Half-Year Results to 30 November 2021

RNS Number : 9520A
Filtronic PLC
08 February 2022
 

8 February 2022

 

 

FILTRONIC PLC

("Filtronic", the "Company" or the "Group")

 

HALF YEAR RESULTS FOR THE SIX MONTHS ENDED 30 NOVEMBER 2021

 

Positive Trading Momentum Maintained

 

Filtronic plc (AIM: FTC), the designer and manufacturer of products for the aerospace, defence, telecoms infrastructure and critical communications markets, announces its half year results for the six months ended 30 November 2021 ("H1 2022").

 

Financial Highlights 

 

H1 2022

H1 2021

Revenue

£8.0m

£7.1m

Adjusted EBITDA ¹

£1.1m

£0.6m

Adjusted operating profit ²

£0.6m

£0.1m

Operating profit

£0.7m

£0.1m

Profit/(loss) for the period

£0.7m

(£0.1m)

Basic profit/(loss) per share

0.32p

(0.03p)

Diluted profit/(loss) per share

0.31p

(0.03p)

Cash generated from operating activities

£0.6m

£0.5m

 

 

 

 

At 30 Nov 2021

At 31 May 2021

Net cash when including right of use property leases

£1.1m

£0.7m

Net cash when excluding right of use property leases

£2.2m

£1.9m

 

¹ Adjusted EBITDA is earnings before interest, taxation, depreciation, amortisation and exceptional items.

² Adjusted operating profit is operating profit before exceptional items.

 

Operational Highlights

·   Appointment of Jonathan Neale as Non-Executive Chairman who was previously Chief Operating Officer of McLaren Group. Prior to that he was the CEO of McLaren Racing F1 and Managing Director of Hawk Military Aircraft at BAE Systems, UK.

· Contract win from a leading RF test equipment company in the USA valued at $0.8m (£0.6m) for the pilot phase of the development supplying RF front-end modules for next generation over-the-air 5G test equipment.

· Market adoption of our "best-in-class" Tower Top Amplifier ("TTA") with good sales traction to our lead Original Equipment Manufacturer ("OEM"); the largest OEM in the critical communications market.

·   Continued expansion of our indirect sales channels in the USA with Alpha Sales Group signed up in the Southeast territory to expand the coverage of our sales reach in North America.

· Healthy cash position enables continued investment in revenue growth initiatives to deliver growth.

· Margin improvement from a stronger sales mix leading to stronger adjusted EBITDA.

 

Commenting on the outlook, Jonathan Neale, Chairman, said: "We are confident we will achieve a third consecutive year of EBITDA growth despite the headwinds of supply chain disruption from global semiconductor shortages. Coupled with a healthy cash position, this provides a robust platform to further develop the business and continue investing in revenue growth initiatives and the technology roadmap. The Board and management team are highly motivated to build on this and execute the strategic plan with a desire and focus to drive and deliver shareholder value.

 

"Recent investments in product development and operational capability align with the UK government's ambition for sovereign capability within the core markets we serve, as well as emerging markets such as Low Earth Orbit Space. This positions us well to capitalise on these opportunities and we are now starting to see the flow down into the supply chain and our opportunity pipeline. To this end, we are confident we can achieve our key strategic objective of broadening the customer base to add to our recent contract win with a leading 5G over-the-air equipment provider.

 

"Whilst the previous two years impeded customer engagement, the measures taken to augment our channels to market, along with investment into more sophisticated selling tools, has enabled the business to keep moving forward. Combined with travel restrictions easing and key marketing activities such as trade exhibitions reopening, we feel positive about the prospects of the business and our ability to continue to deliver growth. "

 

Enquiries

 

Filtronic plc

www.filtronic.com

Richard Gibbs, CEO

0113 220 0000 or investor.relations@filtronic.com

Michael Tyerman, CFO

 

 

 

finnCap Ltd

020 7220 0500

Jonny Franklin-Adams/Tim Harper (Corporate Finance)

Alice Lane/Sunila de Silva (ECM)

 

 

Walbrook PR Limited

020 7933 8780 or filtronic@walbrookpr.com

Paul Vann/Nicholas Johnson

07768 807631

 

Notes: 

 

This announcement contains inside information for the purposes of Article 7 of Regulation (EU) No 596/2014.

 

 

Forward-looking statements

 

Certain statements in this half-yearly financial report are forward-looking. Where the half-yearly financial report includes forward-looking statements, these are made by the directors in good faith based on the information available to them at the time of their approval of this report. Such statements are based on current expectations and are subject to a number of risks and uncertainties, including both economic and business risk factors that could cause actual events or results to differ materially from any expected future events or results referred to in these forward-looking statements. Unless otherwise required by applicable law, regulation or accounting standard, the Group undertakes no obligation to update any forward-looking statements whether as a result of new information, future events or otherwise.

 

 

 

Chairman's Statement

 

I am pleased to present my first statement as Chairman of Filtronic. I have been aware of the Company throughout my career in aerospace, defence and motor sport, and have always had great respect for the integrity and the depth of expertise of Filtronic employees in the field of RF electronic and sub-system design. My experience since being appointed, has only served to affirm the confidence I have in the Company and its potential to shape the future of RF communications.

 

I started my role as Non-Executive Chairman in November 2021 following the retirement of Reg Gott after 15 years of service. I have enjoyed getting to know the executive team as they develop and execute the strategic plan of the business and am delighted with the support that I have received from my fellow directors and the high standards of corporate governance. I also appreciate the way in which the Board cooperates as a team to keep the focus on the long-term potential of the business.

 

The Group has continued to build momentum and traded positively in H1, delivering revenue and EBITDA growth against the same period last year, despite a challenging business environment that has included a global shortage of semiconductor components and multiple waves of Covid restrictions.

 

Group revenue for the first half of FY2022 was 12% up on the prior year, with sales of £8.0m (H1 2021: £7.1m), broadly in line with internal forecasts. The recovery of the critical communications market in North America, and the culmination of some long-term development programmes, with margin improvement from a stronger sales mix, contributed to an operating profit of £0.6m (H1 2021: £0.1m) and an 83% increase in adjusted EBITDA to £1.1m (H1 2021: £0.6m).

 

At 30 November 2021, the Group recorded cash in the bank of £3.0m (31 May 2021: £2.9m), net cash of £2.2m when excluding right of use property leases (31 May 2021: £1.9m) and net cash including right of use property leases of £1.1m (31 May 2021: £0.7m).

 

We remained fully operational throughout the continued Covid challenges and adapted to meet all our customer product and engineering programme delivery obligations. Our management team has done a great job in keeping business disruption to a minimum and enabled our employees to work safely on-site. On behalf of the Board, I would like to thank all our employees and partners for their commitment and hard work throughout these challenging times.

 

The way we approach market communications and new customer acquisition continues to adapt and we have developed some sophisticated direct marketing communication tools and a focus on lead generation via online content to adjust for domestic and international travel restrictions which have made face-to-face customer engagement more challenging. To complement this, we further expanded our channel representatives' network with the goal of engaging customers on a more local basis. We now have most of the USA covered with a professional reseller network who market our products to the regional critical communications installer base, and we have added a number of representatives to cover major European countries. The Group welcomes the return of industry specific trade shows which have always been a key marketing tool for our business such as European Microwave Week and IMS Microwave Week 2022.

 

The North American critical communication market recovered well in H1 with clear evidence that funds are being redirected back into public infrastructure projects. Demand from a core customer continued to build and we have increased our inventory holding to capitalise on future requirements and mitigate the risk of component shortages. Supported by on-shore USA manufacturing, the order flow for our Tower Top Amplifier products, launched in FY2021, is finally matching our original expectations with the product designed into major infrastructure projects ahead of more established brands.

 

Increasing backhaul performance is a prerequisite for servicing the growing demand for telecom network capacity and realising the full benefit of 5G infrastructure investment. Industry forecasts indicate demand for E-band spectrum technology will steadily increase to support the global rollout of the 5G network, and Filtronic is well placed to benefit from this trend. Sales of our 5G Xhaul transceivers into our prime telecommunications infrastructure customer are back at pre-pandemic levels, and we continue to explore adjacent E-band market opportunities including "trackside to train", High Altitude Pseudo-Satellites ("HAPS"), and low latency private network applications where we are seeing pockets of spend. In H1 we completed the design phase of an over-the-air 5G test equipment development, and work has now started on the pilot production phase following the $0.8m contract award announced in October 2021.

Our aerospace & defence contracts remain important revenue streams which ensures a high-level of utilisation of our state-of-the-art hybrid microelectronics manufacturing operations in Sedgefield, with good yield and productivity improvements. Fulfilment of the battlefield communication contract is nearing completion with delivery of the first production units in H1 and the remainder of the order will complete in H2. The increase in UK defence spending in the field of radar and communications technologies has resulted in several small development contracts for our specialist filter technology. Whilst initially modest, these projects have the potential to develop into more substantial RF sub-system projects in the future.

 

Outlook

 

A robust orderbook, strong balance sheet, and the recent contract win for a new test equipment customer, positions us favourably for H2 revenue growth in line with expectations and delivery of EBITDA growth.  Our cash position remains healthy, enabling us to invest in our technology roadmap, expand engineering capacity and build capability to support future revenue growth initiatives in the delivery of shareholder value. There are still some headwinds in the supply chain for many technology businesses as a result of the global shortage of semiconductor components and it is not yet known as to when this situation will abate but we continue to work hard with customers and suppliers as we to invest to secure long lead-time components and anticipate future customer demand.

 

Looking further ahead, the Group's key addressable markets continue to benefit from long-term growth drivers. Our E-band backhaul transceivers play a critical role in the rollout of 5G networks in the telecommunications infrastructure market, and we can anticipate some step changes in demand as countries license E-band frequencies in response to ever increasing demand for network capacity. The UK Government is delivering on budget commitments to increase defence spending and we have secured several filter development opportunities linked to new strategic defence platforms. The Low Earth Orbit ("LEO") Space Market continues to develop at pace both in the UK and in North America, and we are finding opportunities to adapt intellectual property originally developed for the terrestrial telecoms and HAPS market, into solutions for the emerging LEO space constellations.

 

Consequently, the Board continues to look to the future with a degree of confidence and optimism.

 

 

Jonathan Neale

Chairman, 8 February 2022
 

Condensed Consolidated Interim Income Statement

For the period ended 30 November 2021

 

 

 

 

6 months

6 months

Year

 

 

Ended

Ended

Ended

 

 

30 November

30 November

31 May

 

 

2021

2020

2021

 

 

(Unaudited)

(Unaudited)

(Audited)

Continuing operations

Note

£000

£000

£000

 

 

 

 

 

Revenue

5

8,004

7,148

15,556

 

 

======

======

======

 

 

 

 

 

Adjusted EBITDA¹

 

1,124

614

1,773

Depreciation

 

(364)

(438)

(941)

Amortisation

 

(152)

(38)

(209)

Impairment of development costs

 

-

(45)

(45)

 

 

----------

----------

----------

Adjusted operating profit²

 

608

93

578

 

 

 

 

 

Exceptional items

6

113

-

64

 

 

----------

----------

----------

Operating profit

 

721

93

642

Finance costs

7

(104)

(236)

(431)

Finance income

8

68

-

-

 

 

----------

----------

----------

Profit/(loss) before taxation

 

685

(143)

211

Taxation

 

(8)

85

(151)

 

 

----------

----------

----------

Profit/(loss) for the period

 

677

(58)

60

 

 

======

======

======

 

 

 

 

 

 

 

 

 

 

Basic and diluted earnings/(loss) per share (pence)

 

 

 

 

 

Basic earnings/(loss) per share

9

0.32p

(0.03p)

0.03p

Diluted earnings/(loss) per share

9

0.31p

(0.03p)

0.03p

 

 

======

======

======

 

1  Adjusted EBITDA is defined as profit before interest, taxation, depreciation, amortisation and exceptional items which is a non-GAAP metric used by management and is not an IFRS disclosure.

 

2  Adjusted operating profit is defined as operating profit before exceptional items which is a non-GAAP metric used by management and is not an IFRS disclosure.

 

Condensed Consolidated Interim Statement of Comprehensive Income

For the period ended 30 November 2021

 

 

6 months

6 months

Year

 

Ended

Ended

Ended

 

30 November

30 November

31 May

 

2021

2020

2021

 

(Unaudited)

(Unaudited)

(Audited)

 

£000

£000

£000

 

 

 

 

Profit/(loss) for the period

677

(58)

60

 

----------

----------

----------

Items that are or may be subsequently reclassified to profit and loss

 

 

 

Currency translation arising on consolidation

101

(41)

(98)

 

----------

----------

----------

Total comprehensive income/(expense) for the period

778

(99)

(38)

 

======

======

======

 

The total comprehensive income for the period is attributable to the equity shareholders of the parent company Filtronic plc.

 

 

Condensed Consolidated Interim Balance Sheet

At 30 November 2021

 

 

Note

30 November

30 November

31 May

 

 

2021

2020

2021

 

 

(Unaudited)

(Unaudited)

(Audited)

 

 

£000

£000

£000

Non-current assets

 

 

 

 

Goodwill and other intangible assets

 

1,597

1,839

1,716

Right of use assets

 

2,057

2,394

2,268

Property, plant and equipment

 

978

1,028

1,014

Deferred tax

 

1,272

1,803

1,218

 

 

----------

----------

----------

 

 

5,904

7,064

6,216

 

 

----------

----------

----------

Current assets

 

 

 

 

Inventories

 

2,371

3,348

2,190

Trade and other receivables

 

4,118

4,203

3,294

Cash and cash equivalents

 

3,044

1,621

2,906

 

 

----------

----------

----------

 

 

9,533

9,172

8,390

 

 

----------

----------

----------

 

 

 

 

 

 

 

----------

----------

----------

Total assets

 

15,437

16,236

14,606

 

 

----------

----------

----------

Current liabilities

 

 

 

 

Trade and other payables

 

2,790

3,209

2,380

Provisions

 

 

 

275

932

397

Deferred Income

 

265

566

184

Financial liabilities

 

71

50

63

Lease liabilities

 

538

849

542

 

 

----------

----------

----------

 

 

3,939

5,606

3,566

 

 

----------

----------

----------

Long term liabilities

 

 

 

 

Deferred income

 

44

-

128

Financial liabilities

 

71

-

76

Lease liabilities

 

1,229

1,363

1,478

 

 

----------

----------

----------

 

 

1,344

1,363

1,682

 

 

----------

----------

----------

 

 

 

 

 

 

 

----------

----------

----------

Total liabilities

 

5,283

6,969

5,248

 

 

----------

----------

----------

 

 

----------

----------

----------

Net assets

 

10,154

9,267

9,358

 

 

======

======

======

Equity

 

 

 

 

Share capital

10

10,795

10,795

10,795

Share premium

11

11,050

11,011

 

 

11,039

Translation reserve

 

(549)

(593)

(650)

Retained earnings

 

(11,142)

(11,946)

(11,826)

 

 

----------

----------

----------

Total equity

 

10,154

9,267

9,358

 

 

======

======

======

 

 

 

 

 

The total equity is attributable to the equity shareholders of the parent company Filtronic plc.

Company number 2891064

 

 

Condensed Consolidated Interim Statement of Changes in Equity

For the period ended 30 November 2021

 

 

Share capital

Share premium

Translation reserve

Retained earnings

Total equity

 

£000

£000

£000

£000

£000

 

 

 

 

 

 

Balance at 30 November 2020

10,795

11,011

(593)

(11,946)

9,267

Profit for the period

-

-

-

118

118

New shares issued (net of issue costs)

-

28

-

-

28

Currency translation movement arising on consolidation

-

-

(57)

-

(57)

Share-based payments

-

-

-

2

2

 

----------

----------

----------

----------

----------

Balance at 31 May 2021

10,795

11,039

(650)

(11,826)

9,358

Profit for the period

-

-

-

677

677

New shares issued (net of issue costs)

-

11

-

-

11

Currency translation movement arising on consolidation

-

-

101

-

101

Share-based payments

-

-

-

7

7

 

----------

----------

----------

----------

----------

Balance at 30 November 2021

10,795

11,050

(549)

(11,142)

10,154

 

======

======

======

======

======

 

 

 

 

Condensed Consolidated Interim Cash Flow Statement

For the period ended 30 November 2021 

 

 

6 months

6 months

Year

 

 

Ended

Ended

Ended

 

 

30 November

30 November

31 May

 

 

2021

2020

2021

 

 

(Unaudited)

(Unaudited)

(Audited)

 

 

£000

£000

£000

Cash flows from operating activities

 

 

 

 

Profit/(loss) for the period

 

677

(58)

60

Taxation

 

8

(85)

151

Finance income

 

(68)

-

-

Finance costs

 

104

236

431

 

 

----------

----------

----------

Operating profit

 

721

93

642

Tax (paid)/received

 

(8)

108

495

Share-based payments

 

7

-

2

Depreciation

 

364

438

941

Amortisation of intangible assets

 

152

38

209

Impairment of intangible assets

 

-

45

45

Movement in inventories

 

(118)

(403)

626

Movement in trade and other receivables

 

(755)

645

1,489

Movement in trade and other payables

 

368

(276)

(1,026)

Movement in provisions

 

(122)

(178)

(712)

Change in deferred income

 

(5)

(2)

(255)

 

 

----------

----------

----------

Net cash generated from operating activities

 

604

508

2,456

 

 

----------

----------

----------

Cash flows from investing activities

 

 

 

 

Acquisition of plant and equipment

 

(80)

(49)

(177)

Acquisition of intangible assets

 

(33)

(21)

(69)

Acquisition of right of use assets

 

(18)

(12)

(106)

Capitalisation of development costs

 

-

(52)

(52)

Proceeds on sale of assets

 

-

4

12

 

 

----------

----------

----------

Net cash used in investing activities

 

(131)

(130)

(392)

 

 

----------

----------

----------

Cash flows from financing activities

 

 

 

 

Interest paid

 

(105)

(117)

(225)

Proceeds from bank loans

 

-

-

131

Repayment of bank loans

 

(8)

(272)

(209)

Repayment of lease liabilities

 

(259)

(331)

(666)

Repayment of interest-bearing borrowings

 

-

-

(104)

Proceeds from new shares (net of issue costs)

 

11

11

40

 

 

----------

----------

----------

Net cash used in financing activities

 

(361)

(709)

(1,033)

 

 

----------

----------

----------

Movement in cash and cash equivalents

 

112

(331)

1,031

Currency exchange movements

 

26

(76)

(153)

Opening cash and cash equivalents

 

2,906

2,028

2,028

 

 

----------

----------

----------

Closing cash and cash equivalents

 

3,044

1,621

2,906

 

 

======

======

======

 

        

 

 

 

Notes to the Condensed Financial Statements

 

1  Company information

 

  Filtronic plc is a company registered and domiciled in the United Kingdom and is listed on the AIM market of the London Stock Exchange. The Company's registered number is 2891064. The address of the Company's registered office is Filtronic plc, Filtronic House, Unit 3, Airport West, Lancaster Way, Yeadon, West Yorkshire, LS19 7ZA.

 

     Copies of the Company's annual report and interim financial report are available from the Company's registered  office or the Company's website at www.filtronic.com.

 

Basis of preparation

 

 Whilst the financial information included in this preliminary statement has been prepared on the basis of the requirements of IFRSs in issue, this statement does not itself contain sufficient information to comply with IFRS.

 

  These financial results for the six months ended 30 November 2021 do not comprise statutory accounts within the meaning of Section 434 of the Companies Act 2006. The interim report should be read in conjunction with the annual report 2021, which includes annual financial statements for the year ended 31 May 2021. Those accounts have been reported on by the Company's auditor and delivered to the registrar of companies. The report of the auditor was (i) unqualified (ii) did not include a reference to any matters to which the auditor drew attention by way of emphasis without qualifying their report, and (iii) did not contain a statement under section 498 (2) or (3) of the Companies Act 2006.

 

 The condensed consolidated financial statements for the six months ended 30 November 2021 consolidate the financial statements of the Company and all of its subsidiaries (together referred to as the "Group"). Transactions between Group companies, which are related parties, have been eliminated upon consolidation and therefore do not require disclosure.

 

 The condensed consolidated financial statements for the six months ended 30 November 2021 and comparative period have not been audited. The interim financial report for the six months ended 30 November 2021 was approved by the Board on 7 February 2021.

 

Going Concern

 

In accordance with corporate governance requirements the directors have undertaken a review of forecasts and the Group's cash requirements to consider whether it is appropriate that the Group continues to adopt the going concern assumption.

 

The directors have reviewed the projected cash flow and other relevant information, including a 'severe but plausible' scenario and have a reasonable expectation that the Group has adequate resources to continue in operational existence and therefore it remains appropriate to adopt the going concern basis in preparing the interim financial report for the six months ended 30 November 2021.

 

 

Accounting estimates and judgements

 

  The preparation of the financial statements requires the use of accounting estimates and judgements that affect the application of accounting policies and reported amounts of assets and liabilities, income and expenses. The accounting estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of the future that are believed to be reasonable under the circumstances. Actual results may differ from the expected results. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods. The accounting estimates and judgements that have a significant effect on the financial statements are considered in the Filtronic plc Annual Report for the year ended 31 May 2021 which can be found on the Filtronic website. Unless stated below there is no material change to those judgements from the Annual Report in the basis of calculation.

 

5  Segmental Analysis

  Operating Segments

 IFRS 8 requires consideration of the identity of the Chief Operating Decision Maker ('CODM') within the Group. In line with the Group's internal reporting framework and management structure, the key strategic and operating decisions are made by the Chief Executive Officer, who reviews internal monthly management reports, budget and forecast information as part of this. Accordingly, the Chief Executive Officer is deemed to be the CODM.

 The CODM has identified one operating segment within the Group as defined under IFRS 8. In turn, this is the only reportable segment of the Group as the entities in the Group have similar products and services, production processes and economic characteristics. Therefore, there is no allocation of operating expenses, profit measures or assets and liabilities to specific commercial markets.

Accordingly, the CODM assesses the performance of the operating segment on financial information which is measured and presented in a manner consistent with those in the financial statements by reference to Group results against budget.

The Group profit measures are adjusted operating profit and adjusted EBITDA, both disclosed on the face of the consolidated income statement. No differences exist between the basis of preparation of the performance measures used by management and the figures in the Group financial statements.

The Group has three customers representing individually over 10% each and in aggregate 88% of revenue.

  Revenue by Destination

 

The revenue presented is based on the geographic location of customers receiving the product/service from the continuing operations.

 

 

6 months

6 months

Year

 

Ended

Ended

Ended

 

30 November

30 November

31 May

 

2021

2020

2021

 

£000

£000

£000

  Revenue

 

 

 

  United Kingdom

3,662

1,687

4,693

  Europe

1,294

2,642

4,178

  Americas

2,573

1,494

4,197

  Rest of the world

475

1,325

2,488

 

----------

----------

----------

 

8,004

7,148

15,556

 

======

======

======

 

 

 

5  Segmental Analysis (continued)

 

Revenue from sales

 

The revenue presented is based on the Group deriving revenue from product sales and those received from Non-Recurring Engineering ("NRE") at a point in time when the performance obligation is satisfied.

 

 

6 months

6 months

Year

 

Ended

Ended

Ended

 

30 November

30 November

31 May

 

2021

2020

2021

 

£000

£000

£000

  Revenue

 

 

 

  Sales of product

7,428

6,710

14,375

  NRE - point in time

576

438

1,181

 

----------

----------

----------

 

8,004

7,148

15,556

 

======

======

======

 

6  Exceptional items

 

Exceptional items are costs or credits that are separately disclosed due to their material and non-recurring nature in order to reflect management's view of the underlying business.

 

Operating profit is stated after crediting exceptional items as follows:

 

 

6 months

6 months

Year

 

Ended

Ended

Ended

 

30 November

30 November

31 May

 

2021

2020

2021

 

£000

£000

£000

 

 

 

 

Warranty

(113)

-

-

Historic claim

-

-

(64)

 

----------

----------

----------

 

(113)

-

(64)

 

======

======

======

 

The warranty item is a provision reversal relating to the Group's legacy telecoms antenna business previously costed through discontinued operations. The warranty period has now lapsed, and the provision is no longer required. 
 

7  Finance costs

 

 

6 months

6 months

Year

 

Ended

Ended

Ended

 

30 November

30 November

31 May

 

2021

2020

2021

 

£000

£000

£000

 

 

 

 

Interest expense on loans for plant and equipment

-

6

6

Interest expense for lease arrangements

65

86

136

Minimum service costs and interest charges on invoice discounting facilities

39

22

82

Revaluation of foreign currency denominated intercompany balance

-

122

207

 

----------

----------

----------

 

104

236

431

 

======

======

======

 

 

8  Finance income

 

 

6 months

6 months

Year

 

Ended

Ended

Ended

 

30 November

30 November

31 May

 

2021

2020

2021

 

£000

£000

£000

 

 

 

 

Revaluation of foreign currency denominated intercompany balance

68

-

-

 

----------

----------

----------

 

68

-

-

 

======

======

======

 

9  Basic and diluted loss per share

 

 

6 months

6 months

Year

 

 

Ended

Ended

Ended

 

 

30 November

30 November

31 May

 

 

2021

2020

2021

 

 

£000

£000

£000

 

 

 

 

 

 

  Profit/(loss) for the period

677

(58)

60

 

 

======

======

======

 

 

 

 

 

 

 

'000

'000

'000

 

  Basic weighted average number of shares

214,493

213,898

213,397

 

Dilution effect of share options

812

-

897

 

 

-----------

-----------

----------

 

  Diluted weighted average number of shares

215,305

213,898

214,294

 

 

=======

======

======

 

 

 

 

 

 

Basic earnings/(loss) per share (pence)

 

0.32p

(0.03p)

0.03p

 

 

 

 

 

  Diluted earnings/(loss) per share (pence)

 

0.31p

(0.03p)

0.03p

 

 

 

======

======

======

 

       

 

10  Share Capital

 

 

 

 

 

 

Ordinary shares of 0.1p each issued and fully paid

 

Number '000

£000

 

 

 

At 30 November 2020

213,898

10,795

Exercise of employee share options

517

-

 

--------------

---------

At 31 May 2021

214,415

10,795

Exercise of employee share options

200

-

 

------------

------------

At 30 November 2021

214,615

10,795

 

========

======

      

Holders of the ordinary shares are entitled to receive dividends when declared and are entitled to one vote per share at meetings of the Company.

 

11  Share Premium

 

 

 

 000

 

 

 

At 30 November 2020

 

11,011

Exercise of employee share options

 

28

 

 

-----------

At 31 May 2021

 

11,039

Exercise of employee share options

 

11

 

 

-----------

At 30 November 2021

 

11,050

 

 

=======

 

12    Analysis of net cash/(debt)

 

 

1 June 2021

Cash Flow

Other movements

30 Nov 2021

 

£000

£000

£000

£000

 

 

 

 

 

Cash and cash equivalents

2,906

112

26

3,044

Bank loans

(131)

-

(11)

(142)

Lease liability - plant and equipment

(835)

147

-

(688)

 

---------

---------

---------

---------

Net cash when including all debt except property leases

1,940

259

15

2,214

Lease liability - property lease

(1,185)

112

(6)

(1,079)

 

---------

---------

---------

---------

Net cash

755

371

9

1,135

 

======

======

======

======

 

  Cash at bank earns interest at floating rates based on daily bank deposit rates.

 At 30 November 2021, the Company had a £3.0m invoice discounting facility in place with Barclays Bank plc against the UK debtor book and a $4.0m factoring facility with Wells Fargo against the US debtor book. There were no drawings on either of the facilities at 30 November 2021 (31 May 2021: undrawn).

  IFRS 16 requires the recognition of property leases on the balance sheet which is classified as a debt item.

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