TIDMAVG
RNS Number : 2593P
Avingtrans PLC
17 February 2016
17 February 2016
("Avingtrans" or the "Group")
Interim results for the six months ended 30 November 2015
Avingtrans plc, which designs, manufactures and supplies
critical components, modules and associated services to the
aerospace, energy and medical sectors, today announces its interim
results for the six months ended 30 November 2015.
Financial Highlights
-- Revenue reduced by 5% to GBP26.3m (H1 2015: GBP27.5m)
o Residual year on year reduction caused by oil price decline -
now fully absorbed
-- Adjusted PBT increased by 38%, to GBP1.2m, (H1 2015: GBP0.8m)
-- Adjusted diluted earnings per share was 3.4 pence per share (H1 2015: 2.9 pence per share).
-- Cash utilised by operations was GBP0.5m (H1 2015: GBP0.4m generated)
-- Investment in capability and capacity: GBP0.7m in the period (H1 2015: GBP1.5m)
-- Net debt marginally increased to GBP6.1m (31 May 2015: GBP5.9m). Gearing 18%
-- Interim dividend up 10% to 1.1 pence per share (H1 2015: 1.0 pence)
Operational Highlights
Aerospace - pleasing recovery of long term EBIT growth - up to
11% (7% in H1 FY15)
-- Customer programmes recovering - revenue up 4%
-- Site rationalisation continued: Swadlincote site merged into our biggest site at Hinckley
-- Farnborough and Sandiacre sites continue to progress positively
-- China pipe production expanding to plan - further investment expected in FY17
-- Composite pipe technology attracting increased customer
attention - first trial parts ordered
Energy and Medical - revenues down 19%, but margins stable -
revenues weighted to H2
-- Maloney now concentrating on gas market: project wins with Saudi Aramco and Samsung
-- Divisional restructuring complete - Aldridge manufacturing
site sold for GBP1.1m, net of costs
-- On-track for full year profit, vs small loss last year
-- Preparations for Sellafield 3M3 box contract proceeding to plan - H2 start of operations
-- Post period end: new contracts with Rapiscan and Bruker - expands Metalcraft's markets
-- Metalcraft China development progressing to plan - underpinned by new contract wins
-- Crown's markets stable - exciting prospects with FET technology and composites
Post Period End
-- Acquisition of Rolls-Royce pipe manufacturing assets agreed for GBP3.5m
o Balances Sigma's programme portfolio
o Key future role in Trent XWB engine
Commenting on the results, Roger McDowell, Chairman, said:
"Following last year's headwinds, we have now completed our
restructuring programme with the Maloney manufacturing operations
relocated to Chatteris and the Sigma operations relocated to
Hinckley, which is now our pipe manufacturing centre of excellence.
Consequently, our first half performance improved and there are
further improvements to come.
Post period end, we have agreed to buy Rolls-Royce's pipe
production assets for GBP3.5m. This strategic acquisition will
cement Sigma's market lead in aerospace pipes and gives us greater
visibility over future activity levels. Sigma's new composite pipe
and SigmaLite lightweight technology is also developing quickly and
this will provide us and our customers with a powerful
differentiator in future. Our full year revenues are expected to
increase - due to second half weighting, especially in Energy and
Medical. This confidence in the outlook for 2016 was boosted by the
recent contract wins with Rapiscan and Bruker, thus underlining our
continued dividend progression."
Enquiries:
Avingtrans plc 01159 499020
Roger McDowell, Chairman
Steve McQuillan, Chief Executive Officer
Stephen King, Chief Financial Officer
Numis 0207 260 1000
David Poutney (Corporate Broking)
Richard Thomas (Corporate Finance and
Nominated Adviser)
Newgate 0207 653 9850
(Financial PR)
Adam Lloyd / Ed Treadwell
About Avingtrans plc:
Avingtrans has become a significant organisation in the design,
manufacture and supply of critical components, systems and
associated services to global industrial markets from two
divisions: Aerospace and Energy and Medical.
Aerospace
Sigma Components Ltd - UK and China
Sigma is a market leader in rigid and flexible pipe assemblies
and components for prestigious aerospace customers such
as Rolls-Royce, Bombardier, Airbus, Safran and Meggitt.
Sigma also manufactures precision prismatic components
and composite components for the aerospace industry from
its purpose-built facilities in the UK and Chengdu, China.
Sigma Components operates from a number of sites, as follows:
Hinckley, UK: centre for rigid pipe assemblies and components
and new product introduction, including new composite pipe
technology
Farnborough, UK: centre for fabrications, ducts and other
complex assemblies
Chengdu, China: centre for precision prismatic components,
now also producing pipe assemblies
Sandiacre, UK (C&H): centre for precision polishing and
specialist finishing of aero-engine turbine blades, compressor
blades and vanes for the power generation industries.
Energy and Medical
Stainless Metalcraft Ltd
Chatteris, UK and Chengdu, China: Provider of safety-critical
equipment for the energy, medical, science and research
communities, worldwide, specialising in precision pressure
and vacuum vessels and associated fabrications, sub-assemblies
and systems.
Maloney Metalcraft Ltd
Aldridge, UK: Design, programme management and services
for oil and gas extraction and processing equipment, including
process plant for dehydration, sweetening, drying and compression.
Crown International Ltd
Portishead, UK: Design and manufacture of market-leading
pole and support systems for roadside signage and safety
cameras, rail track signalling and gantries.
Buckingham, UK: centre for composite technology for industrial
markets (transferred from Aerospace division).
Chairman's Statement
Following last year's in-flight turbulence in our first half,
this year has been a somewhat calmer voyage so far. We have now
completed the restructuring processes that were precipitated by the
aerospace destocking and oil price slide in 2015. This involved the
sale of our oil and gas manufacturing site in Aldridge, with
transfer of production to Chatteris. This sale resulted in a
GBP0.4m exceptional gain, net of costs.
Similarly, in the Aerospace division, we had already completed
the closure of the Sigma Derby site. A review of future capacity
requirements meant that we did not need the Swadlincote site either
and we have exited production at this site in the first half,
successfully transferring all of this production to our Hinckley
pipe manufacturing centre of excellence. The resulting savings in
operating costs will flow down to the bottom line in the second
half and beyond. We are already seeing the benefits of these
efficiency gains in Aerospace and our swift action in Energy and
Medical has stemmed losses in oil and gas and given us a stable
platform to build upon.
Whereas the Aerospace division is enjoying a relatively smooth
year in terms of output, the Energy and Medical division is second
half weighted, having won important projects in the gas market with
Samsung and Saudi Aramco, as well as the start of Sellafield 3M3
Box operations to come in H2. Crown is also second half weighted,
due to road infrastructure projects in progress and the development
of the FET environmental technology product that is proceeding
broadly to plan.
The Sellafield project is the precursor to a significant
expansion of long term business in the nuclear decommissioning
sector. Our first contract is for 1,100 waste storage containers
over 10 years (worth GBP47m in revenue), but Sellafield require
over 40,000 such containers over the next 20 to 30 years. Thus, we
believe that a long term partnership is in prospect with
Sellafield, utilising Metalcraft's expertise in producing high
integrity vessels and containers, to time and budget, as we have
done in other markets. This is potentially transformational for the
division over the next few years. We are also delighted with the
new contracts with Bruker and Rapiscan, as these demonstrate our
ability to grow the division in new market sectors.
The Aerospace division achieved another long term goal, after
the period end, by agreeing to acquire the pipe manufacturing
assets of Rolls-Royce for GBP3.5m. The deal is expected to complete
in March 2016 and is expected to contribute to our 2017 financial
year. This business is located in Nuneaton, close to our Hinckley
site and in Xi'an, China, about 400 miles northeast of our Chengdu
factory. Thus, investors will readily appreciate the strategic
significance of this deal with Rolls-Royce.
In particular, we are delighted that the deal facilitates
discussions with Rolls-Royce about the supply of pipes for their
exciting new engine platform, the Trent XWB. In the meantime, Sigma
will produce all of the pipes for this engine during the ramp up
phase and we are discussing the longer term supply arrangements at
present. The new business employs 242 people across the two sites
and comes with the assets required to continue supply to
Rolls-Royce on the XWB and other engine programmes.
By the end of this financial year, we should be able to
demonstrate to shareholders the full benefits of the changes we
have wrought, albeit that another change programme in Aerospace
will be underway to integrate the new acquisition. We are shaping
our investment plans dynamically to meet current circumstances and
are continuing to focus on the Civil Aerospace, Energy and Medical
Imaging, since these markets continue to provide excellent long
term prospects. The 10% increase in our Interim dividend again
underlines our commitment to a progressive dividend policy and our
confidence in the outlook for the full year.
(MORE TO FOLLOW) Dow Jones Newswires
February 17, 2016 02:00 ET (07:00 GMT)
On behalf of our valued customers, our loyal investors and the
Board, I would like to thank our employees for their continued
dedication hard work during the last few months of significant
change for the group.
Roger McDowell
Chairman
17 February 2016
Strategic Review
Group Performance
Revenue: 5% year on year reduction, as oil price effect washes
through
Energy and Medical revenues have stabilised, albeit 19% lower
than H1 FY15, absent the sales from oil projects. The division is
2(nd) half weighted, due to Sellafield 3M3 box start-up and gas
project deliveries. Aerospace revenues were up in the first half,
with customer delivery rates increasing. Overall, revenues reduced
by 5%, to GBP26.3m (H1 2015: GBP27.5m), but full year revenues are
expected to increase, due to second half weighting, especially in
Energy and Medical.
Profit: reduced revenues were mitigated by restructuring,
completed in the first half
Profit improved in H1 vs last year, with the restructuring
efforts bearing fruit. The Aerospace sites are specialising in
different specific activities, to optimise future results and
Energy and Medical manufacturing at the Aldridge site has
transferred to Chatteris. Consequently, adjusted PBT increased to
GBP1.2m (H1 2015: GBP0.8m).
Earnings per Share (EPS):
Adjusted diluted earnings per share for the period ended 30
November 2015 was 3.4 pence per share (H1 2015: 2.9 pence per
share) based on diluted weighted average number of shares of
27,819,350 (H1 2015: 28,160,575).
Funding and Liquidity: stable debt position, despite market
turbulence
The net cash outflow from operations was GBP0.5m, (H1 2015:
GBP0.4m inflow) primarily due to an increase in working
capital.
Net debt at 30 November 2015 stood at GBP6.1m, a marginal
increase from year end (31 May 2015: GBP5.9m). Gearing 18% (31 May
2015: 17%).
Dividend: consistent progression maintained
The Board has recommended an Interim dividend of 1.1 pence per
share (H1 2015: 1.0 pence per share) which will be paid on 17 June
2016 to shareholders on the register at 27 May 2016. Our commitment
to a progressive policy underlines our confidence in the outlook
for the business.
Operations
Aerospace Division (Sigma Components)
The recovery in divisional performance was pleasing to see,
after the trials and tribulations of the previous H1. Revenue
increased by 4% year on year, but EBIT increased by 55%,
underlining the importance of the restructuring programme
undertaken over the last 12 months. Indeed, the benefits are still
flowing through, since the project to exit the Swadlincote site was
finalised in the first half, the positive results of this decision
will be seen in the second half of the year.
As a result of these site transfers, we have also eliminated a
tail of unprofitable business from the aerospace portfolio,
pointing to an improving product margin mix in the next financial
year. This active portfolio management, coupled with our low cost
capabilities in China, which can save up to 30% in product costs,
indicates a highly promising future performance in prospect for
Sigma.
The results, so far, saw divisional margin increase to a healthy
11% (2015: 7%) in the first half. The restructured division has
four major specialist sites:
-- Hinckley is focused on pipe production and some specialist
machining. Hinckley will also become the centre of production for
the new composite "Compipe" technology in due course.
-- Farnborough concentrates on fabrications, including ducts and special processing of parts.
-- Chengdu, China is our machining centre and also produces high volume pipe assemblies.
-- Sandiacre (C&H) houses our polishing and finishing
expertise, with a small satellite operation in Cheltenham.
Adding to this increasingly powerful base, we were delighted to
agree the acquisition of Roll Royce's pipe business after the
period end, further cementing Sigma's leadership in this market
niche. We estimate that Sigma's share of the addressable aerospace
pipe market will increase to 22% after this acquisition is
completed. As well as potential cost synergies, this new business
provides Sigma with an excellent opportunity to rebalance its
programme portfolio, with the A350 and attendant Trent XWB engines
being the brightest prospect for the future. The new business has
two main sites:
-- Nuneaton, UK - specialising in pipe production - similar to the nearby Hinckley site
-- Xi'an, China - specialising in machined parts - dovetailing with our Chengdu site.
Work on the "Sharing in Growth" programme progressed well at our
Hinckley and Farnborough sites and provides an excellent framework
to further enhance the performance across all sites, underpinned by
the now fully operational Epicor ERP system.
The period also saw first trial orders for lightweight
components associated with our composite pipe technology programme.
Although volume orders for these parts are still some way off, this
is a significant milestone in the development project and we view
the future prosperity of Sigma with a great sense of anticipation.
During the first half, we also took the decision to transfer the
non-aerospace composites business to our Energy and Medical
division, in order to optimise the relative performance in each
area. Note that the results for the composites business are
included in Aerospace in the first half.
In due course, as new engine and airframe programmes ramp-up
(notably the Trent XWB and the A350 - an important future aircraft
platform for Airbus, with the Rolls-Royce Trent XWB being the
exclusive engine) we anticipate that divisional sales will increase
to over GBP50m organically, presenting a powerhouse investment
opportunity for shareholders. This business has grown from a
relatively small core in just eight years, with significant
improvements in performance being delivered along the way.
Energy & Medical Division (Metalcraft, Maloney Metalcraft
and Crown)
The oil price continued to fall in the period, fully justifying
our early action to limit our exposure to the sector and change the
business model, to make it sustainable for the longer term. We
concluded the sale of the Maloney Aldridge manufacturing site (net
cash of GBP1.1m) and transferred remaining production to Chatteris.
The new business model provides a base which enables us to
adequately cover our costs in the meantime and is scalable in
future, as and when market conditions improve.
Our efforts to diversify into new markets and new customers has
already been rewarded with the team winning two important gas
contracts, valued at over GBP2m each, with Samsung and Saudi Aramco
and other gas prospects also in sight. Oil related prospects, on
the other hand, are still at a low-ebb, so our defensive posture
remains appropriate. As a consequence of the hiatus in the oil
industry, the year on year revenues for the division declined by
19% but our decisive restructuring of the business means that first
half losses were reduced.
As well as consolidating our position in the medical imaging
market, Metalcraft has been making pre-production preparations for
the Sellafield contract. This significant piece of business starts
in our second half, with the layout of the initial production
facilities required to manufacture the "three-meter-cubed" (3M3)
intermediate level waste storage containers. This exciting contract
will become a bed-rock of the Metalcraft business in the years to
come, providing us with a long term volume manufacturing
commitment. Discussions with Sellafield about further opportunities
are continuing and we are optimistic that we will add to this
contract in the coming years.
As with Aerospace, the government sponsored civil nuclear
"Sharing in Growth" programme has proven beneficial to us,
supporting us to improve the capability of the Chatteris site. The
Epicor ERP system is also now fully embedded at Chatteris and the
progress on this operational excellence journey is encouraging.
Whilst the development of Metalcraft China has been slow, we
have made progress in the period with Siemens and other MRI
customers. As turnover is increasing, so losses are gradually
reducing. Recently, post period end, we have been energised by the
award of a 3-year, GBP3m contract with Bruker, a world leader
analytical instrumentation. We will be manufacturing components for
their nuclear magnetic resonance systems (NMR) in the UK and China,
presenting us with an exciting new market to pursue. Metalcraft
volume manufacturing capabilities and low cost source facilities in
China were major determinants in Bruker's decision to award us this
contract.
Recently, we took the decision to transfer the non-aerospace
operations of our composite business in Buckingham to the Energy
and Medical division. This decision has been vindicated by the
award of another 3-year, GBP3m contract with Rapiscan, a leader in
the global security screening market, which is deploying new
screening technology in airports around the world. Whilst this is
not a medical or biopharmaceutical application, the parallels with
our existing business there are clear and provide our Energy and
Medical division with a new outlet for their expertise.
Prospects for Crown remain encouraging, with road and rail
infrastructure investments on-going, although sales here are also
second half weighted, due to the phasing of various projects. We
have seen promising progress with the FET environmental technology,
where the initial carbon capture trial site is proceeding as
expected and further tests are underway, to widen the applications
of the separation technology.
Outlook
(MORE TO FOLLOW) Dow Jones Newswires
February 17, 2016 02:00 ET (07:00 GMT)
Our Aerospace business is well positioned for the future and
operates in markets with very encouraging prospects. The recent
acquisition of the Rolls-Royce pipe business further consolidates
the strong platform we have created and gives the Board much
greater visibility over programme schedules and revenues. Although
the Rolls-Royce acquisition increases our business with one
customer, the Group's strategy to grow and diversify the customer
base is working and we expect to see more business coming from new
and existing customers in other markets. The transformation of the
Energy and Medical business has been hampered by the fall in the
oil price, but the restructuring programme is complete and the
Board is excited by the potential, as exemplified by the recent
project wins in a number of new markets, especially nuclear.
Sigma Components and Metalcraft are leading players in their
markets and supported by the government sponsored SiG programmes
and our investments in new technology, automation and IT systems
are becoming world class supply chain partners.
With good progression in the aerospace business and results for
Energy and Medical anticipated to be skewed towards the second
half, we remain optimistic about our prospects for the full year
and beyond. Our strategy should lead to growing investor returns as
stability is restored and with increasingly robust, long-term,
blue-chip customer relationships, we remain confident about the
future of Avingtrans and achieving the Board's expectations for the
full year.
Roger McDowell Steve McQuillan Stephen King
Chairman Chief Executive Officer Chief Financial Officer
17 February 2016 17 February 2016 17 February 2016
Consolidated Income Statement (Unaudited)
for the six months ended 30 November 2015
6 months 6 months Year to
to to
30 Nov 30 Nov 31 May
2015 2014 2015
GBP'000 GBP'000 GBP'000
Revenue 26,301 27,545 57,819
Cost of sales (18,351) (21,491) (43,297)
Gross profit 7,950 6,054 14,522
Distribution costs (645) (632) (1,226)
-------------------------------------- --------- --------- ---------
Share based payment expense (22) (24) (43)
Acquisition costs - (68) (68)
Restructuring costs (268) (180) (360)
Net proceeds on disposal of property 444 - -
Start-up costs - China - (237) (450)
Amortisation of intangibles from
business combinations (69) (69) (137)
Other administrative expenses (6,086) (4,489) (10,156)
-------------------------------------- --------- --------- ---------
Total administrative expenses (6,646) (5,067) (11,214)
Operating profit 1,304 355 2,082
Finance income 1 1 1
Finance costs (68) (97) (212)
Profit before taxation 1,237 259 1,871
Taxation (Note 3) (214) (34) (100)
Profit for the financial period 1,023 225 1,771
Earnings per share:
From continuing operations (Note
4)
- Basic 3.7p 0.8p 6.4p
- Diluted 3.7p 0.9p 6.3p
Consolidated statement of comprehensive income (Unaudited)
for the six months ended 30 November 2015
6 months 6 months Year to
to to
30 Nov 30 Nov 31 May
2015 2014 2015
GBP'000 GBP'000 GBP'000
Profit for the period 1,023 225 1,771
Exchange differences on translation
of foreign operations (83) 334 395
Total comprehensive income for the
period 940 559 2,166
Consolidated cash flow statement (Unaudited)
for the six months ended 30 November 2015
6 months 6 months Year to
to to
30 Nov 30 Nov 31 May
2015 2014 2015
GBP'000 GBP'000 GBP'000
Operating activities
Cash flows from operating activities (645) 476 1,832
Finance costs paid (68) (97) (213)
Income tax repaid 198 30 27
Net cash (outflow)/inflow from operating
activities (515) 409 1,646
Investing activities
Acquisition of subsidiary undertakings - (1,137) (1,137)
Finance income 1 1 1
Purchase of intangible assets (323) (861) (1,582)
Purchase of property, plant and
equipment (348) (671) (832)
Proceeds from sale of property,
plant and equipment 1,283 270 103
Net cash generated/(used) by investing
activities 613 (2,398) (3,447)
Financing activities
Equity dividends paid (277) (248) (740)
Repayments of bank loans (790) (283) (440)
Repayments of obligations under
finance leases (380) (526) (901)
Proceeds from issue of ordinary
shares 5 - 61
Borrowings raised 187 274 1,875
Net cash outflow from financing
activities (1,255) (783) (145)
Net decrease in cash and cash equivalents (1,157) (2,772) (1,946)
Cash and cash equivalents at beginning
of period (361) 1,428 1,428
Effect of foreign exchange rate
changes (46) 143 157
Cash and cash equivalents at end
of period (1,564) (1,201) (361)
Cashflows from operating activities (Unaudited)
for the six months ended 30 November 2015
6 months 6 months Year to
to to
30 Nov 30 Nov 31 May
2015 2014 2015
GBP'000 GBP'000 GBP'000
Profit before income tax from continuing
operations 1,237 259 1,871
Adjustments for:
Depreciation of property, plant
and equipment 664 665 1,438
Amortisation of intangible assets 582 471 831
Profit on disposal of property,
plant and equipment (498) (166) (102)
Finance income (1) (1) (1)
Finance expense 68 97 212
Research and Development Expenditure
Credit (134) - (235)
Share based payment charge 22 24 43
Changes in working capital
(Increase)/decrease in inventories (1,926) (1,128) 1,128
Decrease/(increase) in trade and
other receivables 1,837 732 (1,192)
(Decrease)/increase in trade and
other payables (2,498) (326) (1,477)
Decrease in provisions - (154) (689)
Other non cash changes 2 3 5
Cash (outflow)/inflow from operating
activities (645) 476 1,832
Summarised consolidated balance sheet (Unaudited)
at 30 November 2015
30 Nov 30 Nov 31 May
2015 2014 2015
GBP'000 GBP'000 GBP'000
Non current assets
Goodwill 9,557 9,557 9,557
Other intangible assets 3,184 3,109 3,442
Property, plant and equipment 11,371 12,984 11,861
Deferred tax 64 83 64
24,176 25,733 24,924
Current assets
Inventories 12,655 12,979 10,733
Trade and other receivables 17,196 17,145 19,030
Current tax asset 16 74 277
Cash and cash equivalents 5,115 6,287 6,337
34,982 36,485 36,377
Assets held for sale - - 631
Total assets 59,158 62,218 61,932
(MORE TO FOLLOW) Dow Jones Newswires
February 17, 2016 02:00 ET (07:00 GMT)
Current liabilities
Trade and other payables (11,721) (15,577) (14,338)
Obligations under finance leases (684) (769) (695)
Borrowings (7,809) (7,882) (8,357)
Current tax liabilities (510) (189) (334)
Provisions - (535) -
Total current liabilities (20,724) (24,952) (23,724)
Non-current liabilities
Borrowings (2,176) (2,253) (2,434)
Obligations under finance leases (583) (1,066) (765)
Deferred tax (800) (957) (824)
Total non-current liabilities (3,559) (4,276) (4,023)
Total liabilities (24,283) (29,228) (27,747)
Net assets 34,875 32,990 34,185
Equity
Share capital 1,386 1,379 1,385
Share premium account 10,877 10,818 10,873
Capital redemption reserve 814 814 814
Merger reserve 402 402 402
Translation reserve (285) (263) (202)
Other reserves 180 180 180
Investment in own shares (1,000) (1,000) (1,000)
Retained earnings 22,501 20,660 21,733
Total equity attributable to equity
owners of the parent 34,875 32,990 34,185
Consolidated statement of changes in equity (Unaudited)
at 30 November 2015
Capital Investment
Share Share redemp- Trans- in own
capital premium tion Merger lation Other shares Retained
account account reserve reserve reserve Reserves Earnings Total
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
At 1 June 2014 1,379 10,818 814 402 (597) 180 (1,000) 20,659 32,655
Dividend paid - - - - - - - (248) (248)
Share-based payments - - - - - - - 24 24
-------- -------- -------- -------- -------- --------- ---------- --------- --------
Transactions
with owners - - - - - - - (224) (224)
Profit for the
period - - - - - - - 225 225
Other comprehensive
income
Exchange rate
gain - - - - 334 - - - 334
-------- -------- -------- -------- -------- --------- ---------- --------- --------
Total comprehensive
income for the
year - - - - 334 - - 225 559
At 30 Nov 2014 1,379 10,818 814 402 (263) 180 (1,000) 20,660 32,990
======== ======== ======== ======== ======== ========= ========== ========= ========
At 1 Dec 2014 1,379 10,818 814 402 (263) 180 (1,000) 20,660 32,990
Shares issued 6 55 - - - - - - 61
Dividend paid - - - - - - - (492) (492)
Share-based payments - - - - - - - 19 19
-------- -------- -------- -------- -------- --------- ---------- --------- --------
Transactions
with owners 6 55 - - - - - (473) (412)
Profit for the
period - - - - - - - 1,546 1,546
Other comprehensive
income
Exchange rate
gain - - - - 61 - - - 61
-------- -------- -------- -------- -------- --------- ---------- --------- --------
Total comprehensive
income for the
year - - - - 61 - - 1,546 1,607
At 31 May 2015 1,385 10,873 814 402 (202) 180 (1,000) 21,733 34,185
======== ======== ======== ======== ======== ========= ========== ========= ========
At 1 June 2015 1,385 10,873 814 402 (202) 180 (1,000) 21,733 34,185
Shares issued 1 4 - - - - - - 5
Dividend paid - - - - - - - (277) (277)
Share-based payments - - - - - - - 22 22
-------- -------- -------- -------- -------- --------- ---------- --------- --------
Transactions
with owners 1 4 - - - - - (255) (250)
Profit for the
period - - - - - - - 1,023 1,023
Other comprehensive
income
Exchange rate
gain - - - - (83) - - - (83)
-------- -------- -------- -------- -------- --------- ---------- --------- --------
Total comprehensive
income for the
year - - - - (83) - - 1,023 940
At 30 Nov 2015 1,386 10,877 814 402 (285) 180 (1,000) 22,501 34,875
======== ======== ======== ======== ======== ========= ========== ========= ========
Notes to the half year statement
30 November 2015
1. Basis of preparation
The Group's interim results for the six month period ended 30
November 2015 are prepared in accordance with the Group's
accounting policies which are based on the recognition and
measurement principles of International Financial Reporting
Standards ('IFRS') as adopted by the EU and effective, or expected
to be adopted and effective, at 31 May 2015. As permitted, this
interim report has been prepared in accordance with the AIM rules
and not in accordance with IAS34 'Interim financial reporting'.
These interim results do not constitute full statutory accounts
within the meaning of section 434 of the Companies Act 2006 and are
unaudited. The unaudited interim financial statements were approved
by the Board of Directors on 16 February 2016 and will shortly be
available on the Group's website at
http://www.avingtrans.plc.uk/pages/reports.html.
The consolidated financial statements are prepared under the
historical cost convention as modified to include the revaluation
of financial instruments. The accounting policies used in the
interim financial statements are consistent with IFRS and those
which will be adopted in the preparation of the Group's annual
report and financial statements for the year ended 31 May 2016. The
statutory accounts for the year ended 31 May 2015, which were
prepared under IFRS, have been filed with the Registrar of
Companies. These statutory accounts carried an unqualified
Auditor's Report and did not contain a statement under either
Section 498(2) or (3) of the Companies Act 2006.
2. Segmental analysis
Aerospace Energy Unallocated Total
and Central
Medical items
GBP'000 GBP'000 GBP'000 GBP'000
6 months ended 30
Nov 2015
Revenue 18,042 8,259 - 26,301
Operating profit/(loss) 1,911 (167) (440) 1,304
Year ended 31 May
2015
Revenue 35,858 21,961 - 57,819
Operating profit/(loss) 2,748 (177) (489) 2,082
6 months ended 30
Nov 2014
Revenue 17,410 10,135 - 27,545
Operating profit/(loss) 1,236 (467) (414) 355
3. Taxation
The taxation credit/(charge) is based upon the expected
effective rate for the year ended 31 May 2016.
4. Earnings per share
Basic earnings per share is based on the earnings attributable
to ordinary shareholders and the weighted average number of
ordinary shares in issue during the year.
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