TIDMCBOX

RNS Number : 2240G

Cake Box Holdings PLC

14 November 2022

Cake Box Holdings plc

("Cake Box", "the Company" or "the Group")

Unaudited Half Year Results for the six months ended 30 September 2022

Revenue growth against strong comparative period, continued investment in infrastructure whilst maintaining a

strong cash position

Cake Box Holdings plc, the specialist retailer of fresh cream cakes, today announces its half year results for the six months ended 30 September 2022.

Sukh Chamdal, Chief Executive Officer, commented

"Although revenue increased, trading in the first half of the period was against a very strong comparative period last year, and was impacted by exceptionally hot weather which went on for a far longer period than normal. In addition, higher levels of international travel in July and August, were coupled with the rising cost of living and inflation. Once the summer holiday period finished, we began to see a recovery in our sales, alongside the continued growth of our franchise store estate.

Encouragingly, the improvement in trading seen towards the end of the half year has continued into October. Whilst the Board remains cautious in light of the uncertain economic climate and the unpredictability in consumer spending, the Group's current trading is on track to achieve full year market expectations.

Longer term, the Board is confident in Cake Box's significant potential, underpinned by its attractive customer and franchisee proposition and bolstered by ongoing investment in the Group's functions and capabilities, and a strengthened leadership team."

Financial Highlights

 
                        Half year      Half year     Change(1) 
                          ended          ended 
                       30 September   30 September 
                           2022           2021 
                      -------------                 ---------- 
 Revenue                 GBP16.8m       GBP16.5m       2.1% 
                      -------------  -------------  ---------- 
 Gross profit            GBP8.0m        GBP7.6m        5.5% 
                      -------------  -------------  ---------- 
 EBITDA*                 GBP2.8m        GBP4.1m       (32.4%) 
                      -------------  -------------  ---------- 
 Pre-tax profit          GBP2.0m        GBP3.7m       (45.1%) 
                      -------------  -------------  ---------- 
 Net cash                GBP4.2m        GBP4.1m        1.2% 
                      -------------  -------------  ---------- 
 Cash at Bank            GBP5.5m        GBP5.6m       (2.0%) 
                      -------------  -------------  ---------- 
 Earnings per share       3.72p          7.46p        (50.0%) 
                      -------------  -------------  ---------- 
 Interim dividend         2.625p          2.5p         5.0% 
                      -------------  -------------  ---------- 
 

(1) Change % is calculated on the figures included in consolidated statement of comprehensive income and consolidated statement of financial position

* EBITDA is calculated as operating profit before depreciation and amortisation

   --    Group revenues up 2.1% to GBP16.8m (H1 FY22: GBP16.5m) 

o Sustained recovery in trading towards the end of the period against a very strong comparative, with like-for-like(1) sales growth of 3.6% in September

   --    Gross margins increased to 47.7% (H1 FY22: 46.2%) despite input cost increases 

-- Reduction in EBITDA and pre-tax profit, reflects the previously reported challenging trading environment in H1, cost pressures and increased investment in the business

   --    Continued balance sheet strength with net cash increasing to GBP4.2m (H1 FY22: GBP4.1m) 

-- Interim dividend up 5% at 2.625p reflecting the Group's progressive dividend policy and continued cash generation despite continued investment in infrastructure to underpin future growth

Operational highlights

   --    196 franchise stores in operation at 30 September 2022 (30 September 2021: 174) 
   --    11 new franchise stores added in the period (H1 FY22: 20 new franchise stores) 
   --    Significant investment in production and distribution assets to improve efficiency 
   --    Managing cost pressures, particularly though established supplier relationships 

Franchise store highlights

-- Like-for-like sales slight decline of 1.1% in the period against very strong comparative period

   --    Franchisee store sales in the period, up 7.9% to GBP31.8m (H1 FY22: GBP29.5m) 
   --    Franchisee total sales including kiosks in the period up 9.9% to GBP34.7m (H1 FY22 GBP31.6m) 

-- Despite the lifting of lockdown last year, Franchisee online sales have been maintained at GBP6.7m (H1 FY22: GBP6.7m)

-- Number of kiosks at 30 September 2022 is 33, with an increase in the number of supermarket kiosks to 20 (H1 FY22: 7 supermarket kiosks and 15 supermarket kiosks at 31 March 2022)

   --    Number of multi-site franchisees has increased to 43 (H1 FY22: 40) 

Current trading and outlook

-- Trading has improved post summer, with franchise sales up like-for-like 4.6% and online sales increasing 6.8% in October versus last year

-- Whilst macro-economic challenges continue and consumer spending is likely to remain unpredictable, the Group's current trading is on track to achieve full year market expectations

-- Three new stores have opened since the period end, with a strong pipeline for future openings (44 deposits held at period end)

   --    Further supermarket kiosk openings being negotiated 

(1) Like-for-like: Stores trading for at least one full financial year prior to 30 September 2022

There will be a virtual presentation for analysts and institutional investors this morning at 9.30am. For details, please contact cakebox@mhpc.com .

For further information, please contact:

 
 Cake Box Holdings plc                Enquiries via MHP Communications 
  Sukh Chamdal, CEO 
  Martin Blair, Acting CFO 
 Shore Capital (Broker and NOMAD) 
  Stephane Auton 
  Patrick Castle 
  Rachel Goldstein 
  Fiona Conroy - Corporate Broking    +44 (0) 20 7408 4090 
 Liberum (Joint Broker) 
  Clayton Bush 
  Edward Thomas                       +44 (0) 20 3100 2000 
 MHP Communications (Financial PR) 
  Simon Hockridge 
  Pete Lambie                         +44 (0) 20 3128 8570 
 

Operational Review

Results overview

Last financial year was an exceptionally strong year for Cake Box with many retailers shut because of the Covid-19 pandemic. However, we were permitted to open and as a result trading was strong, both in stores and online. Against this good performance, we started the year with challenging comparatives; during the first few months we were trading at or slightly below last year on a like-for-like basis. We continued to open new stores and trading was starting to improve in June. However, July and August were exceptionally hot and sunny and, as we have found in the past, this is not particularly conducive to cake sales. Sentiment around the cost of living, inflation and utilities price rises also weighed on the consumer. In addition, many customers took advantage of the relaxation in travel restrictions to take holidays they had been planning for the last two years, which also contributed to lower sales. We were, however, encouraged to see our customers returning in September with like-for-like franchisee sales up 3.6%.

Reflecting the wider inflationary environment, we have inevitably seen significant increases in our raw material costs, namely cake mix and fresh cream. We have absorbed some of these costs, however, we have had to pass some of these onto our franchisees and have made considered increases to our retail prices, whilst ensuring the value proposition that Cake Box is known for, remains. Customers have been accepting of these increases, in line with the wider sector, and are still returning to enjoy our cakes, albeit we keep our pricing strategy continually under review.

Under the tough consumer-spending conditions it is encouraging to see an increase in overall revenues to GBP16.8m from GBP16.5m for the equivalent period last year and that we have achieved a small increase in gross margin.

Continued investment for growth

We have continued investing for future growth in the business. We had already enhanced our management team, bringing in a new Chief Operating Officer and a Marketing Director, as well as bolstering the production and food hygiene teams. In the last six months, we have made a significant investment in our Enfield bakery by bringing in new state-of-the-art production facilities for cheesecakes, whilst also making other improvements to provide a better environment for our baking and production staff . This investment is reflected in the significantly higher admin costs in the period of GBP5.9m compared to GBP3.9m last year.

We are also continuing to look at ways to improve our baking process to reduce waste and the cost of ingredients. We have invested in our delivery van fleet, replacing older vans, and adding more refrigerated vehicles to reflect increased demand. Planned van replacement last year was delayed into this year due to unavailability of new vehicles in the market.

Online Sales and new website

Online sales were flat compared to H1 FY22 due to much stronger trading conditions in the same period last year in the aftermath of Covid. During H2, we are investing in digital advertising, and this is now increasing online sales month by month. We expect this to accelerate with a new website which is planned to launch next month. The new site will give the customer a better user experience and in doing so, increase conversion rate and customer loyalty. The site will be data driven and automated to deliver bespoke marketing campaigns to increase customer lifetime value.

Franchisees and new stores

We now have 96 franchisees with 43 of them owning more than one store and between them managing 147 sites (out of the total 196 stores). Where we know franchisees are performing well, we are actively encouraging them to take on additional sites so as to harness their entrepreneurial skills.

The Group opened 11 new franchise stores in the period (excluding kiosk openings), with the total number of stores at 30 September 2022 being 196 (H1 FY22: 174). New locations added in the period include St. Neots, Gateshead, Nottingham, and Norwood (London).

The appeal of the Group's franchise proposition is reflected in the continuing strength of our pipeline of new potential franchisees, with 44 deposits held at period end. Of these 44 deposits, 20 are from existing franchisees.

Balance Sheet and cashflow

The Group's balance sheet remains strong, underpinned by the highly cash generative nature of our business model. Cash at period end was GBP5.5m, down only 2% from the same point last year, despite making significant investments in production and distribution facilities and paying a higher dividend. The Group's net cash position increased, by 1.2% to GBP4.2m (H1 FY22: GBP4.1m).

Dividends

In line with our progressive dividend policy to reflect the cash generation and earnings of the Group, today we are declaring an interim dividend of 2.625 pence per share representing an increase of 5.0% from last year.

The interim dividend will be paid on 9th December 2022 to those shareholders on the register at the close of business on 18th November 2022. The ex-dividend date is therefore 17th November 2022.

Outlook

The improvement in trading towards the end of H1 has continued into H2 with October like-for-like franchisee sales up 4.6%.and total franchisee sales in the six weeks to 6 November 2022 up 12.9%.

The Group's franchise store estate has continued to grow, with three new stores opened since the period end and a further 11 expected to open in the second half.

While the Board remains cognisant of the current economic climate and the unpredictability in consumer spending, the Group's current trading is on track to achieve full year market expectations .

Longer term, the Board is confident in Cake Box's significant potential, underpinned by its attractive customer and franchisee proposition and bolstered by ongoing investment in the Group's functions and capabilities, and a stronger leadership team.

CAKE BOX HOLDINGS PLC

UNAUDITED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

FOR THE SIX MONTHSED 30 SEPTEMBER 2022

 
                                                   6 months           6 months        12 months 
                                                to 30 September    to 30 September    to 31 March 
                                                     2022               2021             2022 
                                                 (unaudited)        (unaudited)       (audited) 
                                        Note         GBP                GBP              GBP 
 Revenue                                 2           16,822,209         16,471,577     32,964,846 
 Cost of sales                                      (8,791,924)        (8,863,477)   (17,133,685) 
                                              -----------------  -----------------  ------------- 
 Gross profit                                         8,030,285          7,608,100     15,831,161 
 Administrative expenses                            (5,933,111)        (3,889,519)    (8,012,448) 
 Operating profit                                     2,097,174          3,718,581      7,818,713 
 Net finance costs                                     (67,128)           (19,202)       (81,388) 
                                              -----------------  -----------------  ------------- 
 Profit before income tax                             2,030,046          3,699,379      7,737,325 
 Income tax expense                                   (541,563)          (717,333)    (1,425,709) 
                                              -----------------  -----------------  ------------- 
 PROFIT AFTER INCOME TAX                              1,488,483          2,982,046      6,311,616 
 
 OTHER COMPREHENSIVE INCOME 
  FOR THE PERIOD 
 Items that will not be reclassified 
  to profit and loss, net of 
  tax 
 Revaluation of freehold property                             -                  -      1,250,175 
 Deferred tax on revaluation 
  of freehold property                                        -                  -      (237,533) 
                                              -----------------  -----------------  ------------- 
 
 TOTAL COMPREHENSIVE INCOME 
  FOR THE PERIOD                                      1,488,483          2,982,046      7,324,258 
                                              =================  =================  ============= 
 
 
 EARNINGS PER SHARE 
 Basic                                   4                3.72p              7.46p         15.78p 
 Diluted                                 4                3.72p              7.46p         15.78p 
 

CAKE BOX HOLDINGS PLC

UNAUDITED CONSOLIDATED STATEMENT OF FINANCIAL POSITION

AS AT 30 SEPTEMBER 2022

 
                                                30 September   30 September    31 March 
                                                                   2021 
                                                    2022        (unaudited)      2022 
                                                 (unaudited)                   (audited) 
                                        Note        GBP            GBP           GBP 
       ASSETS 
       Non-current assets 
       Property, plant and equipment              10,750,275      8.707,374   10,029,209 
       Right-of-use assets                         2,724,460              -    2,874,430 
       Other financial assets                        595,314        564,194      710,059 
       Deferred tax asset                                  -         95,447            - 
                                              --------------  -------------  ----------- 
                                                  14,070,049      9,367,015   13,613,698 
                                              --------------  -------------  ----------- 
       Current assets 
       Inventories                                 2,577,643      2,111,194    2,468,921 
       Trade and other receivables                 2,962,332      2,861,845    2,553,209 
       Other financial assets                        252,488        237,994      357,548 
       Cash and cash equivalents                   5,464,364      5,565,501    6,571,558 
                                                  11,256,827     10,776,534   11,951,236 
                                              --------------  -------------  ----------- 
 
       TOTAL ASSETS                               25,326,876     20,143,549   25,564,934 
                                              ==============  =============  =========== 
 
       EQUITY AND LIABILITIES 
       Share capital and reserves 
       Issued share capital              4           400,000        400,000      400,000 
       Capital redemption reserve                         40             40           40 
       Revaluation reserve                         3,616,383      2,622,092    3,634,734 
       Share option reserve                                -        488,596            - 
       Retained earnings                          11,941,865     10,145,461   12,475,031 
                                              --------------  -------------  ----------- 
       TOTAL EQUITY                               15,958,288     13,656,189   16,509,805 
                                              --------------  -------------  ----------- 
 
       Current liabilities 
       Trade and other payables                    2,996,742      3,313,081    2,661,372 
       Lease liabilities                             213,963              -      260,191 
       Short-term borrowings                         167,754        167,754      167,754 
       Current tax payable                           749,834        740,415      837,946 
       Provisions                                    243,100        243,100      243,100 
                                              --------------  -------------  ----------- 
                                                   4,371,393      4,464,350    4,170,363 
       Non-current liabilities 
       Lease liabilities                           2,617,568              -    2,699,958 
       Borrowings                                  1,101,223      1,252,336    1,185,978 
       Deferred tax liabilities                    1,278,404        770,674      998,830 
                                              --------------  -------------  ----------- 
                                                   4,997,195      2,023,010    4,884,766 
 
       TOTAL LIABILITES                            9,368,588      6,487,360    9,055,129 
                                              --------------  -------------  ----------- 
 
       TOTAL EQUITY & LIABILITIES                 25,326,876     20,143,549   25,564,934 
                                              ==============  =============  =========== 
 
 

.

CAKE BOX HOLDINGS PLC

UNAUDITED CO NS OLIDATED S TAT E M ENT OF CHANGES IN EQUITY

FO R THE SIX M ONTHSED 30 SEPTEMBER 2022

 
                                     Share      Capital      Share    Revaluation   Retained       Total 
                                     capital   redemption    option     reserve      earnings 
                                                reserve     reserve 
                                      GBP         GBP         GBP         GBP          GBP          GBP 
  B a la n c e at 1 April 
   2 0 21                            400,000           40    488,596    1,609,592    8,643,415   11,141,643 
  T o ta l c omp r e h 
   e nsi ve income                         -            -          -            -    2,982,046    2,982,046 
  Dividends paid                           -            -          -            -  (1,480,000)  (1,480,000) 
  B a la n c e at 30 September 
   2 021 (as previously 
   stated)                           400,000           40    488,596    1,609,592   10,145,461   12,643,689 
                                    --------  -----------  ---------  -----------  -----------  ----------- 
  Revaluation of freehold 
   property (1)                                                         1,250,000                 1,250,000 
  Deferred tax on revaluation 
   of freehold properties 
   (1)                                                                  (237,500)                 (237,500) 
                                    --------  -----------  ---------  -----------  -----------  ----------- 
  Restated b a la n c 
   e at 30 September 2 021 
   (as restated)                     400,000           40    488,596    2,622,092   10,145,461   13,656,189 
                                    --------  -----------  ---------  -----------  -----------  ----------- 
  T o ta l c omp r e h 
   e nsi ve income                         -            -          -            -    3,329,570    3,329,570 
  Share based payments                     -            -  (486,368)            -            -    (486,368) 
  Deferred tax on share 
   based payments                          -            -    (2,228)            -            -      (2,228) 
  Revaluation of freehold 
   property                                -            -          -    1,250,175            -    1,250,175 
  Deferred tax on revaluation 
   of freehold properties                  -            -          -    (237,533)            -    (237,533) 
  Dividends paid                           -            -          -            -  (1,000,000)  (1,000,000) 
                                    --------  -----------  ---------  -----------  -----------  ----------- 
  B a la n c e at 31 March 
   2 0 22                            400,000           40          -    3,634,734   12,475,031   16,509,805 
                                    --------  -----------  ---------  -----------  -----------  ----------- 
  T o ta l c omp r e h 
   e nsi ve income                         -            -          -            -    1,488,483    1,488,483 
  Dividends paid                           -            -          -            -  (2,040,000)  (2,040,000) 
  Transfer of excess depreciation 
   on revalued assets                      -            -          -     (18,351)       18,351            - 
  B a la n c e at 30 September 
   2 022                             400,000           40          -    3,616,383   11,941,865   15,958,288 
                                    ========  ===========  =========  ===========  ===========  =========== 
 

(1) During the year to 31 March 2022 it was discovered that an uplift to value of freehold properties was not properly reflected in the financial statements in the prior year. This was reflected in the financial statements to 31 March 2022

CAKE BOX HOLDINGS PLC

UNAUDITED CONSOLIDATED CASH FLOW STATEMENT

FOR THE SIX MONTHSED 30 SEPTEMBER 2022

 
                                                                                                               6 months to     6 months to      12 months 
                                                                                                                                                    to 
                                                                                                               30 September    30 September      31 March 
                                                                                                                   2022            2021            2022 
                                                                                                               (unaudited)     (unaudited)      (audited) 
                                                                                                                  GBP              GBP             GBP 
 Cash from operating activities: 
 Profit before income tax                                                                                         2,030,046       3,699,379       7,737,325 
 Adjusted for: 
 Depreciation                                                                                                       546,344         425,833         853,633 
 Amortisation of right-of-use 
  assets                                                                                                            149,970               -         124,975 
 Profit on disposal of tangible 
  fixed assets                                                                                                     (34,204)        (13,515)        (13,154) 
 (Increase) in inventories                                                                                        (108,722)       (209,023)       (566,749) 
 (Increase) in trade and other 
  receivables                                                                                                     (409,123)       (371,630)        (82,993) 
 (Increase) in other financial 
  assets                                                                                                            219,804         236,626        (28,794) 
 Increase / (decrease) in trade 
  and other payables                                                                                                335,371       (283,886)       (915,596) 
 Share based payment provision                                                                                            -               -       (486,368) 
 Finance income                                                                                                     (6,711)         (1,021)         (1,802) 
 Finance costs                                                                                                       73,839          20,223          83,190 
                                                                                                            ---------------  --------------  -------------- 
 Cash generated by operations                                                                                     2,796,614       3,502,986       6,703,667 
 
 Taxation paid                                                                                                    (350,100)       (880,387)     (1,407,391) 
                                                                                          Net cash inflow 
                                                                                           from operating 
                                                                                           activities             2,446,514       2,622,599       5,296,276 
                                                                                                            ---------------  --------------  -------------- 
 
 Cash flows from investing activities 
 Proceeds from sale of property, 
  plant and equipment                                                                                                34,204          16,375          16,014 
 Purchase of property, plant 
  and equipment                                                                                                 (1,267,412)       (634,466)     (1,133,926) 
 Interest received                                                                                                    6,711           1,021           1,802 
                                                                                          Net cash flows 
                                                                                           used in 
                                                                                           investing 
                                                                                           activities           (1,226,497)       (617,070)     (1,116,110) 
                                                                                                            ---------------  --------------  -------------- 
 
 Cash flows from financing activities: 
 
 Repayment of finance leases                                                                                      (128,618)               -        (39,255) 
 Repayment of borrowings                                                                                           (84,754)        (65,669)       (132,027) 
 Dividends paid                                                                                                 (2,040,000)     (1,480,000)     (2,480,000) 
 Interest paid                                                                                                     (73,839)        (20,223)        (83,190) 
                                                                                                            ---------------  --------------  -------------- 
 
   Net cash flows used in financing 
   activities                                                                                                   (2,327,211)     (1,565,892)     (2,734,472) 
 
   Net increase in cash and cash 
   equivalents                                                                                                  (1,107,194)         439,637       1,445,694 
 
 Cash and cash equivalents brought 
  forward                                                                                                         6,571,558       5,125,864       5,125,864 
                                                                                                            ---------------  --------------  -------------- 
 
   Cash and cash equivalents carried 
   forward                                                                                                        5,464,364       5,565,501       6,571,558 
                                                                                                            ===============  ==============  ============== 
 

For the purposes of the cash flow statement, cash and cash equivalents comprise the following:

 
 Cash at bank and in hand    5,464,364   5,565,501   6,571,558 
                            ==========  ==========  ========== 
 
 

CAKE BOX HOLDINGS PLC

NOTES TO THE INTERIM ACCOUNTS

FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2022

   1.     Notes to the Interim Report 

B a s is of preparation

T h e co ns olidated half-yearly fin a ncial state men t s do n ot con stit ute s tatuto ry accou n ts wit h in t he meaning of Section 434 of t he C o m p a nies Act 2006. T he statuto ry accou nts f or t he year en ded 31 March 2022 have been filed with t he Regis t rar of Co m panies at C o m panies Hou se. T he au ditor's report on t he statuto ry accou n ts f or the year en ded 31 March 2022 was u n q ualified, did not include any matters to which the auditor drew attention by way of emphasis and did n ot co ntain a ny state men ts un der Section 498 (2) or ( 3) of the C o m panies Act 2006.

The published financial statements for the year ended 31 March 2022 were prepared in accordance with the recognition and measurement principles of UK adopted International Financial Reporting Standards ("UK adopted IFRS") that are expected to be applied in the preparation of the next annual report.

T h e co ns olidated annual fin a ncial state men t s of Cake Box Holdings Plc f or the year en ded 31 March 2023 w ill be prepar ed in accordance w ith I F RS. Accordin g l y, these inter im f i nan cial state ments h a ve been prepared us i ng accou nti ng policies con siste nt with t h o se w hich will be adopted by t he Gro up in t he f i nancial statements for the year ended 31 March 2023, but do not contain all the information necessary for full compliance with IFRS.

The co ns olidated half-yearly fin a ncial state men t s for the six months to 30 September 2022 have not been audited or reviewed by auditors, pursuant to the Auditing Practices Board guidance on Review of Interim Financial Information.

The consolidated half-yearly financial statements have been prepared under the going concern assumption and historical cost convention as modified by fair value for property, plant and equipment.

B a s is of cons olidation

The Group consolidated half-yearly financial statements consolidates the company and its subsidiaries. All intra-group transactions, balances, income and expenses are eliminated on consolidation.

   2.     Segment reporting 
 
Components reported to the chief operating decision maker, the 
 board of directors, are not separately identifiable. The Group 
 makes varied sales to its customers, but none are a separately 
 identifiable component. The following information is disclosed: 
 
                               6 months      6 months to   12 months to 
                                  to 
                             30 September    30 September    31 March 
                                 2022 
                             (unaudited)         2021          2022 
                                             (unaudited)     (audited) 
                                 GBP             GBP           GBP 
Sales of sponge                  6,170,612      5,991,526    12,301,051 
Sales of food                    2,930,966      2,717,955     5,479,076 
Sales of fresh cream             1,761,069      1,707,951     3,442,619 
Sales of other goods             3,686,104      3,309,034     7,023,665 
Online sales commission            487,168        453,379       937,640 
Franchise packages               1,786,290      2,291,732     3,780,795 
                                16,822,209     16,471,577    32,964,846 
                           ---------------  -------------  ------------ 
 
 

CAKE BOX HOLDINGS PLC

NOTES TO THE INTERIM ACCOUNTS (cont'd)

FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2022

   3.     Dividends 
 
                       6 months           6 months           12 months 
                    to 30 September    to 30 September       to 31 March 
                         2022               2021                2022 
                     (unaudited)        (unaudited)               (audited) 
                         GBP                GBP                 GBP 
 Dividends paid           2,040,000          1,480,000            2,480,000 
                  =================  =================  =================== 
 
 
 
   4.     Share Capital 
 
                                   6 months           6 months           12 months 
                                to 30 September    to 30 September       to 31 March 
                                     2022               2021                2022 
                                 (unaudited)        (unaudited)               (audited) 
                                     GBP                GBP                 GBP 
 40,000,000 Ordinary Shares 
  of GBP0.01 each                       400,000            400,000              400,000 
                              =================  =================  =================== 
 
 
 

Earnings per share

The basic earnings per share is calculated by dividing the earnings attributable to equity shareholders by the weighted average number of shares in issue. In calculating the diluted earnings per share, share options outstanding have been taken into account where the impact of these is dilutive.

 
                                   6 months           6 months           12 months 
                                to 30 September    to 30 September           to 
                                     2022               2021              31 March 
                                                                            2022 
                                 (unaudited)        (unaudited)               (audited) 
                                     GBP                GBP                 GBP 
 Basic earnings per share                 3.72p              7.46p               15.78p 
 Diluted earnings per share               3.72p              7.46p               15.78p 
                              =================  =================  =================== 
 
 
 

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