TIDMAPC
RNS Number : 6159Z
APC Technology Group PLC
21 May 2019
21 May 2019
APC Technology Group PLC
("APC", the "Company" or the "Group")
Unaudited Interim Results for the half year ended 28 February
2019
APC Technology Group PLC (AIM: APC), the provider of design-in,
specification and distribution services for specialist electronic
components and systems, lighting technologies and connectivity
products, is pleased to announce its unaudited interim results for
the half year ended 28 February 2019.
Adjusted results (continuing operations Half year Half year
before exceptional costs and share based ended 28 ended 28
payments) February February
2019 2018
GBP000 GBP000 % increase
Revenue 10,662 8,616 23.7%
EBITDA (Earnings before interest, tax,
depreciation and amortisation) 851 581 46.5%
Adjusted operating profit 844 557 51.5%
Adjusted profit before tax 657 384 71.1%
Earnings per share (pence) 0.4p 0.3p 31.0%
Statutory results Half year Half year
ended 28 ended 28
February February
2019 2018
GBP000 GBP000 % increase
Revenue 10,662 8,616 23.7%
Operating profit 657 526 24.9%
Profit before tax 470 353 33.1%
Basic earnings per share (pence) 0.3p 0.3p
A reconciliation between the statutory and adjusted results
shown above is contained in note 5 to the interim financial
statements.
Financial and operational highlights
-- Revenue increased to GBP10.6m (H1 2018: GBP8.6m), up 24% from
the GBP8.5m posted in H2 2018.
-- Adjusted profit before tax increased by 71% to GBP0.66m (H1
2018: GBP0.38m) with adjusted earnings per share increasing by 31%
compared with H1 2018.
-- Operating profit from continuing operations before
exceptional costs and share based payments increased 51% to
GBP0.84m (H1 2018: GBP0.56m).
-- Operating profit margin increased by 21.5% from 6.5% in H1
2018 to 7.9% in the current period
-- Pre-tax profit for the period increased to GBP0.47m (H1 2018:
GBP0.35m), compared with GBP0.6m for the whole year ended 31 August
2018.
-- Period-end cash balances increased by GBP0.5m to GBP0.8m (H1 2018: GBP0.3m).
-- Net debt decreased further by GBP1.3m to GBP2.7m (H1 2018:
GBP4.0m) with all high interest-bearing loan notes now repaid.
-- Further reduction in trade and other creditors since last
financial year, as the Group continues to invest in strengthening
supplier relationships.
-- Group now concentrating on proven business model of the
technical sales of specialist electronic components, products and
systems.
-- Acquisition of Wavelength Electronics Limited in November
2018, which adds further complementary lines to the Group
offering.
-- Robust pipeline of further bolt-on acquisition opportunities
identified to aid this strategy.
-- Group processes being streamlined to realise synergies and
establish robust back-office platform to absorb further
acquisitions.
Commenting on the results, Richard Hodgson, Chief Executive,
said:
"These results show a further increase in the Group's
profitability and demonstrate the continuing success of the
strategy of concentrating on the technical sales of specialist
electronic components, products and systems. We are achieving this
growth through our stated strategy of increased revenue from our
existing technologies, signing new product lines and carefully
targeted bolt-on acquisitions.
We have also strengthened our balance sheet, with positive cash
flow during the period and a decrease in debt, whilst achieving a
reduced fixed cost base and a centralised support structure that is
capable of absorbing further acquisitions.
Once again I would like to thank our staff for the wholehearted
way in which they have embraced this strategy and for the positive
additional contribution that staff of our acquired companies have
brought to the Group's team spirit and energy."
Enquiries
APC Technology Group PLC +44 (0) 330 313 3220
Richard Hodgson, Chief Executive www.apcplc.com
Stockdale Securities Limited (Nominated Adviser and Broker) +44 (0)20 7601 6100
Mark Brown / Antonio Bossi
Board review
The Board is pleased to report unaudited interim financial
results for the half year ended 28 February 2019.
The period has seen further increases in turnover and profit
compared with the equivalent period in 2018. These encouraging
results stem from the decision we took in 2017 to concentrate on
our core business, the technical sales of specialist electronic
components, products and systems. These results are a vindication
of our simple strategy of: selling more of our existing
technologies; signing-up new technologies; and completing strategic
bolt-on acquisitions
The period also saw a significant further reduction in our debt,
with all of the high interest bearing convertible loans paid off by
the end of November 2018 and with cash balances increasing.
Acquisitions update
In November 2018, the Group completed its third acquisition in
twelve months: Wavelength Electronics Limited ("Wavelength") was
acquired for a total consideration of GBP494,000. Details of this
acquisition are set out in note 6 of the interim financial
statements. In the year to 31 December 2018 Wavelength had a gross
profit of GBP472,000.
Wavelength has more than 25 years' experience as a
representative of electronic component manufacturers. Operating in
similar market sectors to the core APC and Aspen components
businesses, Wavelength represents a group of well-known
manufacturers of components and systems for applications including
high reliability, power control and conversion, RF and microwave
interconnect, man-machine interfaces and sensing. These
manufacturers include industry-leading brands such as Q-Tech,
Corning Dubilier, State of the Art, Astrodyne, Presidio and
Vanguard. These additional product lines will enhance the Group's
ability to sell into the UK's high reliability industries,
including Space.
The Board is pleased with the integration and performance of all
three acquisitions done so far. They are all trading at a run rate
higher than acquired levels and in all cases have added to the
Group's product and service offering. These businesses have also
brought with them additional sales and technical expertise. The
Group is also on track to deliver the targeted synergies in these
transactions with the associated profit margin enhancement.
Operations update
Wavelength's representation business complements the Group's
design-in distribution business, which is now concentrated on five
focused technology portfolios, each managed by specialist business
teams with specific technical expertise combined with in-depth
industry and product knowledge, supported by a shared service
framework of marketing, sales, logistics and administration.
High Reliability Electronics (trading as APC Hi-Rel) - the
technical sale of high-reliability, high temperature and high
voltage electronic components, semiconductors and power solutions,
selling primarily into the aerospace and defence industries. Over
the period this team has added to its product lines and is very
focussed on the growing UK space market. This market access has
been enhanced by the acquisition of Wavelength, which brings with
it further expertise in this area;
Component services and sourcing solutions (trading as APC
Locator) - offers a range of services relating to the location of
obsolete, end of life and hard to find components, including
obsolescence management, component requalification and
anti-counterfeit testing. This is a growing market with the world
shortage in components. This business also enables the Group to
form strategic partnerships with its larger blue chip customers.
APC's historical experience in this area was strengthened in
January 2018 by the acquisition of First Byte Micro Limited,
resulting in an expansion of this activity;
Radio Frequency and Microwave (trading as APC RF &
Microwave) - distributes high performance connectors, passive and
active devices and related electronic components, selling primarily
into the defence, telecoms, wireless and broadband markets. This
business was boosted by the acquisition of Aspen Electronics
Limited ("Aspen") in July 2018. This enlarged team is now one of
the largest independent groups servicing RF & Microwave in the
UK. The team has had great success in the period with products sold
into counter IED systems;
Time and Frequency Synchronisation (trading as APC Time) -
provides time and frequency synchronisation systems to financial
institutions, government bodies, broadcasters, telecoms
organisations and rail companies. This continues to be a growing
business for the Group. We have added to the lines we represent, to
be able to offer a one stop shop for time synchronisation and
network assurance. We have broadened our client and industry base.
For example we are now providing solutions to the UK's largest
broadcasters. Time synchronisation and network assurance impacts
many industries and we are well placed to take advantage of this
market growth as it happens;
Property Technology: This business combines the expertise of our
Lighting Technologies business (trading as APC Lighting) and our
connectivity, sensing and Internet of Things business (trading as
APC Smartwave) to form a bespoke provider of high-end technology
solutions to facility management companies. We have achieved
further growth in our core Lighting customer base, but in addition
we have added to the products that we are selling with an increase
in solutons for smart building systems. EEVS Performance Management
sits alongside these two, to provide energy verification services
in connection with energy performance contracts by facilities
management companies or energy-saving measures funded by public
sector organisations.
Summary of financial performance
Revenue for the period was GBP10.7m (H1 2018: GBP8.6m),
representing an increase of 24% over the corresponding period in
2018. The increase included the effect of a full six months'
trading of Aspen (acquired in July 2018) and three months trading
of Wavelength.
Gross profit increased by 20% from GBP2.9m to GBP3.5m based on
the higher turnover. Overall gross profit margin for the period was
32.4% (H1 2018: 34.2%), reflecting the current mix of products in
the enlarged Group. The recent restructuring has achieved a lower
overhead base that mitigates this effect.
Operating profit before exceptional and non-recurring expenses,
share based payments, interest and tax was GBP844k (H1 2018:
GBP557k), representing a 51% increase. Operating profit margin
increased by 21.5% from 6.5% in H1 2018 to 7.9% in the current
period. This is a key indicator of the successful strategy of
folding incremental gross profit into a controlled cost base.
Overheads on continuing operations were GBP2.61m (H1 2018:
GBP2.39m); tight cost control limited the increase to 9.3% despite
the acquisitions of Aspen and Wavelength.
Adjusted profit (before exceptional and non-recurring costs), as
calculated in note 5 to the interim financial statements, was
GBP657k (H1 2018: GBP384k), an increase of 71%, as a result of
which earnings per share calculated on this basis improved 31% from
0.3p to 0.4p.
Exceptional and non-recurring expenses increased from GBP5k in
H1 2018 to GBP158k in the period due to the Group's acquisitive
strategy. These costs are predominantly the result of restructuring
to achieve synergies in later periods.
After exceptional and non-recurring expenses, share based
payments, interest and tax, the Group is reporting a GBP510k
post-tax profit for the period, an increase of 28% compared to
GBP398k in H1 2018, resulting in a basic and diluted EPS of 0.3p
(H1 2018: 0.3p).
Balance sheet and cash flow
Working capital (excluding net debt) moved from a surplus of
GBP0.73m at 31 August 2018 to a surplus of GBP0.75m at 28 February
2019, despite the acquisitions referred to above.
Net debt at the end of the period was GBP2.7m, including GBP0.8m
of cash, GBP2.9m drawn on the ABN invoice finance facility and
GBP0.6m from the Pay4 trade payment facility. This compares with
net debt of GBP4.0m at 28 February 2018 and GBP3.1m at 31 August
2018, including the loan notes, which were fully paid off during
the period.
The repayment of the loan notes means that the bulk of the
Group's borrowing is concentrated with the ABN invoice discounting
facility of up to GBP6m. The facility continues with no fixed
termination date and provides further capacity for growth, both
organic and acquisitive.
Cash flow for the period resulted in an overall increase in net
cash of GBP0.5m from February 2018 and GBP0.1m from 31 August 2018.
This was driven by a strong surplus of GBP0.5m from operations,
which facilitated a net decrease of GBP0.4m in borrowings compared
with 31 August 2018..
The Board's strategy has been to invest cash from operations,
together with surplus funds from the equity raise, into reducing
net debt, whilst maintaining strong supplier relationships.
No new shares were issued during the half-year, but
approximately 2.7m shares have been issued since the period-end,
partly in lieu of directors' and professional fees and partly
through the exercise of share options.
Board changes
Following the successful completion of the Group's turnaround,
Michael Thompson decided to leave the business in March 2019 to
pursue other challenges. The Board would like to thank him for his
efforts and service and he has our every best wish for the future.
The Board are not looking to replace Michael, as the Group has a
strong financial control function supported by other Group
services.
Outlook
The Group continues to reap the benefits of its clear strategy
for moving forward with profitable cash-generative growth. This
strategy has three tactical strands:
Increase revenue through our established and growth
technologies. This growth is largely being driven by market or
compliance requirements and is being achieved through reorganised
and incentivised sales teams, strengthened by staff from our new
acquisitions.
Growth by signing new proven technology partners. Further
signings took place during the period and we are continuing to
target other complementary technologies.
Sales growth through bolt-on acquisitions. The targets are
established companies, with gross profit of GBP0.5m or more, that
can provide additional revenue consistent with APC's strategic
profile, together with a bank of existing customers. The
acquisition of Wavelength is the latest example of this
strategy.
The Group continues to trade in line with management
expectations and the Board remains confident in its three faceted
growth strategy.
Once again we would like to thank the Group's employees for
their dedication and hard work, and our customers, suppliers and
shareholders for their continued support.
The Board of Directors
21 May 2019
CONDENSED CONSOLIDATED STATEMENT OF INCOME
for the half year ended 28 February 2019
==============================================================================================
Results Exceptional Half year Half year
from and ended ended Year ended
operations non-recurring 28 February 28 February 31 August
expenses 2019 2018 2018
(unaudited) (unaudited) (unaudited) (unaudited) (audited)
GBP000 GBP000 GBP000 GBP000 GBP000
Note
Revenue 3 10,662 - 10,662 8,616 17,149
Cost of sales (7,206) - (7,206) (5,670) (11,468)
------------ --------------- ------------------ ------------------ -------------------
Gross profit 3,456 - 3,456 2,946 5,681
Administration
expenses (2,612) - (2,612) (2,389) (4,571)
Operating
profit before
exceptional
and
non-recurring
expenses 844 - 844 557 1,110
Exceptional
and
non-recurring
expenses 4 - (158) (158) (5) (128)
Share based
payments (29) - (29) (26) (32)
Operating
profit 815 (158) 657 526 950
Finance costs
(net) (187) - (187) (173) (395)
------------ --------------- ------------------ ------------------ -------------------
Profit before
taxation 628 (158) 470 353 555
Taxation credit 40 - 40 45 78
------------ --------------- ------------------ ------------------ -------------------
Profit for the
period 668 (158) 510 398 633
------------ --------------- ------------------ ------------------ -------------------
Basic earnings
per
share 5 0.3p 0.3p 0.5p
Diluted
earnings per
share 5 0.3p 0.3p 0.5p
Adjusted basic
earnings
per share 5 0.4p 0.3p 0.5p
Adjusted
diluted
earnings
per share 5 0.4p 0.3p 0.5p
There were no other items of comprehensive income. Accordingly
no consolidated statement of comprehensive income has been
prepared.
CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION
for the half year ended 28 February 2019
===============================================================================================
28 February 28 February 31 August
2019 2018 2018
(unaudited) (unaudited) (audited)
GBP000 GBP000 GBP000
Non-current assets
Intangible assets 9,842 7,856 9,126
Property, plant and equipment 560 29 564
10,402 7,885 9,690
Current assets
Inventories 1,323 1,089 1,330
Trade and other receivables 3,797 3,671 4,133
Current tax asset 40 - 73
Cash and cash equivalents 845 277 777
6,005 5,037 6,313
Total assets 16,407 12,922 16,003
Current liabilities
Trade and other payables (4,392) (4,102) (4,375)
Borrowings (3,595) (4,272) (3,820)
Current tax liability (73) - -
(8,060) (8,374) (8,195)
Total assets less current liabilities 8,347 4,548 7,808
Non-current liabilities
Deferred tax (110) - (110)
Net assets 8,237 4,548 7,698
================ ================ =================
Equity attributable to equity
holders of the company
Called up share capital 3,597 2,698 3,597
Share premium account 14,890 13,232 14,890
Share option valuation reserve 337 323 308
Merger reserve 4,987 4,635 4,987
Retained earnings (15,574) (16,340) (16,084)
---------------- ---------------- -----------------
Total equity 8,237 4,548 7,698
================ ================ =================
CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
for the half year ended 28 February 2019
Attributable to the equity holders
of the parent
-------------------------------------------- --------------
Share
Share option
Share premium valuation Merger Retained
capital account reserve reserve earnings Total
GBP000 GBP000 GBP000 GBP000 GBP000 GBP000
-------- ------------ ---------- -------- -------------- --------------
For the half year
ended 28 February
2019
At 1 September
2018 3,597 14,890 308 4,987 (16.084) 7,698
-------- ------------ ---------- -------- -------------- --------------
Profit for the
period - - - - 510 510
Other
comprehensive
income - - - - - -
-------- ------------ ---------- -------- -------------- --------------
Total
comprehensive
income - - - - 510 510
-------- ------------ ---------- -------- -------------- --------------
Transactions with
equity holders of
the parent
Share option
charge - - 29 - - 29
- - 29 - - 29
-------- ------------ ---------- -------- -------------- --------------
At 28 February
2019
(unaudited) 3,597 14,890 337 4,987 (15,574) 8,237
======== ============ ========== ======== ============== ==============
For the half year
ended 28 February
2018
At 1 September
2017 2,698 13,232 297 4,635 (16,738) 4,124
-------- ------------ ---------- -------- -------------- --------------
Profit for the
period - - - - 398 398
Other
comprehensive
income - - - - - -
-------- ------------ ---------- -------- -------------- --------------
Total
comprehensive
income - - - - 398 398
-------- ------------ ---------- -------- -------------- --------------
Transactions with
equity holders of
the parent
Share option
charge - - 26 - - 26
- - 26 - - 26
-------- ------------ ---------- -------- -------------- --------------
At 28 February
2018
(unaudited) 2,698 13,232 323 4,635 (16,340) 4,548
======== ============ ========== ======== ============== ==============
For the year ended
31 August 2018
At 1 September 2017
(audited) 2,698 13,232 297 4,635 (16,738) 4,124
------------------ -------------- ---- ------ --------- ----------------
Profit for the year - - - - 633 633
Other comprehensive
income - - - - - -
------------------ -------------- ---- ------ --------- ----------------
Total comprehensive
income - - - - 633 633
------------------ -------------- ---- ------ --------- ----------------
Transactions with
equity holders of
the parent
Issue of new shares 899 1,784 - 352 - 3,035
Costs associated with
share issue - (126) - - - (126)
Share option charge - - 11 - 21 32
899 1,658 11 352 21 2,941
------------------ -------------- ---- ------ --------- ----------------
At 31 August 2018
(audited) 3,597 14,890 308 4,987 (16,084) 7.698
================== ============== ==== ====== ========= ================
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS
for the half year ended 28 February 2019
=========================================================================================================
Half year Half year Year
ended ended ended
28 February 28 February 31 August
2019 2018 2018
(unaudited) (unaudited) (audited)
Note GBP000 GBP000 GBP000
Reconciliation of cash flows
from operating activities
Profit before taxation including
discontinued operations for
the period 470 353 554
Finance costs (net) 187 173 395
Taxation receipts 40 45 111
Depreciation of property, plant
and equipment 7 24 43
Increase in inventories (49) (257) (76)
Decrease/(increase) in trade
and other receivables 438 (686) (136)
Decrease in trade and other
payables (542) (229) (1,211)
Share-based payments charge 29 26 32
Net cash from/(used in) operating
activities 580 (551) (288)
----------------- ------------------- -----------------
Cash flows from investing activities
Acquisition of property, plant
and equipment - - (5)
Acquisition of subsidiary company,
net of cash acquired 6 (100) (478) (1,971)
Sale of other investment - 307 307
Net cash used in investing activities (100) (171) (1,669)
----------------- ------------------- -----------------
Cash flows from financing activities
Finance costs (net) (187) (173) (395)
Proceeds of share issue (net
of associated costs) - - 2,409
Finance leases - - (4)
Increase in short-term borrowings 230 695 447
Loan notes (repaid)/issued (455) 100 (100)
Net cash (used in) /from financing
activities (412) 622 2,357
----------------- ------------------- -----------------
Increase/(decrease) in net cash 68 (100) 400
----------------- ------------------- -----------------
Cash and cash equivalents at
start of period 777 377 377
Increase/(decrease) in net cash 68 (100) 400
Cash and cash equivalents at
end of period 845 277 777
================= =================== =================
NOTES TO THE INTERIM REPORT
for the half year ended 28 February 2019
1. General information
APC Technology Group PLC is a public limited company ("the
Company") incorporated in the United Kingdom under the Companies
Act 2006 (registration number 01635609).
The Company is domiciled in the United Kingdom and its
registered address is 6 Stirling Park, Laker Road, Rochester, Kent,
ME1 3QR. The Company's Ordinary Shares are traded on the
Alternative Investment Market ("AIM") of the London Stock Exchange.
The principal activity of the Company and its subsidiary
undertakings (together "the Group") is the design, specification
and distribution of specialist electronic components and
systems.
2. Basis of preparation
This unaudited consolidated interim financial information has
been prepared in accordance with IFRS as adopted by the European
Union. The principal accounting policies used in preparing the
interim results are those it expects to apply in its financial
statements for the year ended 31 August 2019 and are unchanged from
those disclosed in the Company's Annual Report for the year ended
31 August 2018.
The financial information does not contain all of the
information that is required to be disclosed in a full set of IFRS
financial statements. The financial information for the six months
ended 28 February 2019 and 28 February 2018 is unreviewed and
unaudited and does not constitute the Company's statutory financial
statements for those periods. The comparative financial information
for the full year ended 31 August 2018 has, however, been derived
from the audited statutory financial statements for that period. A
copy of those statutory financial statements has been delivered to
the Registrar of Companies. The auditor's report on those accounts
was unqualified, did not include references to any matters to which
the auditor drew attention by way of emphasis without qualifying
its report and did not contain a statement under section 498(2)-(3)
of the Companies Act 2006.
The financial information in the interim report is presented in
UK pounds sterling and all values are rounded to the nearest
thousand pounds (GBP000), except where otherwise indicated.
3. Segmental information
Operating Segments
IFRS 8 "Operating Segments", requires consideration of the chief
operating decision maker ('CODM') within the Company. In line with
the Company's internal reporting framework and management
structure, the key strategic and operating decisions are made by
the CEO, who reviews internal monthly management reports, budget
and forecast information as part of this process. Accordingly, the
CEO is deemed to be the CODM.
The Company operates within a single reportable segment, being
the provision of design-in distribution services for specialist
electronic components, products and systems.
Half year Half year Year
ended ended ended
28 February 28 February 31 August
2019 2018 2018
(unaudited) (unaudited) (audited)
GBP000 GBP000 GBP000
Revenue by geographic location
UK 10,294 8,397 16,685
North America 78 74 140
Europe and Asia 290 145 324
------------ -------------- ---------------
10,662 8,616 17,149
============ ============== ===============
4. Exceptional and non-recurring expenses
Half year Half year Year
ended ended ended
28 February 28 February 31 August
2019 2018 2018
(unaudited) (unaudited) (audited)
Corporate re-organisation costs,
as follows: GBP000 GBP000 GBP000
Compromise agreements and redundancy
costs 158 - 37
Dilapidations and onerous lease
provisions - 5 -
Professional fees - - 91
--------------- ------------- ---------------
158 5 128
=============== ============= ===============
5. Earnings per share
The calculation of basic earnings per share is based on the
profit after taxation attributable to equity holders of the parent
company for the period and the weighted average number of shares in
issue during the period.
Diluted earnings per share is calculated by adjusting the
weighted average number of shares outstanding by the dilutive
effect of shares that the Company may potentially issue relating to
its share option scheme.
The result for the year and the weighted average number of
shares used in the calculations are set out below:
Half year Half year Year
ended ended ended
28 February 28 February 31 August
2019 2018 2018
(unaudited) (unaudited) (audited)
GBP000 GBP000 GBP000
Net profit after tax for the period 510 398 633
----------------- ------------------ ----------------
Weighted average number of shares
(000's) 179,884 134,913 139,472
Basic earnings per share 0.3p 0.3p 0.5p
================= ================== ================
Dilutive/free shares (000's) 917 945 917
----------------- ------------------ ----------------
Diluted number of shares (000's) 180,801 135,858 140,389
Diluted earnings per share 0.3p 0.3p 0.5p
================= ================== ================
The Directors believe that a more realistic view of the Group's
underlying performance is provided by utilising a calculation of
adjusted earnings per share, based on operating profit before
exceptional costs and share based payments. The adjusted
calculation is shown below:
Half Year
Half year year
ended ended ended
28 February 28 February 31 August
2019 2018 2018
(unaudited) (unaudited) (audited)
GBP000 GBP000 GBP000
Profit before tax for the period 470 353 555
Adjustments:
Exceptional costs 158 5 128
Share based payments 29 26 32
------------ ------------ ----------
Adjusted profit before tax for the
period 657 384 715
Finance costs (net) 187 173 395
------------ ------------ ----------
Adjusted operating profit 844 557 1,110
Depreciation and amortisation 7 24 43
------------ ------------ ----------
Earnings before interest, tax, depreciation
and amortisation (EBITDA) 851 581 1,153
============ ============ ==========
The adjusted earnings per share, based on the weighted number of
shares in issue during the period, are calculated below:
Half Year
Half year year
ended ended ended
28 February 28 February 31 August
2019 2018 2018
(unaudited) (unaudited) (audited)
GBP000 GBP000 GBP000
Adjusted profit before tax 657 384 715
Taxation credit 40 45 78
------------ ------------ ----------
Adjusted profit after tax 697 429 793
------------ ------------ ----------
Adjusted basic earnings per share 0.4p 0.3p 0.5p
Adjusted fully diluted earnings
per share 0.4p 0.3p 0.5p
============ ============ ==========
6. Acquisition of subsidiary company
On 22 November 2018 the Group completed the acquisition of
Wavelength Electronics Limited ("Wavelength"), an independent
premium distributor and representative of electronic components.
The net consideration consisted of GBP494,000, to be satisfied in
cash, payable one third on completion, one third in 12 monthly
instalments and the balance 12 months from completion. In the year
to 31 December 2018 Wavelength had a gross profit of
GBP472,000.
7. Copies of Interim report
The interim report is available to view and download from the
Company's website at www.apcplc.com. If shareholders would like a
hard copy of the interim report, they should contact the Company
Secretary,
APC Technology Group PLC, 6 Stirling Park, Laker Road,
Rochester, Kent, ME1 3QR. Alternatively shareholders may request
copies by e-mailing: investors@apcplc.com.
This information is provided by RNS, the news service of the
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Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
IR SESFMSFUSEII
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