TIDMASY
RNS Number : 9855R
Andrews Sykes Group PLC
27 September 2017
Andrews Sykes Group plc
Interim Financial Statements 2017
Summary of results
for the six months ended 30 June 2017
(Unaudited)
6 months 6 months
ended ended
30 June 2017 30 June 2016
GBP'000 GBP'000
Revenue from continuing operations 35,334 30,287
EBITDA* from continuing operations 10,892 8,799
Operating profit 8,171 6,395
Inter-company foreign exchange gains and losses (51) 1,062
Profit for the financial period 6,570 6,195
Basic earnings per share (pence) 15.55p 14.66p
Interim dividends declared per equity share
(pence) 11.90p 11.90p
Net funds 17,403 15,392
* Earnings Before Interest, Taxation, Depreciation, profit on
the sale of property, plant and equipment, Amortisation and
non-recurring items.
Chairman's Statement
Overview
The group produced a successful result for the first half of
2017, once again the winter months created some good opportunities
for our heating and boiler hire products. Overall, the group's
revenue for the six months ended 30 June 2017 was GBP35.3 million,
an increase of GBP5.0 million compared with the same period last
year. As a consequence operating profit increased by GBP1.8 million
from GBP6.4 million in the first half of 2016 to GBP8.2 million for
the six months ended 30 June 2017.
The group continues to be profitable and cash generative. Cash
generated from operations was GBP8.6 million (2016: GBP7.1 million)
and net funds decreased by GBP0.3 million from GBP17.7 million as
at 31 December 2016 to GBP17.4 million as at 30 June 2017, this was
after paying the 2016 final dividend of 11.9 pence per share, or
GBP5.0 million in total, during the period.
Management continue to safeguard the operational structure of
the business. Cash spent on new plant and equipment, primarily hire
fleet assets, amounted to GBP2.6 million and a further GBP1.2
million from stock was also added to the hire fleet. We have
continued our policy of pursuing organic growth within our market
sectors and start up costs of the new businesses discussed in
previous Strategic Reports continue to be expensed as incurred.
Continuing investment in both our existing core businesses and the
ongoing development of new operations and income streams will
ensure that we remain in a strong position and will safeguard
profitability into the future.
Operations review
Our main hire and sales business segment in the UK and Europe
continued to expand during first half of 2017. Our pumping activity
has stayed in line with expectation and our heating products have
increased revenue levels by 12%. Demand for our air conditioning
products has increased mainly due to a warmer than expected start
to the summer in the month of June.
Our operations across the Benelux region have experienced
continued strong growth. Our recently established businesses in
France, Switzerland and Luxembourg continue to trade in line with
our expectations. In Italy we have had a strong trading result
driven by a 50% increase in revenues.
Andrews Air Conditioning & Refrigeration, our UK air
conditioning installation business, produced an operating profit in
line with previous periods.
Khansaheb Sykes, our long established business based in the UAE,
had a reasonable start to the year, maintaining similar revenue
levels of 2016. The climate rental division also continues to make
a positive contribution. Overall, the operating profit of Khansaheb
Sykes was in line with expectation.
Profit for the financial period and Earnings per Share
Profit before tax was GBP8.1 million (2016: GBP7.5 million)
reflecting both the above GBP1.8 million increase in operating
profit and a significant decrease in net finance income of GBP1.2
million, compared with the same period in 2016. This decrease was
primarily due to a net inter-company foreign exchange gain of
GBP1.1 million reported in 2016 compared with a loss of GBP0.1
million in 2017.
The total tax charge increased by GBP0.2 million from GBP1.3
million for the six months ended 30 June 2016 to GBP1.5 million for
the current six month period. The effective tax rate increased from
17.7% for the six months ended 30 June 2016 to 19.0% in the current
period. The rate for the current period is slightly less than the
standard effective UK corporation tax rate of 19.25% which is
mainly due to the effect of profits being made in lower tax regions
overseas partially offset by non-tax deductible expenses. A
reconciliation of the theoretical corporation tax charge based on
the accounts profit multiplied by the UK annualised corporation tax
rate of 19.25% and the actual tax charge is given in note 4 of
these interim financial statements.
Profit after tax was GBP6.6 million (2016: GBP6.2 million) and
consequently the basic earnings per share increased by 0.89 pence,
or 6%, from 14.66 pence for the first half of 2016 to 15.55 pence
for the period under review. There were no share buy-backs in the
period.
Dividends
The final dividend of 11.90 pence per ordinary share for the
year ended 31 December 2016 was approved by members at the AGM held
on 21 June 2017. Accordingly on 26 June 2017 the company made a
total dividend payment of GBP5,029,000 which was paid to
shareholders on the register as at 26 May 2017.
The board continues to adopt the policy of returning value to
shareholders whenever possible. The group remains profitable, cash
generative and financially strong. Accordingly the board has
decided to declare an interim dividend for 2017 of 11.90 pence per
share which in total amounts to GBP5,029,000. This will be paid on
3 November 2017 to shareholders on the register as at 6 October
2017. The shares will go ex-dividend on 5 October 2017.
Bank loan agreement
During the period, and in accordance with the agreed repayment
profile, the group repaid the final annual instalment of GBP1
million that was due for payment on 30 April 2017. The remaining
loan balance of GBP5 million has been refinanced over a five year
period.
Outlook
Trading in the third quarter to date has continued to be
positive. Europe has experienced strong results through to
September as a result of continued high demand for air conditioning
products. Once again activity in the Middle East has remained
consistent through the summer period.
The board remains cautiously optimistic that the group will have
further success in the remainder of the year.
JG Murray 28 September 2017
Chairman
Consolidated income statement
for the 6 months ended 30 June 2017 (unaudited)
6 months 6 months 12 months
ended ended ended
30 June 30 June 31 December
2017 2016 2016
GBP'000 GBP'000 GBP'000
Continuing operations
Revenue 35,334 30,287 65,389
Cost of sales (15,328) (12,692) (26,677)
Gross profit 20,006 17,595 38,712
Distribution costs (5,917) (5,772) (11,512)
Administrative expenses (5,918) (5,428) (11,384)
Operating profit 8,171 6,395 15,816
EBITDA* 10,892 8,799 20,664
Depreciation and impairment losses (3,013) (2,702) (5,310)
Profit on the sale of plant and equipment 292 298 462
Operating profit 8,171 6,395 15,816
Finance income 49 145 308
Finance costs (59) (73) (150)
Intercompany foreign exchange gains
and losses (51) 1,062 1,567
Profit before taxation 8,110 7,529 17,541
Taxation (1,540) (1,334) (3,068)
Profit for the financial period 6,570 6,195 14,473
--------- --------- --------------
There were no discontinued operations in either
of the above periods
Earnings per share from continuing operations
Basic and diluted (pence) 15.55p 14.66p 34.25p
Dividends paid during the period
per equity share (pence) 11.90p 11.90p 23.80p
Proposed dividend per equity share
(pence) 11.90p 11.90p 11.90p
* Earnings Before Interest, Taxation, Depreciation, profit on
the sale of property, plant and equipment, Amortisation and
non-
recurring items.
Consolidated balance sheet
as at 30 June 2017 (unaudited)
30 June 30 June 31 December
2017 2016 2016
---------------- --------------- ----------------
GBP'000 GBP'000 GBP'000
Non-current assets
Property, plant and equipment 20,756 18,604 20,062
Lease prepayments 48 49 49
Trade investments 164 164 164
Deferred tax asset 326 482 559
Retirement benefit pension
surplus 2,575 1,512 1,161
---------------- --------------- ----------------
23,869 20,811 21,995
---------------- --------------- ----------------
Current assets
Stocks 4,542 5,709 4,994
Trade and other receivables 18,817 16,052 18,425
Cash and cash equivalents 22,453 20,590 22,819
45,812 42,351 46,238
---------------- --------------- ----------------
Current liabilities
Trade and other payables (12,354) (11,414) (13,055)
Current tax liabilities (1,375) (1,345) (1,575)
Overseas tax (denominated
in euros) (404) (44) (250)
Bank loans (493) (4,985) (4,995)
Obligations under finance
leases (61) (129) (102)
(14,687) (17,917) (19,977)
---------------- --------------- ----------------
Net current assets 31,125 24,434 26,261
Total assets less current
liabilities 54,994 45,245 48,256
Non-current liabilities
Bank loans (4,471) - -
Obligations under finance
leases (25) (84) (49)
(4,496) (84) (49)
---------------- --------------- ----------------
Net assets 50,498 45,161 48,207
---------------- --------------- ----------------
Equity
Called-up share capital 423 423 423
Share premium 13 13 13
Retained earnings 45,917 41,096 43,619
Translation reserve 3,890 3,374 3,897
Other reserves 245 245 245
Surplus attributable to equity
holders of the parent 50,488 45,151 48,197
Minority interest 10 10 10
Total equity 50,498 45,161 48,207
---------------- --------------- ----------------
Consolidated cash flow statement
for the six months ended 30 June 2017 (unaudited)
6 months 6 months 12 months
ended ended ended
30 June 30 June 31 December
2017 2016 2016
GBP'000 GBP'000 GBP'000
Cash flows from operating
activities
Cash generated from
operations 8,606 7,111 17,693
Interest paid (56) (66) (136)
Net UK corporation tax paid (1,208) (941) (1,846)
Overseas tax paid (340) (263) (578)
Net cash inflow from
operating
activities 7,002 5,841 15,133
---------------------------- ---------------------------- --------------------------
Investing activities
Sale of property, plant and
equipment 392 415 673
Purchase of property, plant
and equipment (2,594) (2,237) (5,392)
Interest received 38 124 241
---------------------------- ----------------------------
Net cash outflow from
investing
activities (2,164) (1,698) (4,478)
---------------------------- ---------------------------- --------------------------
Financing activities
Loan repayments (5,000) (1,000) (1,000)
New loans raised net of
arrangement
fees 4,962 - -
Finance lease capital
repayments (64) (53) (116)
Equity dividends paid (5,029) (5,029) (10,058)
---------------------------- ----------------------------
Net cash outflow from
financing
activities (5,131) (6,082) (11,174)
---------------------------- ---------------------------- --------------------------
Net decrease in cash and
cash
equivalents (293) (1,939) (519)
Cash and cash equivalents at
the beginning of the period 22,819 20,715 20,715
Effect of foreign exchange
rate
changes (73) 1,814 2,623
Cash and cash equivalents at
end of the period 22,453 20,590 22,819
---------------------------- ---------------------------- --------------------------
Reconciliation of net cash flow to movement in net funds
in the period
Net decrease in cash and
cash
equivalents (293) (1,939) (519)
Net cash outflow from the
decrease
in debt 102 1,053 1,115
Non-cash movement re new
financial
leases - (84) (84)
Non-cash movements re costs
of raising loan finance (6) (10) (20)
----------------------------- ----------------------- --------------------------
Decrease in net funds during
the period (197) (980) 492
Opening net funds at the
beginning
of period 17,673 14,558 14,558
Effect of foreign exchange
rate
changes (73) 1,814 2,623
----------------------------- ----------------------- --------------------------
Closing net funds at the end
of period 17,403 15,392 17,673
----------------------------- ----------------------- --------------------------
Consolidated statement of comprehensive total income
(CSOCTI)
for the six months ended 30 June 2017 (unaudited)
6 months 6 months 12 months
ended ended ended
30 June 30 June 31 December
2017 2016 2016
GBP'000 GBP'000 GBP'000
Profit for the financial period 6,570 6,195 14,473
Other comprehensive income:
Items that may be reclassified to
profit and loss:
Currency translation differences on
foreign currency net investments (7) 1,401 1,924
Items that will never be reclassified
to profit and loss:
Remeasurement of defined benefit liabilities
and assets 935 (1,305) (2,201)
Related deferred tax (178) 248 418
Other comprehensive income for the
period net of tax 750 344 141
Total comprehensive income for the
period 7,320 6,539 14,614
Notes to the consolidated interim financial statements
for the six months ended 30 June 2017
1 General information
Basis of preparation
These interim financial statements have been prepared in
accordance with International Accounting Standards (IAS) and
International Financial Reporting Standards (IFRS) as adopted by
the European Union and with the Companies Act 2006.
The information for the 12 months ended 31 December 2016 does
not constitute the group's statutory accounts for 2016 as defined
in Section 434 of the Companies Act 2006. Statutory accounts for
2016 have been delivered to the Registrar of Companies. The
auditor's report on those accounts was unqualified and did not
contain statements under Section 498(2) or (3) of the Companies Act
2006. These interim financial statements, which were approved by
the Board of Directors on 28 September 2017, have not been audited
or reviewed by the auditors.
The interim financial statement has been prepared using the
historical cost basis of accounting except for:
(i) Properties held at the date of transition to IFRS which are stated at deemed cost;
(ii) Assets held for sale which are stated at the lower of (i)
fair value less anticipated disposal costs and (ii) carrying
value;
(iii) Derivative financial instruments (including embedded
derivatives) which are valued at fair value; and
(iv) Pension scheme assets and liabilities calculated at fair value in accordance with IAS 19.
Functional and presentational currency
The financial statements are presented in pounds Sterling
because that is the functional currency of the primary economic
environment in which the group operates.
2 Accounting policies
These interim financial statements have been prepared on a
consistent basis and in accordance with the accounting policies set
out in the group's Annual Report and Financial Statements 2016.
3 Revenue
An analysis of the group's revenue is as follows:
6 months 6 months 12 months
ended ended ended
30 June 30 June 31 December
2017 2016 2016
GBP'000 GBP'000 GBP'000
Continuing operations
Hire 29,405 25,450 54,852
Sales 3,906 2,806 6,386
Installations 2,023 2,031 4,151
Group consolidated revenue from the
sale of goods and provision of services 35,334 30,287 65,389
-------- -------- ------------
The geographical analysis of the group's revenue by origination
is:
6 months 6 months 12 months
ended ended ended
30 June 30 June 31 December
2017 2016 2016
GBP'000 GBP'000 GBP'000
United Kingdom 22,624 20,171 41,754
Rest of Europe 7,067 4,787 12,105
Middle East and Africa 5,643 5,329 11,530
35,334 30,287 65,389
------------------------ -------- ------------
The geographical analysis of the groups' revenue by destination
is not materially different to that by origination.
4 Taxation
6 months 6 months 12 months
ended ended ended
30 June 30 June 31 December
2017 2016 2016
GBP'000 GBP'000 GBP'000
Current tax
UK corporation tax at 19.25% (30 June
2016 and 31 December 2016: 20%) 1,008 980 2,253
Adjustments in respect of prior periods - - (138)
------------------------ -------- ------------
1,008 980 2,115
Overseas tax 474 299 838
Adjustments to overseas tax in respect
of prior periods 3 7 (26)
Total current tax charge 1,485 1,286 2,927
------------------------ -------- ------------
Deferred tax
Deferred tax on the origination and
reversal of temporary differences 55 48 38
Adjustments in respect of prior periods - - 103
Total deferred tax charge 55 48 141
------------------------ -------- ------------
Total tax charge for the financial
period attributable to
continuing operations 1,540 1,334 3,068
------------------------ -------- ------------
The tax charge for the financial period can be reconciled to the
profit before tax per the income statement multiplied by the
effective standard annualised corporation tax rate in the UK of
19.25% (30 June 2016 and 31 December 2016: 20%) as follows:
6 months 6 months 12 months
ended ended ended
30 June 30 June 31 December
2017 2016 2016
GBP'000 GBP'000 GBP'000
Profit before taxation from continuing and total operations 8,110 7,529 17,541
-------- -------- -----------------------
Tax at the UK effective annualised corporation tax rate of 19.25%
(30 June 2016 and 31 December 2016: 20%) 1,561 1,506 3,508
Effects of:
Expenses not deductible for tax purposes 57 45 48
Movement in overseas trading losses 13 (46) (87)
Effect of different tax rates of subsidiaries operating abroad (93) (175) (337)
Effect of change in rate of corporation tax (1) (3) (3)
Adjustments to tax charge in respect of previous periods 3 7 (61)
Total tax charge for the financial period 1,540 1,334 3,068
-------- -------- -----------------------
The total effective tax charge for the financial period
represents the best estimate of the weighted average annual
effective tax rate expected for the full financial year applying
tax rates that have been substantively enacted by the balance sheet
date. Accordingly UK corporation tax has been provided at 19.25%;
the rate of 19% for the tax year ending 31 March 2018 having been
substantially enacted in October 2015. UK deferred tax has been
provided at 19% being the rate substantially enacted at the balance
sheet date at which the timing differences are expected to
substantially reverse.
5 Earnings per share
Basic earnings per share
The basic figures have been calculated by reference to the
weighted average number of ordinary shares in issue and the
earnings as set out below. There are no discontinued operations in
any period.
6 months ended 30 June
2017
------------------------
Continuing Number of
earnings Shares
GBP'000
Basic earnings/weighted average number
of shares 6,570 42,262,082
-----------
Basic earnings per ordinary share (pence) 15.55p
6 months ended 30 June
2016
------------------------
Continuing Number of
earnings shares
GBP'000
Basic earnings/weighted average number
of shares 6,195 42,262,082
-----------
Basic earnings per ordinary share (pence) 14.66p
12 months ended 31 December
2016
---------------------------------
Continuing Number of
earnings shares
GBP'000
Basic earnings/weighted average number
of shares 14,473 42,262,082
----------------
Basic earnings per ordinary share (pence) 34.25p
Diluted earnings per share
There were no dilutive instruments outstanding at 30 June 2017
or either of the comparative periods and therefore there is no
difference in the basic and diluted earnings per share for any of
these periods. There were no discontinued operations in any
period.
6 Dividend payments
Dividends declared and paid on ordinary one pence shares during
the 6 months ended 30 June 2017 were as follows:
Paid during the 6 months
ended 30 June 2017
-------------------------------
Total dividend
Pence per share paid
GBP'000
Final dividend for the year ended 31 December
2016 paid to members on the register as
at 26 May 2017 on 26 June 2017 11.90p 5,029
--------------- --------------
The above dividend was charged against reserves during the 6
months ended 30 June 2017.
On 28 September 2017 the directors declared an interim dividend
of 11.90 pence per ordinary share which in total amounts to
GBP5,029,000. This will be paid on 3 November 2017 to shareholders
on the register on 6 October 2017 and will be charged against
reserves in the second half of 2017.
Dividends declared and paid on ordinary one pence shares during
the 6 months ended 30 June 2016 were as follows:
Paid during the 6 months
ended 30 June 2016
-------------------------------
Total dividend
Pence per share declared
GBP'000
Final dividend for the year ended 31 December
2015 paid to members on the register as
at 27 May 2016 on 24 June 2016 11.90p 5,029
--------------- --------------
The above dividend was charged against reserves during the 6
months ended 30 June 2016.
Dividends declared and paid on ordinary one pence shares during
the 12 month period ended 31 December 2016 were as follows:
Paid during the 12 months
ended 31 December 2016
-------------------------------
Total dividend
Pence per share paid
GBP'000
Final dividend for the year ended 31 December
2015 paid to members on the register as
at 27 May 2016 on 24 June 2016 11.90p 5,029
Interim dividend declared on 28 September
2016 and paid to shareholders on the register
as at 7 October 2016 on 2 November 2016 11.90p 5,029
--------------- --------------
23.80p 10,058
--------------- --------------
The above dividends were charged against reserves during the 12
months ended 31 December 2016.
7 Retirement benefit obligations - Defined benefit pension scheme
The group closed the UK group defined benefit pension scheme to
future accrual as at 29 December 2002. The assets of the defined
benefit pension scheme continue to be held in a separate trustee
administered fund.
As at 30 June 2017 the group had a net defined benefit pension
scheme surplus, calculated in accordance with IAS 19 (revised)
using the assumptions as set out below, of GBP2,575,000 (30 June
2016: GBP1,512,000; 31 December 2016: GBP1,161,000). The asset has
been recognised in the financial statements as the directors are
satisfied that it is recoverable in accordance with IFRIC 14.
Following the triennial recalculation of the funding deficit as
at 31 December 2013 a revised schedule of contributions and
recovery plan was agreed with the pension scheme trustees in June
2014. In accordance with this schedule of contributions, which is
effective from 1 January 2014, the group made additional
contributions in 2014 to remove the funding deficit calculated as
at 31 December 2013 and this has now been eliminated as at 31
December 2014. Subsequently, to date, the group has continued to
make a contribution towards expenses of GBP10,000 per month. In
addition the group made an additional voluntary contribution of
GBP32,000 per month from January 2016 and this was increased to
GBP80,000 per month from April 2016. The formal triennial funding
valuation as at 31 December 2016 is currently being finalised and
this is likely to show a deficit of GBP0.7 million. The group has
agreed to continue to make the current level of monthly
contributions until either the formal approval of the schedule of
contributions or the elimination of the estimated deficit,
whichever is the earlier.
Assumptions used to calculate the scheme surplus
A qualified independent actuary has updated the results of the
provisional December 2016 (30 June 2016 and 31 December 2016:
December 2013) full actuarial valuation to calculate the surplus as
disclosed below:
The major assumptions used to determine the present value of the
scheme's defined benefit obligation were:
30 June 30 June 31 December
2017 2016 2016
% % %
Rate of increase in pensionable
salaries N/A N/A N/A
Rate of increase in pensions
in payment 3.20 2.90 3.30
Discount rate applied to scheme
liabilities 2.60 2.80 2.70
Inflation assumption - RPI 3.20 2.90 3.30
Inflation assumption - CPI 2.20 1.90 2.30
Percentage of members taking
maximum tax free lump sum on
retirement 90.0 90.0 90.0
From 1 January 2011, the government amended the basis for
statutory increases to deferred pensions and pensions in payment.
Such increases are now based on inflation measured by the Consumer
Price Index (CPI) rather than the Retail Price Index (RPI). Having
reviewed the scheme rules and considered the impact of the change
on this pension scheme, the directors consider that future
increases to (i) all deferred pensions and (ii) Guaranteed Minimum
Pensions accrued between 6 April 1988 and 5 April 1997 and
currently in payment will be based on CPI rather than RPI.
Accordingly, this assumption was adopted as at 31 December 2010 and
subsequently.
Assumptions regarding future mortality experience are set based
on advice in accordance with published statistics. The mortality
table used at 30 June 2017 is 110% S2NA CMI2015 (30 June 2016 and
31 December 2016: 110% S2NA CMI2015) with a 1% per annum long term
improvement for both males and females (30 June 2016 and 31
December 2016: 1% males and females).
The assumed average life expectancy in years of a pensioner
retiring at the age of 65 given by the above tables is as
follows:
30 June 30 June 31 December
2017 2016 2016
Male, current age 45 22.6 years 22.6 years 22.6 years
Female, current age 45 24.9 years 24.9 years 24.9 years
Valuations
The fair value of the scheme's assets, which are not intended to
be realised in the short term and may be subject to significant
change before they are realised, and the present value of the
scheme's liabilities, which are derived from cash flow projections
over long periods and are inherently uncertain, were as
follows:
30 June 30 June 31 December
2017 2016 2016
GBP'000 GBP'000 GBP'000
Total fair value of plan assets 44,403 40,768 43,368
Present value of defined benefit funded
obligation calculated in
accordance with stated assumptions (41,828) (39,256) (42,207)
----------- ----------- ------------
Surplus in the scheme calculated in
accordance with stated
assumptions recognised in the balance
sheet 2,575 1,512 1,161
----------- ----------- ------------
The movement in the fair value of the scheme's assets during the
period was as follows:
30 June 30 June 31 December
2017 2016 2016
GBP'000 GBP'000 GBP'000
Fair value of plan assets at the start
of the period 43,368 37,734 37,734
Interest income on pension scheme assets 580 688 1,383
Actual return less interest income
on pension scheme assets 848 2,737 4,927
Employer contributions 540 396 936
Benefits paid (851) (717) (1,490)
Administration expenses charged in
the income statement (82) (70) (122)
Fair value of plan assets at the end
of the period 44,403 40,768 43,368
--------- -------- -----------
The movement in the present value of the defined benefit
obligation during the period was as follows:
30 June 30 June 31 December
2017 2016 2016
GBP'000 GBP'000 GBP'000
Present value of defined benefit funded
at the beginning of the period (42,207) (35,291) (35,291)
Interest on defined benefit obligation (559) (640) (1,278)
Actuarial gain/(loss) recognised in
the CSOCTI calculated in
accordance with stated assumptions 87 (4,042) (7,128)
Benefits paid 851 717 1,490
Closing present value of defined benefit
funded obligation calculated
in accordance with stated assumptions (41,828) (39,256) (42,207)
---------- --------- -----------
Amounts recognised in the income statement
The amounts (charged) / credited in the income statement
were:
30 June 30 June 31 December
2017 2016 2016
GBP'000 GBP'000 GBP'000
Interest income on pension scheme
assets 580 688 1,383
Interest expense on pension scheme
liabilities (559) (640) (1,278)
---------------------- --------------------- ---------------------
Net pension interest credit included
within finance income 21 48 105
Scheme administration expenses (82) (70) (122)
Net pension charge in the income statement (61) (22) (17)
---------------------- --------------------- ---------------------
Actuarial gains and losses recognised in the consolidated
statement of comprehensive total income (CSOCTI)
The amounts credited/(charged) in the CSOCTI were:
30 June 30 June 31 December
2017 2016 2016
GBP'000 GBP'000 GBP'000
Actual return less interest income
on pension scheme assets 848 2,737 4,927
Experience gains and losses arising
on plan obligation 210 281 -
---------------------- --------------------- ---------------------
Changes in demographic and financial
assumptions underlying the present
value of plan obligations (123) (4,323) (7,128)
Actuarial gain/(loss) in calculated
in accordance with stated assumptions
recognised in the CSOCTI 935 (22) (2,201)
---------------------- --------------------- ---------------------
8 Called up share capital
30 June 30 June 31 December
2017 2016 2016
GBP'000 GBP'000 GBP'000
Issued and fully paid:
42,262,082 ordinary shares of one
pence each (30 June 2016 and 31 December
2016: 42,262,082 ordinary shares of
one pence each) 423 423 423
---------------------- ----------------- -------------------
The company did not buy back any shares for cancellation during
the 6 months ended 30 June 2017 or either of the comparative
periods. The company did not issue any shares in the period or
either of the comparative periods. No share options were granted,
forfeited or expired during any of the periods and there were no
share options outstanding at any period end.
The company has one class of ordinary shares which carry no
right to fixed income.
9 Cash generated from operations
6 months 6 months 12 months
ended ended ended
30 June 30 June 31 December
2017 2016 2016
GBP'000 GBP'000 GBP'000
Profit for the period attributable
to equity shareholders 6,570 6,195 14,473
Adjustments for:
Taxation charge 1,540 1,334 3,068
Finance costs 59 73 150
Finance income (49) (145) (308)
Inter-company foreign exchange gains
and losses 51 (1,062) (1,567)
Profit on the sale of property, plant
and equipment (292) (298) (462)
Depreciation 3,013 2,702 5,310
EBITDA* 10,892 8,799 20,664
Excess of pension contributions compared
with service and
administration expenses (458) (326) (814)
Workings capital movements:
Stocks (728) (2,195) (2,251)
Trade and other receivables (402) 508 (1,876)
Trade and other payables (698) 325 1,970
Cash generated from operations 8,606 7,111 17,693
-------- -------- ------------
* Earnings Before Interest, Taxation, Depreciation, profit on
the sale of property, plant and equipment, Amortisation and
non-recurring items.
10 Analysis of net funds
30 June 30 June 31 December
2017 2016 2016
GBP'000 GBP'000 GBP'000
Cash and cash equivalents per cash
flow statement 22,453 20,590 22,819
-------- ----------------------- ---------------------
Bank loans (4,964) (4,985) (4,995)
Obligations under finance leases (86) (213) (151)
-------- ----------------------- ---------------------
Gross debt (5,050) (5,198) (5,146)
-------- ----------------------- ---------------------
Net funds 17,403 15,392 17,673
-------- ----------------------- ---------------------
11 Distribution of interim financial statements
Following a change in regulations in 2008, the company is no
longer required to circulate this half year report to shareholders.
This enables us to reduce costs associated with printing and
mailing and to minimise the impact of these activities on the
environment. A copy of the interim financial statements is
available on the company's website, www.andrews-sykes.com.
This information is provided by RNS
The company news service from the London Stock Exchange
END
IR FDLFLDKFLBBL
(END) Dow Jones Newswires
September 28, 2017 04:28 ET (08:28 GMT)
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