- Part 2: For the preceding part double click ID:nRSe3895Da
13,125 14,417
Expenses (14,044) (14,339)
(Loss)/profit before tax of discontinued operations (919) 78
Taxation - (20)
(Loss)/profit after tax of discontinued operations (919) 58
Costs incurred in relation to administration of Just for Pets Limited (77) -
Group goodwill impairment charges (3,881) -
Pre-tax loss recognised on the measurement to fair value less costs to sell (1,709) -
Taxation - -
(Loss)/profit for the year from discontinued operations (6,586) 58
Effect of the disposal on the financial position of the Group:
2017
£000
Property, plant and equipment (1,477)
Inventories (1,715)
Trade and other receivables (633)
Cash and cash equivalents (678)
Trade and other payables 2,765
Deferred tax liabilities 29
Net assets and liabilities (1,709)
Net cash outflow (678)
9. DIVIDENDS
2017 2016
£000 £000
Final dividend paid for prior year 1,559 1,436
Interim dividend paid for current year 825 778
2,384 2,214
Subsequent to the year end it has been recommended that a final dividend of
8.40p net per ordinary share (2016: 8.00p) be paid on 30 April 2018. Together
with the interim dividend already paid on 31 October 2017 of 4.20p net per
ordinary share (2016: 4.00p), this would result in a total dividend for the
financial year of 12.60p net per ordinary share (2016: 12.00p).
10. EARNINGS PER SHARE
Basic earnings per share Diluted earnings per share
2017 (Restated)2016 2017 (Restated)2016
Continuing operations
Earnings attributable to shareholders (£000) 6,305 5,771 6,305 5,771
Weighted average number of shares in issue during the year (number '000) 19,529 19,425 19,782 19,557
Earnings per ordinary 25p share (pence) 32.29 29.71 31.87 29.51
Discontinued operations
(Loss)/earnings attributable to shareholders (£000) (6,586) 58 (6,586) 58
Weighted average number of shares in issue during the year (number '000) 19,529 19,425 19,782 19,557
(Loss)/earnings per ordinary 25p share (pence) (33.72) 0.30 (33.29) 0.30
Continuing operations
Basic earnings per 25p ordinary share from continuing operations is calculated
by dividing profit for the year from continuing operations attributable to
ordinary shareholders by the weighted average number of ordinary shares in
issue during the year.
For diluted earnings per share from continuing operations, the weighted
average number of ordinary shares is adjusted to assume conversion of all
dilutive potential ordinary shares (share options and warrants) taking into
account their exercise price in comparison with the actual average share price
during the year.
Discontinued operations
Basic earnings per 25p ordinary share from discontinued operations is
calculated by dividing (loss)/profit for the year from discontinued operations
attributable to ordinary shareholders by the weighted average number of
ordinary shares in issue during the year.
For diluted earnings per share from discontinued operations, the weighted
average number of ordinary shares is adjusted to assume conversion of all
dilutive potential ordinary shares (share options and warrants) taking into
account their exercise price in comparison with the actual average share price
during the year.
11. CASH AND CASH EQUIVALENTS AND BANK OVERDRAFTS
2017 2016
£000 £000
Cash and cash equivalents per balance sheet 8,914 10,111
Bank overdrafts - -
Cash and cash equivalents per cash flow statement 8,914 10,111
12. FINANCIAL LIABILITIES - BORROWINGS
Current
2017 2016
£000 £000
Bank loans and overdrafts due within one year or on demand:
Secured overdrafts - -
Secured loans 866 905
866 905
Loan capital (unsecured) 672 664
Other loanstock (unsecured) 16 16
Net obligations under finance leases 958 1,041
2,512 2,626
Non-current
2017 2016
£000 £000
Bank loans:
Secured 1,120 1,986
1,120 1,986
Net obligations under finance leases 776 1,216
1,896 3,202
Bank loans and overdrafts of £nil (2016: £nil) relating to subsidiary
companies, are secured by an unlimited composite guarantee given by all the
trading entities within the Group.
Finance lease obligations are secured on the assets to which they relate.
2017 2016
£000 £000
Borrowings are repayable as follows:
On demand or within one year 2,512 2,626
In the second year 1,316 1,605
In the third to fifth years inclusive 580 1,597
Over five years - -
4,408 5,828
Finance leases included above are repayable as follows:
On demand or within one year 958 1,041
In the second year 491 729
In the third to fifth years inclusive 285 487
Over five years - -
1,734 2,257
The net borrowings are:
Borrowings as above 4,408 5,828
Cash and cash equivalents (8,914) (10,111)
Net cash (4,506) (4,283)
13. SHARE CAPITAL
2017 2016
No. of shares No. of shares
'000 £000 '000 £000
Authorised
Ordinary shares of 25p each 40,000 10,000 40,000 10,000
Allotted, called up and fully paid
Ordinary shares of 25p each 19,665 4,916 19,495 4,874
During the year 59,289 shares (2016: 77,429) were issued with an aggregate
nominal value of £14,822 (2016: £19,357) and were fully paid up for equivalent
cash of £344,979 (2016: £367,244) to shareholders exercising their right to
receive dividends under the Company's scrip dividend scheme.
A total of 110,896 (2016: 26,800) shares with an aggregate nominal value of
£27,724 (2016: £6,700) were issued for a cash value of £377,614 (2016:
£67,804) to relevant holders exercising options in the Company. No other
shares were issued for cash in this financial year (2016: nil).
14. CASH GENERATED FROM OPERATIONS
2017 (Restated) 2016
£000 £000
Profits for the year from continuing operations 6,305 5,771
Adjustments for:
Tax 1,359 1,436
Investment impairment 60 -
Depreciation of tangible fixed assets 2,657 2,448
Amortisation of other intangible fixed assets 14 15
Profit on disposal of property, plant and equipment (73) (127)
Interest income (66) (69)
Interest expense 219 208
Share of results of joint ventures and associate (197) (67)
Share-based payments 142 63
Changes in working capital (excluding effects of acquisitions and disposals of subsidiaries):
(Increase)/decrease in short term loan to joint ventures (58) 16
(Increase)/decrease in inventories (1,048) 607
Decrease in trade and other receivables (13,654) (1,862)
Increase in payables 10,393 38
Cash generated from continuing operations 6,053 8,477
15. RECONCILIATION OF UNDERLYING PRE-TAX PROFIT FROM CONTINUING
OPERATIONS
2017 (Restated) 2016
£000 £000
Profit before tax 7,664 7,207
Share-based payments 142 63
Share of tax incurred by associate and Joint ventures 70 26
Investment impairment and costs of corporate restructuring 95 -
Underlying pre-tax profit 7,971 7,296
16. EVENTS ARISING AFTER THE END OF THE REPORTING PERIOD
On 1 November 2017, Glasson Grain Limited acquired 100% of certain trade and
assets, which together comprise a mill and related processing facilities
located at Montrose. The business is intended to be run as a going concern.
The acquisition will enable Glasson Grain Limited to better service customers
throughout Scotland. The consideration was £550,000, which is represented by
£1 paid on 1 November 2017 and £549,999 payable by 1 November 2020. The
payment of the deferred consideration is contingent on the resolution of
certain conveyancing issues which management expect to be satisfactorily
resolved within the three year period.
The business combination accounting is in progress and will be completed
before the next reporting period.
Assets acquired:
£000
Property, plant and equipment 550
Consideration 550
The Directors consider it impractical to estimate the recent historical
financial performance of the acquired trade and assets, as the operation was
one element of a larger business recently initially acquired by Origin UK
Operations Limited, and which was subsequently required to be divested for
competition remedy purposes.
17. RESPONSIBILTY STATEMENT
The Directors below confirm to the best of their knowledge:
· the financial statements, prepared in accordance with the applicable
set of accounting standards, give a true and fair view of the assets,
liabilities, financial position and profit or loss of the Company and the
undertakings included in the consolidation taken as a whole; and
· the management report includes a fair review of the development and
performance of the business and the position of the issuer and the
undertakings included in the consolidation taken as a whole, together with a
description of the principal risks and uncertainties that they face.
J J McCarthy
P M Kirkham
B P Roberts
K R Greetham
D A T Evans
H J Richards
S J Ellwood
18. CONTENT OF THIS REPORT
The financial information set out above does not constitute the Group's
statutory accounts for the years ended 31 October 2017 or 31 October 2016, but
is derived from those accounts.
Statutory accounts for 2016 have been delivered to the Registrar of Companies.
The auditor, KPMG Audit Plc, has reported on the 2016 accounts; the report
(i) was unqualified, (ii) did not include a reference to any matters to which
the auditor drew attention by way of emphasis without qualifying their report,
and (iii) did not contain a statement under section 498(2) or (3) of the
Companies Act 2006.
The statutory accounts for 2017 will be delivered to the Registrar of
Companies following the Annual General Meeting. The auditor, KPMG LLP, has
reported on these accounts; their report is unqualified, does not include a
reference to any matters to which the auditor drew attention by way of
emphasis without qualifying their report, and; does not include a statement
under either section 498(2) or (3) of the Companies Act 2006.
The Annual Report and full Financial Statements will be posted to shareholders
during the week commencing 12 February 2018. Further copies will be available
to the public, free of charge, from the Company's Registered Office at Eagle
House, Llansantffraid, Powys, SY22 6AQ or on the Company's website at
www.wynnstay.co.uk.
19. ANNUAL GENERAL MEETING
The Annual General Meeting of the Company will be held at The Sovereign Suite,
Shrewsbury Town Football Club, Oteley Road, Shrewsbury, Shropshire, SY2 6ST on
Tuesday 20th March 2018 at 11.45am.
This information is provided by RNS
The company news service from the London Stock Exchange