REG - MJ Gleeson Plc - Final Results <Origin Href="QuoteRef">GLEG.L</Origin> - Part 2

MJ GLEESONAnnouncement

26/09/2016 07:06

- Part 2: For the preceding part double click  ID:nRSZ7799Ka 

        
 Tax                                                                                                        (9)                            (9)     -                              -       
 Loss for the year from discontinued operations                                                             (345)                          (345)   (207)                          (207)   
                                                                                                                                                                                          
 Loss per share - impact of discontinued operations                                                                                                
                                                                                                                                           2016                                   2015    
                                                                                                                                           p                                      p       
                                                                                                                                                                                          
 Basic                                                                                                                                     (0.64)                                 (0.39)  
                                                                                                                                                                                          
 The cash flow statement includes the following relating to the operating loss on discontinued operations:  
                                                                                                                                                                                          
                                                                                                                                           2016                                   2015    
                                                                                                                                           £000                                   £000    
                                                                                                                                                                                          
 Operating activities                                                                                                                      (47)                                   (73)    
 
 
4. Exceptional items 
 
                                                                   2016  2015     
                                                                   £000  £000     
                                                                                  
 Restructuring costs                               -  (1,236)  
 Provision for diminution in value of investments  -  (4,896)  
                                                                   -     (6,132)  
 
 
 No exceptional costs were incurred in the current year.                                                                                                                                      
                                                                                                                                                                                                              
 Restructuring costs                                                                                                                                                                                        
 In the prior year reorganisation costs of £1,236,000 were incurred on consultancy and legal costs relating to the Scheme of Arrangement.                                                     
                                                                                                                                                                                                              
 Provision for diminution in value of investments                                                                                                                                                     
 In the prior year the Group made a provision against its investment in GB Building Solutions Limited and GB Group Holdings Limited ("GBGH") which went into administration on 9 March 2015.  
 
 
5. Financial income and expenses 
 
                            2015   2015   
                            £000   £000   
 Financial income                         
 Interest on bank deposits  4      4      
 Other interest             -      1      
 Unwinding of discount      508    491    
                            512    496    
                                          
 Financial expenses                       
 Bank charges               (440)  (383)  
                            (440)  (383)  
                                          
 Net financial income       72     113    
 
 
6. Tax 
 
                                       Continuing operations  Discontinued operations  Total  
                                       2016                   2015                     2016   2015  2016   2015   
                                       £000                   £000                     £000   £000  £000   £000   
 Current tax:                                                                                                     
 Current year charge                   3,797                  -                        -      -     3,797  -      
 Adjustment in respect of prior years  45                     3                        -      -     45     3      
                                                                                                                  
                                       3,842                  3                        -      -     3,842  3      
                                                                                                                  
 Deferred tax:                                                                                                    
 Current year expense                  1,335                  4,959                    7      -     1,342  4,959  
 Adjustment in respect of prior years  (519)                  (54)                     -      -     (519)  (54)   
 Impact of rate change                 276                    (60)                     2      -     278    (60)   
                                                                                                                  
 Deferred tax expense for the year     1,092                  4,845                    9      -     1,101  4,845  
                                                                                                                  
 Total tax charge                      4,934                  4,848                    9      -     4,943  4,848  
                                                                                                                  
 
 
Reductions in the UK corporation tax rate from 23% to 21% (effective from 1
April 2014) and 20% (effective from 1 April 2015) were substantively enacted
on 2 July 2013. Corporation tax has been calculated at 17.7% of assessable
profit for the year (2015: 28.4%). 
 
The charge for the year can be reconciled to the profit per the Statement of
Comprehensive Income as follows: 
 
                                                                                                   2016    2015    
                                                                                                   £000    £000    
                                                                                                                   
 Profit before tax on continuing operations                                                        28,238  17,263  
 Loss before tax from discontinued operations                                                      (336)   (207)   
 Profit before tax                                                                                 27,902  17,056  
                                                                                                                   
                                                                                                                   
 Profit before taxation multiplied by the standard rate of UK corporation tax 20.0% (2015: 20.8%)  5,580   3,539   
 Tax effect of:                                                                                                    
 Expenses not deductible for tax purposes                                                          99      1,313   
 Deduction in respect of share options exercised                                                   (417)   -       
 Land remediation relief                                                                           (60)    -       
 Utilisation of tax losses not previously recognised                                               -       110     
 Deferred tax not recognised                                                                       (74)    -       
 Impact of rate changes on deferred tax assets                                                     289     (60)    
 Adjustments in respect of prior years - current tax                                               45      -       
 Adjustments in respect of prior years - deferred tax                                              (519)   (54)    
 Tax charge                                                                                        4,943   4,848   
 
 
7. Dividends 
 
                                                                                  2016   2015   
                                                                                  £000   £000   
 Amounts recognised as distributions to equity holders in the year:                             
                                                                                                
 Interim dividend for the year ended 30 June 2016 of 4.5p (2015: 2.7p) per share  2,433  1,448  
 Final dividend for the year ended 30 June 2015 of 7.3p (2014: 4.9p) per share    3,948  2,629  
                                                                                  6,381  4,077  
 
 
The proposed final dividend for the year ended 30 June 2016 of 10.0p per share
(2015: 7.3p) makes a total dividend for the year of 14.5p (2015: 10.0p). 
 
The proposed final dividend is subject to approval by shareholders at the AGM
and has not been included as a liability in these Financial Statements. The
total estimated dividend to be paid is £5,412,000. 
 
8. Earnings per share 
 
Continuing and discontinued operations 
 
The calculation of the basic and diluted earnings per share is based on the
following: 
 
                                                                                            2016     2015     
 Earnings                                                                                   £000     £000     
 Earnings for the purposes of basic earnings per share, being net profit                                      
 attributable to equity holders of the parent company                                                         
 Profit from continuing operations                                                          23,304   12,415   
 Loss from discontinued operations                                                          (345)    (207)    
 Profit for the purposes of basic and diluted earnings per share                            22,959   12,208   
                                                                                                              
                                                                                            2016     2015     
                                                                                            No. 000  No. 000  
 Number of shares                                                                                             
 Weighted average number of ordinary shares for the purposes of basic earnings per share    53,907   53,614   
 Effect of dilutive potential ordinary shares:                                                                
 -                           - share options                                                103      383      
 Weighted average number of ordinary shares for the purposes of diluted earnings per share  54,010   53,997   
                                                                                                              
                                                                                            2016     2015     
 From continuing operations                                                                                   
 Basic earnings per share                                                                   43.23p   23.16p   
 Diluted earnings per share                                                                 43.15p   22.99p   
                                                                                                              
 From discontinued operations                                                                                 
 Basic earnings per share                                                                   (0.64)p  (0.39)p  
 Diluted earnings per share                                                                 (0.64)p  (0.39)p  
                                                                                                              
 From continuing and discontinued operations                                                                  
 Basic earnings per share                                                                   42.59p   22.77p   
 Diluted earnings per share                                                                 42.51p   22.61p   
                                                                                                              
                                                                                                              
                                                                                            2016     2015     
                                                                                            £000     £000     
 Normalised earnings per share from continuing and discontinued operations                                    
 Profit for the purposes of basic and diluted earnings per share                            22,959   12,208   
 Adjust for the impact of exceptional costs/credits                                         -        6,132    
                                                                                                              
 Normalised earnings                                                                        22,959   18,340   
                                                                                                              
                                                                                                              
                                                                                            2016     2015     
                                                                                                              
 Normalised basic earnings per share                                                        42.59p   34.21p   
 Normalised diluted earnings per share                                                      42.51p   33.96p   
 
 
This information is provided by RNS
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