- Part 2: For the preceding part double click ID:nRSB7066Na
124 264 597
- IAS19 net pension scheme finance costs 349 400 711
473 664 1,308
7. Reported to underlying profit reconciliation
Half year to 31 December 2015 Half year to 31 December 2014(re-stated) Year to 30 June 2015(re-stated)
£'000 £'000 £'000
Reported profit before tax 3,242 2,905 6,288
Add: Brand amortisation 134 134 268
Add: IAS19 pension scheme administration costs 278 270 455
Add: IAS19 net pension scheme finance costs 349 400 711
Underlying profit before tax 4,003 3,709 7,722
7,722
8. Tax expense
Half year to 31 December 2015 Half year to 31 December 2014 Year to 30 June 2015
(re-stated) (re-stated)
£'000 £'000 £'000
Current tax:
UK corporation tax - continuing operations 545 553 922
- discontinued operations (4) (104) (81)
Overseas tax 4 2 11
Amounts under provided in previous years - - 39
Total current tax 545 451 891
Deferred tax:
Origination and reversal of temporary differences:
- continuing operations 150 189 543
- discontinued operations 39 (56) (956)
Amounts over provided in previous years - - (56)
Rate change adjustment (36) - 24
Total deferred tax 153 133 (445)
Total tax expense 698 584 446
Tax charge on continuing operations 663 744 1,483
Tax charge/(credit) on discontinued operations 35 (160) (1,037)
Total tax expense 698 584 446
Tax recognised in other comprehensive income:
Deferred tax:
Actuarial gains/(losses) on pension schemes 517 (815) (945)
Cash flow hedges 35 5 (43)
Tax charged/(credited) to other comprehensive income 552 (810) (988)
Total tax charge/(credit) in the statement of comprehensive income 1,250 (226) (542)
1,250
(226)
(542)
9. Dividends
The directors have approved an interim dividend per share of 2.7p (2014: 2.5p)
which will be paid on 7 April 2016 to shareholders on the register at the
close of business on 4 March 2016. 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
3.5p in respect of the 2014/15 financial year was paid at a cash cost of £1.2
million during the six months to 31 December 2015.
10. Share Based Payments
During the period, the group awarded 180,000 options (2014: none) under the
Executive Share Option Scheme ("ESOS"). These options have an exercise price
of 188p and require certain criteria to be fulfilled before vesting. 80,000
existing options (2014: none) were exercised during the period and no ESOS
options (2014: 164,000) lapsed during the period.
Total awards granted under the group's Long Term Incentive Plans ("LTIP")
amounted to 194,413 (2014: nil). LTIP awards have no exercise price but are
dependent on certain vesting criteria being met. During the period no
existing LTIP awards lapsed (2014: 259,328).
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 2015 Half year to 31 December 2014(re-stated) Year to30 June 2015(re-stated)
£'000 £'000 £'000
Profit attributable to equity holders of the parent - continuing 2,579 2,161 4,805
Profit/(loss) attributable to equity holders of the parent - discontinued 132 206 (429)
Net profit attributable to equity holders of the parent 2,711 2,367 4,376
4,376
Half year to 31 December 2015 Half year to 31 December 2014 Year to30 June 2015
000s 000s 000s
Basic weighted average number of shares 35,646 35,648 35,648
Dilutive potential ordinary shares - employee share options 903 546 567
Diluted weighted average number of shares 36,549 36,194 36,215
Calculation of underlying earnings per share:
Half year to 31 December 2015 Half year to 31 December 2014(re-stated) Year to30 June 2015(re-stated)
£'000 £'000 £'000
Reported profit before taxation from continuing operations 3,242 2,905 6,288
Add: brand amortisation 134 134 268
Add: IAS19 pension scheme administration costs 278 270 455
Add: IAS19 net pension scheme finance costs 349 400 711
Underlying profit before taxation 4,003 3,709 7,722
Tax at underlying group rate of 21.0% (2014: 22%; 2014/15: 22%) (841) (816) (1,699)
Underlying earnings 3,162 2,893 6,023
Underlying earnings per share 8.9p 8.1p 16.9p
Underlying earnings per share
8.9p
8.1p
16.9p
12. 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 2015. Related
party information is disclosed in note 31 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
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