REG - Alumasc Group Plc - Half Yearly Report <Origin Href="QuoteRef">ALUG.L</Origin> - Part 2
03/02/2015 07:00
- Part 2: For the preceding part double click ID:nRSC8239Da
Operations Discontinued Operations Total
£'000 £'000 £'000
Half Year to 31 December 2014
Underlying profit before tax 4,047 - 4,047
IAS19 pension costs (670) - (670)
Brand amortisation (134) - (134)
Alumasc Precision Components - (1,117) (1,117)
Pendock Profiles - 55 55
Pendock Profiles gain on disposal of discontinued operation - 770 770
Statutory profit/(loss) before tax 3,243 (292) 2,951
Taxation (818) 234 (584)
Statutory profit/(loss) after tax 2,425 (58) 2,367
2,367
Continuing Operations Discontinued Operations Total
£'000 £'000 £'000
Half Year to 31 December 2013
Underlying profit before tax 3,558 - 3,558
IAS19 pension costs (520) - (520)
Brand amortisation (134) - (134)
Alumasc Precision Components - (737) (737)
Pendock Profiles - 218 218
Statutory profit/(loss) before tax 2,904 (519) 2,385
Taxation (647) 126 (521)
Statutory profit/(loss) after tax 2,257 (393) 1,864
1,864
6. Net finance costs
Half year to Half year to Year to
31 December 31 December 30 June
2014 2013 2014
£'000 £'000 £'000
Finance income - Bank interest (2) (5) (10)
Finance costs - Bank loans and overdrafts 24 35 68
- Revolving credit facility 240 244 463
264 279 531
- IAS19 net pension scheme finance costs 400 320 448
664 599 979
7. Tax expense
Half year to Half year to Year to
31 December 31 December 30 June
2014 2013 2014
£'000 £'000 £'000
Current tax:
UK corporation tax - continuing operations 657 602 1,210
- discontinued operations (208) (104) (197)
Overseas tax 2 4 30
Amounts over provided in previous years - - (26)
Total current tax 451 502 1,017
Deferred tax:
Origination and reversal of temporary differences:
- continuing operations 159 120 249
- discontinued operations (26) (22) (42)
Rate change adjustment - (79) (176)
Total deferred tax 133 19 31
Total tax expense 584 521 1,048
Tax charge on continuing operations 818 647 1,287
Tax credit on discontinued operations (234) (126) (239)
Total tax expense 584 521 1,048
Tax recognised in other comprehensive income
Deferred tax:
Actuarial losses on pension schemes (815) (1,042) (1,618)
Cash flow hedges 5 (19) (20)
Tax credited to other comprehensive income (810) (1,061) (1,638)
Total tax credit in the statement of comprehensive income (226) (540) (590)
8. Dividends
The directors have approved an interim dividend per share of 2.5p (2013: 2.2p)
which will be paid on 7 April 2015 to shareholders on the register at the
close of business on 6 March 2015. The cash cost of the dividend is expected
to be £0.9 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
2.8p in respect of the 2013/14 financial year was paid at a cash cost of £1.0
million during the six months to 31 December 2014.
9. Share Based Payments
During the period, the group awarded no options (2013: 170,000) under the
Executive Share Option Scheme ("ESOS"). 164,000 (2013: 136,000) existing ESOS
options lapsed during the period.
No awards were granted under the group's Long Term Incentive Plans ("LTIP")
during the period (2013: 289,882). LTIP awards have no exercise price but
are dependent on certain vesting criteria being met. During the period
259,328 (2013: 290,217) existing LTIP awards lapsed.
10. 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 2014 Half year to 31 December 2013 Year to30 June 2014
£'000 £'000 £'000
Profit attributable to equity holders of the parent - continuing 2,425 2,257 4,789
Loss attributable to equity holders of the parent - discontinued (58) (393) (748)
Net profit attributable to equity holders of the parent 2,367 1,864 4,041
Half year to 31 December 2014 Half year to 31 December 2013 Year to30 June 2014
000s 000s 000s
Basic weighted average number of shares 35,648 35,648 35,648
Dilutive potential ordinary shares - employee share options 546 - 447
Diluted weighted average number of shares 36,194 35,648 36,095
Calculation of underlying earnings per share:
Half year to 31 December 2014 Half year to 31 December 2013 Year to30 June 2014
£'000 £'000 £'000
Reported profit before taxation from continuing operations 3,243 2,904 6,076
Add: brand amortisation 134 134 268
Add: IAS19 pension scheme administration costs 270 200 452
Add: IAS19 net pension scheme finance costs 400 320 448
Underlying profit before taxation 4,047 3,558 7,244
Tax at underlying group rate of 22.0% (2013: 24.2%; 2013/14: 24.2%) (890) (861) (1,753)
Underlying earnings 3,157 2,697 5,491
Underlying earnings per share 8.9p 7.6p 15.4p
11. 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 2014. 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 IAS34 "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 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 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
This information is provided by RNS
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