REG - John Lewis Of Hunger - Final Results
09/11/2021 07:00
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RNS Number : 7273R John Lewis Of Hungerford PLC 09 November 2021
The information contained within this announcement is deemed by the Group to
constitute inside information as stipulated under the Regulation 11 of the
Market Abuse (Amendment) (EU Exit) Regulations 2019/310 ("MAR"). With the
publication of this announcement via a Regulatory Information Service, this
inside information is now considered to be in the public domain.
9 November 2021
JOHN LEWIS OF HUNGERFORD PLC
FINAL RESULTS
John Lewis of Hungerford plc ("John Lewis of Hungerford" or the "Company"),
the specialist kitchen manufacturer and retailer, announces its final results
for the year ended 30 June 2021.
Chief Executive's Business Review
We are pleased to provide a review of our FY21 financial year to 30 June 2021.
As the prior year was significantly impacted by the Covid-19 pandemic, we have
also provided data from FY19 in order to provide our shareholders with a more
meaningful comparative.
Overview
As reported within our trading update released on 12 August 2021, we are
pleased to report that the second half trading recovered our first half losses
in full, resulting in a full year profit before tax of £80k (2020: Loss
£885k; 2019: Loss £220k). After an immensely disruptive year, with showroom
closures for 18 weeks, we are particularly pleased with the efforts of the
teams within the Company which resulted in us delivering a profitable year.
The year finished with a positive gross cash position of £1,302k. The
Company has total loans of £1,137k, of which £1,079k is secured on its
freehold properties. Net cash, excluding IFRS 16 lease liabilities, was
therefore £165k (2020: net debt £708k; 2019: net debt £314k). The
Company was grateful for the UK Government support received during the year,
including the deferral and re-phasing of payments for VAT and PAYE. The
re-phased payments were all met within the timescales agreed with HM Revenue
and Customs, and by year end £78k remained outstanding, which is scheduled
for full repayment by February 2022 The Company is pleased to have
improved from a net debt of £708k to a positive net cash position after loans
of £165k in the financial year, a positive improvement of £872k, with EBITDA
(pre IFRS 16) of £424k (2020: -£388k). Customer deposits at the year-end
were £363k higher than last year, reflecting the strength of the order book
at the year-end.
In February 2021, all the Directors and a PDMR (Person Discharging Managerial
Responsibilities) all wished to acquire shares in the Company, and this was
effected by a subscription for new shares, which increased cash in the Company
by £49k.
The table below illustrates the performance against the Covid-19 impacted FY20
year and also the non-Covid-19 disrupted FY19 year. It is pleasing to note
that with revenue 5% down on FY19, the gross margin is broadly in line,
demonstrating the management's focus on cost control to ensure resilience in
our operating model, during a period of supplier price increases, throughout
this challenging period.
Financial Summary
FY21 FY20 Change FY19 Change
Revenue (£'000) 7,877 5,553 41.9% 8,306 -5.2%
Gross Profit (£'000) 3,712 2,549 45.6% 3,933 -5.6%
Gross Margin 47.1% 45.9% 1.2% 47.4% -0.3%
Profit before tax (£'000) 81 (885) 966 (220) 301
Tax (£'000) 124 94 30 (69) 193
Net Profit / (loss) for year (£'000) 205 (791) 996 (289) 494
Net Cash / (debt) (£'000) 165 (708) 873 (314) 479
Earnings per share (p) 0.11 (0.42) 0.53 (0.15) 0.26
Marketing
Core to the performance in the year under review has been our ability to adapt
to changing consumer behaviours, instigated by the closure of our showrooms
for 18 weeks of the year and by moving our business operations back online, as
required. The excellent work to produce virtual showrooms very promptly after
the initial lockdown in March 2020 and ensure consistency in our marketing
throughout the pandemic, has ensured that the brand has remained strong and
visible throughout. The Company has seen a discernible shift in its following
across social media platforms, through the Company's digital development
strategy. With a new SEO partner from the start of FY21, several high-profile
collaborations and a data driven approach to our digital campaigns, we
continue to generate record levels of interest, driven in part by gains in
market share and also from the 'pent up' demand arising from the first, long
lockdown, when focus on improving the home became a customer priority. Our
online activity has demonstrated the strength in our marketing and allowed us
to attract customers through our digital channels and drive footfall to our
showrooms when they re-opened. This has ensured the showroom estate is
consistently busy in all locations, with high levels of quoted design
activity, which will continue to be recognised in FY22.
We have mentioned previously the increase in demand within the home
improvements sector, with many home related companies experiencing an uplift
in enquiries; the demand has been significantly higher than in recent years.
Shortages of skilled labour within the industry and the trades people required
to install new kitchen and bedroom units, together with the more general
shortage of skilled labour within the construction sector, has impacted lead
times for many companies. We have been fortunate to retain a highly skilled
team in all areas of our business and our lead times remain competitive, and
therefore attractive, for customers looking at luxury, painted kitchens and
bedrooms. The ongoing recruitment of key personnel in all areas of the
business remains a priority for the Company.
Kitchens sold in the year exceeded our recent performance, with a reduction in
our bedrooms activity in the year, primarily due to a shift in consumer
priorities for their living spaces. We have seen the bedrooms area of the
business returning to levels achieved previously, in the current financial
year.
Operations
The integrated retail model developed throughout FY20 has proven effective
over FY21. Promoting an 'appointment only' approach to our design
consultations has improved the effectiveness of our design team, together with
enhancing the customer experience in-store. Virtual consultations are still
offered to customers unable to visit a showroom and these continue to be
popular, supported by our advances in the use of our virtual showrooms and
screen sharing technology.
We took the decision to close our central Oxford Showroom during the year, on
expiry of the lease. This has given us the opportunity to utilise the space
within our head office showroom in South Oxfordshire, to showcase both our
kitchens and our bedrooms offering. Customers will benefit from a visit to our
production facility, once restrictions ease, which we anticipate being a
popular and important element of our customer experience.
The use of our new finance offering for customers, provided by Hitachi Capital
UK, has been very well received, with almost £900k of sales secured in FY21,
using the facility. This exceeded our ambitions and has become a significant
component in our customer journey. We look forward to a continued partnership
with Hitachi Capital UK, who have been impressed with our exceptional customer
satisfaction scores.
Our systems improvements continue to take priority to ensure we are able to
support our teams to operate as efficiently as possible. The implementation of
the CRM system was the first step in our programme of improvements and we look
forward to building our IT framework to manage our growth over the coming
years.
Our development team also worked effectively to ensure the timely launch of
our new Beaded Shaker range of door style, which has been well received by
customers.
There have been widely reported disruption to supply chains nationally over
the last 18 months. The industry has experienced significant delays across all
bought-in items, together with raw materials. Price increases have been seen
in all areas, at an unprecedented level. The operational team have had a
challenging year, requiring close management of the supply chain to ensure
continuity of supply and the successful fulfilment of customer orders.
In view of these many challenges, we are pleased to report a gross margin
broadly in line with the non-Covid-19 disrupted FY19 year, with a 5% reduction
of revenue.
12 months to June 2021 12 months to June 2020 12 months to June 2019
£000 £000 £000
Total Sales 7,877 5,553 8,306
Cost of sales 4,165 3,004 4,373
Gross margin 3,712 2,549 3,933
Gross Margin % 47.1% 45.9% 47.4%
Investments in key supporting roles within the Company have been made as we
progress throughout the current financial year, given the increased levels of
consumer demand.
We continue to work closely with all of our partners to ensure the continued
safety of our employees, our customers and our suppliers. We have ensured an
ongoing focus on the health, safety and wellbeing of our people.
Trading Outlook
As stated in our trading update released on 12 August 2021, the Company
entered the new financial year with an order book substantially larger than in
recent years. The level of orders secured in the first 18 weeks of the year
has remained high. Despatched sales, forward committed orders and future
orders against which a first stage deposit has been taken, stood at £7.4m
(2020: £4.9m; 2019: £4.4m), which is significantly ahead of the previous two
year comparatives.
The unprecedented business climate throughout the reported period has been
challenging and the response of all of our stakeholders has been instrumental
in the results we report today. The efforts of all those within the Company
together with our relationships with our partners and suppliers, all of whom
have been exceptionally supportive, give the Board confidence in the Company's
future
performance.
Our employees have been outstanding in their commitment to provide a high
quality service to our customers and driving value for our shareholders, and
thereby ensuring the resilience of the Company, throughout this turbulent
period.
On behalf of the Board, I thank them all for their dedication throughout the
year as we look forward to a period of growth and a return to sustained
profitability, as we enter 2022, during which the Company will celebrate its
50th
Birthday.
Kiran Noonan
Chief Executive Officer
8 November 2021
Enquiries:
John Lewis of Hungerford
plc
01235 774300
Kiran Noonan - Chief Executive Officer / Acting Chairman
Allenby Capital Limited (Nominated Adviser and Broker)
020
3328 5656
David Worlidge / Nick Naylor / George Payne (Corporate Finance)
Matt Butlin (Sales and Corporate Broking)
Income Statement for the year ended 30 June 2021
2021 2020
Notes £ £
Revenue 1, 2, 3 7,877,130 5,552,564
Cost of sales (4,165,462) (3,003,810)
Gross profit 3,711,668 2,548,754
Selling and distribution costs (408,863) (413,375)
Administrative expenses 4 (3,160,325) (3,080,877)
Other operating income 4 165,012 210,000
Total (2,995,313) (2,870,877)
Profit/(loss) from operations 4 307,492 (735,498)
Finance income 7 297 336
Finance expenses 8 (227,255) (150,654)
Profit/(loss) before tax 80,534 (885,816)
Tax Credit 9 124,549 94,592
Profit/(loss) for the year 205,083 (791,224)
Earnings / (Loss) per share 10
Basic 0.11p (0.42)p
Fully diluted 0.10p (0.42)p
Statement of Financial Position as at 30 June 2021
30 June 30 June
2021 2020
Notes £ £
Non-current assets
Intangible assets 11 140,470 157,190
Property, plant and equipment 12 2,629,053 2,790,875
Right of use assets 13 1,372,434 1,444,476
Trade and other receivables 16 31,500 42,750
4,173,457 4,435,291
Current assets
Inventories 15 193,133 152,530
Trade and other receivables 16 868,878 542,526
Deferred tax asset 19 82,000 -
Cash and cash equivalents 1,301,612 558,765
2,445,623 1,253,821
Total assets 6,619,080 5,689,112
Current liabilities
Trade and other payables 17 (2,052,345) (1,454,231)
Customer deposits (944,000) (581,058)
Lease liabilities 14 (264,168) (242,253)
Provisions 20 (29,998) (60,998)
Borrowings 18 - (111,701)
(3,290,511) (2,450,241)
Non-current liabilities
Borrowings 18 (1,137,146) (1,156,033)
Lease liabilities 14 (1,335,874) (1,432,063)
Provisions 20 (52,632) (56,055)
(2,525,652) (2,644,151)
Total liabilities (5,816,163) (5,094,392)
Net assets 802,917 594,720
Equity
Share Capital 23 193,945 186,745
Share Premium 1,222,433 1,188,021
Other Reserves 1,421 1,421
Revaluation reserve 518,357 560,906
Retained Earnings (1,133,239) (1,342,373)
Total equity 802,917 594,720
The financial statements were approved by the Board of
Directors and authorised for issue on 8 November 2021 and were
signed on its behalf by:
Kiran Noonan Stephen Huggett
Director Director
Statement of Cash Flows for the year ended 30 June 2021
2021 2020
£ £
Cash flows from operating activities
Profit/(loss) from operations after tax 432,041 (640,906)
Amortisation of intangible assets 32,970 32,839
Depreciation and impairment of property, plant and equipment 188,403 219,769
Depreciation of right of use assets 256,990 313,625
Share based payments 4,051 4,965
Loss/(profit) on disposal of property, plant and equipment 3,237 (1,237)
(Increase) in inventories (40,603) (8,508)
(Increase)/decrease in receivables (315,102) 157,088
Increase/(decrease) in payables 598,114 (96,114)
Increase in Customer Deposits 362,942 211,806
(Decrease)/increase in provisions (34,423) 12,000
Cash generated from operations 1,488,620 205,327
Tax (Credit) on Operations (124,549) (94,592)
Net cash from operating activities 1,364,071 110,735
Cash flows from investing activities
Purchase of intangible assets (16,250) (10,737)
Purchase of property, plant and equipment (27,317) (27,538)
Net proceeds from sale of property, plant and equipment (2,487) 10,480
Interest received 297 336
Net cash used in investing activities (45,757) (27,459)
Cash flows from financing activities
Interest paid (125,970) (150,654)
Increase in borrowings - 1,079,000
Allotment of shares 41,608 -
Repayment of borrowings - finance leases (18,887) (32,483)
Repayment of borrowings - bank loans (111,701) (380,106)
Repayment of IFRS 16 lease liabilities (360,517) (327,455)
Net cash used in financing activities (575,467) 188,302
Net increase in cash and cash equivalents 742,847 271,578
Net cash and cash equivalents at the start of the period 558,765 287,187
Net cash and cash equivalents at the end of the year 1,301,612 558,765
Net cash and cash equivalents comprise:
Cash at bank and in hand 1,301,612 558,765
Bank overdrafts - -
1,301,612 558,765
Notes:
1. GOING CONCERN
The financial statements are prepared on a going concern basis, which the
directors believe to be appropriate for the following reasons:
The results show that the Company made a profit after tax during the year of £204k (2020: loss after tax of
£791k) and had net current liabilities of £844k (2020: £1,196k) as at 30 June 2021.
The year finished with a positive gross cash position of £1,302k (2020:
£559k). The Company has total loans of £1,137k (2020: £1,268k) of which
£1,079k (2020: £1,192k) is secured on its freehold properties, and net cash
excluding IFRS 16 lease liabilities was therefore £165k (2020: net debt
£708k; 2019: net debt
£314k). The Company is pleased to have improved from a net debt of £708k to
a positive net cash position after loans of £165k in the financial year, an
improvement of +£872k, with EBITDA (pre IFRS 16) of £424k (2020: -£388k).
Customer deposits of £944k (2020: £581k) are £363k higher than last year,
reflecting the strength of the order book at year end.
The Company owns the Freehold of its Head Office and Factory in Wantage and
its Showroom in Hungerford, which were revalued in February 2020 and have a
Net Book Value of £1,872k (2020:
£1,896k) as at 30 June 2021. The total Net Assets at 30 June 2021 were £803k
(2020: £595k). The Directors have had preliminary contact with lenders to
re-finance the loan, based on our return to profitability, asset backing and
stronger cash generation. It is the intention of the Directors to refinance
the loan at the earliest opportunity.
The Trading Outlook within the Chief Executive's Business Review shows that
the level of orders secured in the first 18 weeks of the year has remained
high. Despatched sales, forward committed orders and future orders against
which a first stage deposit has been taken, stood at £7.4m (2020: £4.9m;
2019: £4.4m), which is significantly ahead of the corresponding periods in
both prior years FY20 and the non-disrupted FY19, which leads the Directors to
believe that there is now sustained levels of consumer interest in home
improvements.
The Company has successfully developed a hybrid working model allowing the
business to work effectively during normal trading conditions and during
lockdowns, when the showrooms have been closed. This transition to digital
working practices, further gives the Directors the confidence that the Company
can now withstand any disruption that may arise from the ongoing pandemic.
The Directors have developed a carefully considered Plan for FY22, structured
through the use of individual building blocks, supported by substantive
rationale. Cash flows have been prepared for a reasonably foreseeable period
of at least twelve months from the date of signing of these financial
statements.
For additional prudence, the Directors have modelled a sensitivity analysis up
to a 15% reduction in sales against this Plan and for a period of twelve
months from the date of signing, to be assured that the Company can withstand
any potential periods of lockdown or other business impacts related to the
ongoing pandemic.
As the Company operates a made-to-order, negative working capital model, it is
reliant on the cash flows from customer deposits and completion of sales to be
able to meet its liabilities as they fall due. The Directors have considered
all of the factors noted above, including the strength in the Company's
current trading and forward order book, together with the high levels of
quoted business, the support of its landlords and suppliers, plus, the
government support available. Taking these factors into account, balanced with
the inherent uncertainty associated with forecasting the impact of the
Covid-19 pandemic, the Directors are confident that the Company has adequate
resources to continue to meet all liabilities, as and when they fall due, for
the reasonably foreseeable future and, at least for the period of twelve
months from the date of approval of these financial statements.
2. PROFIT/(LOSS) FROM OPERATIONS
2021 2020
£ £
Profit/(loss) from operations is stated after charging:
Auditors remuneration - Company audit 26,900 18,500
Auditors remuneration - taxation services 3,600 3,500
Amortisation of intangible fixed assets 32,970 32,839
Depreciation of owned property plant and equipment 175,959 196,259
Depreciation of plant and equipment held 12,444 18,043
on finance leases
Depreciation of Right of Use Assets 256,990 313,625
Government Grant - CJRS
- Direct Factory Labour (20,571) (26,373)
- Other Salaries (62,564) (56,819)
Other Operating Income - 'Government Grant for Retail Businesses' (165,012) (210,000)
Profit / (Loss) on disposal of property, plant and equipment 3,237 (1,237)
Operating lease rentals
- Plant and machinery 11,610 11,610
Cost of inventories recognised as an expense 2,806,385 1,976,981
3. TAX ON PROFIT / (LOSS) FROM OPERATIONS
2021 2020
£ £
Current period taxation
UK Corporation tax charge for the period - -
Research and development tax credit - -
Total current tax - -
Origination and reversal of temporary timing differences - 229,886
Current year deferred tax asset recognised / (not recognised) - (229,886)
Reversal of previously recognised Deferred Tax asset 82,000 -
Deferred tax credit on losses - 131,571
Adjustment in respect of previous years Research and Development tax credit - (36,979)
Changes in tax rates being 6% impact on the deferred tax asset/liabilities 42,549 -
recognised on losses/revaluations in prior year
124,549 94,592
The tax assessed for the period differs from the standard rate of corporation
tax in the UK. The differences are explained below:
2021 2020
£ £
Profit/(loss) on ordinary activities before tax 80,534 (885,816)
Profit/(loss) on ordinary activities multiplied by standard rate of 15,301 (168,305)
corporation tax in the UK of
19%
Effect of:
Expenses not deductible for tax purposes - 1,425
Depreciation on assets not qualifying for tax allowances 2,197 4,498
Other permanent differences 32,992 (7,547)
Adjustment in respect of previous years Research and Development tax credit - (36,979)
Prior year adjustment on IFRS16 adoption - (47,934)
Effect of change in local corporation tax rate (104,867) (12,023)
Deferred tax asset not recognised (27,623) 229,886
Deferred tax credit on losses - 131,571
Change of tax rate for DT Asset on Revaluation reserve recognised in OCI (42,549) -
Total tax credit / (charge) in income statement 124,549 94,592
On 3rd March 2021, the Chancellor of the Exchequer announced an increase in
rate of Corporation tax to 25% to take effect from 1st April 2023 for
companies whose profits are greater than £250,000 per annum.
4. EARNINGS PER SHARE
2021 2020
Earnings/(loss) per ordinary share is calculated as
follows:
Basic
Profit/(loss) attributable to ordinary shareholders (£) 205,083 (791,224)
Weighted average number of ordinary
shares in issue 189,388,807 186,745,519
Earnings/(loss) per ordinary share 0.11 p (0.42)p
Fully diluted
Profit/(loss) attributable to ordinary shareholders (£) 205,083 (791,224)
Weighted average number of ordinary
shares in issue 189,388,807 186,745,519
Weighted average number of ordinary
shares under option 17,478,866 4,369,961
Earnings/(loss) per ordinary share 0.10 p (0.42)p
Basic earnings per share amounts are calculated by dividing the profit /
(loss) for the year attributable to ordinary equity holders of the Company by
the weighted average number of Ordinary shares outstanding during the year.
Diluted earnings per share is calculated by dividing the profit / (loss)
attributable to ordinary equity holders of the Company by the weighted average
number of Ordinary shares outstanding during the year plus the weighted
average number of Ordinary shares that would have been issued on the
conversion of all dilutive potential Ordinary shares into Ordinary shares.
5. BORROWINGS
2021 2020
£ £
Loans 1,079,000 1,190,701
Finance lease liabilities 58,146 77,033
1,137,146 1,267,734
Presented in the balance sheet as:
Lease liabilities - current 264,168 242,253
Borrowings - current - 111,701
Borrowings - non-current 1,137,146 1,156,033
1,401,314 1,509,987
(a) Bank & other borrowings
Analysis of bank loan repayments:
In one year or less - 111,701
In more than one year but not
more than two years - -
In more than two years but not
more than five years - -
In more than five years 1,079,000 1,079,000
1,079,000 1,190,701
The loan is secured by a legal charge over the Company's freehold properties
at Park Street, Hungerford, Berkshire and Grove Business Park, Downsview Road,
Wantage, Oxfordshire. The interest only loan facility has an interest rate of
10.55% above base rate with a minimum rate of 10.8% per annum, payable monthly
on drawn down funds. In case of default, an additional 7.2% interest would
be payable under the loan.
In the previous year the company had one bank loan secured by a legal charge
over the Company's freehold properties at Park Street, Hungerford, Berkshire
and Grove Business Park, Downsview Road, Wantage, Oxfordshire. One of these
loans was still outstanding at the previous year end and was repaid on 1st
July 2020.
The loan was repayable over 15 years from 22 March 2010 and carried interest
at a fixed rate of 7.55% per annum for a period of 10 years and thereafter at
a floating rate linked to the Bank of England base rate. The second loan has
a value of £0, (2020: £111,701) denominated in Sterling.
2021 2020
£ £
(b) Finance lease liabilities
Gross finance lease liabilities -
minimum lease payments:
In one year or less 21,385 26,484
Between one and five years 36,761 66,212
More than five years - -
58,146 92,696
Future finance charges on finance lease liabilities (8,065) (15,663)
Present value of finance lease liabilities 50,081 77,033
Future finance charges on finance lease liabilities are analysed as follows:
2021 2020
£ £
In one year or less (5,099) (7,597)
Between one and five years (2,966) (8,066)
(8,065) (15,663)
Finance lease liabilities are effectively secured as the rights to the leased
asset revert to the lessor in the event of default.
6. PROVISIONS
Warranty Dilapidations provision Total
provision
£ £
At 1 July 2019 45,575 59,478 105,053
Arising during the year 48,782 - 48,782
Utilised during the year (36,782) - (36,782)
At 30 June 2020 57,575 59,478 117,053
Arising during the period - - -
Utilised during the period (31,000) (3,423) (34,423)
At 30 June 2021 26,575 56,055 82,630
2021 2020
£ £
Current 29,998 60,998
Non-Current 52,632 56,055
82,630 117,053
Warranty Provision
The Company makes provision for potential future warranty claims on kitchens
& bedrooms sold. This provision is reviewed and adjusted annually based on
the levels of turnover achieved and the claims recorded in the same period.
Dilapidations Provision
The Company makes such provision for dilapidations relating to its leasehold
showroom estate as it considers necessary based on the length of the remaining
term for each showroom & the future plans for each showroom. Based on
this, experience of exiting previous showrooms and industry averages,
Management have estimated that a provision of £5 per square foot will give a
reasonable estimate of any futures costs. On exit from a showroom, once the
costs have been finalised and the showroom exited, the provision would be
released.
7. SHARE BASED PAYMENTS
2021 2020
£ £
Share based payments expense 4,051 4,965
The charge relates entirely to equity-settled share based payment
transactions.
On 25 March 2019 the Company granted options over 26,215,931 ordinary shares
of 0.1 pence each in the Company ("Ordinary Shares") at an exercise price of 1
pence per Ordinary Share to all employees and Directors of the Company under
the Company's Unapproved and EMI Share Option Plan ("Option Plan").
Performance conditions apply to the vesting of options under the Option Plan
that are linked to the Company's future profit and share price performance. In
addition, the Option Plan includes a hurdle criteria which stipulates that no
Ordinary Shares under the share price performance criteria will vest until the
share price of an Ordinary Share reaches 3 pence.
The Option Plan was approved by shareholders at the 2018 Annual General
Meeting and the principal terms of the Option Plan were summarised in Appendix
1 to the 2018 Notice of AGM available on the Company's website
www.john-lewis.co.uk.
The Option Plan was approved by shareholders at the Company's Annual General
Meeting on 11 December 2018 . The Company has calculated charges for the share
option awards using Monte Carlo and Binomial models. Volatility and risk
free rates have been calculated for each share option award based on expected
volatility over the vesting period and current risk free rates at the time of
each award. Volatility assumptions are based on historic volatility for the
Company's share price over 4 years. Assumptions for future profitability have
been based on management estimates.
The performance conditions attached to the share options are as follows:
AIM listed share price (per Ordinary Share) Percentage of the Award which vests
> £0.03 9.375%
> £0.04 9.375%
> £0.05 9.375%
> £0.06 9.375%
> £0.07 9.375%
> £0.08 9.375%
> £0.09 9.375%
> £0.10 9.375%
If the AIM listed share price has reached £0.03 or higher
Profit before Tax (in any 12-month statutory accounting period) Percentage of the Award which vests
> £200k 5.00%
> £400k 5.00%
> £500k 5.00%
> £600k 5.00%
> £700k 5.00%
Assumptions used in the valuation of share option awards during the year were
as follows:
Award date Share price at date of award / exercise price (pence) Expected volatility Risk free rate Expected dividends Option life in years IFRS2 fair value per share option (pence)
25 March 2019 0.6 / 1.0 50% 1.02% - 10 0.125 - 0.229
Share and share option awards outstanding
The share options awarded during the year under the Option Plan were as
follows:
Scheme and date of award Exercise B / Fwd Number granted Number Number C / Fwd
price
1 July
forfeited
exercised
30 June
2020
2021
Option Plan 1 pence 17,479,844 - 356,972 - 17,122,872
25 March 2019
Vesting date is variable but no less then 2 years
The weighted average remaining contractual life of outstanding share options
is 7.5 years. The number of exercisable share options at 30 June 2021 was Nil
(2020: Nil).
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