TIDMCAMB
RNS Number : 5432X
Cambria Automobiles Plc
05 May 2021
The information contained within this announcement is deemed by
the Company to constitute inside information stipulated under the
Market Abuse Regulation (EU) No. 596/2014. Upon the publication of
this announcement via the Regulatory Information Service, this
inside information is now considered to be in the public
domain.
5 May 2021
Cambria Automobiles plc
("Cambria" or the "Group")
Unaudited Interim Results 2021
Cambria Automobiles plc (AIM: CAMB), the franchised motor
retailer, is pleased to announce its unaudited interim results for
the six months ended 28 February 2021. The Group has performed
ahead of the prior year despite operating through the various COVID
related Lockdown and Tiering restrictions imposed by the UK
Government.
During the period, all of the Group's showrooms were closed for
82 days due to Lockdown restrictions, with the majority closed for
a further 16 days as they operated in Tier 4 restricted regions.
All Group showrooms were able to re-open on 12 April in line with
Government guidance. Pleasingly, the Group was able to operate a
digital click and collect service in the sales operation and
aftersales departments remained open throughout the Lockdown and
Tier 4 restrictions. During the period, the Group utilised the
Government's Coronavirus Job Retention Scheme (CJRS) and the
Business Rates reliefs to support its staff and trading operations
given the enforced retail site closures .
Current Trading and Outlook
As flagged in the Group's pre-close trading update, the new car
order bank entering March was behind the previous year, however
despite being in Lockdown throughout this key plate change month,
the Group delivered a similar number of new cars year on year. The
used car operation performed well. Following the re-opening of the
Group's showrooms on 12 April, trading has begun positively however
it remains too early to draw any firm conclusions about the trading
outlook at this stage.
Aside from other industry headwinds which have been flagged
previously, there is now a global semiconductor shortage that is
impacting the production of cars and vans with temporary factory
closures at a number of the vehicle manufacturers. These closures
are having an impact on vehicle supply into both the retail and
fleet new car and van markets which in turn has had an impact on
the liquidity of supply into the used car market.
We continue to withhold guidance until we have more certainty
over new vehicle supply, the economic environment as we come out of
Lockdown 3 and the impact of the ending of the CJRS and vaccine
roll-out on consumer demand.
Financial highlights:
-- Revenue reduced by 16.0% to GBP254.7m (H1 2020: GBP303.1m)
-- Underlying profit before tax up 55.5% at GBP9.8m (H1 2020: GBP6.3m)
-- Underlying earnings per share increased 52.4% to 7.79p (H1 2020: 5.11p)
-- Underlying net profit margin of 3.83% (H1 2020: 2.07%)
-- Balance sheet with net assets of GBP79.5m (H1 2020: GBP68.5m)
-- Net debt position as at 28 February 2021 of GBP5.6m (H1 2020: GBP6.0m)
-- Rolling twelve month return on equity* of 15.82% (H1 2020: 15.85%)
-- As previously signalled, interim dividend suspended in light
of COVID 19 impact (H1 2020: Nil)
Operational highlights:
-- Units of new vehicle sales reduced by 16.6%, as anticipated,
with an 8.8% reduction in average profit per unit
-- Units of used vehicle sales down 30.8%; partially offset by a
18.2% improvement in average profit per unit
-- Aftersales revenue decreased by 12.7% but with improvement in gross profit
-- The cost reduction measures taken during the last financial
year have enabled the Group to be leaner and more agile despite the
impact on volumes as a result of COVID
-- Set up SOGO Mobility Limited as a provider of flexible
leasing solutions for corporates and individuals
* underlying profit after tax as a proportion of Average
Shareholder's funds
Mark Lavery, Chief Executive of Cambria, said:
"Whilst I am pleased with the overall performance of the Group
in the first half of our financial year, the imposition of various
Lockdown restrictions has clearly had a material impact on the
volume of cars that we have been able to sell to our Guests. There
is no doubt that most retail operations learnt vital lessons during
Lockdown 1 to adapt to different trading models and our business
was no different, seamlessly migrating towards a digital click and
collect offering for vehicle sales whilst operating the aftersales
departments as efficiently as possible.
We took significant actions to reduce our cost base in the
previous financial year and were always concerned that there would
be a third Lockdown based on the national data in the autumn of
2020. The reduced volumes have translated into reduced gross
profits in the new and used car departments but our aftersales
operations have performed well, being more efficient and therefore
more profitable.
Aside from COVID, the industry continues to face headwinds in
relation to the significant changes in technology and more recently
in relation to new car product supply due to the global shortage of
microchips and semi-conductors, which could continue for some time
and may have a material impact on the new car market.
I am very proud of the response of our entire Associate base and
thank them for all the support and flexibility that they have
shown. I would also like to thank our Brand partners for their
pragmatism and ongoing support throughout the pandemic. The trading
performance that has been produced in the face of the challenges
outlined is good. Our resilient business model, outstanding Guest
experience and brand partnerships continue to help us navigate the
current environment and our enhanced franchised portfolio stands us
in good stead to benefit from the opportunities that will present
themselves as we emerge from the pandemic."
Enquiries:
Cambria Automobiles Tel: 01707 280 851
Mark Lavery, Chief Executive
James Mullins, Finance Director
www.cambriaautomobilesplc.com
N+1 Singer - Nomad & Joint Broker Tel: 020 7496 3000
Mark Taylor / Jen Boorer
Zeus Capital - Joint Broker Tel: 020 7533 7727
Dominic King
FTI Consulting Tel: 020 3727 1000
Alex Beagley / James Styles /
Sam Macpherson
About Cambria - www.cambriaautomobilesplc.com
Cambria Automobiles ("Cambria") was established in 2006 and has
built a balanced portfolio of high luxury, premium and volume car
dealerships, comprising over 40 franchises representing major
brands across the UK. The Group's businesses are autonomous and
trade under local brand names, including County Motor Works, Dees,
Doves, Grange, Invicta, Motorparks and Pure Triumph.
The Group's strategy is to complement its existing franchise and
brand portfolio by acquiring earnings enhancing operations, using
its strong balance sheet and disciplined approach to capital
allocation.
Cambria's medium-term ambition is to create a GBP1 billion
turnover business producing attractive returns on capital.
CHIEF EXECUTIVE'S REVIEW
Introduction
I am pleased to report an improved set of results for the
period, delivering underlying profit before tax of GBP9.8m, up
55.5% on the prior year. The result in the first half of our
2020/21 financial year has been significantly impacted by COVID
with reduced volumes of new and used cars sales. The Aftersales
business has remained strong and the cost base reductions initiated
in the previous financial year and supported by Government
stimulus, including the utilisation of the CJRS, have directly
contributed to the increased profitability of the Group.
Financial highlights:
Six months Six months Change
ended ended
28 February 29 February
2021 2020
Revenue GBP254.7m GBP303.1m -16.0%
Underlying EBITDA* GBP13.1m GBP10.1m +29.7%
Underlying EBITDA excluding
IFRS 16** GBP11.8m GBP8.8m +34.1%
Underlying operating
profit* GBP10.4m GBP7.2m +44.4%
Underlying profit before
tax* GBP9.8m GBP6.3m +55.5%
Underlying profit before
tax margin* 3.83% 2.07% +176bps
Underlying earnings per
share* 7.79p 5.11p +52.4%
Operating profit GBP10.3m GBP7.0m +47.1%
Profit before tax GBP9.7m GBP6.1m +59.0%
Earnings per share 7.73p 4.99p +54.9%
Dividend per share - -
*Underlying numbers in H1 2021 exclude non-recurring expenses of
GBP0.07m (H1 2020: GBP0.1m). See note 4
** The adoption of IFRS 16 has an impact on the PBT, Operating
Profit and EBITDA calculation as a result of the operating lease
expense for rent payable being unwound and replaced with
depreciation and finance expense. See Note 3
Underlying profit before tax was up 55.5% to GBP9.8m (H1 2020:
GBP6.3m) with the Group's net profit margin at 3.83%.
Underlying operating profit increased 44.4% to GBP10.4m (H1
2020: GBP7.2m), which resulted in an operating margin of 4.08% (H1
2020: 2.38%).
Underlying earnings per share were 7.79p (H1 2020: 5.11p).
Gross profit decreased by 12.3% to GBP32.2m (H1 2020: GBP36.7m)
with the new car division down GBP2.5m; used cars down GBP2.2m and
aftersales up GBP0.2m. The overall gross profit margin across the
Group showed an increase over the previous period to 12.6% (H1
2020: 12.1%).
The Group's operational cost base was well controlled as a
result of the cost reduction actions taken in the previous
financial year. During the period the Group benefitted from the UK
Government's CJRS and Business Rates relief measures to a total of
GBP2.45m.
The Board considers GBP0.07m (H1 2020: GBP0.1m) expenses in
relation to sale of property, the expenses associated with business
closures, acquisition fees and refranchising activity to be
non-recurring.
Net finance expenses for the period decreased to GBP0.61m (H1
2020: GBP0.96m). The finance expense relating to the Revolving
Credit facility reduced by GBP0.16m year on year as a result of the
lower interest rate environment. The remainder of the decrease
related to the reduced consignment stock costs which were down
GBP0.1m. The tax charge for the period of GBP1.9m represents an
effective tax rate of 19.78% (H1 2020: 18.56%).
Balance sheet
Cambria has a balance sheet with net assets of GBP79.5m (H1
2020: GBP68.5m), underpinned by GBP82.0m of freehold property. At
the balance sheet date, Revolving Credit Facilities amounting to
GBP19.9m were drawn.
The Group had a net debt position as at 28 February 2021 of
GBP5.6m (H1 2020, net debt: GBP6.0m), reflecting gross debt of
GBP19.9m (H1 2020: GBP26.1m) and the cash position of GBP14.3m (H1
2020: GBP20.1m).
Cash flow
During the period the Group had an operating cash outflow of
GBP4.9m (H1 2020: inflow of GBP3.0m). There was a GBP15.2m outward
movement in working capital in the period, GBP2m of this relates to
the working capital within SOGO mobility to fund the fleet of
vehicles, GBP1m related to the debtor for the sale of the Blackburn
freehold property and GBP10.2m is the result of the VAT movement
following a significant reduction in new vehicle stock before the
August 2020 quarter end and on the freehold purchases in Croydon
and Solihull before the February quarter end.
Cambria has continued to deliver on its property developments
and strategic portfolio enhancement over the past three years.
Since Lockdown 1, CAPEX projects have been restricted and only
committed spend has been deployed. During the period the level of
investment in development projects was significantly lower than in
previous years and therefore the total CAPEX in the period was
GBP2.85m. The major CAPEX items include the final payment for the
Solihull Aston Martin development land of GBP0.7m, the freehold
purchase of the leased site on Brighton Road, Croydon for GBP1.6m
and GBP0.4m on land and professional fees relating to the Brentwood
Jaguar Land Rover, Aston Martin, Bentley and Lamborghini
development site.
Just prior to the period end, the Group completed on the sale of
the freehold property asset held for resale in Blackburn at a sale
price of GBP0.85m. The sale of the vacant property realised a small
loss on disposal of GBP0.04m although the completion funds were not
received until after the period end as outlined above.
The total net cash inflow for the period was GBP8.6m (H1 2020:
outflow GBP6.2m), including GBP17.8m drawn down from the Revolving
Credit Facility.
Dividend
The Board continues to take the prudent decision to suspend
dividend payments until there is more clarity around the impact of
the Coronavirus pandemic.
Acquisitions and openings
Cambria's ongoing strategy is to build on the favourable mix of
its brand portfolio and maintain a good balance of high luxury,
premium and volume brands. It has made good progress over the past
five years in delivering on this strategy by acquiring businesses
and opening dealerships. The Group has also formed a new flexible
mobility business called SOGO Mobility to meet the wider demands of
business fleet operations and individuals who want to have more
choice in their vehicle usage. SOGO is a multi-channel vehicle
ownership operator that provides a range of standard vehicle
leasing, Flexi-lease and Subscription based products, delivering
access to a full range of cars and vans across a number of brands
that the Group does not hold the franchise for.
The Group's development is as follows:
-- Formed SOGO Mobility in January 2021
-- Alfa Romeo and Jeep in Preston in March 2020
-- Aston Martin and Rolls-Royce in Edinburgh in January 2020
-- Vauxhall in Warrington in May 2019
-- Citroen in Oldham in May 2019
-- Suzuki in Maidstone in April 2019
-- Peugeot in Warrington in October 2018
-- Lamborghini in Tunbridge Wells in November 2018
-- Lamborghini in Chelmsford in April 2018
-- McLaren in Hatfield in January 2018
-- Bentley in Essex and Kent in January 2018
-- Formed Repair and Maintenance Plans Limited in October 2017
-- Woodford Jaguar Land Rover in July 2016
-- Aston Martin Birmingham in May 2016
-- Welwyn Garden City Land Rover in January 2016
-- Swindon Land Rover in April 2015
-- Barnet Jaguar Land Rover in July 2014
Operational review
Six months ended 28 February Six months ended 29 February
2021 2020
Revenue Revenue Gross Margin Revenue Revenue Gross Margin
mix profit mix profit
GBPm % GBPm % GBPm % GBPm %
New Vehicles 105.7 41.5 7.2 6.8 121.2 40.0 9.7 8.0
Used Vehicles 121.1 47.5 10.3 8.5 151.4 50.0 12.5 8.3
Aftersales 33.1 13.0 14.7 44.4 37.9 12.5 14.5 38.3
Internal sales (5.2) (2.2) (7.4) (2.5)
-------- -------- -------- ------- -------- -------- -------- -------
Total 254.7 100.0 32.2 12.6 303.1 100.0 36.7 12.1
Admin Expenses (21.8) (29.5)
Underlying Operating
Profit 10.4 7.2
New vehicles sales
H1 2021 H1 2020 Year-on-year
New units 2,572 3,083 (16.6%)
--------- -------- -------------
New vehicle revenue decreased by 12.8% to GBP105.7m (H1 2020:
GBP121.2m) with total new vehicle sales volumes being down 16.6%.
The new vehicle gross profit margin was 6.8% (H1 2020: 8.0%) and
there was a GBP2.4m decrease in gross profit. The average profit
per unit sold decreased by 8.8% year on year as there was a
reduction in volume related bonuses.
The Group's sale of new vehicles to private individuals was
17.7% lower year-on-year at 2,324 units. New commercial vehicle
sales decreased by 1.4% to 136 units and the Group did not have any
low margin Commercial Vehicle fleet deals. New fleet unit vehicle
sales decreased by 7.6% to 109 units.
Used vehicle sales
H1 2021 H1 2020 Year-on-year
Used units 4,431 6,407 (30.8%)
-------- -------- -------------
The Group delivered another good performance in used vehicle
sales whilst operating in the Lockdown and Tier restrictions.
Revenues decreased by 20.0% to GBP121.1m (H1 2020: GBP151.4m)
whilst the number of units sold decreased by 30.8%. The gross
profit on used vehicles decreased by 17.6% to GBP10.3m (H1 2020:
GBP12.5m) as a result of the volume reduction which was partially
offset by the profit per unit sold increasing by 18.2%.
We have continued our focused strategy in the used car
department of increasing the efficiency with which we source,
prepare and market our used vehicles in order to drive the Group's
Velocity trading principles.
Aftersales
H1 2021 H1 2020 Year-on-year
Aftersales
Revenue GBP33.1m GBP37.9m (12.7%)
---------- ---------- -------------
Aftersales revenue decreased by 12.7% year on year to GBP33.1m
(H1 2020: GBP37.9m), and the related gross profit increased to
GBP14.7m (H1 2020: GBP14.5m). The aftersales department contributed
45.7% of the Group's overall gross profit.
Outlook
The new car order bank entering March was behind the previous
year, however despite being in Lockdown throughout this key plate
change month, the Group delivered a similar number of new cars year
on year. The used car operation performed well. Following the
re-opening of the Group's showrooms on 12 April, trading has begun
positively however it remains too early to draw any firm
conclusions about the trading outlook at this stage.
Aside from other industry headwinds which have been flagged
previously, there is now a global semiconductor shortage that is
impacting the production of cars and vans with temporary factory
closures at a number of the vehicle manufacturers. These closures
are having an impact on vehicle supply into both the retail and
fleet new car and van markets which in turn has had an impact on
the liquidity of supply into the used car market.
We continue to withhold guidance until we have more certainty
over new vehicle supply, the economic environment as we come out of
Lockdown 3 and the impact of the ending of the CJRS and vaccine
roll-out on consumer demand.
Mark Lavery
Chief Executive
5 May 2021
Consolidated Statement of Comprehensive Income
for the six months ended 28 February 2021
6 months to 6 months to 12 months to
Notes 28 February 29 February 31 August 2020
2021 2020
GBP000 GBP000 GBP000
Revenue 254,715 303,055 524,016
Cost of Sales (222,556) (266,396) (460,932)
Gross Profit 32,159 36,659 63,084
Administrative expenses:
before exceptional items (21,856) (29,615) (51,039)
Results from operating activities 10,303 7,044 12,045
Finance income 3 47 51
Finance expenses (616) (961) (1,911)
Net finance expenses (613) (914) (1,860)
---------------------------------- ------- ------------ ---------------------------------- ---------------
Profit before tax from operations
before non-
recurring (expense)/income 9,760 6,279 11,143
Non-recurring (expense)/income 4 (70) (149) (958)
Profit before tax 9,690 6,130 10,185
Taxation 6 (1,917) (1,138) (1,969)
Profit and total comprehensive
income for the period 7,773 4,992 8,216
Basic earnings per share 5 7.73p 4.99p 8.22p
Diluted earnings per share 5 7.73p 4.98p 8.17p
Consolidated Statement of Changes in Equity
for the six months ended 28 February 2021
Share Share Retained Total
Capital premium earnings Equity
GBP000s GBP000s GBP000s GBP000s
For the 6 months ended 28
February 2021
Balance at 31 August 2020 10,000 799 60,929 71,728
Profit for the period - - 7,773 7,773
Dividend paid - - - -
Balance at 28 February 2021 10,000 799 68,702 79,501
For the 12 months ended
31 August 2020
Balance at 31 August 2019 10,000 799 54,781 65,580
Impact of adoption of IFRS
16 - - (1,218) (1,218)
At 1 September 2019 - as
restated 10,000 799 53,563 64,362
Profit for the period - - 8,216 8,216
Dividend paid - - (850) (850)
Balance at 31 August 2020 10,000 799 60,929 71,728
For the 6 months ended 29
February 2020
Balance at 31 August 2019 10,000 799 54,781 65,580
Impact of adoption of IFRS
16 (1,218) (1,218)
At 1 September 2019 - as
restated 10,000 799 53,563 64,362
Profit for the period - - 4,992 4,992
Dividend paid - - (850) (850)
Balance at 29 February 2020 10,000 799 57,705 68,504
Consolidated Statement of Financial Position
as at 28 February 2021
As at As at As at
28 February 29 February 31 August 2020
2021 2020
GBP000 GBP000 GBP000
Non-current assets
Property, Plant & equipment 88,109 86,401 86,943
Intangible assets 21,475 21,456 21,527
Right of use assets 5,510 7,282 6,509
Finance lease receivables 84 - 118
115,178 115,139 115,097
Current assets
Inventories 97,515 116,527 83,588
Trade and other receivables 12,563 15,458 9,085
Finance lease receivables 69 - 68
Cash & Cash equivalents 14,280 20,062 5,645
Property assets classified as
held for resale - 899 899
124,427 152,946 99,285
Total assets 239,605 268,085 214,382
Current liabilities
Trade and other payables (127,728) (158,801) (126,546)
Lease liabilities (2,386) (2,479) (2,496)
Contract liabilities (1,877) (991) (1,604)
Taxation (869) (1,472) (1,271)
Provisions (216) (48) (236)
(133,076) (163,791) (132,153)
Non-current liabilities
Other Interest Bearing loans
and borrowings (19,939) (26,105) (2,122)
Lease liabilities (5,175) (7,418) (6,303)
Contract liabilities (1,432) (2075) (1,641)
Deferred tax liability (482) (192) (437)
(27,029) (35,790) (10,501)
Total liabilities (160,104) (199,581) (142,654)
Net assets 79,501 68,504 71,728
Equity attributable to equity
holders of the parent
Share capital 10,000 10,000 10,000
Share premium 799 799 799
Retained earnings 68,702 57,705 60,929
79,501 68,504 71,728
Consolidated Cash flow statement
for the six months ended 28 February 2021
6 months to 6 months to 12 months to
28 February 29 February 31 August 2020
2021 2020
GBP000 GBP000 GBP000
Cash flows from operating activities
Profit for the period 7,773 4,992 8,216
Adjustments for:
Depreciation, amortisation and
impairment 2,773 2,864 5,779
Finance income (3) (47) (51)
Finance expense 616 961 1,911
Taxation 1,917 1,138 1,969
Gain on disposal of property,
plant and equipment (4) - -
Non-recurring expenses 70 149 958
13,142 10,057 18,782
Decrease / (increase) in trade
and other receivables (2,590) (3,341) 2,846
(Increase) / decrease in inventories (13,927) (3,723) 29,216
Increase / (decrease) in trade
and other payables 1,274 1,706 (30,191)
(2,101) 4,699 20,653
Interest paid (471) (658) (1,303)
Taxation paid (2,319) (927) (1,994)
Non-recurring expenses (19) (149) (962)
Net cash flow from operating
activities (4,910) 2,965 16,394
Cash flows from investing activities
Interest received 3 47 51
Proceeds from sale of property,
plant and equipment 5 1 31
Acquisition/purchase of property,
plant and equipment (2,845) (2,980) (3,668)
Acquisition of subsidiary (net
of cash acquired) - - (56)
Acquisition of business (net
of cash acquired) - - (1,671)
Net cash flow from investing
activities (2,837) (2,932) (5,313)
Cash flows from financing activities
Proceeds for new loan 17,817 - -
Interest paid (145) (303) (608)
Repayment of borrowings - (3,983) (27,966)
Lease payments (1,290) (1,134) (2,311)
Dividend paid - (850) (850)
Net cash flow from financing
activities 16,382 (6,270) (31,735)
Net increase/(decrease) in cash
and cash equivalents 8,635 (6,237) (20,654)
Cash and cash equivalents at
start of period 5,645 26,299 26,299
Cash and cash equivalents at
end of period 14,280 20,062 5,645
Notes
1 General information
Cambria Automobiles plc is a company which is listed on AIM, a
market of the London Stock Exchange and is incorporated and
domiciled in England and Wales. The address of the registered
office is Swindon Motor Park, Dorcan Way, Swindon, SN3 3RA. The
registered number of the company is 05754547.
These interim financial statements for the six months ended 28
February 2021 comprise the Company and its subsidiaries (together
referred to as the "Group") and have been prepared in accordance
with Adopted International Financial Reporting Standards as Adopted
by the EU ("Adopted IFRS").
The financial statements for the period ended 28 February 2021
have neither been audited nor reviewed by the auditors. The
financial information for the year ended 31 August 2020 has been
based on information in the audited financial statements for that
period.
2 Accounting policies
The Group's principal activity is the sale and servicing of
motor vehicles and the provision of ancillary services.
The accounting policies adopted in these interim financial
reports are consistent with the Groups financial report for the
year ended 31 August 2020 which can be found on the website:
www.cambriaautomobilesplc.com .
3 Operating Segments
Segmental reporting
The Group complies with IFRS 8 'Operating Segments' which
determines and presents operating segments based on information
presented to the Groups Chief Operating Decision Maker ("CODM"),
the Chief Executive Officer. The Group is operated and managed on a
Dealership by Dealership basis. The CODM receives information both
on a dealership basis and by revenue stream (New, Used,
Aftersales). Given the number of dealerships, it was deemed most
appropriate to present the information by revenue stream for the
purposes of segmental analysis.
Six months ended 28 February Six months ended 29 February
2021 2020
Revenue Revenue Gross Margin Revenue Revenue Gross Margin
mix profit mix profit
GBPm % GBPm % GBPm % GBPm %
New Vehicles 105.7 41.5 7.2 6.8 121.2 40.0 9.7 8.0
Used Vehicles 121.1 47.5 10.3 8.5 151.4 50.0 12.5 8.3
Aftersales 33.1 13.0 14.7 44.4 37.9 12.5 14.5 38.3
Internal sales (5.2) (2.0) (7.4) (2.5)
-------- -------- -------- ------- -------- -------- -------- -------
Total 254.7 100.0 32.2 12.6 303.1 100.0 36.7 12.1
Admin Expenses (21.8) (29.5)
Underlying Operating
Profit 10.4 7.2
The CODM reviews the performance of the business in terms of
both net profit before tax and EBITDA, as such the following table
shows a reconciliation of EBITDA to the Profit before tax.
6 months to 6 months to
28 February 29 February
2021 2020
GBP000 GBP000
Profit Before Tax 9,690 6,130
Net finance expense 479 757
Finance expense IFRS 16 134 157
Depreciation 1,716 1,601
Depreciation - Right of use asset 1,057 1,263
EBITDA 13,076 9,908
Non-recurring Expenses/(Income) 70 149
Underlying EBITDA 13,146 10,057
Net lease payments - pre IFRS 16 (1,358) (1,226)
Underlying EBITDA excluding IFRS 16 11,788 8,831
Non-recurring income (expenses) (70) (149)
EBITDA excluding IFRS 16 11,718 8,682
4 Non-recurring expense
Non-recurring income and expenses are items which derive from
events or transactions that are outside the normal course of
business, and do not directly relate to the on-going operations,
therefore have been separately disclosed in order for the financial
statements to present a true and fair view.
6 months 6 months to
to 28 February 29 February
2021 2020
GBP000 GBP000
Site closures and refranchising
cost (19) (12)
Loss on sale of Freehold (43) -
property
Loss on disposal of plant
and equipment (8)
Acquisitions - (137)
Net non-recurring income
/ (expense) (70) (149)
5 Earnings per share
Basic earnings per share
Basic earnings per share is calculated by dividing the earnings
attributable to equity shareholders by the number of ordinary
shares in issue in the period. There is one class of ordinary share
with 100,000,000 shares in issue.
6 months to 6 months to Year ended
28 February 29 February 31 August 2020
2021 2020
GBP'000 GBP'000 GBP'000
Profit attributable to shareholders 7,773 4,992 8,216
Non-recurring income and expenses 70 149 958
Tax on adjustments (at 19.78
%) (2020: 18.56%) (14) (27) (182)
Adjusted profit attributable
to equity shareholders 7,829 5,113 8,992
Number of share in issue ('000s) 100,000 100,000 100,000
Issuable shares ('000s) 529 - -
Basic earnings per share 7.73p 4.99p 8.22p
Adjusted earnings per share 7.79p 5.11p 8.99p
Diluted Earnings per Share
The Group cash settled a number of the vested share options and
the performance conditions relating to certain other share options
were satisfied and therefore 175,000 share options are considered
dilutive at the period-end.
6 months to 6 months to Year ended
28 February 29 February 31 August 2020
2021 2020
GBP'000 GBP'000 GBP'000
Profit attributable to shareholders 7,773 4,992 8,216
Number of shares in issue (000's) 100,000 100,000 100,000
Issuable shares ('000s) 529
Effect of dilutive share options
(000's) 27 178 604
Adjusted number of shares in
issue ('000s) 100,556 100,178 100,604
Diluted earnings per share 7.73 4.98p 8.17p
6 Taxation
The tax charge for the six months ended 28 February 2021 has
been provided at the effective rate of 19.78% (H1 2020:
18.56%).
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END
IR EAFSLEDDFEAA
(END) Dow Jones Newswires
May 05, 2021 02:00 ET (06:00 GMT)
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