REG - RM PLC - Preliminary Results <Origin Href="QuoteRef">RM.L</Origin> - Part 3

RMAnnouncement

02/02/2015 07:01

- Part 3: For the preceding part double click  ID:nRSB6887Db 

                                                                                                                                                                                               
                                                                                                                                                                                                                                                                                                                                       Year ended         Year ended         
                                                                                                                                                                                                                                                                                                                                       30 November 2014   30 November 2013   
                                                                                                                                                                                                                                                                                                                                                          £000               £000    
                                                                                                                                                                                                                                                                                                                                                                                     
 Final dividend for the year ended 30 November 2013 of 2.46p per share (2012: 2.25p)                                                                                                                                                                                                                                                                      2,257              2,064   
 Special dividend for the year ended 30 November 2013 of 16.00p per share (2012: nil)                                                                                                                                                                                                                                                                     14,678             -       
 Interim dividend for the year ended 30 November 2014 of 0.96p per share (2013: 0.84p)                                                                                                                                                                                                                                                                    771                770     
                                                                                                                                                                                                                                                                                                                                                          17,706             2,834   
 The proposed final dividend of 3.04p per share for the year ended 30 November 2014 was approved by the Board on 30 January 2015.  The dividend is subject to approval by shareholders at the annual general meeting.  The anticipated cost of this dividend is £2,460,000, which is not included as a liability at 30 November 2014.  
 8. Trade and other receivables                                                                                                                                                                                                                                                                                                                                                        
                                                                                                                                                                                                                                                                                                                                                          2014               2013      
                                                                                                                                                                                                                                                                                                                                                          £000               £000      
 Current                                                                                                                                                                                                                                                                                                                                                                               
 Financial assets                                                                                                                                                                                                                                                                                                                                                                      
 Trade receivables                                                                                                                                                                                                                                                                                                                                        24,830             24,599    
 Long-term contract balances                                                                                                                                                                                                                                                                                                                              154                671       
 Other receivables                                                                                                                                                                                                                                                                                                                                        1,308              474       
 Accrued income                                                                                                                                                                                                                                                                                                                                           1,571              2,990     
                                                                                                                                                                                                                                                                                                                                                          27,863             28,734    
 Non-financial assets                                                                                                                                                                                                                                                                                                                                                                  
 Prepayments                                                                                                                                                                                                                                                                                                                                              5,065              6,400     
                                                                                                                                                                                                                                                                                                                                                          32,928             35,134    
 Non-current                                                                                                                                                                                                                                                                                                                                                                           
 Financial assets                                                                                                                                                                                                                                                                                                                                                                      
 Other receivables                                                                                                                                                                                                                                                                                                                                        1,878              1,911     
                                                                                                                                                                                                                                                                                                                                                          34,806             37,045    
                                                                                                                                                                                                                                                                                                                                                                                       
                                                                                                                                                                                                                                                                                                                                                                                           
 
 
 9. Cash and short-term deposits                                                                                  
                                                                                                  2014    2013    
                                                                                                  £000    £000    
 Cash and cash equivalents                                                                        41,893  57,169  
 Short-term deposits                                                                              6,000   6,000   
                                                                                                  47,893  63,169  
 The short-term deposits are for a maximum period of 6 months at interest rates of 0.80-0.85%.  
 
 
 10. Trade and other payables                                   
                                                2014    2013    
                                                £000    £000    
 Current liabilities                                            
 Financial liabilities                                          
 Trade payables                                 12,793  12,163  
 Other taxation and social security             4,673   3,019   
 Other payables                                 2,066   1,848   
 Accruals                                       14,041  18,395  
 Obligations under finance leases               230     350     
 Derivative financial instruments               3       544     
 Long-term contract balances                    31,320  27,708  
                                                65,126  64,027  
 Non-financial liabilities                                      
 Deferred income                                13,959  14,890  
                                                79,085  78,917  
 Non-current liabilities                                        
 Financial liabilities                                          
 Obligations under finance leases               49      438     
 Non-financial liabilities:                                     
 Deferred income:                                               
 - due after one year but within two years      1,077   1,827   
 - due after two years but within five years    531     1,190   
                                                1,657   3,455   
                                                80,742  82,372  
 
 
 11. Provisions                                                                                                           
                                          Onerous lease          Employee-related restructuring  Other    Total           
                                           and dilapidations                                                              
                                          £000                   £000                            £000     £000            
                                                                                                                          
 At 1 December 2012                       6,409                  453                             2,175    9,037           
 Utilisation of provisions                (1,331)                (1,154)                         (52)     (2,537)         
 Release of provisions                    -                      -                               (1,092)  (1,092)         
 Increase in provisions                   2,627                  4,942                           320      7,889           
 Effect of movements in exchange rates    21                     -                               (21)     -               
 Unwind of discount                       159                    -                               -        159             
 At 30 November 2013                      7,885                  4,241                           1,330    13,456          
 Utilisation of provisions                (836)                  (4,348)                         (289)    (5,473)         
 Release of provisions                    (524)                  (366)                           (431)    (1,321)         
 Increase in provisions                   1,298                  838                             95       2,231           
 Effect of movements in exchange rates    2                      -                               3        5               
 Unwind of discount                       269                    -                               -        269             
 At 30 November 2014                      8,094                  365                             708      9,167           
                                                                                                                          
 Disclosure of provisions 2014  2013      
 £000  £000  Current liabilities 3,660    
 7,201  Non-current liabilities 5,507     
 6,255  9,167  13,456  Provisions for     
 onerous leases and dilapidations have    
 been recognised at the present value of   
 the expected obligation at discount      
 rates of 3% reflecting a risk free       
 discount rate, applicable to the         
 liabilities. These discounts will        
 unwind to their undiscounted value over   
 the remaining lives of the leases via a   
 finance cost within the Income           
 Statement.  At 30 November 2014,         
 £5,738,000 (2013: £5,587,000) of the     
 provision refers to onerous leases, and   
 £2,356,000 (2013: £2,298,000) refers to   
 dilapidations.                           
 The average remaining life of the        
 leases at 30 November 2014 is 5.1 years   
 (2013: 2.1 years).   Given the lengths   
 remaining on onerous leases and current   
 market conditions, no assumption has     
 been made for the Group's ability to     
 sub-let, with any sub-letting likely to   
 result in a release of a proportion of   
 the provision held.                      
 Employee-related restructuring           
 provisions refer to costs arising from   
 restructuring to meet the future needs   
 of the Group and are all expected to be   
 utilised during the following financial   
 year.                                    
 Other provisions includes one-off items   
 not covered by any other category. The   
 significant elements in the provision    
 at 30 November 2014 continue to be       
 related to on-going legal activity and   
 provisions recognised as part of the     
 exit of operations, both of which were   
 included in the previous year.           
 12. Share capital                                                                                                        
                                        
                                          Ordinary shares of 2p  Ordinary shares of 22/7p        Total    
                                          Number                 £000                            Number   £000     £000   
 Allotted, called-up and fully paid:      000                    000                             
                                                                                                                          
 At 1 December 2012 and 30 November 2013   93,515                 1,870                           -        -        1,870  
                                                                                                                          
 Share consolidation                      (93,515)               (1,870)                         81,826   1,870    -      
 Issued in the year                       -                      -                               814      19       19     
 At 30 November 2014                      -                      -                               82,640   1,889    1,889  
                                                                                                                          
 During the year 800,000 ordinary shares 
 of 22/7p were issued to the RM plc     
 Employee Share Trust at par, and 14,000 
 shares options were exercised at an    
 exercise price of £1.54 fro