TIDMCAR
RNS Number : 1469P
Carclo plc
15 November 2016
Carclo plc
("Carclo" or "the Group")
Half year results for the six months ended 30 September 2016
Strong profit growth across the business
Carclo plc, the global manufacturing group, announces a strong
trading performance across its divisions in the first half of the
financial year, with all businesses trading in line with the
board's expectations.
Financial Highlights
-------------------------------- ---------------- --------------
Six months Six months
ended ended
30 September 30 September
2016 2015
-------------------------------- ---------------- --------------
GBP000 GBP000
-------------------------------- ---------------- --------------
Revenue
-------------------------------- ---------------- --------------
Technical Plastics 39,240 31,468
------------------------------------ ---------------- --------------
LED Technologies 20,559 21,172
------------------------------------ ---------------- --------------
Aerospace 3,485 3,063
------------------------------------ ---------------- --------------
CIT Technology - 1,483
------------------------------------
Total 63,284 57,186
------------------------------------ ---------------- --------------
Operating profit before exceptional
items
------------------------------------------- --------- --------------
Technical Plastics 3,450 2,523
------------------------------------ ---------------- --------------
LED Technologies 2,913 2,763
------------------------------------ ---------------- --------------
Aerospace 715 632
------------------------------------ ---------------- --------------
CIT Technology - 2
------------------------------------ ---------------- --------------
Unallocated (1,503) (1,237)
------------------------------------ ---------------- --------------
Total 5,575 4,683
------------------------------------ ---------------- --------------
Exceptional items (18) 17
------------------------------------ ---------------- --------------
Operating profit 5,557 4,700
------------------------------------ ---------------- --------------
Underlying* profit before
tax 4,848 4,076
------------------------------------ ---------------- --------------
Profit before tax 4,830 4,093
------------------------------------ ---------------- --------------
Basic earnings per share 5.6p 4.5p
------------------------------------ ---------------- --------------
Underlying* earnings per
share 5.6p 4.5p
------------------------------------ ---------------- --------------
Net debt 27,551 27,276
------------------------------------ ---------------- --------------
* underlying is defined as before all exceptional items
-- Group revenue increased by 10.7% to GBP63.3 million (2015 - GBP57.2 million)
-- Operating profit before exceptional items increased by 19.0%
to GBP5.6 million (2015 - GBP4.7 million), with underlying
operating margin increasing by 62 basis points to 8.8% (2015 -
8.2%)
-- Earnings per share increased by 24.4% to 5.6p (2015 - 4.5p)
-- Increased profitability driven by strong performances from
the Technical Plastics and LED Technologies divisions
-- As anticipated net debt rose to GBP27.6 million at the half
year (31 March 2016 - GBP24.8 million), due partly to the impact of
currency movements on the retranslation of the Group's US dollar
and Euro denominated medium term loans; the Group's financing
remains secure and well within covenant requirements
-- IAS 19 retirement benefit liability net of deferred tax
increased to GBP42.6 million from GBP18.9 million at the previous
year end; a long term pension deficit funding agreement with the
trustees is in place with the next triennial valuation at 31 March
2018
Operational Highlights
-- In Technical Plastics divisional operating margin increased
to 8.8% (2015 - 8.0%) and we have commenced the expansion of our
Bangalore, India facility that will double its overall capacity
-- Following the period end we have completed the acquisition of
Precision Tool & Molding, LLC, trading as Precision Tool &
Die, which will bring significant new capabilities to Technical
Plastics and broaden the division's offering to its customers and
also completed a new share placing to repay the short-term debt
facility used to fund the initial consideration for the acquisition
and to reduce medium term debt
-- In LED Technologies, all of Wipac's current design,
development and tooling projects, including its new medium volume
lighting project, are on plan
-- The Aerospace division has benefited from stable demand in
the first half of the financial year
Commenting on the results, Michael Derbyshire, Chairman said
-
"The Group has enjoyed a strong first half trading performance
with all divisions performing well and showing solid progress over
the comparative period last year.
In particular, our strategy to invest in increased capacity in
our Technical Plastics division is continuing to facilitate strong
growth in revenues which is resulting in good margin appreciation.
The exciting acquisition of Precision Tool & Die provides
further capabilities and opportunities for this division and its
customer base has been enthusiastic about the combination of our
businesses leading to an enhanced offering.
In LED Technologies, our Wipac luxury and supercar lighting
business has continued to perform well, benefiting from good
product demand and its continuing ability to win new customer
programmes and it is expected to deliver significant growth into
the future.
The board confirms that the Group is trading in line with its
expectations for the full year and expects the Group to have a
stronger second half of the financial year, benefiting additionally
from the anticipated contribution from the Precision Tool & Die
acquisition."
Enquiries
Carclo plc 020 7067 0700 (today)
Chris Malley, chief executive 01924 268040 (thereafter)
Robert Brooksbank, finance director
Weber Shandwick Financial 020 7067 0700
Nick Oborne / Tom Jenkins
A presentation for analysts will be held at 9.00 a.m. on 15
November 2016 at the offices of Weber Shandwick Financial, 2
Waterhouse Square, 140 Holborn, London EC1N 2AE.
Notes to editors
About Carclo
Carclo plc is a public company whose shares are quoted on the
Main Market of the London Stock Exchange.
Carclo's strategy is to develop and expand its key manufacturing
assets in markets where there are significant further opportunities
to drive shareholder value. To enhance profit margins and support
its customers, the group has been investing across its global
footprint.
Approximately three fifths of group revenues are generated from
the supply of fine tolerance, injection moulded plastic components,
mainly for medical products. The balance of group revenue is
derived mainly from the design and supply of specialised injection
moulded LED based lighting systems to the premium automotive
industry.
Forward looking statements
Certain statements made in this announcement are forward looking
statements. Such statements are based on current expectations and
are subject to a number of risks and uncertainties that could cause
actual events to differ materially from any expected future events
or results referred to in these forward looking statements.
Group Interim Results
Overview
Carclo has traded strongly in the first half of the financial
year, with good revenue and profit progression in Technical
Plastics, good progress in LED Technologies and with the Group
delivering an overall performance in line with the board's
expectations.
Group revenues increased by 10.7% to GBP63.3 million (2015 -
GBP57.2 million). Group underlying operating profits of GBP5.6
million were significantly higher than those for the comparative
period last year (2015 - GBP4.7 million). This was driven by
excellent performances in Technical Plastics and LED Technologies,
with the performance of Aerospace broadly consistent with the
comparative period last year.
Unallocated costs were a little higher than the comparative
period last year at GBP1.5 million (2015 - GBP1.2 million) but in
line with the previous half year period. The IAS 19 pension finance
charge at GBP0.4 million (2015 - GBP0.2 million) was also higher
than in the comparative period last year. Underlying profit before
tax increased 18.9% to GBP4.8 million (2015 - GBP4.1 million).
The Group generated profit before tax in the six months to 30
September 2016 of GBP4.8 million (2015 - GBP4.1 million). As a
result, earnings per share for the six months to 30 September 2016
increased 24.4% to 5.6p (2015 - 4.5p).
The board expects the Group to have a stronger second half
performance reflecting in particular further growth in its
Technical Plastics division which will benefit additionally from
the integration of and profits generated by Precision Tool &
Die.
Operating review
Technical Plastics
The Group's Technical Plastics business reported revenues of
GBP39.2 million (2015 - GBP31.5 million), an increase of 24.7% on
the comparative period last year. Divisional operating profits
increased by 36.7% to GBP3.5 million (2015 - GBP2.5 million). The
divisional operating margin increased from 8.0% to 8.8% and we
expect this margin to increase further in the second half of the
year towards our medium-term target of 10% for this division.
Our UK business has outperformed expectations in the first half
of the financial year with good product demand from many of its
customers and strong sub contract tooling activity.
Our US business has continued to trade well benefiting from good
customer demand and cost management. The expansion of our Tucson,
Arizona facility has now been completed and the integration of
Precision Tool & Die is underway and this business is expected
to contribute sales and profits in the second half of the financial
year.
We have commenced the expansion of our Bangalore, India facility
on our land adjacent to the existing facility. This investment
should double the capacity of this business by the summer of 2017.
Our new facility in Taicang, China is operating well, and
supporting the growth of its main medical customer and is now
beginning to secure new opportunities from both new and existing
customers.
This division derives the majority of its revenues from outside
the UK and, therefore, movements in foreign exchange rates do
affect its financial results with sales in the first half around
GBP2 million higher than at the previous year's rates. Whilst
foreign exchange contracts that we put in place prior to the EU
Referendum have limited the net benefit on profit from foreign
exchange rates in the first half of the financial year, we expect
to benefit from the retranslation of overseas profits during the
second half of the financial year should sterling rates remain
broadly at current levels.
LED Technologies
The Group's LED Technologies division is made up of our Wipac
luxury car and supercar lighting business, based in Buckingham, UK
and our LED Optics and aftermarket business, based in Aylesbury
UK.
Performance in the division during the first half of the year
was ahead of the comparative period last year despite slightly
lower turnover of GBP20.6 million (2015 - GBP21.2 million) mainly
due to the phasing of design, development and tooling contracts.
Divisional operating profit increased by 5.4% to GBP2.9 million
(2015 - GBP2.8 million).
Lighting product sales have been in line with targets due to
good demand across a range of customers. Design, development and
sub contract tooling revenues, which in aggregate made up just over
half of Wipac's sales, were slightly ahead of expectations and this
has driven an improved profits performance by the division for the
period. All of Wipac's current design, development and tooling
projects, including its new medium volume lighting project, are on
plan. The market for low and medium volume lighting projects has
remained strong and we continue to see good growth in this sector
with Wipac well placed to deliver significant growth into the
future.
Our LED Optics business enjoyed a strong first half, benefiting
especially from strong demand for custom optics. We are commencing
the process of consolidating some of our LED Optics manufacturing
business in our Technical Plastics facility in Brno, Czech Republic
and this should enable the business to benefit from both additional
production space and the lower cost base.
Aerospace
The Group's aerospace business enjoyed a good first half
performance, with sales of GBP3.5 million (2015 - GBP3.1 million)
and divisional operating profits of GBP0.7 million (2015 - GBP0.6
million). We are planning to target more OEM work in our machined
components business which has traditionally been focussed on the
spares market.
This business continues to be both very profitable and cash
generative for the Group, with little ongoing investment
required.
Carclo Diagnostic Solutions
The closure of Carclo Diagnostic Solutions ("CDS"), which was
announced in our statement of 16 May 2016, will be completed by the
end of the calendar year.
Acquisition of Precision Tool & Die ("PTD") and associated
Equity Fund Raising
On 14 October 2016 the Group announced that its US subsidiary,
CTP Carrera Inc., had acquired Precision Tool & Molding, LLC,
trading as Precision Tool & Die, for an initial consideration
of US$5.5 million (approximately GBP4.5 million) in cash plus
further deferred consideration of up to US$1.0 million
(approximately GBP0.8 million) in cash, subject to the satisfaction
of certain performance criteria. The completion consideration was
also subject to a working capital adjustment of up to US$750,000
(approximately GBP615,000) of which an initial payment of
US$256,397 (approximately GBP210,000) was paid on completion of the
acquisition. The total working capital adjustment will be
determined shortly. The acquisition was funded by an additional
short term debt facility which has been repaid using the proceeds
of a placing of approximately 6.6 million new ordinary shares at a
price of 120 pence, raising net proceeds of approximately GBP7.7
million after costs.
Financial position
Net debt has risen since the last financial year-end to GBP27.6
million (31 March 2016 - GBP24.8 million). Debt was expected to
rise slightly due to the high level of ongoing capital expenditure
and an increase in working capital to support growth in our
businesses, and additionally reflects the negative impact of weaker
sterling on the re-translation of the Group's foreign currency
denominated borrowings.
The Group generated cash from operations of GBP3.2 million (2015
- GBP2.5 million) with working capital increasing by GBP4.5 million
(2015 - GBP6.4 million) due mainly to a significant increase in
trade debtors resulting from the invoicing of a large tooling
contract in our UK Technical Plastics business just prior to the
half year end. Capital expenditure in the six months to 30
September 2016 on a cash basis was GBP3.6 million (2015 - GBP3.2
million) the majority of which relates to investment in additional
capacity in our US and UK Technical Plastics businesses. The
retranslation of the Group's Euro and US dollar denominated medium
term loans resulted in an increase in the sterling value of the
Group's net debt of GBP1.3 million since the previous financial
year end.
Since the half year end the Group announced the placing of
approximately 6.6 million new shares at 120 pence per share raising
net proceeds of GBP7.7 million, of which approximately GBP4.7
million was used to repay the short-term debt facility used to fund
the initial consideration for the acquisition of Precision Tool
& Die. The additional funds raised have mainly been utilised to
repay part of the Group's medium term loan facility and this will
result in a reduction in the Group's net debt at the financial year
end. The Group's balance sheet remains strong and its financing is
well within its two main banking covenant limits.
The Group's pension deficit net of applicable deferred tax under
IAS19 "Employee Benefits" as at 30 September 2016 has increased to
GBP42.6 million from GBP18.9 million at 31 March 2016.
Although the Pension Scheme's assets have increased in value by
GBP5.5 million, the Pension Scheme liability has increased by
GBP33.6 million since 31 March 2016. This increased liability has
mainly resulted from the significant reduction in the corporate
bond yield (from 3.5% to 2.3%) during the period. As reported in
our trading update of 14 October 2016, the material increase in the
IAS19 pension deficit has extinguished Carclo plc's distributable
reserves and so the Group was unable to pay the recommended final
dividend of 1.95 pence per share which was referred to in the
results announcement made on 7 June 2016. As a consequence, the
Group has not declared an interim dividend.
The cash cost of the pension scheme has, however, remained at
similar levels and the annual recovery plan payment of GBP1.2
million was made subsequent to the 30 September 2016 period end.
The Group's next triennial valuation is expected to be as at 31
March 2018.
Risks and uncertainties
In the annual report to shareholders in June 2016 we provided a
detailed review of the risks faced by the Group and how these risks
are managed. We continue to face, and proactively manage, the risks
and uncertainties in our business and, while recognising some
increased economic uncertainty post the EU referendum and the US
elections, the board does not consider that the principal risks and
uncertainties have changed since the publication of the Annual
Report for the year ended 31 March 2016.
Outlook
The Group has enjoyed a strong first half trading performance
with all divisions performing well and showing solid progress over
the comparative period last year.
In particular, our strategy to invest in increased capacity in
our Technical Plastics division is continuing to facilitate strong
growth in revenues which is resulting in good margin appreciation.
The exciting acquisition of Precision Tool & Die provides
further capabilities and opportunities for this division and its
customer base has been enthusiastic about the combination of our
businesses leading to an enhanced offering.
In LED Technologies, our Wipac luxury and supercar lighting
business has continued to perform well, benefiting from good
product demand and its continuing ability to win new customer
programmes and it is expected to deliver significant growth into
the future.
The board confirms that the Group is trading in line with its
expectations for the full year and expects the Group to have a
stronger second half of the financial year, benefiting additionally
from the anticipated contribution from the Precision Tool & Die
acquisition.
Condensed consolidated income statement
Six months ended Six months Year ended
30 September ended 30 31 March
2016 September 2016
unaudited 2015 unaudited audited
Notes GBP000 GBP000 GBP000
--------------------------------------- ---------- -------- ------------- ----------
Revenue 4 63,284 57,186 118,974
-------- ------------- ----------
Underlying operating profit
Operating profit before exceptional
items 5,575 4,683 10,034
- rationalisation costs 5 31 77 65
- litigation costs 5 (49) (60) (64)
- impairment of Carclo Diagnostic
Solutions 5 - - (4,858)
After exceptional items 5,557 4,700 5,177
Operating profit 4 5,557 4,700 5,177
Finance revenue 6 59 13 17
Finance expense 6 (786) (620) (1,299)
Profit before tax 4,830 4,093 3,895
Income tax expense 7 (1,151) (1,146) (1,708)
Profit after tax 3,679 2,947 2,187
======== ============= ==========
Attributable to -
Equity holders of the parent 3,688 2,957 2,200
Non-controlling interests (9) (10) (13)
-------- ------------- ----------
3,679 2,947 2,187
======== ============= ==========
Earnings per ordinary share 8
Basic 5.6 p 4.5 p 3.3 p
Diluted 5.6 p 4.5 p 3.3 p
======== ============= ==========
Condensed consolidated statement of comprehensive income
Six months Six months
ended ended Year ended
30 September 30 September 31 March
2016 2015 2016
unaudited unaudited audited
GBP000 GBP000 GBP000
------------------------------------------- ------------------- -------------- ----------------
Profit for the period 3,679 2,947 2,187
Other comprehensive income -
Items that will not be reclassified
to the income statement
Remeasurement losses on defined benefit
scheme (27,736) (6,413) (11,846)
Deferred tax arising 4,137 1,535 1,647
Total items that will not be reclassified
to the income statement (23,599) (4,878) (10,199)
------------------- -------------- ----------------
Items that are or may in the future
be classified to the income statement
Foreign exchange translation differences 4,523 (1,007) 1,489
Deferred taxation arising - - (924)
Total items that are or may in future
be classified to the income statement 4,523 (1,007) 565
Other comprehensive income, net of
income tax (19,076) (5,885) (9,634)
Total comprehensive income for the
period (15,397) (2,938) (7,447)
=================== ============== ================
Attributable to -
Equity holders of the parent (15,388) (2,928) (7,434)
Non-controlling interests (9) (10) (13)
------------------- -------------- ----------------
(15,397) (2,938) (7,447)
=================== ============== ================
Condensed consolidated statement of financial position
30 September 30 September 31 March
2016 2015 2016
unaudited unaudited audited
Notes GBP000 GBP000 GBP000
-----------------
Assets
Intangible assets 10 21,704 23,599 20,257
Property, plant
and equipment 11 40,014 32,968 36,597
Investments 7 7 7
Deferred tax assets 14,132 9,219 9,799
Total non current
assets 75,857 65,793 66,660
------------------- ------------------- -----------------
Inventories 16,896 15,305 15,596
Trade and other
receivables 32,614 33,535 26,647
Cash and cash deposits 19,462 11,111 16,692
Non current assets classified
as held for sale 12 200 700 700
Total current assets 69,172 60,651 59,635
Total assets 145,029 126,444 126,295
------------------- ------------------- -----------------
Liabilities
Interest bearing loans
and borrowings 31,698 29,523 30,746
Deferred tax liabilities 5,636 4,768 6,038
Retirement benefit
obligations 13 51,347 18,737 23,216
Total non current liabilities 88,681 53,028 60,000
------------------- ------------------- -----------------
Trade and other payables 21,019 23,799 20,192
Current tax liabilities 2,755 2,553 1,920
Provisions 178 1,389 620
Interest bearing loans and borrowings 15,315 8,864 10,696
Total current liabilities 39,267 36,605 33,428
Total liabilities 127,948 89,633 93,428
------------------- ------------------- -----------------
Net assets 17,081 36,811 32,867
=================== =================== =================
Equity
Ordinary share capital issued 18 3,319 3,311 3,311
Share premium 410 18 18
Other reserves 2,254 2,254 2,254
Translation reserve 8,355 2,260 3,832
Retained earnings 2,765 28,978 23,465
Total equity attributable to equity holders
of the parent 17,103 36,821 32,880
Non-controlling interests (22) (10) (13)
------------------- ------------------- -----------------
Total equity 17,081 36,811 32,867
=================== =================== =================
Condensed consolidated statement of changes in equity
Attributable to equity holders of the company
Non-
Share Share Translation Other Retained controlling Total
capital premium reserve reserves earnings Total interests equity
GBP000 GBP000 GBP000 GBP000 GBP000 GBP000 GBP000 GBP000
------- ------- ----------- -------- -------- -------- ----------- --------
Current half year period -
unaudited
Balance at 1 April 2016 3,311 18 3,832 2,254 23,465 32,880 (13) 32,867
Profit for the period - - - - 3,688 3,688 (9) 3,679
Other comprehensive income -
Foreign exchange translation
differences - - 4,523 - - 4,523 - 4,523
Remeasurement losses on
defined benefit scheme - - - - (27,736) (27,736) - (27,736)
Taxation on items above - - - - 4,137 4,137 - 4,137
Transactions with owners
recorded directly in equity
-
Share based payments 5 346 - - (193) 158 - 158
Dividends to shareholders - - - - (596) (596) - (596)
Exercise of share options 3 46 - - - 49 - 49
Balance at 30 September 2016 3,319 410 8,355 2,254 2,765 17,103 (22) 17,081
======= ======= =========== ======== ======== ======== =========== ========
Prior half year period -
unaudited
Balance at 1 April 2015 3,310 - 3,267 2,254 32,522 41,353 - 41,353
Profit for the period - - - - 2,957 2,957 (10) 2,947
Other comprehensive income -
Foreign exchange translation
differences - - (1,007) - - (1,007) - (1,007)
Remeasurement losses on
defined benefit scheme - - - - (6,413) (6,413) - (6,413)
Taxation on items above - - - - 1,535 1,535 - 1,535
Transactions with owners
recorded directly in equity
-
Share based payments - - - - 198 198 - 198
Dividends to shareholders - - - - (1,821) (1,821) - (1,821)
Exercise of share options 1 18 - - - 19 - 19
Balance at 30 September 2015 3,311 18 2,260 2,254 28,978 36,821 (10) 36,811
======= ======= =========== ======== ======== ======== =========== ========
Prior year period - audited
Balance at 1 April 2015 3,310 - 3,267 2,254 32,522 41,353 - 41,353
-
Profit for the period - - - - 2,200 2,200 (13) 2,187
Other comprehensive income -
Foreign exchange translation
differences - - 1,489 - - 1,489 - 1,489
Remeasurement losses on
defined benefit scheme - - - - (11,846) (11,846) - (11,846)
Taxation on items above - - (924) - 1,647 723 - 723
Transactions with owners
recorded directly in equity
-
Share based payments - - - - 471 471 - 471
Dividends to shareholders - - - - (1,821) (1,821) - (1,821)
Exercise of share options 1 18 - - - 19 - 19
Taxation on items recorded
directly in equity - - - - 292 292 - 292
Balance at 31 March 2016 3,311 18 3,832 2,254 23,465 32,880 (13) 32,867
======= ======= =========== ======== ======== ======== =========== ========
Condensed consolidated statement of cash flows
Six months ended Six months Year ended
30 September ended 31 March
2016 30 September 2016
unaudited 2015 audited
unaudited
Notes GBP000 GBP000 GBP000
--------------- ---------------------- ------- -------------- -----------
Cash generated from operations 14 3,215 2,499 13,933
Interest paid (396) (377) (877)
Tax paid (949) (321) (1,253)
Net cash from operating activities 1,870 1,801 11,803
Cash flows from investing activities
Proceeds from sale of property, plant and
equipment 526 21 207
Interest received 59 13 16
Acquisition of property, plant
and equipment (3,607) (3,180) (8,274)
Acquisition of intangible assets - computer
software (119) (52) (140)
Development expenditure (9) (768) (1,386)
Net cash from investing activities (3,150) (3,966) (9,577)
Cash flows from financing activities
Proceeds from exercise of share options 49 19 20
Drawings on term loan facilities - - 400
Repayment of term loan facilities (400) - -
Cash outflow in respect of performance
share plan awards (59) - -
Dividends paid (596) (563) (1,821)
Net cash from financing activities (1,006) (544) (1,401)
Net (decrease) / increase in cash and cash
equivalents (2,286) (2,709) 825
Cash and cash equivalents at beginning
of period 5,996 5,142 5,142
Effect of exchange rate fluctuations on
cash held 437 (186) 29
Cash and cash equivalents at
end of period 15 4,147 2,247 5,996
======== ======== ========
Notes on the accounts
1. Basis of preparation
Except as outlined below, the condensed consolidated half year
report for Carclo plc ("Carclo" or "the Group") for the six months
ended 30 September 2016 has been prepared on the basis of the
accounting policies set out in the audited accounts for the year
ended 31 March 2016 and in accordance with the Disclosure and
Transparency Rules of the UK Financial Conduct Authority and the
requirements of IAS 34 "Interim Financial Reporting" as adopted by
the EU.
The financial information is unaudited, but has been reviewed by
the auditors and their report to the company is set out below.
The half year report does not constitute financial statements
and does not include all of the information and disclosures
required for full annual statements. It should be read in
conjunction with the annual report and financial statements for the
year ended 31 March 2016 which is available either on request from
the company's registered office, Springstone House, PO Box 88, 27
Dewsbury Road, Ossett, WF5 9WS, or can be downloaded from the
corporate website - www.carclo-plc.com.
The comparative figures for the financial year ended 31 March
2016 are not the company's statutory accounts for that financial
year. Those accounts have been reported on by the company's
auditors and delivered to the Registrar of Companies. The report of
the auditors was (i) unqualified, (ii) did not include a reference
to any matters which the auditors drew attention by way of emphasis
without qualifying their report and (iii) did not contain
statements under Section 498 (2) of the Companies Act 2006.
The half year report was approved by the board of directors on
15 November 2016 and is being sent to shareholders on 25 November
2016. Copies are available from the company's registered office and
can also be downloaded from the corporate website.
The Group financial statements have been prepared and approved
by the directors in accordance with International Financial
Reporting Standards as adopted by the EU ("Adopted IFRSs").
The Group meets its day-to-day working capital requirements
through its banking facilities. The Group's business activities and
financial position, the factors likely to affect its future
development and performance, and its objectives and policies in
managing financial risks to which it is exposed are disclosed in
the Group's 2016 Annual Report and Accounts. After making
enquiries, the directors have a reasonable expectation that the
Group has adequate resources to continue in operational existence
for the foreseeable future. The Group therefore continues to adopt
the going concern basis in preparing its condensed interim
financial statements.
2. Accounting policies
The accounting policies, methods of computation and presentation
applied by the Group in this condensed consolidated half year
report are the same as those applied by the Group in its annual
report and financial statements for the year ended 31 March
2016.
Certain new standards, amendments and interpretations to
existing standards have been published that are mandatory for the
Group's accounting period beginning on or after 1 April 2016. The
following new standards and amendments to standards are mandatory
for the first time for the financial year beginning 1 April
2016:
Accounting for Acquisitions of Interests in Joint Operations
(Amendments to IFRS 11);
Clarification of Acceptable Methods of Depreciation and
Amortisation (Amendments to IAS 16 and IAS 38);
Equity Method in Separate Financial Statements (Amendments to
IAS 27);
Sale or Contribution of Assets between an Investor and its
Associate or Joint Venture (Amendments to IFRS 10 and IAS 28);
Annual Improvements to IFRSs 2012 - 2014 Cycle; and
Disclosure Initiative (Amendments to IAS 1).
The above standards are not expected to have a material impact
on the Consolidated Financial Statements.
IFRS 15 - "Revenue From Contracts With Customers" has been
published which will be mandatory for the Group's accounting period
beginning on or after 1 April 2018. The Group is still considering
the impact of this standard however it is anticipated the impact on
the financial position and performance of the Group will not be
material.
IFRS 16 - "Leases" has been published which will be mandatory
for the Group's accounting period beginning on or after 1 April
2019. The Group is still considering the impact of this standard
however it is anticipated the impact on the financial position and
performance of the Group will not be material.
3. Accounting estimates
The preparation of the half year financial statements requires
management to make judgements, estimates and assumptions that
affect the application of accounting policies and the reported
amounts of assets and liabilities, income and expenses. In
preparing these half year financial statements, the significant
judgements made by management in applying the Group's accounting
policies and the key source of estimation uncertainty were the same
as those applied to the audited consolidated financial statements
as at, and for the year ended, 31 March 2016.
4. Segment reporting
The Group is organised into four, separately managed, business
segments - Technical Plastics, LED Technologies, Aerospace and CIT
Technology. These are the segments for which summarised management
information is presented to the Group's chief operating decision
maker (comprising the main board and group executive
committee).
The Technical Plastics segment supplies fine tolerance,
injection moulded plastic components, which are used in medical,
optical and electronics products. This business operates
internationally in a fast growing and dynamic market underpinned by
rapid technological development.
The LED Technologies segment develops innovative solutions in
LED lighting, and is a leader in the development of high power LED
lighting for luxury cars and supercars.
The Aerospace segment supplies systems to the manufacturing and
aerospace industries.
The CIT Technology segment manages its portfolio of IP over the
digital printing of conductive metals onto plastic substrates.
The Unallocated segment also includes the Group's development
companies, Platform Diagnostics Limited and Carclo Diagnostic
Solutions.
Transfer pricing between business segments is set on an arm's
length basis. Segmental revenues and results include transfers
between business segments. Those transfers are eliminated on
consolidation.
The segment results for the six months ended 30 September 2016
were as follows -
Technical LED Group
Plastics Technologies Aerospace CIT Technology Unallocated Eliminations total
GBP000 GBP000 GBP000 GBP000 GBP000 GBP000 GBP000
-------------------- ---------- -------------- ---------- --------------- ------------ ------------- ----------
Consolidated income
statement
Total revenue 39,864 20,665 3,485 - - (730) 63,284
Less inter-segment
revenue (624) (106) - - - 730 -
Total external
revenue 39,240 20,559 3,485 - - - 63,284
Expenses (35,790) (17,646) (2,770) - (1,503) - (57,709)
Underlying
operating
profit 3,450 2,913 715 - (1,503) - 5,575
Exceptional costs (43) - - 471 (446) - (18)
Operating profit 3,407 2,913 715 471 (1,949) - 5,557
========== ============== ========== =============== ============ =============
Net finance
expense (727)
Income tax expense (1,151)
Profit after tax 3,679
==========
Consolidated
statement
of financial
position
Segment assets 93,148 31,425 7,474 1,664 11,318 - 145,029
Segment
liabilities (18,188) (4,620) (819) (313) (104,008) - (127,948)
Net assets 74,960 26,805 6,655 1,351 (92,690) - 17,081
========== ============== ========== =============== ============ =============
The segment results for the six months ended 30 September 2015
were as follows -
Technical LED Group
Plastics Technologies Aerospace CIT Technology Unallocated Eliminations total
GBP000 GBP000 GBP000 GBP000 GBP000 GBP000 GBP000
--------------------- ---------- -------------- ---------- --------------- ------------ ------------- ---------
Consolidated income
statement
Total revenue 32,243 21,185 3,063 1,483 - (788) 57,186
Less inter-segment
revenue (775) (13) - - - 788 -
Total external
revenue 31,468 21,172 3,063 1,483 - - 57,186
Expenses (28,945) (18,409) (2,431) (1,481) (1,237) - (52,503)
Underlying
operating
profit 2,523 2,763 632 2 (1,237) - 4,683
Exceptional costs (98) - - 175 (60) - 17
Operating profit 2,425 2,763 632 177 (1,297) - 4,700
========== ============== ========== =============== ============ =============
Net finance expense (607)
Income tax expense (1,146)
Profit after tax 2,947
=========
Consolidated statement of
financial
position
Segment assets 75,547 27,333 6,463 2,220 14,881 - 126,444
Segment
liabilities (12,984) (6,713) (889) (1,214) (67,833) - (89,633)
Net assets 62,563 20,620 5,574 1,006 (52,952) - 36,811
========== ============== ========== =============== ============ =============
The segment results for the year ended 31 March 2016 were as
follows -
Technical LED Group
Plastics Technologies Aerospace CIT Technology Unallocated Eliminations total
GBP000 GBP000 GBP000 GBP000 GBP000 GBP000 GBP000
-------------------- ---------- -------------- ---------- --------------- ------------ ------------- ----------
Consolidated income
statement
Total revenue 71,953 40,483 6,386 1,647 - (1,495) 118,974
Less inter-segment
revenue (1,480) (15) - - - 1,495 -
Total external
revenue 70,473 40,468 6,386 1,647 - - 118,974
Expenses (64,281) (35,104) (5,057) (1,760) (2,738) - (108,940)
Underlying
operating
profit 6,192 5,364 1,329 (113) (2,738) - 10,034
Exceptional costs (412) - - 477 (4,922) - (4,857)
Operating profit 5,780 5,364 1,329 364 (7,660) - 5,177
========== ============== ========== =============== ============ =============
Net finance
expense (1,282)
Income tax
expense (1,708)
Profit after tax 2,187
==========
Consolidated statement of
financial
position
Segment assets 80,509 30,300 6,645 1,588 7,253 - 126,295
Segment
liabilities (13,655) (6,746) (820) (935) (71,272) - (93,428)
Net assets 66,854 23,554 5,825 653 (64,019) - 32,867
========== ============== ========== =============== ============ ============= ==========
5. Exceptional costs
Six months Six months
ended ended Year ended
30 September 30 September 31 March
2016 2015 2016
GBP000 GBP000 GBP000
----------------------------- ------------------ -------------- ---------------
Litigation costs (49) (60) (64)
Net rationalisation costs 31 77 65
Impairment review of Carclo
Diagnostic Solutions - - (4,858)
Total (18) 17 (4,857)
================== ============== ===============
All rationalisation costs relate to the Group's UK
operations.
6. Net finance expense
Six months Six months
ended ended Year ended
30 September 30 September 31 March
2016 2015 2016
GBP000 GBP000 GBP000
--------------------------------- ------------------ -------------- ---------------
Finance revenue 59 13 17
Finance expense (391) (427) (928)
Net interest on the net defined
benefit obligations (395) (193) (371)
(727) (607) (1,282)
================== ============== ===============
7. Income tax expense
Six months Six months
ended ended Year ended
30 September 30 September 31 March
2016 2015 2016
GBP000 GBP000 GBP000
------------------------------------- ------------------ -------------- --------------------
The expense recognised in the
condensed consolidated income
statement comprises -
Tax expense arising on ordinary
activities (1,155) (1,142) (2,073)
Deferred tax (expense) / credit
arising on exceptional items - (22) 365
Current tax credit arising on
exceptional items 4 18 -
Total income tax expense recognised
in the condensed consolidated
income statement (1,151) (1,146) (1,708)
================== ============== ====================
The half year accounts include a tax charge of 23.8% of profit
before tax (2015 - 28.0%) based on the estimated average effective
income tax rate on ordinary activities for the full year. The
Group's effective tax rate on ordinary activities is at a higher
level than the underlying UK tax rate of 20.0% (2015 - 20.0%) as
the Group is earning a higher proportion of its profits in higher
tax jurisdictions.
During the six months ended 30 September 2016 a GBP4.137 million
credit was recognised in other comprehensive income in respect of
deferred tax arising on remeasurement losses on the defined benefit
obligations.
Deferred tax assets and liabilities at 30 September 2016 have
been calculated on the rates substantively enacted at the balance
sheet date. The UK Finance Bill 2016 provides for reductions in the
UK corporation tax rate from 20% to 19% in the year commencing 1
April 2017 and then reducing to 17% from 1 April 2020. These rates
became substantively enacted on 26 October 2015 and 6 September
2016 respectively. This will reduce the company's future current
tax charge accordingly. The deferred tax asset at 30 September 2016
has been calculated based on the rate of 17% substantively enacted
at the balance sheet date.
8. Earnings per share
The calculation of basic earnings per share is based on the
profit attributable to equity holders of the parent divided by the
weighted average number of ordinary shares outstanding during the
period.
The calculation of diluted earnings per share is based on profit
attributable to equity holders of the parent divided by the
weighted average number of ordinary shares outstanding during the
period (adjusted for dilutive options).
The following details the profit and average number of shares
used in calculating the basic and diluted earnings per share -
Six months ended Six months Year ended
ended
30 September 30 September 31 March
2016 2015 2016
GBP000 GBP000 GBP000
-------------------------------------- ----------- ------------- -----------
Profit after tax from continuing
operations 3,679 2,947 2,187
Loss attributable to non-controlling
interests 9 10 13
Profit after tax, attributable to
equity holders of the parent 3,688 2,957 2,200
=========== ============= ===========
Six months ended Six months Year ended
ended
30 September 30 September 31 March
2016 2015 2016
Shares Shares Shares
-------------------------------------- ----------- ------------- -----------
Weighted average number of ordinary
shares in the period 66,285,508 66,202,185 66,204,557
Effect of share options in issue 1,184 34,751 36,413
Weighted average number of ordinary
shares (diluted) in the period 66,286,692 66,236,936 66,240,970
=========== ============= ===========
In addition to the above, the company also calculates an
earnings per share based on underlying profit as the board believe
this to be a better yardstick against which to judge the progress
of the Group. Underlying profit is defined as profit before
impairments, rationalisation costs, one-off retirement benefit
effects, exceptional bad debts, business closure costs, litigation
costs and the impact of property and business disposals, net of
attributable taxes.
The following table reconciles the Group's profit to underlying
profit used in the numerator in calculating underlying earnings per
share -
Six months ended Six months Year ended
ended
30 September 30 September 31 March
2016 2015 2016
GBP000 GBP000 GBP000
---------------------------------------- ------- ------------- -----------
Profit after tax, attributable to
equity holders of the parent 3,688 2,957 2,200
Rationalisation costs, net of tax (25) (62) (77)
Litigation costs, net of tax 39 48 51
Impairment review of Carclo Diagnostic
Solutions, net of tax - - 4,518
Underlying profit attributable to
equity holders of the parent 3,702 2,943 6,692
======= ============= ===========
The following table summarises the earnings per share figures
based on the above data -
Six months ended Six months Year ended
ended
30 September 30 September 31 March
2016 2015 2016
Pence Pence Pence
----------------------------------------- ------ ------------- -----------
Basic 5.6 4.5 3.3
====== ============= ===========
Diluted 5.6 4.5 3.3
====== ============= ===========
Underlying earnings per share - basic 5.6 4.4 10.1
====== ============= ===========
Underlying earnings per share - diluted 5.6 4.4 10.1
====== ============= ===========
9. Dividends paid and proposed
Ordinary dividends per 5 pence share paid in the period
comprised -
Six months ended Six months Year ended
ended
30 September 30 September 31 March
2016 2015 2016
GBP000 GBP000 GBP000
------------------------------------ ------- ------------- -----------
Interim dividend for 2014/15 (0.85 - 563 -
pence per share)
Final dividend for 2014/15 (1.90
pence per share) - 1,258 1,258
Interim dividend for 2015/16 (0.90
pence per share) 596 - 596
596 1,821 1,854
======= ============= ===========
As outlined in our trading update of 14 October 2016, the
Group's IAS 19 pension deficit increased significantly due to the
material decrease in the corporate bond yield used to discount the
pension liability. As expected, due to the materially increased
IAS19 pension deficit extinguishing the Company's distributable
reserves, the Group did not pay the recommended final dividend of
1.95 pence per share which was referred to in the results
announcement made on 7 June 2016 and the directors are not
proposing an interim dividend for 2016/17.
10. Intangible assets
The movements in the carrying value of intangible assets are
summarised as follows -
Six months ended Six months Year ended
ended
30 September 30 September 31 March
2016 2015 2016
GBP000 GBP000 GBP000
----------------------------------------- ------- ------------- -----------
Net book value at the start of the
period 20,257 26,000 26,000
Additions 128 821 1,527
Impairment arising on review of CIT
Technology (16) (2,968) (2,968)
Impairment arising on review of Carclo
Diagnostic Solutions - - (4,858)
Amortisation (63) (79) (168)
Effect of movements in foreign exchange 1,398 (175) 724
Net book value at the end of the
period 21,704 23,599 20,257
======= ============= ===========
Included within intangible assets is goodwill of GBP21.2 million
(2015 - GBP18.9 million). The carrying value of goodwill is subject
to annual impairment tests by reviewing detailed projections of the
recoverable amounts from the underlying cash generating units. At
31 March 2016, the carrying value of goodwill was supported by such
value in use calculations. There has been no indication of
subsequent impairment in the current financial year.
11. Property, plant and equipment
The movements in the carrying value of property, plant and
equipment are summarised as follows -
Six months ended Six months Year ended
ended
30 September 30 September 31 March
2016 2015 2016
GBP000 GBP000 GBP000
Net book value at the start of the
period 36,597 31,721 31,721
Additions 3,585 3,400 8,236
Depreciation (2,344) (1,765) (3,806)
Disposals (29) (6) (275)
Effect of movements in foreign exchange 2,205 (382) 721
Net book value at the end of the
period 40,014 32,968 36,597
======== ============= ===========
12. Non current assets classified as held for sale
As at As at As at
30 September 30 September 31 March
2016 2015 2016
GBP000 GBP000 GBP000
---------------------------------- ------- ------------- ---------
Surplus land and buildings 200 700 700
Net book value at the end of the
period 200 700 700
======= ============= =========
At the period end surplus property with a written down value of
GBP0.200 million (2015 - GBP0.700 million) has been reclassified as
being held for sale. This relates to the properties at the recently
closed Harthill site. During the period one of the properties was
sold for GBP0.500 million net of costs.
The remaining property is being actively marketed with an
expectation that it will be sold within the next year.
13. Retirement benefit obligations
At 31 March 2016, the Group had a retirement benefit liability,
as calculated under the provisions of IAS 19 "Employee Benefits",
of GBP23.216 million. Since the start of the current financial
year, equity markets have strengthened which has resulted in the
scheme's assets increasing in value by GBP5.497 million to
GBP179.206 million. However, a decrease in the discount rate used
to evaluate the scheme's liabilities, from 3.5% at the start of the
period to 2.3% has contributed to the value of the liabilities
increasing by GBP33.628 million to GBP230.553 million. As a
consequence the scheme, on an IAS 19 basis, has increased from a
GBP23.216 million liability at 31 March 2016 to a GBP51.347 million
liability at 30 September 2016.
14. Cash generated from operations
Six months Six months Year ended
ended ended
30 September 30 September 31 March
2016 2015 2016
GBP000 GBP000 GBP000
----------------------------------------- ------ -------- ----------- -----------
Operating profit 5,557 4,700 5,177
Adjustments for -
Pension fund contributions in
excess of service costs - - (1,068)
Depreciation charge 2,344 1,765 3,806
Amortisation of intangible assets 63 79 168
Exceptional impairment of intangible
assets, arising on rationalisation
of business 16 2,968 7,826
Provisions utilised in respect
of rationalisation (442) (814) (1,583)
Loss / (profit) on disposal of
other plant and equipment 3 (15) 68
Share based payment charge 216 198 471
Operating cash flow before changes
in working capital 7,757 8,881 14,865
Changes in working capital
Increase in inventories (507) (2,039) (1,939)
Increase in trade and other receivables (4,937) (9,474) (1,919)
Increase in trade and other payables 902 5,131 2,926
Cash generated from operations 3,215 2,499 13,933
======== =========== ===========
15. Cash and cash equivalents
As at As at As at
30 September 30 September 31 March
2016 2015 2016
GBP000 GBP000 GBP000
------------------------- ----------- --------- --- ---------- ---------
Cash and cash deposits 19,462 11,111 16,692
Bank overdrafts (15,315) (8,864) (10,696)
4,147 2,247 5,996
========= ========== =========
16. Net debt
The net movement in cash and cash equivalents can be reconciled
to the change in net debt in the period as follows -
Six months Six months Year ended
ended ended
30 September 30 September 31 March
2016 2015 2016
GBP000 GBP000 GBP000
-------------------------------------- ------------- ------------- -----------
Net (decrease) / increase in cash
and cash equivalents (2,286) (2,709) 854
Net repayment / (drawings) of term
loan borrowings 400 - (400)
(1,886) (2,709) 454
Effect of exchange rate fluctuations
on net debt (915) (49) (686)
(2,801) (2,758) (232)
Net debt at start of period (24,750) (24,518) (24,518)
Net debt at end of period (27,551) (27,276) (24,750)
============= ============= ===========
17. Financial instruments
The fair values of financial assets and liabilities are not
materially different from their carrying value.
There are no material items as required to be disclosed under
the fair value hierarchy.
18. Ordinary share capital
Ordinary shares of 5 pence each -
Number of shares GBP000
----------------------------- ---------- ---------- -------------------- -------
Issued and fully paid at 31 March 2015 66,189,142 3,310
Shares issued on exercise of share options 24,000 1
Issued and fully paid at 30 September
2015 66,213,142 3,311
Shares issued on exercise of share options - -
Issued and fully paid at 31 March 2016 66,213,142 3,311
Shares issued on exercise of share options 163,500 8
Issued and fully paid at 30 September
2016 66,376,642 3,319
============ =======
In the six months ended 30 September 2016, options over 163,500
ordinary shares were exercised at an average exercise price of 30.0
pence per share. The shares are fully paid.
19. Related parties
Identity of related parties
The Group has a related party relationship with its
subsidiaries, its directors and executive officers and the Group
pension schemes.
Transactions with key management personnel
Full details of directors' remuneration are disclosed in the
Group's annual report. In the six months ended 30 September 2016,
the directors' remuneration amounted to GBP0.476 million (2015 -
GBP0.666 million).
Group pension scheme
Carclo employs a third party professional firm to administer the
Group pension scheme. The associated investment costs are borne by
the scheme in full. From 1 April 2007, it has been agreed with the
trustees of the pension scheme that, under the terms of the
recovery plan, Carclo would bear the scheme's administration costs
whilst ever the scheme was in deficit, as calculated at the
triennial valuation. Carclo incurred an administration cost of
GBP0.319 million which has been charged against other operating
expenses (2015 - GBP0.377 million).
20. Post balance sheet events
In October 2016, the Group injected GBP1.169 million in cash
into the Group pension scheme in accordance with the agreed funding
plan.
On 14 October 2016 Carclo announced that its US subsidiary, CTP
Carrera Inc., had acquired Precision Tool & Molding, LLC,
trading as Precision Tool & Die, for an initial consideration
of $5.5 million (approximately GBP4.5 million) in cash plus further
deferred consideration of up to $1.0 million (approximately GBP0.8
million) in cash, subject to the satisfaction of certain
performance criteria. The completion consideration is subject to a
working capital adjustment of up to US$750,000 (approximately
GBP615,000), of which, an initial payment of $256,397
(approximately GBP210,000) was paid upon completion of the
acquisition. The total working capital adjustment will be
determined subsequent to the completion of the acquisition.
On 14 October 2016 Carclo also announced a placing of
approximately 6.6 million new ordinary shares at a price of 120
pence, raising net proceeds of approximately GBP7.7 million after
costs.
21. Seasonality
There are no specific seasonal factors which impact on the
demand for products and services supplied by the Group, other than
for the timing of holidays and customer shutdowns. These tend to
fall predominantly in the first half of Carclo's financial year
and, as a result, revenues and profits are usually higher in the
second half of the financial year compared to the first half.
22. Responsibility statement
We confirm that to the best of our knowledge -
-- the condensed set of financial statements has been prepared
in accordance with IAS 34 "Interim Financial Reporting" as adopted
by the EU;
-- the interim management report includes a fair review of the information required by -
(a) DTR 4.2.7R of the Disclosure and Transparency Rules, being
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 year; and
(b) DTR 4.2.8R of the Disclosure and Transparency Rules, being
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 entity during
that period; and any changes in the related party transactions
described in the last annual report that could do so.
By order of the Board
Chris Malley- chief executive
Robert Brooksbank - finance director
15 November 2016
Independent review report to Carclo plc
Introduction
We have been engaged by the company to review the condensed set
of financial statements in the half-yearly financial report for the
six months ended 30 September 2016 which comprises the Condensed
consolidated income statement, the Condensed consolidated statement
of comprehensive income, the Condensed consolidated statement of
financial position, the Condensed consolidated statement of changes
in equity, the Condensed consolidated statement of cash flows and
the related explanatory notes. We have read the other information
contained in the half-yearly financial report and considered
whether it contains any apparent misstatements or material
inconsistencies with the information in the condensed set of
financial statements.
This report is made solely to the company in accordance with the
terms of our engagement to assist the company in meeting the
requirements of the Disclosure and Transparency Rules ("the DTR")
of the UK's Financial Conduct Authority ("the UK FCA"). Our review
has been undertaken so that we might state to the company those
matters we are required to state to it in this report and for no
other purpose. To the fullest extent permitted by law, we do not
accept or assume responsibility to anyone other than the company
for our review work, for this report, or for the conclusions we
have reached.
Directors' responsibilities
The half-yearly financial report is the responsibility of, and
has been approved by, the directors. The directors are responsible
for preparing the half-yearly financial report in accordance with
the DTR of the UK FCA.
As disclosed in note 1, the annual financial statements of the
Group are prepared in accordance with IFRSs as adopted by the EU.
The condensed set of financial statements included in this
half-yearly financial report has been prepared in accordance with
IAS 34 Interim Financial Reporting as adopted by the EU.
Our responsibility
Our responsibility is to express to the company a conclusion on
the condensed set of financial statements in the half-yearly
financial report based on our review.
Scope of review
We conducted our review in accordance with International
Standard on Review Engagements (UK and Ireland) 2410 Review of
Interim Financial Information Performed by the Independent Auditor
of the Entity issued by the Auditing Practices Board for use in the
UK. A review of interim financial information consists of making
enquiries, primarily of persons responsible for financial and
accounting matters, and applying analytical and other review
procedures. A review is substantially less in scope than an audit
conducted in accordance with International Standards on Auditing
(UK and Ireland) and consequently does not enable us to obtain
assurance that we would become aware of all significant matters
that might be identified in an audit. Accordingly, we do not
express an audit opinion.
Conclusion
Based on our review, nothing has come to our attention that
causes us to believe that the condensed set of financial statements
in the half-yearly financial report for the six months ended 30
September 2016 is not prepared, in all material respects, in
accordance with IAS 34 as adopted by the EU and the DTR of the UK
FCA.
John Pass
For and on behalf of
KPMG LLP
Chartered Accountants
1 Sovereign Square
Sovereign Street
Leeds LS1 4DA
15 November 2016
This information is provided by RNS
The company news service from the London Stock Exchange
END
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(END) Dow Jones Newswires
November 15, 2016 02:00 ET (07:00 GMT)