Half-year Report
Summary by AI BETAClose X
Unigel Group plc
(the "Group" or the "Company")
Interim Results
Unigel Group plc (AQSE: UNX), the manufacturer and supplier of materials used in the manufacture of telecommunication fibre optic cables announces its unaudited half-year results for the period ended 30 June 2025. Comparative data is for the period ended 30 June 2024 and the year ended 31 December 2024.
Operational highlights
The Group continues to make good progress in various business areas:
· Successful transition and ramp up of Unigel UK's partner plant in Malaysia
· Continued cost and operational improvements in Unitape's operations in the US
· Market share gains in our steel tape business with additional mandates from established market base
· Profit margin enhancement through higher margins product mix, cost controls and productivity gains in our supply chain
Financial highlights
Key figures for the six months to 30 June 2025 with comparatives for the six months to 30 June 2024 and the year to 31 December 2024 were as follows:
6 months 6 months Year
30.06.25 30.06.24 31.12.24
Revenue £18.89m £14.80m £29.17m
Gross profit £3.70m £3.01m £5.90m
Gross profit percentage 19.6% 20.3% 20.2%
Administrative expenses £1.92m £1.78m £3.82m
Profit after tax £1.53m £0.93m £1.66m
Dividends of 1.5p and 2.0p per share were distributed in November 2024 and April 2025 respectively.
This announcement contains inside information for the purposes of the UK Market Abuse Regulation and the Directors of the Company are responsible for the release of this announcement.
Enquiries:
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Unigel Group plc |
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Eric Chhoa |
+44 (0) 7786 538 060 |
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Gary Revel-Chion
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+44 (0) 1273 612 122 |
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Cairn Financial Advisers LLP (AQSE Corporate Adviser)
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Jo Turner |
+44 (0) 20 7213 0880 |
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Ludovico Lazzaretti James Western |
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Notes to Editors
Unigel Group plc is the holding company whose operating subsidiaries, Unigel (UK) Limited ("Unigel") and Unitape Limited ("Unitape") manufacture and distribute materials used in the manufacture of telecommunication fibre optic cables.
Unigel, a wholly owned subsidiary of the Group, formulates, manufactures, and markets thixotropic gels primarily to the fibre optic cable industry. In addition, it also makes specialty gel products for the construction, green energy, and high voltage transmission apparatus markets.
Unitape, a wholly owned subsidiary of the Group, is one of the largest domestic manufacturers and suppliers of laminated steel tapes to the fibre optic cable industry in North America.
Chief Executive Officer's review
Despite continued global uncertainties and a continued anaemic global fibre optic cable market, our businesses outperformed expectations in the first half of 2025. Most of our gains were in the steel tape segment in the US, however we also saw strong sales coming through in our thixotropic gel and cable components trading business in certain selected markets.
The Group continued to see lethargic demand growth across most major markets in the first half of 2025 in the markets where it operates. Sentiment remains weak with continued slowdown in telecommunications network deployment as major telco operators remain cautious due to persistent high interest rates and weak and uncertain economic recovery in most markets.
Our business initiatives to improve overall engagement with our customer base and focus on operational efficiency had brought tangible results to our margin contribution in the first half of 2025 despite increased logistics and tariff cost due to geopolitical development. We continue to be focused on cost and operational efficiency across all business areas.
In addition, the Group had invested in capacity growth and new product introduction in the first half of the year. All these initiatives will strengthen our future business prospects. I am also happy to report that we had successfully ramped up production with our Malaysian tolling plant which will contribute to our bottom-line for the rest of 2025.
The Group is maintaining an optimistic but cautious outlook for the remainder of 2025.
Business review
Turnover for the six months to 30 June 2025 grew by 27.7% compared to the previous six months, gross margin improved significantly as raw material prices and logistics costs continued to become more stable. Administrative overheads rose by 7.6% compared to the previous six months mainly due to an increase in staff costs as a result of a higher level of activity. Profit after tax rose by 65.3% to £1.53m in the six months to 30 June 2025. The Group balance sheet showed net assets of £6.03m as at 30 June 2025 compared to £4.40m on 30 June 2024.
Outlook
With so many uncertainties brought about by tariff and non-tariff policies of the US during the period under review, the outlook on the global economy remains cautious due to geopolitical conflicts, trade tensions, inflation pressure and a longer than anticipated high-interest rate environment dominating the business headlines. In our industry, the proliferation of AI and AI investment together with broadband infrastructure investments has provided optimism to the Group and its customer base.
Chairman
Sven Janne Sjoden
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UNIGEL GROUP PLC |
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UNAUDITED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME |
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PERIOD ENDED 30 JUNE 2025 |
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6 months to |
6 months to |
Year to |
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30 June 2025 |
30 June 2024 |
31 December 2024 |
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£ |
£ |
£ |
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TURNOVER |
18,887,468 |
14,795,303 |
29,172,801 |
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Cost of sales |
(15,189,310) |
(11,784,680) |
(23,273,536) |
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Gross profit |
3,698,158 |
3,010,623 |
5,899,265 |
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Administrative expenses |
(1,920,041) |
(1,784,890) |
(3,816,214) |
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OPERATING PROFIT |
1,778,117 |
1,225,733 |
2,083,051 |
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Other income |
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Interest receivable and similar income |
285,849 |
77,323 |
109,319 |
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Interest payable and similar charges |
(30,634) |
(24,142) |
(63,153) |
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PROFIT ON ORDINARY ACTIVITIES BEFORE TAXATION |
2,033,332 |
1,278,914 |
2,129,217 |
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Tax on profit on ordinary activities |
(499,064) |
(350,602) |
(466,036) |
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PROFIT FOR THE FINANCIAL PERIOD FOR THE GROUP |
1,534,268 |
928,312 |
1,663,181 |
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Other comprehensive income for the period |
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(Loss)/gain on foreign exchange |
(141,367) |
7,908 |
22,230 |
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TOTAL COMPREHENSIVE INCOME FOR THE PERIOD |
1,392,901 |
936,220 |
1,685,411 |
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Minority interest |
- |
(58,403) |
(58,403) |
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TOTAL COMPREHENSIVE INCOME FOR THE GROUP |
1,392,901 |
877,817 |
1,627,008 |
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CONTINUING OPERATIONS |
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All amounts were derived from continuing operations. |
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UNIGEL GROUP PLC |
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UNAUDITED CONSOLIDATED STATEMENT OF FINANCIAL POSITION |
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30 JUNE 2025 |
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30 June 2025 |
30 June 2024 |
31 December 2024 |
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Notes |
£ |
£ |
£ |
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Fixed assets |
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Intangible assets |
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555,774 |
611,001 |
583,032 |
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Tangible assets |
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1,679,330 |
1,237,626 |
1,180,255 |
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2,235,104 |
1,848,627 |
1,763,287 |
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CURRENT ASSETS |
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Stocks |
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6,755,972 |
5,973,809 |
6,354,253 |
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Debtors |
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6,235,201 |
5,707,802 |
4,211,623 |
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Cash at bank and in hand |
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2,409,393 |
1,242,385 |
324,168 |
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15,400,566 |
12,923,996 |
10,890,044 |
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CREDITORS |
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Amounts falling due within one year |
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11,429,057 |
10,103,802 |
7,539,707 |
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NET CURRENT ASSETS |
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3,971,509 |
2,820,194 |
3,350,337 |
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TOTAL ASSETS LESS CURRENT LIABILITIES |
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6,206,613 |
4,668,821 |
5,113,624 |
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CREDITORS |
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Amounts falling due after more than one year |
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10,524 |
20,478 |
15,543 |
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PROVISION FOR LIABILITIES |
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Deferred tax |
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161,950 |
250,262 |
167,681 |
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Net assets |
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6,034,139 |
4,398,081 |
4,930,400 |
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CAPITAL AND RESERVES |
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Called up share capital |
3 |
72,291 |
72,291 |
72,291 |
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Share premium |
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2,483,933 |
2,483,933 |
2,483,933 |
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Profit & loss account |
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3,572,401 |
1,865,693 |
2,389,093 |
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Translation reserve |
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(94,486) |
(23,836) |
(14,917) |
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SHAREHOLDERS' FUNDS |
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6,034,139 |
4,398,081 |
4,930,400 |
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UNIGEL GROUP PLC |
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UNAUDITED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY |
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30 JUNE 2025 |
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Share |
Share |
Retained |
Translation |
Minority |
Total |
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capital |
premium |
earnings |
reserve |
interest |
equity |
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£ |
£ |
£ |
£ |
£ |
£ |
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At 1 January 2024 |
56,425 |
469,011 |
992,961 |
(28,921) |
1,080,659 |
2,570,135 |
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Upon issue of shares |
15,866 |
2,014,922 |
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2,030,788 |
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Upon acquisitions |
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(1,139,062) |
(1,139,062) |
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Comprehensive income for the |
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period |
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Profit for the period |
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928,312 |
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928,312 |
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Minority interest in profit/(loss) for |
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the period |
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(58,403) |
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58,403 |
- |
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Other comprehensive income for |
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the period |
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2,823 |
5,085 |
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7,908 |
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Total comprehensive income for |
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the period at 30 June 2024 |
72,291 |
2,483,933 |
1,865,693 |
(23,836) |
- |
4,398,081 |
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At 1 January 2025 |
72,291 |
2,483,933 |
2,389,093 |
(14,917) |
- |
4,930,400 |
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Comprehensive income for the |
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period |
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Profit for the period |
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1,534,268 |
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1,534,268 |
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Other comprehensive income for |
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the period |
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(61,798) |
(79,569) |
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(141,367) |
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Dividends paid |
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(289,162) |
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(289,162) |
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Total comprehensive income for |
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the period at 30 June 2025 |
72,291 |
2,483,933 |
3,572,401 |
(94,486) |
- |
6,034,139 |
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UNIGEL GROUP PLC |
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UNAUDITED CONSOLIDATED CASH FLOW STATEMENT |
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PERIOD ENDED 30 JUNE 2025 |
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6 months to |
6 months to |
Year to |
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Note |
30 June 2025 |
30 June 2024 |
31 December 2024 |
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£ |
£ |
£ |
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Net cash inflow/(outflow) from |
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operating activities |
1 |
3,379,612 |
575,781 |
1,382,971 |
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Return on investments and |
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servicing of finance |
2 |
(33,947) |
(16,819) |
(1,476,505) |
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Taxation |
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(24,786) |
(159,938) |
(380,099) |
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Capital expenditure |
2 |
(695,153) |
(44,084) |
(68,550) |
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2,625,726 |
354,940 |
(542,183) |
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Financing |
2 |
(540,501) |
484,877 |
463,783 |
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Increase/(decrease) in cash in the period |
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2,085,225 |
839,817 |
(78,400) |
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Reconciliation of net cash flow |
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to movement in net debt |
3 |
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Increase/(decrease) in cash in the period |
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2,085,225 |
839,817 |
(78,400) |
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Cash inflow/(outflow) from movement in debt |
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540,501 |
239,411 |
(463,783) |
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Change in net debt resulting from cash flows |
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2,625,726 |
1,079,228 |
(542,183) |
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Opening net cash balances |
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(670,243) |
(128,060) |
(128,060) |
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Closing net cash balances |
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1,955,483 |
951,168 |
(670,243) |
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UNIGEL GROUP PLC |
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NOTES TO THE UNAUDITED CONSOLIDATED CASH FLOW STATEMENT |
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PERIOD ENDED 30 JUNE 2025 |
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1. |
RECONCILIATION OF OPERATING PROFIT TO NET CASH INFLOW FRON OPERATING ACTIVITIES |
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30 June 2025 |
30 June 2024 |
31 December 2024 |
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£ |
£ |
£ |
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Operating profit |
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1,778,117 |
1,225,733 |
2,083,051 |
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Depreciation and amortisation charges |
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109,982 |
107,474 |
215,404 |
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Loss on fixed asset disposals |
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- |
65 |
6,750 |
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(Increase)/decrease in stocks |
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(401,719) |
(994,782) |
(1,375,226) |
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(Increase)/decrease in debtors |
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(2,026,679) |
(2,996,506) |
(1,448,391) |
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Increase/(decrease) in creditors |
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3,919,911 |
3,233,797 |
1,901,383 |
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Net cash inflow from operating activities |
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3,379,612 |
575,781 |
1,382,971 |
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2. |
ANALYSIS OF CASH FLOWS FOR HEADINGS NETTED IN THE CASH FLOW STATEMENT |
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30 June 2025 |
30 June 2024 |
31 December 2024 |
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£ |
£ |
£ |
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Returns on investments and servicing of finance |
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Proceeds on sale of fixed assets |
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- |
- |
701 |
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Purchase of minority interest |
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- |
- |
(1,306,500) |
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Interest received and similar income |
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285,849 |
77,323 |
109,319 |
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Interest paid and similar charges |
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(30,634) |
(24,142) |
(63,153) |
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Dividends paid |
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(289,162) |
(70,000) |
(216,872) |
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Net cash outflow for returns on investments and |
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servicing of finance |
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(33,947) |
(16,819) |
(1,476,505) |
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Capital expenditure |
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Purchase of intangible fixed assets |
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(23,121) |
(7,922) |
(26,453) |
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Purchase of tangible fixed assets |
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(672,032) |
(36,162) |
(42,097) |
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Net cast outflow for capital expenditure |
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(695,153) |
(44,084) |
(68,550) |
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Financing |
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Proceeds from issue of shares |
|
- |
2,030,788 |
- |
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Acquisition of minority interest in subsidiary |
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- |
(1,306,500) |
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(Loan repaid)/new loan received |
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(540,501) |
(239,411) |
463,783 |
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Net cash inflow from financing |
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(540,501) |
484,877 |
463,783 |
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3. |
ANALYSIS OF CHANGES IN NET DEBT |
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At 01/01/25 |
Cash flow |
At 30/06/25 |
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£ |
£ |
£ |
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Net cash: |
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Cash at bank and in hand |
|
324,168 |
2,085,225 |
2,409,393 |
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Debt: |
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Loan |
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(994,411) |
540,501 |
(453,910) |
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|
Cash at bank and in hand |
|
(670,243) |
2,625,726 |
1,955,483 |
UNIGEL GROUP PLC
NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS
PERIOD ENDED 30 JUNE 2025
1. ACCOUNTING POLICIES
Company information
The company is a public limited company incorporated in England and Wales (registered number 13934232) and its registered office is Unigel House, 7 Park View, Alder Close, Eastbourne, BN23 6QE.
The principal activity of the group is the manufacture and sale of cable filling and flooding compounds, associated pumping and delivery equipment, and tapes.
Accounting convention and basis of preparation
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the United Kingdom and the Republic of Ireland and the Companies Act 2006.
The preparation of the consolidated financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the group's accounting policies. Information is given in the accounting policies noted below.
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2. |
EARNINGS PER SHARE |
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Earnings per share is calculated by dividing the profit after tax for the period by the weighted average number of |
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ordinary shares in issue during the period. |
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6 months to |
6 months to |
Year to |
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|
|
|
|
30 June 2025 |
30 June 2024 |
31 December 2024 |
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|
|
|
£ |
£ |
£ |
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|
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|
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|
|
|
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Profit after tax |
|
|
1,534,268 |
928,312 |
1,663,181 |
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|
|
|
|
|
|
|
|
|
Weighted average ordinary shares in issue |
|
14,458,106 |
12,746,537 |
13,955,264 |
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|
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Earnings per share |
|
|
10.61p |
7.28p |
11.92p |
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3. |
CALLED UP SHARE CAPITAL |
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Allotted, issued and fully paid: |
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Number |
Class: |
Nominal |
30 June 2025 |
30 June 2024 |
31 December 2024 |
|
|
|
|
value: |
£ |
£ |
£ |
|
|
|
|
|
|
|
|
|
|
14,458,106 |
Ordinary |
£0.005 |
72,291 |
72,291 |
72,291 |
4. FORWARD-LOOKING STATEMENTS
Certain statements made in this announcement are forward-looking statements. These forward-looking statements are not historical facts but rather are based on the Group's current expectations, estimates and projections about its industry; its beliefs; and assumptions. Words such as 'anticipates,' 'expects,' 'intends,' 'plans,' 'believes,' 'seeks,' 'estimates,' and similar expressions are intended to identify forward-looking statements. These statements are not guarantees of future performance and are subject to known and unknown risks, uncertainties, and other factors, some of which are beyond the Group's control, are difficult to predict, and could cause actual results to differ materially from those expressed or forecast in the forward-looking statements. The Group cautions security holders and prospective security holders not to place undue reliance on these forward-looking statements, which reflect the view of the Group only as of the date of this announcement. The forward-looking statements made in this announcement relate only to events as of the date on which the statements are made. The Group will not undertake any obligation to release publicly any revisions or updates to these forward-looking statements to reflect events, circumstances, or unanticipated events occurring after the date of this announcement except as required by law or by any appropriate regulatory authority.
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