02:00 Wed 30 Sep 2020
Andrews Sykes Group - Half-year Report
Andrews Sykes Group plc
Interim Financial Statements 2020
Andrews Sykes Group plc announces unaudited results for the six months ended
Summary of results
|
(Unaudited) |
||
|
6 months ended 30 June 2020 |
|
6 months Ended |
|
£'000 |
|
£'000 |
|
|
|
|
Revenue from continuing operations |
33,480 |
|
34,974 |
EBITDA* from continuing operations |
11,781 |
|
11,435 |
Operating profit |
7,000 |
|
6,918 |
Profit for the financial period |
6,070 |
|
5,449 |
Basic earnings per share (pence) |
14.39p |
|
12.92p |
Special interim dividend declared per equity share (pence) |
23.70p |
|
- |
Second interim dividend declared per equity share (pence) |
11.90p |
|
11.90p |
Cash and cash equivalents |
32,096 |
|
23,770 |
Net funds |
16,770 |
|
8,329 |
* Earnings Before Interest, Taxation, Depreciation, profit on the sale of property, plant and equipment, Amortisation and non-recurring items.
Enquiries
Andrews Sykes Group plc
|
+44 (0) 1902 328 700 |
|
|
GCA Altium (Nominated Adviser) |
|
|
+44 (0) 20 7484 4040 |
Chairman's Statement
Overview
Andrews Sykes' trading continues to be resilient as sectors in which we trade show ongoing demand, despite the unprecedented challenge in the form of the coronavirus pandemic. We continue to be thankful and proud of our team members as they respond as essential service providers.
The group's revenue for the 6 months ended
Operations review
Our main hire and sales businesses in
Andrews Air Conditioning and Refrigeration, our
Khansaheb Sykes, our business based in the
Unallocated overheads and central expenses reduced by
Profit for the financial period and Earnings per Share
Profit before tax was
The total tax charge for the period decreased by
Profit after tax was
Dividends
The final dividend of
Post the period end, on
The board continues to adopt the policy of returning value to shareholders whenever possible. The group remains profitable, cash generative and financially strong. Accordingly, the board has decided to declare a second interim dividend for 2020 of
Outlook
Whilst certain of the group's business operations continue to be affected by the coronavirus pandemic, for example the performance of our air conditioning business in July and August suffered as occupation levels of our customers' offices remained low as people continued to work from home, demand for cooling equipment was buoyant and pumps in the
JG Murray Chairman |
|
Consolidated income statement
for the 6 months ended
|
6 months ended 30 June 2020 £'000 |
|
6 months ended 30 June 2019 £'000 |
|
12 months ended 31 December 2019 £'000
|
Continuing operations |
|
|
|
|
|
|
|
|
|
|
|
Revenue |
33,480 |
|
34,974 |
|
77,246 |
Cost of sales |
(14,544) |
|
(15,535) |
|
(32,244) |
|
|
|
|
|
|
Gross profit |
18,936 |
|
19,439 |
|
45,002 |
|
|
|
|
|
|
Distribution costs |
(5,541) |
|
(5,762) |
|
(11,996) |
|
|
|
|
|
|
Administrative expenses |
(6,395) |
|
(6,759) |
|
(13,708) |
|
|
|
|
|
|
Operating profit |
7,000 |
|
6,918 |
|
19,298 |
|
|
|
|
|
|
EBITDA* |
11,781 |
|
11,435 |
|
28,519 |
Depreciation and impairment losses |
(3,785) |
|
(3,697) |
|
(7,203) |
Depreciation of right-of-use assets |
(1,328) |
|
(1,098) |
|
(2,538) |
Profit on the sale of plant and equipment and right-of-use assets |
332 |
|
278 |
|
520 |
Operating profit |
7,000 |
|
6,918 |
|
19,298 |
|
|
|
|
|
|
|
|
|
|
|
|
Finance income |
84 |
|
61 |
|
146 |
Finance costs |
(38) |
|
(46) |
|
(88) |
Interest charge on right-of-use lease obligations |
(238) |
|
(157) |
|
(526) |
Inter-company foreign exchange gains and losses |
427 |
|
(16) |
|
(270) |
Profit before taxation |
7,235 |
|
6,760 |
|
18,560 |
|
|
|
|
|
|
Taxation |
(1,165) |
|
(1,311) |
|
(3,541) |
|
|
|
|
|
|
Profit for the financial period |
6,070 |
|
5,449 |
|
15,019 |
|
|
|
|
|
|
There were no discontinued operations in either of the above periods |
|
|
|
|
|
|
|
|
|
|
|
Earnings per share from continuing operations |
|
|
|
|
|
|
|
|
|
|
|
Basic and diluted (pence) |
14.39p |
|
12.92p |
|
35.61p |
|
|
|
|
|
|
Dividends per equity share paid during the period (pence) |
10.5p |
|
11.90p |
|
23.80p |
|
|
|
|
|
|
Dividends per equity share paid after the period end (pence) |
23.70p |
|
- |
|
- |
|
|
|
|
|
|
Proposed dividend per equity share (pence) |
11.90p |
|
11.90p |
|
10.5p |
* Earnings Before Interest, Taxation, Depreciation, profit on the sale of property, plant and equipment, Amortisation and non-
recurring items.
Consolidated balance sheet
as at
|
30 June |
|
30 June |
|
|
|
£'000 |
|
£'000 |
|
£'000 |
Non-current assets |
|
|
|
|
|
Property, plant and equipment |
24,092 |
|
24,046 |
|
24,561 |
Right-of-use assets |
11,506 |
|
11,387 |
|
11,515 |
Prepayments |
43 |
|
44 |
|
44 |
Deferred tax asset |
660 |
|
435 |
|
254 |
Retirement benefit pension surplus |
479 |
|
1,286 |
|
1,963 |
|
36,780 |
|
37,198 |
|
38,337 |
|
|
|
|
|
|
Current assets |
|
|
|
|
|
Stocks |
7,353 |
|
5,969 |
|
6,333 |
Trade and other receivables |
19,126 |
|
20,115 |
|
21,333 |
Overseas tax (denominated in Euros) |
187 |
|
278 |
|
- |
Cash and cash equivalents |
32,096 |
|
23,770 |
|
27,880 |
|
58,762 |
|
50,132 |
|
55,546 |
|
|
|
|
|
|
Current liabilities |
|
|
|
|
|
Trade and other payables |
(14,882) |
|
(11,444) |
|
(12,942) |
Current |
(630) |
|
(1,104) |
|
(1,440) |
Overseas tax (denominated in euros) |
- |
|
- |
|
(234) |
Bank loans |
(493) |
|
(493) |
|
(493) |
Right-of-use lease obligations |
(2,411) |
|
(2,141) |
|
(2,279) |
|
(18,416) |
|
(15,182) |
|
(17,388) |
|
|
|
|
|
|
Net current assets |
40,346 |
|
34,950 |
|
38,158 |
|
|
|
|
|
|
Total assets less current liabilities |
77,126 |
|
72,148 |
|
76,495 |
|
|
|
|
|
|
Non-current liabilities |
|
|
|
|
|
Bank loans |
(2,994) |
|
(3,487) |
|
(3,490) |
Right-of-use lease obligations |
(9,427) |
|
(9,320) |
|
(9,482) |
|
(12,421) |
|
(12,807) |
|
(12,972) |
|
|
|
|
|
|
Net assets |
64,705 |
|
59,341 |
|
63,523 |
|
|
|
|
|
|
Equity |
|
|
|
|
|
Called-up share capital |
422 |
|
422 |
|
422 |
Share premium |
13 |
|
13 |
|
13 |
Retained earnings |
59,390 |
|
54,363 |
|
59,447 |
Translation reserve |
4,634 |
|
4,297 |
|
3,395 |
Other reserves |
246 |
|
246 |
|
246 |
|
|
|
|
|
|
|
|
|
|
|
|
Total equity |
64,705 |
|
59,341 |
|
63,523 |
Consolidated cash flow statement
for the six months ended
|
6 months ended 30 June 2020 £'000 |
|
6 months ended 30 June 2019 £'000 |
|
12 months ended 31 December 2019 £'000 |
|
|
|
|
|
|
Cash flows from operating activities |
|
|
|
|
|
Cash generated from operations |
14,448 |
|
7,530 |
|
22,917 |
Interest paid |
(274) |
|
(201) |
|
(609) |
Net |
(1,619) |
|
(1,300) |
|
(2,227) |
Overseas tax paid |
(814) |
|
(1,233) |
|
(1,559) |
|
|
|
|
|
|
Net cash inflow from operating activities |
11,741 |
|
4,796 |
|
18,522 |
|
|
|
|
|
|
Investing activities |
|
|
|
|
|
Sale of property, plant and equipment |
382 |
|
382 |
|
685 |
Purchase of property, plant and equipment |
(2,128) |
|
(2,812) |
|
(6,207) |
Interest received |
57 |
|
43 |
|
100 |
Net cash outflow from investing activities |
(1,689) |
|
(2,387) |
|
(5,422) |
|
|
|
|
|
|
Financing activities |
|
|
|
|
|
Loan repayments |
(500) |
|
(500) |
|
(500) |
Capital repayments for right-of-use lease obligations |
(1,245) |
|
(1,030) |
|
(2,296) |
Equity dividends paid |
(4,428) |
|
(5,019) |
|
(10,038) |
Net cash outflow from financing activities |
(6,173) |
|
(6,549) |
|
(12,834) |
|
|
|
|
|
|
Net increase/(decrease) in cash and cash equivalents |
3,879 |
|
(4,140) |
|
266 |
|
|
|
|
|
|
Cash and cash equivalents at the beginning of the period |
27,880 |
|
27,862 |
|
27,862 |
Effect of foreign exchange rate changes |
337 |
|
48 |
|
(248) |
|
|
|
|
|
|
Cash and cash equivalents at end of the period |
32,096 |
|
23,770 |
|
27,880 |
|
|
|
|
|
|
Reconciliation of net cash flow to movement in net funds in the period |
|
|
|||
|
|
|
|
|
|
Net increase/(decrease) in cash and cash equivalents |
3,879 |
|
(4,140) |
|
266 |
Net cash outflow from the decrease in debt |
1,745 |
|
1,530 |
|
2,796 |
Non-cash movements re new right-of-use lease obligations |
(1,171) |
|
(1,134) |
|
(2,593) |
Non-cash movements re costs of raising loan finance |
(4) |
|
(4) |
|
(7) |
Non-cash movements re termination of right-of-use lease obligations |
160 |
|
- |
|
- |
Increase/(decrease) in net funds during the period |
4,609 |
|
(3,748) |
|
462 |
Opening net funds at the beginning of period |
12,136 |
|
23,381 |
|
23,381 |
Transitional adjustment for right-of-use assets at start of period |
- |
|
(11,363) |
|
(11,699) |
Effect of foreign exchange rate changes |
337 |
|
48 |
|
(248) |
Effect of foreign exchange rate changes on right-of-use lease obligations |
(312) |
|
11 |
|
240 |
Closing net funds at the end of period |
16,770 |
|
8,329 |
|
12,136 |
Consolidated statement of comprehensive total income (CSOCTI)
for the six months ended
|
6 months ended 30 June 2020 £'000 |
|
6 months ended 30 June 2019 £'000 |
|
12 months ended 31 December 2019 £'000 |
|
|
|
|
|
|
Profit for the financial period |
6,070 |
|
5,449 |
|
15,019 |
|
|
|
|
|
|
Other comprehensive income: |
|
|
|
|
|
|
|
|
|
|
|
Items that may be reclassified to profit and loss: |
|
|
|
|
|
Currency translation differences on foreign currency operations |
1,243 |
|
(2) |
|
(906) |
Foreign exchange differences on IFRS 16 adjustments |
(5) |
|
- |
|
1 |
Related deferred tax |
1 |
|
- |
|
- |
Items that will never be reclassified to profit and loss: |
|
|
|
|
|
Remeasurement of defined benefit liabilities and assets |
(2,098) |
|
(96) |
|
559 |
Related deferred tax |
399 |
|
16 |
|
(106) |
|
|
|
|
|
|
Other comprehensive income for the period net of tax |
(460) |
|
(82) |
|
(452) |
|
|
|
|
|
|
Total comprehensive income for the period |
5,610 |
|
5,367 |
|
14,567 |
Notes to the consolidated interim financial statements
for the six months ended
1 General information
Basis of preparation
These interim financial statements have been prepared in accordance with International Accounting Standards (IAS) and International Financial Reporting Standards (IFRS) as adopted by the European Union and with the Companies Act 2006.
The information for the 12 months ended
The interim financial statement has been prepared using the historical cost basis of accounting except for:
(i) Properties held at the date of transition to IFRS which are stated at deemed cost;
(ii) Assets held for sale which are stated at the lower of (i) fair value less anticipated disposal costs and (ii) carrying value;
(iii) Derivative financial instruments (including embedded derivatives) which are valued at fair value; and
(iv) Pension scheme assets and liabilities calculated at fair value in accordance with IAS 19.
Functional and presentational currency
The financial statements are presented in pounds Sterling because that is the functional currency of the primary economic environment in which the group operates.
2 Accounting policies
These interim financial statements have been prepared on a consistent basis and in accordance with the accounting policies set out in the group's Annual Report and Financial Statements 2019.
3 Revenue
An analysis of the group's revenue is as follows:
|
6 months ended 30 June 2020 £'000 |
|
6 months ended 30 June 2019 £'000 |
|
12 months ended 31 December 2019 £'000 |
Continuing operations |
|
|
|
|
|
Revenue outside the scope of IFRS 15 and recognised as lease income in accordance with IFRS 16: |
|
|
|
|
|
Hire |
29,185 |
|
30,042 |
|
67,411 |
Revenue recognised at a point in time in accordance with IFRS 15: |
|
|
|
|
|
Sales |
3,161 |
|
2,863 |
|
5,782 |
Maintenance |
560 |
|
957 |
|
1,876 |
Installation and sale of units |
574 |
|
1,112 |
|
2,177 |
|
|
|
|
|
|
Group consolidated revenue from the sale of goods and provision of services |
33,480 |
|
34,974 |
|
77,246 |
The geographical analysis of the group's revenue by origination is:
|
6 months ended 30 June 2020 £'000 |
|
6 months ended 30 June 2019 £'000 |
|
12 months ended 31 December 2019 £'000 |
|
|
|
|
|
|
|
20,903 |
|
20,886 |
|
45,711 |
Rest of |
6,891 |
|
8,147 |
|
18,305 |
|
5,686 |
|
5,941 |
|
13,230 |
|
|
|
|
|
|
|
33,480 |
|
34,974 |
|
77,246 |
The geographical analysis of the group's revenue by destination is not materially different to that by origination.
4 Taxation
|
6 months ended 30 June 2020 £'000 |
|
6 months ended 30 June 2019 £'000 |
|
12 months ended 31 December 2019 £'000 |
Current tax |
|
|
|
|
|
|
901 |
|
731 |
|
2,020 |
Adjustments in respect of prior periods |
(92) |
|
(185) |
|
(211) |
|
809 |
|
546 |
|
1,809 |
Overseas tax |
382 |
|
508 |
|
1,390 |
Adjustments to overseas tax in respect of prior periods |
(20) |
|
(1) |
|
25 |
Total current tax charge |
1,171 |
|
1,053 |
|
3,224 |
|
|
|
|
|
|
Deferred tax |
|
|
|
|
|
Deferred tax on the origination and reversal of temporary differences |
(6) |
|
73 |
|
137 |
Adjustments in respect of prior periods |
- |
|
185 |
|
180 |
Total deferred tax (credit)/charge |
(6) |
|
258 |
|
317 |
|
|
|
|
|
|
Total tax charge for the financial period attributable to continuing operations |
1,165 |
|
1,311 |
|
3,541 |
The tax charge for the financial period can be reconciled to the profit before tax per the income statement multiplied by the effective standard annualised corporation tax rate in the
|
6 months ended 30 June 2020 £'000 |
|
6 months ended 30 June 2019 £'000 |
|
12 months ended 31 December 2019 £'000 |
|
|
|
|
|
|
Profit before taxation from continuing and total operations |
7,235 |
|
6,760 |
|
18,560 |
|
|
|
|
|
|
Tax at the ( |
1,375 |
|
1,284 |
|
3,526 |
Effects of: |
|
|
|
|
|
Expenses not deductible for tax purposes |
64 |
|
72 |
|
150 |
Utilisation of overseas trading losses |
(9) |
|
(12) |
|
- |
Effects of different tax rates of subsidiaries operating abroad |
(184) |
|
(110) |
|
(188) |
Overseas tax losses not recognised |
31 |
|
29 |
|
59 |
Effect of change in rate of corporation tax |
- |
|
49 |
|
- |
Adjustments to tax charge in respect of previous periods |
(112) |
|
(1) |
|
(6) |
Total tax charge for the financial period |
1,165 |
|
1,311 |
|
3,541 |
The total effective tax charge for the financial period represents the best estimate of the weighted average annual effective tax rate expected for the full financial year applying tax rates that have been substantively enacted by the balance sheet date.UK corporation tax has been provided at 19%, the reduction in the
Deferred tax has been calculated based on the rates that the directors anticipate will apply when the temporary timing differences are expected to reverse.
5 Earnings per share
Basic earnings per share
The basic figures have been calculated by reference to the weighted average number of ordinary shares in issue and the earnings as set out below. There are no discontinued operations in any period.
|
6 months ended |
||
|
Continuing earnings |
|
Number of Shares |
|
£'000 |
|
|
|
|
|
|
Basic earnings/weighted average number of shares |
6,070 |
|
42,174,359 |
|
|
|
|
Basic earnings per ordinary share (pence) |
14.39p |
|
|
|
6 months ended |
||
|
Continuing Earnings |
|
Number of Shares |
|
£'000 |
|
|
|
|
|
|
Basic earnings/weighted average number of shares |
5,449 |
|
42,174,359 |
|
|
|
|
Basic earnings per ordinary share (pence) |
12.92p |
|
|
|
12 months ended |
||
|
Continuing Earnings |
|
Number of Shares |
|
£'000 |
|
|
|
|
|
|
Basic earnings/weighted average number of shares |
15,019 |
|
42,174,359 |
|
|
|
|
Basic earnings per ordinary share (pence) |
35.61p |
|
|
Diluted earnings per share
There were no dilutive instruments outstanding at
6 Dividend payments
Dividends declared and paid on ordinary
|
Paid during the 6 months ended |
||
|
Pence per |
|
Total dividend |
|
|
|
£'000 |
|
|
|
|
Final dividend for the year ended |
10.50p |
|
4,428 |
The above dividend was charged against reserves during the 6 months ended
On
On
Dividends declared and paid on ordinary
|
Paid during the 6 months ended |
||
|
Pence per |
|
Total dividend |
|
|
|
£'000 |
|
|
|
|
Final dividend for the year ended |
11.90p |
|
5,019 |
The above dividend was charged against reserves during the 6 months ended
Dividends declared and paid on ordinary
|
Paid during the 12 months ended |
||
|
Pence per |
|
Total dividend |
|
|
|
£'000 |
|
|
|
|
Final dividend for the year ended |
11.90p |
|
5,019 |
Interim dividend declared on |
11.90p |
|
5,019 |
|
23.80p |
|
10,038 |
The above dividends were charged against reserves during the 12 months ended
7 Retirement benefit obligations - Defined benefit pension scheme
The group closed the UK Group defined benefit pension scheme to future accrual as at
As at
Following the triennial recalculation of the funding deficit as at
The next formal triennial funding valuation is due as at
Assumptions used to calculate the scheme surplus
A qualified independent actuary has updated the results of the
The major assumptions used to determine the present value of the scheme's defined benefit obligation were:
|
30 June 2020 % |
30 June 2019 % |
31 December 2019 % |
Rate of increase in pensionable salaries Rate of increase in pensions in payment Discount rate applied to scheme liabilities Inflation assumption - RPI Inflation assumption - CPI Percentage of members taking maximum tax-free lump sum on retirement |
N/A 2.90 1.40 2.90 1.90
75 |
N/A 3.20 2.20 3.20 2.20
75 |
N/A 3.00 2.00 3.00 2.00
75 |
From
Assumptions regarding future mortality experience are set based on advice in accordance with published statistics. The mortality table used at
The assumed average life expectancy in years of a pensioner retiring at the age of 65 given by the above tables is as follows:
|
30 June 2020 |
30 June 2019 |
31 December 2019 |
|
|
|
|
Male, current age 45 Female, current age 45 |
21.0 years 25.0 years |
22.8 years 24.9 years |
22.8 years 25.2 years |
Male, current age 65 |
19.6 years |
21.4 years |
21.5 years |
Female, current age 65 |
23.5 years |
23.4 years |
23.7 years |
Valuations
The fair value of the scheme's assets, which are not intended to be realised in the short term and may be subject to significant change before they are realised, and the present value of the scheme's liabilities, which are derived from cash flow projections over long periods and are inherently uncertain, were as follows:
|
30 June 2020 £'000 |
|
30 June 2019 £'000 |
|
31 December 2019 £'000 |
|
|
|
|
|
|
Total fair value of plan assets |
43,769 |
|
44,060 |
|
43,995 |
Present value of defined benefit funded obligation calculated in accordance with stated assumptions |
(43,290) |
|
(42,774) |
|
(42,032) |
Surplus in the scheme calculated in accordance with stated assumptions recognised in the balance sheet |
479 |
|
1,286 |
|
1,963 |
The movement in the fair value of the scheme's assets during the period was as follows:
|
30 June 2020 £'000 |
|
30 June 2019 £'000 |
|
31 December 2019 £'000 |
|
|
|
|
|
|
Fair value of plan assets at the start of the period |
43,995 |
|
41,036 |
|
41,036 |
Interest income on pension scheme assets |
438 |
|
562 |
|
1,120 |
Actual return less interest income on pension scheme assets |
(193) |
|
3,343 |
|
3,925 |
Employer contributions |
660 |
|
60 |
|
120 |
Benefits paid |
(1,062) |
|
(888) |
|
(2,096) |
Administration expenses charged in the income statement |
(69) |
|
(53) |
|
(110) |
|
|
|
|
|
|
Fair value of plan assets at the end of the period |
43,769 |
|
44,060 |
|
43,995 |
The movement in the present value of the defined benefit obligation during the period was as follows:
|
30 June 2020 |
|
30 June 2019 |
|
|
|
£'000 |
|
£'000 |
|
£'000 |
|
|
|
|
|
|
Present value of defined benefit funded at the beginning of the period |
(42,032) |
|
(39,680) |
|
(39,680) |
Interest on defined benefit obligation |
(415) |
|
(543) |
|
(1,082) |
Actuarial loss recognised in the CSOCTI calculated in accordance with stated assumptions |
(1,905) |
|
(3,439) |
|
(3,366) |
Benefits paid |
1,062 |
|
888 |
|
2,096 |
|
|
|
|
|
|
Closing present value of defined benefit funded obligation calculated in accordance with stated assumptions |
(43,290) |
|
(42,774) |
|
(42,032) |
Amounts recognised in the income statement
The amounts (charged) / credited in the income statement were:
|
30 June 2020 |
|
30 June 2019 |
|
31 December 2019 |
|
£'000 |
|
£'000 |
|
£'000 |
|
|
|
|
|
|
Interest income on pension scheme assets |
438 |
|
562 |
|
1,120 |
Interest expense on pension scheme liabilities |
(415) |
|
(543) |
|
(1,082) |
Net pension interest credit included within finance income |
23 |
|
19 |
|
38 |
Scheme administration expenses |
(69) |
|
(53) |
|
(110) |
Net pension charge in the income statement |
(46) |
|
(34) |
|
(72) |
Actuarial gains and losses recognised in the consolidated statement of comprehensive total income (CSOCTI)
The amounts (charged) / credited in the CSOCTI were:
|
30 June 2020 |
|
30 June 2019 |
|
31 December 2019 |
|
£'000 |
|
£'000 |
|
£'000 |
|
|
|
|
|
|
Actual return less interest income on pension scheme assets |
(193) |
|
3,343 |
|
3,925 |
Experience gains and losses arising on plan obligation |
- |
|
- |
|
211 |
Changes in demographic and financial assumptions underlying the present value of plan obligations |
(1,905) |
|
(3,439) |
|
(3,577) |
Actuarial (loss) / gain calculated in accordance with stated assumptions recognised in the CSOCTI |
(2,098) |
|
(96) |
|
559 |
8 Called up share capital
|
30 June 2020 |
|
30 June 2019 |
|
31 December 2019 |
|
£'000 |
|
£'000 |
|
£'000 |
Issued and fully paid: |
|
|
|
|
|
42,174,359 ordinary shares of |
|
|
|
|
422 |
During the period the company did not buy back any shares for cancellation (
The company did not issue any shares in the period or either of the comparative periods. No share options were granted, forfeited or expired during the periods and there were no share options outstanding at any period end.
The company has one class of ordinary shares which carry no right to fixed income.
9 Cash generated from operations
|
6 months ended 30 June 2020 |
|
6 months ended 30 June 2019 |
|
12 months ended |
|
£'000 |
|
£'000 |
|
£'000 |
|
|
|
|
|
|
Profit for the period attributable to equity shareholders |
6,070 |
|
5,449 |
|
15,019 |
Adjustments for: |
|
|
|
|
|
Taxation charge |
1,165 |
|
1,311 |
|
3,541 |
Finance costs |
38 |
|
46 |
|
88 |
Finance income |
(84) |
|
(61) |
|
(146) |
Interest charge on right-of-use lease obligations |
238 |
|
157 |
|
526 |
Inter-company foreign exchange (gains) and losses |
(427) |
|
16 |
|
270 |
Profit on the sale of property, plant and equipment and right-of-use assets |
(332) |
|
(278) |
|
(520) |
Depreciation |
3,785 |
|
3,697 |
|
7,203 |
Depreciation of right-of-use assets |
1,328 |
|
1,098 |
|
2,538 |
|
|
|
|
|
|
EBITDA* |
11,781 |
|
11,435 |
|
28,519 |
|
|
|
|
|
|
Excess of pension contributions compared with service and administration expenses |
(591) |
|
(7) |
|
(10) |
Workings capital movements: |
|
|
|
|
|
Stocks |
(1,355) |
|
(2,324) |
|
(3,834) |
Trade and other receivables |
2,942 |
|
(120) |
|
(1,818) |
Trade and other payables |
1,671 |
|
(1,454) |
|
60 |
Cash generated from operations |
14,448 |
|
7,530 |
|
22,917 |
* Earnings Before Interest, Taxation, Depreciation, profit on the sale of property, plant and equipment, Amortisation and non-recurring items.
10 Analysis of net funds and movement in financing liabilities
|
30 June 2020 |
|
30 June 2019 |
|
31 December 2019 |
|
£'000 |
|
£'000 |
|
£'000 |
|
|
|
|
|
|
Cash and cash equivalents per consolidated cash flow statement |
32,096 |
|
23,770 |
|
27,880 |
|
|
|
|
|
|
Bank loans: |
|
|
|
|
|
At the beginning of the period |
(3,983) |
|
(4,476) |
|
(4,476) |
Loans repaid |
500 |
|
500 |
|
500 |
Other non-cash changes |
(4) |
|
(4) |
|
(7) |
At the of the period |
(3,487) |
|
(3,980) |
|
(3,983) |
|
|
|
|
|
|
Finance lease liabilities: |
|
|
|
|
|
At the beginning of the period |
- |
|
(5) |
|
(5) |
Leases repaid |
- |
|
5 |
|
5 |
At the end of the period |
- |
|
- |
|
- |
|
|
|
|
|
|
Right-of-use lease obligations: |
|
|
|
|
|
At the beginning of the period |
(11,761) |
|
- |
|
- |
Transitional adjustment for obligations at start of period |
- |
|
(11,363) |
|
(11,699) |
Capital repayments for right-of-use lease obligations |
1,245 |
|
1,025 |
|
2,291 |
New right-of-use leases entered into during the period |
(1,171) |
|
(1,134) |
|
(2,593) |
Non-cash movements re termination of right-of-use lease obligations |
160 |
|
- |
|
- |
Foreign exchange |
(312) |
|
11 |
|
240 |
At the of the period |
(11,839) |
|
(11,461) |
|
(11,761) |
|
|
|
|
|
|
Gross debt |
(15,326) |
|
(15,441) |
|
(15,744) |
|
|
|
|
|
|
Net funds |
16,770 |
|
8,329 |
|
12,136 |
11 Distribution of interim financial statements
Following a change in regulations in 2008, the company is no longer required to circulate this half year report to shareholders. This enables us to reduce costs associated with printing and mailing and to minimise the impact of these activities on the environment. A copy of the interim financial statements is available on the company's website, www.andrews-sykes.com.
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