Financial Express (Holdings) Limited (“we”, “our”, “us” and derivatives) are committed to protecting and respecting your privacy. This Privacy Policy, together with our Terms of Use, sets out the basis on which any personal data that we collect from you, or that you provide to us, will be processed by us relating to your use of any of the below websites (“sites”).

  • FEAnalytics.com
  • FEInvest.net
  • FETransmission.com
  • Investegate.co.uk
  • Trustnet.hk
  • Trustnetoffshore.com
  • Trustnetmiddleeast.com

For the purposes of the Data Protection Act 1998, the data controller is Trustnet Limited of 2nd Floor, Golden House, 30 Great Pulteney Street, London, W1F 9NN. Our nominated representative for the purpose of this Act is Kirsty Witter.

WHAT INFORMATION DO WE COLLECT ABOUT YOU?

We collect information about you when you register with us or use any of our websites / services. Part of the registration process may include entering personal details & details of your investments.

We may collect information about your computer, including where available your operating system, browser version, domain name and IP address and details of the website that you came from, in order to improve this site.

You confirm that all information you supply is accurate.

COOKIES

In order to provide personalised services to and analyse site traffic, we may use a cookie file which is stored on your browser or the hard drive of your computer. Some of the cookies we use are essential for the sites to operate and may be used to deliver you different content, depending on the type of investor you are.

You can block cookies by activating the setting on your browser which allows you to refuse the setting of all or some cookies. However, if you use your browser settings to block all cookies (including essential cookies) you may not be able to access all or part of our sites. Unless you have adjusted your browser setting so that it will refuse cookies, our system will issue cookies as soon as you visit our sites.

HOW WE USE INFORMATION

We store and use information you provide as follows:

  • to present content effectively;
  • to provide you with information, products or services that you request from us or which may interest you, tailored to your specific interests, where you have consented to be contacted for such purposes;
  • to carry out our obligations arising from any contracts between you and us;
  • to enable you to participate in interactive features of our service, when you choose to do so;
  • to notify you about changes to our service;
  • to improve our content by tracking group information that describes the habits, usage, patterns and demographics of our customers.

We may also send you emails to provide information and keep you up to date with developments on our sites. It is our policy to have instructions on how to unsubscribe so that you will not receive any future e-mails. You can change your e-mail address at any time.

In order to provide support on the usage of our tools, our support team need access to all information provided in relation to the tool.

We will not disclose your name, email address or postal address or any data that could identify you to any third party without first receiving your permission.

However, you agree that we may disclose to any regulatory authority to which we are subject and to any investment exchange on which we may deal or to its related clearing house (or to investigators, inspectors or agents appointed by them), or to any person empowered to require such information by or under any legal enactment, any information they may request or require relating to you, or if relevant, any of your clients.

You agree that we may pass on information obtained under Money Laundering legislation as we consider necessary to comply with reporting requirements under such legislation.

ACCESS TO YOUR INFORMATION AND CORRECTION

We want to ensure that the personal information we hold about you is accurate and up to date. You may ask us to correct or remove information that is inaccurate.

You have the right under data protection legislation to access information held about you. If you wish to receive a copy of any personal information we hold, please write to us at 3rd Floor, Hollywood House, Church Street East, Woking, GU21 6HJ. Any access request may be subject to a fee of £10 to meet our costs in providing you with details of the information we hold about you.

WHERE WE STORE YOUR PERSONAL DATA

The data that we collect from you may be transferred to, and stored at, a destination outside the European Economic Area (“EEA”). It may be processed by staff operating outside the EEA who work for us or for one of our suppliers. Such staff may be engaged in, amongst other things, the provision of support services. By submitting your personal data, you agree to this transfer, storing and processing. We will take all steps reasonably necessary, including the use of encryption, to ensure that your data is treated securely and in accordance with this privacy policy.

Unfortunately, the transmission of information via the internet is not completely secure. Although we will do our best to protect your personal data, we cannot guarantee the security of your data transmitted to our sites; any transmission is at your own risk. You will not hold us responsible for any breach of security unless we have been negligent or in wilful default.

CHANGES TO OUR PRIVACY POLICY

Any changes we make to our privacy policy in the future will be posted on this page and, where appropriate, notified to you by e-mail.

OTHER WEBSITES

Our sites contain links to other websites. If you follow a link to any of these websites, please note that these websites have their own privacy policies and that we do not accept any responsibility or liability for these policies. Please check these policies before you submit any personal data to these websites.

CONTACT

If you want more information or have any questions or comments relating to our privacy policy please email [email protected] in the first instance.

 Information  X 
Enter a valid email address

Zytronic PLC (ZYT)

  Print      Mail a friend       Annual reports

Tuesday 17 May, 2016

Zytronic PLC

Interim Results for six months ended 31 March 2016

RNS Number : 3962Y
Zytronic PLC
17 May 2016
 


17 May 2016

 

 

Zytronic plc

("Zytronic" or the "Group")

Interim Results for the six months ended 31 March 2016

Zytronic plc, a leading specialist manufacturer of touch sensors, announces its consolidated interim results for the six months ended 31 March 2016.

Overview

·      Group revenue of £9.9m (H1 2015: £10.0m)

·      Touch revenues account for 84% of total (H1 2015: 80%)

·      Gross profit margin improved to 42.3% (H1 2015: 39.9%)

·      Profit before tax increased by 8% to £1.8m (H1 2015: £1.6m)

·      Earnings per share ("EPS") increased to 9.6p (H1 2015: 8.7p)

·      Interim dividend increased by 10% to 3.45p per share (2015 interim dividend: 3.14p)

·      Net cash increased by £1.0m to £9.5m (30 September 2015: £8.5m)

 

Commenting on the results, Chairman, Tudor Davies said:

"The second half has so far experienced a similar trend with touch product revenues continuing to increase relative to the traditional products."

 

 

 

Enquiries:

Zytronic plc

Mark Cambridge, Chief Executive

Claire Smith, Group Finance Director

 

0191 414 5511

N+1 Singer

Aubrey Powell, Liz Yong, Tom Smale

020 7496 3000

 

Notes to Editors

 

Zytronic is the developer and manufacturer of a unique range of internationally award-winning and patented touch sensor products, operating from three modern factories totaling 80,000ft2 near Newcastle-upon-Tyne in the United Kingdom.

 

Zytronic touch products employ an embedded sensing solution and are readily configurable to enable multi-user and multi-touch touch sensing in ultra-large form factor sizes from five inches to 85", making them an ideal solution for system designers' specific requirements, offering significant durability, environmental stability and optical enhancement benefits to touch interactivity for industrial, self-service and public access equipment.


 

 

Chairman's statement

 

 

Introduction

We are pleased to announce that the year has started well with a continuing improvement in margins and profits combined with strong cash generation in the first half.

Results

Profit after tax increased by 11% to £1.5m (2015: £1.3m) principally as a result of an improved gross margin of 42.3% (2015: 39.9%) on slightly lower sales of £9.9m (2015: £10.0m). Diluted earnings per share increased by 10% to 9.5p (2015: 8.6p).

Whilst revenues were slightly lower by 1% at £9.9m, this was to some extent expected and consistent with the strategy of moving away from the business' traditional glass displays and growing its technologically advanced touch product business. 

Sales of touch products accounted for 84% of the business (2015: 79%), as sales of touch products increased by £0.4m to £8.3m (2015: £7.9m), and sales of glass displays and filter products reduced by £0.5m to £1.6m (2015: £2.1m). 

The Group has continued to see growth and opportunities in areas that require larger size touch sensors, in particular, demand in its large format curved products developed for the gaming industry. The strategy continues to be to expand its global sales reach by concentrating on the applicable markets where the combination of expertise and capabilities in rugged glass solutions, larger format touch technology and developing product functionality provides a competitive advantage.

Cash Generation

The Group generated a net cash inflow of £2.5m before investment of £0.4m in capital expenditure and the payment of dividends of £1.4m, resulting in an increase in net cash to £9.5m as at 31 March 2016 after the mortgage liability (30 September 2015: £8.5m).

Dividend

The Directors have declared a 10% increase to the interim dividend to 3.45p per share (2015: 3.14p) payable on 22 July 2016 to shareholders on the Register on 8 July 2016.

Outlook

The second half has so far experienced a similar trend with touch product revenues continuing to increase relative to the traditional products, and the consequent improved margins from this change in mix and the move towards the more niche larger touch sensors. We expect to continue to make progress and will update shareholders as appropriate during the year.   

 

Tudor Davies B.Sc.

Chairman

17 May 2016

 

 

 



 

Consolidated statement of comprehensive income

Unaudited results for the six months to 31 March 2016

 

 

 



Six months to

Six months to

Year to



31 March

31 March

30 September



2016

2015

2015



Unaudited

Unaudited

Audited


Notes

£'000

£'000

£'000

Group revenue


9,868

10,004

21,267

Cost of sales


(5,692)

(6,015)

(12,366)

Gross profit


4,176

3,989

8,901

Distribution costs


(198)

(115)

(278)

Administration expenses


(2,220)

(2,246)

(4,073)

Group operating profit


1,758

1,628

4,550

Finance costs


(12)

(15)

(29)

Finance revenue


8

11

23

Profit before tax


1,754

1,624

4,544

Tax expenses

 

3

(271)

(290)

(775)

Profit for the period


1,483

1,334

3,769

Earnings per share





Basic

 

4

9.6p

8.7p

24.7p

Diluted

 

4

9.5p

8.6p

24.3p

All profits are from continuing operations

 

 

 

Consolidated statement of changes in equity

Unaudited results for the six months to 31 March 2016

 


Called up





share

Share

Retained



capital

premium

earnings

Total


£'000

£'000

£'000

£'000

At 30 September 2015

 

153

7,552

12,986

20,691

Profit for the period

 

-

-

1,483

1,483

Exercise of share options

 

1

214

-

215

Share-based payments

 

-

-

35

35

Dividends

 

-

-

(1,368)

(1,368)

At 31 March 2016 (unaudited)

 

154

7,766

13,136

21,056

 



 

 

Consolidated balance sheet

Unaudited results at 31 March 2016

 


At

At

At


31 March

31 March

30 September


2016

2015

2015


Unaudited

Unaudited

Audited


Notes

£'000

£'000

£'000

Assets




Non-current assets




Intangible assets

 

1,507

1,415

1,427

Property, plant and equipment

 

7,547

7,677

7,807


9,054

9,092

9,234

Current assets




Inventories

 

3,140

3,085

3,214

Trade and other receivables

 

3,362

3,076

3,055

Other current financial assets

 

-

110

-

Cash and short term deposits

 

10,757

8,730

9,833


17,259

15,001

16,102

Total assets

 

26,313

24,093

25,336

Liabilities




Current liabilities




Trade and other payables

 

1,378

1,656

971

Financial liabilities

 

200

200

200

Other current financial liabilities

 

470

519

89

Accruals

 

1,013

959

1,201

Tax liabilities

 

286

232

255


3,347

3,566

2,716

Non-current liabilities




Financial liabilities

 

1,096

1,243

1,144

Provisions

 

5

170

102

136

Government grants

 

54

63

59

Deferred tax liabilities (net)

 

590

596

590


1,910

2,004

1,929

Total liabilities

 

5,257

5,570

4,645

Net assets

 

21,056

18,523

20,691

Equity




Equity share capital

 

154

153

153

Share premium

 

7,766

7,430

7,552

Revenue reserve

 

13,136

10,940

12,986

Total equity

 

21,056

18,523

20,691


 

Consolidated cashflow statement

Unaudited results for the six months to 31 March 2016

 

 



Six months to

Six months to

Year to



31 March

31 March

30 September



2016

2015

2015



Unaudited

Unaudited

Audited


Notes

£'000

£'000

£'000

Operating activities





Profit from continuing operations


1,754

1,624

4,544

Net finance costs


4

4

6

Depreciation and impairment of property, plant and equipment


405

362

708

Amortisation and impairment of intangible assets


152

166

336

Loss on disposal of intangible assets


-

-

54

Amortisation of government grant


(5)

-

(4)

Share-based payments


35

88

180

Fair value movement on foreign exchange forward contracts


381

233

(87)

Working capital adjustments





Decrease/(increase) in inventories


74

41

(88)

(Increase)/decrease in trade and other receivables


(313)

(8)

13

Increase/(decrease) in trade and other payables and provisions


286

163

(249)

Cash generated from operations


2,773

2,673

5,413

Tax paid


(234)

(89)

(556)

Net cashflow from operating activities


2,539

2,584

4,857

Investing activities





Interest received


8

11

23

Proceeds from disposal of property, plant and equipment


-

-

3

Receipt of government grant


-

63

63

Payments to acquire property, plant and equipment


(176)

(499)

(994)

Payments to acquire intangible assets


(232)

(168)

(388)

Net cashflow from investing activities


(400)

(593)

(1,293)

Financing activities





Interest paid


(12)

(15)

(26)

Dividends paid to equity shareholders of the parent


(1,368)

(1,093)

(1,574)

Proceeds from share issues relating to options


215

141

263

Repayment of borrowings


(50)

(100)

(200)

Net cashflow from financing activities


(1,215)

(1,067)

(1,537)

Increase in cash and cash equivalents


924

924

2,027

Cash and cash equivalents at the beginning of the period


9,833

7,806

7,806

Cash and cash equivalents at the end of the period

7

10,757

8,730

9,833

 


Notes to the interim report

Unaudited results for the six months to 31 March 2016

 

 

1. Basis of preparation

The financial information in these interim statements is prepared under the historical cost convention and in accordance with international accounting standards. It does not constitute statutory accounts as defined in Section 435 of the Companies Act 2006 and does not reflect all the information contained in the Group's annual report and financial statements.

The tax charge is calculated by applying the Directors' best estimate of the annual tax rate to the profit for the period. Other expenses are accrued in accordance with the same principles used in the preparation of the annual report and financial statements.

The interim results for the six months to 31 March 2016 are not reviewed by Ernst & Young LLP and accordingly no opinion has been given.

The interim financial statements have been prepared using the same accounting policies and methods of computation used to prepare the 2015 annual report and financial statements.

The financial information for the six months to 31 March 2016 and the comparative financial information for the six months to 31 March 2015 have not been audited. The comparative financial information for the year ended 30 September 2015 has been extracted from the 2015 annual report and financial statements.

The annual report and financial statements for the year ended 30 September 2015, which were approved by the Board of Directors on 7 December 2015, received an unqualified audit report, did not contain a statement under Section 498(2) or (3) of the Companies Act 2006 and have been filed with the Registrar of Companies.

The Group has one reportable business segment comprising the development and manufacture of customised optical products to enhance electronic display performance. Products in this reportable business segment include touch sensors, filters and other laminated products. All revenue, profits or losses before tax and net assets are attributable to this reportable business segment.

2. Basis of consolidation

The Group results consolidate the accounts of Zytronic plc and all its subsidiary undertakings drawn up to 31 March 2016.

3. Tax charge on profit on ordinary activities

The estimated tax rate for the year of 15.5% has been applied to the half year's profit before tax, in accordance with the Auditing Standard Board's statement on interim reports.

4. Earnings per share

Basic EPS is calculated by dividing the profit attributable to ordinary equity holders of the Company by the weighted average number of ordinary shares in issue during the period. All activities are continuing operations and therefore there is no difference between EPS arising from total operations and EPS arising from continuing operations.

For the six months to 31 March 2016 and 2015

 



Weighted



Weighted




average



average




number



number



Earnings

of shares

EPS

Earnings

of shares

EPS


31 March

31 March

31 March

31 March

31 March

31 March


2016

2016

2016

2015

2015

2015


£'000

Thousands

Pence

£'000

Thousands

Pence

Profit on ordinary activities after tax

 

1,483

15,369

9.6

1,334

15,221

8.7

Basic EPS

 

1,483

15,369

9.6

1,334

15,221

8.7

  

 

The weighted average number of shares for diluted EPS is calculated by including the weighted average number of shares under option.



Weighted



Weighted




average



average




number



number



Earnings

of shares

EPS

Earnings

of shares

EPS


31 March

31 March

31 March

31 March

31 March

31 March


2016

2016

2016

2015

2015

2015


£'000

Thousands

Pence

£'000

Thousands

Pence

Profit on ordinary activities after tax

 

1,483

15,369

9.6

1,334

15,221

8.7

Weighted average number of shares under option

 

-

197

(0.1)

-

235

(0.1)

Diluted EPS

 

1,483

15,566

9.5

1,334

15,456

8.6

 

 

For the year to 30 September 2015



Weighted




average




number



Earnings

of shares

EPS


30 September

30 September

30 September


2015

2015

2015


£'000

Thousands

Pence

Profit on ordinary activities after tax

 

3,769

15,259

24.7

Basic EPS

 

3,769

15,259

24.7

 

The weighted average number of shares for diluted EPS is calculated by including the weighted average number of shares under option.



Weighted




average




number



Earnings

of shares

EPS


30 September

30 September

30 September


2015

2015

2015


£'000

Thousands

Pence

Profit on ordinary activities after tax

 

3,769

15,259

24.7

Weighted average number of shares under option

 

-

239

(0.4)

Diluted EPS

 

3,769

15,498

24.3

 

5. Provisions











Long term




Incentive scheme

Total



£'000

£'000

At 1 October 2015

 


136

136

Arising during the year

 


34

34

At 31 March 2016

 


170

170

Non-current

 


170

170

 

Long term incentive scheme

The provision for the long term incentive scheme relating to the Chief Executive,  the Group Finance Director and other management personnel is calculated based on future expectations that the bonus will be payable.  Management has assessed the criteria that determine the payout and taken a view that a proportion of the bonus should again be provided for in the half year ended 31 March 2016.

 

6.  Dividends

The Directors propose the payment of an interim dividend of 3.45p per share (2015 interim dividend: 3.14p), payable on 22 July 2016 to shareholders on the Register on 8 July 2016. This dividend has not been accrued in these interim accounts. The dividend payment will be approximately £532,000.


Six months to

Six months to

Year to


31 March

31 March

30 September


2016

2015

2015


Unaudited

Unaudited

Audited


£'000

£'000

£'000

Ordinary dividends on equity shares




Final dividend of 7.16p per ordinary share paid on 13 March 2015

 

-

1,093

1,093

Interim dividend of 3.14p per ordinary share paid on 24 July 2015

 

-

-

481

Final dividend of 8.87p per ordinary share paid on 11 March 2016

 

1,368

-

-


1,368

1,093

1,574

 

7. Cash and cash equivalents


Six months to

Six months to

Year to


31 March

31 March

30 September


2016

2015

2015


Unaudited

Unaudited

Audited


£'000

£'000

£'000

Cash at bank and in hand

 

10,757

8,730

9,833

 

For the purpose of the consolidated cashflow statement, cash and cash equivalents comprise the following:

 


Six months to

Six months to

Year to


31 March

31 March

30 September


2016

2015

2015


Unaudited

Unaudited

Audited


£'000

£'000

£'000

Cash at bank and in hand

 

9,088

7,588

8,583

Short term deposits

 

2,586

2,570

2,578

Bank overdraft

 

(917)

(1,428)

(1,326)


10,757

8,730

9,833

 

Cash at bank earns interest at floating rates based on daily bank deposit rates. Short term deposits are made for variable lengths, being overnight, three months or one year (with break conditions), depending on the immediate cash requirements of the Group, and earn interest at variable rates.

 

At 31 March 2016 the Group had available a net £1.0m (cash less overdrawn accounts) overdraft facility from Barclays Bank plc which will fall for review in November 2016.

 

The fair value of cash and cash equivalents is £10.8m (31 March 2015: £8.7m).

 

8. Availability of the Interim Report

A copy of the interim report is available on the Company's website, www.zytronicplc.com, and can be obtained from the Company's registered office: Whiteley Road, Blaydon-on-Tyne, Tyne and Wear, NE21 5NJ. Copies will be sent to shareholders shortly.

 

 

 

 


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

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