REG - Goodwin PLC - Final Results <Origin Href="QuoteRef">GDWN.L</Origin>
06/09/2014 20:37
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RNS Number : 2920N
Goodwin PLC
25 July 2014
PRELIMINARY ANNOUNCEMENT
Goodwin PLC today announces its preliminary results for the year ended 30th
April 2014.
CHAIRMAN'S STATEMENT
I am pleased to report that the pre-tax profit for the Group for the twelve
month period ended 30th April 2014 was £24.1 million (2013: £20.3 million), an
increase of 18.7% on a revenue of £130.8 million (2013: £127.0 million). The
Directors propose an ordinary dividend of 42.348p per share (2013: ordinary
dividend of 35.290p, extraordinary dividend of 17.645p).
The gross profit earned of £44.8 million was higher by 10.5% than for the
previous financial year. This further improvement in gross profit and pre-tax
profit earned stems from the energy market sector having remained buoyant
throughout the financial year, allowing us to make use of our investment on
capital equipment working 24 hours a day, 6.5 days a week, especially at
Goodwin International and Goodwin Steel Castings.
The tax charge has been substantially lower this year for three main reasons:
the Group has benefited from firstly the recently enacted patent box relief,
secondly the lower effective corporation tax rate within the UK, and thirdly
the revision of prior year estimates.
The Group continues to focus on mechanical engineering and refractory
engineering as described below and in our business model and strategy in the
following pages. Our activities, products and KPI's are detailed on our
website www.goodwin.co.uk/2014.
Other than our traditional business in the oil and gas and power generation
industries, our Mechanical Engineering Division continues to target
engineering work for large construction projects which we believe will
continue to add to our market sector diversity. The Group order work load as
at 30th April 2014 was 10% higher than 12 months earlier and stood at £101
million, which should provide the Group with an opportunity of further
improvement in this new financial year. However, since the commencement of the
new financial year there has been a noticeable slow down in order input from
the oil and gas industries which is in line with the statements in the press
by a number of chairmen of major oil companies, who have indicated that they
are slowing down their capital investment programmes. Whether we are able to
further increase our global market penetration and find additional customers
to overcome this only time will tell, but any impact is more likely to affect
the financial year 2015/2016.
Whilst the energy mix is changing over the long term, it is considered that
fossil fuels will likely remain the dominant energy resource in the future and
hold 80% of the energy mix by 2035. Crude oil, natural gas (including shale
gas) and coal we think will be evenly split in the energy market and it is
unlikely by then that there will be any dominant energy form. These sectors by
definition have a long term future as the world population continues to grow
and attain higher living standards, especially in the Pacific Basin. Over the
past 50 years the world population has more than doubled from 3.2 billion to
7.3 billion people and in that same time the average energy consumption per
person has also gone up by 50%. As the developing world continues to evolve,
this average increase in energy consumption per person on the planet is
unlikely to subside, so long term there will remain a significant demand for
industrial products for the fossil fuel industries.
In my statement last year, I noted that the Group's Refractory Division had
suffered a downturn. I am pleased to report that this year the Refractory
Division, despite the continuing difficult market conditions, has delivered a
6.9% increase in sales and a 19.3% increase in pre-tax profits over the
previous financial year. We are hopeful given the hard work by all involved
that this trend will continue in this new financial year.
The dividend this year is proposed to be £3,049,056, an increase of 20% on
last year's ordinary dividend, similar to the post-tax profit increase.
Despite having £15.5 million of capital expenditure this last year we will
likely need to further invest over the next two years if we are to maintain
our position as the leading global supplier of super nickel cast alloys.
Shareholders' equity has risen by £15.2 million from £58.4 million at 30th
April 2013 to £73.6 million at 30th April 2014, and Total Shareholder Return
has again substantially increased this year by more than 100% but very much
more over a 5, 10 or 20 year period.
The Group has invested heavily during the year on land and buildings and on
plant and machinery. This expenditure will generate some of the additional
capacity needed for the future growth of the Group. It is pleasing that the
cash flow situation, that was unsatisfactory last year, has significantly
improved through the hard work of many Group personnel, despite the very
substantial capital investments this year. However, we must remain vigilant as
a further £12.7 million of additional capital expenditure has already been
authorised for the new financial year. Of this, £4.0 million was already
committed as at the balance sheet date with an additional £8.7 million being
sanctioned subsequent to the year end. As mentioned above we will likely need
to further invest in our super nickel alloy casting manufacturing capability
as well as in certain other specific projects if we are to sustain future
growth in exports. The expected growth will also result in increased working
capital needs. Financial incentives from the Government will enable the
release of necessary capital expenditure which otherwise may be constrained by
our cash management.
Research and Development costs of £2.0 million during the year were mainly on
the ongoing projects associated with higher efficiency electricity generation
allied to CO2capture. In the previous year, R&D spend was £2.6 million.
As part of our risk analysis, external independent reviews have been carried
out on the Group's financial arrangements, insurance policy wordings, insured
values, cyber security, intellectual property rights, health of key staff and
operatives, energy efficiency and business continuity. The assessments which
are being undertaken by specialist firms with extensive global experience,
remain work in progress, but to date, no significant issues have come to
light. The reviews have contributed to the Group's awareness of business risks
and training needs as our stream of apprentices progress in the Group.
We are once again extremely grateful to our UK and overseas directors and
employees for their hard work in driving forward the performance of the
Group.
25th July 2014 J.W. GoodwinChairman
OBJECTIVES, STRATEGY AND BUSINESS MODEL
The Group's main OBJECTIVE is to have a sustainable long term engineering
based business with good potential for profitable growth while providing a
fair return to our shareholders.
The Board's STRATEGY to achieve this is:
• to supply a range of technically advanced products to growth
markets in the mechanical engineering and refractory engineering segments in
which we have built up a global reputation for engineering excellence,
quality, efficiency, reliability, price and delivery;
• to manufacture advanced technical products profitably,
efficiently, and economically;
• to maintain an ongoing programme of investment in plant,
facilities, sales and marketing, research and development with a view to
increasing efficiency, reducing costs, increasing performance, delivering
better products for our customers, expanding our global customer base and
keeping us at the forefront of technology within our markets;
• to control our working capital and investment programme to
ensure a safe level of gearing;
• to maintain a strong capital base to retain investor,
customer, creditor and market confidence and so help sustain future
development of the business;
• to support a local presence and a local workforce in order to
stay close to our customers;
• to invest in training and development of skills for the
Group's future.
BUSINESS MODEL
The Group's focus is on manufacturing within two sectors; mechanical
engineering and refractory engineering and through this division of our
manufacturing activities, the Group benefits from market diversity. Further
details of our business and products are shown on our website
www.goodwin.co.uk/2014.
Mechanical Engineering
The Group produces a wide range of dual plate and axial nozzle check valves to
serve the oil, petrochemical, gas, LNG and water treatment markets. We create
value by globally sourcing the best quality raw material at good prices,
manufacturing in highly efficient facilities using up to date technology to
provide the very reliable products to the required specification, at
competitive prices and with timely deliveries.
Our mechanical engineering markets also include high alloy castings, machining
and general engineering products which typically form part of large
construction projects such as power generation plants, oil refineries, high
integrity offshore structural components and bridges. The Group through its
foundry and CNC machine shop has the capability to pour the castings,
radiograph and also finish them in-house. This capability is also targeting
the defence industry.
Goodwin International, the largest company in the Mechanical Engineering
Division, designs and manufactures dual plate and axial nozzle valves and also
undertakes specialised CNC machining and fabrication work. Noreva GmbH also
designs and manufactures axial nozzle valves. Both Goodwin International and
Noreva purchase the majority of their sand mould castings from Goodwin Steel
Castings and this vertical integration gives rise to competitive benefits,
increased efficiencies, and timely deliveries.
At Goodwin Pumps India we manufacture a superior range of submersible slurry
pumps for end users in India, China, Brazil and Africa. Easat Antennas designs
and builds bespoke high-performance radar antennas to the global market of
major defence contractors, civil aviation authorities and border security
agencies. We create value on these by innovative design and assembly in our
own facilities using bought in or engineered in-house components.
Refractory Engineering
Within the Refractory Engineering Division, Goodwin Refractory Services, GRS
(UK), creates value by developing, manufacturing and selling investment
casting powders, waxes, silicone rubber and machinery for use in the following
operations: jewellery casting, aerospace, tyre moulding and the compressor
wheels for turbochargers. The Division has six other investment casting powder
companies around the world that carry out the same activities as GRS (UK),
located in China, India, Thailand and Brazil. These seven companies are
vertically integrated with another of our UK refractory companies, Hoben
International, which manufactures cristobalite that it sells to the seven
group jewellery casting manufacturing companies, as well as producing ground
silica which also goes into casting powders.
The other UK refractory company is Dupré Minerals which focuses on producing
exfoliated vermiculite that is used in insulation, brake linings and fire
protection products including textiles that can withstand high temperatures.
Dupré also sells consumables to the shell moulding casting industry.
CONSOLIDATED INCOME STATEMENT
for the year ended 30th April 2014
2014 2013
£000 £000
Continuing operations
Revenue 130,828 126,964
Cost of sales (86,010) (86,404)
Gross profit 44,818 40,560
Distribution expenses (3,783) (3,378)
Administrative expenses (16,494) (16,026)
Operating profit 24,541 21,156
Financial expenses (760) (1,133)
Share of profit of associate companies 314 273
Profit before taxation 24,095 20,296
Tax on profit (4,448) (4,609)
Profit after taxation 19,647 15,687
Attributable to:
Equity holders of the parent 19,035 15,247
Non-controlling interests 612 440
Profit for the year 19,647 15,687
Basic and diluted earnings per ordinary share 264.38p 211.76p
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
for the year ended 30th April 2014
2014 2013
£000 £000
Profit for the year 19,647 15,687
Other comprehensive (expense)/income
Items that may be reclassified subsequently to the income statement
Foreign exchange translation differences (2,270) 1,123
Effective portion of changes in fair value of cash flow hedges 2,245 (170)
Change in fair value of cash flow hedges transferred to the income statement 218 (492)
Tax charge on items that may be reclassified subsequently to the income statement (522) 149
Other comprehensive (expense)/ income for the year, net of income tax (329) 610
Total comprehensive income for the year 19,318 16,297
Attributable to:
Equity holders of the parent 19,244 15,627
Non-controlling interests 74 670
19,318 16,297
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
for the year ended 30th April 2014
Share capital Translationreserve Cash flow hedge reserve Retained earnings Total attributable to equity holders of the parent Non-controlling interests Total equity
£000 £000 £000 £000 £000 £000 £000
Year ended 30th April 2014
Balance at 1st May 2013 720 1,723 (746) 56,657 58,354 4,173 62,527
Total comprehensive income:
Profit - - - 19,035 19,035 612 19,647
Other comprehensive income:
Foreign exchange translation differences - (1,732) - - (1,732) (538) (2,270)
Net movements on cash flow hedges - - 1,941 - 1,941 - 1,941
Total comprehensive income for the year - (1,732) 1,941 19,035 19,244 74 19,318
Transactions with owners of the Company recognised directly in equity
Purchase of non-controlling interest without a change in control - - - (197) (197) (44) (241)
Dividends paid - - - (3,811) (3,811) (223) (4,034)
Balance at 30th April 2014 720 (9) 1,195 71,684 73,590 3,980 77,570
Year ended 30th April 2013
Balance at 1st May 2012 720 830 (233) 43,720 45,037 3,671 48,708
Total comprehensive income:
Profit - - - 15,247 15,247 440 15,687
Other comprehensive income:
Foreign exchange translation differences - 893 - - 893 230 1,123
Net movements on cash flow hedges - - (513) - (513) - (513)
Total comprehensive income for the year - 893 (513) 15,247 15,627 670 16,297
Transactions with owners of the Company recognised directly in equity
Dividends paid - - - (2,310) (2,310) (168) (2,478)
Balance at 30th April 2013 720 1,723 (746) 56,657 58,354 4,173 62,527
CONSOLIDATED BALANCE SHEET
at 30th April 2014
2014 2013
£000 £000
Non-current assets
Property, plant and equipment 44,096 33,308
Investment in associates 1,193 1,314
Intangible assets 10,634 11,496
55,923 46,118
Current assets
Inventories 31,215 31,833
Trade and other receivables 32,851 34,953
Derivative financial assets 2,517 809
Cash and cash equivalents 6,233 5,514
72,816 73,109
Total assets 128,739 119,227
Current liabilities
Bank overdraft - 77
Interest-bearing loans and borrowings 2,391 1,902
Trade and other payables 33,685 29,994
Deferred consideration 500 500
Derivative financial liabilities 1,119 1,231
Liabilities for current tax 2,401 2,423
Warranty provision 383 378
40,479 36,505
Non-current liabilities
Interest-bearing loans and borrowings 7,485 17,130
Warranty provision 336 484
Deferred tax liabilities 2,869 2,581
10,690 20,195
Total liabilities 51,169 56,700
Net assets 77,570 62,527
Equity attributable to equity holders of the parent
Share capital 720 720
Translation reserve (9) 1,723
Cash flow hedge reserve 1,195 (746)
Retained earnings 71,684 56,657
Total equity attributable to equity holders of the parent 73,590 58,354
Non-controlling interests 3,980 4,173
Total equity 77,570 62,527
CONSOLIDATED CASH FLOW STATEMENT
for the year ended 30th April 2014
2014 2014 2013 2013
£000 £000 £000 £000
Cash flow from operating activities
Profit from continuing operations after tax 19,647 15,687
Adjustments for:
Depreciation 3,415 2,792
Amortisation of intangible assets 703 738
Financial expense 760 1,133
Loss/(profit) on sale of property, plant and equipment 13 (20)
Share of profit of associate companies (314) (273)
Tax expense 4,448 4,609
Operating profit before changes in working capital and provisions 28,672 24,666
Decrease/(increase) in trade and other receivables 2,484 (9,144)
(Increase)/decrease in inventories (115) 1,098
Increase in trade and other payables (excluding payments on account) 1,835 85
Increase in payments on account 1,794 1,577
Cash generated from operations 34,670 18,282
Interest paid (814) (1,097)
Corporation tax paid (4,688) (4,581)
Interest element of finance lease obligations (31) (19)
Net cash from operating activities 29,137 12,585
Cash flow from investing activities
Proceeds from sale of property, plant and equipment 46 144
Proceeds from disposal of intangible assets - 265
Acquisition of property, plant and equipment (15,082) (9,409)
Purchase of non-controlling interest (241) -
Additional payment for existing subsidiary (45) (8)
Payment of deferred purchase creditor - (2,755)
Dividends received from associate companies 201 308
Net cash outflow from investing activities (15,121) (11,455)
Cash flows from financing activities
Payment of capital element of finance lease obligations (401) (303)
Dividends paid (3,811) (2,310)
Dividends paid to non-controlling interests (223) (168)
Proceeds from loans and committed facilities - 4,345
Proceeds from finance leases 356 683
Repayment of loans and committed facilities (8,791) (3,077)
Finance fees (56) -
Net cash outflow from financing activities (12,926) (830)
Net increase in cash and cash equivalents 1,090 300
Cash and cash equivalents at beginning of year 5,437 5,019
Effect of exchange rate fluctuations on cash held (294) 118
Cash and cash equivalents at end of year 6,233 5,437
PRINCIPAL RISKS AND UNCERTAINTIES
The Group's operations expose it to a variety of risks and uncertainties, the
principal ones being as follows. These risks are no different to previous
years, and they are not expected to change substantially in the foreseeable
future.
Market risk: The Group provides a range of products and services, and there is
a risk that the demand for these products and services will vary from time to
time because of competitor action or economic cycles or international trade
friction or even wars. The Group operates across a range of geographical
regions, and its turnover is split across the UK, Europe, USA, the Pacific
Basin and the rest of the world. This spread reduces risk in any one
territory. Similarly, the Group operates in both mechanical engineering and
refractory engineering sectors, mitigating the risk of a downturn in any one
product area. The potential risk of the loss of any key customer is limited
as, typically, no single customer accounts for more than 10% of turnover. As
described in the Business Model, the Group generates significant sales from
the worldwide energy markets. Whilst these markets may suffer short term short
declines, over the medium to long term the growing worldwide demand for
energy will ensure these markets remain buoyant.
Technical risk: The Group develops and launches new products as part of its
strategy to enhance the long term value of the Group. Such development
projects carry business risks, including reputational risk, abortive
expenditure and potential customer claims which may have a material impact on
the Group. The potential risk here is seen as manageable given the Group is
developing products in areas in which it is knowledgeable and new products are
tested prior to their release into the market.
Product failure/Contractual risk: The risks that the Group supplies products
that fail or are not manufactured to specification are risks that all
manufacturing companies are exposed to but we try to minimise these risks
through the use of highly skilled personnel operating within robust quality
control system environments using third party accreditations where
appropriate. With regard to the risk of failure in relation to new products
coming on line, the additional risks here are minimised at the R&D stage,
where prototype testing and the deployment of a robust closed loop product
performance quality control system provides feed back to the design department
for the products we manufacture and sell. The risk of not meeting safety
expectations, or causing significant adverse impacts to customers or the
environment is countered by the combination of the controls mentioned within
this section. The risk of product obsolescence is countered by R&D
investment.
Health and safety: The Group's operations involve the typical health and
safety hazards inherent in manufacturing and business operations. The Group is
subject to numerous laws and regulations relating to health and safety around
the world. Hazards are managed by carrying out risk assessments and
introducing appropriate controls, as well as attending safety training
courses.
Acquisitions: The Group's growth plan over recent years has included a number
of acquisitions. There is the risk that these, or future acquisitions, fail to
provide the planned value. This risk is mitigated through financial and
technical due diligence during the acquisition process and the Group's
inherent knowledge of the markets they operate in.
Financial risk: The principal financial risks faced by the Group are changes
in market prices (interest rates, foreign exchange rates and commodity
prices). Detailed information on the financial risk management objectives and
policies is set out in note 20 to the financial statements to be published
shortly. The Group has in place risk management policies that seek to limit
the adverse effects on the financial performance of the Group by using various
instruments and techniques, including credit insurance, stage payments,
forward foreign exchange contracts and interest rate swaps.
Regulatory compliance: The Group's operations are subject to a wide range of
laws and regulations. Both within Goodwin PLC and its subsidiaries, the
Directors and Senior Managers within the companies make best endeavours to
comply with the relevant laws and regulations.
Forward Looking Statements
This Preliminary Announcement and the Strategic Report to be published shortly
contain forward-looking type statements and information based on current
expectations, and assumptions and forecasts made by the Group. These
expectations and assumptions are subject to various known and unknown risks,
uncertainties and other factors, which could lead to substantial differences
between the actual future results, financial performance and the estimates and
historical results given in this report. Many of these factors are outside the
Group's control. The Group accepts no liability to publicly revise or update
these forward-looking statements or adjust them to future events or
developments, whether as a result of new information, future events or
otherwise, except to the extent legally required.
Responsibility statements of the Directors in respect of the annual financial
report
We confirm that to the best of our knowledge:
• The financial statements, prepared in accordance with the
applicable set of accounting standards, give a true and fair view of the
assets, liabilities, financial position and profit of the Company and the
undertakings included in the consolidation taken as a whole; and
• The Strategic Report and the Directors' Reports in the
financial statements to be published shortly include a fair review of the
development and performance of the business and the position of the Company
and the undertakings included in the consolidation taken as a whole, together
with a description of the principal risks and uncertainties that they face.
J.W. Goodwin, Chairman
R.S. Goodwin, Managing Director
J. Connolly, Director
M.S. Goodwin, Director
A.J. Baylay, Director
S.R. Goodwin, Director
S.C. Birks, Director
B.R.E. Goodwin, Director
Accounting policies
Goodwin PLC is a company incorporated in the UK.
The Group financial statements have been prepared and approved by the
Directors in accordance with International Financial Reporting Standards as
adopted by the EU ("Adopted IFRSs"). The accounting policies are included in
note 2 of the financial statements to be published shortly. The comparative
results for the year ended 30th April 2013 have also been prepared on this
basis.
New IFRS standards and interpretations adopted during 2014
In 2014 the following amendments had been endorsed by the EU, became effective
and therefore were adopted by the Group:
· Amendments to IAS 1 Presentation of Items of Other Comprehensive
Income
· Amendments to IFRS 13 Fair Value Measurement
· Annual Improvement Projects to IFRS's. The Annual Improvement Project
to IFRS's provides a vehicle for making non-urgent but necessary amendments to
IFRS's. Amendments to a number of standards have been adopted.
The adoption of these standards and amendments has not had a material impact
on the Group's financial statements.
The financial information previously set out does not constitute the Company's
statutory accounts for the years ended 30th April 2014 or 2013 but is derived
from those accounts. Statutory accounts for 2013 have been delivered to the
Registrar of Companies, and those for 2014 will be delivered in due course.
The auditors have reported on those accounts; their report was:
i. unqualified;
ii. did not include references to any matters to which the
auditors 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.
Copies of the 2014 accounts are expected to be posted to shareholders within
the next two weeks and will also be available on the Company's website:
www.goodwin.co.uk and from the Company's Registered Office: Ivy House
Foundry, Hanley, Stoke-on-Trent ST1 3NR.
Note 1 Segmental information
Products and services from which reportable segments derive their revenues
For the purposes of management reporting to the chief operating decision
maker, the Board of Directors, the Group is organised into two reportable
operating divisions: mechanical engineering and refractory engineering.
Financial information for each operating division is also available in a
disaggregated form in line with the identified cash generating units. Segment
assets and liabilities include items directly attributable to segments as well
as those that can be allocated on a reasonable basis. In accordance with the
requirements of IFRS 8 the Group's reportable segments, based on information
reported to the Group's Board of Directors for the purposes of resource
allocation and assessment of segment performance are as follows;
· Mechanical Engineering - casting, machining and general
engineering
· Refractory Engineering - powder manufacture and
mineral processing
Information regarding the Group's operating segments is reported below.
Associates are included in Refractory Engineering.
MechanicalEngineering RefractoryEngineering Sub total
Year Ended 30th April 2014 2013 2014 2013 2014 2013
£000 £000 £000 £000 £000 £000
Revenue
External sales 99,044 97,227 31,784 29,737 130,828 126,964
Inter-segment sales 20,725 22,407 4,576 4,588 25,301 26,995
Total revenue 119,769 119,634 36,360 34,325 156,129 153,959
Reconciliation to consolidated
revenue:
Inter-segment sales (25,301) (26,995)
Consolidated revenue for the 130,828 126,964
year
Profits
Segment result including 19,290 18,889 3,763 3,154 23,053 22,043
associates
Group centre 1,802 (614)
Group finance expenses (760) (1,133)
Consolidated profit before tax 24,095 20,296
for the year
Tax (4,448) (4,609)
Consolidated profit after tax for 19,647 15,687
the year
Segmental total assets Segmental total liabilities Segmental net assets
Year Ended 30th April 2014 2013 2014 2013 2014 2013
£000 £000 £000 £000 £000 £000
Segmental net assets
Mechanical Engineering 69,717 66,047 54,254 50,339 15,463 15,708
Refractory Engineering 24,399 25,079 11,482 11,749 12,917 13,330
Sub total reportable segment 94,116 91,126 65,736 62,088 28,380 29,038
PLC net assets 58,526 43,214
Investments elimination/ Goodwill adjustments (8,869) (8,357)
Other consolidation (467) (1,368)
adjustments
Consolidated total net assets 77,570 62,527
For the purposes of monitoring segment performance and allocating resources
between segments, the Group's Board of Directors monitors the tangible and
financial assets attributable to each segment. All assets and liabilities are
allocated to reportable segments with the exception of those held by the
parent Company ('PLC') and those held as consolidation adjustments.
Geographical segments
The Group operates in the following principal locations.
In presenting the information on geographical segments, revenue is based on
the location of its customers and assets on the location of the assets.
Year ended 30th April 2014 Year ended 30th April 2013
Revenue Operational net assets Non current assets PPE Capitalex-penditure Revenue Operational net assets Non current assets PPE CapitalExpenditure
£000 £000 £000 £000 £000 £000 £000 £000
UK 27,684 63,355 49,891 14,143 26,865 47,952 38,815 8,116
Rest of Europe 25,209 5,755 130 253 21,456 4,909 555 62
USA 16,541 - - - 8,010 - - -
Pacific Basin 36,225 7,522 1,038 217 43,056 7,339 1,430 1,171
Rest of World 25,169 938 4,864 866 27,577 2,327 5,318 449
Total 130,828 77,570 55,923 15,479 126,964 62,527 46,118 9,798
Note 2
The directors propose the payment of an ordinary dividend of 42.348 per share
(2013: ordinary dividend 35.290p/extraordinary dividend 17.645p). If
approved by shareholders, the ordinary dividend will be paid on 10th October
2014 to shareholders on the register at the close of business on 12th
September 2014.
Note 3
The earnings per ordinary share has been calculated on profit after taxation
for the year attributable to equity holders of the parent of £19,035,000
(2013: £15,247,000)and by reference to the 7,200,000 ordinary shares in issue
throughout both years. The company has no share options or other diluting
instruments and accordingly there is no difference in the calculation of
diluted earnings per share.
Note 4
The Annual General Meeting will be held at 10.30 a.m. on 8th October 2014 at
Crewe Hall, Weston Road, Crewe, Cheshire CW1 6UZ.
END
This information is provided by RNS
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