REG - Tristel PLC - Final Results <Origin Href="QuoteRef">TSTL.L</Origin> - Part 2
19/10/2017 07:01
- Part 2: For the preceding part double click ID:nRSS0124Ua
Human Healthcare Animal Healthcare Contamination Control Group 2017 Human Healthcare Animal Healthcare Contamination Control Group 2016
£'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000
United Kingdom 8,910 636 1,129 10,675 8,547 679 1,140 10,366
Germany 3,048 62 150 3,260 1,778 - - 1,778
Rest of the World 6,149 180 9 6,338 4,274 336 350 4,960
Group revenues 18,107 878 1,288 20,273 14,599 1,015 1,490 17,104
4. TAXATION
The taxation charge represents:
2017 2016
£'000 £'000
Current taxation-
Corporation tax 724 444
Adjustment in respect of earlier years 12 10
Total current tax 736 454
Deferred tax-
Origination and reversal of temporary differences (187) 14
Over provided in respect of prior periods - 23
Total deferred tax (187) 37
Total tax charge in Income Statement 549 491
Factors affecting the tax charge:
The tax assessed for the year differs from the standard rate of corporation
tax in the UK. The difference is explained below:
2017 2016
£'000 £'000
Profit on ordinary activities before tax 3,966 2,593
Profit on ordinary activities
multiplied by the standard rate of corporation tax
in the UK of 19.75% (2016: 20%) 783 519
Effects of:
Expenses not deductible for tax purposes 58 31
Income not taxable (8) -
Tax rate differences 5 (11)
Enhanced relief on qualifying scientific research expenditure (154) (136)
Adjustment in respect of prior years 12 33
Tax losses not utilised and other temporary differences (147) 55
Total tax charge for year 549 491
5. DIVIDENDS
2017 2016
Amounts recognised as distributions to equity holders in the year: £'000 £'000
Ordinary shares of 1p each
Final dividend for the year ended 30 June 2016 of 2.19p
(2015: 2.14p) per share 928 899
Interim dividend for the year ended 30 June 2017 of 1.40p
(2016: 1.14p) per share 594 480
Special dividend of 3p per share paid on the 8 August 2016 (2015; 3p per share) 1,265 1,242
2,787 2,621
Special dividend of 3p per share paid on the 8 August 2016 - 1,265
Proposed final dividend for the year ended 30 June 2017of 2.63p (2016: 2.19p) per share 1,115 923
Company
Dividend received from subsidiaries (4,261) (2,781)
The proposed final dividend is subject to approval by shareholders at the
forthcoming Annual General Meeting and has not been included as a liability in
the financial statements.
6. EARNINGS PER SHARE
The calculations of earnings per share are based on the following profits and
numbers of shares:
2017 2016
£'000 £'000
Retained profit for the financial year attributable to equity holders of the parent 3,417 2,102
Shares '000Number Shares '000Number
Weighted average number of ordinary shares for the purpose of basic earnings per share 42,418 41,945
Share options 1,399 1,747
43,817 43,692
Earnings per ordinary share
Basic 8.06p 5.01p
Diluted 7.80p 4.81p
A total of 260,000 options of ordinary shares were anti-dilutive at 30 June
2017 (70,000 at 30 June 2016). All remaining share options are dilutive at 30
June 2017.
7. CALLED UP SHARE CAPITAL
Allotted, issued and fully paid ordinary shares of 1 pence each Number: £'000
30 June 2016 42,165,201 421
Issued during the year 584,216 6
30 June 2017 42,749,417 427
8. ACQUISITION
In August 2016, the Group acquired the trade and assets of AshMed Pty, our
Australian distributor's business for £1.1m including a contribution to legal
costs, giving rise to goodwill of £465,000 and a gain on settlement of the
distribution agreement of £41,000. The separate intangibles have been
recognised in full along with a deferred tax liability arising on the
transaction of £242,000. The total acquisition related costs amount to
£59,000 and are included in Administrative expenses in the Consolidated Income
Statement.
For Ashmed, the assumptions used to determine the recoverable value of
goodwill are those regarding discount rates and growth rates. Management has
estimated the discount rate as a market-derived WACC of 16%. Growth rates are
based upon industry growth forecasts within the CGU and on recent history and
expectations of future changes in the market. The net present value of
profits expected over the next 8 years exceeds the carrying value of £0.465m,
with headroom of £3.1m. A sensitivity analysis has been carried out where
growth has been forecast to decline at a rate of 10% year on year, at this
level the headroom is £2.3m, as such no impairment has been recorded.
The details of the business combination are as follows:
Group Total
£'000
Fair value of consideration transferred
Amount settled in cash 994
Gain on settlement 41
Total 1,035
Recognised amounts of identifiable net assets
Intangible assets 804
Total non-current assets 804
Inventories 123
Trade and other receivables 9
Total current assets 132
Other liabilitiesDeferred tax 124242
Total current liabilities 366
Identifiable net assets 570
Goodwill on acquisition 465
The goodwill on acquisition of £465,000 is primarily related to the sales
knowhow of key personnel.
The Australian business contributed incremental revenue of £1.991m and
incremental profit before tax of £0.824m for the year ended 30 June 2017. If
the trade and assets had been acquired on 1 July 2016 the incremental revenue
for the group would have been £2,275m and the incremental profit before tax
£0.942m.
9. ANNUAL REPORT
The annual report and financial statements will be available on the company's
website www.tristel.com from 19 October 2017. Printed copies will be posted
to shareholders prior to the Company's Annual General Meeting taking place on
12 December 2017 in Snailwell, Newmarket.
This information is provided by RNS
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