LONDON--(BUSINESS WIRE)--
6 December 2017
ECO Animal Health Group plc (‘’ECO”)
(AIM: EAH)
Results for the six months ended 30 September 2017
ECO ANIMAL HEALTH REPORTS ANOTHER STRONG PERFORMANCE
HIGHLIGHTS
Financials
- 35% increase in adjusted EBITDA to £8.5m (2016: £6.3m).
- 10% increase in pre-tax profit to £5.9m (2016: £5.3m)
- 8% increase in sales to £29.2m (2016: £26.9)
- 11% increase in gross profit to £14.2m (2016: £12.8m) on improved margin
- 13% increase in earnings per share to 6.39p (2016: 5.68p)
- 28% increase interim dividend to 3.2p (2016: 2.5p)
- 36% increase in cash generation from operations to £7.2m (2016: £5.4m) leaving net cash of over £20 million at the period end.
Operations
- Demand for Aivlosin® continues to grow strongly
- Strong performances in all major geographic areas, bar Latin America excluding Mexico
- New marketing authorisations gained in America and Malaysia – further authorisations are expected in Canada and South East Asia.
- Continued investment in new routes to market, product development and people to support future growth.
Peter Lawrence, Executive Chairman of ECO Animal Health Group plc, commented:
“The second half of the year has started well with a strong and growing order book. ECO has a sound balance sheet with good and reliable cash generation. The Company continues to invest in research and product development programmes to obtain further marketing authorisations and efficiencies in production. I look forward with confidence to reporting another set of impressive results in 2018”.
Contacts: | ||
ECO Animal Health Group plc | ||
Peter Lawrence | 020 8336 6190 | |
Marc Loomes | 020 8447 6906 | |
Spiro Financial | ||
Anthony Spiro | 020 8336 6196 | |
Peel Hunt LLP (Nominated Adviser) | ||
Dan Webster, Adrian Trimmings, George Sellar | 020 7418 8900 | |
N+1 Singer (Joint broker) | ||
Mark Taylor | 020 7496 3069 |
ECO Animal Health Group plc is a leader in the development, registration and marketing of pharmaceutical products for animals. Our products for these global growth markets promote well-being. Our financial goals are achieved through the careful and responsible application of science to generate value for our shareholders.
Chairman’s statement
I am pleased to report that ECO Animal Health Group has delivered another set of record results for the six months to 30 September 2017. ECO provides essential medications to the ever growing global animal protein production industry. The success of the Company reflects its investment over many years in obtaining marketing authorisations, which are a legal requirement in all of the countries it serves. Currently it holds several hundred marketing authorisations and its products are prescribed and sold in more than sixty countries.
The Company’s consistent strategic focus is to concentrate on offering its medications into the key global food production markets. The standards imposed by the regulatory bodies that licence the use of pharmaceuticals for veterinary use are becoming ever more stringent. Consequently, the regulatory authorities require more in depth evaluation of drugs than ever before. ECO already satisfies these enhanced requirements, which means that it has a competitive advantage and is well placed to capitalise on further commercial opportunities.
Financial performance
Profit before tax in the period under review increased by over 10 per cent to almost £5.9m (2016: £5.3m) while sales advanced by over 8 per cent to £29.2m (2016: £26.9m). Earnings before interest, tax, depreciation, amortisation, share based payments, non-controlling (minority) interest and foreign exchange movements were almost £8.5m (2017: £6.3m) an increase of over 35 per cent. Gross profit advanced by 11 per cent to £14.2m (2016: £12.8m) and earnings per share rose 12.5 per cent to 6.39 pence per share (2016: 5.68 pence). Cash generated from operations remained robust advancing to £7.2m (2016: £5.4m).
Margins continued to improve compared to the same period last year, reflecting the success of our strategy to concentrate our sales effort on high value products, which offer the best long term returns for the Company.
Over recent months sterling has strengthened a little against major currencies. ECO continues to invoice more than 97 per cent of its sales in foreign currencies but the effect of the slightly stronger pound since our March 2017 year end has meant that the currency gains the Company benefitted from last year have not been repeated. Nevertheless, control of overheads meant that profit from operating activities was up over 30 per cent at £5.9m.
The board is pleased to declare an interim dividend of 3.2 pence per share (2016: 2.5 pence) to be paid on 12 April 2018 to shareholders on the register on 23 March 2018. This increase of 28 per cent reflects the board’s continued confidence in the sustainable growth of our international business and the consequent implementation of a progressive dividend policy.
Operations:
Sales of Aivlosin®, our patented molecule for the treatment of economically important diseases in pigs and poultry, increased by almost 18 per cent in sterling during the period under review. Aivlosin® is prescribed under strict veterinary control at low, yet efficacious, dose rates for short duration treatments of specified diseases. It meets all current guidelines for the responsible use of antimicrobials, which when used appropriately, help to promote animal welfare and food safety.
Sales in the USA rose 33 per cent in sterling, compared with the same period last year, reflecting strong growth of the Aivlosin® water soluble granule formulation for use in swine suffering from enteric (gut) diseases. In late July, the Center for Veterinary Medicine (CVM) of the US Food and Drug Administration (FDA) approved this formulation for a new label indication. The approval applied to the control of swine respiratory disease (SRD) associated with Bordetella bronchiseptica, Haemophilus parasuis, Pasteurella multocida, and Streptococcus suis, which are important bacterial respiratory pathogens. Early sales of the Aivlosin® medicated feed additive formulation, which was approved at the end of March 2016, also contributed to revenue in the period. In Canada, sales were also significantly ahead. The SRD application is still under review by the Veterinary Drugs Directorate of Health Canada, which when approved, will add to sales in North America.
Revenue growth in South East Asia was buoyant. The regulatory files supporting the marketing authorisation granted by the European Medicines Agency in June 2016 for the use of Aivlosin® water soluble granules in chickens laying eggs for human consumption, with a zero day drug withdrawal period for eggs, were submitted to a number of countries in the region. Approvals were obtained in Thailand, prior to this period, and in Malaysia during the period; further approvals are expected. The granting of a zero withdrawal period is a significant advantage to egg producers, who as a result are not required to destroy eggs laid while birds are being treated. These new licenses underpin our development of closer relationships with major poultry producers, particularly those in the key egg producing markets of South East Asia.
Both Europe and Japan posted strong sales growth across the portfolio, reflecting our development of closer ties with key customers in these more mature markets.
Last year in China our subsidiary, Zhejiang ECO Biok Animal Health Products, delivered exceptional sales growth. The current year’s sales reflect the organisation’s consolidation of its strong position during a period of softer pork prices and in advance of strategic initiatives to target poultry producers. Sales of Aivlosin® continued to grow and the net profit in China increased by more than 20 per cent over the same period last year, once again reflecting the effectiveness of our overall strategy.
The excellent performance of Aivlosin® across the majority of geographies was tempered by continuing weakness in some Latin American markets including Brazil, mainly due to slow regulatory responses and a generally weak economic environment. Sales in Mexico, on the other hand, were very strong. This performance was boosted by our first Aivlosin® approval for the medication of drinking water for the treatment of infections caused by Mycoplasma in poultry laying eggs for human consumption with a zero day drug withdrawal period for eggs in Latin America, received in January 2017.
People
David Danson, who completed nine years as a non executive director, will retire on 1 December from the board in accordance with corporate governance guidelines. I would like to thank David for his wise counsel, which has been invaluable and reflects his extensive business experience and Council membership of the Royal College of Veterinary Surgeons. Andrew Jones joined us as a non executive director on 1 December. Andrew brings a wealth of board experience gained across large listed, private equity backed and small to medium sized enterprises. Andrew’s particular focus is on the life sciences sector and importantly, the animal health industry.
While I have been executive chairman of the Company since its formation, the time is right for my role to become non executive. This change will take effect from 1 January 2018 and conforms to best practice corporate governance.
Outlook:
The second half of the year has started well with a strong and growing order book. ECO has a sound balance sheet with good and reliable cash generation. The Company continues to invest in research and product development programmes to obtain further marketing authorisations and efficiencies in production. I look forward with confidence to reporting another set of impressive results in 2018.
Peter A Lawrence
05 December 2017
CONSOLIDATED INCOME STATEMENT
FOR THE SIX MONTHS TO 30
SEPTEMBER 2017
Six months | Six months | Year | |||||||
to | to | ended | |||||||
30.09.17 | 30.09.16 | 31.03.17 | |||||||
Notes | (unaudited) | (unaudited) | (audited) | ||||||
£000 | £000 | £000 | |||||||
Revenue | 3 | 29,204 | 26,939 | 61,422 | |||||
Cost of sales | (14,970) | (14,153) | (31,103) | ||||||
Gross Profit | 14,234 | 12,786 | 30,319 | ||||||
Other operating income | 138 | 98 | 379 | ||||||
Administrative expenses | (6,050) | (6,774) | (14,232) | ||||||
Currency (losses)/profits | (300) | 277 | (55) | ||||||
Amortisation of intangible assets | (1,700) | (1,593) | (3,088) | ||||||
Share based payments | (380) | (240) | (678) | ||||||
Profit from operating activities: | 5,942 | 4,554 | 12,645 | ||||||
Net finance (costs)/income | (102) | 724 | 784 | ||||||
Share of profit of associate | 24 | 31 | 23 | ||||||
Profit before income tax | 5,864 | 5,309 | 13,452 | ||||||
Income tax charge | (641) | (806) | (1,453) | ||||||
Profit for the period from continuing |
5,223 | 4,503 | 11,999 | ||||||
Attributable to: | |||||||||
Owners | 4,188 | 3,632 | 10,565 | ||||||
Minority interest | 1,035 | 871 | 1,434 | ||||||
5,223 | 4,503 | 11,999 | |||||||
BASIC EARNINGS PER SHARE | 5 | 6.39p | 5.68p | 16.35p | |||||
FULLY DILUTED EARNINGS PER SHARE | 5 | 6.37p | 5.65p | 16.17p | |||||
Earnings from continuing activities before | |||||||||
interest, taxation, depreciation, amortisation | |||||||||
and share based payments | 8,185 | 6,552 | 17,009 | ||||||
Exclude foreign exchange differences | 300 | (277) | 55 | ||||||
EBITDA | 8,485 | 6,275 | 17,064 |
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME | |||||||
FOR THE SIX MONTHS TO 30 SEPTEMBER 2017 | |||||||
Six months | Six months | Year | |||||
to | to | ended | |||||
30.09.17 | 30.09.16 | 31.03.17 | |||||
(unaudited) | (unaudited) | (audited) | |||||
£000 | £000 | £000 | |||||
Profit for the period | 5,223 | 4,503 | 11,999 | ||||
Foreign currency translation differences | (482) | 998 | 1,030 | ||||
Defined benefit pension plan - actuarial losses | - | - | (483) | ||||
Deferred tax on revaluations | - | - | 10 | ||||
Other comprehensive income for the period | (482) | 998 | 557 | ||||
Total comprehensive income for the period | 4,741 | 5,501 | 12,556 | ||||
Attributable to: | |||||||
Owners | 3,858 | 4,341 | 10,829 | ||||
Minority interest | 883 | 1,160 | 1,727 | ||||
4,741 | 5,501 | 12,556 |
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY FOR THE SIX MONTHS TO 30 SEPTEMBER 2017 | |||||||||||||||||||
Share | Share | Other | Revaluation | Treasury | Retained | Total | Minority | Total | |||||||||||
Capital | Premium | Reserves | Reserves | Reserve | Earnings | Interest | Equity | ||||||||||||
Account | Account | ||||||||||||||||||
£000 | £000 | £000 | £000 | £000 | £000 | £000 | £000 | £000 | |||||||||||
At 1 April 2016 | 3,205 | 55,590 | 2,028 | 654 | (1,144) | 21,824 | 82,157 | 3,202 | 85,359 | ||||||||||
Profit for the year | - | - | - | - | - | 10,565 | 10,565 | 1,434 | 11,999 | ||||||||||
Other comprehensive |
|||||||||||||||||||
Foreign currency |
- | - | - | - | - | 737 | 737 | 293 | 1,030 | ||||||||||
Actuarial (losses) on |
- | - | - | - | - | (483) | (483) | - | (483) | ||||||||||
Deferred taxation change in |
- | - | - | 10 | - | - | 10 | - | 10 | ||||||||||
Total comprehensive |
- | - | - | 10 | - | 10,819 | 10,829 | 1,727 | 12,556 | ||||||||||
Transactions with owners |
|||||||||||||||||||
Contributions by and |
|||||||||||||||||||
Movement in Treasury |
- | - | - | - | 1,144 | - | 1,144 | - | 1,144 | ||||||||||
Issue of shares in the year | 66 | 2,517 | - | - | - | - | 2,583 | - | 2,583 | ||||||||||
Sale of treasury shares | - | 47 | - | - | - | 60 | 107 | - | 107 | ||||||||||
Share-based payments | - | - | 678 | - | - | - | 678 | - | 678 | ||||||||||
Transfers on expiry of options | - | - | (257) | - | - | 257 | - | - | - | ||||||||||
Dividends relating to 2016 | - | - | - | - | - | (3,667) | (3,667) | (587) | (4,254) | ||||||||||
Transactions with owners |
66 | 2,564 | 421 | - | 1,144 | (3,350) | 845 | (587) | 258 | ||||||||||
Balance as at 31 March 2017 | 3,271 | 58,154 | 2,449 | 664 | - | 29,293 | 93,831 | 4,342 | 98,173 | ||||||||||
Total comprehensive income
|
|||||||||||||||||||
Profit for the period | - | - | - | - | - | 4,188 | 4,188 | 1,035 | 5,223 | ||||||||||
Other comprehensive |
|||||||||||||||||||
Foreign currency translation |
- | - | - | - | - | (330) | (330) | (152) | (482) | ||||||||||
Total comprehensive |
- | - | - | - | - | 3,858 | 3,858 | 883 | 4,741 | ||||||||||
Transactions with owners |
|||||||||||||||||||
Issue of shares in the year | 17 | 568 | - | - | - | - | 585 | - | 585 | ||||||||||
Share based payments | - | - | 380 | - | - | - | 380 | - | 380 | ||||||||||
Transfer to retained earnings on option expiry | - | - | (294) | - | - | 294 | - | - | - | ||||||||||
Dividends | - | - | - | - | - | (1,635) | (1,635) | (1,389) | (3,024) | ||||||||||
Total transactions with |
17 | 568 | 86 | - | - | (1,341) | (670) | (1,389) | (2,059) | ||||||||||
At 30 September 2017 | 3,288 | 58,722 | 2,535 | 664 | - | 31,810 | 97,019 | 3,836 | 100,855 | ||||||||||
Prior interim period | |||||||||||||||||||
At 1 April 2016 | 3,205 | 55,590 | 2,028 | 654 | (1,144) | 21,824 | 82,157 | 3,202 | 85,359 | ||||||||||
Total comprehensive |
|||||||||||||||||||
Profit for the period | - | - | - | - | - | 3,632 | 3,632 | 871 | 4,503 | ||||||||||
Other comprehensive income |
|||||||||||||||||||
Foreign currency translation |
- | - | - | - | - | 709 | 709 | 289 | 998 | ||||||||||
Total comprehensive |
- | - | - | - | - | 4,341 | 4,341 | 1,160 | 5,501 | ||||||||||
Transactions with owners | |||||||||||||||||||
Issue of shares in the year | 30 | 1,165 | - | - | - | - | 1,195 | - | 1,195 | ||||||||||
Movement in Treasury |
- | - | - | - | 1,134 | - | 1,134 | - | 1,134 | ||||||||||
Disposal of treasury shares | - | 47 | - | - | - | 59 | 106 | - | 106 | ||||||||||
Share based payments | - | - | 240 | - | - | - | 240 | - | 240 | ||||||||||
Transfer to retained |
- | - | (244) | - | - | 244 | - | - | - | ||||||||||
Dividends | - | - | - | - | - | (1,209) | (1,209) | (586) | (1,795) | ||||||||||
Total transactions with |
30 | 1,212 | (4) | - | 1,134 | (906) | 1,466 | (586) | 880 | ||||||||||
At 30 September 2016 | 3,235 | 56,802 | 2,024 | 654 | (10) | 25,259 | 87,964 | 3,776 | 91,740 |
CONSOLIDATED STATEMENT OF FINANCIAL POSITION | |||||||||
As at | As at | As at | |||||||
30.09.17 | 30.09.16 | 31.03.17 | |||||||
(unaudited) | (unaudited) | (audited) | |||||||
Notes | £000 | £000 | £000 | ||||||
ASSETS | |||||||||
Non current assets | |||||||||
Goodwill and other intangibles |
7 |
55,956 | 51,975 | 53,883 | |||||
Property,plant and equipment |
8 |
1,888 | 1,851 | 1,865 | |||||
Investment property |
9 |
185 | 185 | 185 | |||||
Investments | 113 | 98 | 97 | ||||||
58,142 | 54,109 | 56,030 | |||||||
Current assets | |||||||||
Inventories | 18,830 | 16,636 | 19,675 | ||||||
Trade and other receivables | 14,583 | 15,393 | 16,158 | ||||||
Income tax recoverable | 470 | 163 | 395 | ||||||
Other taxes and social security | 961 | 565 | 897 | ||||||
Cash and cash equivalents | 20,304 | 18,525 | 20,602 | ||||||
55,148 | 51,282 | 57,727 | |||||||
Total assets | 113,290 | 105,391 | 113,757 | ||||||
Current liabilities | |||||||||
Trade and other payables | (10,260) | (11,617) | (13,733) | ||||||
Income tax | (244) | (377) | (238) | ||||||
Other taxes and social security | (702) | (770) | (447) | ||||||
Dividends | (40) | (37) | (39) | ||||||
(11,246) | (12,801) | (14,457) | |||||||
Total assets less current liabilities | 102,044 | 92,590 | 99,300 | ||||||
Non current liabilities | |||||||||
Deferred tax | (1,189) | (750) | (1,027) | ||||||
Dilapidations on property leases | - | (100) | (100) | ||||||
100,855 | 91,740 | 98,173 | |||||||
Equity | |||||||||
Capital and reserves | |||||||||
Called up share capital | 3,288 | 3,235 | 3,271 | ||||||
Share premium | 58,722 | 56,802 | 58,154 | ||||||
Treasury Reserve | - | (10) | - | ||||||
Revaluation reserve | 664 | 654 | 664 | ||||||
Other reserves | 2,535 | 2,024 | 2,449 | ||||||
Retained earnings | 31,810 | 25,259 | 29,293 | ||||||
97,019 | 87,964 | 93,831 | |||||||
Minority interest | 3,836 | 3,776 | 4,342 | ||||||
Total equity | 100,855 | 91,740 | 98,173 |
CONSOLIDATED STATEMENT OF CASH FLOWS | |||||||
Six months to | Six months to | Year ended | |||||
30.09.17 | 30.09.16 | 31.03.17 | |||||
(unaudited) | (unaudited) | (audited) | |||||
£000 | £000 | £000 | |||||
Cashflows from operating activities | |||||||
Profit before tax | 5864 | 5309 | 13452 | ||||
Adjustment for: | |||||||
Net finance costs | 102 | (724) | (784) | ||||
Depreciation of property plant and equipment | 139 | 134 | 264 | ||||
Losses/(gains) on disposal of non-current assets | - | 1 | 37 | ||||
Amortisation of intangible assets | 1,700 | 1,593 | 3,088 | ||||
Impairment of intangible assets | - | - | 297 | ||||
Pension payments | - | - | (76) | ||||
Share of associate's results | (24) | (31) | (23) | ||||
Share based payments | 380 | 240 | 678 | ||||
Operating cash flow before movement in |
8,161 | 6,522 | 16,933 | ||||
Change in inventories | 845 | (1,043) | (4,082) | ||||
Change in receivables | 1,511 | (1,812) | (3,195) | ||||
Change in payables | (3,318) | 1,774 | 3,445 | ||||
Cash generated from operations | 7,199 | 5,441 | 13,101 | ||||
Income tax (paid) | (548) | (555) | (1,286) | ||||
Net cash inflow from operating activities | 6,651 | 4,886 | 11,815 | ||||
Cash flows from investing activities | |||||||
Purchase of property plant and equipment | (194) | (86) | (265) | ||||
Costs of acquiring drug registrations | (3,773) | (4,231) | (7,931) | ||||
Finance income | 61 | 84 | 103 | ||||
Net cash (used in) investing activities | (3,906) | (4,233) | (8,093) | ||||
Cash flows from financing activities | |||||||
Proceeds from issue of share capital and sale of |
585 | 2,435 | 3,834 | ||||
Dividends paid | (3,024) | (1,795) | (4,252) | ||||
Net cash from financing activities | (2,439) | 640 | (418) | ||||
Net increase in cash and cash equivalents | 306 | 1,293 | 3,304 | ||||
Foreign exchange movements | (604) | 1,567 | 1,633 | ||||
Cash and cash equivalents at the beginning of the |
20,602 | 15,665 | 15,665 | ||||
Cash and cash equivalents at the end of the |
20,304 | 18,525 | 20,602 |
NOTES TO THE PRELIMINARY RESULTS FOR THE SIX MONTHS TO 30 SEPTEMBER 2017
1. Basis of preparation
The financial information for the
period to 30 September 2017 does not constitute statutory accounts as
defined by Section 435 of the Companies Act 2006. It has been prepared
in accordance with the accounting policies set out in, and is consistent
with, the audited financial statements for the twelve months to 31 March
2017.
The Group applies revised IAS 1 “Presentation of Financial Statements (2007)”. As a result, the Group presents all non-owner changes in equity in consolidated statements of comprehensive income and all owner changes in equity in consolidated statements of changes in equity.
2. Statement of compliance
The interim financial statements
do not include all of the information required for full annual financial
statements and do not comply with all of the disclosure requirements in
IAS 34 “Interim Financial Reporting”. Accordingly, whilst the interim
statements have been prepared in accordance with IFRS, they cannot be
construed as being in full compliance with IFRS and should be read in
conjunction with the consolidated financial statements of the Group for
the year ended 31 March 2017.
3. Revenue is derived from the Group’s animal pharmaceutical businesses.
4. Principal risks and uncertainties
These were set out on
pages 63-66 of the notes to the consolidated financial statements for
the year ended 31 March 2017. The key exposures are to foreign currency
exchange rates, potential delays in obtaining marketing authorisations
and single sources of supply for some raw materials and have remained
unchanged since the year end.
5. Earnings per share
Six months to | Six months to | Year ended | |||||
30.09.17 | 30.09.16 | 31.03.17 | |||||
(unaudited) | (unaudited) | (audited) | |||||
Weighted average number of shares in issue (000's) | 65,517 | 63,992 | 64,638 | ||||
Fully diluted weighted average number of shares in issue |
65,787 | 64,301 | 65,356 | ||||
Profit attributable to equity holders of the company (£'s) | 4,188 | 3,632 | 10,565 | ||||
Basic earnings per share (pence) | 6.39 | 5.68 | 16.35 | ||||
Fully diluted earnings per share (pence) | 6.37 | 5.65 | 16.17 |
6. Dividends
Six months to | Six months to | Year ended | |||||
30.09.17 | 30.09.16 | 31.03.17 | |||||
(unaudited) | (unaudited) | (audited) | |||||
£000 | £000 | £000 | |||||
Dividend in respect of the year ended 31 March 2016 | |||||||
at 1.9p/5.7p per ordinary share | - | 1,209 | 3,675 | ||||
Dividend in respect of the year ended 31 March 2017 | |||||||
at 2.5p per ordinary share | 1,635 | - | - | ||||
Dividend waived by employee benefit trust | - | - | (8) | ||||
1,635 | 1,209 | 3,667 | |||||
Dividend paid by subsidiary to non-controlling interests | |||||||
(minorities) | 1,389 | 586 | - | ||||
3,024 | 1,795 | 3,667 |
The company paid a further dividend of 4.6p per share on 6 October 2017, after the period end. The total paid was £3.02 million.
7. Intangible non-current assets
Distribution | Development | ||||||||
Goodwill | Rights | Costs | Total | ||||||
Cost | £000 | £000 | £000 | £000 | |||||
Cost at 1 April 2016 | 17,930 | 1,442 | 59,712 | 79,084 | |||||
Additions | - | - | 4,231 | 4,231 | |||||
Cost at 30 September 2016 | 17,930 | 1,442 | 63,943 | 83,315 | |||||
Additions | - | - | 4,007 | 4,007 | |||||
Contributions from third parties | - | - | (307) | (307) | |||||
Cost at 31 March 2017 | 17,930 | 1,442 | 67,643 | 87,015 | |||||
Additions | - | - | 3,773 | 3,773 | |||||
Cost at 30 September 2017 | 17,930 | 1,442 | 71,416 | 90,788 | |||||
Amortisation | |||||||||
Amortisation at 1 April 2016 | - | 687 | 29,060 | 29,747 | |||||
Charge for the period | - | 36 | 1,557 | 1,593 | |||||
Amortisation at 30 September 2016 | - | 723 | 30,617 | 31,340 | |||||
Charge for the period | - | 36 | 1,459 | 1,495 | |||||
Impairment charge | - | - | 297 | 297 | |||||
Amortisation at 31 March 2017 | - | 759 | 32,373 | 33,132 | |||||
Charge for the period | - | 39 | 1,661 | 1,700 | |||||
Amortisation at 30 September 2017 | - | 798 | 34,034 | 34,832 | |||||
Net book value at 30 September |
17,930 | 644 | 37,382 | 55,956 | |||||
Net book value at 1 April 2017 | 17,930 | 683 | 35,270 | 53,883 | |||||
Net book value at 30 September |
17,930 | 719 | 33,326 | 51,975 | |||||
Net book value at 1 April 2016 | 17,930 | 755 | 30,652 | 49,337 |
8. Property, plant and equipment
Fixtures, | |||||||||||
Freehold | Plant and | fittings & | Motor | ||||||||
Property | Machinery | equipment | Vehicles | Total | |||||||
Cost | £000 | £000 | £000 | £000 | £000 | ||||||
Cost at 1 April 2016 | 730 | 1,658 | 710 | 53 | 3,151 | ||||||
Additions | - | 30 | 24 | 32 | 86 | ||||||
Disposals | - | (13) | - | - | (13) | ||||||
Foreign exchange movements | - | 84 | 1 | 8 | 93 | ||||||
Cost at 30 September 2016 | 730 | 1,759 | 735 | 93 | 3,317 | ||||||
Additions | - | 17 | 131 | 31 | 179 | ||||||
Disposals | - | (267) | - | (47) | (314) | ||||||
Foreign exchange movements | - | 32 | (1) | (2) | 29 | ||||||
Cost at 1 April 2017 | 730 | 1,541 | 865 | 75 | 3,211 | ||||||
Additions | - | 51 | 143 | - | 194 | ||||||
Foreign exchange movements | - | (30) | - | (5) | (35) | ||||||
Cost at 30 September 2017 | 730 | 1,562 | 1,008 | 70 | 3,370 | ||||||
Depreciation | |||||||||||
Depreciation at 1 April 2016 | - | 772 | 507 | 39 | 1,318 | ||||||
Charge for the period | 5 | 84 | 43 | 2 | 134 | ||||||
Disposals | - | (12) | - | - | (12) | ||||||
Foreign exchange movements | - | 24 | - | 2 | 26 | ||||||
Depreciation at 30 September 2016 | 5 | 868 | 550 | 43 | 1,466 | ||||||
Charge for the period | 8 | 82 | 35 | 5 | 130 | ||||||
Disposals | - | (240) | - | (37) | (277) | ||||||
Foreign exchange movements | - | 27 | 2 | (2) | 27 | ||||||
Depreciation at 1 April 2017 | 13 | 737 | 587 | 9 | 1,346 | ||||||
Charge for the period | 6 | 76 | 52 | 5 | 139 | ||||||
Foreign exchange movements | - | (3) | - | - | (3) | ||||||
Depreciation at 30 September 2017 | 19 | 810 | 639 | 14 | 1,482 | ||||||
Net book value | |||||||||||
Net book value at 30 September 2017 | 711 | 752 | 369 | 56 | 1,888 | ||||||
Net book value at 1 April 2017 | 717 | 804 | 278 | 66 | 1,865 | ||||||
Net book value at 30 September 2016 | 725 | 891 | 185 | 50 | 1,851 | ||||||
Net book value at 1 April 2016 | 730 | 886 | 203 | 14 | 1,833 |
9. Investment property
Freehold | |||||
Property | Total | ||||
Valuation | £000 | £000 | |||
Valuation at 1 April 2016, 30 September 2016, 31 |
189 | 189 | |||
Depreciation | |||||
Depreciation at 1 April 2016, 30 September 2016, |
4 | 4 | |||
Net Book Value | |||||
Net Book Value at 1 April 2016, 30 September |
185 | 185 |
This financial information was approved by the board on 05 December 2017.
Copies of this interim report are being sent to all of the Company’s shareholders. Further copies can be obtained from the Company’s registered office at 78 Coombe Road, New Malden, Surrey KT3 4QS.
DIRECTORS AND OFFICERS | Peter Lawrence | (Chairman) | |||
Marc Loomes | (Chief Executive) | ||||
Kevin Stockdale | (Finance Director) | ||||
Julia Trouse | (Executive Director and Company Secretary) | ||||
Brett Clemo | (Executive Director) | ||||
Andrew Jones | (Non-Executive Director, appointed 1st December 2017) | ||||
Anthony Rawlinson | (Non-Executive Director) | ||||
REGISTERED OFFICE | 78 Coombe Road, New Malden, Surrey. KT3 4QS | ||||
Tel: 020-8336-2900 | Fax: 020-8336-0909 | ||||
COMPANY NUMBER | 01818170 | ||||
INFORMATION AT |
LEI: 2138009XN9DJ3YP70B55
Classification: 1.2. Half yearly financial reports and audit reports/limited reviews