RNS Number : 6431T
Chamberlin PLC
18 November 2019
18 November 2019
AIM: CMH
CHAMBERLIN PLC
("Chamberlin" or "the Company" or "the Group")
Interim Results
for the six months to 30 September 2019
Key Points
· H1 results reflect tough trading conditions and a restructuring programme to align the cost base leading to improved start to H2
· Revenues at £12.8m (2018: £17.4m)
· Operating loss before restructuring costs £1.0m (2018 restated: loss £0.4m). Operating loss after restructuring costs £1.7m (2018 restated: £0.4m)
· Major downsizing of operations with 28% reduction in headcount, non-recurring restructuring charge of £0.7m
· Loss before tax of £1.8m (2018 restated: loss of £0.6m).
· Net debt at 30 Sept 2019 at £6.1m (31 March: 2019 £5.4m)
· Enhanced prospects for H2 due to new contracts and reduced cost base
Chairman, Keith Butler-Wheelhouse, commented:
"The first half of the year has seen significant efforts going into the restructuring of the business as well as a drive to win new business. The restructuring is now, in the main, complete. Looking ahead the Board is cautiously optimistic that the lower cost base and prospective revenue gains will benefit Chamberlin over the years ahead."
Enquiries
Chamberlin plc Kevin Nolan, Chief Executive Neil Davies, Finance Director
T: 01922 707100
Cenkos Securities plc (Nominated Adviser and Broker) Russell Cook Katy Birkin
T: 020 7397 8900
KTZ Communications (Financial PR) Katie Tzouliadis Dan Mahoney
T: 020 3178 6378
Chairman's Statement
Chamberlin plc (AIM: CMH) announces its interim results for the six months ended 30 September 2019.
Revenues in the first six months declined to £12.8m from £17.4m in the prior year, when revenues rose by 21% aided by stock-building by some automotive customers. In addition to the swing in demand from the automotive sector, in part related to the changed emissions testing regime, revenues also reflected lower demand at the Scunthorpe foundry following British Steel's administration. Some customers delayed purchasing at Petrel, partly attributable to continuing Brexit uncertainty.
Management have re-assessed the expected go-forward revenues, and have made substantial adjustments to the cost base. Compared to the turn of the calendar year the headcount has reduced by 28%.
Operating profitability in the first half, before restructuring costs of £0.7m, resulted in a loss of £1.0m (2018: loss £0.4m). The loss before tax was £1.8m, compared to the loss of £0.6m in the first half of the prior year.
As a consequence, net debt increased from £5.4m at the start of the year to £6.1m. Improvements to working capital and control of capital expenditure costs partly offset the cash effect of the above loss before tax. Trade debt of £0.9m that was overdue at the half year-end has since been received, improving the net debt position.
In addition to actions to reduce the cost base, management's negotiations with customers have substantially enhanced the outlook for the second half and future years. Contributing to these expected increased revenues are:
• Higher volumes from existing automotive customers including increased utilisation of machining capacity achieved through improved technical support and additional filtration initiatives.
• A new contract for non-automotive light castings.
• Selling price increases.
• A new customer for heavy castings, with potentially large volumes.
• New products launched at Petrel.
Outlook
Trading in the second half reflects the new customer orders and initiatives above, and the actions taken to restructure the cost base. The combination of higher revenues and a significantly lower cost base is expected to give rise to second half operating margins of approximately 3%, with a consequent reduction in net debt. However, despite the improvement in second half trading, the Board believes that the results to 31 March 2020, excluding the restructuring cost of £0.7m, will move from the positive side of break-even to a small loss for the year. Looking further ahead, Management are encouraged by these initiatives, although risks remain until the post Brexit terms of trade with the EU are determined.
This announcement contains inside information for the purposes of Article 7 of Regulation (EU) No 596/2014
Consolidated Income Statement
for the six months ended 30 September 2019
Note
Unaudited six months ended 30 September 2019
Unaudited six months ended 30 September 2018 restated (note 9)
Year ended 31 March 2019 restated (note 9)
Underlying
# Non-underlying
Total
Underlying
# Non-underlying
Total
Underlying
# Non-underlying
Total
£000
£000
£000
£000
£000
£000
£000
£000
£000
Revenue
2
12,828
-
12,828
17,363
-
17,363
32,958
-
32,958
Cost of sales
(11,921)
-
(11,921)
(15,152)
-
(15,152)
(29,192)
-
(29,192)
Gross profit
907
-
907
2,211
-
2,211
3,766
-
3,766
Other operating expenses
7
(1,917)
(686)
(2,603)
(2,580)
(4)
(2,584)
(4,776)
(3,448)
(8,224)
Operating loss
(1,010)
(686)
(1,696)
(369)
(4)
(373)
(1,010)
(3,448)
(4,458)
Finance costs
3,7
(147)
-
(147)
(233)
-
(233)
(499)
-
(499)
Loss before tax
(1,157)
(686)
(1,843)
(602)
(4)
(606)
(1,509)
(3,448)
(4,957)
Tax (expense)/credit
4,7
(143)
-
(143)
121
-
121
(39)
87
48
Loss for the period from continuing operations
(1,300)
(686)
(1,986)
(481)
(4)
(485)
(1,548)
(3,361)
(4,909)
Discontinued operations
Profit for the period from discontinued operations
-
-
-
-
221
221
-
6,435
6,435
(Loss)/ profit for the period attributable to equity holders of the Parent Company
(1,300)
(686)
(1,986)
(481)
217
(264)
(1,548)
3,074
1,526
Underlying (loss) per share from continuing operations:
Basic
5
(16.3)p
(6.0)p
(19.5)p
Diluted
(16.3)p
(6.0)p
(19.5)p
Earnings per share from discontinued operations:
Basic
5
-
2.8p
80.9p
Diluted
-
2.8p
80.9p
Total (loss)/earnings per share:
Basic
5
(25.0)p
(3.3)p
19.2p
Diluted
(25.0)p
(3.3)p
19.2p
# Non- underlying items represent exceptional costs, share based payment costs and the associated tax impact of these items as disclosed in note 7.
Consolidated Statement of Comprehensive Income
for the six months ended 30 September 2019
Unaudited six months ended 30 September 2019
Unaudited six months ended 30 September 2018 restated (note 9)
Year ended 31 March 2019
£000
£000
£000
(Loss)/profit for the period
(1,986)
(264)
1,526
Other comprehensive income
Reclassification of cash flow hedges included in sales
-
(19)
-
Movements in fair value of cash flow hedges taken to other comprehensive income
(165)
(139)
134
Deferred tax on movements in cash flow hedges
28
26
(23)
Net other comprehensive (expense)/income that may be recycled to profit and loss
(137)
(132)
111
Re-measurement gains/ (losses)on pension scheme assets and liabilities
(261)
984
76
Deferred/ current tax on re-measurement (losses)/ gains on pension assets and liabilities
50
(186)
(15)
Net other comprehensive (expense)/ income/that will not be reclassified to profit and loss
(211)
798
61
Other comprehensive (expense)/income for the period net of tax
(348)
666
172
Total comprehensive (expense)/income for the period attributable to equity holders of the Parent Company
(2,334)
402
1,698
Consolidated Balance Sheet
at 30 September 2019
Unaudited 30 September 2019
Unaudited 30 September 2018 restated (note 9)
31 March 2019
£000
£000
£000
Non-current assets
Property, plant and equipment
7,714
11,143
7,769
Intangible assets
264
298
290
Deferred tax assets
820
945
906
8,798
12,386
8,965
Current assets
Assets held for sale
-
3,140
-
Inventories
2,838
2,818
2,702
Trade and other receivables
5,140
7,151
6,052
Cash at bank
599
-
291
8,577
13,109
9,045
Total assets
17,375
25,495
18,010
Current liabilities
Financial liabilities
4,159
8,734
2,683
Trade and other payables
5,153
6,507
4,600
9,312
15,241
7,283
Non-current liabilities
Financial liabilities
2,491
2,469
2,966
Deferred tax liabilities
35
-
53
Provisions
200
200
200
Defined benefit pension scheme deficit
2,791
4,023
2,640
5,517
6,692
5,859
Total liabilities
14,829
21,933
13,142
Capital and reserves
Share capital
1,990
1,990
1,990
Share premium
1,269
1,269
1,269
Capital redemption reserve
109
109
109
Hedging reserve
(41)
(147)
96
Retained earnings
(781)
341
1,404
Total equity
2,546
3,562
4,868
Total equity and liabilities
17,375
25,495
18,010
Consolidated Cash Flow Statement
for the six months ended 30 September 2019
Unaudited six months ended 30 September 2019
Unaudited six months ended 30 September 2018 restated (note 9)
Year ended 31 March 2019
£000
£000
£000
Operating activities
Loss for the period before tax
(1,843)
(606)
(4,957)
Adjustments for:
Net finance costs
147
171
387
Impairment charge on property,plant and equipment
-
-
3,043
Depreciation of property, plant and equipment
476
684
1,688
Non-underlying items
686
-
-
Amortisation of software
22
28
59
Amortisation of development costs
11
10
25
(Profit)/loss on disposal of property plant and equipment
(12)
8
-
Share based payments
-
4
40
Foreign exchange rate movements
(79)
-
-
One-off contribution to defined benefit pension scheme
-
-
(2,500)
Difference between pension contributions paid and amounts recognised in the Income Statement
(139)
(73)
137
Increase in inventories
(136)
(506)
(388)
Decrease/(increase) in receivables
998
(846)
419
Increase/(decrease) in payables
318
354
(1,332)
Cash inflow/(outflow) from continuing operations
449
(772)
(3,379)
Cash (outflow)/ inflow from discontinued operations
-
(45)
491
Cash out flow from non-underlying items
(604)
-
-
Net cash outflow from operating activities
(155)
(817)
(2,888)
Investing activities
Purchase of property, plant and equipment
(400)
(464)
(1,188)
Purchase of software
(7)
-
-
Development costs
-
-
(22)
Proceeds from sale of subsidiary
-
-
8,520
Cash and cash equivalents disposed
-
-
(1,146)
Disposal of property, plant and equipment
12
-
-
Investing activities from discontinued operations
-
(68)
(125)
Net cash (outflow)/inflow from investing activities
(395)
(532)
6,039
Financing activities
Interest paid
(118)
(187)
(387)
Net invoice finance drawdown/(repayment)
1,495
2,127
(1,832)
Import loan facility repayment
-
(1,137)
(873)
Finance lease payments
(530)
(55)
(781)
Finance leases additions
-
780
1,291
Financing activities from discontinued operations
-
-
207
Net cash inflow/(outflow) from financing activities
847
1,528
(2,375)
Net increase in cash and cash equivalents
297
179
776
Cash and cash equivalents at the start of the period Impact of foreign exchange rate movements
291 11
(485) -
(485) -
Cash and cash equivalents at the end of the period
599
(306)
291
Cash and cash equivalents included in discontinued operations
-
902
-
Cash and cash equivalents for continuing operations
599
(1,208)
291
Cash and cash equivalents compromise:
Cash at bank / (overdraft)
599
(306)
291
Consolidated Statement of Changes in Equity
for the six months ended 30 September 2019
Share capital
Share premium
Capital redemption reserve
Hedging reserve
Retained earnings
Total equity
£000
£000
£000
£000
£000
£000
At 1 April 2018
1,990
1,269
109
(15)
(197)
3,156
Loss for the period (restated)
-
-
-
-
(264)
(264)
Other comprehensive expense for the period net of tax
-
-
-
(132)
798
666
Total comprehensive (expense)/income
-
-
-
(132)
534
402
Share based payments
-
-
-
-
4
4
Total of transactions with shareholders
-
-
-
-
4
4
At 30 September 2018
1,990
1,269
109
(147)
341
3,562
Loss for the period
-
-
-
-
1,790
1,790
Other comprehensive income/ (expense) for the period net of tax
-
-
-
243
(737)
(494)
Total comprehensive income
-
-
-
243
1,053
1,296
Share based payments
-
-
-
-
36
36
Deferred tax on employee share options
-
-
-
-
(26)
(26)
Total of transactions with shareholders
-
-
-
-
10
10
At 1 April 2019
1,990
1,269
109
96
1,404
4,868
Loss for the period
-
-
-
-
(1,986)
(1,986)
Other comprehensive income for the period net of tax
-
-
-
(137)
(211)
(348)
Total comprehensive expense
-
-
-
(137)
(2,197)
(2,334)
Share based payments
-
-
-
-
14
14
Deferred tax on employee share options
(2)
(2)
Total of transactions with shareholders
-
-
-
-
12
12
At 30 September 2019
1,990
1,269
109
(41)
(781)
2,546
Independent review report to Chamberlin plc
Introduction
We have been engaged by the company to review the financial information in the half-yearly financial report for the six months ended 30 September 2019 which comprises the Consolidated Income Statement, Consolidated Statement of Comprehensive Income, Consolidated Balance Sheet, Consolidated Statement of Cash Flows, Consolidated Statement of Changes in Equity and the related notes. We have read the other information contained in the half yearly financial and considered whether it contains any apparent misstatements or material inconsistencies with the information in the condensed set of financial statements.
Directors' responsibilities
The half-yearly financial report is the responsibility of, and has been approved by, the directors. The AIM rules of the London Stock Exchange require that the accounting policies and presentation applied to the financial information in the half-yearly financial report are consistent with those which will be adopted in the annual accounts having regard to the accounting standards applicable for such accounts.
As disclosed in Note 1, the annual financial statements of the group are prepared in accordance with IFRSs as adopted by the European Union. The financial information in the half-yearly financial report has been prepared in accordance with the basis of preparation in Note 1.
Our responsibility
Our responsibility is to express to the company a conclusion on the financial information in the half-yearly financial report based on our review.
Scope of review
We conducted our review in accordance with International Standard on Review Engagements (UK and Ireland) 2410, 'Review of Interim Financial Information Performed by the Independent Auditor of the Entity' issued by the Auditing Practices Board for use in the United Kingdom. A review of interim financial information consists of making enquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with International Standards on Auditing (UK) and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.
Conclusion
Based on our review, nothing has come to our attention that causes us to believe that the financial information in the half-yearly financial report for the six months ended 30 September 2019 is not prepared, in all material respects, in accordance with the basis of accounting described in Note 1.
Use of our report
This report is made solely to the company in accordance with guidance contained in ISRE (UK and Ireland) 2410, 'Review of Interim Financial Information performed by the Independent Auditor of the Entity'. Our review work has been undertaken so that we might state to the company those matters we are required to state to it in a review report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company for our review work, for this report, or for the conclusion we have formed.
Grant Thornton UK LLP
Statutory Auditor, Chartered Accountants
Birmingham
18 November 2019
Notes to the Interim Financial statements
1 General information and accounting policies
This Interim Financial Report is unaudited, but has been reviewed by the Company's auditor having regard to the International Standard on Review Engagements (UK & Ireland) 2410 "Review of Interim Financial Information Performed by the Independent Auditor of the Entity", issued by the Auditing Practices Board for use in the UK. A copy of their unmodified review report is attached.
The interim condensed consolidated financial statements do not comprise the Group's statutory accounts as defined by section 434 of the Companies Act 2006. Statutory accounts for the year ended 31 March 2019 were approved by the board of directors on 3 June 2019 and were filed at Companies House. The auditor's report on those accounts was unqualified, did not contain an emphasis of matter paragraph and did not contain any statement under section 498(2) or (3) of the Companies Act 2006.
Basis of preparation
The annual financial statements of the Group are prepared in accordance with IFRS as adopted by the European Union. The condensed set of financial statements included in this half-yearly financial report has been prepared in accordance with the AIM Rules issued by the London Stock Exchange.
Accounting policies
The principal accounting policies applied in preparing the interim Financial Statements comply with IFRS as adopted by the European Union and are consistent with the policies set out in the Annual Report and Accounts for the year ended 31 March 2019.
Comparative information for the six months ending 30 September 2018 has been restated following the adoption of IFRS 16 'Leases' in the second half of the 2019 financial year. In addition, a change has been made to the presentation of administration costs and interest costs associated with the company's defined benefit pension scheme. Previously, these costs were shown as non-underlying items. Management is now of the view that such costs should be reported as part of underlying results reflecting the on-going recurring nature of these costs. As a result of these changes, the underlying results in the comparative periods have been restated as shown in note 9.
No new standards or interpretations issued since 31 March 2019 have had a material impact on the accounting of the Group.
Going concern
After making enquiries and reviewing the group's forecasts and projections, the directors have a reasonable expectation that the Group is able to operate for the foreseeable future within its current facilities, comprising finance leases of £2.6m repayable over 4 years, right of use lease liabilities of £0.9m repayable over 8 years and an invoice finance discounting facility renewable annually in March for the lower of £7.75m and 90% of outstanding invoices. Accordingly, the directors continue to adopt the going concern basis in preparing the half-yearly condensed consolidated interim financial statements.
2 Segmental analysis
For management purposes, the Group is organised into two operating divisions: Foundries and Engineering. The operating segments reporting format reflects the Group's management and internal reporting structures for the Chief Operating Decision Maker.
Revenue
Operating (loss)/ profit
Unaudited six months ended 30 September 2019 £000
Unaudited six months ended 30 September 2018 £000
Year ended 31 March 2019 £000
Unaudited six months ended 30 September 2019 £000
Unaudited six months ended 30 September 2018 restated £000
Year ended 31 March 2019 restated £000
Foundries
11,177
15,427
29,343
(522)
133
(211)
Engineering
1,651
1,936
3,615
18
119
251
Segmental results
12,828
17,363
32,958
(504)
252
40
Shared costs
(506)
(621)
(1,050)
Exceptional and non-underlying costs
(686)
(4)
(3,448)
Net finance costs
(147)
(233)
(499)
Loss before tax from continuing operations
(1,843)
(606)
(4,957)
The Foundries segment is a supplier of iron castings, in raw or machined form, to a variety of industrial customers who incorporate the castings into their own products or carry out further machining or assembly operations on the castings before selling them on. The Engineering segment provides manufactured and imported products to distributors and end-users. The products fall into the categories of hazardous area lighting and cable management.
Financing and income tax are managed on a Group basis and are not allocated to operating segments.
3 Finance costs
Unaudited six months ended 30 September 2019
Unaudited six months ended 30 September 2018 restated
Year ended 31 March 2019
£000
£000
£000
Interest on bank overdraft
(46)
(152)
(335)
Interest expense on lease liabilities
(72)
(19)
(52)
Net interest on defined benefit pension liability
(29)
(62)
(112)
(147)
(233)
(499)
4 Income tax expense
An estimated effective rate of tax for the six months to 30 September 2019 of 7.8% (30 September 2018: 20.0%) has been used in these interim statements. This rate is below the standard corporation tax rate of 19% due primarily to not recognising a deferred tax asset on trading losses, due to uncertainty over when the losses will recoverable. The corporation tax rate remained at 19% for the year ended 31 March 2019. The rate will fall to 17% from 1 April 2020. It is not anticipated that the subsequent reduction to 17% will have a material effect on the Company's future current or deferred tax charges.
5 (Loss)/ earnings per share
The calculation of (loss)/earnings per share is based on the profit attributable to shareholders and the weighted average number of ordinary shares in issue. In calculating the diluted (loss)/earnings per share, adjustment has been made for the dilutive effect of outstanding share options. Underlying (loss) per share, which excludes exceptional costs, net financing cost on pension obligations, administration costs of the pension scheme and share based compensation, less related tax thereon, as analysed below, has been disclosed as the Directors believe this allows a better assessment of the underlying trading performance of the Group.
Unaudited six months ended 30 September 2019
Unaudited six months ended 30 September 2018 restated
Year ended 31 March 2019 restated
£000
£000
£000
Continuing operations loss for basic earnings per share
(1,986)
(485)
(4,909)
Non-underlying operating items
686
4
3,448
Taxation effect of the above
-
-
(87)
Loss for underlying earnings per share
(1,300)
(481)
(1,548)
Unaudited six months ended 30 September 2019
Unaudited six months ended 30 September 2018
Year ended 31 March 2019
£000
£000
£000
Discontinued operations loss for basic earnings per share
-
221
6,435
Exceptional costs
-
-
-
Taxation effect of the above
-
-
-
Earnings for underlying earnings per share
-
221
6,435
Unaudited six months ended 30 September 2019
Unaudited six months ended 30 September 2018
Year ended 31 March 2019
000
000
000
Weighted average number of ordinary shares
7,958
7,958
7,958
Adjustment to reflect dilutive shares under option
424
350
424
Diluted weighted average number of ordinary shares
8,382
8,308
8,382
There is no adjustment for the shares under option in the diluted loss per share calculation as they are required to be excluded from the weighted average number of shares as they are anti-dilutive.
6 Pensions
The Group operates a defined benefit pension scheme and a number of defined contribution pension schemes on behalf of its employees. For defined contribution schemes, contributions paid in the period are charged to the income statement. For the defined benefit scheme, actuarial calculations are performed in accordance with IAS 19 in order to arrive at the amounts to be charged in the income statement and recognised in the statement of comprehensive income. The defined benefit scheme is closed to new entrants and future accrual.
Under IAS 19, the Group recognises all movements in the actuarial funding position of the scheme in each period. This is likely to lead to volatility in shareholders' equity from period to period.
The IAS 19 figures are based on a number of actuarial assumptions as set out below, which the actuaries have confirmed they consider appropriate. The projected unit credit actuarial cost method has been used in the actuarial calculations.
30 September 2019
30 September 2018
31 March 2019
Salary increases
n/a
n/a
n/a
Pension increases (post 1997)
3.0%
3.1%
3.2%
Discount rate
1.7%
2.7%
2.3%
Inflation assumption - RPI
3.1%
3.2%
3.3%
Inflation assumption - CPI
2.1%
2.2%
2.3%
The demographic assumptions used for 30 September 2019, were the same as used in 31 March 2019, 30 September 2018 and the last full actuarial valuation performed as at 1 April 2016. The contributions expected to be paid during the year to 31 March 2020 are £278,000. The next triennial valuation as at 1 April 2019 is currently in progress and is expected to be concluded by the end of quarter two in 2020.
The defined benefit scheme funding has changed under IAS 19 as follows:
Funding status
Unaudited six months to 30 September 2019 £000
Unaudited six months to 30 September 2018 £000
Year to 31 March 2019 £000
Scheme assets at end of period
16,861
13,617
16,065
Benefit obligations at end of period
(19,652)
(17,640)
(18,705)
Deficit in scheme
(2,791)
(4,023)
(2,640)
Related deferred tax asset
474
684
448
Net pension liability
(2,317)
(3,339)
(2,192)
The increase in the net pension liability since March 2019 is mainly due to an increase in the value of liabilities as a consequence of a reduction in bond yields reducing the discount rate.
7 Exceptional costs and non-underlying items
Unaudited six months ended 30 September 2019
Unaudited six months ended 30 September 2018
Year ended 31 March 2019
£000
£000
£000
Group reorganisation
672
-
54
Asset impairment
-
-
3,043
Onerous leases
-
-
16
Share based payment charge
14
4
40
Non-underlying operating costs
686
4
3,448
Taxation
- tax effect of non-underlying costs
-
-
(87)
686
4
3,361
During the half year ended 30 September 2019, the Group undertook a Group wide restructuring programme in order to realign the cost base to the reduced levels of revenue. Group reorganisation costs of £672,000, which include redundancy and related costs, relate to this rationalisation programme.
8 Net debt
Unaudited six months ended 30 September 2019
Unaudited six months ended 30 September 2018 restated
Year ended 31 March 2019
£000
£000
£000
Financial liabilities
(Net cash)/bank overdraft
(599)
306
(291)
Current instalments due on finance leases
1,022
961
1,055
Current instalments due on asset finance loans
-
600
-
Invoice finance liability
3,137
6,867
1,628
Net debt due in less than one year
3,560
8,734
2,392
Instalments due on finance leases in greater than one year
2,491
2,469
2,966
Net debt
6,051
11,203
5,358
Instalments due under finance leases include "right of use" assets, primarily property leases, totaling £906,000.
9 Restatement of comparatives
Following the early adoption of IFRS 16 'Leases' in the second half of the year ended 31 March 2019, comparative amounts for the half year ended 30 September 2018 have been restated on a comparable basis.
In addition, a change has been made to the presentation of administration costs and interest costs associated with the company's defined benefit pension scheme. Previously, these costs were shown as non-underlying items. Management is now of the view that such costs should be reported as part of underlying results reflecting the on-going recurring nature of these costs. As a result of this presentational change, the underlying results in the comparative periods have been restated. There is no change to statutory results as a consequence of this presentational change.
The impact of the above changes on the comparatives is set out below:
Impact on loss, assets and liabilities at 30 September 2018
As previously reported
Impact of IFRS 16
Pension costs reclassification
As restated
£000
£000
£000
£000
Income statement
Underlying operating loss
(333)
21
(57)
(369)
Underlying finance costs
(152)
(19)
(62)
(233)
Underlying loss before tax
(485)
2
(119)
(602)
Taxation
98
-
23
121
Underlying loss from continuing operations
(387)
2
(96)
(481)
Balance sheet
Assets
Property, plant & equipment
10,407
736
-
11,143
Liabilities
Financial liabilities due in less than 1 year
8,614
120
-
8,734
Financial liabilities due in more than 1 year
1,855
614
-
2,469
Total liabilities
10,469
734
-
11,203
Impact on underlying loss for the year ended 31 March 2019
As previously reported
Pension costs reclassification
As restated
£000
£000
£000
Income statement
Underlying operating loss
(886)
(124)
(1,010)
Underlying finance costs
(387)
(112)
(499)
Underlying loss before tax
(1,273)
(236)
(1,509)
Taxation
(63)
24
(39)
Underlying loss from continuing operations
(1,336)
(212)
(1,548)
10 Interim report
Copies of this interim results statement will be available on the Group's website, www.chamberlin.co.uk, and from the Group's headquarters at Chuckery Road, Walsall, West Midlands, WS1 2DU.
This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.
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