Preliminary Results

RNS Number : 5144S

Creightons PLC

26 June 2018

 

26 June 2018

Creightons Plc

Preliminary results

Creightons Plc (the "Group" or "Creightons") is pleased to announce its preliminary results for the year ended 31 March 2018.

Financial highlights

·      Revenue increased by 13.8% to £34.8m (2017: £30.6m).

·      Operating profit increased by 8.1% to £1,635,000 (2017: £1,513,000).

·      Operating profit margin of 4.7% (2017 4.9%).

·      Balance sheet remains strong with net cash on hand after significant investment in working capital, product development and fixed assets to support organic growth.

·      Increased tax charge, including a one off adjustment for prior year, has adversely impacted on profit after tax for the year which has fallen by £19,000 to £1,232,000 (2017 - £1,251,000)

·      The increased tax charge has reduced fully diluted earnings per share at 1.85p (2017 - 1.88p)

·      Proposed final dividend 0.23p per ordinary share (2017: 0.23p).

Operational highlights

·      Sales growth momentum maintained:

·      Our own branded sales have grown by 13%, including export sales growth of 15%

·      Sales of retailer own label products increased by 46%

·      Contract sales decreased by 8% following the decision to not pursue certain low margin gift sales

·      Total overseas sales have increased by 33% to £4.6m (2017 - £3.5m).

·      The Feather & Down range of products was successfully launched in May 2017.

·      Australian sales and marketing business commenced trading in February 2018.

·      Outsourcing the manufacture of some branded products allowed the business to maintain sales and pre-tax profit growth but adversely impacted profits by £299,000, with £229,000 increase in cost of sales and £70,000 increase in distribution costs.

·      Cash generated from operations has been invested in working capital, product development and plant & equipment to support the business growth.

·      Decision made to withdraw from low margin candle manufacturing by July 2018.

·      We continue to garner awards including best private label supplier from Superdrug, our largest customer.

Commenting on the results, William McIlroy, Chairman of Creightons Plc, said:

"Creightons Plc has performed well to deliver strong organic sales growth and continued operating profit growth in a challenging operating environment.  The Group chose to outsource some manufacturing for a period while we invested in personnel and equipment to meet unexpectedly high growth in demand. This has been successful with all previously outsourced manufacturing brought back in house by the end of May 2018. We will continue to invest to enhance production capability to enable the Group to sustain profitable operations and to continue to seize new opportunities as they emerge in a consolidating market."  

Commenting on the results, Bernard Johnson, Managing Director, said:

"The team across the Group has performed exceptionally in a difficult environment, coping well with the challenges arising from significant organic sales growth, with continued expansion in our customer base and product offering. We are continuing our programme to increase capacity which will enable the Group to meet the future demand, from the UK and overseas, for its products and services, whilst reviewing areas of the business that are not meeting our profit expectation."   

Enquiries - Analysts and Investors:

Nicholas O'Shea, Director, Creightons Plc                                                      01733 281000

Roland Cornish / Felicity Geidt, Beaumont Cornish Limited                         0207 628 3396

Enquiries - Press

Clive Hunter-Dunne, Anagallis Communications Limited                             07922 697198         [e-mail]

Overview

The Group has continued its recent expansion with organic sales growth of £4.2m (13.8%) resulting in sales of £34.8m for the year ended 31 March 2018 (2017 £30.6m).  As mentioned in the stock exchange announcement made on 9 February 2018 the Board made a decision to outsource the manufacture of its own branded products at an increased marginal cost in order to facilitate the long term growth plans for the business. These additional costs have restricted the growth in profit before tax to £120,000 (8.1%) resulting in a profit before tax of £1,609,000, (2017 £1,489,000). Profit before tax margin is 4.6% in 2018 compared to 4.9% in 2017. The board consider that continued underlying profit growth supports the decision to outsource some production whilst the Group puts actions in place to increase capacity.

Sales

Group sales of £34,810,000 for the year ended 31 March 2018 are 13.8% higher than the previous year (2017: £30,586,000). Sales of our branded products have increased by 13.3% in the period. The main drivers of this growth were: increased sales to export markets, which grew by 14.9%; the successful launch of the Feather & Down brand, on an exclusive basis with Boots and continued expansion in the value sector.  The Feather & Down launch has proved to be a success with wider store distribution secured for the coming year. Our private label and contract sales have continued to grow with sales increasing by 13%. Major range extensions with our largest customer and the addition of a new major retailer in the UK were the main drivers of this growth. The first sales from our Australian business which has taken over the distribution of our products from a third party distributor, with effect from January 2018, are included in sales for the year. The Group's total overseas business including non own branded customers has grown by 33% to £4,592,000 (2017 - £3,451,000).

Margin

Our gross margin was 40.6% for the year ended 31 March 2018 (2017: 42.5%). A significant factor in the lower margin was £229,000 one-off increased costs associated with outsourcing the manufacture of some of our branded products noted above, which eroded gross margin by 0.7%. Margins continue to be impacted by rising raw material costs and increases in the national living wage, which also impacts on many of our customers, gradually eroding our margins.  We have successfully re-sourced many raw materials during the year to mitigate the impact of these increases and are undertaking a comprehensive re-sourcing exercise on all other categories of components where cost increases have been significant. As mentioned in the announcement on 9 February 2018, we are making significant investment in new equipment in order to increase capacity. The first stage of this investment combined with improved production management has enabled all outsourced production to be brought back in house.  The second stage of investment in our tube filling capacity will come on stream towards the end of this calendar year. Whilst capacity rather than productivity is the main driver there will be productivity gains arising from this expansion programme.

Overheads

Overhead costs have increased by 10% in the year as the Group has invested in increased operations and engineering management and resources as it builds a team capable of delivering the growth anticipated for the future. We will continue to manage our overhead cost base and working capital requirements to ensure they are aligned with the anticipated sales levels of the Group. Distribution costs includes £70,000 associated with outsourced manufacturing.

Operating profit

Operating profit increased by £122,000 (8.1%) to £1,635,000 (2017: £1,513,000). The £299,000 impact of the outsourcing costs noted above adversely impacted on the operating profit margin by 0.9%, which deteriorated by 0.2% to 4.7% (2017: 4.9%).

Tax

It should be noted that the Group utilised all remaining historic tax losses in the financial year to 31 March 2017 and therefore we have provided a tax charge within these results of £377,000 (2017: £238,000) which equates to a rate of 23.4% (2017: 16.0%), and includes a prior year deferred tax adjustment of £60,000 which inflates the charge in the period.  The charge will reduce to a more normal rate in future years.

Profit after tax

The Group's profit after tax is therefore £1,232,000 for the year ended 31 March 2018 (2017: £1,251,000).

Earnings per share

The higher tax charge has adversely impacted on the diluted earnings per share of 1.85p (2017: 1.88p) a marginal decrease of 1.6%.

Working capital

Net cash on hand (cash and cash equivalents less bank loan and short term borrowings) is £221,000 (2017: £2,029,000). The main reason for the decrease in net cash on hand is the impact of increased investment in working capital together with increased investment in new product development and plant and equipment to support the sales growth.  The Group has continued to focus on working capital management and whilst both stock levels and trade debtors have increased the ratios continue to be largely in line with expectations.  High sales in the last month of the year have driven an increase in debtors together with the timing of certain customer receipts were received shortly after the year end. Higher forecast sales in the first quarter of 2018-19 have driven increases in inventories with underlying ratios significantly improved. Stock turn, based on cost of sales in the months prior to the yearend, improved to 4.5 times compared to 3.5 times in 2017.

Share Options

The existing Share Option Scheme is no longer applicable as the number of employees has increased beyond the level allowed by HMRC's rules.  The Board intends to present to shareholders new Company Share incentive schemes for approval at the forthcoming Annual General Meeting.

Dividend

The Board proposes a final dividend of 0.23 pence per ordinary share, subject to approval at the AGM, which is the same as last year's final dividend. This is in line with the directors' intention to align any future dividend payments to the underlying earnings and cash flow of the business. Together with the interim dividend of 0.15p per share paid last November the total dividend paid for the year ended 31 March 2018 is 0.38p (2017: 0p).

The Board believes that this year's sales of £34,810,000, profit after tax of £1,232,000 and strong balance sheet place the Group in a good position to take advantage of any opportunities that may arise.

Directors' responsibilities statement

The directors whose names and functions are set out on page 60 of the full report are responsible for preparing the Annual Report and the Financial Statements in accordance with applicable laws and regulations. 

UK company law requires the directors to prepare such financial statements for each financial year. Under that law the directors are required to prepare the Group consolidated financial statements in accordance with International Financial Reporting Standards (IFRS) as adopted by the European Union and Article 4 of International Accounting Standards regulation and have also chosen to prepare the parent company financial statements under IFRS as adopted by the European Union. Under UK company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and the Group and of the profit or loss of the Group for that period. In preparing these financial statements, the directors are required to:

·      select suitable accounting policies and then apply them consistently;

·      make judgements and accounting estimates that are reasonable and prudent;

·      state whether the finance statements have been prepared in accordance with IFRS as adopted by the European Union; and

·      prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for maintaining proper accounting records that are sufficient to show and explain the Group's transactions and disclose with reasonable accuracy at any time the financial position of the Group and enable them to ensure that its financial statements comply with the Companies Act 2006 and Article 4 of International Accounting Standards regulation. They are also responsible for safeguarding the assets of the Group and hence for taking reasonable steps to prevent and detect fraud and other irregularities.

The directors are responsible for the maintenance and integrity of the corporate and financial information included on the Group's website.

Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

Directors' responsibility statement pursuant to DTR4 - Periodic Financial Reporting

Each of the directors confirms that to the best of their knowledge:

1.   the financial statements, prepared in accordance with International Financial Reporting Standards as adopted by the EU, give a true and fair view of the assets, liabilities, financial position and profit or loss of the Company and the undertakings included in the consolidation taken as a whole;

2.   the strategic report includes a fair review of the development and performance of the business and the position of the company and the undertakings included in the consolidation taken as a whole, together with the description of the principal risks and uncertainties that they face; and

3.   the report and financial statements, taken as a whole, are fair, balanced and understandable and provide the information necessary for shareholders to assess the Group's position and performance, business model and strategy.

Principal risks and uncertainties

Risks

The Board regularly monitors exposure to key risks, such as those related to production efficiencies, cash position and competitive position relating to sales. It has also taken account of the economic situation over the past 12 months, and the impact that has had on costs and consumer purchases.

It also monitors those risks not directly or specifically financial, but capable of having a major impact on the business's financial performance if there is any failure, such as product contamination and manufacture outside specification, maintenance of satisfactory levels of customer and consumer service, accident ratios, failure to meet environmental protection standards or any of the areas of regulation mentioned above. Further details of financial risks are set out in Note 2.

Capital structure, cash flow and liquidity

Having achieved profitability after a number of years of substantial losses and having repaid loans used at the time of the purchase of the Potter & Moore business in 2003 the Group's cash position has improved substantially. The Group has a strong balance sheet with no borrowings at the year end. The business is funded using retained earnings, invoice discounting, overdraft and hire purchase facilities secured against the Group's assets. Further details are set out in Note 2.

Competitive environment

The Group operates in a highly competitive environment in which demand for products can vary and customers have the opportunity to transfer business to other suppliers. The Group works to minimise this risk by developing close relationships with customers offering quality, service and innovation throughout the business. This risk is also further reduced through the development of its branded product portfolio and by the diversity of customers and products offered.

Quality

The Group treats quality as its key requirement for all products and strives to deliver quality products for every price point. Failure to achieve the required quality and safety standards would have severe consequences for the Group, from financial penalties to the damage to customer relationships. The Group has a robust product development process to mitigate risk wherever possible and to ensure all products are safe and fit for purpose. The Group is subject to frequent internal and external safety, environmental and quality audits covering both accreditations held and a number of specific operating standards our customers require us to comply with.

Consolidated income statement

		Year ended 31 March 2018	Year ended 31 March 2017
	Note	£000	£000
Revenue		34,810	30,586
Cost of sales		(20,660)	(17,598)
Gross profit		14,150	12,988
Distribution costs		(1,479)	(1,280)
Administrative expenses		(11,036)	(10,195)
Operating profit		1,635	1,513
Finance costs		(26)	(24)
Profit before tax		1,609	1,489
Taxation		(377)	(238)
Profit for the year from continuing operations attributable to the equity shareholders of the parent company		1,232	1,251

Dividends

		Year ended 31 March 2018	Year ended 31 March 2017
	Note
Paid in year (£000)		230	-
Paid in year (pence per share)		0.38p	-
Proposed (£000)		139	139
Proposed (pence per share)		0.23p	0.23p

 

Earnings per share

		Year ended 31 March 2018	Year ended 31 March 2017
	Note
Basic	3	2.03p	2.09p
Diluted	3	1.85p	1.88p

Consolidated statement of comprehensive income

		Year ended 31 March	Year ended 31 March
		2018	2017
		£000	£000
Profit for the year		1,232	1,251
Exercise of derivatives		37	26
Items that may be subsequently reclassified to profit and loss:
Exchange differences on translating foreign operations		9	3
Other comprehensive income for the year		46	29
Total  comprehensive income  for the year attributable to the equity shareholders of the parent		1,278	1,280

Consolidated balance sheet

		31 March	31 March
		2018	2017
	Note	£000	£000
Non-current assets
Goodwill		331	331
Other intangible assets		349	212
Property, plant and equipment		1,832	1,637
		2,512	2,180
Current assets
Inventories		5,499	4,024
Trade and other receivables		7,667	4,861
Cash and cash equivalents		968	2,631
Derivative financial instruments		-	19
		14,134	11,535
Total assets		16,646	13,715
Current liabilities
Trade and other payables		6,260	4,564
Borrowings		747	68
Bank loan		-	116
Derivative financial instruments		-	56
		7,007	4,804
Net current assets		7,127	6,731
Non-current liabilities
Deferred tax liability		34	26
Bank loan		-	418
		34	444
Total liabilities		7,041	5,248
Net assets		9,605	8,467
Equity
Share capital	4	607	606
Share premium account		1,262	1,259
Other reserves		25	25
Translation reserve		-	(9)
Cash flow hedge reserve		-	(37)
Retained earnings		7,711	6,623
Total equity attributable to the equity shareholders of the parent company		9,605	8,467

Consolidated statement of changes in equity

	Share capital	Share premium account	Other reserves	Translation  reserve	Cash flow hedge reserve	Retained earnings	Total equity
	£000	£000	£000	£000	£000	£000	£000
At 1 April 2016	599	1,249	25	(12)	(26)	5,307	7,142
Exercise of options	7	10	-	-	-	-	17
Exchange differences on translation of foreign operations	-	-	-	3	-	-	3
Share-based payment charge	-	-	-	-	-	90	90
Exercise of derivatives	-	-	-	-	26	-	26
Charge in relation to derivative financial statements	-	-	-	-	(37)	-	(37)
Deferred tax through Equity	-	-	-	-	-	(25)	(25)
Profit for the year	-	-	-	-	-	1,251	1,251
At 31 March 2017	606	1,259	25	(9)	(37)	6,623	8,467
Exchange differences on translation of foreign operations		-	-	9	-	-	9
Exercise of options	1	3	-	-	-	-	4
Share-based payment charge	-	-	-	-	-	69	69
Exercise of derivatives	-	-	-	-	37	-	37
Deferred tax through Equity	-	-	-	-	-	17	17
Dividends	-	-	-	-	-	(230)	(230)
Profit for the year	-	-	-	-	-	1,232	1,232
At 31 March 2018	607	1,262	25	-	-	7,711	9,605

Consolidated cash flow statement

		Year ended 31 March 2018	Year ended 31 March 2017
	Note	£000	£000
Net cash (used in)/from operating activities	5	(413)	2,058
Investing activities
Purchase of property, plant and equipment		(633)	(551)
Purchase of intangible assets		(549)	(306)
Net cash used in investing activities		(1,182)	(857)
Financing activities
Repayment of finance lease obligations		-	(7)
Proceeds on issue of shares		4	17
Increase of bank loans and invoice finance facilities		679	602
(Repayment) of bank loans and invoice finance facilities		(534)	-
Dividends paid to owners of the parent		(230)	-
Net cash (used in)/from financing activities		(81)	612
Net (decrease)/increase in cash and cash equivalents		(1,676)	1,813
Cash and cash equivalents at start of year		2,631	814
Effect of foreign exchange rate changes		13	4
Cash and cash equivalents at end of year		968	2,631

Notes to preliminary announcement

1.   Significant accounting policies

Basis of accounting

The financial statements have been prepared in accordance with IFRS adopted by the European Union and the Group financial statements comply with Article 4 of the EU IAS regulations.

The financial statements have also been prepared on the historical cost basis, except for the revaluation of financial instruments that are measured at fair values at the end of each reporting period, as explained in the accounting policies below. Historical cost is generally based on the fair value of the consideration given in exchange for goods and services.

The principal accounting policies which apply in preparing the financial statements for the year ended 31 March 2018 are consistent with those disclosed in the Group's audited accounts for the year ended 31 March 2017.

2.   Financial instruments and treasury risk management

Exposures to credit, interest and currency risks arise in the normal course of the Group's business. Risk management policies and hedging activities are outlined below.

Credit risk

Trading exposures are monitored by the operational companies against agreed policy levels. Credit insurance is employed where it is considered to be cost effective.  Non-trading financial exposures are incurred only with the Group's bankers or other institutions with prior approval of the Board of Directors.

The majority of trade receivables are with retail customers. The maximum exposure to credit risk is represented by the carrying amount of those financial asset in the balance sheet not covered by credit insurance.

Interest rate risk

The Group finances its operations through a mixture of debt associated with working capital facilities and equity.  The Group is exposed to changes in interest rates on its floating rate working capital facilities. The variability and scale of these facilities is such that the Group does not consider it cost effective to hedge against this risk.

Interest rate sensitivity

The interest rate sensitivity is based upon the Group's borrowings over the year assuming a 1% increase or decrease which is used when reporting interest rate risk internally to key management personnel.

A 1% increase in bank base rates would reduce Group pre-tax profits by £7,000 (2017: £6,000). A 1% decrease would have the opposite effect. The Group's sensitivity to interest rates has increased during the current year mainly due to the increase in the average working capital facilities used in the year.

Foreign currency risks

The Group is exposed to foreign currency transaction and translation risks. 

Transaction risk arises on income and expenditure in currencies other than the functional currency of each group       company. The magnitude of this risk is relatively low as the majority of the Group's income and expenditure are denominated in the functional currency. Approximately 3% (2017 - 6%) of the Group's income is denominated in US dollars and 2% (2017 - 2%) in Euros. Approximately 1% (2017 - 1%) of the Group's expenditure is denominated in US dollars and 8% (2017 - 5%) in Euros.

Foreign currency sensitivity

A 5% strengthening of sterling would result in a £48,000 (2017 - £34,000) reduction in profits and equity.  A 5% weakening in sterling would result in a £53,000 (2017 - £37,000) increase in profits and equity.

When appropriate the Group utilises currency derivatives to hedge against significant future transactions and cash flows. The Group was party to foreign currency forward contracts in the management of its exchange risk exposure at 31 March 2017. There were no outstanding contracts as at 31 March 2018. The instruments purchased are in the currency used by the Group's principal overseas suppliers.

The Group designates its foreign currency forward exchange contracts as hedging instruments as they qualify for hedge accounting under IAS39. The Group is party to foreign currency forward contracts in the management of its exchange risk exposure; they are not held for speculative purposes. There were no outstanding contracts as at 31 March 2018. The instruments purchased are in the currencies used by the Group's overseas customers and suppliers.

Current assets

		Group		Company
		2018	2017	2018	2017
		£000	£000	£000	£000
Derivatives that are designated and effective as hedging instruments carried at fair value
Forward foreign currency contracts		-	19	-	-
		-	19	-	-

Current liabilities

		Group		Company
		2018	2017	2018	2017
		£000	£000	£000	£000
Financial assets carried at fair value through the profit or loss
Forward foreign currency contracts		-	56	-	-
		-	56	-	-

The Group had entered into forward exchange contracts as at 31 March 2017 (for terms not exceeding 12 months) for hedging the exchange rate risk from commitments to purchase raw materials denominated in Euros and then sold in US dollars, which were designated as cash flow hedges. There were no outstanding contracts as at 31 March 2018.

Cash flow and liquidity risk

The Group manages its working capital requirements through overdrafts and invoice finance facilities. These facilities are due to be renewed in March 2018. The maturity profile of the committed bank facilities is reviewed regularly and such facilities are extended or replaced well in advance of their expiry. The Group has complied with all of the terms of these facilities. At 31 March 2018 the Group had available £3,873,000 (2017 - £3,829,000) of undrawn committed borrowing facilities in respect of which all conditions precedent had been met. The directors do not consider that a more detailed maturity analysis is necessary.

Financial assets

Financial assets are included in the Statement of financial position within the following headings. These are valued at amortised cost and are detailed below.

		Group		Company
		2018	2017	2018	2017
		£000	£000	£000	£000
Trade and other receivables		7,248	4,699	2,529	2,990
Cash and cash equivalents		968	2,631	-	-
		8,216	7,330	2,529	2,990

Financial liabilities

Financial liabilities apart from derivatives are included in the Statement of financial position within the following headings. These are valued at amortised cost and are detailed below.

		Group		Company
		2018	2017	2018	2017
		£000	£000	£000	£000
Current liabilities
Trade and other payables		4,561	2,605	35	35
Accruals		699	859	-	-
Borrowings		747	68	-	-
Bank loan		-	116	-	116
Non-current liabilities
Bank loan		-	418	-	418
		6,007	4,066	35	569

Fair value hierarchy

The fair value of financial instruments has been determined using the following fair value hierarchy:

Level 1           The unadjusted quoted price in an active market for identical assets or liabilities that the entity can access at the measurement date.

Level 2           Inputs other than quoted prices included within Level 1 that are observable (i.e. developed using market data) for the asset or liability, either directly or indirectly.

Level 3           Inputs are unobservable (i.e. for which market data is unavailable) for the asset or liability.

The fair value of the financial instruments of the Group at 31 March 2018 are shown in the table below:

		2018
		Level 1	Level 2	Level 3
		£000	£000	£000
Forward foreign currency contracts		-	-	-
		-	-	-

		2017
		Level 1	Level 2	Level 3
		£000	£000	£000
Forward foreign currency contracts		-	(37)	-
		-	(37)	-

3.    Earnings per share

The calculation of the basic and diluted earnings per share is based on the following data:

		Year ended 31 March	Year ended 31 March
		2018	2017
		£000	£000
Earnings
Net profit attributable to the equity holders of the parent company		1,232	1,251

		Year ended 31 March	Year ended 31 March
		2018	2017
		Number	Number
Number of shares
Weighted average number of ordinary shares for the purposes of basic earnings per share		60,596,963	59,905,805
Effect of dilutive potential ordinary shares relating to share options		5,882,951	6,850,137
Weighted average number of ordinary shares for the purposes of diluted earnings per share		66,479,914	66,755,942

Earnings per share

Basic		2.03p	2.09p
Diluted		1.85p	1.88p

4.    Share capital

		Ordinary shares of 1p each
		£000	Number
At 1 April 2016		599	59,837,243
Issued in the year		7	715,000
At 31 March 2017		606	60,552,243
Issued in the year		1	85,909
At 31 March 2018		607	60,638,152

The company has one class of ordinary shares which carry no right to fixed income. All of the share are issued and fully paid. The total proceeds from the issue of shares in the year was £4,000 (2017 - £17,000).

5.   Notes to consolidated cash flow statement

		Year ended 31 March 2018	Year ended 31 March 2017
		£000	£000
Profit from operations		1,635	1,275
Adjustments for:
Depreciation on property, plant and equipment		412	288
Amortisation of intangible assets		412	333
Loss on disposal of property, plant and equipment		26	-
Share based payment charge		69	90
		2,554	1,986
(Increase)  / Decrease in inventories		(1,475)	(112)
Increase in trade and other receivables		(2,806)	(813)
Increase in trade and other payables		1,710	1,021
Increase in deferred tax provision		-	26
Movement in non-cash derivatives		-	(26)
Cash (used in)/generated from operations		(17)	2,082
Interest paid		(26)	(24)
Taxation paid		(370)	-
Net cash (used in)/from operating activities		(413)	2,058

Cash and cash equivalents (which are presented as a single asset on the face of the balance sheet) comprise cash at bank and in hand.

6.   Status of information

In accordance with section 435 of the Companies Act 2006, the directors advise that the financial information set out in this announcement does not constitute the Group's statutory financial statements for the year ended 31 March 2018 or 2017, but is derived from these financial statements. The financial statements for the year ended 31 March 2017 have been delivered to the Registrar of Companies. The financial statements for the year ended 31 March 2018 have been prepared in accordance with International Financial Reporting Standards as adopted by the European Union. The financial statements for the year ended 31 March 2018 will be forwarded to the Registrar of Companies following the Company's Annual General Meeting. The Auditors have reported on these financial statements; their reports were unqualified and did not contain statements under Section 498(2) or (3) of the Companies Act 2006.

The consolidated statement of financial position at 31 March 2018 and the consolidated statement of comprehensive income, consolidated statement of changes in equity and consolidated statement of cash flows for the year then ended have been extracted from the Group's financial statements. Those financial statements have not yet been delivered to the Registrar. 

When available, the annual report and accounts for the period ended 31 March 2018 will be available on the Company's website at: www.creightonsplc.com and in hard copy to shareholders upon request from the Company's registered office at 1210 Lincoln Road, Peterborough, PE4 6ND. They will also be uploaded to the National Storage Mechanism and will then be available for viewing at http://www.morningstar.co.uk/uk/NSM.

The Directors will notify shareholders when these reports and accounts have been uploaded to the website and to the NSM.

The Company's AGM will take place at the offices of Potter & Moore Innovations Ltd, 1210 Lincoln Road, Peterborough, PE4 6ND on 30^th August 2018 at 12:00 noon.

 

END

 

 

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