REG - Trifast PLC - Half-Year Financial Report - six months to 30.9.16 <Origin Href="QuoteRef">TRFT.L</Origin> - Part 2
08/11/2016 07:06
- Part 2: For the preceding part double click ID:nRSH5514Oa
USA£000 Asia£000 Central costs,assets andliabilities£000 Total£000
Revenue*
Revenue from external customers 32,612 32,570 2,917 21,648 - 89,747
Inter segment revenue 1,375 286 39 3,681 - 5,381
Total revenue 33,987 32,856 2,956 25,329 - 95,128
Underlying operating result 3,131 5,349 166 3,302 (1,686) 10,262
Net financing costs (87) (42) - 1 (185) (313)
Underlying segment result 3,044 5,307 166 3,303 (1,871) 9,949
Separately disclosed items(see note 2) (1,484)
Profit before tax 8,465
Specific disclosure items
Depreciation and amortisation 298 874 12 480 33 1,697
Assets and liabilities
Segment assets 40,408 69,868 3,810 55,131 4,156 173,373
Segment liabilities (21,086) (13,949) (410) (11,195) (33,233) (79,873)
September 2015 UK£000 Europe£000 USA£000 Asia£000 Central costs,assets andliabilities£000 Total£000
Revenue*
Revenue from external customers 32,054 23,998 2,332 19,758 - 78,142
Inter segment revenue 1,093 159 63 3,079 - 4,394
Total revenue 33,147 24,157 2,395 22,837 - 82,536
Underlying operating result 3,239 2,921 247 3,764 (1,527) 8,644
Net financing costs (143) (56) (1) (20) (153) (373)
Underlying segment result 3,096 2,865 246 3,744 (1,680) 8,271
Separately disclosed items(see note 2) (1,162)
Profit before tax 7,109
Specific disclosure items
Depreciation and amortisation 106 395 10 409 32 952
Assets and liabilities
Segment assets 45,272 49,983 2,309 45,969 3,198 146,731
Segment liabilities (21,902) (12,011) (332) (9,606) (31,362) (75,213)
* Revenue is derived from the manufacture and logistical supply of industrial
fasteners and category 'C' components.
4. Taxation
Six monthsended30 September2016£000 Six monthsended30 September2015£000 Year ended31 March2016£000
Current tax on income for the period
UK tax 241 616 554
Foreign tax 2,122 1,636 3,052
Deferred tax expense (175) (285) (196)
Adjustments in respect of prior years (193) 17 (558)
1,995 1,984 2,852
5. Dividend
The dividend payable of £2.4m represents the final dividend for the year ended
31 March 2016 which was approved by Shareholders at the AGM on 27 July 2016
and paid to Members on the Register on 14 October 2016.
6. Earnings per share
The calculation of earnings per 5 pence ordinary share is based on profit for
the period after taxation and the weighted average number of shares in the
period of 117,594,097 (HY2016: 116,198,101; FY2016: 116,388,265).
The calculation of the fully diluted earnings per 5 pence ordinary share is
based on profit for the period after taxation. In accordance with IAS 33 the
weighted average number of shares in the period has been adjusted to take
account of the effects of all dilutive potential ordinary shares. The number
of shares used in the calculation amount to 121,352,678 (HY2016: 119,967,521;
FY2016: 120,345,662).
The underlying diluted earnings per share, which in the Directors' opinion
best reflects the underlying performance of the Group, is detailed below:
Six monthsended30 September2016£000 Six monthsended30 September2015£000 Year ended31 March2016£000
Profit after tax for the period 6,470 5,125 10,225
Net acquisition costs - 252 264
Intangible amortisation 721 302 974
IFRS 2 share based payment charge 670 608 1,687
Sales of fixed assets (194) - -
Costs on exercise of executive share options 287 - -
Tax adjustment (341) (232) (1,132)
Underlying profit after tax 7,613 6,055 12,018
Basic EPS 5.50p 4.41p 8.78p
Diluted EPS 5.33p 4.27p 8.50p
Underlying diluted EPS 6.27p 5.05p 9.99p
7. Analysis of net debt
At30 September2016£000 At30 September2015£000 At31 March2016£000
Cash and cash equivalents 22,783 20,889 17,614
Bank overdraft (94) (1) (33)
Net cash and cash equivalents 22,689 20,888 17,581
Debt due within one year (20,900) (20,268) (16,901)
Debt due after one year (16,020) (16,882) (16,675)
Gross debt (36,920) (37,150) (33,576)
Net debt (14,231) (16,262) (15,995)
8. Reconciliation of net cash flow to movement in net debt
Six monthsended30 September2016£000 Six monthsended30 September2015£000 Year ended31 March2016£000
Net increase in cash and cash equivalents 3,552 6,536 2,174
Net increase in borrowings (733) (8,354) (2,451)
2,819 (1,818) (277)
Exchange rate differences (1,055) (1,029) (2,303)
Movement in net debt 1,764 (2,847) (2,580)
Opening net debt (15,995) (13,415) (13,415)
Closing net debt (14,231) (16,262) (15,995)
INDEPENDENT REVIEW REPORT TO TRIFAST PLC
Introduction
We have been engaged by the Company to review the condensed set of financial
statements in the half-yearly financial report for the six months ended 30
September 2016 which comprises the consolidated income statement, the
consolidated statement of comprehensive income, the consolidated statement of
changes in equity, the consolidated statement of financial position, the
consolidated statement of cash flows and the related explanatory notes. We
have read the other information contained in the half-yearly financial report
and considered whether it contains any apparent misstatements or material
inconsistencies with the information in the condensed set of financial
statements.
This report is made solely to the Company in accordance with the terms of our
engagement to assist the Company in meeting the requirements of the Disclosure
and Transparency Rules ("the DTR") of the UK's Financial Conduct Authority
("the UK FCA"). Our review has been undertaken so that we might state to the
Company those matters we are required to state to it in this report and for no
other purpose. To the fullest extent permitted by law, we do not accept or
assume responsibility to anyone other than the Company for our review work,
for this report, or for the conclusions we have reached.
Directors' responsibilities
The half-yearly financial report is the responsibility of, and has been
approved by, the Directors. The Directors are responsible for preparing the
half-yearly financial report in accordance with the DTR of the UK FCA.
As disclosed in note 1, the annual financial statements of the Group are
prepared in accordance with IFRS as adopted by the EU. The condensed set of
financial statements included in this half-yearly financial report has been
prepared in accordance with IAS 34 Interim Financial Reporting as adopted by
the EU.
Our responsibility
Our responsibility is to express to the Company a conclusion on the condensed
set of financial statements in the half-yearly financial report based on our
review.
Scope of review
We conducted our review in accordance with International Standard on Review
Engagements (UK and Ireland) 2410 Review of Interim Financial Information
Performed by the Independent Auditor of the Entity issued by the Auditing
Practices Board for use in the UK. A review of interim financial information
consists of making enquiries, primarily of persons responsible for financial
and accounting matters, and applying analytical and other review procedures.
A review is substantially less in scope than an audit conducted in accordance
with International Standards on Auditing (UK and Ireland) and consequently
does not enable us to obtain assurance that we would become aware of all
significant matters that might be identified in an audit. Accordingly, we do
not express an audit opinion.
Conclusion
Based on our review, nothing has come to our attention that causes us to
believe that the condensed set of financial statements in the half-yearly
financial report for the six months ended 30 September 2016 is not prepared,
in all material respects, in accordance with IAS 34 as adopted by the EU and
the DTR of the UK FCA.
Mark Sheppard
for and on behalf of KPMG LLP
Chartered Accountants
1 Forest Gate
Brighton Road
Crawley
West Sussex, RH11 9PT
7 November 2016
This information is provided by RNS
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