REG - Clarke(T.) PLC - Final Results <Origin Href="QuoteRef">CTO.L</Origin> - Part 2

TclarkeAnnouncement

22/03/2016 07:00

- Part 2: For the preceding part double click  ID:nRSV8171Sa 

2015£m                                                                            2014£m  
 Profit / (loss) attributable to owners of the Company:                                                                                            
 Continuing operations                                   2.8                                                                               (0.7)   
 Discontinued operations                                 (2.7)                                                                             0.1     
                                                         0.1                                                                               (0.6)   
                                                                                                                                                             
                                                         Weighted average number of ordinary shares (000s)                                 41,670  41,402    
                                                         Adjustments:                                                                                        
                                                         Savings Related Share Option Schemes (000s)                                       465     -         
                                                         Equity Incentive Plan                                                                               
                                                         -     Conditional share awards (000s)                                             957     -         
                                                         -     Options (000s)                                                              72      -         
                                                         Weighted average number of ordinary shares for diluted earnings per share (000s)  43,164  41,402    
                                                                                                                                                                 
 
 
C. Underlying earnings per share 
 
Underlying earnings per share represents profit for the year from continuing
operations adjusted for amortisation of intangible assets and non-recurring
items and the tax effect of these items, divided by the weighted average
number of shares in issue. Underlying earnings is the basis on which the
performance of the operating divisions of the business is measured. 
 
 Underlying earnings per share                                                     2015£m  2014£m  
 Profit / (loss) from continuing operations attributable to owners of the Company  2.8     (0.7)   
 Amortisation of intangible assets                                                 0.2     0.2     
 Exceptional subcontractor claim costs                                             -       1.2     
 Tax effect of adjustments                                                         -       (0.3)   
 Underlying profit from continuing operations                                      3.0     0.4     
 Weighted average number of ordinary shares (000s)                                 41,670  41,402  
 Adjustments:                                                                                      
 Savings Related Share Option Schemes (000s)                                       465     825     
 Equity Incentive Plan                                                                             
 -     Conditional share awards (000s)                                             957     968     
 -     Options (000s)                                                              72      71      
 Weighted average number of ordinary shares for diluted earnings per share (000s)  43,164  43,266  
 Underlying earnings per share                                                     7.11p   0.85p   
 Diluted underlying earnings per share                                             6.86p   0.81p   
 
 
Note 7 - Dividends 
 
                                                                                                                                     2015£m  2014£m  
 Final dividend of 2.60p (2014: 2.10p) per ordinary share proposed and paid during the year relating to the previous year's results  1.1     0.9     
 Interim dividend of 0.50p (2014: 0.50 p) per ordinary share paid during the year                                                    0.2     0.2     
                                                                                                                                     1.3     1.1     
 
 
The directors are proposing a final dividend of 2.60 p (2014: 2.60 p) per
ordinary share totalling £1.1m (2014: £1.1m). Subject to approval at the
annual general meeting, the final dividend will be paid on 13th May 2016 to
shareholders on the register as at 15th April 2016. The shares will go
ex-dividend on 14th April 2016.  This dividend has not been accrued at the
balance sheet date.  A dividend reinvestment plan is available to
shareholders.  Those shareholders who have not elected to participate in the
plan, and who would like to do so in respect of the 2015 final payment, may do
so by contacting Capita Registrars on 0871 664 0300 (Lines are open 8:30am -
5:30pm Mon-Fri. Calls cost 10p a minute plus network charges). The last day
for election for the final dividend reinvestment is 18th April 2016 and any
requests should be made in good time ahead of that date. 
 
Note 8 - Pension commitments 
 
The present value of the defined benefit obligation, the related current
service cost and past service cost were measured using the projected unit
credit method. The amount included in the consolidated statement of financial
position arising from the Group's obligations in respect of its defined
benefit retirement scheme is as follows: 
 
                                                                   2015£m  2014£m  
 Present value of defined benefit obligations                      43.2    44.5    
 Fair values of scheme assets                                      (29.8)  (28.2)  
 Deficit in scheme                                                 13.4    16.3    
                                                                                   
 Key assumptions used:                                                             
 Rate of increase in salaries                                      2.85%   2.70%   
 Rate of increase of pensions in payment                           3.05%   3.00%   
 Discount rate                                                     4.05%   3.70%   
 Inflation assumption                                              3.35%   3.20%   
                                                                                   
 Mortality assumptions (years):                                    2015    2014    
 Life expectancy at age 65 for current pensioners:                                 
 Men                                                               23.7    23.7    
 Women                                                             25.0    24.9    
 Life expectancy at age 65 for future pensioners (current age 45)                  
 Men                                                               25.0    25.0    
 Women                                                             26.5    26.4    
 
 
Note 9 - Notes to the statement of cash flows 
 
 a.  Reconciliation of operating profit to net cash inflow from operating activities  2015£m  2014£m  
 Profit / (loss) from operations:                                                                     
 Continuing operations                                                                4.4     (0.1)   
 Discontinued operations                                                              (3.4)   0.1     
 Depreciation charges                                                                 0.5     0.6     
 Profit on sale of property, plant and equipment                                      (0.1)   (0.2)   
 Equity settled share based payment (credit) / expense                                (0.1)   0.2     
 Amortisation                                                                         0.2     0.2     
 Defined benefit pension scheme credit                                                (0.5)   (0.4)   
 Operating cash flows before movements in working capital                             1.0     0.4     
 Increase in contract balances                                                        (3.1)   (0.9)   
 Increase in trade and other receivables                                              (1.6)   (3.7)   
 Increase in trade and other payables                                                 7.1     9.5     
 Cash generated by operations                                                         3.4     5.3     
 Corporation tax paid                                                                 (0.3)   -       
 Interest paid                                                                        (0.4)   (0.3)   
 Net cash generated by operating activities                                           2.7     5.0     
 
 
b. Cash and cash equivalents 
 
Cash and cash equivalents comprise cash at bank and other short-term highly
liquid investments that are readily convertible into cash, less bank
overdrafts, and are analysed as follows: 
 
                            2015£m  2014£m  
 Cash and cash equivalents  11.7    10.3    
 
 
Note 10 - Related party transactions 
 
The remuneration of the directors of the Company was £1.7m (2014:£1.0m),
including pension contributions of £0.2 (2014: £0.1m). 
 
The remuneration of key management (including directors of subsidiary
companies) was £3.6m (2014: £3.6m), including termination benefits of £0.2m
(2014: £0.1m).  Post-employment benefits in respect of key management
(including subsidiary directors) were £0.5m (2014: £0.4m). 
 
Transactions between the Company and its subsidiary undertakings, which are
related parties, have been eliminated on consolidation and are not disclosed
in this note.  There were no other related party transactions requiring
disclosure in the financial statements. 
 
Note 11 - Annual General Meeting 
 
The 104th Annual General Meeting will be held at 200 Aldersgate, St Paul's,
London EC1A 4HD on Friday 6th May 2016 at 10.00 am. 
 
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