TIDMNBI
RNS Number : 2688E
Northbridge Industrial Services PLC
08 April 2014
8 April 2014
Northbridge Industrial Services Plc.
("Northbridge" or the "Group")
Results for the Year Ended 31 December 2013
Northbridge Industrial Services plc, the industrial services and
rental company, today announces its results for the year ended 31
December 2013.
Highlights:
-- Consolidated Group revenue up 22.0% to GBP37.6 million (2012: GBP30.8 million)
-- Pre-exceptional Profit before tax up 22.3% to GBP6.0 million (2012: GBP4.9 million)
-- Pre-exceptional EBITDA up 18.7% to GBP11.0 million (2012: GBP9.3m)
-- Pre-exceptional earnings per share 28.7 pence (2012: 24.0 pence)
-- A successful placing of a further 1,561,700 new shares, raising GBP6.1 million
-- Two strategic acquisitions completed during 2013
-- Net book value of hire fleet increased by 30.3% to GBP27.8 million (2012: GBP21.3 million)
-- Year end gearing reduced to 31.5% (2012: 44.3%)
-- Proposed final dividend increased to 3.9 pence raising the
total dividend for the year to 5.90 pence (2012: 5.425 pence), an
overall increase of 8.8%.
Eric Hook, Chief Executive Officer, commenting on the results
and outlook said:
"We are pleased with the Group's performance and the continued
progress achieved during 2013. We are seeing signs of pick up in
the world economy but certain geographies in which we operate are
recovering more slowly.
The two acquisitions that we made during the year, based
alongside our established network of global hubs are integrating
well and will contribute to the Group's continued growth in the
longer term.
We have continued to invest in our existing hire fleet and an
additional production facility at our UK premises which will enable
further growth with enhanced cash generation for the foreseeable
future.
Sales of load banks were strong with rental activity levels for
our European hire fleet remaining at similar levels to 2012 despite
difficult trading environments. Tasman Oil Tools had a good year
and we saw further expansion of the Northbridge Transformers brand
on a global basis.
Having started 2014 with good levels of continuing rental
projects and demand we expect continued growth this year. We
continue to be confident in the Group's prospects and remain
committed to the Group's stated successful strategy and
objectives."
Outlook:
The first quarter of 2014 has started well and the Group has
been able to capitalise on the more buoyant market conditions in
most parts of our business. Our expansion in the Middle East and
the Far East, the increased production capacity and our continuing
capital expenditure program has resulted in a significantly larger
and more balanced hire fleet and gives us confidence of continued
growth.
Our operating cash flow remains strong and we continue to
contemplate further acquisitions.
As a sign of the Board's confidence in the Group's prospects, an
increase in the final dividend for 2013 of 9.1% has been proposed
to 3.9 pence (2012: 3.575 pence).
We are pleased with the Group's progress in 2013 and, having
started 2014 with good levels of demand for our products we expect
continued growth this year in line with management's
expectations.
For further information
Northbridge Industrial Services plc 01283 531645
Eric Hook, Chief Executive Officer
Craig Robinson, Finance Director
Westhouse Securities Limited (Nominated Adviser and Broker)
020 7601 6100
Robert Finlay/Antonio Bossi /Paul Gillam/Henry Willcocks
Buchanan Communications 020 7466 5000
Charles Ryland / Clare Akhurst
About Northbridge:
Northbridge Industrial Services plc hires and sells specialist
industrial equipment to a non-cyclical customer base. With offices
or agents in the UK, US, Dubai, Belgium, Germany, France,
Australia, Singapore, India, Brazil, Korea and Azerbaijan,
Northbridge has a global customer base. This includes utility
companies, the oil and gas sector, shipping, construction and the
public sector. The product range includes loadbanks, transformers,
generators, compressors and oil tools. Northbridge was admitted to
AIM in 2006 since when it has recorded increased earnings and
dividends based on providing a high level of service,
responsiveness and flexibility to customers. It has grown by the
acquisition of companies in the UK, Dubai, Azerbaijan, Australia,
Belgium and Singapore and through investing further in those
acquired companies to make them more successful. Northbridge
continues to seek suitable businesses for acquisition across the
world.
CHAIRMAN'S AND CHIEF EXECUTIVE'S REVIEW
We are pleased to present our review of the Group's trading
performance for 2013.
The Group enjoyed a much stronger start to 2013 compared with
the previous year, assisted by the extensions of a number of hire
contracts which over ran from the second half of 2012. This helped
change the revenue mix towards rental which, for the full year, was
61% rental and 39% equipment sales as against 59% rental and 41%
sales in 2012. Overall Group revenue for 2013 was GBP37.6 million
(2012:GBP30.8 million) an increase of 22.0%. Allowing for the two
acquisitions in the last four months of 2013, the underlying
increase in sales was 18.2%.
Profit before tax (pre-exceptionals) was GBP6.0 million (2012:
GBP4.9 million) an increase of 22.3%. Post exceptional profits of
GBP6.6 million (2012: GBP4.9 million) included GBP1.1m negative
goodwill on the acquisition of Oilfield Material Management
Limited. The overall movement of revenue mix towards rental
increased the Group's cash generation, and EBITDA
(pre-exceptionals) for 2013 at GBP11.0 million (post exceptional:
GBP11.6 million) showed an 18.7% increase on 2012 (GBP9.3 million).
Pre-exceptional Earnings per Share were 28.7 pence an increase of
19.6% (post exceptional: 32.7 pence, 2012: 24.0 pence).
Crestchic, our main UK subsidiary, again performed well and in
particular the sales of manufactured units continued its strong
growth, with volumes up a further 25.7% compared with 2012. This
was helped by the recent investment in our factory premises at
Burton on Trent and a strengthening in demand within our customer
base. It has been further advanced more recently by having an
additional higher capacity overhead gantry crane installed in the
last quarter. Rental revenue at Crestchic from the UK, Europe and
West Africa was at a similar level to 2012, reflecting the more
difficult trading environment in Europe. However the opportunity
was taken to redeploy surplus equipment into the Middle and Far
East where utilisation remained high. Overall operating profits for
Crestchic were up 23.7%.
Crestchic designs, manufactures, sells and hires loadbank
equipment, which is primarily used for the commissioning and
maintenance of independent power sources such as diesel generators
and gas turbines. The need to test and maintain standby and
independent power systems, together with the associated switchgear
and controls, has become an increasingly important element within
the power critical technology used by the banking, medical, marine
and defence industries. This has resulted in continued strong
demand for Crestchic's range of equipment and services throughout
the world. Additionally Crestchic continues to benefit from a
background of an increasingly unreliable global power
infrastructure and an increase in the size and remoteness of
certain projects.
On 13 September 2013 the Group acquired Crestchic (Asia-Pacific)
PTE Limited (CAP) for a total price of Sing$13.0 million (GBP6.5
million) with the fair value of assets acquired totalling GBP5.4
million. This acquisition enhances Northbridge's presence in the
Asia Pacific Region and also re-unifies the well-known Crestchic
brand. CAP is in the process of merging with our other loadbank
rental operation in the region (Northbridge Asia Pacific (NAP)) and
the combined entity will trade under the Crestchic brand name. The
acquisition was funded by the placing of 1,561,700 new ordinary
shares at 395 pence each, raising GBP6.17 million before expenses.
The placing was well supported by both existing and new
shareholders.
CAP was founded in 1994 in Singapore and has been trading as an
independent distributor of Crestchic products focussed on rental,
and specialising in loadbanks and transformers with customers in
Singapore, Malaysia, China and Indonesia for the last 20 years. CAP
had a substantial hire fleet of both loadbanks and containerised
distribution transformers with an historical cost in excess of
Sing$15.0 million. The hire fleet comprises Crestchic loadbanks
identical to those in the Group's hire fleet, together with a large
fleet of complementary transformers, again of similar design to
that of Northbridge's.
Tasman Oil Tools ("Tasman") which specialises in renting
drilling tools to the Australian oil & gas industry from its
base in Perth W.A. and depots in New South Wales, Northern
Territories and Queensland also had a good year albeit slightly
behind the record profits of 2012. The first half benefitted from
the continuing large contracts running on from 2012 with a number
of new contracts being won which started towards the end of 2013.
Following the completion of the larger hires, the equipment has
been serviced, recertified and deployed into the hire fleet. We
start 2014 with a much enhanced hire fleet and a new tender season
underway.
On 15 November 2013 the Group acquired the trade and assets of
Oilfield Material Management Limited (OMM BVI), a company based in
Abu Dhabi. OMM BVI is a rental provider of drilling tools for the
oil and gas industry to customers in the Middle East and North
Africa. Following the acquisition, OMM BVI will trade utilising the
Group's existing oil tool rental identity as Tasman OMM FZE (TOMM)
and is in the process of relocating to our premises in the Jebel
Ali Free Zone of Dubai. There is a high degree of commonality
between the equipment and customer base of both Tasman and TOMM.
Sharing resources will provide the combined entity with a solid
base on which to grow.
Northbridge Middle East ("NME"), which experienced difficult
trading during Dubai's financial crisis, has seen further
improvement in its fortunes following the steady improvement in
2012. Profits, which are not subject to tax, rose by 100% on
turnover up by 94%. It not only enjoyed a strong performance from
its additional activity of transformer rental, but also has seen a
return of testing and commissioning work together with some signs
that the local economy is over the worst.
NME operates from the Jebel Ali Freezone of Dubai and acts as a
distributor for the full range of Crestchic's products and services
throughout the Middle East and East Africa as well as trading on
its own account in the rental of transformers, generators and
associated electrical equipment.
Northbridge Transformers ("NT"), which was acquired from DSG NV,
and renamed in December 2011, continued its good performance during
2013. Despite European demand being relatively soft, it is able to
use NME in the Middle East and the newly acquired CAP in Singapore
as a conduit for its activities. We have seen the brand
"Northbridge Transformers" expand on the global stage during 2013
with equipment on hire in Pakistan, Peru, Indonesia and East
Africa.
NT offers specialist transformers for rental throughout the
world for high and low voltages at various capacities, generally
packaged in ISO containers, which can be used for both "step up"
and "step down" projects. Working alongside NME and CAP, it also
provides packaged transformers for large independent power projects
("IPP"), where diesel generators are used to supplement national
grids at high voltages in times of power shortage. Substantial
further investment in this activity during the year meant we have
been able to grow this business from its original base in Belgium
to a worldwide audience, leveraging off our other depots throughout
the world.
Northbridge Industrial Services (Asia Pacific) Pte ("NAP"), the
business we started in Singapore during 2011, had a successful year
and achieved good profitability benefitting from high levels of
utilisation and the Group's acquisition of its immediate competitor
in September 2013. The businesses will be merged and continue
trading under the Crestchic name. Currently the businesses operate
from two separate leasehold premises and our plans are to relocate
both activities to a larger unified site.
Financial performance
The Group's consolidated revenue for the year ended 31 December
2013 was GBP37.6 million (2012: GBP30.8 million). This included a
contribution of GBP1.2 million from the two acquisitions in the
last quarter of 2013. The activity split within the revenue was 61%
rental and 39% sales compared with the split of 2012 which was 59%
rental. This improvement in the mix towards rental was despite a
continued strong performance of the sale of the Group's own
manufactured units, up 26% from 2012.
Gross profits and pre-exceptional pre-tax profits were GBP20.3
million (2012: GBP17.6 million) an increase of 15.6% and GBP6.0
million (2012: GBP4.8 million) respectively. Pre-exceptional
earnings per share based on the average shares in issue during the
period was 28.7 pence (2012: 24.0 pence), an increase of 19.6%.
Net cash generated from operating activities amounted to GBP9.1
million (2012: GBP8.4 million), of which GBP4.8 million (2012:
GBP5.7 million) was invested into the hire fleet. At the year end,
stock and work-in-progress amounted to GBP3.8 million (2012: GBP2.7
million). The increase was largely due to increased
work-in-progress at the year-end relating to one large contract,
increasing demand for manufactured units and long lead times for
key components. Total net assets at 31 December were GBP37.4
million (2012: GBP28.8 million) of which GBP34.5 million (2012:
GBP28.0 million) was represented by the hire fleet. The written
down value of the acquired hire fleets of CAP and TOMM was GBP6.9
million.
At 31 December the Group had net gearing, defined as the ratio
of all short and long-term financial liabilities less cash held to
net assets, of 31.5% (2012: 44.3%). At the end of June 2013, prior
to the issue of new equity and the assumption of new debt relating
to the two second half acquisitions, the net gearing was 36.8%.
This reduction, despite the continued investment programme in our
hire fleet, underlines the cash generative nature of the
business.
Dividend
Based on this performance the Board is pleased to propose an
increase in the final dividend for 2013 of 9.1% to 3.9 pence (2012:
3.575 pence) resulting in a total dividend for the year of 5.9
pence (2012: 5.425 pence) per share, an overall increase of 8.8%
for the year. The final dividend will be paid on the 4 June 2014 to
shareholders on the register on 14 May 2014, subject to shareholder
approval at the Annual General Meeting, to be held at 12.00 noon on
29 May 2014 at the offices of Buchanan Communications, 107
Cheapside, London EC2V 6DN.
Business review
2013 has seen the continued development of the Group, both
organically and by acquisition. We were very pleased to be able to
announce the acquisition of 100% of the shares of CAP in September,
as it fitted our strategy so well.
As an independent Crestchic distributor, CAP's rental fleet of
loadbanks was identical to our existing fleet and exactly matched
both the age profile and range of specifications. Likewise the
transformers were very similar to Northbridge's own hire fleet and
had been cross-hired by us extensively in the past. The opportunity
to unify the Crestchic brand in South East Asia was welcome and an
outcome we had been working on for some time.
In addition, the acquisition of OMM BVI in Abu Dhabi, which has
now been renamed as TOMM has given us the opportunity to expand our
successful Oil Tool Rental activity from Australia to the Middle
East. We have also relocated TOMM to Northbridge's facility in
Jebel Ali, Dubai, enabling both companies to share the same
location and resources. The acquisition substantially increases the
group's rental revenue from oil tools into the growing Middle East
region.
Following these acquisitions, and the steady growth of our
existing activities with these products, we have further been able
to refine our strategy to focus explicitly on loadbanks,
transformers and oil tools.
We were very sorry to report the death of Jim Gould last year,
he was a Director of the Company, but more importantly the founder
and managing director of Crestchic Ltd. Crestchic was the first
acquisition completed by Northbridge following its formation in
2005 and Jim played an active role until his death in October. He
will be greatly missed, but leaves behind a vibrant and successful
business.
Strategy
The Northbridge strategy is to acquire and consolidate
specialist industrial equipment businesses. The criteria against
which potential targets are assessed are:
-- Potential for expansion into complete outsourcing providers;
-- Supplying, or capable of supplying, a worldwide customer base;
-- Incorporating a strong element of rental and service work;
-- Capable of organic growth in their own right;
-- Active in the oil and gas and power related industries; and
-- Involved in the loadbank, transformer, oil tool and associated markets.
By consolidating a number of such companies Northbridge can add
significant value through organic expansion into new geographical
or industry markets and, by making complementary acquisitions, we
can increase the Group's product offering to its international
customer base.
In achieving this strategy we will be able to capitalise on the
market opportunity to become a significant industrial services
business serving an international market. The Board reviews this
strategy periodically and believes it is still the correct one for
the Group. We are actively continuing to search for suitable
acquisitions.
Staff
We would like to take this opportunity to thank all the
employees of the Group for their contribution to our success in
2013. In particular, we would like to welcome the employees of
Crestchic Asia Pacific and OMM BVI to the Group and thank them for
the smooth transition to new ownership.
Outlook
The first quarter of 2014 has started well and the Group has
been able to capitalise on the more buoyant market conditions in
most parts of our business. Our expansion in the Middle East and
the Far East, the increased production capacity and our continuing
capital expenditure program has resulted in a significantly larger
and more balanced hire fleet and gives us confidence of continued
growth.
Our operating cash flow remains strong and we continue to
contemplate further acquisitions. As a sign of the Board's
confidence in the Group's prospects, an increase in the final
dividend for 2013 of 9.1% has been proposed to 3.9 pence (2012:
3.575 pence).
We are pleased with the Group's progress in 2013 and, having
started 2014 with good levels of demand for our products we expect
continued growth this year in line with management's
expectations.
Peter Harris Eric Hook
Chairman Chief Executive
8 April 2014 8 April 2014
FINANCE DIRECTOR'S REPORT
Revenue and Profit before tax
The review of the financial performance for the year ended 31
December 2013 refers principally to the performance of the
consolidated Group for the full year 2013 but also refers to the
underlying performance of the Group. This measure excludes the
post-acquisition performance of the two trading entities (Crestchic
(Asia-Pacific) PTE Limited and OMM BVI) acquired during the second
half of 2013 and, we believe helps to aid comparison with prior
periods and an understanding of the Group's financial performance
as a whole.
The Group's revenues are derived principally from the rental of
its hire fleet and also from the sale of new equipment. Increased
year on year revenue totalled GBP37.6 million (2012: GBP30.8
million). Underlying revenue for the year totalled GBP36.4 million.
The full year benefitted from several longer-term rental contracts
secured in 2012 plus an enlarged hire fleet inventory.
As many of the Group's costs are of a fixed nature in the medium
and short term any revenue movement, however small, will be
highlighted at the Gross Profit level. Gross Profit for the year
increased from GBP17.6 million to GBP20.3 million, aided by the
increased level of overall revenue and also the continuing shift in
sales mix towards the higher margin rental revenue. Underlying
Gross Profit totalled GBP19.7 million (2012: GBP17.6 million).
Despite the increased level of Group overhead, operating
expenditure as a percentage of turnover continued its downward
trend seen over recent years decreasing to 36.9% from 39.3% in
2012.
Net Finance costs for the year decreased to GBP0.5 million from
GBP0.6 million following a reduction in the level of net debt
achieved during the year.
Exceptional items relating principally to the acquisitions that
took place during the year, totalled a net gain of GBP0.6 million
(2012 GBPnil million).
Profit before tax (pre-exceptionals) totalled GBP6.0 million
(2012: GBP4.9 million), an increase of 22.3%. Profit before tax
totalled GBP6.6m (2012: GBP4.9m).
Earnings per share
The basic EPS figure of 32.7 pence after exceptional items
(2012: 24.0 pence) and diluted EPS of 31.8 pence (2012: 23.8 pence)
have been arrived at in accordance with the calculations contained
in note 5.
Balance sheet and debt
A further strengthened balance sheet incorporates an increase in
property, plant and equipment from GBP28.0 million to GBP34.5
million. This includes direct hire fleet investment of GBP4.8
million (2012: GBP7.8 million) and also GBP6.9 million representing
the net book value of hire fleet assets of the two acquisitions
that took place during 2013.
Trade receivables have increased to GBP9.4 million (2012: GBP7.6
million) impacted by strong trading performance in the final
quarter of the financial year, the timing of certain larger rental
contracts and the acquisitions in the second half of the year.
Cash and cash equivalents increased to GBP3.5million (2012:
GBP0.5 million) with the opportunity for good cash generation
remaining in the current financial year.
Although borrowings increased as expected to GBP15.3 million
(2012: GBP13.2 million), overall gearing reduced from 44.3% to
31.5%. Group cashflow from operating activities before movements in
working capital totalled GBP9.9 million (2012: GBP8.9 million). The
largest component of the difference between the profit before tax
of GBP6.6 million and the cashflow from operating activities before
movements in working capital of GBP9.9 million is depreciation
which, at GBP3.9 million, is higher than in 2012 (GBP3.1 million)
due to the Group's expanded hire fleet. The directors feel that the
current level of gearing is appropriate and, in the ordinary course
of business, a further reduction in gearing is targeted for 2014.
However, based on the Group's cashflow from operating activities
there is capacity for increased borrowings should suitable
opportunities arise to further grow the business.
Cash flow
The sustained and progressive level of cash generated from
operations totalled GBP9.1 million during the year (2012: GBP8.4
million) of which GBP4.8 million (2012: GBP5.7 million) was
reinvested into the hire fleet. Cash conversion, measured by cash
generated from operating activities before tax as a percentage of
pre-exceptional profit from operations was 152% (2012 : 165%)
reflecting the continuing robust quality of earnings and the focus
on working capital management. The Group closely monitors cash
management and prioritises the repatriation of cash to the UK from
its overseas subsidiaries.
During the year proceeds raised from the issue of share capital
totalled GBP6.1 million. In addition to this, further Group bank
borrowings were secured giving rise to a net inflow of funds from
bank and other borrowings of GBP2.5 million (2012: GBP0.8 million).
Both of these sources of funds were used to finance the cost of
acquisitions of GBP7.9 million (2012: GBP0.6million), business
activities and also the fitting out and conversion of the
additional production facility at Burton on Trent.
The Group paid out GBP0.9 million (2012: GBP0.8 million) in
dividends to shareholders.
Income tax expense
The Group had an income tax expense for the year of GBP1.4
million (2012: GBP1.2 million) equating to a charge of 23% (2012:
24%) of pre-exceptional profit before tax. The Group benefited from
a reduced income tax rate for the current year following the
continued utilisation of HMRC rules on overseas subsidiaries. We
manage taxes such that we pay the correct amount of tax in each
country that we operate, utilising available reliefs and engaging
with local tax authorities and advisors as appropriate.
Principal Risks and Uncertainties
The Group has once again had a successful year but in common
with any organisation the Group can be subjected to a variety of
risks in the conduct of its normal business operations that could
have a material impact on the Group's long-term performance. The
Group seeks to mitigate exposure to all forms of risk where
practical and to transfer risk to insurers where cost effective. In
this respect the Group maintains a range of insurance policies
against major identified insurable risks, including (but not
limited to) business interruption, damage to or loss of property
and equipment, and employment risks. The major risks are outlined
here.
Operational and commercial risks
Description: The Group's revenues are derived from the sale and
rental of specialist complementary industrial equipment and
services and are dependent upon global economic conditions and
competitor activity. The Group operates in highly competitive
markets across a range of sectors including oil and gas, banking,
shipping, health care, utilities and power generation. There are a
relatively small number of significant competitors serving the
markets in which we operate although we often compete against
larger capitalised companies who could pose a significant threat
because of financial capability which may result in lower pricing
and margins or loss of business.
Mitigation: The Group's market and customer base is global and
diverse, minimising over reliance on individual countries, sectors
or customers.
Competition for products and services provided by the Group
varies by subsidiary with some of our products and services being
subject to less market competition than others. As the Group's
global business continues to develop this increases and broadens
both the customer and revenue base placing reduced reliance on
individual customers, markets and regions. Our use of international
hubs holding significant levels of equipment available for rent has
enabled us to service our customer needs better, and the ability to
readily transport our containerised loadbank and transformer fleet
enables us to respond to changes in localised utilisation.
Information technology
Description: The Group is dependent on its information
technology ("IT") systems to operate its business efficiently,
without failure or interruption. Whilst data within key systems is
regularly backed up and systems are subject to virus protection,
any systems failure or other major IT interruption could have a
disruptive effect on the Group's business.
Mitigation: The geographically diverse nature of each Group
location reduces the global risk associated with IT failure or
disruption. The use of recognised service providers and operating
and communication platforms has strengthened the Group's
technological infrastructure and reduced the risk of loss due to
failure, breakdown, loss or corruption of data.
Interest rate risk
Description: The Group delegates day-to-day control of its bank
accounts to local management. Most Group borrowings and overdrafts
attract variable interest rates although the Group has entered into
capping arrangements for certain variable interest rate borrowings
and has also more recently entered into certain fixed interest rate
agreements. The Board accepts that this policy of not fixing
interest rates for all borrowings neither protects the Group
entirely from the risk of paying rates in excess of current market
rates nor eliminates fully cash flow risk associated with interest
payments.
Mitigation: All Group borrowings are arranged and administered
centrally with day to day control of bank accounts by local
management being restricted to operation within agreed
parameters.
The Group's bank borrowings are made up primarily of revolving
facilities, finance leases, mortgage and term loans. The rate on
part of the term loan has been capped at the margin plus a maximum
LIBOR rate of 2% for the remaining term of the loan. The Group also
utilises short-term trade finance facilities, a temporary overdraft
facility and leasing arrangements.
The Board considers that it currently achieves an appropriate
balance of exposure to these risks although this situation is
constantly monitored.
Foreign currency exchange risk
Description: The Group is exposed to movements in exchange rates
for both foreign currency transactions and the translation of net
assets and income statements of foreign subsidiaries. As local
management have responsibility for their own bank accounts, cash at
bank balances are held in Euro, US Dollar, Australian Dollar,
Singaporean Dollar and UAE Dirham accounts. Outstanding balances
for trade receivables, trade payables and financial liabilities are
also held in these currencies.
Mitigation: The Board manages this risk by converting
non-functional currency into Sterling as appropriate, after
allowing for future similar functional currency outlays. The Board
regularly seeks the opinion of foreign currency professionals to
advise on potential foreign currency fluctuations especially when
it is aware of future foreign currency requirements. It does not
currently consider that the use of hedging facilities would provide
a cost-effective benefit to the Group on an on-going basis.
Credit risk
Description: Exposure to credit risk arises principally from the
Group's trade receivables. At 31 December 2013 the Group had
GBP5,489,000 (2012: GBP3,648,000) of trade receivables which were
past due but not impaired of which GBP4,831,000 (2012:
GBP3,186,000) has been collected since the year end. At 31 December
2013 trade receivables of GBP582,000 (2012: GBP77,000) were past
due and are considered to be impaired due to the fact that the
debts are old and due from customers in financial difficulty.
During the year the Group wrote off GBP18,000 (2012: Nil) of debts
considered unrecoverable.
Mitigation: The Group's trade receivables are managed through
stringent credit control practices both at a local and Group level
including assessing all new customers, requesting external credit
ratings (which are factored into credit decisions), regularly
reviewing established customers and obtaining credit insurance
where felt appropriate.
Craig Robinson
Finance Director
8 April 2014
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
For the year ended 31 December 2013
2013 2012
Note GBP'000 GBP'000
------------------------------------------------ ----- --------- ---------
Revenue 2 37,594 30,813
Cost of sales (17,285) (13,247)
------------------------------------------------ ----- --------- ---------
Gross profit 20,309 17,566
Operating costs
------------------------------------------------ ----- --------- ---------
Excluding exceptional items (13,864) (12,107)
Exceptional items 3 637 -
------------------------------------------------ ----- --------- ---------
Total operating costs (13,227) (12,107)
------------------------------------------------ ----- --------- ---------
Profits from operations 7,082 5,459
Finance income 54 30
Finance costs (530) (609)
------------------------------------------------ ----- --------- ---------
Profit before income tax excluding exceptional
items 5,969 4,880
Exceptional items 3 637 -
------------------------------------------------ ----- --------- ---------
Profit before income tax 6,606 4,880
Income tax expense 4 (1,351) (1,173)
------------------------------------------------ ----- --------- ---------
Profit for the year attributable to the equity
holders of the parent 5,255 3,707
Other comprehensive income
Exchange differences on translating foreign
operations (2,638) (583)
------------------------------------------------ ----- --------- ---------
Other comprehensive income for the year, net
of tax (2,638) (583)
------------------------------------------------ ----- --------- ---------
Total comprehensive income for the period
attributable to equity holders of the parent 2,617 3,124
------------------------------------------------ ----- --------- ---------
Earnings per share
- basic (pence) 5 32.7 24.0
- diluted (pence) 5 31.8 23.8
------------------------------------------------ ----- --------- ---------
All amounts relate to continuing operations.
CONSOLIDATED BALANCE SHEET
As at 31 December 2013
2013 2012
------------------ ------------------
GBP'000 GBP'000 GBP'000 GBP'000
----------------------------------- -------- -------- -------- --------
ASSETS
Non-current assets
Intangible assets 10,656 10,267
Property, plant and equipment 34,457 28,006
----------------------------------- -------- -------- -------- --------
45,113 38,273
----------------------------------- -------- -------- -------- --------
Current assets
Inventories 3,847 2,652
Trade and other receivables 11,950 9,080
Cash and cash equivalents 3,513 459
----------------------------------- -------- -------- -------- --------
19,310 12,191
----------------------------------- -------- -------- -------- --------
Total assets 64,423 50,464
----------------------------------- -------- -------- -------- --------
LIABILITIES
Current liabilities
Trade and other payables 7,474 3,689
Financial liabilities 7,873 4,174
Other financial liabilities 144 834
Current tax liabilities 989 1,093
----------------------------------- -------- -------- -------- --------
16,480 9,790
----------------------------------- -------- -------- -------- --------
Non-current liabilities
Financial liabilities 7,436 9,029
Other financial liabilities 364 234
Deferred tax liabilities 2,750 2,601
----------------------------------- -------- -------- -------- --------
10,550 11,864
----------------------------------- -------- -------- -------- --------
Total liabilities 27,030 21,654
----------------------------------- -------- -------- -------- --------
Total net assets 37,393 28,810
----------------------------------- -------- -------- -------- --------
Capital and reserves attributable
to equity holders of the Company
Share capital 1,740 1,562
Shares to be issued 311 -
Share premium 19,318 13,367
Merger reserve 849 849
Foreign exchange reserve (1,633) 1,005
Treasury share reserve (201) (201)
Retained earnings 17,009 12,228
----------------------------------- -------- -------- -------- --------
Total equity 37,393 28,810
----------------------------------- -------- -------- -------- --------
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
For the year ended 31 December 2013
Shares Foreign Treasury
Share to be Share Merger exchange share Retained
capital issued premium reserve reserve reserve earnings Total
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
--------------------- --------- -------- -------- -------- --------- --------- --------- ---------
Changes in equity
Balance at 31
December 2012 1,562 - 13,367 849 1,005 (201) 12,228 28,810
Profit for the
year - - - - - - 5,255 5,255
Other comprehensive
income - - - - (2,638) - - (2,638)
--------------------- --------- -------- -------- -------- --------- --------- --------- ---------
Total comprehensive
income for the
year - - - - (2,638) - 5,255 2,617
Issue of share
capital 178 311 6,281 - - - - 6,770
Share issue costs - - (330) - - - - (330)
Deferred tax
on share options - - - - - - 333 333
Share option
expense - - - - - - 96 96
Dividends paid - - - - - - (903) (903)
--------------------- --------- -------- -------- -------- --------- --------- --------- ---------
Balance at 31
December 2013 1,740 311 19,318 849 (1,633) (201) 17,009 37,393
--------------------- --------- -------- -------- -------- --------- --------- --------- ---------
For the year ended 31 December 2012
Foreign Treasury
Share Share Merger exchange share Retained
capital premium reserve reserve reserve earnings Total
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
------------------------ -------- -------- -------- --------- --------- --------- ---------
Changes in equity
Balance at 31 December
2011 1,551 13,203 849 1,588 (201) 9,228 26,218
Profit for the year - - - - - 3,707 3,707
Other comprehensive
income - - - (583) - - (583)
------------------------ -------- -------- -------- --------- --------- --------- ---------
Total comprehensive
income for the year - - - (583) - 3,707 3,124
Issue of share capital 11 164 - - - - 175
Deferred tax on
share options - - - - - 31 31
Share option expense - - - - - 48 48
Dividends paid - - - - - (786) (786)
------------------------ -------- -------- -------- --------- --------- --------- ---------
Balance at 31 December
2012 1,562 13,367 849 1,005 (201) 12,228 28,810
------------------------ -------- -------- -------- --------- --------- --------- ---------
CONSOLIDATED CASH FLOW STATEMENT
For the year ended 31 December 2013
2013 2012
GBP'000 GBP'000
------------------------------------------------------ --------- ---------
Cash flows from operating activities
Net profit from ordinary activities before taxation 6,606 4,880
Adjustments for:
- amortisation and impairment of intangible
assets 667 698
- amortisation of capitalised debt fee 62 60
- depreciation of property, plant and equipment 3,894 3,117
- profit on disposal of property, plant and
equipment (737) (221)
- negative goodwill (1,131) -
- non-cash settlement of contingent consideration 60 (260)
- investment income (54) (30)
- finance costs 530 609
- share option expense 96 48
------------------------------------------------------ --------- ---------
9,993 8,901
------------------------------------------------------ --------- ---------
(Decrease)/increase in inventories (1,615) 330
Increase in receivables (1,901) (840)
Increase in payables 2,609 16
------------------------------------------------------ --------- ---------
Cash generated from operations 9,086 8,407
Finance costs (530) (577)
Taxation (1,204) (723)
Hire fleet expenditure (4,830) (5,731)
Sale of assets within hire fleet 991 1,552
------------------------------------------------------ --------- ---------
Net cash from operating activities 3,513 2,928
------------------------------------------------------ --------- ---------
Cash flows from investing activities
Finance income 54 30
Acquisition of subsidiary undertaking (net of (6,499) -
cash acquired)
Payment of deferred consideration (20) (581)
Purchase of property, plant and equipment (422) (2,079)
Sale of property, plant and equipment 89 33
------------------------------------------------------ --------- ---------
Net cash used in investing activities (6,798) (2,597)
------------------------------------------------------ --------- ---------
Cash flows from financing activities
Proceeds from share capital issued 6,137 175
Proceeds from bank and other borrowings 4,018 2,501
Repayment of bank borrowings (1,533) (1,690)
Repayment of finance lease creditors (1,405) (944)
Dividends paid in the year (903) (786)
------------------------------------------------------ --------- ---------
Net cash from/(used in) financing activities 6,314 (744)
------------------------------------------------------ --------- ---------
Net increase/(decrease) in cash and cash equivalents 3,029 (413)
Cash and cash equivalents at beginning of period 459 878
Exchange losses on cash and cash equivalents 25 (6)
------------------------------------------------------ --------- ---------
Cash and cash equivalents at end of period 3,513 459
------------------------------------------------------ --------- ---------
During the period the Group acquired property, plant and hire
equipment with an aggregate cost of GBP5,496,000 (2012:
GBP9,925,000) of which GBP244,000 (2012: GBP2,115,000) was acquired
by means of finance leases.
1. ACCOUNTING POLICIES
1.1 BASIS OF PREPARATION OF FINANCIAL STATEMENTS
While the financial information included in the annual financial
results announcement has been prepared in accordance with the
recognition and measurement principles of International Financial
Reporting Standards as endorsed for use in the European Union
(IFRSs), this announcement does not contain sufficient information
to comply with IFRSs.
The financial information set out above does not constitute the
company's statutory accounts for the years ended 31 December 2013
or 2012, but is derived from those accounts. Statutory accounts for
the year ended 31 December 2012 have been delivered to the
Registrar of Companies and those for the year ended 31 December
2013 will be delivered following the company's annual general
meeting.
The auditors have reported on those accounts; their reports were
unqualified, did not include references to any matters to which the
auditors drew attention by way of emphasis without qualifying their
reports.
Their report for the year end 31 December 2013 and 31 December
2012 did not contain statements under s498 (2) or (3) of the
Companies Act 2006.
1.2 BASIS OF CONSOLIDATION
The financial statements consolidate the accounts of Northbridge
Industrial Services plc and its subsidiary undertakings.
The results of the business acquired during the year are
included from the effective date of acquisition. Intercompany
transactions and balances between companies are eliminated in
full.
2. SEGMENT INFORMATION
The Group currently has three main reportable segments:
-- Europe - this segment is involved in the manufacture, hire
and sale of specialist industrial equipment. It is the largest
proportion of the Group's business and generated 43% (2012: 51%) of
the Group's revenue. This includes the Crestchic, NT, AIR and
Crestchic France businesses;
-- Middle East - this segment is involved in the hire of
specialist industrial equipment and contributes 19% (2012: 13%) of
the Group's revenue. This includes the NME, RDS, TOMM and TTERS
businesses; and
-- Asia-Pacific - this segment is involved in the hire and sale
of specialist industrial equipment and generated 38% (2012: 36%) of
the Group's revenue. This includes the Tasman, NIS Pty, CAP and
Loadcell businesses.
Factors that management used to identify the Group's reportable
segments
The Group's reportable segments are strategic business units
that offer different products and services which operate in
different locations around the world. They are managed separately
because they require different marketing and distribution
strategies.
Measurement of operating segment profit or loss, assets and
liabilities
The accounting policies of the operating segments are the same
as those described in the summary of significant accounting
policies.
The Group evaluates performance on the basis of profit or loss
before tax.
Segment assets and liabilities include an aggregation of all
assets and liabilities relating to businesses included within each
segment. Other adjustments relate to the non-reportable head office
along with consolidation adjustments which include goodwill and
intangible assets. All inter-segment transactions are at arm's
length.
Other including
Middle consolidation 2013
Europe East Asia-Pacific Total Inter-company adjustments Total
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
------------------------- --------- --------- ------------- --------- -------------- ---------------- ---------
Revenue from
external customers 16,305 6,998 14,291 37,594 - - 37,594
Inter-segment
revenue 3,501 - 11 3,512 (3,512) - -
Finance income 50 4 54 - - 54
Finance expense (252) (43) (25) (320) - (210) (530)
Depreciation (1,680) (750) (1,312) (3,742) - (152) (3,894)
Amortisation (35) (6) (65) (106) - (561) (667)
Profit before
tax before exceptional
items 4,283 1,374 2,739 8,396 41 (2,468) 5,969
Exceptional items - 1,131 - 1,131 - (494) 637
Profit before
tax 4,283 2,505 2,739 9,527 41 (2,962) 6,606
------------------------- --------- --------- ------------- --------- -------------- ---------------- ---------
Balance sheet
Assets 26,888 22,412 27,967 77,267 (34,639) 21,795 64,423
Liabilities (16.091) (13,484) (16,428) (46,003) 35,361 (16,389) (27,030)
------------------------- --------- --------- ------------- --------- -------------- ---------------- ---------
10,797 8,928 11,539 31,264 722 5,406 37,393
------------------------- --------- --------- ------------- --------- -------------- ---------------- ---------
Non-current asset
additions
Property, plant
and equipment
additions 2,440 1,899 2,195 6,534 (1,041) 3 5,496
Investment additions - 2,226 6,480 8,706 (8,706) - -
Intangible asset
additions - 280 1,728 2,008 - - 2,008
------------------------- --------- --------- ------------- --------- -------------- ---------------- ---------
The reconciling adjustments between the total segmental profit
before tax and the profit before tax of the Group include
amortisation (GBP561,000) and head office expenditure
(GBP1,474,000). The reconciling adjustments between the total
segmental net assets to the net assets of the Group include the
addition of the head office net assets and consolidation
adjustments.
Other including
Middle consolidation 2012
Europe East Asia-Pacific Total Inter-company adjustments Total
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
------------------------- --------- -------- ------------- --------- -------------- ---------------- ---------
Revenue from
external customers 15,621 4,062 11,130 30,813 - - 30,813
Inter-segment
revenue 1,157 - - 1,157 (1,157) - -
Finance income 29 1 30 - - 30
Finance expense (188) (19) (139) (346) - (263) (609)
Depreciation (1,332) (579) (1,151) (3,062) - (55) (3,117)
Amortisation (51) - (64) (115) - (583) (698)
Profit before
tax before exceptional
items 3,425 365 3,268 7,058 (40) (2,138) 4,880
Exceptional items - - - - - - -
Profit before
tax 3,425 365 3,268 7,058 (40) (2,138) 4,880
------------------------- --------- -------- ------------- --------- -------------- ---------------- ---------
Balance sheet
Assets 21,462 13,968 17,934 53,364 (21,968) 19,068 50,464
Liabilities (12,603) (7,217) (7,632) (27,452) 22,703 (16,905) (21,654)
------------------------- --------- -------- ------------- --------- -------------- ---------------- ---------
8,859 6,751 10,302 25,912 735 2,163 28,810
------------------------- --------- -------- ------------- --------- -------------- ---------------- ---------
Non-current asset
additions
Property, plant
and equipment
additions 5,144 1,702 3,987 10,833 (908) - 9,925
------------------------- --------- -------- ------------- --------- -------------- ---------------- ---------
The reconciling adjustments between the total segmental profit
before tax and the profit before tax of the Group include
amortisation (GBP566,000), head office expenditure (GBP1,007,000)
and an intercompany receivable credit adjustment (GBP728,000). The
reconciling adjustments between the total segmental net assets to
the net assets of the Group include the addition of the head office
net assets and consolidation adjustments.
External revenue Non-current assets
by location of by location
sale origin
------------------- ---------------------
2013 2012 2013 2012
GBP'000 GBP'000 GBP'000 GBP'000
---------------------- --------- -------- ---------- ---------
UK 15,046 14,349 12,677 11,906
Australia 9,140 9,097 9,592 12,189
United Arab Emirates 5,910 3,114 8,305 4,527
Azerbaijan 1,088 949 691 789
Singapore 5,151 2,032 9,217 3,399
Belgium 942 1,092 4,621 5,463
Other 317 180 10 -
37,594 30,813 45,113 38,273
---------------------- --------- -------- ---------- ---------
External revenue Non-current assets
by type by type
------------------- ---------------------
2013 2012 2013 2012
GBP'000 GBP'000 % %
------------------- --------- -------- ---------- ---------
Hire of equipment 22,982 18,029 61.1 58.5
Sale of product 14,612 12,784 38.9 41.5
------------------- --------- -------- ---------- ---------
37,594 30,813 100.0 100.0
------------------- --------- -------- ---------- ---------
3. EXCEPTIONAL ITEMS
Exceptional items incurred during the year were as follows:
2013 2012
GBP'000 GBP'000
Acquisition costs (1) 494 -
Negative goodwill (2) (1,131) -
Exceptional Items (637) -
---------------------- -------- --------
(1) The exceptional costs relate to settlement costs on
acquisition of Loadcell and fees incurred on the acquisition of
Crestchic (Asia-Pacific) Pte Limited and the trade and assets of
Oilfield Material Management Limited. In line with IFRS 3 (revised)
acquisition costs have been charged to profit and loss.
(2) The fair value of the trade and assets Oilfield Material
Management Limited purchased during the year is deemed to be in
excess of the fair value of the consideration paid. In line with
IFRS 3 the negative goodwill has been taken to profit and loss.
4. INCOME TAX EXPENSE
2013 2012
GBP'000 GBP'000
----------------------------------------------------- -------- --------
Current tax expense 1,277 1,391
Prior year (over)/under provision of tax (105) 85
----------------------------------------------------- -------- --------
1,172 1,476
Deferred tax expense resulting from the origination
and reversal of temporary differences 179 (303)
----------------------------------------------------- -------- --------
Tax on profit on ordinary activities 1,351 1,173
----------------------------------------------------- -------- --------
Factors affecting tax charge for the year
The tax assessed for the year is different to the standard rate
of corporation tax in the UK (23.25%). The differences are
explained below:
2013 2012
GBP'000 GBP'000
------------------------------------------------------------ -------- --------
Profit on ordinary activities before tax 6,606 4,880
------------------------------------------------------------ -------- --------
Profit on ordinary activities multiplied by standard
rate of corporation tax in the UK of 23.25% (2011: 24.5%) 1,536 1,196
Effects of:
- group adjustments not allowable for tax 99 (139)
- income not subject to tax (189) (203)
- expenses not allowable for tax purposes 224 228
- difference in tax rates (214) 6
- prior year (over)/under provision of tax and deferred
tax (105) 85
------------------------------------------------------------ -------- --------
Total tax charge for the year 1,351 1,173
------------------------------------------------------------ -------- --------
The standard rate of corporation tax in the UK is now 21% since
1 April 2014.
5. EARNINGS PER SHARE
2013 2012
GBP'000 GBP'000
---------------------------------------- -------- --------
Numerator
Earnings used in basic and diluted EPS 5,255 3,707
---------------------------------------- -------- --------
Number Number
----------------------------------------------------- ----------- -----------
Denominator
Weighted average number of shares used in basic EPS 16,067,459 15,422,404
Effects of share options 437,926 183,964
----------------------------------------------------- ----------- -----------
Weighted average number of shares used in diluted
EPS 16,505,385 15,606,368
----------------------------------------------------- ----------- -----------
At the end of the year, the Company had in issue nil (2012:
284,833) share options which have not been included in the
calculation of diluted EPS because their effects are anti-dilutive.
These share options could be dilutive in the future.
6. ACQUISITIONS DURING THE YEAR
Crestchic (Asia-Pacific) Pte Limited ("CAP")
On 13 September 2013, the Group purchased 100% of CAP. CAP is
registered in Singapore and its principal business is the hire of
loadbanks and transformers. The fair value of the total
consideration is GBP6,480,000, which was satisfied by GBP5,357,000
in cash on acquisition and GBP1,123,000 of deferred consideration
paid in November. Acquisition expenses of GBP236,000 have been
taken to profit or loss (see note 3).
Details of the fair value of identifiable assets and liabilities
acquired, purchase consideration and goodwill are as follows:
GBP'000 GBP'000
------------------------------------------------------------ ------- -------
Fair value of assets acquired
Property, plant and equipment 4,210
Cash 1,329
Trade receivables 579
Other current assets 56
Contract and customer related intangible assets (recognised
on acquisition) 618
Finance lease debt (532)
Trade payables and other payables (281)
Taxation liabilities (46)
Deferred taxation on intangible assets (105)
Deferred taxation on property, plant and equipment (458)
5,370
------------------------------------------------------------ ------- -------
Consideration
Cash paid on acquisition 5,357
Deferred cash consideration paid 1,123
------------------------------------------------------------ ------- -------
6,480
------------------------------------------------------------ ------- -------
Goodwill 1,110
------------------------------------------------------------ ------- -------
Current assets acquired include trade receivables with a book
and fair value of GBP579,000 representing contractual receivables
of the same value.
The net cash sum expended on the acquisition in 2013 was as
follows:
GBP'000
---------------------------------- -------
Cash paid as consideration 6,480
Less cash acquired on acquisition (1,329)
---------------------------------- -------
Net cash movement 5,151
---------------------------------- -------
The acquisition was in line with the Group's stated strategy of
acquiring earnings-enhancing specialist businesses in niche sectors
which are capable of further organic growth. CAP is an excellent
fit with the Group's existing business and the acquisition will
serve to consolidate the operations in Singapore and across the Far
East.
The main factors which led to the recognition of goodwill were
the presence of certain intangible assets in the acquired entity.
These included the assembled work force of the acquired entity
which did not qualify for separate recognition. Moreover, elements
of goodwill such as the strong position in a market were typically
not contractual or separable from the entity. They remain within
goodwill.
None of the goodwill recognised is expected to be deductible for
income tax purposes.
From the acquisition date to 31 December 2013, CAP contributed
GBP757,000 to Group revenues and GBP165,000 to Group profit after
tax. If the acquisition had occurred on the first day of the
accounting period Group revenue would have been GBP39,264,000 and
Group profit for the period after tax would have been
GBP6,738,000.
Oilfield Material Management Limited ("OMM BVI")
On 15 November 2013, the Group purchased the trade and assets of
OMM BVI and transferred them into Tasman OMM FZE ("TOMM"), a newly
incorporated entity in Dubai. TOMM's principal business is the hire
of tools and equipment for the oil and gas industry in the region.
The fair value of the total consideration is GBP2,226,000, which
was satisfied by GBP1,395,000 in cash on acquisition, GBP303,000 in
shares on acquisition and GBP528,000 of deferred consideration.
Acquisition expenses of GBP187,000 have been taken to profit or
loss (see note 3).
Details of the fair value of identifiable assets and liabilities
acquired, purchase consideration and goodwill are as follows:
GBP'000 GBP'000
------------------------------------------------------------ ------- -------
Fair value of assets acquired
Property, plant and equipment 2,694
Contract and customer related intangible assets (recognised
on acquisition) 280
Trade receivables 979
Cash 47
Other current assets 272
Trade and other creditors (792)
Financial liabilities (123)
3,357
------------------------------------------------------------ ------- -------
Consideration
Cash 1,395
Shares 303
Deferred consideration 528
2,226
------------------------------------------------------------ ------- -------
Negative goodwill 1,131
------------------------------------------------------------ ------- -------
GBP121,000 of the deferred consideration is due to be paid
during 2016 with the remainder paid in equal monthly instalments
over a period of 36 months post acquisition.
Current assets acquired include trade receivables with a book
and fair value of GBP979,000 representing contractual receivables
of
GBP1,335,000. Whilst the Group will make every effort to collect
all contractual receivables, it considers that a provision of
GBP356,000 is reasonable given that is some doubt surrounding the
collection of certain receivables.
The net cash sum expended on the acquisition in 2013 was as
follows:
GBP'000
---------------------------------- -------
Cash paid as consideration 1,395
Less cash acquired on acquisition (47)
---------------------------------- -------
Net cash movement 1,348
---------------------------------- -------
The acquisition was in line with the Group's stated strategy of
acquiring earnings-enhancing specialist businesses in niche sectors
which are capable of further organic growth. TOMM is an excellent
fit with the Group's existing business, particularly in the Middle
East region, building on the previous acquisition of Tasman in
Australia.
The negative goodwill has been recognised within exceptional
operating costs. The negative goodwill represents the fair value
attributed to the assets acquired less liabilities, in excess of
the consideration paid for the trade and assets of OMM BVI.
From the acquisition date to 31 December 2013, TOMM contributed
GBP408,000 to Group revenues and a loss of GBP125,000 to Group
profit after tax. It is not practicable to calculate the effect of
acquiring TOMM on the first day of the accounting period on the
Group revenue and Group profit after tax for the period.
7. DIVIDENDS
2013 2012
GBP'000 GBP'000
---------------------------------------------------------------------- -------- ---------
Final dividend of 3.575 pence (2012: 3.25 pence) per
ordinary share proposed and paid during the year relating
to the previous year's results 559 500
Interim dividend of 2.00 pence (2012: 1.85 pence) per
ordinary share paid during the year 344 286
---------------------------------------------------------------------- -------- ---------
903 786
---------------------------------------------------------------------- -------- ---------
The Directors are proposing a final dividend of 3.9 pence (2012:
3.575 pence) per share totalling GBP675,000 (2012: GBP559,000),
resulting in dividends for the whole year of 5.9 pence (2012: 5.425
pence) per share. The dividend has not been accrued at the balance
sheet date.
8. ANNUAL REPORT AND ACCOUNTS
The annual report and accounts will be posted to shareholders shortly
and will be available for members of the public at the Company's registered
office Second Avenue, Centrum 100, Burton on Trent, DE14 2WF, and
on the company's website www.northbridgegroup.co.uk.
9. ANNUAL GENERAL MEETING
The Company's Annual General Meeting is to be held at the offices
of Buchanan Communications, 107 Cheapside, London, EC2V 6DN on 29
May 2013, commencing at 12.00 noon.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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