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

MJ GLEESONAnnouncement

25/09/2017 07:06

- Part 2: For the preceding part double click  ID:nRSY6284Ra 

             (228)   (336)                          (336)   
                                                                                                                                                                                          
 Tax                                                                                                        (82)                           (82)    (9)                            (9)     
 Loss for the year from discontinued operations                                                             (310)                          (310)   (345)                          (345)   
                                                                                                                                                                                          
 Loss per share - impact of discontinued operations                                                                                                
                                                                                                                                           2017                                   2016    
                                                                                                                                           p                                      p       
                                                                                                                                                                                          
 Basic                                                                                                                                     (0.57)                                 (0.64)  
                                                                                                                                                                                          
 The cash flow statement includes the following relating to the operating loss on discontinued operations:  
                                                                                                                                                                                          
                                                                                                                                           2017                                   2016    
                                                                                                                                           £000                                   £000    
                                                                                                                                                                                          
 Operating activities                                                                                                                      (441)                                  (47)    
 
 
4. Financial income and expenses 
 
                            2017   2016   
                            £000   £000   
 Financial income                         
 Interest on bank deposits  14     4      
 Other interest             1      -      
 Unwinding of discount      236    508    
                            251    512    
                                          
 Financial expenses                       
 Bank charges               (135)  (440)  
 Unwinding of discount      (67)   -      
                            (202)  (440)  
                                          
 Net financial income       49     72     
 
 
5. Tax 
 
                                       Continuing operations  Discontinued operations  Total  
                                       2017                   2016                     2017   2016  2017   2016   
                                       £000                   £000                     £000   £000  £000   £000   
 Current tax:                                                                                                     
 Current year charge                   6,184                  3,797                    -      -     6,184  3,797  
 Adjustment in respect of prior years  155                    45                       -      -     155    45     
                                                                                                                  
                                       6,339                  3,842                    -      -     6,339  3,842  
                                                                                                                  
 Deferred tax:                                                                                                    
 Current year expense                  88                     1,335                    48     7     136    1,342  
 Adjustment in respect of prior years  -                      (519)                    -      -     -      (519)  
 Impact of rate change                 61                     276                      34     2     95     278    
                                                                                                                  
 Deferred tax expense for the year     149                    1,092                    82     9     231    1,101  
                                                                                                                  
 Total tax charge                      6,488                  4,934                    82     9     6,570  4,943  
                                                                                                                  
 
 
Reductions in the UK corporation tax rate from 20% to 19%, effective from 1
April 2017, were substantively enacted on 26 October 2015. Corporation tax has
been calculated at 20.0% of assessable profit for the year (2016: 17.7%). 
 
The charge for the year can be reconciled to the profit per the consolidated
income statement as follows: 
 
                                                                                                    2017    2016    
                                                                                                    £000    £000    
                                                                                                                    
 Profit before tax on continuing operations                                                         33,012  28,238  
 Loss before tax from discontinued operations                                                       (228)   (336)   
 Profit before tax                                                                                  32,784  27,902  
                                                                                                                    
                                                                                                                    
 Profit before taxation multiplied by the standard rate of UK corporation tax 19.75% (2016: 20.0%)  6,475   5,580   
 Tax effect of:                                                                                                     
 Expenses not deductible for tax purposes                                                           37      99      
 Deduction in respect of share options exercised                                                    -       (417)   
 Recognition of deferred tax asset on share based payments                                          (95)    -       
 Land remediation relief                                                                            (75)    (60)    
 Deferred tax not recognised                                                                        -       (74)    
 Impact of rate changes on deferred tax assets                                                      95      289     
 Adjustments in respect of prior years - current tax                                                155     45      
 Adjustments in respect of prior years - deferred tax                                               -       (519)   
 Tax not at standard UK rates                                                                       (22)    -       
 Tax charge                                                                                         6,570   4,943   
 
 
6. Dividends 
 
                                                                                  2017   2016   
                                                                                  £000   £000   
 Amounts recognised as distributions to equity holders in the year:                             
                                                                                                
 Interim dividend for the year ended 30 June 2017 of 6.5p (2016: 4.5p) per share  3,516  2,433  
 Final dividend for the year ended 30 June 2016 of 10.0p (2015: 7.3p) per share   5,408  3,948  
                                                                                  8,924  6,381  
 
 
The proposed final dividend for the year ended 30 June 2017 of 17.5p per share
(2016: 10.0p) makes a total dividend for the year of 24.0p (2016: 14.5p). 
 
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 £9,553,000. 
 
7. Earnings per share 
 
Continuing and discontinued operations 
 
The calculation of the basic and diluted earnings per share is based on the
following: 
 
                                                                                            2017     2016     
 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                                                          26,524   23,304   
 Loss from discontinued operations                                                          (310)    (345)    
 Profit for the purposes of basic and diluted earnings per share                            26,214   22,959   
                                                                                                              
                                                                                            2017     2016     
                                                                                            No. 000  No. 000  
 Number of shares                                                                                             
 Weighted average number of ordinary shares for the purposes of basic earnings per share    54,066   53,907   
 Effect of dilutive potential ordinary shares:                                                                
 -                           - share options                                                834      103      
 Weighted average number of ordinary shares for the purposes of diluted earnings per share  54,900   54,010   
                                                                                                              
                                                                                            2017     2016     
 From continuing operations                                                                                   
 Basic earnings per share                                                                   49.06p   43.23p   
 Diluted earnings per share                                                                 48.31p   43.15p   
                                                                                                              
 From discontinued operations                                                                                 
 Basic earnings per share                                                                   (0.57)p  (0.64)p  
 Diluted earnings per share                                                                 (0.56)p  (0.64)p  
                                                                                                              
 From continuing and discontinued operations                                                                  
 Basic earnings per share                                                                   48.49p   42.59p   
 Diluted earnings per share                                                                 47.75p   42.51p   
                                                                                                              
                                                                                                              
 
 
This information is provided by RNS
The company news service from the London Stock Exchange