TIDMCRL
RNS Number : 9710T
Creightons PLC
20 November 2019
Creightons plc Group
Unaudited interim financial report
for the six months ended 30 September 2019
Financial highlights
-- Revenue increased by 6.3% to GBP23.75m (2018: GBP22.34m).
-- Gross margin percentage improved by 3.7% to 42.0% (2018: 38.3%).
-- Profit before tax increased by 28.0% to GBP1.77m (2018: GBP1.38m).
-- Operating profit margin of 7.7% (2018: 6.3%).
-- Diluted EPS 2.06p (2018: 1.80p).
-- Net cash inflow from operating activities of GBP3.26m (2018: net cash outflow of GBP1.35m).
-- Net cash on hand GBP1.75m (2018: net borrowing GBP1.96m).
-- Paid final dividend of 0.40p per ordinary share in September 2019 (2018: 0.23p).
-- Interim dividend of 0.15p per ordinary share to be paid in December 2019 (2018: 0.15p).
Operational highlights
-- Overall sales growth maintained.
-- Acquired the Balance Active Formula skincare brand for
GBP500,000 plus legal costs on 21 June 2019. This brand has
contributed GBP304,000 of sales in the period to September
2019.
-- Completed the purchase of the property in Peterborough on
16(th) October 2019 for GBP3.80m plus stamp duty and professional
costs. The purchase was partly funded by a 15 year term loan of
GBP3.04m with the balance funded from working capital.
Chairman's statement
The Group has continued to drive sales and profit growth in the
first half of the year and the impact of the continuing growth can
be seen in the results for the period ending 30 September 2019.
Sales and margin
Group sales were GBP23.75m for the six months ended 30 September
2019 (2018: GBP22.34m) an increase of 6.3%. Driven in the main by
the private label division due to the current demands and agendas
by key retailers, UK and global, to have differentiation in their
product offers. Sales through e-commerce doubled in the period,
albeit from a low base.
Our gross margin was 42.0% in the six months to 30 September
2019 (2018: 38.3%). The improvement came from our review of all low
margin business and putting action in place to improve
contribution, which included targeted price increases, product
re-engineering and a focus on sourcing alternate suppliers. This is
in addition to an improved sales mix within our contract and
branded division. In the branded division we have focused on higher
margin equity brand sales which have substituted a low margin sales
at the value end of the market, particularly with single price
retailers. There will be a continued focus on cost reduction
through all areas of the business from sourcing, to manufacturing
and investment in plant and machinery.
Overheads
Distribution costs have increased by 13.3% to GBP1.17m (2018:
GBP1.04m) and now represent 4.9% of sales (2018: 4.6%). Partly
driven by organic growth but also due to the decision to outsource
the warehousing and distribution of the majority of our finished
goods to a third party logistics provider. We are continuing to
review the warehousing operation to make targeted reductions in
cost in this area.
Administration costs have increased by 13.9% to GBP6.97m (2018:
GBP6.12m) with increased staff costs accounting for 49% of this
increase, partly driven by a decision to reward staff with stepped
pay rises accumulating to 7.5% compared to the previous 6 months.
We are continuing to strengthen the management structure to
position the Group for future growth.
We will continue to manage our overhead cost base to ensure they
are aligned with the anticipated growth of the Group, recruiting
and retaining the skills necessary to meet opportunities as they
arise.
Acquisition and disposal
On 21 June 2019, the company acquired the skincare brand equity
interest, goodwill and intellectual property, of Balance Active
Formula for GBP500,000 as well as their existing stocks. The
acquisition adds to the Group's growing range of beauty and
well-being products contributing GBP304,000 to sales for this
period. On 13 August 2019 the Group sold its 55% interest in the
equity of Amie Skincare Ltd with negligible impact on sales and
profit.
Profit before tax
Profit before tax was GBP1.77m (2018: GBP1.38m), which
represents an increase of 28.0%. The increased sales together with
the improvement in gross margin results in an operating profit
margin of 7.7% (2018: 6.3%).
Tax
The tax charge provided in the accounts of GBP0.26m (2018:
GBP0.19m) represents a rate of 14.7% (2018: 13.5%).
Earnings per share
I am pleased to report that the result of the above is an
improved diluted earnings per share of 2.06p (2018: 1.80p) an
increase of 14.4%.
Dividend Payments
The Board confirms that it will be paying an interim dividend of
0.15 pence per ordinary share (2018: 0.15 pence per ordinary
share), reflecting the continued strong performance the Group to 30
September 2019. This will be paid in December 2019. This is in
addition to the dividend of 0.40 pence per ordinary share we paid
in September 2019 (2018: 0.23 pence per ordinary share), the charge
for which is shown in the accounts to 30 September 2019. The total
payment in relation to the dividend paid in September was GBP0.25m
(2018: GBP0.14m).
Working capital
Net cash on hand (cash and cash equivalents less short term
borrowings and loans) is GBP1.75m (2018: net borrowing of GBP1.96m)
after the payment of GBP0.5m for the acquisition of the Balance
Active Formula skincare brand.
IFRS 16 - Operating leases
The Group has adopted IFRS 16 which requires operating leases to
be recognised on the balance sheet as an asset and a finance lease
obligation. The impact on profit is GBP27,000 with additional
finance costs of GBP68,000 and depreciation of GBP69,000 compared
to operating rental costs of GBP110,000. The balance sheet
recognition resulted in an increase in property, plant and
equipment of GBP819,000 and obligations under finance lease (short
and long term) of GBP846,000.
Peterborough Property
On 16 October 2019, following shareholder approval at Creightons
plc Extraordinary General Meeting, the Group acquired the freehold
property at Peterborough having occupied the property as a tenant
since March 2003 for GBP3.80m plus stamp duty and professional
costs. The purchase was partly funded by a 15 year term loan of
GBP3.04m secured on the property. The interest rate on the first 10
years of this loan is fixed at 3.04%.
The Board and I believe that this half year's results including
investments in resources and capabilities places the Group in an
excellent position to take advantage of any opportunities that may
arise.
I would like to take this opportunity to thank each and every
one of the Group's employees for the hard work and effort they have
put in to successfully and profitably deliver such a significant
increase in sales. I would also like to thank our customers,
shareholders and suppliers for their support and loyalty to the
Group.
W O McIlroy
Executive Chairman 20 November 2019
Creightons plc Group
Unaudited interim financial report
for the six months ended 30 September 2019
Responsibility statement
The names and functions of the Directors of the Company are as
follows:
William O McIlroy Executive Chairman
Bernard Johnson Executive Managing Director
Mary T Carney Non-executive Director
Nicholas O'Shea Non-executive Director
William Glencross Non-executive Director
Martin Stevens Deputy Managing Director
Pippa Clark Group Sales and Marketing Director
Paul Forster Group Finance and Commercial Director
The Board confirms that to the best of its knowledge the
condensed set of financial statements gives a true and fair view of
the assets and liabilities, financial position and profit of the
Group and has been prepared in accordance with IAS 34 'Interim
Financial Reporting', as adopted by the European Union and that the
interim management report includes a fair review of the information
required by the Disclosure and Transparency Rules as issued by the
Financial Conduct Authority, namely:
-- DTR 4.2.7: An indication of important events that have
occurred during the first six months of the financial year, and
their impact on the condensed set of financial statements, and a
description of the principal risks and uncertainties for the
remaining six months of the financial year.
-- DTR 4.2.8: Details of related party transactions that have
taken place in the first six months of the current financial year
and that have materially affected the financial position or
performance of the enterprise during that period. Together with any
changes in the related parties transactions described in the last
annual report that could have a material effect on the enterprise
in the first six months of the current financial year.
By order of the Board
Nicholas O'Shea
Company Secretary and Director 20 November 2019
Principal risks and uncertainties
Risks
The Board regularly monitors exposure to key risks, such as
those related to production efficiencies, cash position and
competitive position relating to sales. It has also taken account
of the economic situation over the past 12 months, and the impact
that has had on costs and consumer purchases.
It also monitors those risks not directly or specifically
financial, but capable of having a major impact on the business's
financial performance if there is any failure, such as product
contamination and manufacture outside specification, maintenance of
satisfactory levels of customer and consumer service, accident
ratios, failure to meet environmental protection standards or any
of the areas of regulation mentioned above.
Capital structure, cash flow and liquidity
The business is funded using retained earnings and invoice
discounting, with a bank facility secured against its assets.
Brexit
As the UK Government continues its negotiations, uncertainty
remains as to the extent to which our operations and financial
performance will be affected in the longer term. At a Group and
business level, we have continued to prepare for changes in
legislation, trade agreements and working practices in order to
take advantage of any opportunities arising and to mitigate risk.
The Group operates globally and may be affected by Brexit
developments, which could provide a number of challenges. The Group
is continuously monitoring events and putting mitigating actions in
place including the registration of a new subsidiary Potter &
Moore Ltd based in Ireland to be used as an EU base for recording
regulatory information. Trading with our EU customers and suppliers
could be more complex. Any actual or perceived barriers to free
trade are an obvious area of concern for us. As a result of Brexit,
the Group is exposed to potential currency fluctuations. Brexit and
trade barriers continue to be an integral part of the Group's
ongoing risk management and review process, for which solutions to
address the risks are identified and implemented. Although there is
still uncertainty surrounding the outcome of Brexit, we do not
expect the direct consequences of Brexit to have a material impact
on the Group.
Creightons plc
Unaudited interim financial report
for the six months ended 30 September 2019
Consolidated income statement - unaudited
Six months ended Year ended
30 September (Unaudited) 31 March (Audited)
2019 2018 2019
----- ------------- ------------- --------------------
Note GBP000 GBP000 GBP000
----- ------------- ------------- --------------------
Revenue 7 23,751 22,338 44,030
----- ------------- ------------- --------------------
Cost of sales (13,776) (13,777) (26,690)
----- ------------- ------------- --------------------
Gross profit 9,975 8,561 17,340
----- ------------- ------------- --------------------
Distribution costs (1,174) (1,036) (2,204)
----- ------------- ------------- --------------------
Administrative expenses (6,969) (6,119) (12,236)
----- ------------- ------------- --------------------
Operating profit 1,832 1,406 2,900
----- ------------- ------------- --------------------
Disposal of investment 11 - -
----- ------------- ------------- --------------------
Finance costs 6 (77) (26) (31)
----- ------------- ------------- --------------------
Profit before tax 1,766 1,380 2,869
----- ------------- ------------- --------------------
Taxation 4 (259) (186) 22
----- ------------- ------------- --------------------
Profit for the period
from continuing operations
attributable to the
equity shareholders
of the parent company 1,507 1,194 2,891
----- ------------- ------------- --------------------
Dividends Six months ended 30 September Year ended
(Unaudited) 31 March (Audited)
2019 2018 2019
--------------- --------------- --------------------
Paid in period (GBP'000) 253 140 233
--------------- --------------- --------------------
Paid in period (pence
per share) 0.40p 0.23p 0.38p
--------------- --------------- --------------------
Proposed (GBP'000) 95 94 253
--------------- --------------- --------------------
Proposed (pence per
share) 0.15p 0.15p 0.40p
--------------- --------------- --------------------
Creightons plc
Unaudited interim financial report
for the six months ended 30 September 2019
Earnings per share
Six months ended Year ended
30 September (Unaudited) 31 March
(Audited)
Note 2019 2018 2019
----- ------------- ------------- -----------
Basic 3 2.40p 1.97p 4.69p
----- ------------- ------------- -----------
Diluted 3 2.06p 1.80p 4.16p
----- ------------- ------------- -----------
Consolidated statement of comprehensive income - Unaudited
Six months ended Year ended
30 September (Unaudited) 31 March
(Audited)
2019 2018 2019
------------- ------------- -----------
GBP000 GBP000 GBP000
------------- ------------- -----------
Profit for the year 1,507 1,194 2,891
------------- ------------- -----------
Items that may be subsequently
reclassified to profit and loss:
------------- ------------- -----------
Exchange differences on translating
of foreign operations (5) 2 -
------------- ------------- -----------
Other comprehensive income for
the year (5) 2 -
------------- ------------- -----------
Total comprehensive income for
the period attributable to the
equity holders of the company 1,502 1,196 2,891
------------- ------------- -----------
Creightons plc
Unaudited interim financial report
30 September 2019
Consolidated balance sheet - unaudited
30 September 31 March
2019 2018 (Unaudited) 2019 (Audited)
(Unaudited)
---- ------------- ----------------- ---------------
GBP000 GBP000 GBP000
---- ------------- ----------------- ---------------
Non-current assets
---- ------------- ----------------- ---------------
Goodwill 837 331 331
------------- ----------------- ---------------
Other intangible assets 435 365 418
------------- ----------------- ---------------
Property, plant and equipment 3,211 2,058 2,363
------------- ----------------- ---------------
4,483 2,754 3,112
----------------------------------------- ------------- ----------------- ---------------
Current assets
---- ------------- ----------------- ---------------
Inventories 7,373 7,332 8,015
------------- ----------------- ---------------
Trade and other receivables 8,660 9,603 8,280
------------- ----------------- ---------------
Cash and cash equivalents 2,405 716 349
------------- ----------------- ---------------
18,438 17,651 16,644
----------------------------------------- ------------- ----------------- ---------------
Total assets 22,921 20,405 19,756
------------- ----------------- ---------------
Current liabilities
---- ------------- ----------------- ---------------
Trade and other payables 7,152 6,951 6,339
------------- ----------------- ---------------
Obligations under finance leases 179 - 40
------------- ----------------- ---------------
Short term borrowings 660 2,679 732
------------- ----------------- ---------------
7,991 9,630 7,111
----------------------------------------- ------------- ----------------- ---------------
Net current assets 10,447 8,021 9,533
------------- ----------------- ---------------
Non-current liabilities
---- ------------- ----------------- ---------------
Deferred tax liability 27 6 25
------------- ----------------- ---------------
Obligations under finance leases 1,068 - 154
------------- ----------------- ---------------
1,095 6 179
----------------------------------------- ------------- ----------------- ---------------
Total liabilities 9,086 9,636 7,290
------------- ----------------- ---------------
Net assets 13,835 10,769 12,466
------------- ----------------- ---------------
Equity
---- ------------- ----------------- ---------------
Share capital 631 617 625
------------- ----------------- ---------------
Share premium account 1,350 1,298 1,329
------------- ----------------- ---------------
Other reserves 25 25 25
------------- ----------------- ---------------
Translation reserve (5) 2 -
------------- ----------------- ---------------
Retained earnings 11,834 8,827 10,487
------------- ----------------- ---------------
Total equity attributable to the
equity shareholders of the parent
company 13,835 10,769 12,466
------------- ----------------- ---------------
Creightons plc
Unaudited interim financial report
for the six months ended 30 September 2019
Statement of changes in shareholders' equity - unaudited
Share Share Other Translation Retained Total
capital premium reserves reserve earnings
account
GBP000 GBP000 GBP000 GBP000 GBP000 GBP000
--------- --------- ---------- ------------ ---------- -------
Balance at 1
April 2018 607 1,262 25 - 7,711 9,605
--------- --------- ---------- ------------ ---------- -------
Profit for six
months ended
30 September
2018 - - - - 1,194 1,194
--------- --------- ---------- ------------ ---------- -------
Share based payments - - - - 26 26
--------- --------- ---------- ------------ ---------- -------
Exchange differences
on translation
of foreign operations - - - 2 - 2
--------- --------- ---------- ------------ ---------- -------
Exercise of options 10 36 - - - 46
--------- --------- ---------- ------------ ---------- -------
Deferred tax
through Equity - - - - 36 36
--------- --------- ---------- ------------ ---------- -------
Payment of dividend - - - - (140) (140)
--------- --------- ---------- ------------ ---------- -------
Balance at 30
September 2018 617 1,298 25 2 8,827 10,769
--------- --------- ---------- ------------ ---------- -------
Profit for six
months ended
31 March 2019 - - - - 1,697 1,697
--------- --------- ---------- ------------ ---------- -------
Share based payments - - - - 43 43
--------- --------- ---------- ------------ ---------- -------
Exchange differences
on translation
of foreign operations - - - (2) - (2)
--------- --------- ---------- ------------ ---------- -------
Exercise of options 8 31 - - - 39
--------- --------- ---------- ------------ ---------- -------
Deferred tax
through Equity - - - - 13 13
--------- --------- ---------- ------------ ---------- -------
Payment of dividend - - - - (93) (93)
--------- --------- ---------- ------------ ---------- -------
Balance at 31
March 2019 625 1,329 25 - 10,487 12,466
--------- --------- ---------- ------------ ---------- -------
Profit for six
months ended
30 September
2019 - - - - 1,507 1,507
--------- --------- ---------- ------------ ---------- -------
Share based payments - - - - 67 67
--------- --------- ---------- ------------ ---------- -------
Exchange differences
on translation
of foreign operations - - - (5) - (5)
--------- --------- ---------- ------------ ---------- -------
Exercise of options 6 21 - - - 27
--------- --------- ---------- ------------ ---------- -------
Deferred tax
through Equity - - - - 26 26
--------- --------- ---------- ------------ ---------- -------
Payment of dividend - - - - (253) (253)
--------- --------- ---------- ------------ ---------- -------
Balance at 30
September 2019 631 1,350 25 (5) 11,834 13,835
--------- --------- ---------- ------------ ---------- -------
Creightons plc
Unaudited interim financial report
for the six months ended 30 September 2019
Consolidated cash flow statement - unaudited
Note Six months ended Year ended
30 September (Unaudited) 31 March
(Audited)
2019 2018 2019
----- ------------- ------------- -----------
GBP000 GBP000 GBP000
----- ------------- ------------- -----------
Net cash inflow/(outflow) operating
activities 5 3,258 (1,350) 958
----- ------------- ------------- -----------
Cash flow from investing activities
----- ------------- ------------- -----------
Purchase of property, plant and equipment (320) (452) (1,026)
----- ------------- ------------- -----------
Expenditure on intangible assets (250) (286) (583)
----- ------------- ------------- -----------
Purchase of goodwill on Balance Active (506) - -
Formula skincare brand
----- ------------- ------------- -----------
Disposal of investment 11 - -
----- ------------- ------------- -----------
Net cash used in investing activities (1,065) (738) (1,609)
----- ------------- ------------- -----------
Cash flow from financing activities
----- ------------- ------------- -----------
Proceeds from new finance leases 232 - 198
----- ------------- ------------- -----------
Repayment of finance lease obligations (66) - (5)
----- ------------- ------------- -----------
Proceeds on issue of shares 27 46 85
----- ------------- ------------- -----------
(Decease)/increase in invoice financing
facilities (398) 2,095 398
----- ------------- ------------- -----------
Increase/(decrease) of borrowings 326 (163) (413)
----- ------------- ------------- -----------
Payment of dividend (253) (140) (233)
----- ------------- ------------- -----------
Net cash (used in)/generated from
financing activities (132) 1,838 30
----- ------------- ------------- -----------
Net increase/(decrease) in cash and
cash equivalents 2,061 (250) (621)
----- ------------- ------------- -----------
Cash and cash equivalents at start
of period 349 968 968
----- ------------- ------------- -----------
Effect of foreign exchange rate changes (5) (2) 2
----- ------------- ------------- -----------
Cash and cash equivalents at end of
period 2,405 716 349
----- ------------- ------------- -----------
Creightons plc
Unaudited interim financial report
for the six months ended 30 September 2019
Notes to the unaudited interim financial report
1. Basis of preparation
The interim financial statements for the six months ended 30
September 2018 and 30 September 2019 and for the twelve months
ended 31 March 2019 do not constitute statutory accounts for the
purposes of Section 434 of the Companies Act 2006. The Annual
Report and Financial Statements for the year ended 31 March 2019
have been filed with the Registrar of Companies. The Independent
Auditors' Report on the Annual Report and Financial Statements for
the year ended 31 March 2019 was unqualified, did not draw
attention to any matters by way of emphasis, and did not contain a
statement under sections 498(2) or 498(3) of the Companies Act
2006. The 30 September 2019 statements were approved by the Board
of Directors on 20 November 2019. This unaudited interim report has
not been audited or reviewed by auditors pursuant to the Financial
Reporting Council guidance on Review of Interim Financial
Information.
The condensed financial statements in this Interim Report have
been prepared in accordance with the requirements of IAS 34
'Interim Financial Reporting' as adopted by the European Union.
As required by the Disclosure and Transparency Rules of the UK's
Financial Conduct Authority, the condensed set of financial
statements has been prepared by applying the accounting policies
and presentation that were applied in the preparation on the
Company's published consolidated financial statements for the year
ended 31 March 2019, which were prepared in accordance with
International Financial Reporting Standards as adopted by the
European Union.
The condensed interim financial statements for the six months
ended 30 September 2019 and the comparative figures for the six
months ended 30 September 2018 are unaudited. The figures for the
year ended 31 March 2019 have been extracted from the Annual Report
on which the Auditors issued an unqualified audit report and which
have been filed with the Registrar of Companies.
2. Changes in significant accounting policies
With exception of IFRS16 for leases (IFRS 16) as described
below, the accounting policies applied in these interim financial
statements are the same as those applied to the Group's audited
consolidated financial statements for the year ended 31 March 2019.
IFRS 16 will be applied to the Group's audited financial statements
for March 2020.
IFRS 16
The Group has adopted the modified retrospective approach to
IFRS 16 from 1 April 2019 and therefore has not restated
comparatives for previous reporting periods as permitted under the
specific transitional provisions in the standard.
IFRS 16 replaces IAS 17 in providing a one lease accounting
model requiring the recognition of assets and liabilities for all
leases with the option to exclude leases where the underlying asset
is of low value or the lease term is 12 months or less. The Group
has elected to use this option. IFRS 16 substantially carries
forward the lessor accounting in IAS 17 with the operating and
finance lease distinction still applying. During this period the
Group had no lessor activities. However following the acquisition
of the Peterborough property the Company will lease the property to
one of its subsidiaries and two other small tenants.
The Group elected to apply the practical expedient to not
reassess whether a contract is, or contains a lease at the date of
initial application. Contracts entered into before the transition
date that were not identified as leases under IAS 17 and IFRIC4
were not reassessed. The definition of a lease under IFRS 16 was
applied only to contracts entered into or changed on or after 1
April 2019. Also the Group applied other practical expedients
of:
-- using a single discount rate to a portfolio of leases with
reasonably similar characteristics;
-- excluding initial direct costs for the measurement of right
of use assets at the date of initial application;
-- reliance on previous assessments on whether the leases are
onerous and
-- accounting for operating leases with a remaining lease term
of less than 12 months as at 1 April 2019 as short-term leases.
With the adoption of IFRS 16 the Group has recognised right of
use assets and lease liability in relation to the property leased
in Devon and the Group's forklift trucks previously identified as
operating leases. As the Peterborough property lease ceased in
October 2019 it has been accounted as an operating lease.
The leases now recognised under IFRS 16 were measured at present
value of the remaining lease payments, discounted using the Group's
incremental borrowing rate as at 1 April 2019. This is the rate at
which a similar borrowing could be obtained from an independent
financial provider. The weighted average rate applied was
3.04%.
Until March 2019 the Devon properties and forklift trucks that
were classified as operating leases all the payments under the
leases were charged to the profit or loss on a straight-line basis
over the term of the lease.
From 1 April 2019 the value of the right of use assets included
within property, plant and equipment on the Balance Sheet and the
lease liability included within obligations under finance
liabilities (short and long term) both increased by GBP888,000.
Each lease payment is allocated between the liability and finance
cost. The finance cost is charged to the profit or loss for the
period of the lease to produce a constant periodic rate of interest
on the remaining liability. The right of use asset is depreciated
over the shorter of the asset's useful economic life and the lease
period on a straight line basis and the cost is included within
administrative expenses.
At 30 September 2019 the values in relation to right of use
assets included in property, plant and equipment were GBP819,000.
The obligations under finance leases in relation to the right of
use assets were recognised as GBP97,000 of current liabilities and
GBP749,000 recognised in obligations under finance leases within
non-current liabilities.
The impact on the income statement is GBP27,000 with additional
finance costs of GBP68,000 and depreciation of GBP69,000 compared
to operating rental costs of GBP110,000.
2. Earnings per share
The calculation of the basic and diluted earnings per share is
based on the following data:
Six months ended Year ended
30 September (Unaudited) 31 March
(Audited)
2019 2018 2019
------------- ------------- -----------
GBP000 GBP000 GBP000
------------- ------------- -----------
Earnings
------------- ------------- -----------
Net profit attributable to the
equity holders of the parent
company 1,507 1,194 2,891
------------- ------------- -----------
Six months ended Year ended
30 September (Unaudited) 31 March
(Audited)
2019 2018 2019
------------- ------------- ------------
Number Number Number
------------- ------------- ------------
Number of shares
------------- ------------- ------------
Weighted average number of ordinary
shares for the purposes of basic
earnings per share 62,808,438 60,645,066 61,587,535
------------- ------------- ------------
Effect of dilutive potential ordinary
shares relating to share options 10,308,825 5,834,849 7,888,968
------------- ------------- ------------
Weighted average number of ordinary
shares for the purposes of diluted
earnings per share 73,117,263 66,479,915 69,476,503
------------- ------------- ------------
3. Taxation
Six months ended Year ended
30 September (Unaudited) 31 March
(Audited)
2019 2018 2019
------------- ------------- -----------
GBP000 GBP000 GBP000
------------- ------------- -----------
Current tax (231) (178) 62
------------- ------------- -----------
Deferred tax (28) (8) (40)
------------- ------------- -----------
Total (259) (186) 22
------------- ------------- -----------
4. Notes to cash flow statement
Six months ended Year ended
30 September (Unaudited) 31 March
(Audited)
2019 2018 2019
------------- ------------- -----------
GBP000 GBP000 GBP000
------------- ------------- -----------
Profit from operations 1,832 1,406 2,900
------------- ------------- -----------
Adjustments for:
------------- ------------- -----------
Depreciation on property, plant
and equipment 353 226 489
------------- ------------- -----------
Amortisation of intangible assets 238 269 514
------------- ------------- -----------
Loss on disposal of property,
plant and equipment 2 - 6
------------- ------------- -----------
Share based payment charge 67 26 69
------------- ------------- -----------
2,492 1,927 3,978
----------------------------------------- ------------- ------------- -----------
Decrease/(increase) in inventories 642 (1,832) (2,516)
------------- ------------- -----------
Increase in trade and other receivables (550) (1,936) (442)
------------- ------------- -----------
Increase in trade and other payables 474 770 297
------------- ------------- -----------
Cash generated/(utilised) in
operations 3,058 (1,071) 1,317
------------- ------------- -----------
Interest paid (78) (26) (31)
------------- ------------- -----------
Taxation refund/(paid) 278 (253) (328)
------------- ------------- -----------
Net cash inflow/(outflow) from
operating activities 3,258 (1,350) 958
------------------------------------------ ------------- ------------- -----------
Analysis of changes in net debt
At 1 April Cash flow Non-cash At 30 September
2019 movements 2019
GBP000 GBP000 GBP000 GBP000
---------------- --------------- ---------------- ---------------------
Cash and bank balances 349 2,061 (5) 2,405
---------------- --------------- ---------------- ---------------------
Borrowings (732) 72 - (660)
---------------- --------------- ---------------- ---------------------
Net debt (383) 2,133 (5) 1,745
----------------------------- ---------------- --------------- ---------------- ---------------------
At 1 April Cash flow Non-cash At 30 September
2018 movements 2018
GBP000 GBP000 GBP000 GBP000
---------------- --------------- ---------------- ---------------------
Cash and bank balances 968 (250) (2) 716
---------------- --------------- ---------------- ---------------------
Borrowings (747) (1,932) - (2,679)
---------------- --------------- ---------------- ---------------------
Net debt 221 (2,182) (2) (1,963)
----------------------------- ---------------- --------------- ---------------- ---------------------
At 1 April Cash flow Non-cash At 31 March
2018 movements 2019
GBP000 GBP000 GBP000 GBP000
---------------- --------------- ---------------- -----------------
Cash and bank balances 968 (621) 2 349
---------------- --------------- ---------------- -----------------
Borrowings (747) 15 - (732)
---------------- --------------- ---------------- -----------------
Net debt 221 (606) 2 (383)
----------------------------- ---------------- --------------- ---------------- -----------------
5. Finance costs
Six months ended Year ended
30 September (Unaudited) 31 March
(Audited)
2019 2018 2019
---------------- --------------- ----------------
GBP000 GBP000 GBP000
---------------- --------------- ----------------
Interest on bank overdrafts
and loans 5 26 30
---------------- --------------- ----------------
Interest on obligations under
finance leases 4 - 1
---------------- --------------- ----------------
Interest on right of use 68 - -
assets
---------------- --------------- ----------------
Total 77 26 31
------------------------------------ ---------------- --------------- ----------------
6. Revenue
The disaggregation of the Group's revenue.
Six months ended Year ended
30 September (Unaudited) 31 March
(Audited)
2019 2018 2019
------------- ------------- -----------
GBP000 GBP000 GBP000
------------- ------------- -----------
Sales of goods 24,078 22,384 44,601
------------- ------------- -----------
Settlement discounts (39) (46) (85)
------------- ------------- -----------
Contracted retailer commitments (127) - (181)
------------- ------------- -----------
Royalties & commissions (22) - (81)
------------- ------------- -----------
Retailer promotional support (139) - (224)
------------- ------------- -----------
Revenue 23,751 22,338 44,030
------------- ------------- -----------
7. Related party transactions
The related party transactions that occurred in the six months
ended 30 September 2019 are not materially different in size or
nature to those reported in the Company's Annual Report for the
year ended 31 March 2019. On 16 October 2019 Oratorio Developments
Limited, a company of which Mr W Mcllroy who is a Director and
controlling shareholder, sold the freehold property at Peterborough
to the Group for GBP3,800,000.
8. Availability of Interim Report
The Interim Report is being made available to shareholders on
the Company website www.creightonsplc.com. Further copies can be
obtained from the Company's Registered Office, 1210 Lincoln Road,
Peterborough, PE4 6ND.
Interim Dividend Declaration
Creightons plc wishes to confirm that the Company has declared
and will pay an interim dividend of 0.15p per ordinary share as per
the timetable below:
Ex-dividend date Thursday 28 November 2019
Record date Friday 29 November 2019
Payment date Wednesday 18 December 2019
This announcement contains inside information for the purposes
of Article 7 of EU Regulation 596/2014
For more information:
Nicholas O'Shea, Director, Creightons plc 01733 281000
Roland Cornish, Beaumont Cornish Limited 0207 628 3396
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 rns@lseg.com or visit www.rns.com.
END
IR EAPFNFFANFFF
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November 20, 2019 02:00 ET (07:00 GMT)
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