REG - Ramsdens Holdings - Interim Results - six months ended 31 March 2023
07/06/2023 07:00
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RNS Number : 8741B Ramsdens Holdings PLC 07 June 2023
7 June 2023
Ramsdens Holdings PLC
("Ramsdens", the "Group", the "Company")
Interim Results for the six months ended 31 March 2023
Strong performance driven by growth across all of the Group's key income
streams
Ramsdens, the diversified financial services provider and retailer, today
announces its Interim Results for the six months ended 31 March 2023 (the
"Period").
Financial Highlights
· A strong performance with Profit Before Tax up by 68% to £3.7m
(HY22: £2.2m)
· Gross revenue increased by 33% to £39.0m (HY22: £29.3m)
· Jewellery retail revenue increased by 32% to £17.3m (HY22: £13.1m)
o Online jewellery retail sales increased by 89% year on year to £3.7m
(HY22: £2.0m) and represented 21% of total jewellery sold (HY22: 15%)
· Pawnbroking loan book at the Period end increased by 29% to £9.7m
(HY22: £7.5m)
· Foreign currency gross profit increased by 41% to £4.9m (HY22:
£3.4m)
· Gross profit from the purchase of precious metals increased by 28% to
£4.0m (HY22: £3.1m)
· Net Assets increased by £5.4m to £43.0m (HY22: £37.6m)
· Reflecting the Group's positive trading momentum and the Board's
confidence in the outlook, the Board has approved a 22% increase in the
interim dividend to 3.3 pence per share (HY22: 2.7 pence per share)
Operational Highlights
· Six new stores opened in the Period in Bootle, Basildon, Bradford,
Croydon, Maidstone and Warrington.
· The total store estate at the Period end comprised 158 stores,
excluding two franchised stores (H1 FY22: 153 stores).
Current trading
· The positive trading momentum has continued so far into the second
half of FY23.
· We anticipate opening six new stores in the second half of FY23
· A dedicated website for currency services will launch in June 2023,
strengthening the Group's e-commerce proposition
· The Group acquired a small independent pawnbroker and jeweller in
Bexleyheath for consideration of £0.3m in April 2023
Financial results for the six months ended 31 March 2023
6 months ended 31 March 2023 (unaudited) 6 months ended 31 March 2022 (unaudited) 12 months ended 30 September 2022
(audited FY22)
Gross Revenue £39.0m £29.3m £66.1m
Gross Profit £20.5m £15.7m £38.2m
Profit before tax £3.7m £2.2m £8.3m
Net Assets £43.0m £37.6m £41.8m
Basic EPS 8.9p 5.6p 20.9
Dividend Interim 3.3p Interim 2.7p Full year 9.0p
Peter Kenyon, Chief Executive, commented:
"We are pleased to report an excellent performance in the first half of the
year which was achieved by strong trading across all our key income streams.
This momentum puts us on course to deliver record profits for the Group in the
current financial year.
We are successfully executing against our long-held strategic priorities. We
are focused on driving organic growth by delivering ongoing continuous
improvements to our operations, expanding the store estate and investing in
our online offering. In addition, we are continuing to seek and appraise
attractive consolidation opportunities in what remains a highly fragmented
market.
With our diversified income streams, strong brand and growing customer base,
we are highly confident in the Group's growth prospects for the coming years,
thereby enabling us to create significant value for all stakeholders."
ENDS
Enquiries:
Ramsdens Holdings PLC
Tel:
+44 (0) 1642 579957
Peter Kenyon, CEO
Martin Clyburn, CFO
Liberum Capital Limited (Nominated Adviser) Tel: +44 (0) 20 3100 2000
Richard Crawley
Lauren Kettle
Hudson Sandler (Financial PR)
Tel: +44 (0) 20 7796
4133
Alex Brennan
Emily Brooker
About Ramsdens
Ramsdens is a growing, diversified, financial services provider and retailer,
operating in the four core business segments of foreign currency exchange,
pawnbroking loans, precious metals buying and selling and retailing of second
hand and new jewellery.
Ramsdens does not offer unsecured high-cost short term credit.
Headquartered in Middlesbrough, the Group operates from 158 stores within the
UK (excluding two franchised stores) and has a growing online presence.
Ramsdens is fully FCA authorised for its pawnbroking and credit broking
activities.
www.ramsdensplc.com
(file:///C:/Users/alex/Dropbox%20(Hudson%20Sandler)/Clients/Ramsdens/Releases/Drafts/www.ramsdensplc.com)
www.ramsdensforcash.co.uk (http://www.ramsdensforcash.co.uk)
www.ramsdensjewellery.co.uk
CHIEF EXECUTIVE'S REPORT
This interim report covers the six months ended 31 March 2023 (the "Period").
Ramsdens delivered a strong performance during the Period and achieved several
notable trading highlights. The Period saw record profits for the jewellery
retail and foreign currency segments while the pawnbroking loan book increased
to a new high and the purchase of precious metals segment's gross profit
increased above pre-Covid levels.
The Board is very pleased with the Group's performance and looks forward to
making further progress towards our strategic and operational objectives in
the second half.
FINANCIAL REVIEW
The Group reported a Profit Before Tax of £3.7m (HY22: £2.2m). Gross revenue
increased by 33% to £39.0m (HY22: £29.3m).
Administration expenses increased by 24% to £16.5m (HY22: £13.3m) primarily
as a result of the six new store openings in the Period (compared to two new
stores opened in the comparable prior year period) and increased staff costs
as a result of more people employed by the Group as well as a pay review
implemented in January 2023 which saw the Group retain the real living wage as
a minimum for all colleagues.
The Group's balance sheet remains strong, with net assets of £43.0m (HY22:
£37.6m). The Group's main assets are cash (including foreign currency),
pawnbroking loans secured on gold jewellery and watches, and retail jewellery
stock. The net cash position (cash less bank borrowings) reduced to £5.5m
(HY22 £9.3m) following investments in new stores, jewellery stock and ongoing
growth of the pawnbroking loan book.
Capital expenditure in the Period totalled £1.5m (HY22: £0.8m) primarily
reflecting the cost of opening six stores and relocating three stores.
The Group has the benefit of a £10.0m revolving credit facility which expires
in March 2024. The Group had drawn £6m of this facility at the end of the
Period to support foreign currency stock increases.
Reflecting the Group's positive trading momentum and the Board's confidence in
the outlook, the Board is pleased to announce an interim dividend of 3.3 pence
per share (HY22: 2.7 pence per share), an increase of 22%. The dividend will
be payable on 6 October 2023 to those shareholders on the register on 8
September 2023. The ex-dividend date will be 7 September 2023.
REVIEW
Foreign Currency Exchange
The foreign currency exchange (FX) segment primarily comprises the sale and
purchase of foreign currency notes to holidaymakers.
HY23 HY22 YOY
Total currency exchanged £134m £94m 43%
Gross profit £4.9m £3.4m 41%
Online C&C orders £12.7m £10.0m 27%
% of online FX 9% 11%
Segment as a % of total gross profit 24% 22%
Average sales transaction value (ATV) £398 £425
We are looking forward to the summer period with optimism supported by
positive commentary by airlines and travel agents, albeit we do not currently
anticipate that the total volume exchanged will exceed the levels seen prior
to the pandemic in summer 2019.
As volumes continue to recover, we anticipate some pressure on margins,
however they are still expected to be higher than those generated by the Group
in summer 2019.
The ATV for the Period of £398 decreased YOY but remains above pre-Covid
levels of £362. There are several factors which impact ATV, for example
post the pandemic we are only just starting to see volumes increase for US
dollar transactions which typically carry a higher ATV than Euro
transactions. Cash remains popular among many holiday makers to assist with
holiday spend budgeting and to overcome the unknown availability of card
acceptance in a foreign location. A currency card is used by some travellers
for convenience and to "arm's length" their main bank account from spending in
unfamiliar locations. The new Ramsdens multi-currency card will launch this
summer and we have expectations that it will positively contribute in FY24.
Pawnbroking
Pawnbroking is a small subset of the consumer credit market in the UK and a
simple form of asset-backed lending that dates back to the foundations of
banking. In a pawnbroking transaction an item of value, known as a pledge (in
Ramsdens' case this is jewellery and watches) is held by the pawnbroker as
security against a six-month loan. Customers pay interest on this loan, repay
the capital sum borrowed and recover their pledged item. If a customer
defaults on the loan, the pawnbroker sells the pledged item to repay the
amount owed and returns any surplus funds to the customer. Pawnbroking is
regulated by the FCA in the UK and Ramsdens is fully FCA authorised.
000's HY23 HY22 YOY
Gross profit £4,827 £3,694 31%
Total loan book £9,665 £7,506 29%
Past Due £724 £567 28%
In date loan book £8,941 £6,939 29%
Percentage of GP 24% 23%
Mean loan value £314 £286 10%
Median loan value £170 £150 13%
We saw increased demand for pawnbroking from both existing and new customers
during the Period which resulted in record lending in January 2023 and again
in March 2023.
The disclosed pawnbroking loan book (above) represents the capital amount
borrowed and is of good quality with low levels of past due loans.
The median loan value across the Group is £170. It is £250 across our
branches in the South of England reflecting a greater mix of gold carats
offered in pledge in those locations.
Our lending policies and repayment profiles have remained consistent. The
loan to value on plain gold was less than two thirds of the gold price at the
period end, however we are increasingly encouraged by our improving retail
capability and are now able to lend more against products we believe would
retail quickly.
With restrictions in the availability of other forms of small sum credit, and
the continued squeeze on household incomes with higher bills, we believe that
demand for small sum loans will continue to be high for the remainder of 2023.
The ease, simplicity and transparency of pawnbroking will continue to
provide solutions for customers needing short term financial assistance
provided they have assets to pledge.
Jewellery Retail
The Group retails new and second-hand jewellery to customers both in store and
online. The Board continues to believe there is further growth potential for
Ramsdens in this segment which can be achieved by leveraging the Group's store
estate and e-commerce operations, by cross-selling to existing customers, and
by acquiring new customers.
Retailing of new jewellery products complements the Group's second-hand
offering, giving customers greater choice in both breadth of products and
price. In addition, the Group continues to build its reputation for the sale
of premium second-hand watches.
000's HY23 HY22 YOY
Revenue £17,323 £13,085 32%
Gross Profit £6,287 £4,923 28%
Margin % 36% 38%
Jewellery retail stock £22,700 £20,070 13%
Online sales £3,703 £1,963 89%
% of sales online 21% 15%
Percentage of GP 31% 31%
We had a record December in the key retail season following the ongoing
investments we have made in staff training, stock levels, in store stock
presentation and developing our online proposition.
Retail revenue is split roughly equally across the three main categories - new
jewellery, second hand jewellery and second-hand premium watches. Margins
across each category have remained consistent with new jewellery at
approximately 40%, second hand jewellery at approximately 60% and premium
watches approximately at 20%. The increase in premium watch sales and sales
of new jewellery have resulted in a lower overall gross margin.
The jewellery website www.ramsdensjewellery.co.uk
(http://www.ramsdensjewellery.co.uk) had a platform refresh in October 2022.
This and continued investment in TV advertising, SEO, PPC and affiliate
schemes delivered online sales of £3.7m, up 89% (HY22 £2.0m). In
addition, the online 'view in store offer' is helping to increase branch
revenue. The online retail offer is managed as a separate store and it
continues to grow its profitability. Online sales accounted for 21% of all
our jewellery revenue in the Period.
As we look forward, despite the anticipated macro challenges that higher
inflation and rising interest rates will bring, we believe there is an
opportunity to further develop and grow our jewellery retail business over the
coming years underpinned by our great value for money customer proposition.
Purchases of Precious Metals
Through this service, Ramsdens buys unwanted jewellery, gold and other
precious metals from customers for cash. Typically, a customer brings unwanted
jewellery into a Ramsdens store and a price is agreed with the customer
depending upon the retail potential, weight or carat of the jewellery. The
Group has second-hand dealer licences and other permissions and adheres to the
approved "gold standard" for buying precious metals.
Once jewellery has been bought from the customer, the Group's dedicated
jewellery department decides whether, or not, to retail the item through the
store network or online. Income derived from jewellery, which is purchased and
then retailed, is reflected in jewellery retail income and profits. The
residual items are smelted and sold to a bullion dealer for their intrinsic
value and the proceeds are reflected in the accounts as precious metals buying
income.
000's HY23 HY22 YOY
Revenue £10,457 £7,779 34%
Gross Profit £3,983 £3,112 28%
Average 9ct gold price in £ £18.25 £16.44
Percentage of GP 19% 20%
The number of customers looking to realise value in their unwanted or damaged
jewellery increased as a result of the higher sterling gold price, the
cost-of-living crisis, and greater awareness of the service.
In the short to medium term, we expect the gold price to remain high and, as a
result, to benefit this area of the business.
Other services
In addition to the four core business segments, the Group also provides
additional services in Western Union money transfer, cheque cashing, credit
broking and receives franchise fees.
000's HY23 HY22 YOY
Revenue £536 £557 (4%)
Gross Profit £536 £557 (4%)
Percentage of GP 3% 4%
The Group stopped providing its cheque cashing service and credit broking
services for alternative loans in April 2023 due to the regulatory burden and
falling demand. These services collectively contributed approximately £0.2m
in the Period (HY22: £0.2m).
There are no plans to increase the franchise store network.
OPERATIONAL REVIEW
The biggest challenge operationally is the training and development of
recently recruited colleagues. While the headcount has increased back to
being broadly in line with optimum levels, new staff are inexperienced with
the ideal customer conversation. This provides an opportunity for future
growth as knowledge is developed and experience is gained. It is powerful
testament to our in-house developed software and training processes that we
have been able to onboard so many new colleagues effectively and deliver these
strong results. I would like to take this opportunity to thank each and
every staff member for their commitment to deliver fantastic service to our
customers every day.
Our retail estate continues to be actively managed. With many high streets
in a state of flux, we continue to value flexibility in our lease portfolio.
Lease renewals have generally resulted in rent reductions and / or greater
flexibility. On occasion, we have relocated to take advantage of lower rents
in a much better footfall location. We relocated our Llanelli, Swansea and
Kendal stores during the Period. A further two stores are scheduled for
relocation later in 2023.
During the Period, six new stores were opened in Bootle, Basildon, Bradford,
Croydon, Maidstone and Warrington. We have a healthy pipeline of targeted
new stores for FY23 and beyond and anticipate opening six stores in the second
half of FY23 dependent upon completion of leases, planning approvals, and
successful shop fits. A new store represents a c.£0.3m commitment split
broadly equally between capital expenditure and working capital. While it
is still early days, all stores opened in the last 12 months are performing in
line with or ahead of management expectations.
OUTLOOK
Ramsdens delivered a strong performance in the first half of the year, and the
Group's positive trading momentum has continued so far into the second half.
With our diversified income streams, strong brand and growing customer base,
we believe we are well positioned to further grow our profitability in this
financial year and in coming years, and continue to deliver on our progressive
dividend policy.
The Board firmly believes in our long-held growth strategy and that Ramsdens
will continue to grow and create value for all stakeholders.
Peter Kenyon
Chief Executive Officer
Interim Condensed Financial Statements
Unaudited condensed consolidated statement of comprehensive income
For the six months ended 31 March 2023
6 months 6 months 12 months
ended ended ended
31 March 2023 31 March 2022 30 September 2022
Unaudited Unaudited Audited
Note £'000 £'000 £'000
Revenue 2 38,991 29,265 66,101
Cost of sales (18,495) (13,532) (27,882)
Gross profit 2 20,496 15,733 38,219
Other income - - 1
Administrative expenses (16,522) (13,287) (29,392)
Operating profit 3,974 2,446 8,828
Finance costs 3 (296) (230) (559)
Profit before tax 3,678 2,216 8,269
Income tax expense (850) (465) (1,683)
Total comprehensive income for the period 2,828 1,751 6,586
Basic earnings per share in pence 4 8.9 5.6 20.9
Diluted earnings per share in pence 4 8.7 5.6 20.7
Unaudited condensed consolidated statement of changes in equity
For the six months ended 31 March 2023
6 months 6 months 12 months
ended ended ended
31 March 31 March 30 September 2022
2023 2022
Unaudited Unaudited Audited
Note £'000 £'000 £'000
Opening total equity 41,843 36,143 36,143
Total comprehensive income for the period 2,828 1,751 6,586
Transactions with shareholders:
Share capital issued - 2 2
Dividends paid 6 (1,994) (377) (1,231)
Share based payments 166 155 314
Deferred tax on share based payments 197 (51) 29
Total transactions with shareholders (1,631) (271) (886)
Closing total equity 43,040 37,623 41,843
Unaudited condensed consolidated statement of financial position
At 31 March 2023
6 months 6 months 12 months
ended ended ended
31 March 31 March 30 September 2022
2023 2022
Unaudited Unaudited Audited
Note £'000 £'000 £'000
Assets
Non-current assets
Property, plant and equipment 7,551 5,343 6,681
Intangible assets 714 850 779
Investments - - -
Right-of-use assets 9,472 9,055 9,551
Deferred tax assets 104 - -
17,841 15,248 17,011
Current Assets
Inventories 23,373 21,279 22,764
Trade and other receivables 14,880 11,853 13,264
Cash and short term deposits 11,427 10,718 15,278
49,680 43,850 51,306
Total assets 67,521 59,098 68,317
Current liabilities
Trade and other payables 7,507 9,885 8,905
Lease liability 2,219 2,206 2,086
Interest bearing loans and borrowings 5,963 1,423 6,443
Income tax payable 978 403 932
16,667 13,917 18,366
Net current assets 33,013 29,933 32,940
Non-current liabilities
Lease liability 7,761 7,313 7,871
Accruals and deferred income 53 93 88
Deferred tax liabilities - 152 149
7,814 7,558 8,108
Total liabilities 24,481 21,475 26,474
Net assets 43,040 37,623 41,843
Equity
Issued capital 5 316 316 316
Share premium 4,892 4,892 4,892
Retained earnings 37,832 32,415 36,635
Total equity 43,040 37,623 41,843
Unaudited condensed consolidated statement of cash flows
For the six months ended 31 March 2023
6 months 6 months 12 months
ended ended ended
31 March 2023 31 March 30 September 2022
2022
Unaudited Unaudited Audited
£'000 £'000 £'000
Operating activities
Profit before tax 3,678 2,216 8,269
Adjustments to reconcile profit before tax to net cash flows:
Depreciation and impairment of property, plant & equipment 573 655 1,265
Depreciation of right-of-use assets 1,106 1,116 2,261
Profit on disposal of right-of-use assets (27) - (81)
Amortisation and impairment of intangible assets 65 64 163
Loss on disposal of property, plant and equipment 54 10 78
Share based payments 166 155 314
Finance costs 280 230 559
Working capital adjustments:
Movement in trade and other receivables and prepayments (1,616) (1,249) (2,583)
Movement in inventories (609) (5,736) (7,221)
Movement in trade and other payables (1,413) 2,186 1,144
2,257 (353) 4,168
Interest paid (280) (230) (559)
Income tax paid (860) (60) (672)
Net cash flows from operating activities 1,117 (643) 2,937
Investing activities
Proceeds from sales of property, plant and equipment - - 3
Purchase of property, plant and equipment (1,497) (798) (2,817)
Purchase of intangible assets - - (28)
Acquisitions - (909) (909)
Net cash flows used in investing activities (1,497) (1,707) (3,751)
Financing Activities
Dividends paid (1,994) (377) (1,231)
Share capital issued - 2 2
Payment of lease liabilities (977) (1,089) (2,211)
Bank loans drawn down 6,000 1,500 8,000
Repayment of bank borrowings (6,500) - (1,500)
Net cash flows used in financing activities (3,471) 36 3,060
Net (decrease) / increase in cash and cash equivalents (3,851) (2,314) 2,246
Cash and cash equivalents at start of period 15,278 13,032 13,032
Cash and cash equivalents at end of period 11,427 10,718 15,278
Unaudited notes to the interim condensed financial statements
For the six months ended 31 March 2023
1. Basis of preparation
The interim condensed financial statements of the group for the six months
ended 31 March 2023, which are neither audited nor reviewed, have been
prepared in accordance with the International Financial Reporting Standards
('IFRS') accounting policies adopted by the group and set out in the annual
report and accounts for the year ended 30 September 2022. As permitted, this
interim report has been prepared in accordance with the AIM rules and not in
accordance with IAS 34 "Interim financial reporting". While the financial
figures included in this preliminary interim earnings announcement have been
computed in accordance with IFRS's applicable to interim periods, this
announcement does not contain sufficient information to constitute an interim
financial report as that term is defined in IFRS's.
The financial information contained in the interim report also does not
constitute statutory accounts for the purpose of section 434 of the Companies
Act 2006. The financial information for the period ended 30 September 2022 is
based on the statutory accounts for period ended 30 September 2022 which have
been filed with the Registrar of Companies and are available on the group's
website www.ramsdensplc.com. The auditors, Grant Thornton UK LLP, reported on
those accounts: their report was unqualified, did not draw attention to any
matters by way of emphasis and did not contain a statement under section 498
(2) or (3) of the Companies Act 2006.
The Board have conducted an extensive review of forecast earnings and cash
over the next twelve months, considering various scenarios and sensitivities,
and have made appropriate enquiries as considered necessary. Following this
review the Board have a reasonable expectation that the Company and Group have
adequate resources to continue in operational existence for the foreseeable
future. Accordingly, they continue to adopt the going concern basis in
preparing the interim condensed financial statements.
Unaudited notes to the interim condensed financial statements (continued)
For the six months ended 31 March 2023
2. Segmental Reporting
6 months 6 months 12 months
ended ended ended
31 March 2023 31 March 2022 30 September
2022
Unaudited Unaudited Audited
£'000 £'000 £'000
Revenue
Pawnbroking 5,645 4,248 8,967
Purchases of precious metals 10,457 7,779 15,847
Retail jewellery sales 17,323 13,085 27,107
Foreign currency margin 5,030 3,596 13,066
Income from other financial services 536 557 1,114
Total revenue 38,991 29,265 66,101
Gross profit
Pawnbroking 4,827 3,694 7,533
Purchases of precious metals 3,983 3,112 6,626
Retail jewellery sales 6,287 4,923 10,263
Foreign currency margin 4,863 3,447 12,683
Income from other financial services 536 557 1,114
Total gross profit 20,496 15,733 38,219
Other income - - 1
Administrative expenses (16,522) (13,287) (29,392)
Finance (296) (230) (559)
costs
Profit before tax 3,678 2,216 8,269
Income from other financial services comprises of cheque cashing fees,
franchise fees and agency commissions on miscellaneous financial products.
The Group is unable to meaningfully allocate administrative expenses, or
financing costs between the segments due to the fact that these include staff
costs who undertake all services in branches. Accordingly, the Group is unable
to disclose an allocation of items included in the Consolidated Statement of
Comprehensive Income below Gross profit, which represents the reported
segmental results.
Unaudited notes to the interim condensed financial statements (continued)
For the six months ended 31 March 2023
2. Segmental Reporting
6 months 6 months 12 months
ended ended ended
31 March 2023 31 March 2022 30 September
2022
Unaudited Unaudited Audited
£'000 £'000 £'000
Other information
Capital additions (*) 1,497 1,013 3,060
Depreciation and amortisation (*) 1,798 1,845 3,689
Assets
Pawnbroking 13,188 10,837 11,853
Purchases of precious metals 3,908 120 3,081
Retail jewellery sales 20,319 21,590 20,125
Foreign currency margin 7,210 5,903 10,123
Income from other financial services 131 150 139
Unallocated (*) 22,765 20,498 22,996
67,521 59,098 68,317
Liabilities
Pawnbroking 598 531 613
Purchases of precious metals 4 1 3
Retail jewellery sales 1,876 4,845 2,012
Foreign currency margin 1,716 1,626 2,042
Income from other financial services 283 357 392
Unallocated (*) 20,004 14,115 21,412
24,481 21,475 26,474
(*) The Group is unable to meaningfully allocate this information by segment
due to the fact that all segments operate from the same stores and the assets
and liabilities are common to all segments.
Fixed assets are therefore included in unallocated assets and lease
liabilities are included in unallocated liabilities.
Unaudited notes to the interim condensed financial statements (continued)
For the six months ended 31 March 2023
3. Finance costs
6 months 6 months 12 months
ended ended ended
31 March 2023 31 March 2022 30 September 2022
Unaudited Unaudited Audited
£'000 £'000 £'000
Interest on debts and borrowings 77 42 163
Interest on right-of-use assets 219 188 396
Total finance costs 296 230 559
4. Earnings per share
6 months 6 months 12 months
ended ended ended
31 March 2023 31 March 2022 30 September 2022
Unaudited Unaudited Audited
£'000 £'000 £'000
Profit for the period (£'000) 2,828 1,751 6,586
Weighted average number of shares in issue 31,643,207 31,476,540 31,559,874
Earnings per share (pence) 8.9 5.6 20.9
Fully diluted earnings per share (pence) 8.7 5.6 20.7
5. Issued capital and reserves
Ordinary shares issued and fully paid No. £'000
At 30 September 2022 31,643,207 316
Share capital issued - -
At 31 March 2023 31,643,207 316
6. Dividends
The final dividend for the year ended 30 September 2022 of 6.3p per share was
paid 10 March 2023 totaling £1,994,000.
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