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Rotala PLC (ROL)

  Print      Mail a friend       Annual reports

Friday 11 August, 2017

Rotala PLC

Half-year Report

RNS Number : 7143N
Rotala PLC
11 August 2017
 

 

11 August 2017

 

Rotala Plc

("Rotala" or "the Company" or "the Group")

 

Unaudited Interim Results for the six months to 31 May 2017

 

 

Highlights:

 

·      Revenue up 4.5 % vs. H1 2016 to £28.6 million*

 

·      Improvement in gross profit margin to 19%*

 

·      Profit from operations up 12.1% to £1.96 million*

 

·      Profit before taxation up 18.1% to £1.34 million*

 

·      Basic adjusted earnings per share up 8.9% to 2.58p*

 

·      Interim dividend increased by 6.3% to 0.85p per share (2016: 0.80p)

 

·      Net debt at half-year end of £25.7 million vs £25.8 million at 31 May 2016

 

·      The contract wins announced in the accounting period  are expected to produce additional estimated revenues of £4.7 million in a full year

 

·      £3.5 million equity raise to finance acquisitions in the West Midlands and Greater Manchester (post period end)

 

·      Rotala continues to pursue attractive acquisition targets

 

·      Current trading in line with market expectations

 

*before mark to market provision and other exceptional items

 

For further information please contact:

 

 

Rotala Plc

0121 322 2222

John Gunn, Chairman


Simon Dunn, Chief Executive


Kim Taylor, Group Finance Director




Nominated Adviser & Joint Broker:

Cenkos Securities plc

 

020 7397 8900

Stephen Keys/Callum Davidson (Corporate Finance)

Michael Johnson/Julian Morse (Corporate Broking)

 


Joint Broker: Dowgate Capital Stockbrokers Ltd


David Poutney/James Serjeant (Corporate Broking)


0203 903 7715



 

 

 

 

 

 

Chairman's Statement

 

I am pleased to present this interim report to shareholders in respect of the six months ended 31 May 2017. The Company has continued to make good progress in the first half of 2017, achieving another period of growth as operational leverage improves. Furthermore, post period end on 28 July 2017 we announced that we had raised a total of £3.5 million in new equity to finance acquisitions, subject to shareholder approval at a general meeting on 18 August 2017. The equity fundraising is described in the Company's announcement dated 28 July 2017 as well as the circular to shareholders dated 31 July 2017.

 

Results

 

Revenues for the Group as a whole for the six months ended 31 May 2017 were £28.6 million. This represents an increase of 4.5% compared to those of the previous year. Operating margins increased slightly to 18.9% (2016: 18.2%) as we achieved better utilisation of our bus assets. Pre- tax profits before exceptional items rose by 18% to £1.34 million (2016: £1.135 million).     

 

Contracted Services

 

Revenues in the Contracted Services division rose overall by 6%, when compared to the first half of 2016, to £10.4 million (2016: £9.8 million). This level of revenue is 29% higher than it was only two years ago. As I had commented in the most recent Annual Report, Contracted Services are expected to contribute an increasing proportion of the Group's revenues in both the short and medium term. We have invested heavily in this area of our business in recent years and have achieved considerable growth, both organically and through acquisition. In the first half of 2017 Contracted Services comprised 36.5% of Group revenues, compared to 35.9% in the same period of 2016. The development of franchised bus markets are expected to drive greater gains in this part of our business.

 

Income derived from corporate contracts remains the larger component of the Contracted Services division, having grown strongly in recent years. The acquisition of the OFJ business in 2016 and the corporate contract wins we announced in the earlier part of this year have all contributed to these increasing revenues. In contrast the proportion of Group revenues derived from Local Authority bus contracts fell slightly to 14% (2016: 15.5%). Revenues from this source were indeed in absolute terms slightly down year on year but the proportionate fall is more reflective of the growth of Group revenues overall, as revenues derived from Local Authority bus contracts have remained reasonably stable.

 

Commercial Services

 

Revenues in the Commercial Services division, compared to the first half of 2016, rose by 2% to £16.9 million (2016: £16.6 million). Following the Company's three acquisitions in 2016, which were not focused on this division, Commercial Services now contributes approximately 59% of the Group's total revenue (2016: 61%). These changes reflect stable revenues in Preston and the West Midlands generally and rising revenues in the Manchester area. In and around Heathrow the expansion into bus routes in Surrey produced revenue gains which were in turn  offset by our decision to discontinue a number of services in the Bristol and Bath area on the grounds that they had become uneconomic.   

 

Charter Services

 

Revenues in the Charter Services division rose by 30% compared to the previous year to £1.28 million (2016: £0.98 million). This increase reflects the contribution in the private hire stream of business of the two small acquisitions of Wigan Coachways and Elite Minibus and Coach Services completed in 2016. The year on year increase in revenues was largely focused in the North West of the country, which was the target of the making of these two acquisitions. We had identified that we had little or no penetration of this potentially lucrative market in that area of the country. The two acquisitions were designed to remedy this weakness and we are pleased with the progress we have made. Revenues in Charter Services are now more than 80% higher than they were two years ago, as a result of the three acquisitions we have made in that period to improve radically our presence in the private hire markets at Heathrow airport and in the North West of England.

 

Issue of Equity for Acquisitions (post period end)

 

On 28 July 2017, the Company announced that it had raised £2 million, before fees and expenses, through a subscription by two existing shareholders at a price of 60p a share, and that a further £1.5 million was conditionally raised through a placing with certain other investors, also at 60p per share, subject to approval by shareholders.

 

The net proceeds from the issue of equity have been used or are expected to be used by the Company for the following purposes:

 

(i)            circa £1.0 million towards funding the acquisition of Hansons (Wordsley) Limited ("Hansons")  in the West Midlands, which completed on 28 July 2017;

 

(ii)           circa £1.0 million towards funding the proposed acquisition of a freehold site and 18 buses from a business based in Greater Manchester. Exchange of contracts in relation to this announcement is expected shortly and completion of this acquisition is expected to occur by 1 September 2017 following satisfaction by the target of its obligations under the Transfer of Undertakings (Protection of Employment) Regulations 2006; and

 

(iii)         circa £1.3 million towards funding other acquisition opportunities.

 

If further acquisitions are not completed, the net proceeds of the placing are expected to be deployed towards other acquisitions, strengthening the balance sheet and/or for general working capital purposes.   

 

Dividend

 

The Company will pay an interim dividend of 0.85 pence per share (2016: 0.80 pence) on 8 December 2017 to all shareholders on the register on 17 November 2017.  The board is conscious of the importance of dividend flows to shareholders; the board has set a target for dividend cover of 2.5 times earnings in the longer term.

 

Board changes

 

The Company today announced that Mr. Graham Peacock, one of the participants in the subscription for new shares described above, has been appointed to the board with immediate effect as a non-executive director. Mr. Peacock has significant expertise in the transport services sector and was previously Chief Executive Officer and a substantial shareholder of MRH (GB) Limited, the UK's largest independent owner and operator of petrol stations in the UK. 

 

The Directors welcome Mr. Peacock to the board and believe the experience he brings will be invaluable to the Company in executing its strategy of organic and acquisitive growth.

 

Furthermore, the Company today announced that Mr. Graham Spooner, an existing non- executive director of the Company, has been appointed to the post of Deputy Chairman with immediate effect.

 

Fuel hedging

 

Given the current uncertain direction of oil prices, the board has decided not to put in place any further fuel hedging, but to wait until the market uncertainty, which has been prevalent for some time, has been satisfactorily resolved.

 

In summary the Group has the following fuel hedges in place:

 

·      For the remainder of 2017 about 63% of the fuel requirement is covered at an average price of about 95p a litre;

·      For 2018 about 75% of the fuel requirement is covered at an average price of about 91p a litre;

·      There are no fuel hedges yet in place beyond that date.

 

Financial review

 

The following comments on the Income Statement address the results before any exceptional items. Revenues increased by 4.5% when compared with the same period in 2016. I have explained the reasons for this increase above. Cost of Sales also rose by 3.7%; Gross Profits therefore rose in line and the gross profit margin increased slightly to 18.9% (2016: 18.2%). Administrative Expenses increased by 6% as a result of the growing size of the business and its workforce. Profit from Operations was therefore up 12% at £1.96 million (2016: £1.75 million). Net finance expense was very similar to the previous year. Profit before Taxation rose by 18% to £1.340 million (2016: £1.135 million). Note 3 to this statement sets out the analysis of the charges resulting from movements on the mark to market provision for fuel derivatives and the other exceptional items.

 

The weighted average number of shares in issue was increased by the 3,872,581 new shares issued in June 2016. Adjusted basic earnings per share, based on profits after tax and before exceptional items, were 2.58 pence per share (2016: 2.37 pence), an increase of 9%.

 

Basic earnings per share, including all exceptional items, were 1.79 pence per share in the period (2016: 1.78 pence). Exceptional items were up in 2017 as a result of the somewhat larger movement on the mark to market provision for fuel derivatives than in the comparative period.

 

The gross assets of the Group were £65.3 million at 31 May 2017, compared to £59.8 million at the same time in the previous year. This change reflects the acquisitions made over the past twelve months, investment in ticket machines and the vehicle fleet, and the consequent effect on working capital assets in terms of trade and other receivables. These factors have also had their effect on total liabilities, which have risen to £37.0 million at 31 May 2017 (2016: £35.2 million).

 

Trade and other payables have increased because of the larger size of the Group. The net loans and borrowings of the Group, including its obligations under hire purchase contracts, stood at £25.7 million at 31 May 2017 (31 May 2016: £25.8 million), as a result both of the acquisitions made and the investment in ticket machines and vehicles. An analysis of these borrowings is set out in Notes 5 and 6 to this statement. Loans and borrowings are all classified as current liabilities because the Group's banking facilities come up for renewal on 30 April 2018. A new package of banking facilities is currently under negotiation with the Group's bankers. Net assets were £28.2 million at the period end (31 May 2016: £24.6 million).  The large positive movement in the mark to market provision on the fuel derivatives in the second half of 2016, combined with the share issue in that period and retained profits, account for this change. 

 

Cash flows from operating activities were 14% up on the same period in the previous year. Net working capital also absorbed funds in the first half of the year, reflecting the increased size of the Group, though at a much lower level than in the previous year, when increased business activity, taken together with the acquisition of the OFJ business in the first half of 2016, placed heavy demands on working capital resources. Hire purchase interest paid was very similar to the previous year. Net cash flows from operating activities in 2017 were therefore much improved on the position seen for the same period in 2016. There were no acquisitions in the period. Investing activities in 2017 include the acquisition of the new ticket machines for the West Midlands business announced in April 2017 and some replacement of vehicles in the period, offset by a considerable number of vehicle sales. In 2016 the cash flows generated by investing activities were distorted by the sale of a surplus depot in Birmingham at the start of the accounting year.

 

In 2016 two interim dividends were paid in the period, as a result of the changes to the taxation of dividends, but only a conventional interim dividend in 2017. The capital element of payments on HP agreements rose somewhat to £1.85 million in the period (2016: £1.66 million). The net decrease in cash and cash equivalents was, at £0.8 million, much lower than the decrease of £1.9 million of the previous year. Much of the reason for the difference can be ascribed to the lower demands on working capital resources in the current period, as described above. The profitability and resultant cash flows of the Group are customarily weighted towards the second half of the year and this pattern can be expected to hold good for the second half of 2017.

 

Outlook

 

The Group has made good progress during the first half of the year. The 4.5% increase in revenues over that achieved in the same period of 2016, leading to the 18% increase in profit before taxation, before mark to market provision and other exceptional items, gives the Board confidence that the Group remains on course to meet market expectations for the financial year.

 

This confidence is underpinned by the contract wins announced earlier in the year which are expected to make a much more significant contribution to revenues in the second half of the year. The prospects for the full year will continue to support the Group's progressive dividend policy.

 

Looking beyond the current year, the Board remains confident that the Bus Services Act 2017 will provide more opportunities than challenges. Rotala has a proven track record of steady organic growth supplemented by sensibly priced acquisitions. The recent acquisition of Hansons conforms to this strategy and is expected to enhance future earnings, as will the proposed imminent acquisition in the Manchester area. This proposed acquisition is also expected to strengthen the Company's ability to capitalise on re-franchising opportunities arising from the Bus Services Act 2017.

There is currently no shortage of potential acquisition targets and the enhanced strength of our balance sheet and operational cash flow mean that we are well positioned to build on a strong performance in the current year.

 

  

 

 

John Gunn

Non-Executive Chairman

 

10 August 2017

 

















Condensed consolidated income statement

Note

Unaudited 6 months ended 31 May 2017

Unaudited 6 months ended 31 May 2017

Unaudited 6 months ended 31 May 2017

Unaudited 6 months ended 31 May 2016

Unaudited  6 months ended 31 May 2016

Unaudited  6 months ended 31 May 2016











Results

before

mark to market provision and other exceptional items

Mark to market provision and other

exceptional

items

 

Results

for the

period

Results

before

mark to market provision and other exceptional items

Mark to market provision and other

exceptional

items

 

 

Results

for the

period



£'000

£'000

£'000

£'000

£'000

£'000









Revenue

2

28,627

-

28,627

27,402

-

27,402









Cost of sales


(23,227)

-

(23,227)

(22,408)

-

(22,408)









Gross profit


5,400

-

5,400

4,994

-

4,994









Administrative expenses



(3,439)


(408)


(3,847)


(3,244)


(281)


(3,525)

Profit from operations


1,961

(408)

1,553

1,750

(281)

1,469

 

Finance income

 

 


-


-


-


10


-


10

 

Finance expense

 

 


(621)


-


(621)


(625)


-


(625)









 

Profit before taxation

 

3


1,340


(408)


932


1,135


(281)


854









Tax expense


(253)

78

(175)

(227)

55

(172)









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




1,087



(330)



757



908



(226)



682









Earnings per share for profit attributable to the equity








holders of the parent during the period:








Basic  (pence)

4

2.58


1.79

2.37


1.78

Diluted (pence)

4

2.57


1.79

2.34


1.76

                           








 






Condensed consolidated income statement

Note

Audited year ended 30 November

2016

Audited year ended 30 November

2016

Audited year ended 30 November

2016








Results

before

mark to market provision and other exceptional items

Mark to market provision and other

exceptional

items

 

Results

for the

year



£'000

£'000

£'000






Revenue

2

54,975

-

54,975






Cost of sales


(44,895)

-

(44,895)






Gross profit


10,080

-

10,080






Administrative expenses



(6,133)


8


(6,125)






 

Profit from operations



3,947


8


3,955

 

Finance income

 

 


14


-


14

 

Finance expense

 

 


(1,281)


-


(1,281)






 

Profit before taxation

 

3


2,680


8


2,688






Tax expense


(468)

(14)

(482)






Profit for the year attributable to the equity holders of the parent




2,212



(6)



2,206






Earnings per share for profit attributable to the equity





holders of the parent during the year:





Basic (pence)

4

5.51


5.49

Diluted (pence)

4

5.46


5.44

                                        






 

 

 

 

 

 

 




Condensed consolidated statement of comprehensive income

Unaudited 6 months ended 31 May 2017

Unaudited 6 months ended 31 May 2016

Audited year ended 30 November 2016

 


£'000

£'000

£'000





Profit for the period

757

682

2,206

 

Other comprehensive income:




Actuarial loss on defined benefit pension scheme

-

(175)

(860)





Deferred tax on actuarial loss on defined benefit pension scheme

-

35

163





Other comprehensive income for the period (net of tax)

-

(140)

(697)





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

757

542

1,509

 

Condensed consolidated Statement of Changes in Equity

Called up share capital

Share premium account

Merger reserve

Shares in treasury

Retained earnings

Total


£'000

£'000

£'000

£'000

£'000

£'000








At 1 December 2015

9,794

8,603

2,567

(622)

4,702

25,044








Profit for the period

-

-

-

-

682

682

Other comprehensive income

-

-

-

-

(140)

(140)

Total comprehensive income

-

-

-

-

542

542

Transactions with owners:







Share based payment

-

-

-

-

8

8

Purchase of own shares

-

-

-

(195)

-

(195)

Dividends paid

-

-

-

-

(803)

(803)

Transactions with owners

-

-

-

(195)

(795)

(990)








At 31 May 2016

9,794

8,603

2,567

(817)

4,449

24,596








Profit for the period

-

-

-

-

1,524

1,524

Other comprehensive income

-

-

-

-

(557)

(557)

Total comprehensive income

-

-

-

-

967

967

Transactions with owners:







Shares issued

968

1,272

-

-

-

2,240

Share based payment

-

-

-

-

8

8

Dividends paid 

-

-

-

-

-

-

Transactions with owners

968

1,272

-

-

8

2,248








At 30 November 2016

10,762

9,875

2,567

(817)

5,424

27,811








Profit for the period

-

-

-

-

757

757

Other comprehensive income

-

-

-

-

-

-

Total comprehensive income

-

-

-

-

757

757

Transactions with owners:







Share based payment

-

-

-

-

10

10

Dividends paid

-

-

-

-

(338)

(338)

Transactions with owners

-

-

-

-

(328)

(328)








At 31 May 2017

10,762

9,875

2,567

(817)

5,853

28,240









Condensed consolidated statement of financial position

Notes

Unaudited as at 31 May 2017

Unaudited as at 31 May 2016

Audited as at 30 November 2016



£'000

£'000

£'000

Assets





Non-current assets





Property, plant and equipment


35,491

33,577

34,876

Goodwill and other intangible assets


12,033

11,402

12,033



_____

_____

_____

Total non-current assets


47,524

44,979

46,909






Current assets





Inventories


3,086

2,305

2,855

Trade and other receivables


13,635

11,812

11,235

Derivative instruments due in more than one year


63

-

327

Cash and cash equivalents


947

742

2,159



_____

_____

_____

Total current assets


17,731

14,859

16,576



_____

_____

_____

Total assets


65,255

59,838

63,485






Liabilities





Current liabilities





Trade and other payables


(7,407)

(6,896)

(5,195)

Loans and borrowings

5

(15,272)

(11,222)

(11,096)

Obligations under hire purchase agreements

6

(2,871)

(2,912)

(3,034)

Derivative financial instruments


(211)

(957)

(285)



______

______

_____

Total current liabilities


(25,761)

(21,987)

(19,610)






Non-current liabilities





Loans and borrowings

5

-

(5,250)

(4,900)

Obligations under hire purchase agreements

6

(8,503)

(7,110)

(8,256)

Provision for liabilities


(1,477)

(343)

(1,653)

Defined benefit pension obligation


(644)

(278)

(800)

Deferred taxation


(630)

(274)

(455)



______

______

______

Total non-current liabilities


(11,254)

(13,255)

(16,064)



______

______

______

Total liabilities


(37,015)

(35,242)

(35,674)



_____

_____

_____

Net assets


28,240

24,596

27,811



======

======

=====


Condensed consolidated statement of financial position


Unaudited as at 31 May 2017

Unaudited as at 31 May 2016

Audited as at 30 November 2016



£'000

£'000

£'000











Equity attributable to equity holders of parent





Called up share capital


10,762

9,794

10,762

Share premium reserve


9,875

8,603

9,875

Merger reserve


2,567

2,567

2,567

Shares in treasury


(817)

(817)

(817)

Retained earnings


5,853

4,449

5,424



______

______

_____

Total equity


28,240

24,596

27,811



=====

=====

====

 

 


 

 

Condensed consolidated cash flow statement

Unaudited 6 months ended 31 May 2017

Unaudited  6 months ended 31 May 2016

Audited year ended 30 November 2016


£'000

£'000

£'000

Cash flows from operating activities




Profit for the period before tax

932

854

2,688

Finance expense (net)

621

615

1,267

Depreciation 

2,132

1,792

3,050

Gain on sale of vehicles

(242)

(288)

(342)

Acquisition expenses

-

80

125

Contribution to defined benefit pension scheme

(156)

(175)

(350)

Notional expense of defined benefit pension scheme

-

-

7

Equity-settled share based payment expense

10

8

16


____

____

____

Cash flows from operating activities before changes in working capital and provisions

3,297

2,886

6,461





Increase in trade and other receivables

(2,497)

(3,905)

(3,330)

Increase/(decrease) in trade and other payables

2,302

1,298

(339)

(Increase)/decrease in inventories

(231)

50

(500)

Movement on provisions

15

(458)

(364)


____

____

____


(411)

(3,015)

(4,533)


____

____

____

Cash generated from/(used in) from operations

2,886

(129)

1,928





Interest paid on hire purchase obligations

(244)

(235)

(474)


____

____

____

Net cash flows from operating activities

2,642

(364)

1,454



 

Condensed consolidated cash flow statement

Unaudited 6 months ended 31 May 2017

Unaudited  6 months ended 31 May 2016

Audited year ended 30 November 2016


£'000

£'000

£'000

Cash flows from investing activities




Acquisitions of businesses

-

(1,400)

(1,871)

Purchases of property, plant and equipment

(1,151)

(1,333)

(2,558)

Sale of property, plant and equipment

445

2,852

3,502


_____

_____

_____

Net cash flows generated by/(used in) investing activities

(706)

119

(927)





Cash flow from financing activities




Shares issued

-

172

2,412

Dividends paid

(338)

(803)

(803)

Own shares purchased

-

(367)

(367)

Proceeds of mortgages and other bank loans

-

2,200

2,775

Repayment of bank and other borrowings

(350)

(2,350)

(2,700)

Bank loan interest paid

(373)

(335)

(744)

Hire purchase refinancing receipts

140

1,526

2,522

Capital element of lease payments

(1,853)

(1,660)

(3,366)


_____

_____

____

Net cash (used in)/ generated from  financing activities

(2,774)

(1,617)

(271)





Net (decrease)/increase  in cash and cash equivalents

(838)

(1,862)

256





Cash and cash equivalents at start of period

(342)

(598)

(598)


_____

_____

_____

Cash and cash equivalents at end of period

(1,180)

(2,460)

(342)


======

=====

====

 

 

 

 



 

 

Notes to the Unaudited Consolidated Interim Accounts for the six months ended 31 May 2017

 

1.     Basis of preparation:

 

The unaudited condensed consolidated interim accounts have been prepared using the accounting policies set out in the group's 2016 statutory accounts.

The financial statements of the group for the full year are prepared in accordance with IFRS's as adopted by the European Union and these interim financial statements have been prepared in accordance with IAS 34 "Interim Financial Reporting".  

 

2.     Turnover:

Revenue represents sales to external customers excluding value added tax. All of the activities of the group are conducted in the United Kingdom within the operating segment of provision of bus services. Management monitors revenue across the following business streams: contracted services, commercial services and charter services.





 


Six months ended 31 May 2017

Six months ended 31 May 2016

Year ended 30 November 2016





 


£'000

£'000

£'000

 

Contracted

10,420

9,826

19,707

 

Commercial

16,932

16,593

32,873

 

Charter

1,275

983

2,395

 

Total

28,627

27,402

54,975

 


 

3.     Profit before taxation:

 

Profit before taxation includes the following:






Unaudited 6 months ended  31 May 2017

Unaudited 6 months ended  31 May 2016

Audited year ended 30 November 2016

 


£'000

£'000

£'000









Acquisition costs

-

(80)

(125)

Inception costs for new contracts

(83)

-

-

Provision against onerous leases resulting from acquisition

-

-

(310)

Redundancy costs

(11)

-

(225)

Share based payment expense

(10)

(8)

(16)

Mark to market provision on fuel derivatives

(304)

(193)

684









Loss within profit before taxation

(408)

(281)

8

 

4.     Earnings per share:

 

Basic earnings per share have been calculated on the basis of profit after taxation and the weighted average number of shares in issue for the period of 42,193,246 (May 2016: 38,307,355; November 2016: 40,164,072). Diluted earnings per share have been calculated on the basis of profit after taxation and the weighted average number of shares in issue (including such potential issues as are dilutive) for the period of 42,253,839 (May 2016: 38,812,418; November 2016: 40,533,545).

Basic adjusted and diluted adjusted earnings per share before mark to market provisions and other exceptional items have been calculated using the same weighted average numbers of shares in issue, but on the basis of profits after tax and before any exceptional items. This is done in order to aid comparability between the accounting periods.



 

5.     Loans and borrowings:

 


At 31 May 2017

At 31 May 2016

At 30 November 2016


£'000

£'000

£'000

Current:




Overdrafts

2,127

3,202

2,501

Bank loans

13,145

8,020

8,595






15,272

11,222

11,096









Non- current:




Bank loans

-

5,250

4,900





Total loans and borrowings

15,272

16,472

15,996









 

 

 

 

6.     Obligations under hire purchase agreements:

 

 


At 31 May 2017

At 31 May 2016

At 30 November 2016


£'000

£'000

£'000

Present value:




Not later than one year

2,871

2,912

3,034

More than one but less than two years

2,741

2,521

2,893

More than two but less than five years

4,828

3,835

4,418

Later than five years

934

754

945


11,374

10,022

11,290









 


 

 


 

7.     Dividends:

 

On 8 December 2016 the company paid a first interim dividend of 0.80 pence per share in respect of the year ended 30 November 2016; a final dividend in respect of the year was paid on 28 June 2017 at a rate of 1.50 pence per share. All dividends are payable in cash only.  

 

8.     Additional information:

 

The unaudited Consolidated Interim Report was approved by the Board of Directors on 10 August 2017. The consolidated interim financial information for the six months ended 31 May 2017 and for the six months ended 31 May 2016 is unaudited. The financial information in this interim announcement does not constitute statutory accounts within the meaning of Section 434 of the Companies Act 2006. The statutory accounts of Rotala Plc for the year ended 30 November 2016 have been reported on by the company's auditors and have been delivered to the Registrar of Companies. The report of the auditors on these accounts was unqualified and does not include a statement under section 496 of the Companies Act 2006.

 


9.     Copies of this statement are available from the registered office of the company at Rotala Group Headquarters, Cross Quays Business Park, Hallbridge Way, Tividale, Oldbury, West Midlands, B69 3HW or the Company's website www.rotalaplc.com.

 

 


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