REG - Angling Direct PLC - Half Year Results
12/10/2022 07:01
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RNS Number : 5296C Angling Direct PLC 12 October 2022
12 October 2022
Angling Direct PLC
('Angling Direct', the 'Company' or the 'Group')
Half Year Results
Continued strategic progress and revenue growth despite headwinds
Angling Direct PLC (AIM: ANG), the leading omni-channel specialist fishing
tackle and equipment retailer, is pleased to announce its unaudited financial
results for the six months ended 31 July 2022 (H1 FY23).
£m H1 FY23 H1 FY22 % Change
Revenue 38.9 38.4 +1.3%
Retail store sales 21.9 19.9 +9.8%
Online sales 17.0 18.5 -7.9%
Gross profit 13.4 14.4 -6.5%
Gross margin % 34.6% 37.4% -280bps
EBITDA (pre IFRS-16) 1.9 4.4 -58.2%
Profit before tax 1.1 3.7 -69.8%
Basic EPS 1.14p 3.72p -69.4%
Financial highlights:
● Group revenue increased by 1.3% to £38.9m
● Retail store estate experienced another strong period of growth with total
store sales increasing by 9.8% against H1 FY22, aided by a period free from
Covid-19 restrictions
● Like-for-like store sales increased by 4.6%
● Online sales decreased by 7.9% to £17.0m against a strong H1 FY22
comparative, however UK online sales of £15.3m remained 61% above pre-Covid
levels (H1 FY20: £9.5m)
● In Europe, online sales grew by 36.9% with online sales to our key European
territories, via our German, French and Dutch websites, growing by 55.0%
● Gross margin decreased by 280 bps as a result of considered competitive
trading both in the UK and Europe combined with inevitable cost price
inflation, albeit remains comfortably above historical levels
● Pre IFRS 16 EBITDA of £1.9m reflects lack of prior year £0.9m Government
COVID-19 support and £0.5m increased European start up losses
● Positive operating cashflow of £2.4m (H1 FY22: £5.8m)
● Strong balance sheet with Group net cash of £17.1m at 31 July 2022 (31 July
2021: £19.6m)
● The Group remains well capitalised and securely positioned to meet short-term
challenges
Operational highlights:
● From 1 March 2022 all EU online sales transacted through our subsidiary, ADNL
B.V., and were fulfilled by our new fully operational Dutch distribution
centre
● Higher margin own brand sales in the period grew by 34.6%, as a result of
increased promotional activity
● Leveraging our deepening supplier relationships, we expanded our exclusive
branded product ranges to customers
● Significant progress made to refresh and contemporise our store shopping
environment
● Improved our in-store service proposition through the use of our new BAITS
assisted selling programme, footfall counting technology, and customer focused
colleague deployment
● The Company's digital customer reach continued to extend, particularly in the
EU, where our social media following and email database grew by 32% and 172%
respectively
● Continued our new store rollout in Washington, Tyne and Wear, establishing the
Company's first store in northeast England
● Strong new store pipeline with two further stores opened in early H2 FY23, in
Coventry (August 2022) and Stockton-on-Tees (September 2022)
● In late FY22 we launched our industry first trading web app. In H1 FY23 we
deployed our second phase app development with improved search speed and
relevance, and plan to actively market and incentivise downloads and usage in
H2 FY23
Current trading and outlook
● The Company remains focussed on gaining market share both in the UK and Europe
over the medium to long term and believes that the current uncertain consumer
environment coupled with the Company's fundamental strengths mean there is a
significant opportunity to gain market share in a weakening competitor
landscape
● The Group will therefore continue to invest to drive market share growth,
where prudent to do so, leveraging its market leading position in the UK and
strong balance sheet to ensure it is best placed competitively when consumer
confidence returns
● As flagged in our recent trading update, post-period end sales have been
impacted by unusually hot temperatures which caused some fishery closures and
led to sales in the peak trading month of August being 7.0% down against the
corresponding month in H2 FY22
● Total sales returned to modest year on year growth in September, however, like
many consumer facing businesses we have recently seen volatile, unprecedented
and unpredictable trading conditions both in-store and online which change
significantly week-by-week for example, for trading weeks which commenced in
the month of September year on year total UK sales ranged from 21% increase to
0.5% decrease
● The general market outlook has deteriorated further in recent weeks which
creates a heightened degree of uncertainty and makes short term forecasting
extremely challenging
● The Board remains optimistic about the long-term prospects for the Group,
underpinned by its leading omni-channel proposition and strong balance sheet
which reinforces the Group's decision to continue to invest to support its
long-term strategy
● Due to the challenging and highly volatile trading conditions the Company
faces, and the difficulty in short term forecasting and trading, the Board
believes it prudent to reduce its expectations for both revenue and pre-IFRS
16 EBITDA for FY 2023
● The Board is confident that revenue and pre-IFRS 16 EBITDA for the year ending
31 January 2023 will be not less than £73.8m and £2.2m respectively
Andy Torrance, CEO of Angling Direct, said:
"Despite the uncertain macroeconomic environment, our strategy remains
unchanged as we continue to focus on gaining market share both in the UK and
Europe over the medium to long term. As a result, we are pleased to have
achieved sales growth during H1 FY23 against a strong prior year comparator.
In fact, sales in Q1 FY23 were 5.4% ahead of Q1 FY22 before sentiment began to
be significantly impacted by the cost-of-living crisis during Q2.
Throughout the period we continued to make progress against our strategic
objectives. Our European Distribution Centre has been fully operational since
1 March 2022, we grew European key territory sales by 55.0% to £1.6m, we
continued to improve our in store retail proposition and we opened our first
store in northeast England, in Washington.
Sales in August were disrupted by the unusually hot weather in the UK and
Europe. Despite trading improving in September, further adverse economic news
flow and political uncertainty has resulted in volatile and unprecedented
trading conditions which is making short-term forecasting challenging. As a
result of these factors and the Board's decision to continue its strategic
investment, the Board believes it is prudent to revise downwards its forecasts
for FY23 accordingly.
The Board remains optimistic about the long-term growth prospects of the Group
and believes that continued strategic investment now will leave the Group best
placed competitively when consumer confidence returns. The Group will only
continue to strategically invest in a controlled manner and only to the extent
that it retains both strong liquidity and its robust balance sheet."
Note: Angling Direct believes that consensus market expectations for the year
ending 31 January 2023 prior to publication of this announcement are for
revenues of £78.5 million and pre-IFRS 16 EBITDA of £3.0 million.
Investor Meet Company presentation - 17 October 2022
Management will provide a live presentation via the Investor Meet Company
platform at 11.00 a.m. BST on 17 October. The presentation is open to all
existing and potential shareholders. Questions can be submitted pre-event via
your Investor Meet Company dashboard up until 9.00 a.m. the day before the
meeting or at any time during the live presentation. Investors can sign up to
Investor Meet Company for free to meet Angling Direct plc via:
https://www.investormeetcompany.com/angling-direct-plc/register-investor
(https://www.investormeetcompany.com/angling-direct-plc/register-investor) .
Investors who already follow Angling Direct on the Investor Meet Company
platform will automatically be invited.
For further information please contact:
Angling Direct PLC +44 (0) 1603 258 658
Andy Torrance, Chief Executive Officer
Steven Crowe, Chief Financial Officer
Singer Capital Markets - NOMAD and Broker +44 (0) 20 7496 3000
Peter Steel
Tom Salvesen
Alex Bond
James Fischer
FTI Consulting - Financial PR +44 (0) 20 3727 1000
Alex Beagley anglingdirect@fticonsulting.com
Sam Macpherson
Alice Newlyn
This announcement contains information which, prior to its disclosure, was
inside information as stipulated under the UK version of article 7 of the
Market Abuse Regulation (EU) No. 596/2014.
About Angling Direct
Angling Direct is the leading omni-channel specialist fishing tackle retailer
in the UK. The Company sells fishing tackle products and related equipment
through its network of retail stores, located strategically throughout the UK
as well as through its leading digital platform (www.anglingdirect.co.uk .de,
.fr, .nl, EU) and other third-party websites.
Angling Direct is committed to supporting its active customer base and
widening access to the angling community through its passionate colleagues,
store-based qualified coaches, social media reach and ADTV YouTube channel.
The Company currently sells over 25,000 fishing tackle products, including
capital items, consumables, luggage and clothing. Angling Direct also owns and
sells fishing tackle products under its own brand 'Advanta', which was
formally launched in March 2016.
From 1986 to 2002, the Company's founders acquired interests in a number of
small independent fishing tackle shops in Norfolk and, in 2002, they acquired
a significant premise in Norwich, which was branded Angling Direct. Since
2002, the Company has continued to acquire or open new stores, taking the
total number up to 45 retail stores. In 2015, the Company opened a 2,800 sq.
metres central distribution centre in Rackheath, Norfolk, where the Company's
head office is also located. In March 2022, Angling Direct opened a 3,940
square metre distribution centre in Venlo, Netherlands to service its
established, and rapidly growing, presence in Europe with native language
websites set up in key regions to address demand.
Chief Executive Officer's Review
The Group is pleased to have continued to grow sales both in the UK and in its
key European territories despite the ongoing adverse external economic and
political conditions. Following the Covid-enforced store closures during the
first halves of both FY21 and FY22, we were very pleased to be able to trade
with stores fully open in H1 FY23.
Our strategy continues to centre around becoming Europe's first choice fishing
tackle destination, for all anglers, regardless of experience or ability. The
Group believes its increasingly differentiated, market leading omni-channel
trading platform allowed it to gain market share in the period as the Group
made good progress against all of its stated strategic priorities. Encouraged
by the sales growth and market share gains achieved as well as the longer-term
growth opportunity, the Group maintained its programme of strategic investment
in H1 FY23 despite the economic headwinds.
As well as new opportunities, H1 FY23 has presented several significant
challenges, most notably balancing our ambition to rapidly grow turnover in
our key European territories, against the highly inflationary cost pressures
on both businesses and consumers. Despite these ongoing macro-economic
challenges, I am pleased that investment in recent years to modernise Angling
Direct's operations, whilst building balance sheet resilience, means that the
Group remains well capitalised and securely positioned to meet these
short-term challenges.
We expect the current difficult trading conditions will persist into H2 FY23
and beyond and are conscious that this will inevitably impact many of our
current and potential customers. During this time, we will continue to
prudently invest in our strategic objectives and our relentless focus will be
on ensuring we deliver the very best value and shopping experience in our
market, regardless of which channel our customers choose, thereby ensuring
Angling Direct is in the strongest position to be able to profitably grow and
take further market share as consumer confidence returns.
I would like to thank all my colleagues for their continued enthusiasm,
commitment, and deep specialist knowledge that is recognised and valued so
much by our customers and is the foundation of our resilience and ongoing
success.
Results
Group revenue increased by 1.3% to £38.9m for the six months ended 31 July
2022 (H1 FY22: £38.4m). The Company recorded sales growth of 5.4% in Q1 2023
(against the same period in the prior year), however, the well documented
pressure on discretionary spending and consumer confidence significantly
impacted Q2 2023, with sales reducing marginally by 1.6% against the prior
year.
Gross profit reduced by 6.5% to £13.4m (H1 FY22: £14.4m) as we sought to
maintain our competitive position in light of inflationary cost price
increases. Pre IFRS 16 EBITDA decreased by 58.2% to £1.9m (H1 FY22: £4.4m),
£0.9m of the reduction attributed to the absence of direct Government
COVID-19 support received in the prior year and £0.5m representing start-up
losses associated with our first year of in-region European fulfilment from
our new distribution centre in Venlo, NL, opened in March 2022.
The Company retains a strong net cash position at 31 July 2022 of £17.1m (31
July 2021: 19.6m).
Operational Review
Retail Stores
Total store sales in the period increased 9.8% to £21.9m (H1 FY22: £19.9m).
Like-for-like store sales grew by 4.6% supported by a period free from any
COVID-19 trading restrictions.
We are delighted with how our store teams have embraced our new BAITS assisted
selling programme. Our colleagues are the vital touch point between Angling
Direct stores and our customers. The BAITS approach, designed to support our
purpose of Getting Everyone Fishing, ensures our customers consistently get
the very best advice and support tailored to their specific needs and fishing
ambitions. This is crucial for driving conversion, creating satisfied, loyal
customers, and prompting recommendation.
Since our investment in footfall counting technology late in FY22, we have
been able to deploy customer targeted colleague working rotas, which has gone
some way toward mitigating significant inflationary wage pressures. Whilst we
do not yet have prior period comparisons, this along with the success of the
BAITS has seen store footfall conversion increasing from 52.7% at the
beginning of H1 FY23 to 59.5% by the end of July 2022.
In line with our strategic commitment to being the first choice omni-channel
fishing retailer in all our markets, we continue to invest in new UK retail
stores. Utilising out-sourced development contractors for the first time, we
built our first store in the northeast of England, in Washington, in record
time, opening in the final week of the period. We have a healthy new store
pipeline focused on unserved catchments with two further stores targeted to
open early in H2 FY23, store 44 in Coventry (August 2022) and store 45 in
Stockton-on-Tees (September 2022). At the period end we have opened 13 new
stores since H1 FY20.
Our Retail Transformation plan, focused on radically improving our store
shopping environment, is making solid progress. During the period, all stores
benefited from the new 'Getting Everyone Fishing' and own brand Advanta
rebranding graphics. Taking learnings from our new concept stores, we rolled
back a number of new merchandising solutions and product adjacencies across
key categories.
Online
As part of our drive to grow market share and customer loyalty, we continue to
invest in contemporary digital infrastructure and customer marketing, to
ensure we stand apart from our competitors.
Total online sales in the period declined by 7.9% to £17.0m (H1 FY22:
£18.5m) partially reflecting the reversal of the prior year lockdown driven
change in channel mix. However, it is important to note that UK online sales
for the period of £15.3m were 61% ahead of pre-Covid levels (H1 FY20:
£9.5m), reflecting the strong advancements the business has made over the
last few years.
In Europe, online sales for the period grew by 36.9% year on year. From 1
March 2022 all EU online sales were transacted through our subsidiary, ADNL
B.V., and were fulfilled by our new fully operational Dutch distribution
centre. Online sales to our key European territories, via our German, French
and Dutch websites, grew by 55.0%.
UK conversion rate showed some resilience despite lower levels of online
search traffic year on year. UK average transaction values reduced in the
period, although this effect eased later in the half following a particularly
strong dip in May.
We ensure that developments to our digital offering are rapidly deployed
across all five of our trading websites (.co.uk, .de, .fr, .nl and .eu). In
the period, we strengthened our web trading team who have been focused on
improving our product and basket web pages, with improved upsell and
recommendation functionality.
We launched our trading web app late in FY22, a market first development
allowing a more portable digital experience for our customers, as well as
providing some defence against wider market pressure on our advertising ratio.
We have now deployed our second phase app development with improved search
speed and relevance, and plan to actively market and incentivise downloads and
usage in H2 FY23.
The Company's digital customer reach continued to extend, particularly in the
EU, where our social media following and email database grew by 32% and 173%
respectively. Our Team AD videographers live streamed two very successful
skill coaching sessions, supported live instore for the first time, with
simultaneous hands-on sessions led by our instore Angling Trust qualified
fishing coaches in all stores.
Trading
We are committed to providing the most comprehensive range of products for
major fishing disciplines, ensuring that we always deliver a variety of
choice, value, quality and stock availability.
The Company's recently implemented category management process is now firmly
embedded into business as usual across both our UK and EU ranges. As
anticipated, stock availability across our sector returned to more
historically normal levels during the period. As a result, we have invested
product margin in the period to both maintain our competitive position, and
actively sell through product delisted following range changes, whilst also
stimulating new customer acquisition within the EU. These factors in
combination resulted in gross margin reducing in H1 FY23 by 280bps to 34.6%.
Higher margin own brand sales in the period grew by a pleasing 34.6%. This
increase in the proportion of total sales accounted for by higher margin own
brand sales is partially attributable to the introduction of new Advanta and
AdvantaPro products. New Advanta reels have been particularly successful, as
has the introduction of own brand lead weights.
The management team has been following a strategy of prudently investing in
stock of key lines as they become available from product suppliers. We believe
this provides a significant competitive advantage given suppliers are
forecasting upwards cost price pressure. Our Category Management team
continues to maintain a key focus on cost price inflation through supplier
negotiation and pro-active range management whilst ensuring our customers
recognise Angling Direct for its great value and compelling product selection.
As we deepen our relationships with key suppliers, we have been able to bring
a growing number of innovative products to market exclusively for our
customers. These include the One More Cast terminal tackle range by leading
angler Ali Hamedi, the exclusive re-launch of one of the most famous coarse
fishing ranges by John Wilson and sole distribution of new Intrepid bait
boats.
International
The opportunity for profitable growth within Europe remains clear,
particularly within our key target markets of Germany, France, The
Netherlands, Belgium and Austria. Considerable management resource has been
focused in the period upon establishing in-region web fulfilment to customers
in the EU who shop on our native language German, French and Dutch websites.
Additionally, we are now able to re-commence sales of UK bait brands, as well
as localised product range extensions, promptly delivered at lower cost within
competitive lead times.
As a result of these positive advancements, active unique customer numbers in
our key European territories have increased by 81.4% to 17,600, with the
conversion rate increasing by 90bps to 2.5%. European key territory sales
increased by 55.0% in H1 FY23 to £1.6m (H1 FY22: £1.0m).
The Group previously signaled that the costs associated with start-up, along
with rigorous comparative price checking and digital marketing investment,
would result in a first year loss for Europe of £0.7m. Whilst the size and
fragmented nature of these markets remains attractive, the unforeseen impact
on consumer confidence of inflationary pressures associated with increasing
energy prices due to the war in Ukraine are as acute as in the UK, arguably
more so in areas further into Eastern Europe. This has resulted in poorer than
anticipated trading margins in the first half, excess marketing costs and a
resultant adverse EBITDA impact of £0.2m greater than anticipated in H1 FY23.
We are committed to and see a significant opportunity to build a sustainably
profitable international business and have taken steps to develop margin and
moderate costs in H2 FY23, conscious that in the current and foreseeable
circumstances, it will take longer than originally anticipated to establish a
business of material scale. Pleasingly, these active steps which include
product pricing and ranging reviews are beginning to yield improving product
margins in H2 FY23.
The Board believes that the full Angling Direct omni-channel model will be
attractive to European customers and that, in the medium term, bricks and
mortar retail stores will complement our growing online business. The
potential to accelerate this through considered acquisitions is clear and the
Board will update shareholders as and when appropriate, should a suitable
opportunity materialise.
Organisational Development
We remain fully committed to acting responsibly and sustainably within our
environment and communities. In the current highly inflationary environment,
it is more important than ever to ensure we rigorously scrutinise any
incremental organisational investment, whilst ensuring we appropriately plan
and resource for future share growth in our consolidating markets. In the
period, we have continued to supplement and upskill key capabilities within
our supply chain, digital and operational teams.
As we seek to continually develop the depth and relevant experience of our
Group Board, in the period we were delighted to welcome Christian (Chris) Keen
and Nicola (Nicki) Murphy as Independent Non- Executive Directors. Chris Keen
has subsequently assumed Chair of our Audit Committee during H1 FY23.
On 11 October 2022, Paul Davies served notice to the Board of his intention to
step down from the role of Non-Executive Director on 31 January 2023, at the
end of the Group's current financial year. I would like to thank Paul for his
significant contribution to the growth of Angling Direct over the last five
years.
Current trading and Outlook
The Company remains focused on gaining market share both in the UK and Europe
over the medium to long term and believes that the current uncertain consumer
environment coupled with the Company's fundamental strengths mean there is a
significant opportunity to gain market share in a weakening competitor
landscape. The Group will therefore continue to invest to drive market share
growth where prudent to do so, leveraging its market leading position in the
UK and strong balance sheet to ensure it is best placed competitively when
consumer confidence returns.
Trading conditions in the key month of August were impacted by significant
drought and associated high temperatures in the UK and Europe which caused
some temporary fishery closures and a general reluctance for fish to feed, the
consequence of which were sales reduced by 7.0% compared to the same month in
FY22. We are pleased that total sales returned to modest year-on-year growth
in September.
Sales in Europe continue to grow steadily, with improving margin and variable
cost ratios.
However, like many consumer facing businesses we have recently seen volatile
and unprecedented trading conditions both in-store and online which change
significantly week-by-week. The general consumer outlook has deteriorated
further which creates a heightened degree of uncertainty and makes even
short-term forecasting extremely challenging. As a result of these factors and
the Board's decision to continue its strategic investment, the Board believes
it is prudent to revise downwards its forecasts for FY23 accordingly. The
Board is confident, however, that revenue and pre-IFRS 16 EBITDA for the year
ending 31 January 2023 will be not less than £73.8m and £2.2m respectively.
The Board remains optimistic about the long-term growth prospects of the Group
and believes that continued strategic investment now will leave the Group best
placed competitively when consumer confidence returns. The Group will continue
to strategically invest in a controlled manner and only to the extent that it
retains both strong liquidity and its robust balance sheet.
Unaudited six months ended 31 July Audited year ended 31 January
Note 2022 Restated 2021 2022
£'000 £'000 £'000
Revenue from contracts with customers 5 38,898 38,404 72,474
Cost of sales of goods (25,450) (24,022) (45,864)
Gross profit 13,448 14,382 26,610
Other income 6 268 932 914
Interest revenue calculated using the effective interest method 26 19 14
Expenses
Administrative expenses (10,699) (9,613) (19,687)
Distribution expenses (1,689) (1,787) (3,423)
Finance costs (225) (196) (406)
Profit before income tax expense 1,129 3,737 4,022
Income tax expense 8 (251) (863) (945)
Profit after income tax expense for the period attributable to the owners of 878 2,874 3,077
Angling Direct PLC
Other comprehensive income for the period, net of tax - - -
Total comprehensive income for the period attributable to the owners of 878 2,874 3,077
Angling Direct PLC
Pence Pence Pence
Basic earnings 16 1.14 3.72 3.98
Diluted earnings 16 1.12 3.67 3.93
Refer to note 3 for detailed information on Restatement of comparatives.
Unaudited six months ended 31 July Audited year ended 31 January
Note 2022 Restated 2021 2022
£'000 £'000 £'000
Non-current assets
Intangibles 9 6,124 6,218 6,176
Property, plant and equipment 10 7,158 5,831 6,908
Right-of-use assets 11 10,771 9,477 11,028
Total non-current assets 24,053 21,526 24,112
Current assets
Inventories 17,564 15,724 16,273
Trade and other receivables 1,093 474 542
Prepayments 474 324 545
Cash and cash equivalents 17,084 19,584 16,604
Total current assets 36,215 36,106 33,964
Current liabilities
Trade and other payables 12 9,823 10,400 8,680
Lease liabilities 1,709 1,421 1,648
Derivative financial instruments - - 1
Income tax 566 503 464
Total current liabilities 12,098 12,324 10,793
Net current assets 24,117 23,782 23,171
Total assets less current liabilities 48,170 45,308 47,283
Non-current liabilities
Lease liabilities 9,116 8,288 9,402
Restoration provision 759 294 722
Deferred tax 893 623 744
Total non-current liabilities 10,768 9,205 10,868
Net assets 37,402 36,103 36,415
Net assets 37,402 36,103 36,415
Equity
Share capital 13 (#_EqcNote_TOC) 773 773 773
Share premium 31,037 31,037 31,037
Reserves 375 157 266
Retained profits 5,217 4,136 4,339
Total equity 37,402 36,103 36,415
Refer to note 3 for detailed information on Restatement of comparatives.
Share Share Share-based Retained Total equity
premium
payment
capital account reserve profits
Unaudited six months ended 31 July £'000 £'000 £'000 £'000 £'000
Balance at 1 February 2022 773 31,037 266 4,339 36,415
Profit after income tax expense for the period - - - 878 878
Other comprehensive income for the period, net of tax - - - - -
Total comprehensive income for the period - - - 878 878
Transactions with owners in their capacity as owners:
Share-based payments - - 109 - 109
Balance at 31 July 2022 773 31,037 375 5,217 37,402
Share Share premium Share-based Retained Total equity
payment
capital account reserve profits
Audited year ended 31 January £'000 £'000 £'000 £'000 £'000
Balance at 1 February 2021 773 31,037 75 1,262 33,147
Profit after income tax expense for the period - - - 3,077 3,077
Other comprehensive income for the period, net of tax - - - - -
Total comprehensive income for the period - - - 3,077 3,077
Transactions with owners in their capacity as owners:
Share-based payments - - 191 - 191
Balance at 31 January 2022 773 31,037 266 4,339 36,415
Share Share premium Share-based Retained Total equity
payment
capital account reserve profits
Audited year ended 31 January £'000 £'000 £'000 £'000 £'000
Balance at 1 February 2021 773 31,037 75 1,262 33,147
Profit after income tax expense for the period - - - 3,077 3,077
Other comprehensive income for the period, net of tax - - - - -
Total comprehensive income for the period - - - 3,077 3,077
Transactions with owners in their capacity as owners:
Share-based payments - - 191 - 191
Balance at 31 January 2022 773 31,037 266 4,339 36,415
Unaudited six months ended 31 July Audited year ended 31 January
Note 2022 Restated 2021 2022
£'000 £'000 £'000
Cash flows from operating activities
Profit before income tax expense for the period 1,129 3,737 4,022
Adjustments for:
Depreciation and amortisation 1,672 1,457 2,922
Share-based payments 109 82 191
Net movement in provisions 13 7 12
Interest received (26) (19) (14)
Interest and other finance costs 212 196 394
3,109 5,460 7,527
Change in operating assets and liabilities:
(Increase)/decrease in trade and other receivables (551) 149 81
(Increase) in inventories (1,291) (3,243) (3,792)
Decrease/(increase) in prepayments 71 (79) (300)
Increase in trade and other payables 1,227 3,697 1,626
(Decrease) in derivative liabilities (1) - -
2,564 5,984 5,142
Interest received 26 19 14
Interest and other finance costs (212) (210) (393)
Net cash from operating activities 2,378 5,793 4,763
Cash flows from investing activities
Payments for property, plant and equipment 10 (841) (342) (1,202)
Payments for intangibles 9 (158) (170) (327)
Proceeds from disposal of property, plant and equipment - - 5
Net cash used in investing activities (999) (512) (1,524)
Cash flows from financing activities
Repayment of lease liabilities (899) (693) (1,631)
Net cash used in financing activities (899) (693) (1,631)
Net increase in cash and cash equivalents 480 4,588 1,608
Cash and cash equivalents at the beginning of the financial period 16,604 14,996 14,996
Cash and cash equivalents at the end of the financial period 17,084 19,584 16,604
Notes to the consolidated financial statements
Note 1. General information
The financial statements cover Angling Direct PLC as a Group consisting of
Angling Direct PLC ('Company' or 'parent entity') and the entities it
controlled at the end of, or during, the half-year (collectively referred to
in these financial statements as the 'Group'). The financial statements are
presented in British Pound Sterling ('GBP'), which is Angling Direct PLC's
functional and presentation currency.
Angling Direct PLC is a public limited company incorporated under the
Companies Act 2006, listed on the AIM (Alternative Investment Market), a
sub-market of the London Stock Exchange. The Company is incorporated and
domiciled in the United Kingdom. The registered number of the Company is
05151321. Its registered office and principal place of business is:
2d Wendover Road,
Rackheath Industrial Estate
Rackheath
Norwich
Norfolk
NR13 6LH
The principal activity of the Group is the sale of fishing tackle through its
websites and stores. The Group's business model is designed to generate growth
by providing excellent customer service, expert advice and ensuring product
lines include a complete range of premium equipment. Customers range from the
casual hobbyist through to the professional angler.
The financial statements were authorised for issue, in accordance with a
resolution of Directors, on 11 October 2022. The Directors have the power to
amend and reissue the financial statements.
The principal activity of the Group is the sale of fishing tackle through its
websites and stores. The Group's business model is designed to generate growth
by providing excellent customer service, expert advice and ensuring product
lines include a complete range of premium equipment. Customers range from the
casual hobbyist through to the professional angler.
The financial statements were authorised for issue, in accordance with a
resolution of Directors, on 11 October 2022. The Directors have the power to
amend and reissue the financial statements.
Note 2. Significant accounting policies
These financial statements for the interim half-year reporting period ended 31
July 2022 have been prepared in accordance with the AIM Rules for Companies,
International Accounting Standard IAS 34 'Interim Financial Reporting' and the
Companies Act for for-profit oriented entities.
These interim financial statements do not include all the notes of the type
normally included in annual financial statements. Accordingly, these financial
statements are to be read in conjunction with the annual report for the year
ended 31 January 2022 and any public announcements made by the Company during
the interim reporting period.
The interim consolidated financial information has been prepared on a
going-concern basis.
The principal accounting policies adopted are consistent with those set out on
pages 74 to 102 of the consolidated financial statements of Angling Direct PLC
for the year ending 31 January 2022, except for taxation which has been
accounted for as described in note 8.
New or amended Accounting Standards and Interpretations adopted
The Group has adopted all of the new or amended Accounting Standards and
Interpretations issued by the International Accounting Standards Board that
are mandatory for the current reporting period. There was no impact on the
adoption of these new or amended Accounting Standards and Interpretations
Any new or amended Accounting Standards or Interpretations that are not yet
mandatory have not been early adopted.
Note 3. Restatement of comparatives
Restatement of right-of-use asset lease expiry dates.
The Group has restated three right-of-use asset land and building lease expiry
dates. The restatement to comparatives of the statement of profit or loss and
other comprehensive income for the half-year ended 31 July 2021 and the
statement of financial position as at 31 July 2021 and as 1 February 2021 is
as follows:
● Reduction in lease liabilities of £961,000 (current £nil and non-current
£961,000) (discounted based on the weighted average incremental borrowing
rate of 4%) as at 31 July 2021 (1 February 2021: £942,000; current £nil and
non-current £942,000);
● Right-of-use assets of £908,000 were reduced as at 31 July 2021 (1 February
2021: £903,000);
● Additional depreciation of £5,000 was recognised against the right-of-use
assets as at 31 July 2021 (1 February 2021: £11,000);
● A reduction in interest payments of £19,000 was recognised against the lease
liabilities as at 31 January 2021 (1 February 2021 £36,000);
● Restoration provision was increased by £5,000 as at 31 July 2021 (1 February
2021: £5,000);
● Deferred tax liability increased by £5,000 as at 31 July 2021 (1 February
2021: £5,000) as a result of the net tax effect on right-of-use assets and
lease liabilities);
● The overall impact on total equity as at 31 July 2021 was an increase of
£43,000. This comprises an increase of £14,000 in the half-year 31 July 2021
and £29,000 in the period to 31 January 2021 (1 February 2021: overall impact
on total equity of £29,000).
Statements of profit or loss and other comprehensive income
Unaudited six months ended 31 July
2021 2021
£'000 £'000 £'000
Extract Reported Adjustment Restated
Expenses
Administrative expenses (9,608) (5) (9,613)
Finance costs (215) 19 (196)
Profit before income tax expense 3,723 14 3,737
Income tax expense (863) - (863)
Profit after income tax expense for the period attributable to the owners of 2,860 14 2,874
Angling Direct PLC
Other comprehensive income for the period, net of tax - - -
Total comprehensive income for the period attributable to the owners of 2,860 14 2,874
Angling Direct PLC
Pence Pence Pence
Reported Adjustment Restated
Basic earnings per share 3.70 0.02 3.72
Diluted earnings per share 3.65 0.02 3.67
Statements of financial position at the beginning of the earliest comparative
period
Audited year ended 31 January
2021 £'000 2021
£'000 £'000
Extract Reported Adjustment Restated
Non-current assets
Right-of-use assets 10,910 (903) 10,007
Total non-current assets 23,180 (903) 22,277
Total assets less current liabilities 43,426 (903) 42,523
Non-current liabilities
Lease liabilities 9,773 (942) 8,831
Restoration provision 277 5 282
Deferred tax 258 5 263
Total non-current liabilities 10,308 (932) 9,376
Net assets 33,118 29 33,147
Equity
Retained profits 1,233 29 1,262
Total equity 33,118 29 33,147
Statements of financial position at the end of the earliest comparative period
Unaudited six months ended 31 July
2021 2021
£'000 £'000 £'000
Extract Reported Adjustment Restated
Non-current assets
Right-of-use assets 10,385 (908) 9,477
Total non-current assets 22,434 (908) 21,526
Total assets less current liabilities 46,216 (908) 45,308
Non-current liabilities
Lease liabilities 9,249 (961) 8,288
Restoration provision 289 5 294
Deferred tax 618 5 623
Total non-current liabilities 10,156 (951) 9,205
Net assets 36,060 43 36,103
Equity
Retained profits 4,093 43 4,136
Total equity 36,060 43 36,103
Statements of profit or loss and other comprehensive income
Unaudited six months ended 31 July
2021 2021
£'000 £'000 £'000
Extract Reported Adjustment Restated
Expenses
Administrative expenses (9,608) (5) (9,613)
Finance costs (215) 19 (196)
Profit before income tax expense 3,723 14 3,737
Income tax expense (863) - (863)
Profit after income tax expense for the period attributable to the owners of 2,860 14 2,874
Angling Direct PLC
Other comprehensive income for the period, net of tax - - -
Total comprehensive income for the period attributable to the owners of 2,860 14 2,874
Angling Direct PLC
Pence Pence Pence
Reported Adjustment Restated
Basic earnings per share 3.70 0.02 3.72
Diluted earnings per share 3.65 0.02 3.67
Statements of financial position at the beginning of the earliest comparative
period
Audited year ended 31 January
2021 £'000 2021
£'000 £'000
Extract Reported Adjustment Restated
Non-current assets
Right-of-use assets 10,910 (903) 10,007
Total non-current assets 23,180 (903) 22,277
Total assets less current liabilities 43,426 (903) 42,523
Non-current liabilities
Lease liabilities 9,773 (942) 8,831
Restoration provision 277 5 282
Deferred tax 258 5 263
Total non-current liabilities 10,308 (932) 9,376
Net assets 33,118 29 33,147
Equity
Retained profits 1,233 29 1,262
Total equity 33,118 29 33,147
Statements of financial position at the end of the earliest comparative period
Unaudited six months ended 31 July
2021 2021
£'000 £'000 £'000
Extract Reported Adjustment Restated
Non-current assets
Right-of-use assets 10,385 (908) 9,477
Total non-current assets 22,434 (908) 21,526
Total assets less current liabilities 46,216 (908) 45,308
Non-current liabilities
Lease liabilities 9,249 (961) 8,288
Restoration provision 289 5 294
Deferred tax 618 5 623
Total non-current liabilities 10,156 (951) 9,205
Net assets 36,060 43 36,103
Equity
Retained profits 4,093 43 4,136
Total equity 36,060 43 36,103
Note 4. Segmental reporting
Segmental information is presented in respect of the Group's operating
segments, based on the Group's management and internal reporting structure,
and monitored by the Group's Chief Operating Decision Maker (CODM).
Segment results, assets and liabilities include items directly attributable to
a segment as well as those that can be allocated on a reasonable basis.
Unallocated items comprise mainly own brand stock in transit from the
manufacturers, group cash and cash equivalents, taxation related assets and
liabilities, centralised support functions salary and premises costs, and
government grant income.
Geographical segments
The business operated predominantly in the UK. As at 31 July 2022, it has
three native language web sites for Germany, France and the Netherlands. In
accordance with IFRS 8 'Operating segments' for the periods up to 31 January
2022 no segmental results are presented for trade with European customers as
these are not reported separately for management purposes and are not
considered material for separate disclosure, save for disaggregation of
revenue in note 5. Trading through the subsidiary in the Netherlands commenced
on 1 March 2022 and therefore this has been presented as a separate segment,
Europe Online, from 1 March 2022.
Operating segments
In the periods to 31 January 2022, the Group is split into two operating
segments (Stores and Online) and a centralised support function (Head Office)
for business segment analysis. In identifying these operating segments,
management follows the route to market for the generation of the customer
order for its products. Due to the commencement of trading through the
subsidiary in the Netherlands, management has made a judgement that there are
now three operating segments (Stores, UK Online and Europe Online) from 1
February 2022.
Each of these operating segments is managed separately as each segment
requires different specialisms, marketing approaches and resources. Head
Office includes costs relating to the employees, property and other overhead
costs associated with the centralised support functions.
The CODM reviews EBITDA (earnings before interest, tax, depreciation and
amortisation) pre IFRS 16. The accounting policies adopted for internal
reporting to the CODM are consistent with those adopted in the financial
statements, save for IFRS 16. A full reconciliation of pre IFRS 16 EBITDA to
post IFRS 16 EBITDA performance is provided to the CODM.
The information reported to the CODM is on a monthly basis.
At 31 July 2022, £22,952,000 of non-current assets are located in the UK (31
July 2021 £21,526,000) and £1,101,000 of non-current assets are located in
the Netherlands (31 July 2021 £nil).
Operating segment information
Stores UK Online Europe Online Head Office Total
31 July 2022 £'000 £'000 £'000 £'000 £'000
Revenue 21,897 15,275 1,726 - 38,898
Profit/(loss) before income tax 2,577 1,620 (707) (2,361) 1,129
EBITDA post IFRS 16 3,859 1,923 (570) (2,212) 3,000
Total assets 25,198 7,588 4,163 23,319 60,268
Total liabilities (12,726) (4,412) (1,116) (4,612) (22,866)
EBITDA Reconciliation
Profit/(loss) before income tax 2,577 1,620 (707) (2,361) 1,129
Less: Interest income - - - (26) (26)
Add: Interest expense 175 23 19 8 225
Add: Depreciation and amortisation 1,107 280 118 167 1,672
EBITDA post IFRS 16 3,859 1,923 (570) (2,212) 3,000
Less: Costs relating to IFRS 16 lease liabilities (882) (84) (107) (75) (1,148)
EBITDA pre IFRS 16 2,977 1,839 (677) (2,287) 1,852
Stores Online Head office Total
31 July 2021 £'000 £'000 £'000 £'000
Revenue 19,938 18,466 - 38,404
Profit/(loss) before income tax 2,846 2,809 (1,918) 3,737
EBITDA post IFRS 16 3,964 3,140 (1,733) 5,371
Total assets 22,761 8,418 26,453 57,632
Total liabilities (12,298) (6,061) (3,170) (21,529)
EBITDA Reconciliation
Profit/(loss) before income tax 2,846 2,809 (1,918) 3,737
Less: Interest income - - (19) (19)
Add: Interest expense 157 25 14 196
Add: Depreciation and amortisation 961 306 190 1,457
EBITDA post IFRS 16 3,964 3,140 (1,733) 5,371
Less: Costs relating to IFRS 16 lease liabilities (816) (79) (48) (943)
EBITDA pre IFRS 16 3,148 3,061 (1,781) 4,428
EBITDA Reconciliation
Profit/(loss) before income tax 2,577 1,620 (707) (2,361) 1,129
Less: Interest income - - - (26) (26)
Add: Interest expense 175 23 19 8 225
Add: Depreciation and amortisation 1,107 280 118 167 1,672
EBITDA post IFRS 16 3,859 1,923 (570) (2,212) 3,000
Less: Costs relating to IFRS 16 lease liabilities (882) (84) (107) (75) (1,148)
EBITDA pre IFRS 16 2,977 1,839 (677) (2,287) 1,852
Stores Online Head office Total
31 July 2021 £'000 £'000 £'000 £'000
Revenue 19,938 18,466 - 38,404
Profit/(loss) before income tax 2,846 2,809 (1,918) 3,737
EBITDA post IFRS 16 3,964 3,140 (1,733) 5,371
Total assets 22,761 8,418 26,453 57,632
Total liabilities (12,298) (6,061) (3,170) (21,529)
EBITDA Reconciliation
Profit/(loss) before income tax 2,846 2,809 (1,918) 3,737
Less: Interest income - - (19) (19)
Add: Interest expense 157 25 14 196
Add: Depreciation and amortisation 961 306 190 1,457
EBITDA post IFRS 16 3,964 3,140 (1,733) 5,371
Less: Costs relating to IFRS 16 lease liabilities (816) (79) (48) (943)
EBITDA pre IFRS 16 3,148 3,061 (1,781) 4,428
Note 5. Revenue from contracts with customers
Disaggregation of revenue
The disaggregation of revenue from contracts with customers is as follows:
Unaudited six months ended 31 July Audited year ended 31 January
2022 Restated 2021 2022
£'000 £'000 £'000
Route to market
Retail store sales 21,897 19,938 38,665
E-commerce 17,001 18,466 33,809
38,898 38,404 72,474
Geographical regions
United Kingdom 37,172 37,144 69,818
Germany, France and Netherlands 1,602 1,033 2,242
Other countries 124 227 414
38,898 38,404 72,474
Timing of revenue recognition
Goods transferred at a point in time 38,898 38,404 72,474
Note 6. Other income
Unaudited six months ended 31 July Audited year ended 31 January
2022 Restated 2021 2022
£'000 £'000 £'000
Net foreign exchange gain/(loss) 8 - (18)
Government grants - 932 932
Insurance recoveries 243 - -
Other income 17 - -
Other income 268 932 914
As a result of the economic impacts of the Covid-19 pandemic, a number of
government programmes were put into place to support businesses and consumers.
Examples of such initiatives include the UK's Coronavirus Job Retention
Scheme. In accounting for the impacts of these measures, the Group has applied
IAS 20: 'Government Grants'.
During the six months to 31 July 2022, the Group recognised an amount
totalling £nil (31 July 2021 and 31 January 2022: £216,000) receivable under
the UK Government's Coronavirus Job Retention Scheme and an amount totalling
£nil (31 July 2021 and 31 January 2022: £716,000) receivable under the UK
Government's Restart Grant Scheme.
As a result of the economic impacts of the Covid-19 pandemic, a number of
government programmes were put into place to support businesses and consumers.
Examples of such initiatives include the UK's Coronavirus Job Retention
Scheme. In accounting for the impacts of these measures, the Group has applied
IAS 20: 'Government Grants'.
During the six months to 31 July 2022, the Group recognised an amount
totalling £nil (31 July 2021 and 31 January 2022: £216,000) receivable under
the UK Government's Coronavirus Job Retention Scheme and an amount totalling
£nil (31 July 2021 and 31 January 2022: £716,000) receivable under the UK
Government's Restart Grant Scheme.
Note 7. EBITDA reconciliation (earnings before interest, taxation,
depreciation and amortisation)
The Directors believe that adjusted profit provides additional useful
information for shareholders on performance. This is used for internal
performance analysis. This measure is not defined by IFRS and is not intended
to be a substitute for, or superior to, IFRS measurements of profit. The
following table is provided to show the comparative earnings before interest,
tax, depreciation and amortisation ('EBITDA') after adjusting for costs
relating to IFRS 16 lease liabilities.
Unaudited six months ended Unaudited six months ended Audited year ended
31 July 31 July 31 January
Restated 2021
2022 2022
£'000 £'000 £'000
EBITDA reconciliation
Profit before income tax expense post IFRS 16 1,129 3,737 4,022
Less: Interest income (26) (19) (14)
Add: Interest expense 225 196 406
Add: Depreciation and amortisation 1,672 1,457 2,922
EBITDA post IFRS 16 3,000 5,371 7,336
Less: costs relating to IFRS 16 lease liabilities (1,148) (943) (2,135)
EBITDA pre IFRS 16 1,852 4,428 5,201
Note 8. Income tax expense
The tax charge for the six months ended 31 July 2022 is recognised based on
management's estimate of the weighted average annual effective tax rate
expected for the full financial year, adjusted for the tax impact of any
discrete items arising in the period. Deferred tax balances are calculated
using tax rates that have been enacted or substantively enacted by the balance
sheet date and that are expected to apply in the period when the liability is
settled or the asset realised.
Note 9. Intangibles
Unaudited six months ended 31 July Audited year ended 31 January
2022 Restated 2021 2022
£'000 £'000 £'000
Non-current assets
Goodwill - at cost 5,802 5,802 5,802
Less: Impairment (182) (182) (182)
5,620 5,620 5,620
Software - at cost 1,589 1,274 1,431
Less: Accumulated amortisation (1,085) (676) (875)
504 598 556
6,124 6,218 6,176
Reconciliations
Reconciliations of the written down values at the beginning and end of the
current financial period are set out below:
Goodwill Software Total
Unaudited six months ended 31 July £'000 £'000 £'000
Balance at 1 February 2022 5,620 556 6,176
Additions - 158 158
Amortisation expense - (210) (210)
Balance at 31 July 2022 5,620 504 6,124
Reconciliations
Reconciliations of the written down values at the beginning and end of the
current financial period are set out below:
Goodwill Software Total
Unaudited six months ended 31 July £'000 £'000 £'000
Balance at 1 February 2022 5,620 556 6,176
Additions - 158 158
Amortisation expense - (210) (210)
Balance at 31 July 2022 5,620 504 6,124
Note 10. Property, plant and equipment
Unaudited six months ended 31 July Audited year ended 31 January
2022 Restated 2021 2022
£'000 £'000 £'000
Non-current assets
Land and buildings improvements - at cost 1,002 1,002 1,002
Less: Accumulated depreciation (310) (295) (303)
692 707 699
Plant and equipment - at cost 8,253 6,660 7,640
Less: Accumulated depreciation (2,370) (2,041) (1,974)
5,883 4,619 5,666
Motor vehicles - at cost 15 15 15
Less: Accumulated depreciation (12) (9) (10)
3 6 5
Computer equipment - at cost 1,263 1,326 1,118
Less: Accumulated depreciation (683) (827) (580)
580 499 538
7,158 5,831 6,908
Reconciliations
Reconciliations of the written down values at the beginning and end of the
current financial period are set out below:
Land and Plant and Motor Computer
buildings
improvements equipment vehicles equipment Total
Unaudited six months ended 31 July £'000 £'000 £'000 £'000 £'000
Balance at 1 February 2022 699 5,666 5 538 6,908
Additions - 613 - 145 758
Depreciation expense (7) (396) (2) (103) (508)
Balance at 31 July 2022 692 5,883 3 580 7,158
Reconciliations
Reconciliations of the written down values at the beginning and end of the
current financial period are set out below:
Land and Plant and Motor Computer
buildings
improvements equipment vehicles equipment Total
Unaudited six months ended 31 July £'000 £'000 £'000 £'000 £'000
Balance at 1 February 2022 699 5,666 5 538 6,908
Additions - 613 - 145 758
Depreciation expense (7) (396) (2) (103) (508)
Balance at 31 July 2022 692 5,883 3 580 7,158
Note 11. Right-of-use assets
Unaudited six months ended 31 July Audited year ended 31 January
2022 Restated 2021 2022
£'000 £'000 £'000
Non-current assets
Land and buildings - right-of-use 17,630 14,348 16,979
Less: Accumulated depreciation (6,998) (5,326) (6,080)
10,632 9,022 10,899
Plant and equipment - right-of-use 80 575 80
Less: Accumulated depreciation (53) (194) (49)
27 381 31
Motor vehicles - right-of-use 372 269 326
Less: Accumulated depreciation (277) (218) (248)
95 51 78
Computer equipment - right-of-use 59 59 59
Less: Accumulated depreciation (42) (36) (39)
17 23 20
10,771 9,477 11,028
Reconciliations
Reconciliations of the written down values at the beginning and end of the
current financial period are set out below:
Land and Plant and Motor Computer
buildings equipment vehicles equipment Total
Unaudited six months ended 31 July £'000 £'000 £'000 £'000 £'000
Balance at 1 February 2022 10,899 31 78 20 11,028
Additions 651 - 46 - 697
Depreciation expense (918) (4) (29) (3) (954)
Balance at 31 July 2022 10,632 27 95 17 10,771
Reconciliations
Reconciliations of the written down values at the beginning and end of the
current financial period are set out below:
Land and Plant and Motor Computer
buildings equipment vehicles equipment Total
Unaudited six months ended 31 July £'000 £'000 £'000 £'000 £'000
Balance at 1 February 2022 10,899 31 78 20 11,028
Additions 651 - 46 - 697
Depreciation expense (918) (4) (29) (3) (954)
Balance at 31 July 2022 10,632 27 95 17 10,771
Note 12. Trade and other payables
Unaudited six months ended 31 July Audited year ended 31 January
2022 Restated 2021 2022
£'000 £'000 £'000
Current liabilities
Trade payables 6,011 6,334 4,844
Accrued expenses 1,286 1,894 2,000
Refund liabilities 58 96 42
Social security and other taxes 1,158 1,097 711
Other payables 1,310 979 1,083
9,823 10,400 8,680
Note 13. Share capital
Unaudited six months ended 31 July
2022 Restated 2021 2022 Restated 2021
Shares Shares £'000 £'000
Ordinary shares of £0.01 each - fully paid 77,267,304 77,267,304 773 773
Note 14. Dividends
There were no dividends paid, recommended or declared during the current or
previous financial period.
Note 15. Contingent liabilities
The Group had no material contingent liabilities as at 31 July 2022, 31
January 2022 and 31 July 2021.
Note 16. Earnings per share
Unaudited six months Unaudited six months Audited year
ended
ended
ended
31 July 31 July Restated 31January
2022 2021 2022
£'000 £'000 £'000
Profit after income tax attributable to the owners of Angling Direct PLC 878 2,874 3,077
Number Number Number
Weighted average number of ordinary shares used in calculating basic earnings 77,267,304 77,267,304 77,267,304
per share
Adjustments for calculation of diluted earnings per share: 962,010 970,610 1,000,912
Options over ordinary shares
Weighted average number of ordinary shares used in calculating diluted 78,229,314 78,237,914 78,268,216
earnings per share
Pence Pence Pence
Basic earnings per share 1.14 3.72 3.98
Diluted earnings per share 1.12 3.67 3.93
Number Number Number
Weighted average number of ordinary shares used in calculating basic earnings 77,267,304 77,267,304 77,267,304
per share
Adjustments for calculation of diluted earnings per share: 962,010 970,610 1,000,912
Options over ordinary shares
Weighted average number of ordinary shares used in calculating diluted 78,229,314 78,237,914 78,268,216
earnings per share
Pence Pence Pence
Basic earnings per share 1.14 3.72 3.98
Diluted earnings per share 1.12 3.67 3.93
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