TIDMTET
RNS Number : 5184E
Treatt PLC
09 May 2017
TREATT PLC
HALF YEAR RESULTS
SIX MONTHSED 31 MARCH 2017
A strong set of half year results - revenue growth of 27% and
adjusted EPS growth of 63%
Treatt Plc (the 'Group'), the manufacturer and supplier of
innovative ingredient solutions for the flavour, fragrance,
beverage and consumer products industries, announces its half year
results for the six months ended 31 March 2017.
HIGHLIGHTS of our half year:
-- Revenues for the six months increased by 27% to GBP51.8 million (H1 2016: GBP40.9 million)
-- Operating profit increased by 59% to GBP5.9m (H1 2016: GBP3.7m)
-- Adjusted* profit before tax rose by 63% to GBP5.5m (H1 2016: GBP3.4m)
-- Adjusted* basic earnings per share increased by 63% to 7.69p (H1 2016: 4.72p)
-- Interim dividend per share raised by 7% to 1.45p (2016 interim dividend: 1.35p)
-- All key product categories performing well
-- Group's strategic focus on innovative citrus, tea and sugar
reduction categories proving to be key growth drivers
Commenting on the results, Group CEO, Daemmon Reeve, said:
"These are a great set of half year numbers for which our staff
deserve huge credit. The quality and frequency of new business wins
is gaining good momentum, and through the dedication and skill of
our colleagues we are on course to meet our 2020 targets some three
years ahead of schedule. With the investments planned in the UK and
the US we will be able to build on these successes as we look
towards the next exciting steps of our journey."
Notes:
* All adjusted measures exclude exceptional items in the prior
year - see note 7 to the financial statements.
Enquiries:
Treatt plc +44 (0)1284 702500
Daemmon Reeve Chief Executive Officer
Richard Hope Finance Director
Brokers
Investec Investment Banking
Patrick Robb +44 (0)20 7597 5970
David Anderson
Alex Wright
Public relations
Davidson Ryan Dore
Lawrence Dore +44 (0)20 3865 5971
HALF YEAR RESULTS STATEMENT
Introduction
I am very pleased to report another strong set of half year
results with the Group's adjusted* profit before tax of GBP5.5m for
the half year ended 31 March 2017 being 63% higher than the GBP3.4m
reported for the comparable period last year. To put this into
perspective, the Group's adjusted* profit before tax for the full
12-month period ended 30 September 2012 was GBP5.1m.
During these first six months of the financial year all key
product categories performed well, with the Group's strategic focus
on innovative citrus, tea and sugar reduction categories proving to
be the principal drivers of our growth. Other areas, such as aroma
and high impact chemical flavour solutions, have also performed
well. We are further pleased to report that our approach to
building our market in China is showing early signs of success with
revenue there growing by 43% compared with the first six months of
our last financial year. Earthoil, the Group's personal care
ingredients business, also performed strongly, with revenue growth
of 21%.
Financial review
The Group's increase in adjusted* profit before tax has been
driven by strong revenue growth of 27% to GBP51.8m (2016 H1:
GBP40.9m) as a result of new business wins and growth with existing
customers. Margins have also risen as we continue to move up the
value chain with gross profit increasing by 29% to GBP12.4m (2016
H1: GBP9.6m). The increases in revenue and gross profit are the
result of strategic focus on our core product categories together
with the impact of foreign exchange movements. Adjusted* operating
profit has similarly increased by 59% to GBP5.9m (2016 H1: GBP3.7m)
and adjusted* basic earnings per share of 7.69p are up by 63% (2016
H1: 4.72p).
The effect of foreign exchange has been materially positive
during this first half. The Group has a hedging strategy in place
which aims to ensure that the impact of significant exchange rate
movements on the income statement over the course of a full
financial year is mitigated as far as possible. However, the US
Dollar's relative strength against Sterling over a prolonged period
has positively affected Group revenue by GBP3.0m (6% of Group
revenue) and profit before tax by GBP0.8m (15% of Group profit
before tax).
With certain key raw material prices remaining at historically
high levels, combined with the strength of the order book,
inventories increased by GBP10.4m to GBP40.4m over the period.
Consequently, net debt increased from GBP1.7m to GBP8.0m, a figure
slightly lower than the GBP8.4m reported for the comparable period
last year and somewhat lower than anticipated due to the timing of
payments. As mentioned in previous announcements, the Group
historically reports a net trading cash outflow in the first six
months of our financial year and a net trading cash inflow in the
second half; the Board continues to expect a similar pattern in the
current financial year. Our absolute level of debt remains low and
we continue to operate comfortably within our borrowing facilities
with unutilised headroom in existing borrowing facilities of
GBP16.4m as at 31 March 2017.
Investing for the future
The Suffolk Business Park in Bury St Edmunds has now received
outline planning consent and, having exchanged contracts on our new
ten acre site at the Park last December, we remain on course to
transition the UK business to the Park in late 2019.
Meanwhile, our US business has continued to grow significantly
during the period. Treatt USA moved to its existing 15-acre site,
which we own outright, in 2002, and as notified previously, its
capacity now needs to expand not only to meet greater client demand
for our products but also to enhance our technical capabilities and
office facilities. This work will commence within the current
financial year and is estimated to cost approximately $11m -
$14m.
Dividend
The Board has declared an increase to the interim dividend of 7%
to 1.45 pence per share (2016 interim dividend: 1.35 pence per
share) which represents approximately one-third of the previous
year's total dividend in line with our current policy. As
previously announced, the timing of the interim dividend payment
has been permanently brought forward and will now be payable on 17
August 2017 to all shareholders on the register at close of
business on 14 July 2017.
Prospects
The strong performance for the Group in the first half of the
year has continued into the third quarter with Group order books
remaining materially higher than this time last year as the benefit
of some significant new business wins continues to show
through.
Whilst there is still much to do to complete the year, and
unexpected exchange rate movements can impact results, the Board is
currently confident that the Group will meet its revised
expectations for the financial year ending 30 September 2017.
TIM JONES
Chairman
8 May 2017
Notes:
* All adjusted measures exclude exceptional items in prior
years.
CONDENSED GROUP INCOME STATEMENT
for the six months ended 31 March 2017
Six months Six months
to to Year to
31 March 31 March 30 September
2017 2016 2016
(unaudited) (unaudited) (audited)
Notes GBP'000 GBP'000 GBP'000
Revenue 6 51,788 40,893 88,040
Cost of sales (39,404) (31,271) (67,639)
------------------------------ ------ ------------ ------------ -------------
Gross profit 12,384 9,622 20,401
Administrative expenses (6,471) (5,905) (10,852)
Operating profit 5,913 3,717 9,549
Net finance costs (420) (338) (703)
Profit before taxation and
exceptional items 5,493 3,379 8,846
Exceptional items 7 - (218) (553)
Profit before taxation 5,493 3,161 8,293
Taxation 8 (1,483) (932) (2,144)
Profit for the period attributable
to owners of the Parent Company 4,010 2,229 6,149
Earnings per share
Basic 9 7.69p 4.31p 11.85p
Diluted 9 7.50p 4.26p 11.68p
Adjusted basic 9 7.69p 4.72p 12.84p
Adjusted diluted 9 7.50p 4.67p 12.65p
------------------------------ ------ ------------ ------------ -------------
All amounts relate to continuing operations
CONDENSED GROUP STATEMENT OF COMPREHENSIVE INCOME
for the six months ended 31 March 2017
Six months Six months
to to Year to
31 March 31 March 30 September
2017 2016 2016
(unaudited) (unaudited) (audited)
GBP'000 GBP'000 GBP'000
------------
Profit for the period attributable
to owners of the Parent Company 4,010 2,229 6,149
Other comprehensive income/(expense):
Items that may be reclassified
subsequently to profit or loss:
Currency translation differences
on foreign currency net investments 688 780 2,576
Current tax on foreign currency
translation differences - 4 -
Fair value movement on cash flow
hedges 277 54 120
Deferred tax on fair value movement (47) (27) (47)
--------------------------------------- ------------ ------------ -------------
918 811 2,649
--------------------------------------- ------------ ------------ -------------
Items that will not be reclassified
subsequently to profit or loss:
Actuarial gain/(loss) on defined
benefit pension scheme 1,011 (400) (4,297)
Deferred tax on actuarial loss (172) 13 643
--------------------------------------- ------------ ------------ -------------
839 (387) (3,654)
--------------------------------------- ------------ ------------ -------------
Other comprehensive income/(expense)
for the period 1,757 424 (1,005)
--------------------------------------- ------------ ------------ -------------
Total comprehensive income for
the period attributable
to owners of the Parent Company 5,767 2,653 5,144
--------------------------------------- ------------ ------------ -------------
CONDENSED GROUP STATEMENT OF CHANGES IN EQUITY
for the six months ended 31 March 2017
Own
shares Foreign
Share Share in share Hedging exchange Retained Total
capital premium trusts reserve reserve earnings equity
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
------------------------- --------- --------- ---------- --------- ---------- ---------- --------
1 October 2015 1,050 2,757 (423) (700) 1,119 29,382 33,185
------------------------- --------- --------- ---------- --------- ---------- ---------- --------
Net profit for the
period - - - - - 2,229 2,229
Exchange differences - - - - 780 - 780
Fair value movement
on cash flow hedges - - - 54 - - 54
Actuarial loss on
defined benefit
pension scheme - - - - - (400) (400)
Taxation relating
to items above - - - (27) 4 13 (10)
------------------------- --------- --------- ---------- --------- ---------- ---------- --------
Total comprehensive
income - - - 27 784 1,842 2,653
------------------------- --------- --------- ---------- --------- ---------- ---------- --------
Transactions with
owners:
Dividends - - - - - (2,115) (2,115)
Share-based payments - - - - - 232 232
Movement in own shares
in share trusts - - 10 - - - 10
Gain on release of
shares in share trusts - - - - - 87 87
Issue of share capital 3 - (3) - - - -
Taxation relating
to items recognised
directly in equity - - - - - 8 8
------------------------- --------- --------- ---------- --------- ---------- ---------- --------
1 April 2016 1,053 2,757 (416) (673) 1,903 29,436 34,060
------------------------- --------- --------- ---------- --------- ---------- ---------- --------
Net profit for the
period - - - - - 3,920 3,920
Exchange differences - - - - 1,796 - 1,796
Fair value movement
on cash flow hedges - - - 66 - - 66
Actuarial loss on
defined benefit
pension scheme - - - - - (3,897) (3,897)
Transfer between
reserves - - - - (20) 20 -
Taxation relating
to items above - - - (20) (4) 630 606
------------------------- --------- --------- ---------- --------- ---------- ---------- --------
Total comprehensive
income - - - 46 1,772 673 2,491
------------------------- --------- --------- ---------- --------- ---------- ---------- --------
Transactions with
owners:
Dividends - - - - - 20 20
Share-based payments - - - - - 365 365
Movement in own shares
in share trust - - 84 - - - 84
Gain on release of
shares in share trust - - - - - 84 84
Taxation relating
to items recognised
directly in equity - - - - - 83 83
------------------------- --------- --------- ---------- --------- ---------- ---------- --------
1 October 2016 1,053 2,757 (332) (627) 3,675 30,661 37,187
------------------------- --------- --------- ---------- --------- ---------- ---------- --------
Net profit for the
period - - - - - 4,010 4,010
Exchange differences - - - - 688 - 688
Fair value movement
on cash flow hedges - - - 277 - - 277
Actuarial gain on
defined benefit
pension scheme - - - - - 1,011 1,011
Taxation relating
to items above - - - (47) - (172) (219)
------------------------- --------- --------- ---------- --------- ---------- ---------- --------
Total comprehensive
income - - - 230 688 4,849 5,767
------------------------- --------- --------- ---------- --------- ---------- ---------- --------
Transactions with
owners:
Dividends - - - - - (2,267) (2,267)
Share-based payments - - - - - 477 477
Movement in own shares
in share trusts - - 6 - - - 6
Gain on release of
shares in share trusts - - - - - 94 94
Issue of share capital 5 - (5) - - - -
Taxation relating
to items recognised
directly in equity - - - - - 1 1
------------------------- --------- --------- ---------- --------- ---------- ---------- --------
31 March 2017 1,058 2,757 (331) (397) 4,363 33,815 41,265
------------------------- --------- --------- ---------- --------- ---------- ---------- --------
CONDENSED GROUP BALANCE SHEET
as at 31 March 2017
As at As at As at
31 March 31 March 30 September
2017 2016 2016
(unaudited) (unaudited) (audited)
GBP'000 GBP'000 GBP'000
------------
ASSETS
Non-current assets
Goodwill 2,727 1,075 2,727
Other intangible assets 604 616 637
Property, plant and equipment 11,475 11,004 11,361
Deferred tax assets 1,210 705 1,436
16,016 13,400 16,161
Current assets
Inventories 40,435 30,239 29,990
Trade and other receivables 21,024 19,019 17,853
Current tax assets 4 4 4
Derivative financial instruments 14 - -
Cash and bank balances 3,703 2,317 6,588
65,180 51,579 54,435
Total assets 81,196 64,979 70,596
LIABILITIES
Current liabilities
Borrowings (3,663) (2,365) (487)
Provisions (451) (52) (67)
Trade and other payables (18,850) (12,925) (14,151)
Current tax liabilities (966) (1,108) (999)
Derivative financial instruments - (140) (9)
Redeemable loan notes payable - (675) (675)
(23,930) (17,265) (16,388)
Net current assets 41,250 34,314 38,047
Non-current liabilities
Borrowings (8,033) (8,380) (7,755)
Post-employment benefits (6,335) (3,440) (7,401)
Deferred tax liabilities (1,155) (1,092) (1,111)
Derivative financial instruments (478) (742) (754)
(16,001) (13,654) (17,021)
Total liabilities (39,931) (30,919) (33,409)
Net assets 41,265 34,060 37,187
---------------------------------- ------------ ------------ -------------
CONDENSED GROUP BALANCE SHEET (continued)
as at 31 March 2017
As at As at As at
31 March 31 March 30 September
2017 2016 2016
(unaudited) (unaudited) (audited)
GBP'000 GBP'000 GBP'000
------------
EQUITY
Share capital 1,058 1,053 1,053
Share premium account 2,757 2,757 2,757
Own shares in share trusts (331) (416) (332)
Hedging reserve (397) (673) (627)
Foreign exchange reserve 4,363 1,903 3,675
Retained earnings 33,815 29,436 30,661
------------------------------- ------------ ------------ -------------
Total equity attributable to
owners of the Parent Company 41,265 34,060 37,187
------------------------------- ------------ ------------ -------------
CONDENSED GROUP STATEMENT OF CASH FLOWS
for the six months ended 31 March 2017
Six months Six months
to to Year to
31 March 31 March 30 September
2017 2016 2016
(unaudited) (unaudited) (audited)
GBP'000 GBP'000 GBP'000
------------
Cash flow from operating activities
Profit before taxation 5,493 3,161 8,293
Adjusted for:
Depreciation of property, plant
and equipment 709 662 1,347
Amortisation of intangible assets 71 74 142
Loss on disposal of property,
plant and equipment 13 2 2
Net finance costs 420 337 703
Share-based payments 467 225 566
Increase in fair value of derivatives (22) (68) (122)
(Decrease )/increase in post-employment
benefit obligations (55) 81 145
----------------------------------------- ------------ ------------ -------------
Operating cash flow before movements
in working capital 7,096 4,474 11,076
----------------------------------------- ------------ ------------ -------------
Movements in working capital:
(Increase)/decrease in inventories (10,061) (3,826) (2,501)
(Increase)/decrease in trade
and other receivables (2,908) (1,091) 688
Increase in trade and other payables,
and provisions 5,811 179 1,541
Cash generated from operations (62) (264) 10,804
Taxation paid (1,512) (575) (2,022)
Net cash from operating activities (1,574) (839) 8,782
Cash flow from investing activities
Investment in subsidiaries (900) - (752)
Purchase of property, plant and
equipment (571) (322) (679)
Purchase of intangible assets (36) (26) (109)
Repayment of redeemable loan
notes (675) - -
Interest received 1 6 8
(2,181) (342) (1,532)
----------------------------------------- ------------ ------------ -------------
CONDENSED GROUP STATEMENT OF CASH FLOWS (continued)
for the six months ended 31 March 2017
Six months Six months
to to Year to
31 March 31 March 30 September
2017 2016 2016
(unaudited) (unaudited) (audited)
GBP'000 GBP'000 GBP'000
------------
Cash flow from financing activities
Increase in bank loans 1,408 1,238 381
Interest paid (421) (344) (711)
Dividends paid (2,267) (662) (2,095)
Net sale of own shares by share
trusts 100 97 265
--------------------------------------- ------------ ------------ -------------
(1,180) 329 (2,160)
--------------------------------------- ------------ ------------ -------------
Net (decrease)/increase in cash
and cash equivalents (4,935) (852) 5,090
Effect of foreign exchange rates 47 (67) 15
Movement in cash and cash equivalents
in the period (4,888) (919) 5,105
Cash and cash equivalents at
beginning of period 6,581 1,476 1,476
Cash and cash equivalents at
end of period 1,693 557 6,581
Cash and cash equivalents comprise:
Cash and bank balances 3,703 2,317 6,588
Bank borrowings (2,010) (1,760) (7)
1,693 557 6,581
--------------------------------------- ------------ ------------ -------------
CONDENSED GROUP RECONCILIATION OF NET CASH FLOW TO
MOVEMENT IN NET DEBT
for the six months ended 31 March 2017
Six months Six months
to to Year to
31 March 31 March 30 September
2017 2016 2016
(unaudited) (unaudited) (audited)
GBP'000 GBP'000 GBP'000
------------
Movement in cash and cash equivalents
in the period (4,888) (919) 5,105
Increase in bank loans (1,408) (1,238) (381)
Cash (outflow)/inflow from changes
in net debt in the period (6,296) (2,157) 4,724
Effect of foreign exchange rates (43) (116) (223)
Movement in net debt in the period (6,339) (2,273) 4,501
Net debt at beginning of period (1,654) (6,155) (6,155)
Net debt at end of period (7,993) (8,428) (1,654)
------------
Responsibility statement
We confirm that to the best of our knowledge:
(a) the condensed set of financial statements for the six months
ended 31 March 2017 has been prepared in accordance with IAS 34
(b) the half year report and condensed financial statements
includes a fair review of the information required by DTR 4.2.7R
(indication of important events during the first six months and
description of principal risks and uncertainties for the remaining
six months of the year)
(c) the half year report and condensed financial statements
includes a fair review of the information required by DTR 4.2.8R
(disclosure of related party transactions and changes therein).
By order of the Board
RICHARD HOPE
Finance Director
8 May 2017
NOTES TO THE UNAUDITED HALF YEAR FINANCIAL STATEMENTS
1. Basis of preparation
The Group is required to prepare its condensed half year
financial statements in accordance with accounting standards
adopted for use in the European Union (International Financial
Reporting Standards (IFRS)). The Group has adopted the reporting
requirements of IAS 34 'Interim Financial Reporting'.
The consolidated condensed half year financial statements are
prepared on the basis of all International Accounting Standards
(IAS) and IFRS published by the International Accounting Standards
Board (IASB) that are currently in issue. New interpretations may
be issued by the International Financial Reporting Interpretations
Committee (IFRIC) on existing standards and best practice continues
to evolve. It is therefore possible that the accounting policies
set out below may be updated by the time the Group prepares its
full set of financial statements under IFRS for the year ending 30
September 2017.
The information relating to the six months ended 31 March 2017
and 31 March 2016 is unaudited and does not constitute statutory
accounts. The statutory accounts for the year ended 30 September
2016 have been reported on by the Group's auditors and delivered to
the Registrar of Companies. The report of the auditors was
unqualified, did not include a reference to any matters to which
the auditors drew attention by way of emphasis without qualifying
their report and did not contain a statement under section 498 of
the Companies Act 2006. These condensed half year financial
statements for the six months ended 31 March 2017 have neither been
audited nor formally reviewed by the Group's auditors.
2. Accounting policies
These condensed half year financial statements have been
prepared on the basis of the same accounting policies and
presentation set out in the Group's 30 September 2016 annual
report.
There were no new standards, or amendments to standards, which
are mandatory and relevant to the Group for the first time for the
financial year ending 30 September 2017 which have had a material
effect on these condensed half year financial statements.
3. Accounting estimates
The preparation of the condensed half year financial statements
requires management to make judgements, estimates and assumptions
that affect the application of accounting policies and the reported
amounts of assets and liabilities, income and expenses. In
preparing these condensed half year financial statements, the
significant judgements made by management in applying the Group's
accounting policies and the key sources of estimation uncertainty
were the same as those applied to the audited consolidated
financial statements as at, and for the year ended, 30 September
2016.
4. Going concern
As at the date of this announcement, the Directors have a
reasonable expectation that the Group has adequate resources to
continue in business for the foreseeable future. Accordingly, the
condensed half year financial statements have been prepared on the
going concern basis.
5. Risks and uncertainties
The operation of a public company involves a series of risks and
uncertainties across a range of strategic, commercial, operational
and financial areas. The principal risks and uncertainties that
could have a material impact on the Group's performance over the
remaining six months of this financial year (for example, causing
actual results to differ materially from expected results or from
those experienced previously) are the same as those detailed on
pages 26-30 of the 2016 Annual Report and Financial Statements.
6. Segmental information
Business segments
IFRS 8 requires operating segments to be identified on the basis
of internal financial information reported to the Chief Operating
Decision Maker (CODM). The Group's CODM has been identified as the
Board of Directors who are primarily responsible for the allocation
of resources to the segments and for assessing their performance.
The disclosure in the Group accounts of segmental information is
consistent with the information used by the CODM in order to assess
profit performance from the Group's operations.
The Group operates one global business segment engaging in the
manufacture and supply of innovative ingredient solutions for the
flavour, fragrance, beverage and consumer product industries with
manufacturing sites in the UK, US and Kenya. Many of the Group's
activities, including sales, manufacturing, technical, IT and
finance, are managed globally on a Group basis.
Geographical segments
The following table provides an analysis of the Group's revenue
by geographical market:
Six months Six months
to to Year to
31 March 31 March 30 September
2017 2016 2016
(unaudited) (unaudited) (audited)
GBP'000 GBP'000 GBP'000
------------
United Kingdom 5,174 4,465 8,794
----------------------------- ------------ ------------ -------------
Rest of Europe - Germany 3,505 2,591 5,527
- Ireland 4,018 3,116 5,871
- Other 5,466 5,283 11,011
---------------------------- ------------ ------------ -------------
The Americas - USA 18,501 15,014 33,729
- Other 4,167 1,895 4,142
---------------------------- ------------ ------------ -------------
Rest of the
World - China 2,785 1,942 4,536
- Other 8,172 6,587 14,430
---------------------------- ------------ ------------ -------------
51,788 40,893 88,040
------------
7. Exceptional items
The exceptional items referred to in the income statement can be
categorised as follows:
Six months Six months
to to Year to
31 March 31 March 30 September
2017 2016 2016
(unaudited) (unaudited) (audited)
GBP'000 GBP'000 GBP'000
-------------
Legal and professional fees - 31 302
Restructuring costs - 187 251
- 218 553
Less: tax effect of exceptional
items - (5) (38)
-------------
- 213 515
----------------------------------------------- ------------ -------------
The exceptional items in the prior year all relate to
non-recurring items. The legal and professional fees related to the
costs in respect of the full and final settlement of the Earthoil
earnout dispute. The restructuring costs related to one-off
non-recurring reorganisation costs incurred in the US and
Kenya.
8. Taxation
Taxation has been provided on pre-exceptional profits at 27.0%
(six months ended 31 March 2016: 27.7%) which is the effective
group rate currently anticipated for the financial year ending 30
September 2017.
9. Earnings per share
Basic earnings per share
Basic earnings per share is based on the weighted average number
of ordinary shares in issue and ranking for dividend during the
year. The weighted average number of shares excludes shares held by
the Treatt Employee Benefit Trust (EBT), together with shares held
by the Treatt SIP Trust (SIP) which do not rank for dividend.
Six months Six months
to to Year to
31 March 31 March 30 September
2017 2016 2016
(unaudited) (unaudited) (audited)
Earnings (GBP'000) 4,010 2,229 6,149
Weighted average number of
ordinary shares in issue (No:
'000) 52,118 51,751 51,895
Basic earnings per share (pence) 7.69p 4.31p 11.85p
------------
Diluted earnings per share
Diluted earnings per share is based on the weighted average
number of ordinary shares in issue and ranking for dividend during
the year, adjusted for the effect of all dilutive potential
ordinary shares. The number of shares used to calculate earnings
per share (EPS) have been derived as follows:
Six months Six months
to to Year to
31 March 31 March 30 September
2017 2016 2016
(unaudited) (unaudited) (audited)
No ('000) No ('000) No ('000)
------------
Weighted average number of
shares 52,780 52,575 52,575
Weighted average number of
shares held in the EBT and
SIP (662) (824) (680)
Weighted average number of
shares used for calculating
basic EPS 52,118 51,751 51,895
Executive share option schemes 1,064 485 645
All-employee share options 312 91 122
------------
Weighted average no. of shares
used for calculating diluted
EPS 53,494 52,327 52,662
------------
Diluted earnings per share
(pence) 7.50p 4.26p 11.68p
------------
Adjusted earnings per share
Adjusted earnings per share measures are calculated based on
profits for the year attributable to owners of the Parent Company
before exceptional items as follows:
Six months Six months
to to Year to
31 March 31 March 30 September
2017 2016 2016
(unaudited) (unaudited) (audited)
GBP'000 GBP'000 GBP'000
------------
Earnings for calculating basic
and diluted earnings per share 4,010 2,229 6,149
Adjusted for:
Exceptional items (see note
7) - 218 553
Taxation thereon - (5) (38)
Earnings for calculating adjusted
earnings per share 4,010 2,442 6,664
------------
Adjusted basic earnings per
share (pence) 7.69p 4.72p 12.84p
------------
Adjusted diluted earnings
per share (pence) 7.50p 4.67p 12.65p
------------
10. Dividends
Equity dividends on ordinary shares:
Dividend per share Six months Six months
for years ended to to Year to
30 September: 31 March 31 March 30 September
2017(2) 2016(1) 2015(1) 2017 2016 2016
(unaudited) (unaudited) (audited)
Pence Pence Pence(3) GBP'000 GBP'000 GBP'000
------------------ -------- -------- --------- ------------ ------------ -------------
Interim dividend 1.45p 1.35p 1.28p 702 662 662
Final dividend N/A 3.00p 2.76p 1,565 1,453 1,433
------------------ -------- -------- --------- ------------ ------------ -------------
N/A 4.35p 4.04p 2,267 2,115 2,095
-------- -------- --------- ------------
(1) Accounted for in the subsequent year in accordance with
IFRS.
(2) The declared interim dividend for the year ending 30
September 2017 of 1.45 pence was approved by the Board on 8 May
2017 and in accordance with IFRS has not been included as a
deduction from equity at 31 March 2017. The dividend will be paid
on 17 August 2017 to those shareholders on the register at 14 July
2017 and will, therefore, be accounted for in the financial
statements for the year ending 30 September 2017.
CAUTIONARY STATEMENT ABOUT FORWARD-LOOKING STATEMENTS
This announcement contains forward-looking statements that are
subject to risk factors associated with, among other things, the
economic and business circumstances occurring from time to time in
the countries, sectors and markets in which the Group operates. It
is believed that the expectations reflected in these statements are
reasonable but they may be affected by a wide range of variables
which could cause actual results to differ materially from those
currently anticipated. No assurances can be given that the
forward-looking statements in this announcement will be realised.
The forward-looking statements reflect the knowledge and
information available at the date of preparation of this
announcement and the Group undertakes no obligation to update these
forward-looking statements. Nothing in this announcement should be
construed as a profit forecast.
This information is provided by RNS
The company news service from the London Stock Exchange
END
IR BLGDUIBGBGRI
(END) Dow Jones Newswires
May 09, 2017 02:00 ET (06:00 GMT)
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