REG - Gooch & Housego PLC - Preliminary Results <Origin Href="QuoteRef">GHH.L</Origin> - Part 2

Gooch & HousegoAnnouncement

01/12/2015 07:11

- Part 2: For the preceding part double click  ID:nRSA4561Ha 

    69,937      
 
 
2.         Segmental analysis (continued) 
 
Analysis of revenue by destination: 
 
                             2015£000  2014£000  
 United Kingdom              14,897    14,412    
 USA                         34,762    29,657    
 Continental Europe          16,890    14,425    
 Asia Pacific and Other      12,153    11,562    
 Total revenue               78,702    70,056    
 
 
3.             Income tax expense 
 
Analysis of tax charge in the year 
 
                                                      2015   2014   
                                                      £000   £000   
 Current taxation                                                   
 UK Corporation tax                                   1,480  1,446  
 Overseas tax                                         724    630    
 Adjustments in respect of prior year tax charge      (983)  (165)  
 Total current tax                                    1,221  1,911  
                                                                    
 Deferred tax                                                       
 Origination and reversal of temporary differences    274    49     
 Adjustments in respect of prior year deferred tax    1,152  504    
 Impact of UK tax rate change to 20% (2014: 20%)      -      18     
 Total deferred tax                                   1,426  571    
                                                                    
 Income tax expense per income statement              2,647  2,482  
                                                                    
 
 
4.             Earnings per share 
 
The calculation of earnings per 20p Ordinary Share is based on the profit for
the year using as a divisor the weighted average number of Ordinary Shares in
issue during the year.  The weighted average number of shares for the year
ended 30 September is given below: 
 
                                                        2015        2014        
 Number of shares used for basic earnings per share     24,115,878  23,984,536  
 Dilutive shares                                        405,311     213,581     
 Number of shares used for dilutive earnings per share  24,521,189  24,198,117  
 
 
A reconciliation of the earnings used in the earnings per share calculation is
set out below: 
 
                                                          2015   2014            
                                                          £000   penceper share  £000     pence per share  
 Basic earnings per share                                 7,459  30.9p           5,399    22.5p            
 Amortisation of acquired intangible assets (net of tax)  1,184  4.9p            1,144    4.8p             
 Goodwill impairment                                      -      -               1,538    6.4p             
 Gain on bargain purchase                                 -      -               (1,039)  (4.3p)           
 Restructuring costs (net of tax)                         891    3.7p            1,467    6.2p             
 Total adjustments net of income tax expense              2,075  8.6p            3,110    13.1p            
 Adjusted basic earnings per share                        9,534  39.5p           8,509    35.6p            
                                                                                                           
 Basic diluted earnings per share                         7,459  30.4p           5,399    22.3p            
 Adjusted diluted earnings per share                      9,534  38.9p           8,509    35.2p            
 
 
Basic and diluted earnings per share before amortisation and other adjustments
has been shown because, in the opinion of the Directors, it provides a useful
measure of the trading performance of the Group. 
 
5.             Dividends 
 
                                                                                                        2015   2014   
                                                                                                        £000   £000   
 Final 2014 dividend paid in 2015: 4.6p per share (Final 2013 dividend paid in 2014: 4.0p per share)    1,101  950    
 2015 Interim dividend paid: 3.0p per share (2014: 2.6p)                                                722    619    
                                                                                                        1,823  1,569  
 
 
The Directors propose a final dividend of 5.2p per share making the total
dividend paid and proposed in respect of the 2015 financial year 8.2p (2014:
7.2p). 
 
6.             Cash generated from operating activities 
 
                                                                            
                                                        2015£000  2014£000  
 Profit before income tax                               10,106    7,881     
 Adjustments for:                                                           
 - Amortisation of acquired intangible assets           1,604     1,525     
 - Amortisation of other intangible assets              301       164       
 - Gain on bargain purchase of Spanoptic Limited        -         (1,039)   
 - Impairment of goodwill                               -         1,538     
 - Depreciation                                         2,715     2,644     
 - Loss on disposal of property, plant and equipment    508       21        
 - Share based payment obligations                      485       361       
 - Finance income                                       (26)      (8)       
 - Finance costs                                        214       522       
 Total                                                  5,801     5,728     
 Changes in working capital                                                 
 - Inventories                                          (729)     (538)     
 - Trade and other receivables                          (1,101)   2,097     
 - Trade and other payables                             615       130       
 Total                                                  (1,215)   1,689     
                                                                            
 Cash generated from operating activities               14,692    15,298    
 
 
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