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

TclarkeAnnouncement

04/08/2015 07:00

- Part 2: For the preceding part double click  ID:nRSD9453Ua 

at 30th June
2015.  The shares will go ex-dividend on 10th September 2015 and the dividend
will be paid on 9th October to shareholders on the register as at 11th
September 2015.  A dividend reinvestment plan is available for shareholders. 
Those shareholders who have not elected to participate in this plan, and who
would like to participate with respect to the 2015 interim dividend, may do so
by contacting Capita Registrars on 0371 664 0381. The last day for election
for the interim dividend reinvestment is 14th September 2015 and any requests
should be made in good time ahead of that date. 
 
 Dividends paid in period                         Unaudited30 06 2015£m  Unaudited30 06 2014£m  Audited31 12 2014£m  
 Final dividends in respect of previous year      1.1                    0.9                    0.9                  
 Interim dividend in respect of the current year  -                      -                      0.2                  
 Dividends recognised in the period               1.1                    0.9                    1.1                  
 
 
Note 6 - Notes to the consolidated statement of cash flows 
 
 A. - Reconciliation of operating profit to net cash from operating activities  Unaudited30 06 2015£m  Unaudited30 06 2014£m  Audited31 12 2014£m  
 Profit from continuing operations                                              1.4                    0.5                    -                    
 Depreciation charges                                                           0.3                    0.3                    0.6                  
 Equity settled share based payment expense                                     0.1                    0.1                    0.2                  
 Amortisation of intangible assets                                              0.1                    0.1                    0.2                  
 Defined benefit pension scheme credit                                          (0.2)                  (0.3)                  (0.4)                
 Profit on sale of fixed assets                                                 -                      (0.1)                  (0.2)                
 Operating cash flows before movements in working capital                       1.7                    0.6                    0.4                  
 (Increase) / decrease in inventories                                           (0.1)                  -                      -                    
 (Increase) / decrease in contract balances                                     (1.3)                  (1.7)                  (0.9)                
 (Increase) / decrease in debtors                                               (5.3)                  (6.5)                  (3.7)                
 (Decrease) / increase in creditors                                             (7.5)                  2.8                    9.5                  
 Cash (used in) / generated by operations                                       (12.5)                 (4.8)                  5.3                  
 Corporation tax paid                                                           (0.2)                  0.3                    -                    
 Interest paid                                                                  (0.1)                  (0.1)                  (0.3)                
 Net cash (used in) / generated by operating activities                         (12.8)                 (4.6)                  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. 
 
C. Borrowings 
 
The Group's £5m committed three year Revolving Credit Facility was fully drawn
at 30 June 2015. 
 
Note 7 - Related party transactions 
 
Transactions between the company and its subsidiary undertakings, which are
related parties, have been eliminated on consolidation and are not disclosed
in this note. Full disclosure of the Group's other related party transactions
is given in Note 22 to the Group's financial statements for the year ended
31st December 2014. There have been no material changes in these relationships
in the six months ended 30th June 2015 that have materially affected the
financial position or performance of the Group during that period. 
 
Note 8 - Pension commitments 
 
The present value of the defined benefit pension scheme and the related past
and current service costs were measured using the projected unit method. The
amount included in the balance sheet arising from the Group's obligations in
respect of its defined benefit retirement scheme is as follows: 
 
                                                                      Unaudited30 06 2015£m  Unaudited30 06 2014£m  Audited31 12 2014£m  
 Present value of defined benefit obligations                         44.8                   39.0                   44.5                 
 Fair value of scheme assets                                          (29.1)                 (27.3)                 (28.2)               
 Deficit in scheme recognised in the statement of financial position  15.7                   11.7                   16.3                 
 Key assumptions used:                                                                                                                   
 Rate of increase in salaries                                         2.90%                  3.45%                  2.70%                
 Rate of increase of pensions in payment                              3.20%                  3.15%                  3.00%                
 Discount rate                                                        3.90%                  4.45%                  3.70%                
 Inflation assumption                                                 3.40%                  3.45%                  3.20%                
                                                                                                                                         
 Mortality assumptions (years):                                       Unaudited30 06 2015    Unaudited30 06 2014    Audited31 12 2014    
 Life expectancy at age 65 for current pensioners:                                                                                       
 Men                                                                  23.7                   23.7                   23.7                 
 Women                                                                25.0                   25.0                   24.9                 
 Life expectancy at age 65 for future pensioners(current age 45)                                                                         
 Men                                                                  25.0                   24.9                   25.0                 
 Women                                                                26.5                   26.4                   26.4                 
 
 
Note 9 - Share capital 
 
During the period under review the company allotted 427,897 ordinary shares of
10p each to the TClarke Employee Share Ownership Trust in connection with the
exercise of options under the TClarke plc Savings Related Share Option
Scheme. 
 
Statement of directors' responsibilities 
 
The directors confirm that the interim management report includes a fair
review of the information required by DTR 4.2.7 (indication of important
events during the first six months and description of principal risks and
uncertainties for the remaining six months of the year) and DTR 4.2.8
(disclosure of related party transactions and changes therein). The directors
also confirm that the interim financial statements have been prepared in
accordance with IAS 34 as adopted by the European Union and present a true and
fair view of the assets, liabilities, financial position and profit of the
Group. 
 
On behalf of the Board 
 
David Henderson - Chairman 
 
Mark Lawrence - Chief Executive 
 
Martin Walton - Finance Director 
 
4th August 2015 
 
This information is provided by RNS
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