Final Results

RNS Number : 6755I
Goodwin PLC
27 July 2012
 



PRELIMINARY ANNOUNCEMENT

 

Goodwin PLC today announces its preliminary results for the year to 30th April 2012.

 

 

Chairman's Statement

I am pleased to report that the pre-tax profit for the Group for the twelve month period ending  30th April 2012 was £12.3 million (2011: £8.1 million), an increase of 51% on a revenue of £107.9 million (2011: £92.9 million) which is up 16.15% on the figures reported for the same period last financial year. The Directors propose a dividend of 32.082p (2011: 29.166p).

The gross profit earned of £30.8 million was higher by 21.3% than for the previous financial year. This improvement in gross profit and net pre-tax profit earned stems from the recovery in performance of our two valve companies, especially Goodwin International.  The foundry also reported record profits.

The Group order work load as at 30th April 2012 was 22% higher than the same period last year and stood at £78 million which still represents about seven months work at higher levels of activity. The Group, whilst being diverse, still focuses much attention on the world wide energy industries be they oil and gas or high efficiency power generation. Both these two sectors by definition have a long term future as the world population continues to grow and attain higher living standards especially in the Pacific Basin and also as the more mature markets strive to increase the efficiency of their power generation capacity and reduce their CO2 output into the atmosphere as well as replace ageing facilities.

The decision to only increase the dividend by 10% to £2.31 million will assist the company in being able to finance three significant projects that will be started subject to approval of the grant applications that we have submitted. The first grant application, which is to the  Employer Ownership Pilot Fund, is to set up a much larger apprentice training school that will train 125 engineering apprentices to levels 3 and 4 over the next five years. The second application which is a Regional Growth Fund application is to expand the clean activity of the foundry on our adjacent 7.9 acre site as well as to start a new valve company and build four office/ factory units on the same site. The third application is for a CCS (Carbon Capture & Storage) grant where our foundry will develop further the manufacturing capability of two super nickel alloys for use in high temperature gas and steam turbines, on which we will advise you further at the half year.

As a key performance indicator, R & D continues within all Group companies whether it is to reduce manufacturing cost or develop new products that we consider there is a significant need for in the market over the next ten or more years. The Group considers the level of R & D expenditure sustainable and this year it comprised 7.5% of pre-tax profits, appropriate for securing the long term growth of the group.

As detailed in note 20 to the financial statements to be published shortly, at 30th April 2012 our capital base was £60 million, an increase of £3 million over the previous year, and the Group had unutilised bank facilities of £15 million. With Group activity levels likely to be significantly higher this coming financial year, gearing levels  (currently at 33%) and cash flow remains under pressure due to the need  for increased levels of working capital to finance higher levels of debtors and work in progress as well as the funding needed for the three projects should they proceed. A decision will be taken in the second quarter as to whether the Group takes on additional lines of credit and maintains a safety buffer on our banking facilities or whether the increased working capital needs are funded from post tax profits. The former route will be the more likely one.

We are once again grateful to our UK and overseas employees for their hard work in improving the performance of the Group.

 

JW Goodwin

Chairman

27th July 2012

 

 

Consolidated income statement

for the year ended 30th April 2012

 


 

 

 

2012

Restated

see note 1

2011

 

 

£000

£000

 

Continuing operations

 

 

 

Revenue

 

107,911

92,908

Cost of sales

 

(77,133)

(67,537)

 

 

              

              

Gross profit

 

30,778

25,371


 

 

 

Distribution expenses

 

(3,575)

(3,243)

Administrative expenses

 

(14,118)

(13,268)

 

 

              

              

Operating profit

 

13,085

8,860


 

 

 

Financial expenses

 

(1,205)

(1,054)

Share of profit of associate companies

 

393

342

 

 

              

              

Profit before taxation

 

12,273

8,148

 

 

 

 

Tax on profit

 

(2,938)

(3,904)

 

 

              

              

Profit after taxation

 

9,335

4,244

 

 

              

              

Attributable to:

 

 

 

Equity holders of the parent

 

8,952

3,664

Minority interest

 

383

580


 

              

              

Profit for the year

 

9,335

4,244

 

 

              

              

Basic and diluted earnings per ordinary share

 

124.33p

50.89p

 

 

 

 

              

              

Consolidated statement of comprehensive income

for the year ended 30th April 2012

 


 

Restated

see note1


2012

2011

 

£000

£000

 

 

 

Profit for the year

9,335

4,244


 

 

Other comprehensive income

 

 

Foreign exchange translation differences

(1,476)

(74)

Effective portion of changes in fair value of cash flow hedges

323

(352)

Change in fair value of cash flow hedges transferred to profit or loss

(3,903)

3,726

Tax charge recognised on unrealised income and expenses recognised directly in equity

925

(878)


              

              

Other comprehensive income for the year, net of income tax

(4,131)

2,422


              

              

Total comprehensive income  for the year

5,204

6,666


              

              

Attributable to:

 

 

  Equity holders of the parent

4,912

6,160

  Minority interest

292

506


              

              


5,204

6,666


              

              

 

Consolidated statement of changes in equity

for the year ended 30th April 2012

 

 

 

 

 

 

 

 

Share Capital

 

 

 

 

 

 

Translation

Reserve

 

 

 

 

Cash flow hedging reserve

 

 

 

 

 

 

Retained earnings

 

 

 

Total attributable to equity holders of the parent

 

 

 

 

 

 

Minority interest

 

 

 

 

 

 

Total equity

 

£000

£000

£000

£000

£000

£000

£000

Year ended 30th April 2012

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance at 1st May 2011

720

2,215

2,422

36,868

42,225

3,437

45,662

      Restated see note 1

 

 

 

 

 

 

 

Total comprehensive income:

 

 

 

 

 

 

 

Profit

-

-

-

8,952

8,952

383

9,335

Other comprehensive income:

 

 

 

 

 

 

 

Foreign exchange translation differences

 

-

 

(1,385)

 

-

 

-

 

(1,385)

 

(91)

 

(1,476)

Net movements on cash flow hedges

 

-

 

-

 

(2,655)

 

-

 

(2,655)

 

-

 

(2,655)

Total comprehensive income for the year

 

-

 

(1,385)

 

(2,655)

 

8,952

 

4,912

 

292

 

5,204

Transactions with owners of the Company recognised directly in equity

 

 

 

 

 

 

 

Dividends paid

-

-

-

(2,100)

(2,100)

(58)

(2,158)

 

              

              

              

              

              

              

              

 

Balance at 30th April 2012

 

720

 

830

 

(233)

 

43,720

 

45,037

 

3,671

 

48,708

 

              

              

              

              

              

              

              

 

 

 

 

 

 

 

 

Year ended 30th April 2011

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance at 1st May 2010 as previously reported

 

720

 

1,199

 

(74)

 

35,082

 

36,927

 

3,242

 

40,169

Prior year adjustment see note 1

-

1,016

-

122

1,138

-

1,138

 

              

              

              

              

              

              

              

Balance at 1st May 2010  restated see note 1

 

720

 

2,215

 

(74)

 

35,204

 

38,065

 

3,242

 

41,307

 

 

 

 

 

 

 

 

Total comprehensive income:

 

 

 

 

 

 

 

Profit restated see note 1

-

-

-

3,664

3,664

580

4,244

Other comprehensive income:

 

 

 

 

 

 

 

Foreign exchange translation differences restated see note 1

 

-

 

-

 

-

 

-

 

-

 

(74)

 

(74)

Net movements on cash flow hedges

 

-

 

-

 

2,496

 

-

 

2,496

 

-

 

2,496

Total comprehensive income for the year

 

-

 

-

 

2,496

 

3,664

 

6,160

 

506

 

6,666

Transactions with owners of the Company recognised directly in equity

 

 

 

 

 

 

 

Dividends paid

-

-

-

(2,000)

(2,000)

(311)

(2,311)

 

              

              

              

              

              

              

              

 

Balance at 30th April 2011

 

720

 

2,215

 

2,422

 

36,868

 

42,225

 

3,437

 

45,662

 

              

              

              

              

              

              

              

 

 

Consolidated balance sheet

at 30th April 2012                                                                                                                                                                                                                             




Restated

Restated




See note 1

See note 1



2012

2011

2010



£000

 £000

 £000

Non-current assets





Property, plant and equipment


26,208

25,431

23,260

Investment in associates


1,238

1,137

919

Intangible assets


12,531

12,299

12,798



              

              

              



39,977

38,867

36,977

 

Current assets


              

              

              

Inventories


32,558

25,096

18,085

Trade and other receivables


24,334

25,664

21,815

Derivative financial assets


1,407

4,349

635

Cash and cash equivalents


5,778

4,049

10,710



              

              

              



64,077

59,158

51,245



              

              

              

Total assets


104,054

98,025

88,222

 

Current liabilities


              

              

              

Bank overdraft


759

834

887

Other interest-bearing loans and borrowings


219

226

139

Trade and other payables


26,249

24,544

21,516

Deferred consideration


3,256

2,774

-

Derivative financial liabilities


2,061

1,246

1,306

Liabilities for current tax


2,278

1,713

2,150

Warranty provision


655

786

1,014



              

              

              



35,477

32,123

27,012

 

Non-current liabilities


              

              

              

Other interest-bearing loans and borrowings


16,467

12,326

10,358

Deferred consideration


-

2,677

5,911

Warranty provision


570

855

1,099

Deferred tax liabilities


2,832

4,382

2,535



              

              

              



19,869

20,240

19,903



              

              

              

Total liabilities


55,346

52,363

46,915



              

              

              

Net assets


48,708

45,662

41,307

 

Equity attributable to equity holders of the parent


              

              

              

Share capital


720

720

720

Translation reserve


830

2,215

2,215

Cash flow hedge reserve


(233)

2,422

(74)

Retained earnings


43,720

36,868

35,204



              

              

              

Total equity attributable to equity holders of the parent


45,037

42,225

38,065






Minority interest


3,671

3,437

3,242



              

              

              

Total equity


48,708

45,662

41,307



              

              

              



Consolidated cash flow statement

for the year ended 30th April 2012

 

 

 

 

Restated

Restated

 

 

 

See note 1

See note 1

 

2012

2012

2011

2011

 

£000

£000

£000

£000

Cash flow from operating activities

 

 

 

 

Profit from continuing operations after tax

 

9,335

 

4,244

  Adjustments for:

 

 

 

 

  Depreciation

 

3,094

 

2,817

  Amortisation of intangible assets

 

715

 

535

  Financial expense

 

1,205

 

1,054

  Loss on sale of property, plant and equipment

 

51

 

10

  Share of profit of associate companies

 

(393)

 

(342)

  Tax expense

 

2,938

 

3,904


 

              

 

              

Operating profit before changes in working capital and provisions

 

16,945

 

12,222

 

 

 

 

 

 Decrease/(increase) in trade and other receivables

 

898

 

(3,916)

  Increase in inventories

 

(7,638)

 

(7,006)

  Increase in trade and other payables (excluding payments on

  account)

 

 

2,500

 

 

2,531

  (Decrease)/increase in payments on account

 

(916)

 

737


 

              

 

              

Cash generated from operations

 

11,789

 

4,568


 

 

 

 

  Interest paid

 

(929)

 

(647)

  Corporation tax paid

 

(3,150)

 

(3,395)

  Interest element of finance lease obligations

 

(22)

 

(35)


 

              

 

              

Net cash from operating activities

 

7,688

 

491


 

              

 

              

Cash flow from investing activities

 

 

 

 

  Proceeds from sale of property, plant and equipment

173

 

96

 

  Acquisition of property, plant and equipment

(4,569)

 

(6,274)

 

  Acquisition of intangible assets

-

 

(674)

 

  Acquisition of subsidiaries net of cash acquired

(502)

 

-

 

  Additional payment for existing subsidiary

(35)

 

(237)

 

  Payment of deferred purchase creditor

(3,300)

 

-

 

  Dividends received from associate company

277

 

247

 


              

 

              

 

Net cash from investing activities

 

(7,956)

 

(6,842)

 

Cash flows from financing activities

 

 

 

 

  Payment of capital element of finance lease obligations

(218)

 

(304)

 

  Dividends paid

(2,100)

 

(2,000)

 

  Dividends paid to minority interests

(58)

 

(311)

 

  Proceeds from loans

4,772

 

2,359

 

  Repayment of loans

(158)

 

-

 


              

 

              

 

Net cash from financing activities

 

2,238

 

(256)


 

              

 

              

Net increase/(decrease) in cash and cash equivalents

 

1,970

 

(6,607)

  Cash and cash equivalents at beginning of year

 

3,215

 

9,823

  Effect of exchange rate fluctuations on cash held

 

(166)

 

(1)


 

              

 

              

Cash and cash equivalents at end of year

 

5,019

 

3,215


 

              

 

              

Risks and Uncertainties

The Group's operations expose it to a variety of risks and uncertainties, including:

Market risk: The Group provides a range of products and services, and there is a risk that the demand for these services will vary from time to time because of competitor action or economic cycles.  As shown in Note 2 to the financial statements to be published shortly, the Group operates across a range of geographical regions, and its turnover is split across the UK, Europe, North America, the Pacific Basin and the rest of the world.  This spread reduces risk in any one territory.  Similarly, the Group operates in both mechanical engineering and refractory engineering sectors, mitigating the risk of a downturn in any one product area.  The potential risk of the loss of any key customer is limited as, typically, no single customer accounts for more than 10% of turnover.

Technical risk: The Group develops and launches new products as part of its strategy to enhance the long-term value of the Group. Such development projects carry business risks, including reputational risk, abortive expenditure and potential customer claims which may have a material impact on the Group. The potential risk here is seen as small given the Group is developing products in areas in which it is knowledgeable and new products are extensively tested prior to their release into the market.

Health and safety: The Group's operations involve the typical health and safety hazards inherent in manufacturing and business operations. The Group is subject to numerous laws and regulations relating to health and safety around the world. Hazards are managed by carrying out risk assessments and introducing appropriate controls.

Acquisitions: The Group's growth plan over recent years has included a number of acquisitions. There is the risk that these, or future acquisitions, fail to provide the planned value. This risk is mitigated through extensive financial and technical due diligence during the acquisition process and the Group's knowledge of the markets they operate in.

Financial risk: The principal financial risks faced by the Group are changes in market prices (interest rates, foreign exchange rates and commodity prices), credit risks and liquidity. The Group has in place risk management policies that seek to limit the adverse effects on the financial performance of the Group by using various instruments and techniques, including credit insurance, stage payments, forward foreign exchange contracts and interest rate caps and swaps.  Further information on the financial risk management objectives and policies is set out in note 20 to the financial statements to be published shortly.

 

This report contains forward-looking statements and information based on current expectations, and assumptions and forecasts made by the Group. These expectations and assumptions are subject to various known and unknown risks, uncertainties and other factors, which could lead to substantial differences between the actual future results, financial performance and the estimates and historical results given in this report. Many of these factors are outside the Group's control. The Group accepts no liability to publicly revise or update these forward-looking statements or adjust them to future events or developments, whether as a result of new information, future events or otherwise, except to the extent legally required.

 

Responsibility statements of the Directors in respect of the annual financial report

We confirm that to the best of our knowledge:

 

·      The financial statements to be published shortly, prepared in accordance with the applicable set of accounting standards, give a true and fair view of the assets, liabilities, financial position and profit of the Company and the undertakings included in the consolidation taken as a whole; and

·      The Directors' Report to be published shortly includes a fair review of the development and performance of the business and the position of the Company 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. W.  Goodwin     Chairman

R. S.  Goodwin      Managing Director                            

J.  Connolly           Director

F. A. Gaffney        Director

M. S.  Goodwin     Director

A. J.  Baylay          Director

S. R. Goodwin       Director

 

 

RESULTS FOR THE YEAR ENDED 30TH APRIL 2012

NOTES

 

 

Basis of preparation

 

Goodwin PLC is a company incorporated in the UK.

 

The Group's financial statements have been approved by the Directors and prepared in accordance with International Financial Reporting Standards as adopted by the European Union (adopted IFRSs'). The comparative results for the year ended 30th April 2011 have also been prepared on this basis. The comparative results for the year ended 30th April 2011 have been restated as detailed in Note 1. The following new accounting standards and interpretations have been adopted in the current financial year as they are mandatory for the year ended 30th April 2012:

 

-        IAS24 (Revised) - Related Party Transactions (effective for annual periods beginning on or after 1st January 2011)

-        Annual Improvement Projects to IFRS's

-        Amendments to IAS 1 Presentation of statement of changes in equity (effective for annual periods beginning on or after 1st January 2011)

 

The adoption of these standards, amendments and interpretations has not had a material impact on the Group's financial statements.

 

The IASB and IFRIC have issued additional standards and interpretations which are effective for periods starting after the date of these financial statements. The following standards and interpretations have not yet been adopted by the Group:

 

-        Amendments to IAS 12 - Deferred tax and recovery of the underlying assets (effective for annual periods beginning on or after 1st January 2012)

-        Amendments to IAS 1- Presentation of items of other comprehensive income (effective for periods beginning on or after 1st July 2012)

 

The Group does not anticipate that the adoption of the above amendments will have a material effect on its financial statements on initial adoption.

 

The financial information previously set out does not constitute the Company's statutory accounts for the years ended 30th April 2012 or 2011 but is derived from those accounts. Statutory accounts for 2011 have been delivered to the Registrar of Companies, and those for 2012 will be delivered in due course. The auditors have reported on those accounts; their report was:

 

i. unqualified;

ii. did not include references to any matters to which the auditors 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.

 

Copies of the 2012 accounts are expected to be posted to shareholders within the next two weeks and will also be available on the Company's website: www.goodwin.co.uk and from the Company's Registered Office:  Ivy House Foundry, Hanley, Stoke-on-Trent  ST1 3NR.

 

Note 1    Prior year adjustment

Following discussions with the Financial Reporting Review Panel, the Group has reviewed its accounting treatment of intangibles. This has resulted in the Group now recognising deferred taxation liabilities on intangible assets arising on acquisitions in accordance with IAS 12 "Income Taxes", including intangible assets acquired in previous years which has resulted in a prior year adjustment. 

The Group has also taken the opportunity to review its measurement of intangible assets in  foreign currency acquisitions. In previous years, the measurement of intangible assets on acquisitions was initially recognised at the sterling equivalent using the exchange rate at the time of the original transaction but then continued to be measured using that original exchange rate. The intangible assets on acquisitions are now being measured to the sterling equivalent at each balance sheet date using the exchange rate at each balance sheet date in accordance with the Group's accounting policy. This correction has also resulted in a prior year adjustment.

The effect of these prior year adjustments has been to increase net assets by £1,138,000 at 30th April 2010 and by £1,345,000 at 30th April 2011. The effect on profit and loss reserves has been to increase profit and loss reserves at 30th April 2010 by £122,000, and increase reported profit for 2011 by £36,000, being additional amortisation of intangible assets of £57,000, and a decrease in the deferred tax charge by £93,000. The earnings per share for the year ended 30th April 2011 has been restated from 50.39p to 50.89p.

Effect of prior year adjustments on previously reported balance sheets

 

 

Goodwill due to additional deferred tax

 

 

Foreign exchange

 

 

Amortisation in income

 

Deferred tax in income

 

 

 

Total

 

£000

£000

£000

£000

£000

At 30th April 2010

 

 

 

 

 

Intangible assets

1,025

1,257

(155)

-

2,127

Deferred taxation

(1,025)

(241)

-

277

(989)

 

              

              

              

              

              

Net assets

-

1,016

(155)

277

1,138

 

              

              

              

              

              

 

 

 

 

 

 

Recognised in translation reserve

-

1,016

-

-

1,016

Recognised in income

-

-

(155)

277

122

 

              

              

              

              

              

Total equity

-

1,016

(155)

277

1,138

 

              

              

              

              

              

 

 

 

 

 

 

 

 

 

 

 

 

At 30th April 2011

 

 

 

 

 

Intangible assets

1,025

1,451

(212)

-

2,264

Deferred taxation

(1,025)

(264)

-

370

(919)

 

              

              

              

              

              

Net assets

-

1,187

(212)

370

1,345

 

              

              

              

              

              

 

 

 

 

 

 

Recognised in translation reserve

-

1,016

-

-

1,016

Recognised in other comprehensive income

 

-

 

171

 

-

 

-

 

171

Recognised in profit and loss reserve brought forward

 

-

 

-

 

(155)

 

277

 

122

Recognised in income in the year ended 30th April 2011

 

-

 

-

 

(57)

 

93

 

36

 

              

              

              

              

              

Total equity

-

1,187

(212)

370

1,345

 

              

              

              

              

              

 

Other disclosure adjustments to figures previously reported in the 2011 financial statements:

Following discussion with the Financial Reporting Review Panel, as a part of the review of the 2011 figures, the Group has made the following disclosure adjustments to previously reported 2011 amounts in the 2011 financial statements: warranty provisions of £1,641,000 were previously included in accruals but are now shown separately in the balance sheet; tax paid for 2011 was previously disclosed in the cashflow statement at £2,517,000 but has been restated by £878,000 to £3,395,000, with a restatement of £878,000 in the increase in trade and other payables from £1,653,000 to £2,531,000; the total of £765,000 previously disclosed for foreign exchange (gains)/losses of £48,000 plus gains on derivatives at fair value through profit and loss of £717,000 in 2011, have been restated to £531,000 and £234,000 respectively in note 3 to the accounts to be published shortly; the split of total capital expenditure by area in the segmental analysis has been restated. These disclosure adjustments had no effect on income, total equity or net assets.

 

 

Note 2    Segmental information

Products and services from which reportable segments derive their revenues

For the purposes of management reporting to the chief operating decision maker, the Group is organised into two reportable operating divisions: mechanical engineering and refractory engineering. Financial information for each operating division is also available in a disaggregated form in line with the identified cash generating units. Segment assets and liabilities include items directly attributable to segments as well as those that can be allocated on a reasonable basis. In accordance with the requirements of IFRS 8 the Group's reportable segments, based on information reported to the Group's Board of Directors for the purposes of resource allocation and assessment of segment performance are as follows;

·      Mechanical Engineering                     - casting, machining and general engineering design

·      Refractories Engineering                    - powder manufacture and mineral processing

Information regarding the Group's operating segments is reported below.  Associates are included in Refractories Engineering.

 

Mechanical

Engineering

Refractories

Engineering

 

Sub total 

 

 

Year Ended 30th April

 

 

2012

Restated

See note 1

2011

 

 

2012

Restated

See note 1

2011

 

 

2012

Restated

See note 1

2011

 

£000

£000

£000

£000

£000

£000

Revenue

 

 

 

 

 

 

External sales

78,784

65,139

29,127

27,769

107,911

92,908

Inter-segment sales

24,010

18,014

5,186

4,046

29,196

22,060

 

              

              

              

              

              

              

Total revenue

102,794

83,153

34,313

31,815

137,107

114,968

 

              

              

              

              

 

 

Reconciliation to consolidated
  revenue:

 

 

 

 

 

 

Inter-segment sales

 

 

 

 

(29,196)

(22,060)

 

 

 

 

 

 

 

 

 

 

 

              

              

Consolidated revenue for the
  year

 

 

 

 

 

107,911

 

92,908

 

 

 

 

 

              

              

Profits

 

 

 

 

 

 

Segment result including
  associates

 

10,716

 

6,246

 

4,044

 

4,275

 

14,760

 

10,521

 

              

              

              

              

 

 

Group centre

 

 

 

 

(1,282)

(1,319)

 

Group finance expenses

 

 

 

 

 

(1,205)

 

(1,054)

 

 

 

 

 

 

 

 

 

 

 

 

              

              

Consolidated profit before tax
  for the year

 

 

 

 

 

12,273

 

8,148

Tax

 

 

 

 

(2,938)

(3,904)

 

 

 

 

 

              

              

Consolidated profit after tax for
  the year

 

 

 

 

 

9,335

 

4,244

 

 

 

 

 

              

              

 

 

 

 

Segmental total assets

Segmental total liabilities

Segmental net assets

 

 

 

Restated

See note 1

 

Restated

See note 1

 

Restated

See note 1

Year Ended 30th April

2012

2011

2012

2011

2012

2011

 

£000

£000

£000

£000

£000

£000

Segmental net assets

 

 

 

 

 

 

Mechanical Engineering

59,342

57,059

46,165

43,846

13,177

13,213

Refractories Engineering

23,423

20,557

11,406

9,619

12,017

10,938

 

              

              

              

              

              

              

Sub total reportable segment

82,765

77,616

57,571

53,465

25,194

24,151

 

              

              

              

              

 

 

PLC net assets

 

 

 

 

31,832

27,996

Investments elimination/ Goodwill adjustments

 

 

 

 

 

(7,013)

 

(7,374)

Other consolidation
  adjustments

 

 

 

 

 

(1,089)

 

(1,499)

Foreign exchange/IAS39

 

 

 

 

(216)

2,388

 

 

 

 

 

              

              

Consolidated total net assets

 

 

 

 

48,708

45,662

 

 

 

 

 

              

              

For the purposes of monitoring segment performance and allocating resources between segments, the Group's Board of Directors monitors the tangible and financial assets attributable to each segment.  All assets are allocated to reportable segments with the exception of those held by the parent Company ('PLC').

Geographical segments

The Group operates in the following principal locations.

In presenting the information on geographical segments, revenue is based on the location of its customers and assets on the location of the assets.

 

 

Year ended 30th April 2012

Year ended 30th April 2011restated see note 1

 

 

Revenue

 

Operational net assets

 

Non current assets

PPE Capital

Expendi-ture

 

Revenue

 

Operational net assets

 

Non current assets

 

PPE Capital

Expendi-

ture

 

£000

£000

£000

£000

£000

£000

£000

£000

 

 

 

 

 

 

 

 

 

UK

21,421

37,316

34,003

3,061

17,148

34,493

33,292

2,712

Rest of  Europe

22,521

3,711

615

329

24,540

3,920

684

320

USA

7,780

-

-

-

11,441

-

-

-

Pacific Basin

26,119

5,200

135

166

23,471

4,137

71

199

Rest of World

30,070

2,481

5,224

1,204

16,308

3,112

4,820

1,923

 

              

              

              

              

              

              

              

              

Total

107,911

48,708

39,977

4,760

92,908

45,662

38,867

5,154

 

              

              

              

              

              

              

              

              

 

Note 3

The Directors propose the payment of an ordinary dividend of 32.082p per ordinary share (2011: ordinary dividend of 29.166p). The proposed dividend will be paid on 15th October 2012 to shareholders on the register at the close of business on 14h September 2012.

 

Note 4

 

The earnings per ordinary share has been calculated on profit after taxation for the year attributable to equity holders of the parent of £8,952,000 (2011: £3,664,000 restated see note 1) and by reference to the 7,200,000 ordinary shares in issue throughout both years.  The company has no share options or other diluting instruments and accordingly there is no difference in the calculation of diluted earnings per share.

 

Note 5

 

The Annual General Meeting will be held at 10.30 a.m. on  11th October 2012 at Crewe Hall, Weston Road, Crewe, Cheshire CW1 6UZ.

               

 

END

 


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