REG - MS International PLC - Final Results <Origin Href="QuoteRef">MSTL.L</Origin> - Part 4
07/06/2017 07:06
- Part 4: For the preceding part double click ID:nRSG3461Hc
certain costs
which has led
to a
restatement
of the prior
year segment
result for
the
divisions.
The total
segment
result of the
Group for the
prior year
remains
unchanged.
Geographical analysis
The following table presents revenue and expenditure and certain assets and liabilities information by geographical segment for the periods ended 29th April, 2017 and 30th April, 2016. The Group's geographical segments are based on the location of the Group's assets. Revenue from external customers is based on the geographical location of its customers.
Europe North America Rest of the World Total
2017 2016 2017 2016 2017 2016 2017 2016
£000 £000 £000 £000 £000 £000 £000 £000
Revenue
External 45,599 39,238 6,072 3,935 2,152 6,109 53,823 49,282
Non-current assets 21,230 21,683 4,351 1,246 91 73 25,672 23,002
Current assets 35,911 27,544 1,213 1,483 766 672 37,890 29,699
Liabilities 29,163 22,675 4,922 1,531 436 435 34,521 24,641
Capital expenditure 992 1,261 3,149 1,069 24 - 4,165 2,330
Information about major customers 2017 2016
Revenue from major customers arising from sales reported in the Defence segment: £000 £000
Customer 1 9,065 -
Customer 1 - 10,042
2 Employee Information 2017 2016
Number Number
The average number of employees, including executive directors, during the period was:
Production 234 237
Technical 65 68
Distribution 30 31
Administration 80 59
409 395
(a) Staff costs 2017 2016
Their, including executive directors, employment costs were as follows: £000 £000
Wages and salaries 12,764 11,558
Social Security costs 1,355 1,227
Other pension costs 398 412
14,517 13,197
2017 2016
(b) Directors' emoluments £000 £000
Aggregate directors' emoluments 1,152 1,128
Post employment benefits 31 31
1,183 1,159
3 Taxation
The charge for taxation comprises: 2017 2016
£000 £000
Current tax
United Kingdom corporation tax 9 83
Tax over provided in previous years 15 (82)
Foreign corporation tax 116 150
Group current tax 140 151
Deferred tax
Origination and reversal of temporary differences (73) (54)
Adjustments in respect of prior years (26) 37
Impact of reduction in deferred tax rate to 17% (13) (36)
Group deferred tax (112) (53)
Tax on profit 28 98
Tax relating to items charged or credited to other comprehensive income
Deferred tax
Deferred tax on remeasurement losses on pension scheme current year 16 (165)
Impact of reduction in deferred tax rate to 17% 75 153
Income tax in the statement of comprehensive income 91 (12)
(b) Factors affecting the tax charge for the year
The tax assessed for the period differs to the standard rate of corporation tax in the UK (20%) (2016 - 20%). The differences are explained below:
2017 2016
£000 £000
Profit before tax 1,526 1,682
Profit multiplied by standard rate of corporation tax of 20% (2016 - 20%) 305 336
Expenses not deductible for tax purposes (434) (173)
Adjustments in respect of overseas tax rates 181 16
Current tax adjustment in respect of prior periods 15 (82)
Deferred tax adjustment in respect of prior periods (26) 37
Impact of reduction in deferred tax rate to 17% (13) (36)
Total tax charge for the period 28 98
4 Earnings per share
The calculation of basic earnings per share is based on:
(a) Profit for the period attributable to equity holders of the parent of £1,498,000 (2016 - £1,584,000).
(b) 16,504,691 (2016 - 16,504,691) Ordinary shares, being the weighted average number of Ordinary shares in issue.
This represents 18,396,073 (2016 - 18,396,073) being the weighted average number of Ordinary shares in issue less 1,891,382 (2016 - less 1,891,392) being the weighted average number of shares both held within the ESOT 245,048 (2016 - 245,048) and purchased by the Company 1,646,334 (2016 - 1,646,334).
5 Dividends paid and proposed 2017 2016
£000 £000
Declared and paid during the year
On Ordinary shares
Final dividend for 2016 : 6.50p (2015 - 6.50p) 1,073 1,073
Interim dividend for 2017 : 1.50p (2016 - 1.50p) 247 247
1,320 1,320
Proposed for approval by shareholders at the AGM
Final dividend for 2017 : 6.50p (2016 - 6.50p) 1,073 1,073
6 Trade and other receivables
Group Company
2017 2016 2017 2016
£000 £000 £000 £000
Trade receivables 9,631 7,744 6,792 6,578
Retentions on contracts 1,723 1,188 1,723 1,188
Amounts owed by subsidiary undertakings - - 6,036 1,874
Other receivables 39 64 15 15
11,393 8,996 14,566 9,655
Gross amounts due from customers for contract work - included above 2,270 1,861 2,033 1,666
The aggregate amount of costs incurred and recognised profits to date on contracts is £13,679,000 (2016 - £10,775,000).
(a) Trade receivables are denominated in the following currencies
Group Company
2017 2016 2017 2016
£000 £000 £000 £000
Sterling 6,208 6,019 6,208 6,019
Euro 2,578 983 593 559
US dollar 516 361 (14) -
Other currencies 329 381 5 -
9,631 7,744 6,792 6,578
Trade receivables are non-interest bearing and are generally on 30 days terms and are shown net of provision for impairment. The aged analysis of trade receivables not impaired is as follows:
Group Total Not past due < 30 days 30-60 days 60-90 days > 90 days
£000 £000 £000 £000 £000 £000
2017 9,631 8,028 1,397 182 15 9
2016 7,744 6,026 1,424 269 9 16
As at 29th April, 2017 trade receivables at a nominal value of £84,000 (2016 - £102,000) were impaired and fully provided. Bad debts of £19,000 (2016 - £51,000) were recovered and bad debts of £17,000 (2016 - £24,000) were incurred.
Company
2017 6,792 5,623 1,139 30 - -
2016 6,578 5,182 1,158 238 - -
As at 29th April, 2017 trade receivables at a nominal value of £37,000 (2016 - £39,000) were impaired and fully provided. Bad debts of £6,000 (2016 - £8,000) were recovered and bad debts of £4,000 (2016 - £23,000) were incurred.
(b) Retentions on contracts are denominated in the following currencies
Group Company
2017 2016 2017 2016
£000 £000 £000 £000
Sterling 1,723 1,188 1,732 1,188
Euro - - - -
US dollar - - - -
Other currencies - - - -
1,723 1,188 1,732 1,188
Retentions on contracts are non interest bearing and represent amounts contractually retained by customers on completion of contracts for specific time periods as follows:
Group Total Up to 6 months 6 - 12 months 12 - 18 months 18 - 24 months
£000 £000 £000 £000 £000
2017 1,723 1,723 - - -
2016 1,188 1,188 - - -
Company
2017 1,723 1,723 - - -
2016 1,188 1,188 - - -
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