TIDMTSTL
RNS Number : 3166F
Tristel PLC
20 February 2018
TRISTEL plc
("Tristel", the "Company" or the "Group")
Half-year Report
Unaudited Interim Results for the six months ended 31 December
2017
Tristel plc (AIM: TSTL), the manufacturer of infection
prevention and contamination control products, announces its
interim results for the six months ended 31 December 2017, ahead of
guidance at the AGM.
Tristel's lead technology is a proprietary chlorine dioxide
formulation and the Company addresses three distinct markets:
-- The Human Healthcare market - via the Tristel brand
-- The Contamination Control market - via the Crystel brand
-- The Animal Healthcare market - via the Anistel brand
Financial highlights
-- Revenue up 10% to GBP10.7m (2016: GBP9.7m)
-- Overseas sales up 28% to GBP5.4m (2016: GBP4.2m),
representing 50% of total sales (2016: 43%)
-- EBITDA before share-based payments up 18% to GBP2.7m (2016: GBP2.3m).
-- Pre-tax profit before share-based payments up 18% to GBP2m (2016: GBP1.7m).
-- EPS before share-based payments up 21% to 4.0p (2016: 3.3p).
-- Interim dividend of 1.6p per share (2016: 1.4p), up 14%
-- Cash of GBP4.9m (2016: GBP3.9m)
Operational highlights
-- Established direct representation in Hong Kong
-- Developing the collaboration with MobileODT, which includes
the development of a software APP for training and disinfection
compliance
-- Additional data requirements of Environmental Protection
Agency (EPA) provided. Approval awaited
Commenting on current trading, Paul Swinney, Chief Executive of
Tristel, said: "We are very satisfied with overseas sales growth of
28% and with overseas revenues now accounting for one-half of all
revenues. We have increased our pre-tax profit margin, before
share-based payments, to 19% from 18% last year, even after costs
of GBP0.5m incurred in the USA regulatory programme. Pre-tax profit
before share-based payments has risen by 18% to GBP2m.
"We are progressing steadily with our planned entry into the
North American hospital market having satisfied the additional data
requirements of the EPA. A decision is expected from the EPA during
the second half of this financial year. Our expectation continues
to be that sales in North America will start next financial
year.
"For many years we have been represented in Hong Kong by
distributors and have now decided to employ our own team in this
market. We expect the increased margin from selling directly to
hospitals to exceed operational costs in next financial year. In
the second half of this financial year, there will be an
exceptional early termination payment to the distributor of
approximately GBP0.2m."
Tristel plc www.tristel.com
Paul Swinney, Chief Executive Tel: 01638 721 500
Liz Dixon, Finance Director
finnCap
Geoff Nash / Giles Rolls, Corporate Tel: 020 7220 0500
Finance
Alice Lane, Corporate Broking
Walbrook PR Ltd Tel: 020 7933 8780 or tristel@walbrookpr.com
Paul McManus Mob: 07980 541 893
Lianne Cawthorne Mob: 07584 391 303
Chairman's statement
Results
The Company made steady progress during the first half, with
sales increasing to GBP10.7m, up 10% on the comparable period last
year. Overseas sales grew very strongly by GBP1.2m, or 28%, whereas
UK sales registered a decline of GBP0.2m (although sales in the
first half last year had benefitted from a bulk purchase of GBP0.2m
by our largest customer, NHS Supply Chain). These interim results
did not enjoy the benefits of a weakening pound to the extent they
did last year.
We are particularly pleased with the continued strong
performance of our direct operations in Central Europe (managed by
our office in Berlin), Australasia (managed by offices in Melbourne
and Tauranga), and those of our international distributors (managed
by Tristel UK). We operate in China through a small team that
manages a network of distributors. In Hong Kong we have a
subsidiary but had no direct presence during the first half of the
financial year, although this has changed in the second half.
In Hong Kong we have sold through various distributors over the
years. The Hong Kong business has declined recently and to
counteract this we have recruited a sales force, negotiated the
termination of the distributorship and secured a cooperative hand
over of the business, including two government supply contracts.
The cost of securing an orderly transfer of contracts and
customers, together with set-up costs, will be expensed in the
current financial year and will result in an exceptional cost in
the second half of approximately GBP0.2m. We expect this cost to be
quickly recouped given we will achieve a much greater gross margin
though our direct sales channel.
Overseas sales First half First half Period-on-period Period-on-period Period-on-period
2017-18 2016-17 growth GBP growth % growth % at a
GBP GBP constant currency
----------------------- ------------ ------------ -------------------- --------------------- --------------------
Australia
(subsidiary) 1,155,000 776,000 379,000 49% 48%
----------------------- ------------ ------------ -------------------- --------------------- --------------------
China (subsidiary) 297,000 295,000 2,000 0% 2%
----------------------- ------------ ------------ -------------------- --------------------- --------------------
Hong Kong (subsidiary
managing a
distributor) 222,000 354,000 (132,000) (37%) (35%)
----------------------- ------------ ------------ -------------------- --------------------- --------------------
Germany & Central
Europe (subsidiary) 1,953,000 1,526,000 427,000 28% 23%
----------------------- ------------ ------------ -------------------- --------------------- --------------------
New Zealand
(subsidiary) 374,000 299,000 75,000 25% 28%
----------------------- ------------ ------------ -------------------- --------------------- --------------------
Overseas distributors
(managed by UK) 1,372,000 943,000 429,000 45% 45%
----------------------- ------------ ------------ -------------------- --------------------- --------------------
Total overseas sales 5,373,000 4,193,000 1,180,000 28% 27%
----------------------- ------------ ------------ -------------------- --------------------- --------------------
Total UK sales 5,354,000 5,555,000 (201,000) (4%) (4%)
----------------------- ------------ ------------ -------------------- --------------------- --------------------
Worldwide sales 10,727,000 9,748,000 979,000 10% 10%
----------------------- ------------ ------------ -------------------- --------------------- --------------------
Whilst we are very pleased with our progress overseas we are
working to reinvigorate sales growth in our domestic market. In
several of the key clinical departments in which we enjoy very high
penetration in the UK, for example Ear, Nose and Throat and
Cardiology, further growth opportunities are limited. In response,
we have developed new products for rinse water management in
endoscope washing machines, and for surface disinfection in
hospitals, and have high hopes for their success. Rinse water
management involves both a capital and consumable sales. Whilst
first half revenues were modest we are pleased that we are already
achieving sales from sixteen installations in the UK and Australia.
The new range of surface disinfectants will come to market in the
second half of the year and we continue to secure new patents for
these surface product innovations.
We succeeded in raising the gross profit margin to 75% from 74%
last first half, and our pre-tax profit margin, before share-based
payments, of 19% improved upon last year (2016: 18%).
Investment to secure future growth
During the half we raised the pace of our investment in staff,
manufacturing plant, product development and intellectual property
to accelerate our future rate of revenue and profits growth.
Matching the increase in sales of 10%, headcount increased by
twelve, a 11% increase. We invested GBP0.2m in specialised
manufacturing equipment; GBP0.2m in product development for the new
surfaces range, and GBP0.1m in the creation and maintenance of our
intellectual property. We will continue to invest in future
growth.
We plan to continue with a significant capital investment
programme throughout calendar 2018 as we complete tooling and
manufacturing set-up for the new surface product innovations.
We are also investing heavily to enter new geographical markets
including North America. During the period we spent GBP0.5m on our
North American market entry plan compared to GBP0.2m in the
corresponding period last year. We are pursuing both FDA and EPA
approvals for various products. We have incorporated a Delaware
subsidiary but have not yet recruited a business development team.
We would expect to do this during the second half. I am satisfied
that we are progressing well towards our strategic objective of
generating first revenues in North America in financial year
2018-19.
Dividend
During the first half a final dividend of 2.63 pence per share
was paid, totalling GBP1.1m. At the period end cash was GBP4.9m
compared to GBP3.9m on 31 December 2016. We will pay an interim
dividend of 1.6 pence per share on 12 April 2018 to shareholders on
the register on 23 March 2018, with an ex-dividend date of 22 March
2018. Our policy is to cover the dividend with earnings by at least
two times and pay 40% as an interim and 60% as a final.
Outlook
In October 2016 we outlined our strategic financial targets to
take us to the year ending June 2019. We are half way through this
current plan and on track to meet its objectives which were:
-- to grow sales by 10-15% on average over the three years;
-- to attain a pre-tax profit before share-based payments margin
of at least 17.5%, whilst investing in future growth.
From revenues of GBP17.1m in the year to 30 June 2016, we set
out our ambitions to grow this business significantly. We are
making good progress in this regard and I believe that these growth
and profitability targets remain very achievable. We look forward
to the Group's continued progress in the years ahead.
Francisco Soler
Chairman
20 February 2018
CONDENSED CONSOLIDATED INCOME STATEMENT
RESULTS FOR THE SIX MONTHSED 31 DECEMBER 2017
6 months 6 months
ended ended Year ended
31-Dec-17 31-Dec-16 30-Jun-17
(unaudited) (unaudited) (audited)
GBP'000 GBP'000 GBP'000
Note
Revenue 3 10,727 9,748 20,273
Cost of sales (2,643) (2,496) (4,598)
Gross profit 8,084 7,252 12,675
Administrative expenses
- share based payments (164) (5) (121)
Administrative expenses
- depreciation & amortisation (713) (595) (1,310)
Administrative expenses
- other (5,367) (4,959) (10,342)
------------- ------------- ------------
Total administrative expenses (6,244) (5,559) (11,773)
Operating profit 1,840 1,693 3,902
Finance income 1 2 4
Other income - - 41
Results from equity accounted
associate 8 6 19
Profit before taxation 1,849 1,701 3,966
Taxation (296) (312) (549)
Profit for the period 1,553 1,389 3,417
============= ============= ============
Attributable to:
Equity holders of the parent 1,553 1,389 3,417
1,553 1,389 3,417
============= ============= ============
Earnings per share from
continuing operations
attributable to equity holders Note
of the parent 4
Basic (pence) 3.62 3.30 8.06
============= ============= ============
Diluted (pence) 3.46 3.14 7.80
============= ============= ============
All amounts relate to continuing operations.
CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE SIX MONTHSED 31 DECEMBER 2017
6 months 6 months
ended ended Year ended
31-Dec-17 31-Dec-16 30-Jun-17
(unaudited) (unaudited) (audited)
GBP'000 GBP'000 GBP'000
Profit for the period 1,553 1,389 3,417
Items that will be reclassified
subsequently to Profit and loss
Exchange differences on translation
of foreign operations 6 81 47
------------- ------------- ------------
Other comprehensive income for
the period 6 81 47
-
Total comprehensive income for
the period 1,559 1,470 3,464
============= ============= ============
Attributable to:
Equity holders of the parent 1,559 1,470 3,464
1,559 1,470 3,464
============= ============= ============
CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE SIX MONTHSED 31 DECEMBER 2017
Share Share Merger Foreign Retained Total Non- Total
earnings attributable controlling equity
to owners of interests
the parent
capital premium reserve exchange
account reserve
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
30 June 2016 421 10,411 478 (1) 3,648 14,957 7 14,964
Transactions with owners
Dividends paid - - - - (2,193) (2,193) - (2,193)
Shares issued 3 32 - - - 35 - 35
Share-based
payments - - - - 5 5 - 5
--------- --------- --------- ---------- ----------- -------------- ------------- -----------
Total
transactions
with owners 3 32 - - (2,188) (2,153) - (2,153)
--------- --------- --------- ---------- ----------- -------------- ------------- -----------
Profit for the
period ended
31 Dec 2016 - - - - 1,389 1,389 (2) 1,387
Other
comprehensive
income:-
Exchange
differences
on
translation
of foreign
operations - - - 81 - 81 - 81
--------- --------- --------- ---------- ----------- -------------- ------------- -----------
Total
comprehensive
income - - - 81 1,389 1,470 (2) 1,468
--------- --------- --------- ---------- ----------- -------------- ------------- -----------
31 Dec 2016 424 10,443 478 80 2,849 14,274 5 14,279
========= ========= ========= ========== =========== ============== ============= ===========
Transactions with owners
Dividends paid - - - - (594) (594) - (594)
Shares issued 3 262 - - - 265 - 265
Share-based
payments - - - - 116 116 - 116
--------- --------- --------- ---------- ----------- -------------- ------------- -----------
Total
transactions
with owners 3 262 - - (478) (213) - (213)
--------- --------- --------- ---------- ----------- -------------- ------------- -----------
Profit for the
period ended
30 Jun 2017 - - - - 2,028 2,028 2 2,030
Other
comprehensive
income:-
Exchange
differences
on
translation
of foreign
operations - - - (34) - (34) - (34)
--------- --------- --------- ---------- ----------- -------------- ------------- -----------
Total
comprehensive
income - - - (34) 2,028 1,994 - 1,996
--------- --------- --------- ---------- ----------- -------------- ------------- -----------
30 Jun 2017 427 10,705 478 46 4,399 16,055 7 16,062
--------- --------- --------- ---------- ----------- -------------- ------------- -----------
Transactions with owners
Dividends paid - - - - (1,130) (1,130) - (1,130)
Shares issued 2 187 - - - 189 - 189
Share-based
payments - - - - 164 164 - 164
--------- --------- --------- ---------- ----------- -------------- ------------- -----------
Total
transactions
with owners 2 187 - - (966) (777) - (777)
--------- --------- --------- ---------- ----------- -------------- ------------- -----------
Profit for the
period ended
31 Dec 2017 - - - - 1,553 1,553 - 1,553
Other
comprehensive
income:-
Exchange
differences
on
translation
of foreign
operations - - - 6 - 6 - 6
--------- --------- --------- ---------- ----------- -------------- ------------- -----------
Total
comprehensive
income - - - 6 1,553 1,559 - 1,559
--------- --------- --------- ---------- ----------- -------------- ------------- -----------
31 Dec 2017 429 10,892 478 52 4,986 16,837 7 16,844
========= ========= ========= ========== =========== ============== ============= ===========
CONDENSED CONSOLIDATED BALANCE SHEET
AS AT 31 DECEMBER 2017
31-Dec-17 31-Dec-16 30-Jun-17
(unaudited) (unaudited) (audited)
GBP'000 GBP'000 GBP'000
Non-current assets
Investment 589 - 589
Goodwill & other Intangible assets 6,815 6,882 6,989
Property, plant and equipment 1,518 1,381 1,409
8,922 8,263 8,987
------------- ------------- -----------
Current assets
Inventories 2,226 1,753 2,292
Trade and other receivables 3,871 3,776 3,745
Cash and cash equivalents 4,945 3,854 5,088
11,042 9,383 11,125
Total assets 19,964 17,646 20,112
============= ============= ===========
Capital and reserves attributable to the
Company's equity holders
Called up share capital 429 424 427
Share premium account 10,892 10,443 10,705
Merger reserve 478 478 478
Foreign exchange reserves 52 80 46
Retained earnings 4,986 2,849 4,399
Equity attributable to equity
holders of parent 16,837 14,274 16,055
------------- ------------- -----------
Non-controlling interest 7 5 7
Total Equity 16,844 14,279 16,062
------------- ------------- -----------
Current liabilities
Trade and other payables 2,296 2,583 3,147
Current tax liabilities 639 649 728
Total current liabilities 2,935 3,232 3,875
------------- ------------- -----------
Non-current liabilities
Deferred tax 185 135 175
------------- ------------- -----------
Total liabilities 3,120 3,367 4,050
Total equity and liabilities 19,964 17,646 20,112
============= ============= ===========
CONDENSED CONSOLIDATED CASH FLOW STATEMENT
FOR THE SIX MONTHSED 31 DECEMBER 2017
6 months 6 months
ended ended Year ended
31-Dec-17 31-Dec-16 30-Jun-17
(unaudited) (unaudited) (audited)
GBP'000 GBP'000 GBP'000
Cash flows generated from
operating activities
Cash generated from operating Note
activities 6 1,814 1,701 4,806
Corporation tax (375) (94) (454)
1,439 1,607 4,352
------------- ------------- ------------
Cash flows used in investing
activities
Interest received 1 2 4
Purchase of intangible assets (263) (204) (419)
Consideration for acquisition - (959) (994)
Purchase of investments - - (589)
Purchase of property, plant
and equipment (402) (244) (585)
Proceeds on sale of property,
plant and equipment 17 14 45
(647) (1,391) (2,538)
------------- ------------- ------------
Cash flows used in financing
activities
Share issues 189 35 300
Equity dividends paid (1,130) (2,193) (2,787)
(941) (2,158) (2,487)
------------- ------------- ------------
(Decrease) in cash and cash
equivalents (149) (1,942) (673)
Cash and cash equivalents
at the beginning of the
period 5,088 5,715 5,715
Exchange difference on cash
and cash equivalents 6 81 46
Cash and cash equivalents
at the end of the period 4,945 3,854 5,088
============= ============= ============
NOTES TO THE ACCOUNTS
FOR THE SIX MONTHSED 31 DECEMBER 2017
1 PRINCIPal ACCOUNTING POLICIES
Basis of Preparation
For the year ended 30 June 2017, the Group prepared consolidated
financial statements under International Financial Reporting
Standards ('IFRS') as adopted by the European Commission. These
condensed consolidated interim financial statements (the interim
financial statements) have been prepared under the historical cost
convention. They are based on the recognition and measurement
principles of IFRS in issue as adopted by the European Union (EU)
which are effective from 1 July 2017.
Accounting Policies
The interim report is unaudited and has been prepared on the
basis of IFRS accounting policies.
The accounting policies adopted in the preparation of this
unaudited interim financial report are consistent with the most
recent annual financial statements being those for the year ended
30 June 2017.
2 Publication of non-statutory accounts
The financial information for the six months ended 31 December
2017 and 31 December 2016 have not been audited and does not
constitute full financial statements within the meaning of Section
434 of the Companies Act 2006.
The financial information relating to the year ended 30 June
2017 does not constitute full financial statements within the
meaning of Section 434 of the Companies Act 2006. This information
is based on the Group's statutory accounts for that period. The
statutory accounts were prepared in accordance with International
Financial Reporting Standards ("IFRS") and received an unqualified
audit report and did not contain statements under Section 498(2) or
(3) of the Companies Act 2006. These financial statements have been
filed with the Registrar of Companies.
3 SEGMENTAL ANALYSIS
The Board considers the Group's revenue lines to be split into
three operating segments, which span the different Group entities.
The operating segments consider the nature of the product sold, the
nature of production, the class of customer and the method of
distribution. The Group's operating segments are identified from
the information which is reported to the chief operating decision
maker.
The first segment concerns the manufacture, development and sale
of infection control and hygiene products which incorporate the
Company's chlorine dioxide chemistry, and are used primarily for
infection control in hospitals ("Human Health"). This segment
generates approximately 89% of Group revenues.
The second segment, which constitutes 5% of the business
activity, relates to manufacture and sale of disinfection and
cleaning products, principally into veterinary and animal welfare
sectors ("Animal Health").
The third segment addresses the pharmaceutical and personal care
manufacturing industries ("Contamination Control"). This activity
has generated 6% of the Group's revenue for the period.
The operation is monitored and measured on the basis of the key
performance indicators of each segment, these being revenue and
gross profit; strategic decisions are made on the basis of revenue
and gross profit generating from each segment.
The Group's centrally incurred administrative expenses and
operating income are not attributable to individual segments.
6 months ended 6 months ended Year ended
31 December 2017 31 December 2016 30 June 2017
(unaudited) (unaudited) (audited)
Human Animal Cont'n Total Human Animal Cont'n Total Human Animal Cont'n Total
Health Health Control Health Health Control Health Health Control
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Revenue 9,535 488 704 10,727 8,730 440 578 9,748 18,107 878 1,288 20,273
Cost
of
material (2,213) (179) (251) (2,643) (2,170) (106) (220) (2,496) (3,881) (223) (494) (4,598)
------------ ------------ --------- --------- ------------ ------------ ---------- --------- ------------ ------------ --------- ----------
Gross
profit 7,322 309 453 8,084 6,562 332 358 7,252 14,226 655 794 15,675
============ ============ ========= ============ ============ ========== ============ ============ =========
Centrally incurred income
and expenditure not attributable
to individual segments:
-
Dep'n & amort'n of
non- financial assets (713) (595) (1,310)
Other administrative
expenses (5,367) (4,959) (10,342)
Share based payments (164) (5) (121)
--------- --------- ----------
Segment operating profit 1,840 1,693 3,902
--------- --------- ----------
Segment operating profit
can be reconciled to Group
profit before tax as follows:
-
Segment operating profit 1,840 1,693 3,902
Results from equity
accounted associate 8 6 19
Finance income 1 2 4
Other income - - 41
Group profit 1,849 1,701 3,966
========= ========= ==========
The Group's revenues from external customers are divided into the following
geographical areas:
6 months ended 6 months ended Year ended
31 December 2017 31 December 2016 30 June 2017
(unaudited) (unaudited) (audited)
Human Animal Cont'n Total Human Animal Cont'n Total Human Animal Cont'n Total
healthcare healthcare control healthcare healthcare control healthcare healthcare Control
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
United
Kingdom 4,397 337 620 5,354 4,739 314 502 5,555 8,910 636 1,129 10,675
Germany 1,881 - 27 1,908 1,523 3 - 1,526 3,048 62 150 3,260
Rest
of the
World 3,257 151 57 3,465 2,468 123 76 2,667 6,149 180 9 6,338
------------ ------------ --------- --------- ------------ ------------ ---------- --------- ------------ ------------ --------- ----------
Group
Revenues 9,535 488 704 10,727 8,730 440 578 9,748 18,107 878 1,288 20,273
============ ============ ========= ========= ============ ============ ========== ========= ============ ============ ========= ==========
4 EARNINGS PER SHARE
The calculations of earnings per share are based on the
following profits and number of shares:
6 months ended 6 months Year ended
31 December ended 30 June 2017
2017 31 December
2016
(unaudited) (unaudited) (audited)
GBP'000 GBP'000 GBP'000
Retained profit for the
period attributable to equity
holders of the parent 1,553 1,389 3,417
================ ============== ===============
Retained profit for the
period attributable to equity
holders of the parent adjusted
for share based payments 1,717 1,394 3,538
================ ============== ===============
Shares '000 Shares '000 Shares '000
Number Number Number
Weighted average number
of ordinary shares for the
purpose of basic earnings
per share 42,884 42,056 42,418
Share options 1,942 2,198 1,399
Weighted average number
of ordinary shares for the
purpose of diluted earnings
per share 44,826 44,254 43,817
================ ============== ===============
Earnings per ordinary share
Basic (pence) 3.62 3.30 8.06
Diluted (pence) 3.46 3.14 7.80
Before share based payments
(pence) 4.00 3.30 8.34
================ ============== ===============
5 Dividends
6 months ended 6 months ended Year ended
31 December 31 December 30 June 2017
2017 2016
(unaudited) (unaudited) (audited)
Amounts recognised as distributions GBP'000 GBP'000 GBP'000
to equity holders in the
period:
Ordinary shares of 1p each
Special dividend for the
year ended 30 June 2016 of
3.00p per share (2015: 3.00p) - 1,265 1,265
Final dividend for the year
ended 30 June 2017 of 2.63p
(2016: 2.19p) per share 1,130 928 928
Interim dividend for the
year ended 30 June 2017 of
1.40p (2016: 1.14p) per share - - 594
1,130 2,193 2,787
================ ================ ===============
Proposed interim dividend
for the year ending 30 June
2018 of 1.60p (2017: 1.40p)
per share 688 594 -
================ ================ ===============
The proposed interim dividend has not been included as a
liability in the financial statements.
6 RECONCILIATION OF PROFIT BEFORE TAX to cash GENERATED from operations
6 months 6 months
ended ended Year ended
31-Dec-17 31-Dec-16 30-Jun-17
(unaudited) (unaudited) (audited)
GBP'000 GBP'000 GBP'000
Profit before taxation 1,849 1,701 3,966
Adjustments for:
Depreciation 276 270 564
Amortisation of intangibles 437 325 679
Impairment - - 67
Gain on settlement of pre-existing
agreement - - (41)
Share based payments expense
(IFRS2) 164 5 121
(Profit)/Loss on disposal
of property plant and equipment - (6) (16)
Loss on disposal of intangible
asset - - -
Finance costs - - -
Finance income (1) (2) (4)
Operating cash flows before
movement in working capital 2,725 2,293 5,336
Decrease/(increase) in inventories 66 122 (294)
Increase in trade and other
receivables (126) (41) (1)
(Decrease) in trade and
other payables (851) (673) (235)
Cash generated from operating
activities 1,814 1,701 4,806
============= ============= ============
This information is provided by RNS
The company news service from the London Stock Exchange
END
IR KMGMZVLKGRZM
(END) Dow Jones Newswires
February 20, 2018 02:00 ET (07:00 GMT)
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