- Part 2: For the preceding part double click ID:nRSe5139Va
3,465 6,556
Operating profit 167 27
Net gain on disposal of discontinued operations - 901
Tax (charge)/credit (35) 378
Profit after taxation 132 1,306
132
1,306
7. Finance expenses
Half year to Half year to Year to
31 December 31 December 30 June
2016 2015 2016
£'000 £'000 £'000
Finance costs - Bank overdrafts 12 14 43
- Revolving credit facility 48 110 172
60 124 215
- IAS 19 net pension scheme finance costs 343 349 724
403 473 939
8. Tax expense
Half year to 31 December 2016 Half year to 31 December 2015 Year to 30 June 2016
£'000 £'000 £'000
Current tax:
UK corporation tax - continuing operations 546 545 1,433
- discontinued operations - (4) (697)
Overseas tax - 4 5
Amounts over provided in previous years - - (2)
Total current tax 546 545 739
Deferred tax:
Origination and reversal of temporary differences:
- continuing operations 198 150 247
- discontinued operations - 39 319
Amounts over provided in previous years - - (48)
Rate change adjustment (40) (36) (54)
Total deferred tax 158 153 464
Total tax expense 704 698 1,203
Tax charge on continuing operations 704 663 1,581
Tax charge/(credit) on discontinued operations - 35 (378)
Total tax expense 704 698 1,203
1,203
Tax recognised in other comprehensive income:
Deferred tax:
Actuarial (losses)/gains on pension schemes (50) 517 (240)
Cash flow hedges (4) 35 1
Tax (credited)/charged to other comprehensive income (54) 552 (239)
Total tax charge in the statement of comprehensive income 650 1,250 964
9. Dividends
The directors have approved an interim dividend per share of 2.85p (2015/16:
2.7p) which will be paid on 7 April 2017 to shareholders on the register at
the close of business on 24 February 2017. The cash cost of the dividend is
expected to be £1.0 million. In accordance with IFRS accounting requirements,
as the dividend was approved after the balance sheet date, it has not been
accrued in the interim consolidated financial statements. A final dividend
per share of 3.8p in respect of the 2015/16 financial year was paid at a cash
cost of £1.3 million during the six months to 31 December 2016.
10. Share Based Payments
During the period the group awarded 120,000 options (2015/16: 180,000) under
the Executive Share Option Scheme ("ESOS"). These options have an exercise
price of 157.5p and require certain criteria to be fulfilled before vesting.
40,000 existing options (2015/16: 80,000) were exercised during the period and
50,000 existing options lapsed (2015/16: none).
Total awards granted under the group's Long Term Incentive Plans ("LTIP")
amounted to 256,299 (2015/16: 194,413). LTIP awards have no exercise price
but are dependent on certain vesting criteria being met. 154,661 existing
LTIP awards (2015/16: nil) were exercised during the period and 103,008
existing LTIP awards lapsed (2015/16: none).
11. Earnings per share
Basic earnings per share is calculated by dividing the net profit for the
period attributable to ordinary equity shareholders of the parent by the
weighted average number of ordinary shares in issue during the period.
Diluted earnings per share is calculated by dividing the net profit
attributable to ordinary equity shareholders of the parent by the weighted
average number of ordinary shares in issue during the period, after allowing
for the exercise of outstanding share options. The following sets out the
income and share data used in the basic and diluted earnings per share
calculations:
Half year to 31 December 2016 Half year to 31 December 2015 Year to30 June 2016
£'000 £'000 £'000
Profit attributable to equity holders of the parent - continuing 2,901 2,579 5,178
Profit attributable to equity holders of the parent - discontinued - 132 1,306
Net profit attributable to equity holders of the parent 2,901 2,711 6,484
6,484
Half year to 31 December 2016 Half year to 31 December 2015 Year to30 June 2016
000s 000s 000s
Basic weighted average number of shares 35,577 35,646 35,618
Dilutive potential ordinary shares - employee share options 535 903 520
Diluted weighted average number of shares 36,112 36,549 36,138
Calculation of underlying earnings per share from continuing operations:
Half year to 31 December 2016 Half year to 31 December 2015 Year to30 June 2016
£'000 £'000 £'000
Profit before taxation from continuing operations 3,605 3,242 6,759
Add: brand amortisation 134 134 268
Add: IAS 19 pension scheme administration costs - 278 510
Add: IAS 19 net pension scheme finance costs 343 349 724
Underlying profit before taxation 4,082 4,003 8,261
Tax at underlying group tax rate of 20.6% (2015/16 first half year: 21%; full year: 20.8%) (841) (841) (1,718)
Underlying profit after tax from continuing operations 3,241 3,162 6,543
Weighted average number of shares 35,577 35,646 35,618
Underlying earnings per share from continuing operations 9.1p 8.9p 18.4p
Underlying earnings per share from continuing operations
9.1p
8.9p
18.4p
12. Movement in cash net of borrowings
Cash and bank overdrafts Bankloans Net cash
£'000 £'000 £'000
At 1 July 2015 5,914 (5,000) 914
Cash flow movements (506) - (506)
Non-cash movements - 107 107
Effect of foreign exchange rates (4) - (4)
At 31 December 2015 5,404 (4,893) 511
Cash and bank overdrafts Bankloans Net cash
£'000 £'000 £'000
At 1 July 2016 10,540 (1,908) 8,632
Cash flow movements (4,472) 1,000 (3,472)
Non-cash movements - (15) (15)
Effect of foreign exchange rates 41 - 41
At 31 December 2016 6,109 (923) 5,186
5,186
13. Related party disclosure
The group has a related party relationship with its directors and with its UK
pension schemes. There has been no material change in the nature of the
related party transactions described in the Report and Accounts 2016. Related
party information is disclosed in note 30 of that document.
Responsibility Statement
The Directors confirm that, to the best of their knowledge:
a) the condensed consolidated interim financial statements have been prepared
in accordance with IAS 34 "Interim Financial Reporting" as adopted by the EU;
and
b) the interim management report includes a fair review of the information
required by:
· DTR 4.2.7R of the Disclosure Guidance and Transparency Rules, being an
indication of important events that have occurred during the first six months
of the financial year and their impact on the condensed set of financial
statements; and a description of the principal risks and uncertainties for the
remaining six months of the year; and
· DTR 4.2.8R of the Disclosure Guidance and Transparency Rules, being
related party transactions that have taken place in the first six months of
the current financial year and that have materially affected the financial
position or performance of the group during that period; and any changes in
the related party transactions described in the last annual report that could
do so.
On behalf of the Board
G P Hooper A Magson
Chief Executive Group
Finance Director
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