Information  X 
Enter a valid email address

Tristel PLC (TSTL)

  Print          Annual reports

Monday 22 February, 2021

Tristel PLC

Half-year Report

RNS Number : 8018P
Tristel PLC
22 February 2021
 

 

 

TRISTEL plc

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

 

Half-year Report

Unaudited Interim Results for the six months ended 31 December 2020

 

Tristel plc (AIM: TSTL), the manufacturer of infection prevention and contamination control products utilising proprietary chlorine dioxide chemistry, announces its interim results for the six months ended 31 December 2020.

 

Financial highlights

· Revenue up 15% to £16.8m (2019: £14.6m)

· Overseas sales up 20% to £10m (2019: £8.3m), representing 60% of total sales (2019: 56%)

· Gross margin increased to 80% from 79% in 2019

· PBT before share-based payments up 13% to £3.4m (2019: £3.0m). Unadjusted PBT of £3.1m (£2.8m)

· EPS before share-based payments up 5% to 6.18p (2019: 5.89p). Unadjusted EPS of 5.62p (2019: 5.37p)

· EBITDA before share-based payments up 14% to £4.9m (2019: £4.3m)

· EBITDA margin before share-based payments of 29% (2019: 29%)

· Interim dividend of 2.62p per share (2019: 2.34p), up 12%

· Cash of £7.3m (2019: £4.2m)

 

Operational highlights

· Approval received for Duo range of products in India. Appointed national distributor

· Successful start for new subsidiary in Malaysia with initial six-month sales of £0.24m

· Board changes: Caroline Stephens (ex-J&J) joined as INED

· Completed Usability and Human Factors Engineering Study for USA FDA De Novo submission

 

Commenting on current trading, Paul Swinney, Chief Executive of Tristel, said : "We are pleased with our progress in the first half. Sales growth has been at the top end of our target range of 10-15% and margins have continued to improve.

 

"We continue to make good progress in our USA regulatory project. We have recently completed the Usability and Human Factors Engineering study which represents an important milestone on our path towards completing our De Novo submission.

 

"The second half will be the third consecutive six-month period to be impacted by the pandemic. Unlike the previous two halves, we have started this one in lockdown in many of our key markets. Sales of our medical device disinfectants during the first seven weeks of 2021 are lower than budget due to the impact of COVID-19 on patient examinations. We are very confident that by the end of calendar 2021, the ENT, gynaecology, urology, cardiology, and ophthalmology departments where our products are used will have returned to pre-pandemic levels of activity. Whether this will happen in the UK and Europe before our June year-end is unclear at present.

 

"However, the growth prospects for the Group are as strong as ever and we look to the future with confidence."

 

At 8am today, Monday 22 February 2021, a video presentation recorded by Paul Swinney, CEO and Liz Dixon, FD, will be made available here:  www.tristelresults.com

 

Tristel plc

www.tristel.com

Paul Swinney, Chief Executive

Tel: 01638 721 500

Liz Dixon, Finance Director

 

 

 

finnCap

 

Geoff Nash/Giles Rolls, Corporate Finance

Tel: 020 7220 0500

Alice Lane, Corporate Broking

 

 

 

Walbrook PR Ltd

Tel: 020 7933 8780 or [email protected]

Paul McManus

Mob: 07980 541 893

Lianne Cawthorne

Mob: 07584 391 303

 

Chairman's statement

Results

I am pleased to report that the Group had a good first half, growing sales by 15%. We increased the proportion of Group revenue generated in overseas markets to 60%. Geographical diversification is especially important for the Group during this pandemic which is affecting countries differently at any point in time. 

 

During the half we entered the Malaysian hospital market via a newly established subsidiary. A distributor has represented us in the country for the past decade. Our operation got off to a good start, obtaining the re-issue of governmental licences for our products and generating £0.24m in sales. On 23 December, our Indian subsidiary entered into a distribution agreement with GenWorksHealth, based in Bangalore. This gives us distribution throughout India for our Duo high-level disinfectants which are used on a wide range of medical devices used in ultrasound, ophthalmology, and ear nose and throat clinics. 

 

Of equal strategic importance is the diversification of our product portfolios. The most important product range in terms of sales is Tristel. This is our longest established and best recognised brand. Tristel products are medical device disinfectants and worldwide they accounted for £13.1m of sales in the half. The Cache product range is younger and only actively marketed at present in the UK, Benelux, France, and Hong Kong. The Cache products are disinfectants for hospital surfaces and worldwide accounted for £2m of sales in the period.

 

The two portfolios have been differently impacted by the pandemic: Tristel product sales in all countries have been adversely affected as patient examinations have been deferred. Cache product sales have been positively impacted because hospitals rushed to purchase any type of disinfectant. During the second half of 2020 this phenomenon came to an end and now we are observing a more considered approach to the selection of surface disinfectants. This augurs well for the long-term success of Cache as our chlorine dioxide chemistry is the safest and most effective choice available. Worldwide, Tristel sales in the first half increased by 12% on the comparable period, whilst Cache sales increased by 82%. The table below explains the geographical and portfolio breakdown of Group first half revenue.

 

Revenue

First half 2020-21

First half 2019-20

Period-on-period growth

 

£m

£m

%

UK Revenue

 

 

 

UK portfolio breakdown:

 

 

 

Tristel medical device decontamination

4.4

4.4

-

Cache surface disinfection

1.5

0.8

88%

Other

0.9

1.1

(18%)

UK Revenue

6.8

6.3

8%

Overseas Revenue

10

8.3

20%

Geographical breakdown:

 

 

 

Australasia

1.9

1.7

12%

China, Hong Kong & Taiwan

0.8

0.6

33%

Malaysia

0.2

-

-

Benelux & France

2.4

1.8

33%

Germany & Central Europe

2.8

2.5

12%

Italy

0.4

0.3

33%

International distributors

1.5

1.4

7%

Overseas Revenue

10

8.3

20%

Portfolio breakdown:

 

 

 

Tristel medical device decontamination

8.7

7.3

19%

Cache surface disinfection

0.5

0.3

67%

Other

0.8

0.7

14%

 

10

8.3

20%

Global Revenue

16.8

14.6

15%

 

 

 

The UK's departure from the European Union has taken place without disruption to our trade with the Continent. In preparation for this transition, last September the NHS purchased approximately £0.9m of Tristel medical device disinfectant products and has held them in a dedicated storage facility. We anticipate that this stock will be fed back into the NHS Supply Chain network from May 2021 but have no visibility on the time this might take. The release of this inventory will have some negative impact on second half sales of medical device disinfectant products in the UK.

 

The release of this stock and the uncertain timing regarding recovery of patient examinations to pre-pandemic levels around the world, makes it difficult to forecast sales for the second half of the year.

 

We achieved a one percentage point increase in gross margin due to product sales mix in the period. Overheads excluding share-based payments, depreciation and amortisation increased by £1.2m, or 16%. Included in the increase is a one-off payroll-related cost associated with share option exercises, and the first contribution of costs from Malaysia. Excluding both these costs, underlying overhead expenses increased by only 3% in the half compared with last year.

 

During the period we increased global headcount by 31, from 164 at 30 June, to 195 at 31 December. We have bolstered our marketing, product management, product development, quality management and regulatory teams to prepare for the growth that we anticipate once hospital patient examinations return to their pre-pandemic levels in all countries, and the Cache product range is marketed globally. Included in the headcount increase are five employees in our newly operational Malaysian subsidiary.

 

Pre-tax profit increased from £2.8m to £3.1m, a 11% increase.

 

The Group has continued to be highly cash generative and on 31 December 2020 the cash balance was £7.3m (2019: £4.2m).

 

Earnings and Dividends

Adjusted earnings per share (EPS), before share-based payments, were 6.18 pence, up 5% from 5.89 pence last year. Basic EPS was 5.62 pence, a 5% increase from last year. EPS growth was held back by a higher effective tax rate in the half of 16% (2019: 13%).

 

The Board is recommending an interim dividend of 2.62 pence (2019: 2.34 pence), an increase of 12%. The interim dividend will be paid on 30 April 2021 to shareholders on the register on 9 April 2021, with an ex-dividend date of 8 April 2021.

 

Board of Directors

We welcome Caroline Stephens to our Board as an Independent Non-Executive Director. Caroline has enjoyed a 26-year career with Johnson & Johnson in multiple leadership roles. In addition to bringing her experience and expertise in healthcare to our organisation, her appointment takes us further towards our goal of equal gender balance within the Board.

 

Outlook

Whilst the near-term outlook for the Company will be heavily influenced by the course of the pandemic and its impact on hospital services, the long-term prospects remain very encouraging.

 

Bruno Holthof

Chairman

22 February 2021

 

 

 

Condensed Consolidated Income Statement for the six months ended 31 December 2020

 

 

6 months ended

6 months ended

Year ended

 

 

31-Dec-20

31-Dec-19

30-Jun-20

 

 

(unaudited)

(unaudited)

(audited)

 

Note

£'000

£'000

£'000

Revenue

2

16,751

14,634

31,678

Cost of sales

 

(3,421)

(3,030)

(6,431)

Gross profit

 

13,330

11,604

25,247

Admin expenses - share based payments

 

(260)

(234)

(435)

Admin expenses - depreciation and amortisation

 

(1,402)

(1,239)

(2,558)

Admin expenses - other

 

(8,472)

(7,298)

(15,449)

Total administrative expenses

 

(10,134)

(8,771)

(18,442)

Operating profit

 

3,196

2,833

6,805

Finance income

 

-

-

1

Finance costs

 

(100)

(72)

(167)

Profit before taxation

 

3,096

2,761

6,639

Taxation

 

(501)

(366)

(1,539)

 

 

 

 

 

Profit for the period

 

2,595

2,395

5,100

Attributable to:

 

 

 

 

Equity holders of the parent

 

2,595

2,395

5,100

 

 

2,595

2,395

5,100

Earnings per share from continuing operations

 

 

 

 

attributable to equity holders of the parent

 

 

 

 

Basic (pence)

4

5.62

5.37

11.38

Diluted (pence)

 

5.47

5.17

10.88

 

The above results were derived from continuing operations.

Earnings before interest, tax depreciation and amortisation for the period ended 31 December 2020 were £4,858,000. (Period ended 31 December 2019 £4,306,000. Year ended 30 June 20 £9,964,000).

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Condensed Consolidated Statement of Comprehensive Income for the six months ended 31 December 2020

 

 

6 months ended

6 months ended

Year ended

 

 

31-Dec-20

31-Dec-19

30-Jun-20

 

 

(unaudited)

(unaudited)

(audited)

 

 

£'000

£'000

£'000

Profit for the period

 

2,595

2,395

5,100

Items that will be reclassified subsequently to Profit and loss

 

 

 

 

Exchange differences on translation of foreign operations

 

(30)

(304)

314

Other comprehensive income for the period

 

(30)

(304)

314

 

 

 

 

 

Total comprehensive income for the period

 

2,565

2,091

5,414

Attributable to:

 

 

 

 

Equity holders of the parent

 

2,565

2,091

5,414

 

 

2,565

2,091

5,414

 

Condensed Consolidated Statement of Financial Position as at 31 December 2020

 

 

6 months ended

6 months ended

Year ended

 

 

31-Dec-20

31-Dec-19

30-Jun-20

 

 

(unaudited)

(unaudited)

(audited)

 

 

£'000

£'000

£'000

Non-current assets

 

 

 

 

Investment

 

807

807

807

Goodwill and other Intangible assets

 

12,770

13,190

13,250

Property, plant and equipment

 

8,603

5,934

8,080

Deferred tax asset

 

852

997

1,544

 

 

23,032

20,928

23,681

Current assets

 

 

 

 

Inventories

 

3,993

2,664

4,619

Trade and other receivables

 

5,888

4,819

6,422

Cash and cash equivalents

 

7,307

4,169

6,212

 

 

17,188

11,652

17,253

Total assets

 

40,220

32,580

40,934

Capital and reserves

 

 

 

 

Called up share capital

 

465

447

453

Share premium account

 

12,891

11,735

12,634

Merger reserve

 

2,205

2,205

2,205

Foreign exchange reserves

 

367

(221)

397

Retained earnings

 

13,150

10,066

12,767

Equity attributable to equity holders of parent

 

29,078

24,232

28,456

Minority interest

 

7

7

7

 

 

 

 

 

Total equity

 

29,085

24,239

28,463

Current liabilities

 

 

 

 

Trade and other liabilities

 

3,688

2,614

4,560

Contingent liability

 

76

112

112

Current tax liabilities

 

688

968

1,182

Current leased asset liabilities

 

870

-

817

Total current liabilities

 

5,322

3,694

6,671

Non-current liabilities

 

 

 

 

Deferred tax

 

612

747

615

Non-current leased asset liabilities

 

5,201

3,900

5,185

Total liabilities

 

11,135

8,341

12,471

Total equity and liabilities

 

40,220

32,580

40,934

 

Condensed Consolidated Statement of Changes in Equity for the six months ended 31 December 2020

 

Share Capital

Share Premium

Merger reserve

Foreign exchange reserve

Retained earnings

Total attributable to owners of the parent

Non-controlling interests

Total Equity

 

£'000

£'000

£'000

£'000

£'000

£'000

£'000

£'000

30 June 2019

446

11,427

2,205

83

9,191

23,352

7

23,359

Transactions with owners

 

 

 

 

 

 

 

 

Dividends paid

 

 

 

 

(1,562)

(1,562)

 

(1,562)

Shares issued

1

308

 

 

 

309

 

309

Share-based payments

 

 

 

 

234

234

 

234

Adoption of IFRS 16

 

 

 

 

(192)

(192)

 

(192)

Total transactions with owners

1

308

 

 

(1,520)

(1,211)

 

(1,211)

Profit for the period ended 31 December 2019

 

 

 

 

2,395

2,395

 

2,395

Other comprehensive income :-

 

 

 

 

 

 

 

 

Exchange differences on translation of foreign operations

 

 

 

(304)

 

(304)

 

(304)

Total comprehensive income

 

 

 

(304)

2,395

2,091

 

2,091

31 December 2019

447

11,735

2,205

(221)

10,066

24,232

7

24,239

Transactions with owners

 

 

 

 

 

 

 

 

Dividends paid

 

 

 

 

(1,059)

(1,059)

 

(1,059)

Shares issued

6

899

 

 

 

905

 

905

Share-based payments

 

 

 

 

201

201

 

201

Adoption of IFRS 16

 

 

 

 

(50)

(50)

 

(50)

Deferred tax through equity

 

 

 

 

904

904

 

904

Total transactions with owners

6

899

 

 

(4)

901

 

901

Profit for the period ended 30 June 2020

 

 

 

 

2,705

2,705

 

2,705

Other comprehensive income :-

 

 

 

 

 

 

 

 

Exchange differences on translation of foreign operations

 

 

 

618

 

618

 

618

Total comprehensive income

 

 

 

618

2,705

3,323

 

3,323

30 June 2020

453

12,634

2,205

397

12,767

28,456

7

28,463

Transactions with owners

 

 

 

 

 

 

 

 

Dividends paid

 

 

 

 

(1,785)

(1,785)

 

(1,785)

Shares issued

12

257

 

 

 

269

 

269

Share-based payments

 

 

 

 

260

260

 

260

Deferred tax through equity

 

 

 

 

(686)

(686)

 

(686)

Total transactions with owners

12

257

 

 

(2,211)

(1,942)

 

(1,942)

Condensed Consolidated Statement of Changes in Equity for the six months ended 31 December 2020 (continued)

 

 

 

 

 

 

Share Capital

Share Premium

Merger reserve

Foreign exchange reserve

Retained earnings

Total attributable to owners of the parent

Non-controlling interests

Total Equity

 

£'000

£'000

£'000

£'000

£'000

£'000

£'000

£'000

Total transactions with owners brought forward

12

257

 

 

(2,211)

(1,942)

 

(1,942)

 

 

 

 

 

 

 

 

 

Profit for the period ended 31 December 2020

 

 

 

 

2,594

2,594

 

2,594

Other comprehensive income :-

 

 

 

 

 

 

 

 

Exchange differences on translation of foreign operations

 

 

 

(30)

 

(30)

 

(30)

Total comprehensive income

 

 

 

(30)

2,594

2,564

 

2,564

31 December 2020

465

12,891

2,205

367

13,150

29,078

7

29,085

 

Condensed Consolidated Statement of Cash Flows for the six months ended 31 December 2020

 

 

6 months ended

6 months ended

Year ended

 

 

31-Dec-2020

31-Dec-2019

30-Jun-2020

 

 

(unaudited)

(unaudited)

(audited)

 

Note

£'000

£'000

£'000

Cash flows from operating activities

 

 

 

 

Profit before tax

 

3,096

2,761

6,639

Adjustments to cash flows from non-cash items

 

 

 

 

Depreciation of leased assets

 

346

326

692

Depreciation of plant, property & equipment

 

309

348

598

Amortisation of intangible asset

 

714

858

1,201

Impairment of intangible asset

 

33

33

67

Gain on fair value of investment

 

-

(111)

(111)

Share based payments - IFRS 2

 

260

234

435

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

 

(3)

-

54

Lease interest

 

99

66

165

Unrealised loss in foreign exchange

 

55

(140)

(157)

Finance income

 

-

-

(1)

 

 

4,909

4,375

9,582

Working capital adjustments

 

 

 

 

Decrease/(increase) in inventories

 

626

288

(1,655)

Decrease/(increase) in trade and other receivables

 

534

330

(805)

(Decrease)/increase in trade and other payables

 

(872)

(693)

1,007

Corporation tax paid

 

(989)

(477)

(1,140)

Net cash flow from operating activities

 

4,208

3,823

6,989

Cash flows from investing activities

 

 

 

 

Interest received

 

-

-

1

Purchase of intangible assets

 

(341)

(325)

(610)

Purchase of subsidiary undertakings & deferred consideration

 

(36)

(594)

(595)

Purchase of property plant and equipment

 

(730)

(1,111)

(1,770)

Net cash used in investing activities

 

(1,107)

(2,030)

(2,974)

Cash flows from financing activities

 

 

 

 

Payment of lease liabilities

 

(435)

(397)

(614)

Share issues

 

269

309

1,214

Dividends paid

 

(1,785)

(1,562)

(2,621)

Net cash used in financing activities

 

(1,951)

(1,650)

(2,021)

Net increase/(decrease) in cash and cash equivalents

 

1,150

143

1,994

Cash and cash equivalents at the beginning of the period

 

6,212

4,170

4,170

Exchange differences on cash and cash equivalents

 

(55)

(144)

48

Cash and cash equivalents at the end of the period

 

7,307

4,169

6,212

 

 

 

 

           

 

Notes to the Financial Statements for the six months ended 31 December 2020

1

Accounting policies

Basis of Preparation

For the year ended 30 June 2020, the Group prepared consolidated financial statements under International Financial Reporting Standards ('IFRS') as adopted by the European Union (EU). These condensed consolidated interim financial statements (the interim financial statements) have been prepared under the historical cost convention. They are based on the recognition and measurement principles of IFRS in issue as adopted by the European Union (EU) which are effective from 1 July 2020.

 

Standards effective from 1 January 2020

The following standards and interpretations apply for the first time to financial reporting periods commencing on or after 1 January 2020:

 

· IFRS 3 - Definition of a Business (effective 1 January 2020)

· IAS 1 and 8 - Definition of Material (effective 1 January 2020)

· IFRS 9, IAS 39 and IFRS 7 - Interest rate benchmark reform (effective 1 January 2020)

· IFRS 17 Insurance contracts (effective 1 January 2021)

· IAS 1 - Classification of liabilities as current or non-current (effective 1 January 2022)

 

The Directors anticipate that the adoption of IFRS 17 in future periods will have no material effect on the financial statements of the Group.

 

There are no other standards that are not yet effective and that would be expected to have a material impact on the Group in the current or future reporting periods and on foreseeable future transactions.

 

None of the standards, interpretations and amendments effective for the first time from 1 July 2020 have had a material effect on the financial statements.

 

Accounting Policies

The interim report is unaudited and has been prepared on the basis of IFRS accounting policies.

 

The accounting policies adopted in the preparation of this unaudited interim financial report are consistent with the most recent annual financial statements being those for the year ended 30 June 2020.

 

The financial information for the six months ended 31 December 2020 and 31 December 2019 has not been audited and does not constitute full financial statements within the meaning of Section 434 of the Companies Act 2006.

 

The financial information relating to the year ended 30 June 2020 does not constitute full financial statements within the meaning of Section 434 of the Companies Act 2006. This information is based on the Group's statutory accounts for that period. The statutory accounts were prepared in accordance with International Financial Reporting Standards ("IFRS") and received an unqualified audit report and did not contain statements under Section 498(2) or (3) of the Companies Act 2006. These financial statements have been filed with the Registrar of Companies.

 

 

 

2

Segmental Analysis

Management considers the Company's revenue lines to be split into three operating segments, which span the different Group entities. The operating segments consider the nature of the product sold, the nature of production, the class of customer and the method of distribution. The Company's operating segments are identified initially from the information which is reported to the chief operating decision maker.

 

The first segment concerns the manufacture and sale of medical device decontamination products which are used primarily for infection control in hospitals. This segment generates approximately 78% of Company revenues (2019: 80%).

 

The second segment which constitutes 12% (2019: 8%) of the business activity, relates to the manufacture and sale of hospital environmental surface disinfection products.

 

The third segment addresses the pharmaceutical and personal care product manufacturing industries, veterinary and animal welfare sectors and has generated 10% (2019: 12%) of the Company's revenues this year.

 

The operation is monitored and measured on the basis of the key performance indicators of each segment, these being revenue and gross profit, and strategic decisions are made on the basis of revenue and gross profit generating from each segment.

 

The Company's centrally incurred administrative expenses and operating income, and assets and liabilities, cannot be allocated to individual segments.

 

 

 

 

 

 

6 Months ended

6 Months ended

  Year ended

 

 

31 December 2020

31 December 2019

  30 June 2020

 

 

(unaudited)

(unaudited)

  (audited)

 

 

Hospital medical device decontamination

Hospital environmental surface disinfection

Other revenue

Total

Hospital medical device decontamination

Hospital environmental surface disinfection

Other revenue

Total

Hospital medical device decontamination

Hospital environmental surface disinfection

Other revenue

Total

 

 

£000

£000

£000

£000

£000

£000

£000

£000

£000

£000

£000

£000

 

Revenue

13,107

2,036

1,608

16,751

11,700

1,100

1,834

14,634

23,497

4,882

3,299

31,678

 

Cost of material

(2,035)

(754)

(633)

(3,421)

(1,909)

(406)

(715)

(3,030)

(4,499)

(1,132)

(800)

(6,431)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Gross profit

11,072

1,282

975

13,330

9,791

694

1,119

11,604

18,998

3,750

2,499

25,247

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Centrally incurred income and expenses not attributable to individual segments:

 

 

 

 

 

 

 

 

 

 

Depreciation and amortisation of non-financial assets

(1,402)

 

 

 

(1,239)

 

 

 

(2,558)

 

Other administrative expenses

(8,472)

 

 

 

(7,298)

 

 

 

(15,449)

 

Share-based payments

(260)

 

 

 

(234)

 

 

 

(435)

 

Segment operating profit

3,196

 

 

 

2,833

 

 

 

6,805

 

Segment operating profit can be reconciled to Group profit before tax as follows:

 

 

 

 

 

 

 

 

 

 

Segment operating profit

3,196

 

 

 

2,833

 

 

 

6,805

 

Finance income

-

 

 

 

-

 

 

 

1

 

Finance costs

(100)

 

 

 

(72)

 

 

 

(167)

 

Group profit

3,096

 

 

 

2,761

 

 

 

6,639

 

                                                     

 

 

 

 

 

6 Months ended

6 Months ended

Year ended

 

 

31 December 2020

31 December 2019

30 June 2020

 

 

(unaudited)

(unaudited)

(audited)

 

 

Hospital medical device decontamination

Hospital environmental surface disinfection

Other revenues

Total

Hospital medical device decontamination

Hospital environmental surface disinfection

Other revenues

Total

Hospital medical device decontamination

Hospital environmental surface disinfection

Other revenues

Total

 

 

£000

£000

£000

£000

£000

£000

£000

£000

£000

£000

£000

£000

 

UK & Europe direct

9,395

1,830

1,194

12,419

8,530

953

1,416

10,899

16,768

3,891

2,528

23,187

 

APAC region direct

2,527

131

215

2,873

2,116

67

188

2,371

4,613

231

374

5,218

 

Worldwide distributors

1,185

75

199

1,459

1,054

80

230

1,364

2,116

760

397

3,273

 

 

13,107

2,036

1,608

16,751

11,700

1,100

1,834

14,634

23,497

4,882

3,299

31,678

 

                                   

 

 

3

Dividends

Amounts recognised as distributions to equity holders in the year:

 

6 months ended

6 months ended

Year ended

 

31 December 2020

31 December 2019

30 June 2020

 

(unaudited)

(unaudited)

(audited)

 

£000

£000

£000

Ordinary shares of 1p each

 

 

 

Final dividend for the year ended 30 June 2020 of 3.84p (2019:3.50p) per share **

1,785

1,562

1,562

Interim dividend for the year ended 30 June 2020 of 2.34p (2019: 2.04p) per share

-

-

1,059

 

1,785

1,562

2,621

Proposed interim dividend for the year ended 30 June 2021 of 2.62p (2020: 2.34p) per share

1,211

1,046

-

 

 

** Based on shares in issue at 14 December 2020 of 46,493,808 (14 December 2019 of 44,635,823).

 

The proposed interim dividend has not been included as a liability in the financial statements.

 

 

4

Earnings per share

The calculations of earnings per share are based on the following profits and number of shares:

 

6 months ended

6 months ended

Year ended

 

31 December 2020

31 December 2019

30 June 2020

 

(unaudited)

(unaudited)

(audited)

 

£000

£000

£000

Retained profit for the financial year attributable to equity holders of the parent

2,595

2,395

5,100

 

Shares

Shares

Shares

 

'000

'000

'000

 

Number

Number

Number

Weighted average number of ordinary shares for the purpose of basic earnings per share

46,203

44,604

44,831

Share options

1,246

1,762

2,033

 

47,449

46,366

46,864

Earnings per ordinary share

 

 

 

Basic (pence)

5.62p

5.37p

11.38p

Diluted (pence)

5.47p

5.17p

10.88p

 

£'000

£'000

£'000

Retained profit for the financial year attributable to equity holders of the parent

2,595

2,395

5,100

Adjustments:

 

 

 

Share based payments

260

234

435

Net adjustments

260

234

435

Adjusted earnings

2,855

2,629

5,535

Adjusted basic earnings per ordinary share (pence)

6.18p

5.89p

12.35p

 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact [email protected] or visit www.rns.com.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.
 
END
 
 
IR FZGMZNLGGMZM

a d v e r t i s e m e n t