2015 Full Year Results

RNS Number : 2437S
Eurocell plc
16 March 2016
 

Eurocell plc

 

2015 Full Year Results

ROBUST PERFORMANCE, STRONG PROFITABILITY IN LINE WITH EXPECTATIONS

 

 

16 March 2016

 

Eurocell PLC, a market leading, vertically integrated UK manufacturer and distributor of innovative window, door and roofline PVC products, today announces its results for the year ended 31 December 2015

 

 

2015

2014

 

 

£'000

£'000

% change

 

 

 

 

Revenue

175,947

173,093

1.6%

Gross margin %

51.7%

48.3%

3.4ppt

Adjusted EBITDA(1)

29,731

26,068

14.1%

Adjusted PBT(2)

23,019

17,846

29.0%

PBT

19,696

16,743

17.6%

 

 

 

 

Adjusted basic EPS (pence)(3)

18.60

12.97

43.3%

Basic EPS (pence)

15.51

11.91

30.2%

Interim dividend per share paid (pence)

2.7p

-

-

Recommended final dividend per share (pence)

 

5.2p

-

-

Cash generated from underlying operations

29,591

21,149

40.0%

Underlying operating cash conversion %(4)

99.5%

81.1%

18.4ppt

Net debt

(25,871)

(35,522)

(27.2%)

 

 

 

 

Notes

(1)        Adjusted EBITDA represents earnings before interest, tax, depreciation, amortisation and non-recurring costs

(2)        Adjusted PBT represents profit before tax and non-recurring costs

(3)        Adjusted basic EPS excludes non-recurring costs

(4)        Underlying operating cash conversion is cash generated from underlying operations as a % of adjusted EBITDA

 

Highlights

§ Performance in-line with consensus forecasts with strong gross profit and EBITDA improvements

§ Revenue growth of 1.6% despite the widely reported slow-down in Repair, Maintenance and Improvement ('RMI') market

§ Strong margin and profit growth driven by improved manufacturing performance, enhanced procurement, increasing use of recycled materials and lower raw material prices

§ Continued expansion of the branch network to 141, with an increase of 13 branches in the year

§ Further innovation in new Modus, Skypod and Equinox product ranges

§ Branch sales of higher margin Eurocell manufactured products increased by 6%

§ Acquisition of injection moulding business completed in July 2015 performing well

§ Appointment of Mark Kelly as CEO, following Patrick Bateman's retirement in June 2016

§ Positive start to the current financial year

 

Commenting on the Group's performance, Bob Lawson, Chairman of Eurocell, said:

 

"I am delighted to report a strong performance for our first full set of results as a listed company.  Notwithstanding market conditions that have remained challenging throughout the year, we have reported higher revenues and, as a result of the cost and efficiency measures we have taken, profits that are well ahead of last year.  We have also made firm progress with all of our strategic priorities - product innovation, expansion of our branch network and the acquisition of S and S Plastics. 

 

"Looking forward, the new financial year has started positively.  Whilst we are not anticipating a significant improvement in the markets we serve in the near term, we believe that our strategy combined with the proven capabilities of the company will enable Eurocell to continue to deliver significant value to customers and shareholders in the current year and beyond."

 

Bob Lawson

Chairman

16 March 2016

 

Enquiries:

Eurocell PLC                Tel: +44 1773 842100

Patrick Bateman, Chief Executive Officer

 

Teneo Strategy

Ben Foster                   Tel: +44 20 3603 5221

 

 

Board developments

 

As previously announced, Patrick Bateman will be retiring from Eurocell this summer.  The board undertook an extensive and rigorous process to find his replacement and are delighted that Mark Kelly joins the Company from Grafton Plc as Patrick's successor.

 

After 11 years with Eurocell, Matthew Edwards has informed the Board of his desire to seek new opportunities. The Board wishes to thank him for his excellent work in taking the Company into private equity and through to public ownership; they wish him well with his new endeavours. Matthew will continue in his role as CFO, if needed, up until the end of June 2016 and a search process to seek his successor is well underway.

 

Chief Executive's Statement

 

I am pleased to report our maiden results as a public company following our successful IPO in March.

 

2015 was another year of strong progress for the group.  Group revenues grew by 1.6%, ahead of a muted overall RMI market. At the same time, we improved our gross margin by 3.4 percentage points as a result of lower raw material costs, enhanced procurement measures and an improved manufacturing performance.  This led to a significant improvement in profitability, with adjusted PBT ahead by 29%. The continuing investment in new branches and supporting structure together with the investment in factory operations to allow increased use of recycled product and lower scrap levels has supported this performance.

 

We are committed to a strategy of growing the business by expanding the branch network, continuing to bring innovative new products to market and by providing excellent customer service. I am pleased to report significant development in all of these areas in 2015.

 

The appointment of two additional major trade fabricators at the end of 2015 will bring revenue and margin in 2016, one being a major trade fabricator nationally in the UK and the other will provide a strong base in the commercial market.

 

Demand in the new build market remains strong and our ability to supply excellent products on time is supporting growth in this area.  Our close working relationship with a number of the major house builders remains strong, nurtured through good technical support as well as our competitive pricing through the fabricator network. The continued expansion in the use of recycled PVC windows remains attractive to the new build market.

 

In July 2015 we successfully completed the small bolt-on acquisition of S and S Plastics Limited. S and S Plastics specialises in Injection Moulding in the windows market and other profitable sectors. The acquisition is allowing the Company to extend its customer base and also provide further cross-selling opportunities for the extended product range. Whilst the main core of the S and S business is window related, its work in other specialist areas such as healthcare, and electrical distribution introduces new markets to the wider business.  The S and S leadership team has brought additional expertise to the Company.

                                                                                                                                                                     

The integration is proceeding to plan and the business is performing ahead of expectations.

 

Operational review

 

Operational Review - Profiles Division

 

§ RMI market buoyant in 2014 but cooled off from February 2015

§ New Build sector 10% up on 2014

§ New Build and public sector putting more emphasis on thermal efficiency

§ Larger customers (>£1m revenue pa) have seen growth of c 10%

§ Small customers have maintained their volumes

§ Demand is increasing for higher value aspirational products, bifold doors, skypod, and a whole range of coloured windows and doors

§ New product sales show encouraging growth, bringing sales and margin to both sides of the business

§ Introduction of the BIM system for house builders and architects

§ Improved use of Salesforce, and integrated CRM management package

 

Operational Review - Building Plastics Division

 

§ 13 new branches opened in the year

§ Improved management infrastructure to support future branch expansion

§ Additional management training through the year

§ Improved use of Sales force CRM System

§ Month on month growth of website hits and sales leads

 

Current trading and outlook

 

In the first ten weeks of the current financial year, total sales in Profiles and Building plastics are +10.6% and like-for-like sales in our branch network are +8.8%.

 

On 9 March 2016, after the year end, we announced the acquisition of Vista Panels Limited a composite door manufacturing business with £13.7m Revenue and £1.6m EBITDA. This will provide further potential in the New Build Market.

 

Whilst we are not anticipating a significant improvement in the markets we serve in the near term, we believe that our strategy combined with the proven capabilities of the company will enable Eurocell to continue to deliver significant value to customers and shareholders in the current year and beyond.

 

Financial review

 

Adjusted EBITDA for the period was up 14.1% to £29.7m (2014: £26.1m), driven by:

 

§ Revenue growth (£1.2m gross margin);

§ Improvements to gross margin of £5.7m (including saving on resin procurement of £2.8m);

§ Logistics savings (£1.0m)

§ Investment in support functions and people (£1.9m);

§ Additional costs from new branches (£1.1m); and

§ The ongoing costs of being a listed entity (£1.2m)

 

Revenue of £175.9m (2014: £173.1m) has been negatively impacted by the slowing of the RMI market, the delayed sign-on of a major new customer and has benefitted from new branch openings in the year. We will continue our current strategy and are confident that this will deliver growth ahead of the market in future years.

 

The margin is 51.7% (2014: 48.3%). We have benefitted from low PVC resin prices (through both market forces and improved procurement) and production efficiencies. The new supply contract for PVC resin gives the company improved prices but also secures planned requirements. The increased use of recycled material from our unique plant has further benefitted the margin by replacing more expensive virgin

 

The business continues to keep tight control of the overheads, with highlights being:

§ Efficiencies in the factories have kept production overheads in line with management expectations

§ Investment in the recycling plant has delivered increased recycled raw material at lower cost

§ With the expansion of the branch network, overall Branch overheads have increased but only in line with the estate size

§ The improvements to the management infrastructure relating to the branches will increase overhead but are necessary to support our plans in respect of the future expansion of the branch network

§ Costs arising as a result of being a listed Company were £1.2m (2014: £nil)

§ Non-recurring items of £3.3m (2014: £1.1m) related to professional fees and other costs incurred as a result of the IPO of the Company

 

Adjusted basic earnings per share have increased by 43.3% to 18.60 (2014: 12.97).

 

The Company continues to invest in its future with capital expenditure this year of £6.3m (2014: £5.1m).

In addition the Company acquired S and S Plastics Limited at a cost of £2.5m

 

Inventory levels remain well controlled and provisioning remains prudent. Inventory at the year-end was £18.1m (2014: £14.7m).

 

The Company's trade accounts receivable remain in line with Management expectations. Provisioning remains prudent and consistent and there have been no material bad debts in the year.

 

Accounts payable have increased in 2015 as a result of more favourable terms from a major raw material supplier. The Company aims to negotiate the best terms possible but then ensures that suppliers are paid to terms.

 

The Board is pleased to recommend a final dividend of 5.2 pence per share for approval by shareholders at the Annual General Meeting. This represents a yield slightly above indications at the IPO. The shares will trade ex-dividend on 28 April 2016 and subject to shareholder approval, the dividend will be paid on 26 May 2016 to shareholders on the register at 29 April 2016.

 

Consolidated Statement of Comprehensive Income

For the Year Ended 31 December 2015

 

 

 

Year ended

Year ended

Year ended

Year ended

Year ended

Year ended

 

 

31 December

31 December

31 December

31 December

31 December

31 December

 

Note

2015

2015

2015

2014

2014

2014

 

 

 

 

 

 

 

 

 

 

Recurring

Non-recurring

Total

Recurring

Non-recurring

Total

 

 

£000

£000

£000

£000

£000

£000

 

 

 

 

 

 

 

 

Revenue

2

175,947

0

175,947

173,093

0

173,093

 

 

 

 

 

 

 

 

Cost of Sales

 

(84,945)

0

(84,945)

(89,494)

0

(89,494)

 

 

 

 

 

 

 

Gross profit

 

91,002

0

91,002

83,599

0

83,599

 

 

 

 

 

 

 

 

Distribution costs

 

(12,310)

0

(12,310)

(10,830)

0

(10,830)

Administrative costs

 

(54,398)

(3,323)

(57,721)

(51,381)

(1,103)

(52,484)

 

 

 

 

 

 

 

Group operating profit

 

24,294

(3,323)

20,971

21,388

(1,103)

20,285

 

 

 

 

 

 

 

 

Finance expense

 

(1,275)

0

(1,275)

(3,542)

0

(3,542)

 

 

 

 

 

 

 

Profit before tax

 

23,019

(3,323)

19,696

17,846

(1,103)

16,743

 

 

 

 

 

 

 

 

Taxation

4

(4,454)

241

(4,213)

(5,014)

53

(4,961)

 

 

 

 

 

 

 

Profit for the year

 

18,565

(3,082)

15,483

12,832

11,782

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings per share (pence)

6

18.60

 

15.51

12.97

 

11.91

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

The group has no other comprehensive income in the current or prior year.

 

 

Consolidated Statement of Financial Position

 

 

 

As at 31 December 2015

 

 

 

 

 

 

 

 

 

2015

2014

 

Note

£000

£000

 

 

 

 

Assets

 

 

 

Non-current assets

 

 

 

Property, plant and equipment

 

27,635

25,672

Intangible assets

 

14,517

14,167

Total non-current assets

 

42,152

39,839

 

 

 

 

Current assets

 

 

 

Inventories

 

18,054

14,730

Trade and other receivables

 

24,944

20,407

Cash and cash equivalents

 

1,176

2,751

Total current assets

 

44,174

37,888

 

 

 

 

Total assets

 

86,326

77,727

 

 

 

 

Liabilities

 

 

 

Current liabilities

 

 

 

Trade and other payables

 

(27,092)

(21,536)

Other interest being loans and borrowings

 

(1,327)

(12,897)

Provisions

 

(76)

-

Corporation tax

 

(1,196)

(3,752)

Total current liabilities

 

(29,691)

(38,185)

 

 

 

 

 

 

 

 

Non-current liabilities

 

 

 

Borrowings

 

(25,720)

(25,376)

Trade and other payables

 

(500)

(122)

Provisions

 

(1,366)

(1,299)

Deferred tax

 

(2,493)

(1,227)

Total non-current liabilities

 

(30,079)

(28,024)

 

 

 

 

Total liabilities

 

(59,770)

(66,209)

 

 

 

 

Net assets

 

26,556

11,518

 

 

 

 

Equity attributable to equity holders of the parent

 

 

 

Share capital

 

100

52

Share premium

 

1,926

99

Other reserves

 

380

0

Retained earnings

 

24,150

11,367

Equity attributable to equity holders of the parent

 

26,556

11,518

 

 

 

 

         

 

Consolidated Cash Flow Statement                for the year ended 31 December 2015

 

 

 

 

 

                                                                                                                                                          2015                         2014

                                                                                                                                                          £000                         £000

 

Cash generated from operations                                                                                            26,268                      20,046

Non-recurring costs                                                                                                                      3,323                        1,103

                                                                                                                                                __________               __________

Cash generated from underlying operations                                                                         29,591                      21,149

 

Income taxes paid                                                                                                                       (5,729)                      (1,179)

Non-recurring costs paid                                                                                                           (4,453)                         (172)

                                                                                                                                                __________               __________

Net cash from operating activities                                                                                          19,409                      19,798

                                                                                                                                                                                                      

Investing activities                                                                                                                                                                     

Acquisition of subsidiary, net of cash acquired                                                                     (1,662)                                -

Payment of deferred consideration                                                                                                   -                       (8,821)

Purchase of property, plant and equipment                                                                          (6,267)                      (5,060)

Sale of property, plant and equipment                                                                                          75                        3,563

Purchase of intangibles                                                                                                                   (85)                           (60)

                                                                                                                                                __________               __________

Net cash used in investing activities                                                                                        (7,939)                   (10,378)

 

Financing activities

Proceeds from the issue of shares                                                                                                     -                              50

Redemption of preference shares                                                                                                  (50)                                -

Proceeds from bank borrowings                                                                                              41,000                                 -

Repayment of bank and other borrowings                                                                           (48,599)                      (9,210)

Finance expense                                                                                                                          (4,023)                         (817)

Dividends paid to equity shareholders                                                                                    (2,700)                                -

                                                                                                                                                __________               __________

Net cash used in financing activities                                                                                      (14,372)                      (9,977)

                                                                                                                                                __________               __________

                                                                                                                                                

Net decrease in cash and cash equivalents                                                                            (2,902)                         (557)

Cash and cash equivalents at beginning of year                                                                     2,751                        3,308

                                                                                                                                                __________               __________

Cash and cash equivalents at end of year                                                                                  (151)                       2,751

                                                                                                                                                __________               __________

 

Consolidated Statement of Changes in Equity for the year ended 31 December 2015

 

 

 

 

 

 

 

 

 

 

 

 

Note

 

 

 

Share capital

 

 

Share premium

reserve

 

 

 

Retained earnings

 

 

 

Other reserves

Total attributable to equity holders of parent

 

 

£000

£000

£000

£000

£000

 

 

 

 

 

 

 

Balance at 1 January 2015

 

52

99

11,367

0

11,518

 

 

 

 

 

 

 

Comprehensive income for the year

 

 

 

 

 

 

 

 

 

 

 

 

 

Profit for the year

 

0

0

15,483

0

15,483

 

 

 

 

 

 

 

Total comprehensive income for the year

 

0

0

15,483

0

15,483

 

 

 

 

 

 

 

Contributions by and distribution to owners

 

 

 

 

 

 

 

 

 

 

 

 

 

Preference shares redeemed in the period

 

(50)

0

0

0

(50)

Shares issued during the period

 

98

1,827

0

0

1,925

Share based payments

 

0

0

0

322

322

Deferred tax on share based payments

 

0

0

0

58

58

Dividends paid

5

0

0

(2,700)

0

(2,700)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total contributions by and distributions to owners

 

 

48

 

1,827

 

(2,700)

 

380

(445)

 

 

 

 

 

 

 

Balance at 31 December 2015

100

1,926

24,150

380

26,556

 

 

 

 

 

 

 

 

 

 

 

 

               

 

 

 

 

 

 

Note

 

 

 

Share capital

 

 

Share premium

reserve

 

 

 

Retained earnings

 

 

 

Other reserves

Total attributable to equity holders of parent

 

 

£000

£000

£000

£000

£000

 

 

 

 

 

 

 

Balance at 1 January 2014

 

2

99

(415)

0

(314)

 

 

 

 

 

 

 

Comprehensive income for the year

 

 

 

 

 

 

 

 

 

 

 

 

 

Profit for the year

 

0

0

11,782

0

11,782

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total comprehensive income for the year

 

0

0

11,782

0

11,782

 

 

 

 

 

 

 

Contributions by and distributions to owners

 

 

 

 

 

 

Preference shares issued during the year

 

50

0

0

0

50

 

 

 

 

 

 

 

Total contributions by and distributions to owners

 

50

0

0

0

50

 

 

 

 

 

 

 

Balance at 31 December 2014

 

52

99

11,367

0

11,518

 

 

 

Eurocell plc

 

Notes to the full year results

For the year ended 31 December 2015

 

 

1.

Basis of preparation

 

 

The financial information for the year ended 31 December 2015 was approved by the Board on 16 March 2016. This financial information does not constitute statutory accounts of the Company within the meaning of Section 435 of the Companies Act 2006, but is derived from those accounts, which have been prepared in accordance with International Financial Reporting Standards (IFRS) as endorsed and adopted for use by the European Union.

 

This information has been prepared under the historical cost method, using all standards and interpretations required for financial periods beginning 1 January 2015. No standards or interpretations have been adopted before the required implementation date.

 

Statutory accounts for the year ended 31 December 2014 have been delivered to the Registrar of Companies. Statutory accounts for the year ended 31 December 2015 will be delivered to the Registrar of Companies following the Company's Annual General Meeting.

 

The auditors have reported on those accounts. Their reports were not qualified, did not include a reference to any matters to which the auditors drew attention by way of emphasis without qualifying their report, and did not contain a statement under Section 498 (2) or (3) of the Companies Act 2006.

 

2.

Segment information

 

 

 

The group has two reportable segments, Profiles and Building Plastics

 

 

 

 

 

Building

 

 

 

 

Profiles

Plastics

Corporate

Total

 

 

2015

2015

2015

2015

 

 

£000

£000

£000

£000

 

Revenue

 

 

 

 

 

Total revenue

105,957

102,661

-

208,618

 

Inter-segmental revenue

(32,088)

(583)

-

(32,671)

 

 

 

 

 

 

 

Total revenue from external customers

73,869

102,078

-

175,947

 

 

 

 

 

 

 

 

 

 

 

 

 

Adjusted EBITDA

21,608

8,384

(261)

29,731

 

Amortisation

(234)

(240)

(661)

(1,135)

 

Depreciation

(3,473)

(457)

(372)

(4,302)

 

 

 

 

 

 

 

Operating profit before non-recurring costs

17,901

7,687

(1,294)

24,294

 

 

 

 

 

 

 

Non-recurring (costs)/income

 

 

 

(3,323)

 

 

 

 

 

 

 

Finance expense

 

 

 

(1,275)

 

 

 

 

 

 

 

Profit before tax

 

 

 

19,696

 

 

 

 

 

 

 

 

 

Building

 

 

 

 

Profiles

Plastics

Corporate

Total

 

 

2014

2014

2014

2014

 

 

£000

£000

£000

£000

 

Revenue

 

 

 

 

 

Total revenue

104,735

100,746

-

205,481

 

Inter-segmental revenue

(32,043)

(345)

-

(32,388)

 

 

 

 

 

 

 

Total revenue from external customers

72,692

100,401

-

173,093

 

 

 

 

 

 

 

 

 

 

 

 

 

Adjusted EBITDA

16,964

8,668

436

26,068

 

Amortisation

(92)

(239)

(97)

(428)

 

Depreciation

(3,499)

(391)

(362)

(4,252)

 

 

 

 

 

 

 

Operating profit before non-recurring costs

13,373

8,038

(23)

21,388

 

 

 

 

 

 

 

Non-recurring (costs)/income

 

 

 

(1,103)

 

 

 

 

 

 

 

Finance expense

 

 

 

(3,542)

 

 

 

 

 

 

 

Profit before tax

 

 

 

16,743

 

 

 

 

 

 

 

3.

Non-recurring costs

 

 

 

 

 

Amounts included in the profit and loss statement are as follows:

 

 

 

Year ended

Year ended

 

 

31 December

31 December

 

 

2015

2014

 

 

£000

£000

 

 

 

 

 

Professional fees and other costs relating to IPO

 

3,323

800

 

Restructuring costs

 

0

246

 

Profit on sale of tangible fixed assets

 

0

(239)

 

Stamp duty

 

0

(14)

 

Group recharge

0

(310)

 

 

 

 

 

 

3,323

1,103

 

 

 

 

4.

Taxation

 

 

 

 

 

                 

 

 

 

Year ended

Year ended

 

 

31 December

31 December

 

 

2015

2014

 

 

£000

£000

 

Current tax

 

 

 

 

Current tax on profits for the year

 

3,758

4,329

 

Adjustment for over provision in prior periods

(619)

228

 

 

 

 

 

Total current tax

 

3,139

4,557

 

 

 

 

 

Deferred tax expense

 

 

 

 

Origination and reversal of temporary differences

1,129

404

 

Adjustment for over provision in prior year

(55)

-

 

 

 

 

 

Total deferred tax

 

1,074

404

 

 

 

 

 

Tax expense in the consolidated profit and loss statement

4,213

4,961

 

 

 

 

 

The reasons for the difference between the actual tax charge for the year and the standard rate of corporation tax in the United Kingdom applied to profits for the year are as follows:

 

 

 

 

 

 

2015

2014

 

 

£000

£000

 

 

 

 

 

Profit before income tax

19,696

16,743

 

 

 

 

 

Expected tax charge based on the standard rate of United Kingdom corporation tax at the domestic rate of 20.25% (2014:21.5%)

3,988

3,600

 

 

 

 

 

Expenses not deductible for tax purposes

450

650

 

Provisions

-

46

 

Difference between depreciation and capital allowances

(169)

(95)

 

Other short term timing differences

618

575

 

Adjustments to tax charge in respect of prior periods

(619)

228

 

Adjustments to deferred tax charge in respect of prior periods

(55)

(43)

 

 

 

 

 

Total tax expense

 

4,213

4,961

 

 

 

 

 

 

Changes in tax rates and factors affecting the future tax charge

 

A reduction in the mainstream rate of UK corporation tax from 21% to 20% took effect from April 2015 which gives rise to an effective rate of 20.25% for the year. A further reduction to 19% from 1 April 2017 and 18% from 1 April 2020 have been substantively enacted. UK temporary differences are measured at the rate at which they are expected to reverse.

 

5.

Dividends

 

 

 

 

 

 

 

Year ended

Year ended

 

 

 

31 December

31 December

 

 

 

2015

2014

 

 

 

£000

£000

 

 

 

 

 

 

 

 

Interim dividend paid during the period

 

 

 

 

2.7p per ordinary share (2014: £nil)

2,700

0

 

 

 

 

 

 

           

 

The Board is recommending a final dividend of 5.2 pence per share for approval by shareholders at the Annual General Meeting.

 

The Board has become aware of a technical issue in respect of the interim dividend paid in October 2015. The Companies Act 2006 provides that a public company may pay a dividend out of its distributable profits as shown in the last accounts circulated to members or, if interim accounts are used, those that have been filed at Companies House. The requirement for the relevant accounts to have been filed applies even if the Company in question has sufficient distributable profits at the relevant time.

 

The Company had sufficient distributable profits to pay the interim dividend but did not file interim accounts to satisfy the procedural requirements of the Act before making the distribution. The Board intends to propose resolutions at the AGM to put all affected parties so far as possible in the position in which they were always intended to be had the distribution been made in accordance with the procedural requirements of the Act.

 

6.

Earnings per share

 

 

 

 

 

 

Basic earnings per share is calculated by dividing the net profit for the period attributable to ordinary shareholders by the weighted number of ordinary shares outstanding during the period.  Diluted earnings per share is calculated by adjusting the earnings and number of shares for the effects of dilutive options.  Adjusted earnings per share excludes non-recurring costs from the calculations.

 

 

 

Year ended

Year ended

 

 

31 December

31 December

 

 

2015

2014

 

 

£000

£000

 

 

 

 

 

 

Profit attributable to ordinary shareholders

15,483

11,782

 

Profit attributable to ordinary shareholders excluding non-recurring costs

18,565

12,832

 

 

 

 

 

 

Number

Number

 

Weighted average number of shares - basic

99,816,141

98,899,860

 

Weighted average number of shares - diluted

99,816,141

98,899,860

 

 

 

 

 

 

Pence

Pence

 

Basic earnings per share

15.51

11.91

 

Adjusted basic earnings per share

18.60

12.97

 

Diluted earnings per share

15.51

11.91

 

Adjusted diluted earnings per share

18.60

12.97

         

 

7.

Reconciliation of profit after tax to net cash flows from operating activities

 

 

 

 

 

2015

2014

 

 

 

 

£000

£000

 

 

 

 

 

 

 

Profit after tax

 

 

15,483

11,782

 

Add back taxation

 

 

4,213

4,961

 

Finance expense

 

 

1,275

3,542

 

Adjustments for:

 

 

 

 

 

Depreciation of tangible fixed assets

 

 

4,302

4,252

 

Amortisation of intangible fixed assets

 

 

1,135

428

 

(Profit)/loss on sale of property, plant and equipment

 

0

(425)

 

Impairment of fixed assets

 

 

234

0

 

Share based payments

 

 

322

0

 

(Increase)/decrease in trade and other receivables

 

(3,884)

436

 

(Increase)/decrease in inventories

 

 

(2,696)

515

 

Increase/(decrease) in trade and other payables

 

5,741

(5,445)

 

Increase in provisions

 

 

143

0

 

 

 

 

 

 

 

Cash generated from operations

 

 

26,268

20,046

 

 

 

 

 

 

 

8.

Events occurring after the reporting period

 

 

On 9 March 2016 we completed the acquisition of Vista Panels Limited for £7.1m.

 


This information is provided by RNS
The company news service from the London Stock Exchange
 
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