REG-XP Power Ltd: Half-yearly Report <Origin Href="QuoteRef">XPP.L</Origin> - Part 1
27/07/2015 07:00
27 July 2015
XP Power Limited
("XP" or "the Group")
Interim Results for the six months ended 30 June 2015
XP, a world leading developer and manufacturer of critical power control
components for the electronics industry, today announces its interim results
for the six-month period ended 30 June 2015.
Six months ended Six months ended
30 June 2015 30 June 2014
(Unaudited) (Unaudited)
Highlights
Orders £56.5m £51.1m
Revenue £53.9m £50.2m
Turnover
Gross margin 49.4% 49.8%
Operating margin 23.6% 24.5%
Profit before tax £12.6m £12.2m
Profit after tax £9.6m £9.7m
Diluted earnings per share (see Note 50.1p 50.5p
9)
Interim dividend per share (see Note 27.0p 25.0p
8)
* Order intake increased by 11% to £56.5 million (+4% in constant currency)
* Revenue increased by 7% to £53.9 million (+1% in constant currency)
* Gross margin decreased to 49.4% (2014: 49.8%) due to start up costs for
power converter manufacturing at our Vietnamese facility
* Own-design XP product revenues increased to £36.2 million (2014: £33.0) an
increase of 10%, setting a new record, and now represent 67.2% of total
revenues (2014: 65.7%)
* Revenues for ultra-high efficiency "Green XP Power" products continue to
grow and are up by 29% to £11.1 million now representing 21% of total
revenue (2014: 17%)
* Acquired a 51% interest in a South Korean power converter company giving us
sales and engineering capability in an important manufacturing centre for
industrial electronics
* New product introductions and the development of an industry leading
in-house manufacturing capability continue to generate new program wins to
drive future growth and market share gains
James Peters, Chairman, commented:
"The Group has had an encouraging first half. Our reported orders, revenues
and profit before tax for the first six months of 2015 all set new records and
this strong result was achieved while simultaneously expanding our engineering
and sales resources to help drive future growth. Our balance sheet position is
strong and we are in an excellent position to make further acquisitions to
further broaden our product offering and engineering capabilities.
"While the global economic outlook remains uncertain and exchange rates are
volatile, the second half of the year has started well and we are encouraged by
our order intake and strong backlog. This gives us confidence that we should be
able to continue to grow revenues in the second half of 2015 as designs won in
2014 and prior years enter their production phase."
Enquiries:
XP
Power
Duncan Penny, Chief
Executive +44
(0)7776 178 018
Jonathan Rhodes, Finance
Director +44(0)7500
944 614
Citigate Dewe
Rogerson
+44(0)20 7638 9571
Kevin Smith/Jos Bieneman
Note to editors
XP Power is a leading international provider of essential power control
solutions. Power direct from the electricity grid is unsuitable for the
equipment which it supplies. XP Power designs and manufactures power
converters - components which convert power into the right form for our
individual customers' needs, allowing their electronic equipment to function.
XP Power supplies the healthcare, industrial and technology industries with
this mission critical equipment. Significant, long term investment into
research and development means that XP Power's products frequently offer
significantly improved functionality and efficiency.
For further information, please visit www.xppower.com
27 July 2015
XP Power Limited
("XP" or "the Group")
Interim Results for the six months ended 30 June 2015
INTERIM STATEMENT
Overview
The Group has had an encouraging first half. Our reported orders, revenues and
profit before tax for the first six months of 2015 all set new records and -
although aided by the strength of the US Dollar - underpin earnings and cash
flow for shareholders supporting a further increase in the dividend. This
strong result was achieved while simultaneously expanding our engineering and
sales resources to help drive future growth as outlined in our 2014 Annual
Report.
Order intake in the first half of 2015 surpassed revenues as it did in the
first and second half of 2014. Consequently, overall momentum continues to
build in our business and we enter the second half of the current year with a
strong order backlog.
Notably, our European business achieved very strong order intake and revenue
growth after experiencing some weakness in the second half of 2014 and despite
the translation effects of a weaker Euro. In contrast the North America
business, which showed strong momentum in the second half of 2014, has slowed
as customers placed orders at lower levels and revenues grew at a slower rate
than in the second half of the previous year. The overall picture for the Group
is one of steady progress.
We have continued to execute well against our strategy and we are encouraged
both by the strength of our order backlog and the new programs we continue to
win.
Strategy
The Group has applied a consistent strategy of moving up the value chain,
powered by:
* Development of a strong pipeline of leading-edge products
* Provision of industry-leading levels of service and support
* Targeting new key accounts and increasing the penetration of existing key
accounts
* An established pipeline of new class-leading "Green" products which operate
at high efficiency
* The addition of a manufacturing capability, enhancing its value proposition
to customers by ensuring greater control of the manufacturing process
* An increased proportion of high margin own designed/manufactured products
within its revenue mix
Our value proposition to customers is to reduce their overall costs of design,
manufacture and operation. We achieve this by providing excellent sales
engineering support and producing new products that consume less power, take up
less space and reduce installation times, and which are highly reliable in
service.
Trading and Financial Review
XP Power supplies power control solutions to original equipment manufacturers
("OEMs") who supply the healthcare, industrial and technology markets with high
value, high reliability products. The increasing importance of energy
efficiency for environmental, reliability and economic reasons; the necessity
for ever smaller products; the accelerating rate of technological change; and
the increasing proliferation of electronic equipment, have established a strong
foundation for growth in demand for XP Power's products
Order intake of £56.5 million (2014: £51.1 million) was up 11% (4% in constant
currency). Compared to the same period a year ago, Asia increased by 26%,
Europe increased by 5% and North America increased by 12%. The average US
Dollar to Sterling exchange rate was 1.67 in the first half of 2014 compared
with 1.52 in the first half of 2015 representing a 10% strengthening. This
acted to increase the reported order intake compared to the first half of 2014
while the simultaneous weakening of the average Euro to Sterling exchange rate
from 1.21 to 1.35 had the reverse effect.
Reported revenues grew 7% to £53.9 million in the six months to 30 June 2015
compared to £50.2 million in the same period a year ago. When adjusting to
constant currency the underlying growth was 1% in the first half of the year
compared to the same period a year ago.
Revenues in North America were £26.9 million (2014: £24.6 million) up 9%
compared to the same period a year ago. Revenues in Europe were £23.2 million
(2014: £21.7 million) up 7% on the same period a year ago. Revenues in Asia
were £3.8 million (2014: £3.9 million), down 3% compared with the same period a
year ago.
On a sector basis, revenues from healthcare grew 13% to £17.3 million (2014: £
15.3 million) driven by new programs with key accounts, particularly in Europe,
as well as existing programs coming back to life. Healthcare is benefiting from
design wins entering production from larger accounts where we have gained
approved or preferred supplier status in recent years. Industrial declined by
3% to £24.0 million (2014: £24.8 million) primarily driven by North American
accounts, while the industrial business in Europe showed good growth. After a
fairly prolonged period in the doldrums, the technology sector grew by 25%
compared with the first half of 2014 to £12.6 million (2014: £10.1 million). In
terms of overall revenue for the first half of 2015, healthcare represented 32%
(2014: 31%), industrial 45% (2014: 49%) and technology 23% (2014: 20%).
Our customer base continues to be highly diversified with the largest customer
accounting for only 6% of revenue, spread over 100 different programs/part
numbers.
Margins
We continue to generate industry leading margins. Gross margin in the first
half of 2015 was 49.4% (2014: 49.8%). The small decrease from 2014 was
primarily due to start-up costs relating to the production of the first
complete power converters in the Vietnam facility. We expect Vietnam to make a
net contribution to margins in the second half of 2015 as production volumes
running through that facility increase.
Operating expenses were £13.9 million (2014: £12.7 million). Again there is a
significant translation effect from the strengthening US Dollar versus Sterling
which we estimate acted to increase reported operating expenses by
approximately £0.5 million. As highlighted in our 2014 earnings release and
Annual Report we increased sales and engineering resources to drive future
revenue growth which added approximately £0.4 million to operating expenses
over the first half of 2014. Gross product development spend was £3.1 million
(2014: £2.6 million), £1.4 million of which was capitalised (2014: £1.2
million), and £0.9 million amortised (2014: £0.7 million).
Notwithstanding our investment in additional sales and engineering resources to
support future growth we continue to achieve excellent operating margins of
23.6% (2014: 24.5%) highlighting the strength of our business model. We expect
further improvement in this metric as market conditions improve.
Taxation
The tax charge for the period was £3.0 million (2014: £2.4 million) which
represents an effective tax rate of 23.8% (2014: 19.7%). The increase in the
effective tax rate from 2014 was flagged in our 2014 Annual Report. We maintain
our guidance range for our future tax rate of 23.0% to 24.5 % depending on how
profits fall geographically.
Acquisitions
During May 2015 we acquired a 51% stake in a value-added distributor of power
products based in South Korea for a cash consideration of US$2.1 million. The
company has been distributing XP Power's products since 2008 and, although a
niche player, South Korea is an interesting market for industrial electronics.
Importantly, the company has excellent engineering services capabilities which
enables it to customise power solutions to make the power supply easier to
integrate into the customer's end equipment.
We continue to actively seek acquisitions that will enable us to expand our
product portfolio and engineering capabilities.
Financial Position
Class-leading gross and operating margins and modest capital requirements have
resulted in continued strong cash flow. After payment of the 2014 final
dividend and the acquisition of our new South Korean subsidiary net debt was £
0.4 million at the end of the period. This compares with net debt of £1.5
million at 30 June 2014.
Product Development
New products are fundamental to our revenue growth. The broader our product
offering, the more opportunity we have to increase revenues by expanding our
available market. As expected, the significant number of new product families
introduced over the last three years is yet to have a material impact on our
revenues, given the time lag from launch to them entering production. This is
due to the lengthy design-in cycles required by customers to qualify the power
converter in their equipment and then gain the necessary safety agency
approvals.
XP launched 13 new product families in the first half of 2015 (2014: 13). We
continue to lead our industry on the introduction of high efficiency, "green"
products. Of the products released in the first half of 2015, 10 are high
efficiency products and we are also developing more products which make use of
digital control. The GSP500 which was released during the period is an example
of a leading edge product which is not only highly efficient but also has
digital control. We have also released a version of our industrial 1.5 kilowatt
product with digital control. As well as innovating on efficiency, our design
teams are developing new products that reduce power wastage, reduce heat,
consume less raw material and incorporate low stand-by power operation.
Revenue from own design products was £36.2 million up 10% from the same period
in 2014 and now represents 67.2% (2014: 65.7%) of total revenue.
With larger customers continuing to reduce the number of vendors they deal
with, XP Power's broad product offering, excellent global engineering support,
in-house manufacturing capability and industry-leading environmental
credentials leave the Group well-placed to secure further preferred supplier
agreements.
Manufacturing Progress
XP Power's move into manufacturing in 2006 has been instrumental in enabling
the Group to win approved and preferred supplier status with new Blue Chip
customers, who demand that their suppliers have complete control over their
supply chain and product manufacture to ensure the highest levels of quality.
In addition to our Chinese manufacturing facility located in Kunshan near
Shanghai, our Vietnamese manufacturing facility, located in Ho Chi Minh City,
began production of its first magnetic components in March 2012 and is now
producing the majority of the Group's monthly requirement for magnetics.
Producing our own magnetic components in Vietnam is helping us mitigate the
continued rise of Chinese labour costs and the appreciation of the Chinese
Renminbi. In addition, extending vertical integration to the critical magnetic
components used in power converters is seen as an additional value proposition
by many of our customers, notably in the healthcare and high reliability
industrial sectors.
In the fourth quarter of 2014 we began the production of the first complete
power converters in Vietnam. We now have 27 part numbers approved for
production in Vietnam with many more in the pipeline. XP manufactured 590,000
power converters in total during the first half of 2015 and 24,000 of these
were produced in the Vietnamese facility. We expect the proportion of power
converters produced in Vietnam to increase as we transfer more products to that
facility. The start-up costs for power converter manufacture reduced the margin
by £0.4 million in the first half of 2015.
Dividend
Since April 2010 the Company has been making quarterly dividend payments. Our
strong cash flow and confidence in the Group's prospects have enabled us to
increase total dividends for the first half by 8% to 27.0 pence per share
(2014: 25.0 pence per share).
The first quarter dividend payment of 13 pence per share was made on 9 July
2015. The second quarter dividend of 14 pence per share will be paid on 8
October 2015 to shareholders on the register at 11 September 2015.
The compound average growth rate in dividends over the last 10 years has been
17% and over 5 years has been 24%.
Environmental Impact and "Green XP Power" products
XP Power has placed improved environmental performance at the heart of its
operations both in terms of minimising the impact its activities have on the
environment and, as importantly, in its product development strategy. These
practices and initiatives not only resonate with our customers and employees;
they also make significant commercial sense as countries legislate to reduce
power wastage, improve recyclability of manufactured goods and ban the use of
harmful chemicals.
We have developed a class-leading portfolio of green products with efficiencies
up to 95% and many of these products also have low stand-by power (a feature to
reduce the power consumed while the end equipment is not operational but in
stand-by mode). We now apply our own "Green XP Power" logo to the products we
designate ultra-high efficiency. During the first half of 2015 21% of our
revenues were generated by "Green XP Power" products compared to 17% in 2014,
11% in 2013, 6% in 2012 and 5% in 2011. At present, the uptake of these
products by customers is primarily driven by their improved reliability and the
ability to dispense with mechanical fans to dissipate waste heat, rather than
the fact that they consume less energy in operation. However, we expect this to
change as lower energy consumption becomes a higher priority to end users of
capital equipment and more legislation is introduced.
Board Changes
On 1 January 2015 Terry Twigger joined the board. As the former Chief Executive
of Meggitt PLC, Terry has a wealth of international and public company
experience in the engineering sector, including numerous successful
acquisitions. Terry is our senior non-executive director and chairs the audit
committee.
Outlook
While the global economic outlook remains uncertain and exchange rates are
volatile, following a strong first half, the second half of the year has
started well and we are encouraged by our record order intake and strong
backlog. This gives us confidence that we should be able to continue to grow
revenues in the second half of 2015 as designs won in 2014 and prior years
enter their production phase.
The additional sales and engineering resource that we began adding during the
period is an important step forward with our plans to drive further growth in
the future.
Our balance sheet position is strong which places us in an excellent position
to make further acquisitions to further broaden our product offering and
engineering capabilities.
A broad, up to date product portfolio and the development of an industry
leading in-house manufacturing capability are at the core of our strategy and,
when combined with excellent service and support, are leading to continued new
program wins which should drive our future growth. The greater penetration of
our Blue Chip customer base and significant design win success, bode well for
the future of the Group.
XP Power Limited
Consolidated Statement of Comprehensive Income
For the six months ended 30 June 2015
£ Millions Note Six months ended Six months ended
30 June 2015 30 June 2014
(Unaudited) (Unaudited)
Revenue 5 53.9 50.2
Cost of sales 6 (27.3) (25.2)
Gross profit 26.6 25.0
Operating expenses 6 (13.9) (12.7)
Operating profit
12.7 12.3
Finance cost 6 (0.1) (0.1)
Profit before income tax 12.6 12.2
Income tax expense 7 (3.0) (2.4)
Profit after income tax 9.6 9.8
Other comprehensive income:
Cash flow hedges - 0.3
Exchange differences on translation
of foreign operations (0.5) (0.8)
Other comprehensive income, net of (0.5) (0.5)
tax
Total comprehensive income 9.1 9.3
Profit attributable to:
- Equity holders of the Company 9.6 9.7
- Non-controlling interests - 0.1
9.6 9.8
Total comprehensive income
attributable to:
- Equity holders of the Company 9.1 9.2
- Non-controlling interests - 0.1
9.1 9.3
Earnings per share attributable to Pence per Pence per
equity holders of the Company Share Share
Basic 9 50.5 51.1
Diluted 9 50.1 50.5
XP Power Limited
Consolidated Balance Sheet
At 30 June 2015
£ Millions Note At 30 At 31 At 30
June 2015 December 2014 June 2014
(Unaudited) (Unaudited)
ASSETS
Current assets
Cash and cash equivalents 11 3.9 3.8 5.6
Trade receivables 18.3 16.0 14.7
Other current assets 2.2 1.7 1.2
Inventories 25.8 25.2 22.6
Derivative financial instruments 0.9 0.3 -
Total current assets 51.1 47.0 44.1
Non-current assets
Property, plant and equipment 15.0 14.4 12.5
Goodwill 30.5 30.6 30.6
Intangible assets 10 10.4 9.9 9.0
Other Investment 0.1 - -
Deferred income tax assets 0.3 0.3 0.5
ESOP loans to employees 0.8 0.9 1.0
Total non-current assets 57.1 56.1 53.6
Total assets 108.2 103.1 97.7
LIABILITIES
Current liabilities
Trade and other payables 14.4 14.4 13.4
Current income tax liabilities 2.1 1.7 1.2
Borrowings 12 4.3 2.5 7.1
Total current liabilities 20.8 18.6 21.7
Non-current liabilities
Deferred income tax liabilities 2.6 2.5 2.1
Provision for deferred contingent
consideration 1.8 1.7 1.7
Total non-current liabilities 4.4 4.2 3.8
Total liabilities 25.2 22.8 25.5
NET ASSETS 83.0 80.3 72.2
Equity
Equity attributable to equity
holders of the Company
Share capital 27.2 27.2 27.2
Merger reserve 0.2 0.2 0.2
Treasury shares (1.1) (1.1) (1.2)
Hedging reserve 0.6 0.6 -
Translation reserve (6.8) (6.3) (8.8)
Retained earnings 62.2 59.6 54.7
82.3 80.2 72.1
Non-controlling interest 0.7 0.1 0.1
TOTAL EQUITY 83.0 80.3 72.2
XP Power Limited
Consolidated Statement of Changes in Equity
For the six months ended 30 June 2015 (Unaudited)
£ Millions
Attributable to equity holders of the company
Share Treasury Merger Hedging Translation Retained Total Non-controlling Total
capital shares reserve reserve reserve earnings interest Equity
Balance at 1 27.2 (1.0) 0.2 (0.3) (8.0) 51.1 69.2 0.2 69.4
January 2014
Sale of treasury - 0.1 - - - - 0.1 - 0.1
shares
Purchase of - (0.4) - - - - (0.4) - (0.4)
treasury shares
Employee share - 0.1 - - - - 0.1 - 0.1
option plan
expenses
Dividends paid - - - - - (6.1) (6.1) (0.2) (6.3)
Total - - - 0.3 (0.8) 9.7 9.2 0.1 9.3
comprehensive
income for the
period
Balance at 30 27.2 (1.2) 0.2 - (8.8) 54.7 72.1 0.1 72.2
June 2014
Balance at 1 27.2 (1.1) 0.2 0.6 (6.3) 59.6 80.2 0.1 80.3
January 2015
Sale of treasury - - - - - (0.2) (0.2) - (0.2)
shares
Purchase of - (0.1) - - - - (0.1) - (0.1)
treasury shares
Employee share - 0.1 - - - - 0.1 - 0.1
option plan
expenses
Dividends paid - - - - - (6.8) (6.8) (0.1) (6.9)
Acquisition of - - - - - - - 0.7 0.7
subsidiary
Total - - - - (0.5) 9.6 9.1 - 9.1
comprehensive
income for the
period
Balance at 30 27.2 (1.1) 0.2 0.6 (6.8) 62.2 82.3 0.7 83.0
June 2015
XP Power Limited
Consolidated Statement of Cash Flows
For the six months ended 30 June 2015
£ Millions Note Six months ended Six months ended
30 June 2015 30 June 2014
(Unaudited) (Unaudited)
Cash flows from operating activities
Total profit 9.6 9.8
Adjustments for
* Income tax expense 3.0 2.4
* Amortisation and depreciation 1.8 1.4
* Finance cost 0.1 0.1
* (Gain)/loss on fair valuation of
derivative financial instruments (0.6) 0.1
* ESOP expenses 0.1 0.1
* Unrealised currency translation loss/ 0.3 (0.6)
(gain)
Change in the working capital
* Inventories (0.6) (2.2)
* Trade and other receivables (2.8) 0.9
* Trade and other payables - 0.7
Income tax paid (2.4) (2.3)
Net cash generated from operating 11 8.5 10.4
activities
Cash flows from investing activities
Acquisition of a subsidiary, net of cash (0.6) -
acquired
Purchases and construction of property, (1.3) (0.9)
plant and equipment
Research and development expenditure 6 (1.4) (1.2)
capitalised
ESOP loan repaid 0.1 0.1
Net cash used in investing activities (3.2) (2.0)
Cash flows from financing activities
Repayment of borrowings - (2.0)
Sale of treasury shares by ESOP - 0.1
Purchase of treasury shares by ESOP (0.1) -
Interest paid (0.1) (0.1)
Dividends paid to equity holders of the (6.8) (6.1)
Company
Dividends paid to non-controlling interest (0.1) (0.2)
Net cash used in financing activities (7.1) (8.3)
Net (decrease)/increase in cash and cash (1.8) 0.1
equivalents
Cash and cash equivalents at start of 1.3 3.8
period
Effects of currency translation on cash
and cash equivalents 0.1 (0.1)
Cash and cash equivalents at the end of 11 (0.4) 3.8
the period
Reconciliation of changes in cash and cash equivalents to movements in net debt
Net (decrease)/increase in cash and cash (1.8) 0.1
equivalents
Repayment of borrowings - 2.0
Effects on currency translation 0.1 (0.1)
Movement in net debt (1.7) 2.0
Net cash/(debt) at start of period 1.3 (3.5)
Net debt at end of period (0.4) (1.5)
XP Power Limited
Notes to the Interim Results for the six months ended 30 June 2015
1. General information
XP Power Limited (the "Company") is listed on the London Stock Exchange
and incorporated and domiciled in Singapore. The address of its registered
office is 401 Commonwealth Drive, Lobby B #02-02, Haw Par Technocentre,
Singapore 149598.
The nature of the Group's operations and its principal activities is to
provide power supply solutions to the electronics industry.
These condensed consolidated interim financial statements are presented
in Pounds Sterling (GBP).
1. Basis of preparation
The condensed consolidated interim financial statements for the period
ended 30 June 2015 have been prepared in accordance with the Listing Rules of
the Financial Services Authority and with IAS 34, Interim Financial Reporting
as adopted by the European Union.
The condensed consolidated interim financial statements should be read
in conjunction with the annual financial statements for the year ended 31
December 2014 which have been prepared in accordance with International
Financial Reporting Standards as adopted by the European Union.
1. Going Concern
The directors, after making enquiries, are of the view, as at the time of
approving the financial statements, that there is a reasonable expectation that
the Group will have adequate resources to continue operating for the
foreseeable future and therefore the going concern basis has been adopted in
preparing these financial statements.
1. Accounting policies
The condensed consolidated interim financial statements have been
prepared under the historical cost convention except for the fair value of
derivatives in accordance with IFRS 9, "Financial Instruments".
The same accounting policies, presentation and methods of computation
are followed in these condensed consolidated interim financial statements as
were applied in the presentation of the Group's financial statements for the
year ended 31 December 2014.
1. Segmented analysis
The Group operates substantially in one class of business, the provision
of power control solutions to the electronics industry. Analysis of total
Group operating profit, total assets, revenue and total group profit before
taxation by geographical region is set out below.
£ Millions Six months ended Six months ended
30 June 30 June 2014
2015 (Unaudited)
(Unaudited)
Revenue
Asia 3.8 3.9
Europe 23.2 21.7
North America 26.9 24.6
Total revenue 53.9 50.2
1. Segmented analysis (continued)
£ Millions Six months ended Six months ended
30 June 30 June 2014
2015 (Unaudited)
(Unaudited)
Total assets
Asia 35.6 28.8
Europe 24.6 24.7
North America 47.7 43.7
Segment assets 107.9 97.2
Unallocated deferred tax 0.3 0.5
Total assets 108.2 97.7
Reconciliation of segment results to profit after income tax:
£ Millions Six months ended Six months ended
30 June 30 June 2014
2015 (Unaudited)
(Unaudited)
Asia - 1.1
Europe 3.8 4.3
North America 7.4 6.5
Segment result 11.2 11.9
Corporate recovery from operating 4.1 1.0
segment
Research and development cost (2.6) (0.6)
Finance cost (0.1) (0.1)
Profit before income tax 12.6 12.2
Income tax expense (3.0) (2.4)
Profit after income tax 9.6 9.8
The Group's three business segments operate in the following countries:
£ Millions Six months ended Six months ended
30 June 30 June 2014
2015 (Unaudited)
(Unaudited)
Revenue
North America 26.9 24.6
United Kingdom 12.4 11.6
Singapore 3.8 3.9
Germany 5.1 4.4
Switzerland 1.7 1.7
Other countries 4.0 4.0
Total revenue 53.9 50.2
1. Expenses by nature
£ Millions Six months ended Six months ended
30 June 2015 30 June 2014
(Unaudited) (Unaudited)
Profit for the period is after charging/
(crediting):
Amortisation of intangible assets 0.9 0.7
Depreciation of property, plant and 0.9 0.7
equipment
Foreign exchange (gain)/loss (0.8) 0.2
Loss/(gain) on foreign exchange forward 0.7 (0.1)
Purchases of inventories 22.6 19.8
Changes in inventories 0.6 2.2
Audit fee 0.2 0.2
Other services - tax 0.1 0.1
Other charges 16.1 14.2
Total 41.3 38.0
Included in the above is net research and development expenditure as follows:
£ Millions Six months ended Six months ended
30 June 2015 30 June 2014
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