Interim results

RNS Number : 1526F
Renew Holdings PLC
21 May 2013
 



Renew Holdings plc

("Renew" or the "Group")

 

Interim results

 

Renew (AIM: RNWH), the Engineering Services Group supporting UK infrastructure, announces record interim results for the six months ended 31 March 2013 demonstrating further growth in both operating profit and operating margin accompanied by good cash generation.

 

In line with the Company's progressive dividend policy, the interim dividend has increased by 5% to 1.10p (H1 2012: 1.05p).

 

Financial Highlights

 


H1 2013

H1 2012


Revenue

£152.4m

£182.4m


Adjusted operating profit*

£5.2

£4.8m

+8%

Operating margin

3.4%

2.6%

+31%

Profit before tax

£4.6m

£4.3m

+7%

Adjusted earnings per share*

6.20p

5.65p

+10%

Interim Dividend per share

1.10p

1.05p

+5%

 

* Adjusted results are shown prior to amortisation charges of £250,000 (2012: £250,000).

 

Operating Highlights

 

·     Engineering Services revenue up 4.8% to £110.4m (H1 2012: £105.3m).

Representing 72% of Group revenue (H1 2012: 58%).

14% increase in Engineering Services order book to £261m (H1 2012: £229m).

·     Engineering Services operating profit up 6.5% to £4.9m (H1 2012: £4.6m).

Representing 83% (H1 2012: 82%) of operating profit, prior to central costs.

·     Engagement at Sellafield has strengthened further and Renew has become the first contractor to receive Supply Chain Accreditation for the provision of services at the site.

·     Net debt reduced to £3.2m (H1 2012: £6.9m).

·     Order book up 19% as of 31 March at £361m (H1 2012: £304m).

 

R J Harrison OBE, Chairman said: "I am pleased to announce record interim results for Renew Holdings for the first half of 2013. The Group has a record order book with all of our forecast revenue for the second half of the current financial year fully secured, enabling the Board to look to the future, confident of delivering further profitable, cash generative growth."

 

Renew Holdings plc

                      Tel: 0113 281 4200

Brian May, Chief Executive


John Samuel, Group Finance Director




Numis Securities Limited

                      Tel: 020 7260 1000

Stuart Skinner (Nominated Adviser)


James Serjeant (Corporate Broker)




Walbrook PR

                      Tel: 020 7933 8780 or renew@walbrookpr.com

Paul McManus (Media Relations)

Mob: 07980 541 893

Paul Cornelius (Investor Relations)

Mob: 07827 879 496

 

About Renew Holdings plc

 

Engineering Services, which now accounts for over 70% of Group revenue and 80% of operating profit, focuses on the key markets of Energy (including Nuclear), Environmental and Infrastructure (including Rail), which are largely governed by regulation and benefit from non-discretionary spend with long-term visibility of committed funding.

 

Specialist Building focuses on the robust markets of New Build Affordable Housing and High Quality Residential in the South of England.

 

For more information please visit the Renew Holdings plc website: www.renewholdings.com

 



Chairman's Statement

 

The first half of 2013 has seen the Group deliver record interim results achieving further growth in both operating profit and operating margin accompanied by good cash generation. These results illustrate the benefit of the Group's position in robust markets maintaining the UK's key infrastructure assets.

 

Results

 

Group operating profit, prior to amortisation charges, increased by 8% to £5.2m (2012: £4.8m), on revenue of £152.4m (2012: £182.4m). Operating margin grew to 3.4% (2012: 2.6%) with adjusted earnings per share increasing by 10% to 6.20p (2012: 5.65p). 

 

Engineering Services revenue increased by 4.8% to £110.4m (2012: £105.3m) and accounted for 72% of Group revenue (2012: 58%) and 83% (2012: 82%) of operating profit, prior to central costs.

 

Specialist Building maintained its operating profit at £1.0m (2012: £1.0m) on reduced revenue of £42.0m (2012: £76.8m). Specialist Building revenue is expected to increase in the second half as site activity accelerates following receipt of previously delayed project awards. The Board's focus in Specialist Building will remain on maintaining its level of operating profit.

 

Net debt has reduced to £3.2m (2012: £6.9m). The Board expects a further reduction in net debt in the second half of the financial year.

 

Dividend

 

In line with its progressive policy, the Board is increasing the interim dividend by 5% to 1.10p per share (2012: 1.05p) which will be paid on 8 July 2013 to shareholders on the register at 7 June 2013.

 

Outlook

 

The Group's order book at 31 March 2013 was £361m (2012: £304m), an increase of 19%. The Engineering Services order book grew by 14% to £261m (2012: £229m). The value of potential future work which may arise from project frameworks is not included in the order book.  All of our forecast revenue for the second half of the financial year is fully secured.

 

The Group is successfully positioned as a key provider of engineering services to its clients in the UK's Energy, Environmental and Infrastructure markets. The UK's critical assets in these markets are supported by programmes of essential non-discretionary maintenance and renewal. Renew's continued focus on these programmes provides good visibility of future workstreams and resilience of earnings.

 

We have a strong pipeline of work, and see compelling opportunities for both organic and acquisitive growth which, following a record first half, gives the Board confidence in the full year outcome. 

 

 

 

R J Harrison OBE

Chairman

21 May 2013



Chief Executive's Review

 

The Group is an established provider of multidisciplinary Engineering Services supporting critical UK infrastructure in the Energy, Environmental and Infrastructure markets most of which are highly regulated and have high barriers to entry. The services we provide to undertake essential maintenance and renewal of these assets are delivered through our directly employed multiskilled workforce operating from local and independently branded businesses which provide responsiveness to clients' needs, the foundation of our strong client relationships. In addition the Group has a smaller Specialist Building business which concentrates on established and sustainable markets in the South.

 

Engineering Services

Our operations concentrate on markets where the majority of spending is driven by regulatory requirements and as such is backed by secured funding. We focus on work which is mainly budgeted by our clients in their operating expenditure plans rather than their discretionary capital expenditure budgets.

The majority of our activity is generated from long term maintenance and renewal frameworks which then provide opportunities to secure selected improvement projects through our established relationships. Frameworks provided two thirds of our revenue in the period and represent three quarters of our order book.

During the first half of the year, Engineering Services revenue grew by 4.8% to £110.4m (2012: £105.3m), representing 72% of Group revenue. Operating profit increased by 6.5% to £4.9m (2012: £4.6m) with operating margin maintained at 4.4% (2012: 4.4%). The Board believes that Renew's direct delivery of multidisciplinary Engineering Services to mainly regulated markets will result in continued growth in operating profit and cash generation.

At 31 March 2013 the Engineering Services order book was £261m (2012: £229m), an increase of 14% since a year ago and of 11% since 30 September 2012.

Energy

The strength of our operating activities in Energy is in the Nuclear sector which has been the principal driver of growth. The majority of this activity is undertaken at Sellafield where we remain the largest mechanical and electrical contractor. Work at Sellafield concentrates on the high hazard reduction, decommissioning and operational asset care programmes delivered through a number of framework agreements.

During the period our position at Sellafield has strengthened further and we became the first contractor to receive Supply Chain Accreditation for the provision of services at the site.  This accreditation recognises our ability to perform to the highest quality standards demanded in the Nuclear sector.  In addition our exemplary safety performance at the site has received formal recognition from Sellafield Ltd who recently presented us with the Sellafield Contractors Safety Award for 2013.

A key award during the period was our reappointment as one of three participants to the Multi Discipline Site Works framework, which commenced in April 2013, to deliver work packages up to £280m over four years. On this framework, we continue to be aligned with the largest aspects of anticipated work volume, namely Production Operations Support, which includes a range of maintenance tasks together with asset care and restoration projects.

Our leading position at Sellafield also enables us to provide support to the major projects programme including the Separation Area Ventilation and Evaporator D schemes. The latter is the largest current Nuclear programme in the UK and a total work value of about £60m is now expected from this contract. We are also sole mechanical and electrical partner on the Site Wide Asset Care framework and to Morgan Sindall on the £1.1bn, 15 year framework for the Infrastructure Strategic Alliance.

 

The Group is well positioned on eight other nuclear licensed sites across the Nuclear Decommissioning Authority's estate including at the Springfields fuel production site where we are carrying out a range of long term decommissioning projects.

 

Elsewhere in Energy, the Group operates at five of the UK's traditional power generation plants providing long term Engineering Services for the maintenance and refurbishment of assets which form a critical part of the UK's energy provision.  Our work in renewables is proceeding well and includes two hydroelectric schemes for Scottish Water, currently at the design and manufacture stage, where work is due to commence on site in 2014.

 

Environmental

 

In Water, the Group has continued its strong relationship with Northumbrian Water where it provides infrastructure development and ongoing operational engineering maintenance services including sewer maintenance, clean and wastewater rehabilitation, strategic water mains maintenance and trunk mains cleaning. During the period work continued on the 10 year AMP 5 Major Waste Water project framework as well as on our six non-discretionary maintenance frameworks, where we have seen a 54% increase in activity levels. Our work in trunk mains cleaning has seen good progress in the period on contracts valued at £12m. Flood protection and alleviation works together with river maintenance are also carried out under a number of frameworks for the Environment Agency.

 

In Land Remediation we are progressing a number of opportunities under our established frameworks with National Grid. Additionally, a major contract secured in the period was the £3m Luneside project at Lancaster for a residential developer.

 

Infrastructure

 

Our Infrastructure work is principally in the Rail sector, where the Group provides off-track civil, mechanical and electrical engineering services to Network Rail throughout the UK via our local delivery teams.  We focus on delivering planned and reactive infrastructure maintenance, refurbishment and renewal services critical to keeping the rail network's assets operational.

 

As the only national provider of engineering maintenance services for Network Rail, we undertake the majority of our work under the Buildings and Civils Delivery Partnership and Asset Management frameworks. 

 

During the period we have seen an increase in the requirement for our 24 hour emergency response services which we provide nationally across all 10 Network Rail routes. These works often lead on to further planned contracts as part of a long term solution. Recent projects have included works at Hatfield and Barrow-upon-Soar.

 

We remain a market leader in tunnel maintenance and refurbishment for Network Rail and have recently been awarded the enablement phase for a major project at Holme Tunnel.

 

Specialist Building

 

Specialist Building revenue was £42.0m (2012: £76.8m) delivering an operating profit of £1.0m (2012: £1.0m). The delayed award of projects has depressed revenue in the year to date, but this is expected to increase in the second half of the year as orders have been confirmed and site works gather momentum. The forward order book stood at £100m (2012: £75m).

 

In High Quality Residential, we operate in London and the South and during the period a further £24m of projects have been secured, many of which have challenging temporary structural works in which the Group has particular expertise.

 

The New Build Affordable Housing market in the South East continues to provide a strong level of opportunities. Good progress is being made on a £15m residential development scheme for One Housing Group and at a £13m scheme for Notting Hill Home Ownership.  New awards in the period include an £11m scheme for Gateway Housing Association.

 

The Group's particular experience and expertise is strongly aligned to these robust, specialist markets which continue to provide good visibility of future work and stable profits.

 

Strategy

 

In addition to organic growth, the Group continues to seek out suitable complementary acquisitions in the Engineering Services sector. Over the last 2 years, potential acquisitions have been both few in number and low in quality, however there have been recent signs of increasing activity in the market which may lead to better opportunities. The Board will continue to insist that any acquisition is both earnings enhancing and cash generative.

 

 

 

 

 

Brian May

Chief Executive

21 May 2013



 

Group income statement

for the six months ended 31 March 2013

 



 

Before amortisation of intangible assets

 

Amortisation of intangible assets

(see Note 3)

Six months ended

31 March

Before exceptional items and amortisation of intangible assets

Exceptional items and amortisation of intangible assets

(see Note 3)

Year ended

30 September


Note

2013

Unaudited

£000

2013

Unaudited

£000

2013

Unaudited

£000

*2012

Unaudited

£000

2012 Audited

£000

2012 Audited

£000

2012 Audited

£000

Group revenue from continuing activities

2

152,411

-

152,411

182,436

337,423

-

337,423

Cost of sales


(131,159)

-

(131,159)

(161,472)

(301,040)

-

(301,040)

Gross profit


21,252

-

21,252

20,964

36,383

-

36,383

Administrative expenses


(16,090)

(250)

(16,340)

(16,435)

(26,115)

(1,620)

(27,735)

Operating profit

2

5,162

(250)

4,912

4,529

10,628

(1,620)

8,648

Finance income


18

-

18

35

45

-

45

Finance costs


(193)

-

(193)

(307)

(518)

-

(518)

Other finance income  - defined benefit pension schemes


 

(150)

-

(150)

59

246

-

246

Profit before income tax

2

4,837

(250)

4,587

4,316

10,041

(1,620)

8,421

Income tax expense

4

(1,125)

63

(1,062)

(1,117)

(1,713)

405

(1,308)

Profit for the period from continuing activities


 

3,712

(187)

3,525

3,199

8,328

(1,215)

7,113

Loss for the period from discontinued operation




(105)

(122)



(2,372)

Profit for the period attributable to equity holders of the parent company




3,420

3,077



4,741










Basic earnings per share from continuing activities

5



5.89p

5.34p



11.87p

Diluted earnings per share from continuing activities

5



5.63p

5.15p



11.38p










Basic earnings per share

5



5.71p

5.14p



7.91p

Diluted earnings per share

5



5.46p

4.95p



7.59p










Proposed dividend

6



1.10p

1.05p



3.15p

 

 

*Operating profit for the six months ended 31 March 2012 is after charging £250,000 of amortisation cost. (See Note 3)

 

 

 

 

 

 

Group statement of comprehensive income

for the six months ended 31 March 2013

 

 


Six months ended

Year ended



31 March

30 September



2013

2012

2012



Unaudited

Unaudited

Audited



£000

£000

 £000






Profit for the period attributable to equity holders of the parent company


3,420

3,077

4,741

Exchange movement in reserves


715

(317)

(407)

Movements in actuarial deficit


-

-

(3,442)

Movement on deferred tax relating to the defined benefit pension schemes


-

-

847

Total comprehensive income for the period attributable to equity holders of the parent company


4,135

2,760


1,739

 



 

Group statement of changes in equity

for the six months ended 31 March 2013

 

                 


Called up

Share

Capital

Cumulative

Share based

Retained

Total


share

premium

redemption

translation

payments

earnings

equity


capital

account

reserve

adjustment

reserve


Unaudited


£000

£000

£000

£000

£000

£000

£000









At 1 October 2011

5,990

5,893

3,896

1,182

283

(8,628)

8,976

Transfer from income

statement for the period






 

3,077

 

3,077

Dividends paid






(1,196)

(1,196)

Recognition of share based payments





 

(10)


 

(10)

Exchange differences




(317)



(317)

At 31 March 2012

5,893

3,896

865

273

(6,387)

10,530

Transfer from income statement for the period






 

1,664

 

1,664

Dividends paid






(631)

(631)

Recognition of share based payments





 

16


 

16

Exchange differences




(90)



(90)

Actuarial losses recognised in pension schemes






 

(3,442)

 

(3,442)

Movement on deferred tax relating to the pension schemes






 

 

847

 

 

847

At 30 September 2012

5,893

3,896

775

289

(7,949)

8,894

Transfer from income statement for the period






 

3,420

 

3,420

Dividends paid






(1,258)

(1,258)

Recognition of share based payments





 

53


 

53

Exchange differences




715



715

At 31 March 2013

5,990

5,893

3,896

1,490

342

(5,787)

11,824

 



 

Group balance sheet

at 31 March 2013

 



31 March

30 September



2013

2012

2012



Unaudited

Unaudited

Audited



£000

£000

 £000

Non-current assets





Intangible assets





- goodwill


26,918

27,727

26,918

- other


2,000

2,500

2,250

Property, plant and equipment


4,433

4,567

4,690

Retirement benefit assets


3,496

2,925

1,820

Deferred tax assets


2,535

2,909

2,929



39,382

40,628

38,607

Current assets





Inventories


9,449

8,744

9,109

Trade and other receivables


64,229

86,912

73,958

Current tax assets


834

906

834

Cash and cash equivalents


1,812

3,063

2,040



76,324

99,625

85,941






Total assets


115,706

140,253

124,548






Non-current liabilities





Borrowings


-

(5,000)

(2,500)

Obligations under finance leases


(548)

(345)

(676)

Retirement benefit obligations


(569)

(119)

(569)

Deferred tax liabilities


(1,039)

(1,469)

(1,039)

Provisions


(566)

(566)

(566)



(2,722)

(7,499)

(5,350)

Current liabilities





Borrowings


(5,000)

(5,000)

(5,000)

Trade and other payables


(94,483)

(115,862)

(104,302)

Obligations under finance leases


(577)

(386)

(570)

Current tax liabilities


(934)

(810)

(266)

Provisions


(166)

(166)

(166)



(101,160)

(122,224)

(110,304)






Total liabilities


(103,882)

(129,723)

(115,654)






Net assets


11,824

10,530

8,894






Share capital


5,990

5,990

5,990

Share premium account


5,893

5,893

5,893

Capital redemption reserve


3,896

3,896

3,896

Cumulative translation adjustment


1,490

865

775

Share based payments reserve


342

273

289

Retained earnings


(5,787)

(6,387)

(7,949)

Total equity


11,824

10,530

8,894



 

 

Group cashflow statement

for the six months ended 31 March 2013

 


Six months ended     

Year ended 


31 March

30 September


2013

2012

2012


Unaudited

Unaudited

Audited


£000

£000

 £000





Profit for the period from continuing operations

3,525

3,199

7,113

Amortisation of intangible assets

250

250

500

Depreciation

513

513

905

Profit on sale of property, plant and equipment

(27)

(84)

(17)

Decrease/(increase) in inventories

192

(59)

(501)

Decrease/(increase in receivables

9,949

(2,030)

10,081

(Decrease)/increase in payables

(10,047)

278

(10,969)

Current service cost in respect of defined benefit pension scheme

26

28

54

Cash contribution to defined benefit schemes

(1,676)

(1,836)

(3,477)

Expense/(credit) in respect of share options

53

(10)

6

Finance (expense)/income

132

(94)

(291)

Finance costs

193

307

518

Interest paid

(193)

(307)

(518)

Income taxes paid

-

-

(333)

Income tax expense

1,062

1,117

1,308

Net cash inflow from continuing operating activities

3,952

1,272

4,379

Net cash outflow from discontinued operating activities

(105)

(109)

(794)

Net cash inflow from operating activities

3,847

1,163

3,585





Investing activities




Interest received

18

35

45

Proceeds on disposal of property, plant and equipment

40

115

191

Purchases of property, plant and equipment

(52)

(88)

(270)

Net cash inflow/(outflow) from continuing investing activities

6

62

(34)

Net cash inflow from discontinued investing activities

-

19

36

Net cash inflow from investing activities

6

81

2





Financing activities




Dividends paid

(1,258)

(1,196)

(1,827)

Loan repayments

(2,500)

(2,500)

(5,000)

Repayment of obligations under finance leases

(338)

(169)

(396)

Net cash outflow from  financing activities

(4,096)

(3,865)

(7,223)





Net decrease in continuing cash and cash equivalents

(138)

(2,531)

(2,878)

Net decrease in discontinued cash and cash equivalents

(105)

(90)

(758)

Net decrease in cash and cash equivalents

(243)

(2,621)

(3,636)





Cash and cash equivalents at the beginning of the period

2,040

5,688

5,688

Effect of foreign exchange rate changes

15

(4)

(12)





Cash and cash equivalents at the end of the period

1,812

3,063

2,040





Bank balances and cash

1,812

3,063

2,040



 

NOTES TO THE ACCOUNTS

 

Note 1 - Basis of preparation

 

(a) The consolidated interim financial report for the six months ended 31 March 2013 and the equivalent period in 2012 have not been audited or reviewed by the Group's auditor. They do not comprise statutory accounts within the meaning of Section 435 of the Companies Act 2006. They have been prepared under the historical cost convention and on a going concern basis in accordance with International Financial Reporting Standards (IFRS) as adopted by the European Union. This interim financial report does not comply with IAS34 "Interim Financial Reporting", which is not currently required to be applied for AIM companies.  This interim report was approved by the Directors on 21 May 2013.

                               

(b) The accounts for the year ended 30 September 2012 were prepared under IFRS and have been delivered to the Registrar of Companies. The report of the auditor on those accounts was unqualified, did not contain an emphasis of matter paragraph and did not contain any statement under Section 498(2) or (3) of the Companies Act 2006. In this report, the comparative figures for the year ended 30 September 2012 have been audited. The comparative figures for the period ended 31 March 2012 are unaudited.

 

(c) For the year ending 30 September 2013, there are no new accounting standards, which have been adopted by the EU, applied and implemented for this interim financial report.

 

(d) The Directors are satisfied that the Group has adequate resources to continue in operational existence for the foreseeable future. 

 

This interim statement is being sent to all shareholders and is also available upon request from the Company Secretary, Renew Holdings plc, Yew Trees, Main Street North, Aberford, West Yorkshire LS25 3AA, or via the website www.renewholdings.com.

 

 

 

 

Note 2 - Segmental analysis                                                                                                                                                                                                                                                                                      

Operating segments have been identified based on the internal reporting information provided to the Group's Chief Operating Decision Maker. From such information, Engineering Services and Specialist Building have been determined to represent operating segments.                                                                                                                                               

 

                                                                                                                                               

Six months ended

31 March

Year ended

30 September

 


2013

2012

2012

 


Unaudited

Unaudited

Audited

 

Revenue is analysed as follows:

£000

£000

 £000

 





 

Engineering Services

110,372

105,276

214,102

 

Specialist Building

42,039

76,751

123,070

 

Inter segment revenue

-

(11)

(179)

 

Segment revenue

152,411

182,016

336,993

 

Central activities

-

420

430

 

Group revenue from continuing operations

152,411

182,436

337,423

 

 

 




 


Before amortisation of intangible assets

2013

£000

 

 

 

 

 

Amortisation of intangible assets

2013

£000

Six months ended

31 March

 

 

Before exceptional items and

amortisation of intangible assets

2012

£000

 

 

 

Exceptional items and

amortisation of intangible assets

2012

£000

 

Year Ended

30 September Audited

2012

£000


Unaudited

2013

£000

Unaudited

*2012

£000

Analysis of operating profit








Engineering Services

4,895

(250)

4,645

4,367

9,639

(986)

8,653

Specialist Building

994

-

994

985

2,134

(634)

1,500

Segment operating profit

5,889

(250)

5,639

5,352

11,773

(1,620)

10,153

Central activities

(727)

-

(727)

(823)

(1,505)

-

(1,505)

Operating profit

5,162

(250)

4,912

4,529

10,268

(1,620)

8,648

Net financing expense

    (325)

-

  (325)

(213)

(227)

-

(227)

Profit before income tax

4,837

(250)

4,587

4,316

10,041

(1,620)

8,421

 

*Operating profit for the six months ended 31 March 2012 is after charging £250,000 of amortisation cost.

Note 3 - Exceptional items and amortisation of intangible assets

 


Six months ended


Year ended


31 March


30 September


2013


2012


2012


Unaudited


Unaudited


Audited


£000


£000


£000

Redundancy and restructuring costs

-


-


1,120

Total exceptional items

-


-


1,120

Amortisation of intangible assets

250


250


500


250


250


1,620

 

 

Note 4 - Income tax expense

 


Six months ended

Year ended


31 March

30 September


2013

2012

2012


Unaudited

Unaudited

Audited


£000

£000

 £000

Current tax:




UK corporation tax on profits for the period

(668)

(579)

(266)

Adjustments in respect of previous periods

-

-

86

Total current tax

(668)

(579)

(180)

Deferred tax

(394)

(538)

(1,195)

Income tax expense

(1,062)

(1,117)

(1,375)

Deferred tax in respect of discontinued operation

-

-

67

Income tax in respect of continuing activities

(1,062)

(1,117)

(1,308)





 

 

Note 5 - Earnings per share                          

 

                                                              Six months ended 31 March

Year ended 30 September

 



2013




 

2012




2012


 



Unaudited




 

Unaudited




Audited


 


Earnings

EPS

DEPS


Earnings

EPS

DEPS


Earnings

EPS

DEPS

 


£000

Pence

Pence


£000

Pence

Pence


£000

Pence

Pence

 

Earnings before exceptional costs and amortisation

 

3,712

6.20

5.93


 

3,386

5.65

5.45


8,328

13.90

9.24

 

Exceptional costs and amortisation

 

   (187)

(0.31)

(0.30)


 

(187)

(0.31)

(0.30)


(1,215)

(2.03)

(2.14)

 

Basic earnings per share - continuing operations

 

3,525

5.89

5.63


 

3,199

5.34

5.15


7,113

11.87

11.38

 

Loss for the period from discontinued operation

 

(105)

  (0.18)

(0.17)


 

(122)

(0.20)

(0.20)


(2,372)

(3.96)

(3.79)

 

Basic earnings per share

 

3,420

5.71

5.46


 

3,077

5.14

4.95


4,741

7.91

7.59

























Weighted average number of shares


59,899

62,593



59,899

62,127



59,899

62,493

 

 

The dilutive effect of share options is to increase the number of shares by 2,694,000 (March 2012: 2,228,000; September 2012: 2,594,000) and reduce the basic earnings per share by 0.25p (March 2012: 0.19p; September 2012: 0.32p).



 

 

 

Note 6 - Dividends                        

                               

The proposed interim dividend is 1.10p per share (2012: 1.05p).  This will be paid out of the Company's available distributable reserves to shareholders on the register on 7 June 2013, payable on 8 July 2013. In accordance with IAS 1, dividends are recorded only when paid and are shown as a movement in equity rather than as a charge in the income statement.

 

 


This information is provided by RNS
The company news service from the London Stock Exchange
 
END
 
 
IR SEUFMSFDSESI
UK 100

Latest directors dealings