REG - Filtronic PLC - Interim Results
06/02/2024 07:00
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RNS Number : 0798C Filtronic PLC 06 February 2024
6 February 2024
FILTRONIC PLC
("Filtronic", the "Company" or the "Group")
HALF YEAR RESULTS FOR THE SIX MONTHS ENDED 30 NOVEMBER 2023
Filtronic plc (AIM: FTC), the designer and manufacturer of products and
sub-systems for the aerospace, defence, telecoms infrastructure, space and
critical communications markets, announces its half year results for the six
months ended 30 November 2023 ("H1 2024").
Financial
Highlights
H1 2024 H1 2023
Revenue £8.5m £8.4m
Adjusted EBITDA¹ £0.2m £1.0m
Operating (loss)/profit (£0.4m) £0.5m
(Loss)/profit for the period (£0.5m) £0.5m
Basic (loss)/earnings per share (0.24p) 0.22p
Diluted (loss)/earnings per share (0.24p) 0.21p
Cash generated from/(used in) operating activities £1.8m (£0.2m)
At 30 Nov 2023 At 31 May 2023
Net cash when including right of use property leases £1.2m £0.3m
Net cash when excluding right of use property leases £2.4m £1.6m
¹ Adjusted EBITDA is earnings before interest, taxation, depreciation,
amortisation and exceptional items.
Operational Highlights
· Revenue and profit expected to be ahead of market expectations for
FY2024 and FY2025.
· Contract award of £3.4m in the period from the market leader in the
high-growth, low earth orbit ("LEO") satellite communications equipment market
using Filtronic's innovative proprietary Cerus 32 product.
· Good progress made on the development project to supply the European
Space Agency ("ESA") with next generation space payload communication systems
for £3.2m.
· Award of £170k grant from the Defence Technology Exploitation
Programme ("DTEP") to undertake a project titled 'Low cost and SWAP high
density packaging for future RADAR'.
· Healthy cash position enables continued investment in revenue growth
initiatives to deliver the strategic plan.
Post-period Highlights
· Additional contract awards of £12.6m, announced on 20 December 2023
and 6 February 2024, from the market leader in the high-growth, low earth
orbit ("LEO") satellite communications equipment market using Filtronic's
innovative proprietary Cerus 32 product.
· Development contract from the market leader of low earth orbit
("LEO") satellite communications equipment for £150k to develop an E-band
payload module.
· Contract award of £4.5m on 19 December 2023 from BAE Maritime
Systems for the development and manufacture of advanced RF electronic modules.
· Contract award from QinetiQ valued at £2.0m announced on 15 January
2024 for the development of a radio-frequency subsystem to be deployed as a
vehicle mounted land system or helicopter mounted solution.
Commenting on the outlook, Jonathan Neale, Chairman, said: "We are encouraged
by the recent successes we have had in the execution of our strategic plan and
targeted growth initiatives. The impact of this is expected in H2 FY2024 as
we expect revenue to be ahead of full year market expectations and
profitability to be materially ahead. Our confidence stems from the recently
announced contract wins with customers in LEO space, aerospace and defence
markets which were particularly pleasing given both the quantity and value, as
well as the significance and quality of the new customers added to our
customer portfolio. Consistent with our stated growth objectives we anticipate
year-on-year forecast revenue improvements but recognise that timing of major
project decisions and order placement may span financial years resulting in a
growth trajectory that may sometimes be non-linear despite delivering robust
compound growth. As success is delivered, we will continue to invest for
growth whilst managing the rest of the cost base, where possible, to drive
stronger profits and margins".
Enquiries
Filtronic plc www.filtronic.com
Richard Gibbs, CEO 01740 618800 or investor.relations@filtronic.com
Michael Tyerman, CFO
Cavendish Capital Markets Limited 020 7220 0500
Jonny Franklin-Adams/George Dollemore (Corporate Finance)
Sunila de Silva (ECM)
Walbrook PR Limited 020 7933 8780 or filtronic@walbrookpr.com
Paul Vann/Joseph Walker
Walbrook PR Limited
020 7933 8780 or filtronic@walbrookpr.com
Paul Vann/Joseph Walker
Notes:
This announcement contains inside information for the purposes of Article 7 of
Regulation (EU) No 596/2014.
Forward-looking statements
Certain statements in this half-yearly financial report are forward-looking.
Where the half-yearly financial report includes forward-looking statements,
these are made by the directors in good faith based on the information
available to them at the time of their approval of this report. Such
statements are based on current expectations and are subject to a number of
risks and uncertainties, including both economic and business risk factors
that could cause actual events or results to differ materially from any
expected future events or results referred to in these forward-looking
statements. Unless otherwise required by applicable law, regulation or
accounting standard, the Group undertakes no obligation to update any
forward-looking statements whether as a result of new information, future
events or otherwise.
Chairman's Statement
I am pleased to present the half year results for FY2024.
I am encouraged by the way we have consolidated our position in our key
markets of LEO space, aerospace and defence and telecommunications
infrastructure. Our investments in engineering, business development and
marketing have resulted in several innovative new product launches throughout
the trading period, and we now have an opportunity pipeline which is more than
double that of six months ago. As a result of this we have grown our sales
orderbook through several recent contract wins with customers, and prospects,
who are leaders in their respective markets.
Financial Performance Summary
Trading results for the first half of FY2024 are in line with internal
forecasts but, with a strong second half orderbook combined with good material
availability, we now expect to deliver revenue and profitability materially
ahead of current market expectations for the full year.
Group revenue for the first half of FY2024 increased 1% on the prior year with
sales of £8.5m (H1 2023: £8.4m), broadly in line with internal forecasts.
However, an adverse first half sales mix comprising a higher concentration of
lower margin telecommunications infrastructure product, and a higher cost base
following investment into sales channels and engineering has contributed to an
operating loss of £0.4m (H1 2023: operating profit of £0.5m) and adjusted
earnings before interest, taxation, depreciation and amortisation ("adjusted
EBITDA") of £0.2m (H1 2023: £1.0m).
At 30 November 2023, the Group recorded cash in the bank of £4.1m (31 May
2023: £2.6m), net cash of £2.4m when excluding the right of use property
leases (31 May 2023: £1.6m) and net cash including right of use property
leases of £1.2m (31 May 2023: £0.3m).
Our Markets
The Low Earth Orbit ("LEO") space market continues to develop with a
significant number of projects being studied for both ground station and
satellite payload. We have consolidated our relationship with the market
leader in LEO communications and as a result, secured production orders of
£16.0m, including an order announced today, to carry forward into H2 FY2024
and beyond. Working closely with the customer, we have been able to
demonstrate the strength of our value proposition in terms of agility and
speed within our engineering and manufacturing functions. We believe we are
well positioned to secure future projects as they build their LEO network and
scale their global operations.
We are making good progress on the European Space Agency ("ESA") ARTES
programme, valued at £3.2m, which was awarded in July 2023. This project
underpins our space technology roadmap for the next two years and enables us
to develop a suite of qualified payload products at various mmWave frequencies
required by the LEO space market.
Electronic warfare ("EW") and battlefield communications remain areas of high
interest and investment for the aerospace and defence market. With analysts
advising that defence spending needs to increase, particularly with more
emphasis on innovative technology solutions. Increased engagement with the
defence primes in recent months has been tangible. It is very pleasing to note
that we have been able to build on our established position in airborne radar
systems, with recent contract wins at BAE Maritime Systems for a shipborne
radar system valued at £4.5m announced in early December, and at QinetiQ for
a land and helicopter mounted range radar programme valued at £2.0m in early
January. These are important steps forward as we develop our position in this
market and broaden our customer base.
We also secured a series of filter and switched filter bank contracts during
the trading period and won a third Defence Science and Technology Laboratory
("DSTL") programme for the development of a next generation tuneable filter
platform valued at £0.4m. Our investments in both hybrid and plastic
encapsulation assembly for hi-reliability semiconductors strengthens
Filtronic's position in the UK supply chain for electronic subsystems for use
in our chosen markets.
The global deployment of 5G telecommunications infrastructure continues. Our
orderbooks are scheduled across multiple trading periods to accommodate
fluctuations in regional demand and a move to high-performance products
required to service non-metropolitan areas. The launch of the X2 versions of
the popular Morpheus, Hades and Hercules E-band transceiver modules provide up
to 50% more output power providing extended transmission distance for the
backhaul equipment provider which has allowed us to recapture value in this
competitive market. Market leading performance, coupled with an ability to
design and build bespoke E-band backhaul solutions, has enabled some pleasing
contract wins with private high frequency trading network providers.
Outlook
We now feel confident that full year revenue and profit for FY2024 and FY2025
will be materially above current market expectations particularly as the
semiconductor shortages impacting global supply chains and constraining our
operations, are now largely behind us.
With a strong orderbook and an expanding opportunity pipeline we are starting
to see the benefit of the recent investments in technology, resources and
capability. We are making real inroads into our strategic markets, which for
the large part remain robust with good long-term growth prospects and
considerable amounts of inward investment.
The LEO space market is rapidly developing, and we have multiple project
opportunities that look promising for our mmWave technology. Meanwhile the
importance of defence spending on EW and battlefield communications is more
pronounced than ever in an uncertain world, and the deployment of 5G network
infrastructure continues with the relentless demand for bandwidth driving
technology toward frequencies at E-band and beyond.
I am very grateful for the hard work and dedication of the entire Filtronic
team in their efforts to focus on our customers, develop the business and I
would like to take this opportunity to publicly thank them for all their
efforts and collective success.
Jonathan Neale
Chairman, 5 February 2023
Condensed Consolidated Interim Income Statement
For the period ended 30 November 2023
6 months 6 months Year
Ended Ended Ended
30 November 30 November 31 May
2023 2022 2023
(Unaudited) (Unaudited) (Audited)
Continuing operations Note £000 £000 £000
Revenue 5 8,480 8,368 16,268
====== ====== ======
Adjusted EBITDA¹ 206 952 1,270
Depreciation of property, plant and equipment and right of use assets (451) (392) (253)
Amortisation of intangible assets (124) (77) (780)
---------- ---------- ----------
Operating (loss)/profit 6 (369) 483 237
Finance costs 7 (166) (125) (231)
Finance income 8 18 82 58
---------- ---------- ----------
(Loss)/profit before taxation (517) 440 64
Taxation (5) 24 400
---------- ---------- ----------
(Loss)/profit for the period (522) 464 464
====== ====== ======
Basic and diluted (loss)/earnings per share (pence)
Basic (loss)/earnings per share 9 (0.24p) 0.22p 0.22p
Diluted (loss)/earnings per share 9 (0.24p) 0.21p 0.21p
====== ====== ======
1 Adjusted EBITDA is defined as profit before
interest, taxation, depreciation, amortisation and exceptional items which is
a non-GAAP metric used by management and is not an IFRS disclosure.
Condensed Consolidated Interim Statement of Comprehensive Income
For the period ended 30 November 2023
6 months 6 months Year
Ended Ended Ended
30 November 30 November 31 May
2023 2022 2023
(Unaudited) (Unaudited) (Audited)
£000 £000 £000
(Loss)/profit for the period (522) 464 464
---------- ---------- ----------
Items that are or may be subsequently reclassified to profit and loss:
Currency translation arising on consolidation (39) 62 (1)
---------- ---------- ----------
Total comprehensive (expense)/income for the period (561) 526 463
====== ====== ======
The total comprehensive (expense)/income for the period is attributable to the
equity shareholders of the parent company Filtronic plc.
Condensed Consolidated Interim Balance Sheet
At 30 November 2023
Note 30 November 30 November 31 May
2023 2022 2023
(Unaudited) (Unaudited) (Audited)
£000 £000 £000
Non-current assets
Goodwill and other intangible assets 1,977 1,595 1,774
Right of use assets 3,566 2,606 2,889
Property, plant and equipment 764 795 1,446
Deferred tax 1,252 875 1,254
---------- ---------- ----------
7,559 5,871 7,363
---------- ---------- ----------
Current assets
Inventories 2,569 2,685 2,778
Trade and other receivables 4,545 4,809 5,335
Cash and cash equivalents 4,057 3,062 2,610
---------- ---------- ----------
11,171 10,556 10,723
---------- ---------- ----------
---------- ---------- ----------
Total assets 18,730 16,427 18,086
---------- ---------- ----------
Current liabilities
Trade and other payables 2,759 2,190 3,673
Provisions 363 314 364
Deferred Income 10 1,235 198 164
Lease liabilities 746 616 617
---------- ---------- ----------
5,103 3,318 4,818
---------- ---------- ----------
Long term liabilities
Deferred income 10 537 31 29
Lease liabilities 2,092 1,484 1,698
---------- ---------- ----------
2,629 1,515 1,727
---------- ---------- ----------
---------- ---------- ----------
Total liabilities 7,732 4,833 6,545
---------- ---------- ----------
---------- ---------- ----------
Net assets 10,998 11,594 11,541
====== ====== ======
Equity
Share capital 11 10,796 10,796 10,796
Share premium 12 11,087 11,077 11,077
Translation reserve (509) (409) (470)
Retained earnings (10,376) (9,870) (9,862)
---------- ---------- ----------
Total equity 10,998 11,594 11,541
====== ====== ======
The total equity is attributable to the equity shareholders of the parent
company Filtronic plc.
Company number 2891064
Condensed Consolidated Interim Statement of Changes in Equity
For the period ended 30 November 2023
Share capital Share premium Translation reserve Retained earnings Total equity
£000 £000 £000 £000 £000
Balance at 30 November 2022 10,796 11,077 (409) (9,870) 11,594
Profit for the period - - - - -
Currency translation movement arising on consolidation - - (61) - (61)
Share-based payments - - - 8 8
---------- ---------- ---------- ---------- ----------
Balance at 31 May 2023 10,796 11,077 (470) (9,862) 11,541
Loss for the period - - - (522) (522)
New shares issued (net of issue costs) - 10 - - 10
Currency translation movement arising on consolidation - - (39) - (39)
Share-based payments - - - 8 8
---------- ---------- ---------- ---------- ----------
Balance at 30 November 2023 10,796 11,087 (509) (10,376) 10,998
====== ====== ====== ====== ======
Condensed Consolidated Interim Cash Flow Statement
For the period ended 30 November 2023
6 months 6 months Year
Ended Ended Ended
30 November 30 November 31 May
2023 2022 2023
(Unaudited) (Unaudited) (Audited)
£000 £000 £000
Cash flows from operating activities
(Loss)/profit for the period (522) 464 464
Taxation 5 (24) (400)
Finance income (18) (82) (58)
Finance costs 166 125 231
---------- ---------- ----------
Operating (loss)/profit (369) 483 237
Tax (paid)/received (5) 24 16
Share-based payments 8 8 16
Depreciation 451 392 780
Amortisation of intangible assets 124 77 253
Movement in inventories 186 (11) (157)
Movement in trade and other receivables 766 (282) (833)
Movement in trade and other payables (906) (838) 665
Movement in provisions (1) 33 82
Change in deferred income 1,579 (72) (109)
---------- ---------- ----------
Net cash generated from/(used in) operating activities 1,833 (186) 950
---------- ---------- ----------
Cash flows from investing activities
Capitalisation of development costs (326) (160) (481)
Acquisition of intangible assets - (16) (51)
Acquisition of plant and equipment (162) (193) (946)
Acquisition of right of use assets (34) - (53)
Interest received 14 - 9
---------- ---------- ----------
Net cash used in investing activities (508) (369) (1,522)
---------- ---------- ----------
Cash flows from financing activities
Interest paid (166) (125) (231)
Exercise of employee share options 10 17 17
Repayment of principal element of lease liabilities (411) (323) (626)
Receipt of interest-bearing borrowings 684 - -
---------- ---------- ----------
Net cash generated from/(used in) financing activities 117 (431) (840)
---------- ---------- ----------
Movement in cash and cash equivalents 1,442 (986) (1,412)
Currency exchange movements 5 42 16
Opening cash and cash equivalents 2,610 4,006 4,006
---------- ---------- ----------
Closing cash and cash equivalents 4,057 3,062 2,610
====== ====== ======
Notes to the Condensed Financial Statements
1 Company information
Filtronic plc is a company registered and domiciled in the United
Kingdom and is listed on the AIM market of the London Stock Exchange. The
Company's registered number is 2891064. The address of the Company's
registered office is Filtronic plc, Filtronic House, Unit 3, Airport West,
Lancaster Way, Yeadon, West Yorkshire, LS19 7ZA.
Copies of the Company's Annual Report and interim financial report are
available from the Company's registered office or the Company's website at
www.filtronic.com.
2 Basis of preparation
Whilst the financial information included in this preliminary
statement has been prepared on the basis of the requirements of IFRSs in
issue, this statement does not itself contain sufficient information to comply
with IFRS.
These financial results for the six months ended 30 November 2023
do not comprise statutory accounts within the meaning of Section 434 of the
Companies Act 2006. The interim report should be read in conjunction with the
Annual Report 2023, which includes annual financial statements for the year
ended 31 May 2023. Those accounts have been reported on by the Company's
auditor and delivered to the registrar of companies. The report of the auditor
was (i) unqualified (ii) did not include a reference to any matters to which
the auditor drew attention by way of emphasis without qualifying their report,
and (iii) did not contain a statement under section 498 (2) or (3) of the
Companies Act 2006.
The condensed consolidated financial statements for the six months
ended 30 November 2023 consolidate the financial statements of the Company and
all of its subsidiaries (together referred to as the "Group"). Transactions
between Group companies, which are related parties, have been eliminated upon
consolidation and therefore do not require disclosure.
The ondensed consolidated financial statements for the six months ended
30 November 2023 and comparative period have not been audited. The interim
financial report for the six months ended 30 November 2023 was approved by the
Board on 5 February 2023.
3 Going Concern
In accordance with corporate governance requirements the directors have
undertaken a review of forecasts and the Group's cash requirements to consider
whether it is appropriate that the Group continues to adopt the going concern
assumption.
The directors have reviewed the projected cash flow and other relevant
information, including a 'severe but plausible' scenario and have a reasonable
expectation that the Group has adequate resources to continue in operational
existence and therefore it remains appropriate to adopt the going concern
basis in preparing the interim financial report for the six months ended 30
November 2023.
4 Accounting estimates and judgements
The preparation of the financial statements requires the use of
accounting estimates and judgements that affect the application of accounting
policies and reported amounts of assets and liabilities, income and expenses.
The accounting estimates and judgements are continually evaluated and are
based on historical experience and other factors, including expectations of
the future that are believed to be reasonable under the circumstances. Actual
results may differ from the expected results. Revisions to accounting
estimates are recognised in the period in which the estimate is revised if the
revision affects only that period, or in the period of the revision and future
periods if the revision affects both current and future periods. The
accounting estimates and judgements that have a significant effect on the
financial statements are considered in the Filtronic plc Annual Report for the
year ended 31 May 2023 which can be found on the Filtronic website. Unless
stated below there is no material change to those judgements from the Annual
Report in the basis of calculation.
5 Segmental Analysis
Operating Segments
IFRS 8 requires consideration of the identity of the Chief
Operating Decision Maker ('CODM') within the Group. In line with the Group's
internal reporting framework and management structure, the key strategic and
operating decisions are made by the Chief Executive Officer, who reviews
internal monthly management reports, budget and forecast information as part
of this. Accordingly, the Chief Executive Officer is deemed to be the CODM.
The CODM has identified one operating segment within the Group as
defined under IFRS 8. In turn, this is the only reportable segment of the
Group as the entities in the Group have similar products and services,
production processes and economic characteristics. Therefore, there is no
allocation of operating expenses, profit measures or assets and liabilities to
specific commercial markets.
Accordingly, the CODM assesses the performance of the operating segment on
financial information which is measured and presented in a manner consistent
with those in the financial statements by reference to Group results against
budget.
The Group profit measures are adjusted operating profit and adjusted EBITDA,
both disclosed on the face of the consolidated income statement. No
differences exist between the basis of preparation of the performance measures
used by management and the figures in the Group financial statements.
The Group has three customers representing individually over 10% of revenue
each and in aggregate 82% of revenue. This is split as follows:
· Customer A - 37% (HY 2023: 41%)
· Customer B - 32% (HY 2023: 17%)
· Customer C - 13% (HY 2023: 24%)
Revenue by Destination
The revenue presented is based on the geographic location of customers
receiving the product/service from the continuing operations.
6 months 6 months Year
Ended Ended Ended
30 November 30 November 31 May
2023 2022 2023
£000 £000 £000
Revenue
United Kingdom 1,396 2,647 4,762
Europe 1,046 1,258 2,600
Americas 3,433 2,323 5,711
Rest of the world 2,605 2,140 3,195
---------- ---------- ----------
8,480 8,368 16,268
====== ====== ======
Revenue from sales
The revenue presented is based on the Group deriving revenue from product
sales and those received from Non-Recurring Engineering ("NRE") at a point in
time when the performance obligation is satisfied.
6 months 6 months Year
Ended Ended Ended
30 November 30 November 31 May
2023 2022 2023
£000 £000 £000
Revenue
Sales of product 8,031 7,927 15,362
NRE - point in time 449 441 906
---------- ---------- ----------
8,480 8,368 16,268
====== ====== ======
6 Operating (loss)/profit
6 months 6 months Year
Ended Ended Ended
30 November 30 November 31 May
2023 2022 2023
£000 £000 £000
Revenue 8,480 8,368 16,268
---------- ---------- ----------
Material cost of goods sold 3,245 2,994 5,992
Wages and salaries 3,171 2,952 5,884
Social security costs 316 313 623
Pension costs 181 164 336
Share-based payments 8 8 16
---------- ---------- ----------
Employee costs 3,677 3,437 6,859
---------- ---------- ----------
Amortisation of intangible assets 124 77 253
Depreciation of property, plant and equipment and right of use assets 451 392 780
---------- ---------- ----------
Depreciation and amortisation 575 469 1,033
---------- ---------- ----------
Other operating income (153) (33) (187)
Other expenses 1,505 1,018 2,334
---------- ---------- ----------
Total operating costs 5,604 4,891 10,039
====== ====== ======
Operating (loss)/profit (369) 483 237
====== ====== ======
Development costs of £295,000 were capitalised in the HY 2024 (2023:
£160,000).
Other operating income relates to grants received for plant and machinery and
R&D innovation whilst R&D tax credits claimed under the RDEC scheme
are also recognised in operating profit.
7 Finance costs
6 months 6 months Year
Ended Ended Ended
30 November 30 November 31 May
2023 2022 2023
£000 £000 £000
Interest expense for lease arrangements 114 70 139
Minimum service costs and interest charges on invoice discounting facilities 52 55 92
---------- ---------- ----------
166 125 231
====== ====== ======
8 Finance income
6 months 6 months Year
Ended Ended Ended
30 November 30 November 31 May
2023 2022 2023
£000 £000 £000
Revaluation of foreign currency denominated intercompany balance 4 82 49
Interest receipt on treasury deposits 14 - 9
---------- ---------- ----------
18 82 58
====== ====== ======
9 Basic and diluted (loss)/earnings per share
6 months 6 months Year
Ended Ended Ended
30 November 30 November 31 May
2023 2022 2023
£000 £000 £000
(Loss)/profit for the period (522) 464 464
====== ====== ======
'000 '000 '000
Basic weighted average number of shares 215,172 215,119 215,121
Dilution effect of share options 2,781 1,189 1,358
----------- ----------- ----------
Diluted weighted average number of shares 217,953 216,308 216,479
======= ====== ======
Basic (loss)/earnings per share (pence) (0.24p) 0.22p 0.22p
Diluted (loss)/earnings per share (pence) (0.24p) 0.21p 0.21p
====== ====== ======
10 Deferred income
6 months 6 months Year
Ended Ended Ended
30 November 30 November 31 May
2023 2022 2023
£000 £000 £000
Contract liabilities 1,198 141 140
Capital grant 37 57 24
----------- ----------- -----------
Total current deferred income 1,235 198 164
----------- ----------- -----------
Contract liabilities 392 - -
Capital grant 145 31 29
----------- ----------- ----------
Total non-current deferred income 537 31 29
----------- ----------- -----------
Total deferred income 1,772 229 193
======= ======= =======
Contract liabilities are invoices raised in advance of NRE work completed for
customers that will be recognised as income once the performance obligation of
the contract has been met. The majority of NRE contracts are invoiced with a
proportion of the contract value upfront which is recognised as revenue, over
time, across the life of contract at each milestone based on the percentage of
the overall contract value achieved at that performance obligation.
A capital grant of £150k was awarded in the period towards the cost of plant
and equipment for new plastic encapsulation capability.
11 Share Capital
Deferred shares of 10p each Ordinary shares of 0.1p each
Number '000 Number '000 £000
At 30 November 2022 106,877 215,121 10,796
Exercise of employee share options - - -
------------ ------------- -------------
At 31 May 2023 106,877 215,121 10,796
Exercise of employee share options - 200 -
------------ ------------ -------------
At 30 November 2023 106,877 215,321 10,796
======== ======== ========
All shares are allotted, called up and fully paid. Holders of the ordinary
shares and entitled to retrieve dividends when declared and are entitled to
one vote per share at meetings of the company.
Holders of the ordinary shares are entitled to receive dividends when declared
and are entitled to one vote per share at meetings of the Company.
12 Share Premium
£000
At 30 November 2022 11,077
Exercise of employee share options -
-----------
At 31 May 2023 11,077
Exercise of employee share options 10
-----------
At 30 November 2023 11,087
=======
13 Analysis of net cash
1 June 2023 Cash Flow Other movements 30 Nov 2023
£000 £000 £000 £000
Cash and cash equivalents 2,610 1,442 5 4,057
Lease liability - plant and equipment (1,020) 353 (1,009) (1,676)
--------- --------- --------- ---------
Net cash when including all debt except property leases 1,590 1,795 (1,004) 2,381
Lease liability - property lease (1,295) 174 (41) (1,162)
--------- --------- --------- ---------
Net cash 295 1,969 1,045 1,219
====== ====== ====== ======
Cash at bank earns interest at floating rates based on daily bank deposit
rates.
At 30 November 2023, the Company had a £3.0m invoice discounting facility in
place with Barclays Bank plc against the UK debtor book and a $4.0m factoring
facility with Wells Fargo against the US debtor book. There were no drawings
on either of the facilities at 30 November 2023 (31 May 2023: undrawn).
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