more LVT direct rather than relying on the UK stock
holdings and this strategy will continue as we see continued growth
from our LVT ranges. We continue to invest in growth in the region
with further recruitment in sales personnel planned for the coming
year.
Rest of the World
Our products are sold in many markets across the globe and the
preceding sections cover some of the key markets where we have a
local presence and warehousing. These markets have been long
established for the sales of our flooring and there has also been
significant growth in several other markets when compared to last
year. Our products are available and sold across the globe and we
continue to make strides in our export markets. Whilst our European
neighbours have remained subdued with more of an impact from the
Ukraine crisis affecting energy inflation and spending power than
other countries, we have seen good sales growth in the USA (+36%),
Latin America (+31%), the Middle East (+38) and the Mediterranean
(+20%).
We are actively looking to increase our presence in both the
Middle East and Latin America by increasing the number of
salespeople on the ground.
In India we continue to control costs. This remains a market
where freight costs remain problematical and our focus is now
mainly on pharmaceutical and healthcare sectors. There were
projects such as the Serum Institute and the Hazrat Shahjalal
International Airport in Dhaka Bangladesh.
Sustainability, social responsibility and the environment
As highlighted in the Chairman's Statement, we recently
published our 18th sustainability report for the Company. In this
we detail the actions and ambitions that we have taken to
addressing environment impact, sustainability and social
responsibility. I would like to note just a few of the many areas
of focus covered by our independently audited sustainability
report:
Water usage
Water is a natural resource that must be protected.
Manufacturing can result in a high use of water but at Polyflor we
collect rainwater and store it for use in cooling during the
manufacturing process (and have done so for over 50 years). This
stored water is returned to storage after use and largely avoids
the use of mains water supply, just 4% of the water that we use
comes from the mains supply. We have expanded collection of
rainwater from our factories guttering to underground storage and
this will enable us to further reduce mains water usage. We have
added filtration so that we can use the collected water for other
uses on site such as jet washing.
Waste
I have noted over the years our Recofloor after sale vinyl take
back scheme. However, waste comes in other forms notably packaging.
At Polyflor we minimise waste to landfill and have an onsite waste
collection, segregation and re-purposing team with a dedicated part
of the site. Cardboard, wood and metals are separated for recycling
and waste liquids sent for treatment to extract for alternative
uses.
Training for the skill shortage
Fifteen years ago we created the Polyflor Training Academy based
on the Radcliffe site to add to the skills set of our end users
(the contract floor layers). The academy delivers 1-4 day training
courses for a nominal charge with basic skills training to advanced
level training. Last year we ran 27 courses in Radcliffe for 275
participants. In addition, the training academy offers product
training to our own employees and undertakes off site training.
This facility has been replicated in our European business with the
Objectflor Campus. The Campus held 17 courses in the last year with
around 500 delegates and a further 12 related industry courses with
around 400 delegates. Smaller events have taken place in Australia,
New Zealand and Canada. We see this as a key part of our social
responsibility to bridge the skills gap even though these delegates
are not directly our customers. Our stockists should, over time,
benefit and do take confidence from these commitments.
Environmental product declarations (EPD)
With many green labels and accreditations across the globe the
proliferation can be confusing for end consumers. The abundance of
"green washing" is known to many. The Centre for European Standards
(CEN) created a European standard (EN) with the aim of a worldwide
standard for environmental performance. The EPDs that Polyflor has
attained are independently verified and are environmentally
assessed based on global warming potential, ozone depletion
potential as well as five other environmental impact indicators.
The benefit is that EPDs support the environmental goals of
stakeholders from design stage to use whether in new build
construction or retrofit.
ESG is not supposed to be "boiler plate" nor "tick box" and each
element of our place in our locality, in our wider community and
our industry is important. Each facet is so much more important to
the future and needs to be much broader than one measure or
targeting "net zero" at some future point. Environmental
sustainability is not the responsibility of one person or committee
but the work of the whole team across the Group looking at the
different facets and focusing on the components that should each
combine for a more cohesive strategy.
In conclusion
Given the circumstances we can only be pleased with the results
for the year. The hard work, dedication and experience of our
subsidiary directors and management has been a key factor in this
achievement.
The recent years since "Brexit" (January 2020) have seen our
businesses rise to the many challenges since that time and it is
perhaps worth a glance at our performance since the 2020 year end.
Our sales since then are 27% higher (+49% in the UK, +10% in
Europe, + 22% in Australasia and +42% in the rest of the world);
our profit before tax some 19% higher. Notwithstanding these
figures our progress in global markets has been hampered by many
factors however these are now behind us and though we have
inflationary issues and in many markets spending constraints I and
our teams feel confident of the Group's progress in the global
markets. We look ahead with confidence across the business.
Mark Halstead
Chief Executive
Audited Consolidated Income Statement
for the year ended 30 June 2023
Year Year
ended ended
30.06.23 30.06.22
GBP'000 GBP'000
Revenue 303,562 291,860
Cost of sales (188,099) (178,355)
----------------- -----------------
Gross profit 115,463 113,505
Selling and distribution costs (53,338) (50,316)
Administration expenses (10,514) (10,931)
Operating profit 51,611 52,258
Finance income 748 42
Finance cost (260) (237)
Profit before income tax 52,099 52,063
Income tax expense (9,695) (11,735)
Profit for the year attributable to equity shareholders 42,404 40,328
----------------- -----------------
Earnings per ordinary share of 5p:
-basic 10.2p 9.7p
-diluted 10.2p 9.7p
All amounts relate to continuing operations.
Audited Consolidated Statement of Comprehensive Income
for the year ended 30 June 2023
Year Year
ended ended
30.06.23 30.06.22
GBP'000 GBP'000
Profit for the year 42,404 40,328
----------- -----------
Other comprehensive income net of tax:
Items that will not be reclassified subsequently to the income statement:
Remeasurement of the net defined benefit liability (7,237) 7,090
----------- -----------
(7,237) 7,090
----------- -----------
Items that could be reclassified subsequently to the income statement if specific
conditions
are met
Foreign currency translation differences (1,818) 926
Fair value movements on hedging instruments (135) (111)
(1,953) 815
----------- -----------
Other comprehensive income for the year (9,190) 7,905
Total comprehensive income for the year 33,214 48,233
=========== ===========
Attributable to equity holders of the
company 33,214 48,233
=========== ===========
Items in the statement above are disclosed net of tax.
Audited Consolidated Balance Sheet
as at 30 June 2023
As at As at
30.06.23 30.06.22
GBP'000 GBP'000
Non-current assets
Intangible assets 3,232 3,232
Property, plant and equipment 35,887 36,671
Right of use assets 7,164 5,634
Retirement benefit obligations - 6,144
Deferred tax 114 234
---------- ------------------
46,397 51,915
---------- ------------------
Current assets
Inventories 87,440 112,279
Trade and other receivables 46,979 51,171
Derivative financial instruments 773 2,166
Current tax 699 -
Cash and cash equivalents 63,222 52,144
---------- ------------------
199,113 217,760
---------- ------------------
Total assets 245,510 269,675
---------- ------------------
Current liabilities
Trade and other payables 60,738 84,507
Derivative financial instruments 213 517
Current income tax liabilities 422 2,097
Lease liabilities 2,696 2,166
64,069 89,287
---------- ------------------
Non-current liabilities
Retirement benefit obligations 1,460 -
Other payables 400 453
Lease liabilities 4,582 3,548
Preference shares 200 200
Deferred tax 585 2,929
7,227 7,130
---------- ------------------
Total liabilities 71,296 96,417
---------- ------------------
Net assets 174,214 173,258
---------- ------------------
Equity
Equity share capital 20,838 20,837
Equity share capital (B shares) 160 160
---------- ------------------
20,998 20,997
Share premium account 13 -
Currency translation reserve 4,094 5,912
Hedging reserve 806 941
Retained earnings 148,303 145,408
Total equity attributable to shareholders of the parent 174,214 173,258
---------- ------------------
Audited Consolidated Cash Flow Statement
for the year ended 30 June 2023
Year Year
ended ended
30.06.23 30.06.22
GBP'000 GBP'000
Profit for the year attributable to equity shareholders 42,404 40,328
Income tax expense 9,695 11,735
-------------- -------------
Profit before income tax 52,099 52,063
Finance cost 260 237
Finance income (748) (42)
-------------- -------------
Operating profit 51,611 52,258
Depreciation of property, plant and equipment 3,461 3,794
Depreciation of right of use assets 3,060 3,139
Profit on sale of plant and equipment (84) (198)
Defined benefit pension scheme service cost 178 500
Defined benefit pension scheme employer contributions paid (1,942) (1,970)
Change in fair value of financial instruments (776) 703
Share based payments expense 26 6
Decrease/(increase) in inventories 22,966 (50,272)
Decrease/(increase) in trade and other receivables 3,031 (7,451)
(Decrease)/increase in trade and other payables (20,365) 15,905
Cash inflow from operations 61,166 16,414
Taxation paid (11,900) (9,879)
Cash inflow from operating activities 49,266 6,535
-------------- -------------
Interest received 467 42
Purchase of property, plant and equipment (2,854) (3,248)
Proceeds from disposal of property, plant and equipment 134 280
-------------- -------------
Cash outflow from investing activities (2,253) (2,926)
-------------- -------------
Interest paid (36) (20)
Lease interest paid (224) (143)
Lease capital paid (3,015) (3,233)
Equity dividends paid (32,298) (32,298)
Shares issued 14 823
-------------- -------------
Cash outflow from financing activities (35,559) (34,871)
-------------- -------------
Net increase/(decrease) in cash and cash equivalents 11,454 (31,262)
-------------- -------------
Effect of exchange differences on cash and cash equivalents (376) 145
Cash and cash equivalents at start of year 52,144 83,261
Cash and cash equivalents at end of year 63,222 52,144
============== =============
NOTES
1. The final dividend of 5.75p per ordinary share will be paid, subject to the approval of the
shareholders, on 15 December 2023 to shareholders on the register as at 17 November 2023.
The annual report and accounts will be posted to shareholders on 13 October 2023.
2. The financial information in this statement does not represent the statutory accounts of the
Group. Statutory accounts for the year ended 30 June 2022 have been delivered to the Registrar
of Companies, carrying an unqualified audit report and no statement under section 498 (2)
or (3) of the Companies Act 2006.
3. Statutory accounts for the year ended 30 June 2023 have not yet been delivered to the Registrar
of Companies. They will carry an unqualified audit report and no statement under section 498
(2) or (3) of the Companies Act 2006.
4. Earnings per ordinary share
2023 2022
GBP'000 GBP'000
Profit for the year attributable to equity shareholders 42,404 40,328
-------------- --------------
Weighted average number of shares in issue 416,752,764 416,586,675
-------------- --------------
Dilution effect of outstanding share options 21,390 201,425
Diluted weighted average number of shares 416,774,154 416,788,100
-------------- --------------
Basic earnings per ordinary share 10.2p 9.7p
Diluted earnings per ordinary share 10.2p 9.7p
The earnings per 5p ordinary share are attributable to equity
shareholders.
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.
RNS may use your IP address to confirm compliance with the terms
and conditions, to analyse how you engage with the information
contained in this communication, and to share such analysis on an
anonymised basis with others as part of our commercial services.
For further information about how RNS and the London Stock Exchange
use the personal data you provide us, please see our Privacy
Policy.
END
FR ZZGZLVLMGFZM
(END) Dow Jones Newswires
October 02, 2023 02:00 ET (06:00 GMT)
James Halstead (AQSE:JHD.GB)
과거 데이터 주식 차트
부터 11월(11) 2024 으로 12월(12) 2024
James Halstead (AQSE:JHD.GB)
과거 데이터 주식 차트
부터 12월(12) 2023 으로 12월(12) 2024
