TIDMALU
RNS Number : 3498Y
Alumasc Group PLC
06 September 2022
IMMEDIATE RELEASE
Tuesday 6 September 2022
THE ALUMASC GROUP PLC
("ALUMASC")
FULL YEAR RESULTS ANNOUNCEMENT
STRONG PERFORMANCE ACROSS ALL DIVISIONS; DELIVERY OF STRATEGIC
PRIORITIES
Alumasc (ALU.L), the premium sustainable building products,
systems and solutions Group, announces results for the year ended
30 June 2022.
Commenting on the results reported today, Paul Hooper, Chief
Executive, said:
"These results mark a pivotal moment for Alumasc. I am delighted
to report this excellent set of results across our core businesses,
with the strong sustainability-linked and export sales
demonstrating our growth potential. With the disposal of Levolux on
26 August, we now have a simplified business model and can focus
our energies on growing our core businesses, with their respected
brands and significant market opportunities. Despite the current
macroeconomic uncertainty, FY23 trading to date has remained robust
and order books are strong, and we remain confident in the Group's
future performance."
Financial Highlights: Strong performance from continuing
operations:
-- Revenues from continuing operations up 14.9% to GBP89.4m (2021: GBP77.8m)
-- Group underlying operating profit up 26.9% to GBP13.3m (2021: GBP10.5m)
-- Underlying operating margin increased by 140bps to 14.9% (2021: 13.5%)
-- Underlying profit before tax up 27.0% to GBP12.7m (2021: GBP10.0m)
-- Export sales of GBP13.7m (2021: GBP7.6m), representing 15% (2021: 10%) of total revenue
-- Net bank debt of GBP4.7m (2021: GBP0.9m)
-- Underlying EPS up 27.1% to 28.6p (2021: 22.5p)
-- Basic EPS up 30.1% to 26.8p (2021: 20.6p)
-- Final dividend up 6.4% to 6.65p (2021: 6.25p), with full year
dividend up 5.3% to 10.0p (2021: 9.5p)
Operational Highlights: Delivery of strategic priorities
-- Disposal of Levolux post year end delivers a simplified
business model and a focus on core activities
-- Benefits of cost efficient operating structure and volume growth driving margin improvement
-- Water Management Division delivered record revenues of
GBP47.6m, up 24% from 2021, and operating revenues of GBP8.8m
-- Building Envelope Division's continuing activities delivered
a 4% increase in revenues to GBP29.4m and underlying operating
profit sustained at GBP3.6m
-- Housebuilding Products grew its revenue by 12% to GBP12.4m
and an operating profit of GBP2.4m, with an operating margin of
19.7%
-- Pension contributions reduced from GBP2.3m to GBP1.2m pa from
October 2022, following triennial review
-- Growth investment opportunities continue to be appraised,
alongside a growing pipeline of potential acquisitions
-- The Alumasc portfolio is strongly aligned to environmental
growth drivers, with c.80% of sales derived from environmental
solution products, underpinning the continued growth
opportunity
Outlook:
-- Alumasc is repositioned to focus on its strong brands,
long-term customer relationships across diverse markets and organic
and inorganic growth opportunities, supported by cost
efficiencies
-- Despite the current uncertain macroeconomic outlook, the
Board believes Alumasc's simplified business model, clear brands
strategy and robust start to FY23 provides confidence in the
future.
Enquiries:
The Alumasc Group plc +44 (0)1536 383844
Paul Hooper (Chief Executive)
Simon Dray (Group Finance Director)
Peel Hunt (Broker) +44 (0)207 418 8831
Mike Bell
Ed Allsopp
finnCap (NOMAD) +44 (0)207 220 0561
Julian Blunt
Camarco (Financial PR) alumasc@camarco.co.uk
Ginny Pulbrook +44 (0)203 757 4992
Rosie Driscoll
Notes to Editors:
1 Alumasc is a UK-based supplier of premium sustainable building
products, systems and solutions. Almost 80% of Group sales are
driven by building regulations and specifications (architects and
structural engineers) because of the performance characteristics
offered.
2 The Group has three business segments with strong positions
and brands in their individual markets. The three segments are:
Water Management; Building Envelope; and Housebuilding
Products.
Strategic Report
Chair's Statement
I am pleased to present my first report as Chair, following the
retirement of John McCall on 31 December 2021. On behalf of
Alumasc's stakeholders, I would like to once again record my
sincere thanks to John for his leadership, contribution and
unwavering support to Alumasc over many years.
In another year of unprecedented challenges, including continued
Covid disruption, the war in Ukraine, cost inflation not seen for a
generation and labour shortages, Alumasc's business has
demonstrated strong momentum and resilience, delivering underlying
profits from continuing operations substantially ahead of a
successful prior year.
Performance
Revenues grew by 15% from GBP77.8 million to GBP89.4 million*
and underlying pre-tax profits from GBP10.0 million to GBP12.7
million*.
Alumasc's Net Debt increased to GBP4.7 million, compared to
GBP0.9 million last year. This reflects higher inventory levels to
protect against material shortages as well as Capex of GBP2.6
million, repaying pandemic related government support of GBP0.7
million, dividend payments of GBP3.4 million and pension
contributions of GBP2.6 million. Our available bank credit
facilities have recently been increased to GBP29.0m, to allow
Alumasc to invest both for organic and inorganic growth.
*From continuing operations, see Note 5 for a reconciliation to
statutory profits.
Strategy - organic growth
Alumasc's divisions have been encouraged to reset their plans to
deliver faster and more ambitious growth. As a result, the
divisions have invested in additional high-quality people to
accelerate product development and sales and we expect to reap the
benefits in the coming years. In addition, following the successful
cost reductions achieved from streamlining our operations in 2020,
Alumasc is examining the potential to drive further efficiencies
across the Group.
Strategy - corporate transactions
Following a strategic review, the Alumasc Board agreed that
Levolux, with its focus on installation, was non-core and it would
be better positioned under new ownership. Levolux was sold on 26
August 2022 to Talrus Limited, a company associated with leading
private investors, Rcapital. They are well placed to support the
Levolux business and management team, and we wish the Levolux team
and Talrus well.
Alumasc is also actively looking for synergistic acquisitions to
supplement its organic growth.
ESG
Our contribution to environmental sustainability through the
energy and water efficient products that we develop and sell was
recognised by the London Stock Exchange awarding Alumasc its Green
Economy Mark in the year. This is awarded to companies that derive
the majority of their revenues from environmentally friendly
solutions and is appropriate recognition of the many Alumasc
colleagues who strive daily to produce solutions to combat climate
change for our customers and planet.
Pension scheme
The defined benefit pension scheme deficit has further reduced
in the year from GBP4.6 million to GBP2.1 million. I would like to
thank both our Management Team and the Pension Scheme Trustees for
the collaborative approach they have adopted to make further
inroads to the deficit for the benefit of Scheme Members, through a
combination of Company pension contributions, sensible asset
investment decisions and the impact of gilt yields on liability
calculations. Agreement has also been reached with the Trustees to
reduce the Company's pension contributions to GBP1.2 million pa
(previously GBP2.3 million) until the next triennial valuation in
2025, in recognition of the reduced scheme deficit.
Dividends
I am pleased to confirm that the Board continues to pursue a
progressive dividend policy. An interim dividend of 3.35p per share
was paid in April 2022 and our proposed final dividend, if approved
by shareholders, is 6.65p, making a total distribution for the year
of 10.0p per share (2020/21 9.5p per share).
Board
John McCall and Jon Pither, having given a combined nearly 70
years of loyal service to Alumasc, retired during the year. On
behalf of all our stakeholders, I thank them for their immense
contribution and wish them long and happy retirements.
Stephen Beechey took on the role of Remuneration Committee Chair
following Jon's retirement. The Board was very pleased to welcome
Karen McInerney to the Board as a Non-executive Director and Chair
of the Audit Committee in the year. Karen brings a wealth of
financial, treasury and risk management experience from having
worked in a small listed company which is now a FTSE 250 group and
we are already benefitting from her insights.
Looking ahead and Alumasc's people
Whilst economic and geopolitical conditions continue to be
unpredictable and will doubtless lead to some volatility, Alumasc
has a clear long-term strategy of organic and inorganic growth
focused on sustainable building products.
ur people have demonstrated remarkable resilience and
adaptability in the past two and a half years, and I am sure they
will continue to do so in the times ahead to deliver a strong
performance for our various stakeholders. The Board and I thank our
staff colleagues for their continued hard work and commitment.
Vijay Thakrar
Chair
6 September 2022
Chief Executive's Review
Financial Highlights and Overview
2021/22 2020/21 % change
Group performance from continuing operations:
Revenue (GBPm) 89.4 77.8 +15%
Underlying profit before tax (GBPm) * 12.7 10.0 +27%
Statutory profit before tax (GBPm) 12.0 9.5 +27%
Underlying earnings per share (pence) * 28.6 22.5 +27%
Basic earnings per share (pence) 26.8 20.6 +30%
6
Dividends per share (pence) 10.0 9.5 +5%
*A reconciliation of underlying to statutory profit before tax
is provided in note 5
Covid-19
The response of our employees to the challenges faced this year
has been exceptional. Covid-19 has brought many difficult
challenges. Our number one priority is always the health, safety
and wellbeing of our people and visitors to sites. We have complied
with, as a minimum, government regulations. Unannounced HSE visits
have confirmed this with very positive feedback being received. Our
new norm allowed us to adapt our working practices to have more
people working from home while maintaining a good premium customer
service. I am very proud of our incredible people and all that they
have achieved.
Overview of performance
Despite the prior year delivering a record result assisted by
circa GBP2.5 million of pent up revenue demand from the Covid
affected lockdown year of 19/20, I am pleased to report a further
record year driven by record revenue (since the focus on only
premium Building Products began in 2016) which increased by 15%
over the prior year.
The year was particularly affected by significant raw material
and freight cost increases, in many cases well ahead of inflation.
These were successfully recovered through sales price
increases.
The star performer of the year was undoubtedly the Water
Management Division. Following its prior year record 27% profit
growth to GBP6.1 million it grew a further 43% to GBP8.8 million,
increasing its operating margin to 18.4% from 15.9%. This was an
outstanding performance and was driven by a 24% revenue increase to
GBP47.6 million.
The remaining two divisions had credible performances against a
difficult background of increasing global supply chain challenges,
almost achieving the same results as the previous financial year.
Both the divisions grew their sales albeit with margins down
slightly against the prior year. New products again played a major
role, particularly at the Housebuilding Products Division which in
the past 18 months launched a record number of products. This was
again supported by its industry leading next day service, both of
which have significantly contributed to its performance.
Strategy and performance against strategic objectives
Alumasc's strategy is to:
1. Build leading positions in specialist markets to grow
revenues faster than the UK construction market
UK revenue growth from continuing operations was 9% which we
believe was at a faster growth rate than the UK construction
market. For instance, there is no doubt that market share was taken
both in the UK Roofing market and the UK market in which Gatic
Slotdrain operates.
2. Augment UK revenue growth through the development of selected export markets
Compared to the prior year, in which export revenues were 10% of
Group revenues, this year export revenues from continuing
operations reached 15% and grew by just over GBP6.0 million (80%)
assisted by Gatic Cover work on the Chek Lap Kok Airport third
runway in Hong Kong.
3. Grow profit at a faster rate than revenue by improving operating margins
The Group's operating profit from continuing operations grew by
GBP2.8 million (27%) to GBP13.3 million.
Executing our priorities in FY21/22
Management accelerated the pace of strategic development during
its 2022 financial year:
1. Levolux divestment
Following a strategic review it became clear that Levolux was no
longer core to the development of the Group. Its business model is
different to the rest of the Group's, with a focus on design and
installation, despite management's best efforts to be a supply only
company which is not what the customers want.
Levolux was sold on 26 August 2022 to Talrus Limited who are
well placed to support the Levolux business and management team to
return the business to sustainable profit.
2. Implementation of a more cost-efficient operating structure
The Group's relentless focus on cost efficiency has supported
the improvement in underlying operating margin from continuing
operations, from 8.4% in the 2018 financial year to 14.9% in 2022.
Further efficiencies across the facilities will continue to be
sought.
3. Prioritising and focusing investment to drive profitable growth
Capital expenditure was GBP2.6 million, very slightly ahead of
depreciation.
Once again investment has been focused on our businesses with
the greatest manufacturing activity: our Water Management business
and our Housebuilding Products business. We continue to invest in
tooling at strategic suppliers for the Water Management business
which has improved manufacturing efficiencies and significantly
lowered the carbon footprint of our suppliers along with ensuring
continuity of supply. Investment continued at our Housebuilding
Products Division, including to support new product launches. The
benefit of the investments is evident in the relatively strong
performances of these businesses. There has also been a further
reduction in our carbon emissions brought about by the additional
investment in more efficient machinery at Timloc along with the
Group's recent introduction of electric vehicles to the company
fleet.
4. Proactive management of our portfolio of businesses
The Group continues to seek to grow through bolt-on
acquisitions. With the Group's platform simplified and focused
following the disposal of Levolux, we are well placed to leverage
our strong financial position and capitalise on the opportunities
presented by our growing pipeline of acquisition targets.
5. Remaining closely aligned with the sustainability agenda
With the ever increasing low carbon and sustainable agenda
Alumasc is in a perfect position to increase supply solutions to
its customers who target these criteria. An example of this is its
innovative Roofing solutions, such as Olivine, which can actually
reduce CO(2) in the environment. Within the Water Management
Division, the increasing scarcity of water can be managed very
successfully. There are examples where both divisions combine to
provide a 'Blue Roof'. This, in effect, produces an equivalent to
an attenuation tank on a flat roof allowing the controlled egress
into the water effluent systems while saving clients the
significant alternative cost of an attenuation tank installation.
Our Housebuilding Products Division has significantly contributed
to the energy conservation and air tightness within new build
housing with its ventilation products, cavity closers, cavity stop
socks and radiator seal. It is constantly innovating and launching
new products that meet or exceed the latest legislation including
the latest uplift in Building Regulations (Part F and Part L). A
recent example of this is the new InVentive Roof Tile Vent Range, a
significant product launch for 2022/23 which opens a new channel
with Roofing Merchants.
The division is well placed to assist housebuilders with the
introduction of housing to the Future Homes Standard in 2025 and
further changes in legislation.
All divisions are totally committed to, and insist on, the use
of recycled and recyclable material where appropriate. Alumasc is
very proud to be able to state that 75% of the Group's products are
made from readily recyclable material and 26% of the Group's raw
materials are sourced from recycled material.
The Housebuilding Products Division is already operating at a
carbon neutral level and there are plans in place for the rest of
the Group to follow suit over time.
The relentless pursuit of both innovative energy and water
management solutions combined with the increasing use of recycled
material will continue. Alumasc is already well placed in this
regard. Our bespoke approach to product and specification means
customers will be able to meet more stringent environmental
criteria in the years ahead.
Overview of performance
Continuing operations:
Revenue analysis
Revenue grew by GBP11.6 million (15%) compared to the prior
year. This was the resultant benefit of investing in high quality
Roofing salespeople, launching new products, winning market share,
growing Gatic SlotDrain sales and winning the Gatic Covers project
at Chek Lap Kok Airport in Hong Kong.
Gross margin
Alumasc's Gross Margin fell by 0.5 percentage points, to 37.3%,
following a successful pass through of raw material price
increases.
Net fixed and operating expenses
Net fixed and operating expenses increased by GBP1.5 million
during the year mainly due to increased sales resource, marketing,
product managers and inflationary pay increases.
Underlying operating profit
Underlying operating profit was GBP13.3 million compared with
GBP10.5 million in the prior year.
Underlying profit before tax
Underlying profit before tax was GBP12.7 million (2020/21:
GBP10.0 million).
Non-underlying, non-recurring items
Non-underlying and non-recurring items amounted to a GBP0.7
million net cost in the period compared with a GBP0.5 million net
cost in the prior year. Further details are given in the Financial
Review.
Discontinued operations:
The Levolux trading loss, and the GBP14.9 million non-cash write
down of the associated assets held for sale, resulted in a loss
after tax from discontinued operations of GBP16.7 million (2020/21:
GBP0.2 million profit).
Levolux - discontinued/divested/held for sale
Following its substantial turnaround in the prior year Levolux
fell back with a loss which was very disappointing. This was
principally linked to the reduction in commercial activity in the
UK and USA, in some cases the result of main contractors delaying
the placing of orders to try to obtain lower prices during the
above mentioned period of significant cost increases. This was all
against a background in which Covid-19 affected activity and, in
particular, during further lockdowns in North America. A strategic
review determined that Levolux should be divested. Therefore,
following a sales process Levolux was sold on 26 August 2022 for a
nominal initial consideration of GBP1 together with GBP1 million of
deferred consideration which is repayable from proceeds in excess
of GBP1 million arising from any subsequent disposal.
Profit after tax for the year
The Group's resulting overall statutory loss after tax for the
year was GBP7.0 million (2020/21: GBP7.6 million profit).
Divisional review
(a) Water Management
Revenue: GBP47.6 million (2020/21: GBP38.4 million)
Underlying operating profit*: GBP8.8 million (2020/21: GBP6.1
million)
Underlying operating margin*: 18.4% (2020/21: 15.9%)
Operating profit: GBP8.7 million (2020/21: GBP6.0 million)
* Prior to brand amortisation charges of GBP0.1 million in both
years
Water Management produced a record profit of GBP8.8 million
which was GBP2.7 million (43%) higher than the previous year. This
followed the prior year record growth of GBP1.3 million (27%)
versus the 19/20 year.
The drivers of the improvement were revenue related (which
increased by GBP9.2 million (24%)) and product portfolio
management, including new product launches, general efficiency
improvement and tight cost control. Significant material cost
increases were passed on in the year. The performance in this
division was assisted by the winning of the contract to supply the
third runway with Gatic Covers at Chek Lap Kok Airport in Hong
Kong.
Water Management's operating profit return on sales increased to
18.4% from a prior year of 15.9%. This was a very encouraging
performance.
(b) Building Envelope
Revenue*: GBP29.4 million (2020/21: GBP28.4 million)
Underlying operating profit*: GBP3.6 million (2020/21: GBP3.8
million)
Underlying operating margin*: 12.2% (2020/21: 13.2%)
Operating profit*: GBP3.1 million (2020/21: GBP3.8 million
* From continuing operations. Underlying figures presented prior
to restructuring costs of GBP0.5 million in 2021/22
The Building Envelope Division sells principally into the high
end UK commercial and residential new build construction
market.
Alumasc Roofing's performance was strong and in particular
within the Refurbishment sector. The five new salespeople recruited
in the prior year significantly strengthened some of the more weak
areas of sales in the UK whilst technical services staffing was
increased across the country. It went from strength to strength and
increased its revenue stream whilst also securing additional market
share. This business now has a very strong and capable sales force.
Significant cost increases were passed on in the year.
(c) Housebuilding Products
Revenue: GBP12.4 million (2020/21: GBP11.1 million)
Underlying operating profit*: GBP2.4 million (2020/21: GBP2.6
million)
Underlying operating margin*: 19.7% (2020/21: 23.0%)
Operating profit: GBP2.4 million (2020/21: GBP2.5 million)
* Prior to restructuring costs of GBP0.1 million in 2020/21
Timloc, our Housebuilding Products Division, had another strong
year. In addition, during a challenging year, Timloc continued to
launch new products, improve efficiencies and maintain 100% OTIF to
customers. Timloc continues to receive very positive feedback from
its customers on its excellent service and promotes this through
its #TrustTimloc to deliver strapline.
New product development is an important factor in Timloc's
success and during the year it saw continued growth of recently
launched new products and launched further new products including
FrStop cavity stop socks, Non-combustible products and a number of
Roofline Products. A very exciting full launch of its new Tile Vent
Range will take place in Q1 of the new financial year, with early
indications of success encouraging.
With its constant focus on improving efficiencies, new product
development and customer service Timloc is well positioned to
maximise opportunities presented by the housebuilding sector.
Outlook
Alumasc's cost savings programme, liquidity management, strong
balance sheet and improved commercial positioning underpin a robust
platform that is well positioned to benefit from the long term
growth drivers in its markets. Alumasc's primary aim is to manage
the long-term sustainability of the business and to focus on its
key strategic objectives, growing revenues faster than the UK
construction market and being a supplier of sustainable building
products.
The Board believes that Alumasc's strong strategic and market
positions underpin its established track record over many years of
outperforming the UK construction market, together with:
-- the outstanding Water Management Division's performance which
is really benefitting from both its UK and export re-focused
strategy, as well as its extensive online offering;
-- the strong Roofing performance where it enters the new year
with a very healthy order book;
-- the strong performance of the Housebuilding Products Division
against a structural market shortage of housing in the UK;
-- focused investments in new products, manufacturing capability
and automation;
-- investments in sales resources and product managers to grow
the business both in the UK and internationally;
-- actions taken to deliver operational efficiencies across the
Group; and
-- close alignment to the sustainability agenda.
Demand remains strong entering the new financial year, which has
started in line with management's expectations.
Notwithstanding uncertainty over the current macroeconomic
outlook, a strong platform is now in place which provides the Board
with confidence for another strong year.
G Paul Hooper
Chief Executive
6 September 2022
Financial Review
Reconciliation of underlying to statutory profit before tax from
continuing operations
The underlying profit before tax from continuing operations for
the 2021/22 financial year of GBP12.7 million reconciles to the
statutory profit before tax from continuing operations of GBP12.0
million as follows:
2021/22 2020/21
GBPm GBPm
Underlying profit before tax 12.7 10.0
Brand amortisation (0.1) (0.1)
Net IAS 19 defined benefit pension
scheme costs (0.1) (0.2)
Restructuring costs (0.5) (0.1)
IAS 19 past service cost in respect
of GMP equalisation - (0.1)
Statutory profit before tax 12.0 9.5
======== ========
The reconciling items were:
-- Amortisation of acquired brands of GBP0.1 million (2020/21:
GBP0.1 million). This is a non-cash charge arising from the
application of accounting standards, to write off the estimated
value of brands associated with acquired businesses over their
anticipated useful life.
-- Net IAS 19 defined benefit pension scheme costs of GBP0.1
million (2020/21: GBP0.2 million) are also non-cash charges. These
relate to the Group's legacy defined benefit pension scheme, which
was closed to future accrual in 2009. The value of the charge is
determined by actuarial assessment and represents the notional
financing cost of the Group's pension deficit.
-- One-off restructuring costs of GBP0.5 million (2020/21:
GBP0.1 million), reflecting the cost of exiting the Group's
remaining roofing installation business and following changes in
the estimated cost of several reorganisation projects, which were
announced during the 2019/20 financial year.
-- A one-off IAS 19 past service cost in the prior year of
GBP0.1 million, representing an increase in the estimated cost of
guaranteed minimum pension equalisation between men and women,
following a High Court ruling in November 2020.
Taxation
The Group's underlying effective tax rate on continuing
operations was 19.4% (2020/21: 19.5%), slightly above the UK
statutory corporation tax rate of 19% due to certain costs that are
disallowable for tax purposes. We expect the Group's underlying tax
rate to be approximately 21% in the 2022/23 financial year, due to
the planned increase in the main UK corporation tax rate from 19%
to 25% from 1 April 2023.
The Group's effective tax rate on statutory profit before tax
was 20.6% (2020/21: 22.6%). Reconciliations from the actual to
statutory rates of tax are provided in note 8. The reconciling
items mainly relate to the tax treatment of the one-off items in
the Group's income statement and the deferred tax impact of the
planned increase in the corporation tax rate to 25% from 1 April
2023.
Earnings per share
Underlying earnings per share from continuing operations for the
year was 28.6 pence (2020/21: 22.5 pence). This increase is
consistent with the increased underlying profit before tax for the
year.
Basic earnings per share from continuing operations of 26.8
pence (2020/21: 20.6 pence) reflected the increase in underlying
profit before tax for the year.
Dividends
The Board have recommended to shareholders a final dividend of
6.65 pence per share (2020/21: 6.25 pence), which will absorb an
estimated GBP2.4 million of shareholders' funds. This has not been
accrued in these accounts as it was proposed after the end of the
financial year. Subject to shareholder approval at the Annual
General Meeting, it will be paid on 4 November 2022 to members on
the share register on 30 September 2022.
Together with the interim dividend of 3.35p (2020/21: 3.25p)
paid to shareholders on 6 April 2022, this will bring the total
distribution for the year to 10.0 pence per share (2020/21: 9.5
pence), which is covered 2.9 times (2020/21: 2.4 times) by
underlying earnings per share from continuing operations.
The Board continues to follow a progressive distribution policy,
where dividends rise broadly in line with earnings, while
maintaining a prudent level of cover.
Summarised Cash Flow Statement
2021/22 2020/21
GBPm GBPm
Underlying operating profit
from continuing operations 13.3 10.5
Underlying depreciation/amortisation 2.7 2.7
-------- --------
Underlying EBITDA 16.0 13.2
Change in working capital (4.0) 0.6
Deferred VAT repaid (0.7) (1.1)
-------- --------
Operating cash flow from continuing
operations 11.3 12.7
Discontinued operation (2.3) (1.0)
Operating cash flow from continuing
and discontinued operations 9.0 11.7
Capital expenditure (2.6) (2.0)
Interest (0.4) (0.2)
Tax (1.6) (0.2)
Pension deficit funding (2.6) (2.6)
Lease payments (0.9) (0.9)
Purchase of own shares (0.5) -
Dividend payments (3.4) (1.9)
Sub total (3.0) 3.9
Non-underlying payments (0.8) (0.5)
Movement in net bank debt (3.8) 3.4
======== ========
Net bank debt at the year end 4.7 0.9
======== ========
Cashflows and net debt
The Group's cash management activities during the year were
focused on repayment of the final tranches of Covid-related VAT and
pension deferrals, and the management of working capital during a
period of strong demand coupled with significant price inflation
and continued supply chain disruption.
The Group's operating cashflow from continuing operations was
GBP11.3 million (2020/21: GBP12.7 million), after a cash outflow
into working capital of GBP4.7 million, which includes payment of
GBP0.7 million of VAT deferred from 2019/20 (2020/21: GBP0.5
million outflow, including GBP1.1 million of deferred VAT
payments). Operating cashflow from continuing operations as a
percentage of underlying operating profit was 85% (2020/21: 121%),
reflecting selective investment in inventory to maintain customer
service and manage cost price increases, coupled with the cost
price inflation and strong revenue growth in the period. As a
consequence, average trade working capital as a percentage of
revenue was 18.1% over 2021/2022 (2020/21: 13.9%). After a GBP2.3
million cash outflow from discontinuing operations (2020/21: GBP1.0
million outflow), the total operating cash inflow from continuing
and discontinued operations was GBP9.0 million (2020/21: GBP11.7
million).
Capital expenditure was GBP2.6 million (2020/21: GBP2.0
million), representing 104% of depreciation (2020/21: 86%). The
main investments were on capacity and efficiency improvements at
our Housebuilding Products facility in Howden, East Yorkshire, and
at Water Management. The Board see further opportunities for
targeted investments to deliver organic growth and expect capital
expenditure to remain above depreciation for the medium term.
Tax payments of GBP1.6 million were made in the year (2020/21:
GBP0.2 million). The prior year included a GBP0.4 million receipt
of tax overpayments from 2018/19.
The Group recorded a net cash outflow for the year of GBP3.8
million (2020/21: GBP3.4 million inflow), increasing net debt at 30
June 2022 to GBP4.7 million (30 June 2021: GBP0.9 million).
Statement of financial position and return on investment
Group net assets decreased by GBP10.4 million in the year to
GBP25.7 million at 30 June 2022, a consequence of the write down of
assets held for sale in relation to the Levolux business, partially
offset by a reduction in the pension deficit.
The Group defines its capital invested as the sum of
shareholders' funds, including historic goodwill but excluding net
bank debt, pension deficit (net of tax) and lease liabilities. Post
tax return on investment (underlying operating profit from
continuing operations divided by capital invested) was 25.8%
(2020/21: 18.4%), reflecting the improved operating
performance.
Pensions
The Group accounts for its defined benefit retirement
obligations in accordance with IAS 19 Employee Benefits, based on
the market value of scheme assets and a valuation of scheme
liabilities using a discount rate based on AA corporate bond yields
at year end. Mortality and inflation assumptions have been aligned
to updated actuarial information. The IAS 19 defined benefit
pension scheme deficit at 30 June 2022, before deferred taxes, was
GBP2.1 million (30 June 2021: GBP4.6 million). Scheme assets
decreased in the year by GBP25.4 million to GBP87.2 million. Scheme
liabilities decreased by GBP27.9 million to GBP89.3 million, due to
an increase in the discount rate.
Payments into the scheme in the year were GBP2.6 million
(2020/21 GBP2.6 million), including GBP0.2 million (2020/21 GBP0.4
million) of payments deferred from 2019/20 under a COVID-19 cash
conservation scheme agreed with the trustees.
Future contributions are agreed with the scheme's trustees,
based on actuarial valuations rather than the IAS 19 deficit.
Following the triennial review in March 2022, the Group has agreed
reduced annual payments of GBP1.2 million from 1 October 2022.
These payments are designed to enable the scheme to reach a fully
funded position, using prudent assumptions about the future, over a
reasonable timescale.
Banking facilities and covenants
The Group maintains facilities with its banking partners to
ensure the availability of sufficient liquidity to meet the Group's
operational and strategic needs, at optimal cost. The Group
projects facility utilisation and compliance with the associated
covenants during its short-term forecasting, annual budgeting and
strategic planning exercises to ensure adequate headroom is
maintained.
During the year, the Group entered into a GBP25.0 million
committed revolving credit facility which expires in August 2025
and two further single year extension periods to August 2026 and
August 2027. A further GBP20 million is available through an
uncommitted accordion facility.
Alumasc's current banking facilities comprise:
-- An unsecured committed three-year revolving credit facility
of GBP25.0 million, with an expiry date of August 2025 and a
further two one year extension periods;
-- Overdraft facilities, repayable on demand, of GBP4.0
million.
The covenants associated with these facilities are set out
below, together with the reported figures at 30 June 2022 and
2021:
Covenant 30 June 2022 30 June 2021
Net debt: EBITDA <2.5 0.4 0.1
Interest cover >3.5 31.7 42.1
Going concern
In assessing the Group's ability to continue as a going concern,
the Board has considered medium-term forecasts based on the Group's
approved budget and three year plan including stress test scenarios
modelled on both a resumption of Government lockdowns and a 20%
reduction in revenue.
Under the stress test scenarios, there remained adequate
headroom in banking facilities and no breach of banking covenants
over the 13-month period to September 2023. The Board also took
note of the Group's further ability to reduce its cost base and/or
conserve cash resources at short notice if necessary.
A reverse stress test scenario, that would lead to a breach of
the Group's banking covenants, was also modelled. The Board
considered the risk of such a scenario arising to be remote.
Having taken into account the scenario models above, and in
light of the bank facility headroom under various scenarios, the
Directors consider that the Group has adequate resources to
continue trading for the foreseeable future. Accordingly, they
continue to adopt the going concern basis in preparing the
financial statements. See note 1 for the full Going concern
assessment.
Simon Dray
Group Finance Director
6 September 2022
The contents of this announcement have been extracted from the
annual report and accounts for the year ended 30 June 2022 which
will be dispatched to shareholders on or around 22 September 2022
and will be available at www.alumasc.co.uk .
PRINCIPAL RISKS AND UNCERTAINTIES
Risks and uncertainties Mitigating actions taken
Climate Change
* Improving partnerships and relationships in our
Risk/Impact Potential supply chain to combat disruption and potential price
to impact our supply chain increases.
and increase volatility
in the prices of raw materials,
and other supplies. Sudden * Greater resilience by using suppliers from different
climate changes events, geographical locations.
such as increased severe
weather conditions and
storms could impact our * Ensuring suppliers and logistics partners understand
supply chains and shipments. the risks of climate change.
Regulations increasing
costs could be imposed
on manufacturing, certain * Strategic buying of core products and careful
processes, fuels/goods stocking.
used, impacting prices
for products that customers
require. * Development of targets for our Scope 1, 2 and 3
emissions.
* Investment in new technology to manufacture new
products to address the needs of climate change, with
improved energy efficiency.
* Strategy includes helping customers address climate
change, by selling and creating innovative new
products with sustainable qualities and eco-friendly
credentials.
--------------------------------------------------------------------
Geo-political uncertainty/Inflation
Risk/Impact * Strategic positioning in export markets/sectors
anticipated to grow faster than the UK construction
Macroeconomic uncertainty market.
on a global basis due
to the pandemic in countries
following a zero covid * Revenues are derived from a variety of end-use
policy in China and other construction markets - this provides resilience.
countries, and following
the Russian invasion of
Ukraine and subsequent * Development of added value systems and solutions that
war in Ukraine. Markets are required by legislation, building regulation
are not settled post Brexit and/or specified by architects and engineers.
and ongoing logistics
delays continue. Inflation
and interest rates resulting * Continuous development and introduction of innovative
in increased prices for green products, systems, solutions, and services that
raw material, energy supplies are market leading and differentiated against the
and services, also impacting competition.
pay and other costs.
* The Group has limited exposure to currency risk,
mainly the Euro and US Dollar. These exposures are
for the most part hedged, with hedging percentages
increased to manage potential FX volatility
associated with Brexit.
* Brexit developments being monitored closely, strong
relationships monitored and regular dialogue with key
European suppliers. Contingency planning is in place
for key residual risk areas, including increased
inventory of materials/ products imported from the
EU.
* Robust management has ensured cost increases are
passed on to customers.
--------------------------------------------------------------------
Supply chain/Inflation
Risk/Impact * Annual strategic reviews, including supplier, quality,
reliability, and sustainability.
International supply chain
risks have increased through
local lockdowns due to * Regular key supplier visits, good relationships
the Covid-19 pandemic, maintained including quality control reviews and
skilled staff shortages, training.
increased tariffs/ duties,
Brexit risks in Europe
and together political/global * Logistics delays due to driver shortages have been
volatility, and shortages managed and delivery times agreed/managed with
of skilled logistics staff. customers. Shortages of ships for cargo
transportation also impact delivery times. Delays in
logistics are due to shortage of transportation/staff
and a steep rise in demand post Covid.
* Regular supplier quality, value for money and risk
reviews.
* Avoidance of strategic dependence on single sources
of supply.
* Contingency plans in place to manage Brexit and Asian
sourcing risks.
* Supplier questionnaires and export checks are
completed to ensure compliance with Group policies
including anti-bribery and anti-modern slavery.
* Training provided on customs duties, particularly on
managing new arrangements post Brexit.
* Brand and product strength generally enable increases
in raw material prices to be passed on through
selling prices.
--------------------------------------------------------------------
Cyber security and Business
Interruption * IT disaster recovery plans are in place for all
Risk/Impact businesses and tested regularly - reviews are being
held with each business to ensure that the Recovery
Cyber security risks Time Objective (RTO) is adequate for the business.
and Business Interruption
risks are increasing globally
and have increased during * Business continuity plans are in place, or being
the Covid-19 pandemic evolved where we are relocating operations, at each
and following the Russian business.
invasion of Ukraine.
* Awareness training and management briefings held on
cyber security risks and actions taken as
preventative measures.
* New security protocols and software are installed and
continually reviewed to help mitigate cyber threats.
* Regular reviews of cyber security, including external
penetration testing and reviews with external IT
professionals.
* Critical plant and equipment are identified, with
associated breakdown/recovery plans in place.
* Business interruption insurance to cover residual
risks.
* Further systems are being implemented to underpin the
business strategic growth plans and drive efficiency.
Implementation risks are mitigated via the use of
third-parties, qualified project managers, and
increased user-testing.
--------------------------------------------------------------------
Credit risk
* Most credit risks are insured, including all
Risk/Impact contracting credit risk.
The risk is that credit
is extended and customers * Large export contracts are backed by letters of
are unable to settle invoices. credit, performance bonds, guarantees or similar,
The Group manages credit where possible.
risks and the contribution
from the UK Government
Export Credit Scheme for * Due to Covid-19 and related uncertainties credit
overseas opportunities risks have increased, which has also been an area
has supported export opportunities. impacted by local lockdowns due to the pandemic.
* Any risks taken above insured limits are subject to
strict delegated authority limits.
* Credit checks when accepting new customers/new work.
* The Group employs experienced credit controllers and
aged debt reports are reviewed in monthly Board
meetings.
--------------------------------------------------------------------
Covid-19 pandemic
* The primary focus has been on the health and
Risk/Impact wellbeing of staff and additional communication
channels were established. In addition, a new
The pandemic is still wellbeing app has been made available to all staff to
impacting our customers' help to mitigate stress at home and in the workplace.
and suppliers' businesses
and the supply chain Impact
in countries overseas * Staff have moved to a hybrid working model where
impacting customer and appropriate. All manufacturing sites have been
suppliers - with lockdowns. operational with additional Covid-19 protocols in
There is an established place.
approach for our divisions
and processes incorporated
into business as usual. * Exports and internet sales have been buoyant and
Adverse impact on the helped us to connect with new customers/market share.
welfare of staff.
* Some business opportunities and mitigations used
during the pandemic (including use of video
conferencing) continue to provide ways to trade
efficiently and improve margin/revenue due to cost
reduction/efficiencies. Best practices and new ways
of working that proved to be effective will be
adopted going forward.
* With new ways of working the business is very agile
and can quickly implement any new Government
guidelines to protect employees and customers from
Covid-19. There is now greater use of IT and other
flexible ways of working have been adopted.
--------------------------------------------------------------------
Health & safety risks
* Health & safety and the wellbeing of staff is the
Risk/Impact main priority of management and the first Board
agenda item.
Health & safety incident
could occur despite a
strong culture and previous * Risk assessments are carried out and safe systems of
management performance. work documented and communicated.
* All safety incidents and significant near misses are
reported at Board level monthly, with appropriate
remedial action taken.
* Group health & safety best practice days are held
twice a year, chaired by the Chief Executive.
* Annual audits of health & safety are conducted in all
Group businesses by independent consultants and other
specialist advisers.
* Health & Safety training is provided, and
implementation is monitored.
* Specific focus on improving safety of higher risk
operations, with external consultancy support as
needed.
* Very serious near misses are reported to the Board.
--------------------------------------------------------------------
Staff recruitment and
retention risks * Remuneration packages are appropriate to the
position: staff are encouraged and supported to grow
Risk/Impact their careers through training and development.
Potential lack of skilled
employees being available * Board and Executive Committee focus on staff
for recruitment and risk retention and reward, supported by HR and external
of loss due to inflation advice.
in the jobs market. Risk
of not being able to take-
on/retain key skilled * Employee numbers and changes monitored in monthly
staff. subsidiary Board meetings.
* Retention plans for key, high performing, and
high-potential employees.
* The Remuneration Committee considers retention and
motivation when considering the remuneration
framework.
* Succession planning.
--------------------------------------------------------------------
Product/service differentiation
relative to competition * A devolved operating model with both Group and local
not developed or maintained management responsible for developing a deep
legislative and media knowledge of our specialist markets and identifying
risks Risk/Impact Failure opportunities and emerging market trends.
to innovate and have an
agile and entrepreneurial
but compliant business * Innovation best practice is planned at Group level
behaviour. Increasing and carried out more regularly in each business. New
regulation and media focus product ideas are discussed as part of the
in products/service have businesses' strategy.
impacted the risk profile.
* Annual Group strategy meetings encourage innovation
and 'blue sky' thinking.
* New product introduction/development KPI used to
monitor progress.
* Monitoring the market for potentially new and/or
disruptive technologies.
* Customer feedback considered in the design and/or
supply of additional products and services.
* Devolved structure allows an agile approach to
business and an ability to meet increasing demand for
products.
* Employed new product managers to help identify gaps
in the market and to ensure we have a leading edge
portfolio of products and services.
--------------------------------------------------------------------
Loss of key customers * Cross selling of products encouraged to grow revenues,
and to introduce customers to all our product ranges.
Risk/Impact
The risk is the loss * Develop and maintain strong customer relationships
of markets or customers. through service excellence and dedicated account
The Group operates credit management.
insurance (see credit
risk) to cover the potential
impact of loss of revenue. * Product, system, and service differentiation and
Service and client relationship reliability.
need to be maintained
to retain and grow the
business. * Project tracking and enquiry/quote conversion rate
KPI.
* Increasing use of, and investment in, customer
relationship management (CRM) software.
* Organisational and business agility to understand and
adapt to changing and emerging customer needs.
--------------------------------------------------------------------
Legacy defined benefit
pension obligations * Continue to grow the business so that the relative
Risk/Impact affordability of pension deficit contributions is
improved over time. Active management of scheme
The long-term funding liabilities and assets to reduce deficit, with
of the pension scheme particular success during the year.
removes funds that need
to be re-invested into
new technology to grow * Continue to maintain constructive relationship with
the business. The pension Pension Trustees.
scheme's obligations need
to reduce by investments
and by the maturity of * Affordable pension funding commitments agreed and
the Scheme to prevent met.
it holding back the business.
* Regular review at Group Board level.
* Use of specialist advisers.
* Investment performance and risk/return balance
overseen by an Investment Committee that receives
specialist investment advice.
* The Trustees are pursuing a lower risk investment
strategy to match liability risks and reduce future
volatility.
--------------------------------------------------------------------
Product warranty/ recall
risks * Robust internal quality systems, compliance with
Risk/Impact relevant legislation, building regulations and
industry standards (e.g., ISO, BBA etc.), and product
Risk is one of product testing, as appropriate.
recall with subsequent
cost and reputational
risks, however the Group * Group insurance programme to cover larger potential
does not have a history risks.
of significant warranty
claims or product recalls.
* Back-to-back warranties obtained from suppliers where
possible.
--------------------------------------------------------------------
consolidated STATEMENT of comprehensive income
For the year ended 30 June 2022
Year ended 30 June Year ended 30 June
2022 2021 (restated)*
Non-underlying Non-underlying
Underlying Total Underlying Total
Continuing operations: Notes GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Revenue 4 89,381 - 89,381 77,805 - 77,805
Cost of sales (56,015) - (56,015) (48,364) - (48,364)
---------- -------------- ---------- ---------- -------------- ----------
Gross profit 33,366 - 33,366 29,441 - 29,441
Net operating expenses
Net operating expenses
before non-underlying
items (20,033) - (20,033) (18,935) - (18,935)
IAS 19 past service
pension cost 5 - - - - (150) (150)
Other non-underlying
items 5 - (634) (634) - (128) (128)
Net operating expenses (20,033) (634) (20,667) (18,935) (278) (19,213)
Operating profit 4, 5 13,333 (634) 12,699 10,506 (278) 10,228
Net finance costs (608) (60) (668) (489) (268) (757)
---------- -------------- ---------- ---------- -------------- ----------
Profit before taxation 12,725 (694) 12,031 10,017 (546) 9,471
Tax expense 8 (2,469) 48 (2,421) (1,953) (165) (2,118)
---------- -------------- ---------- ---------- -------------- ----------
Profit for the year
from continuing operations 10,256 (646) 9,610 8,064 (711) 7,353
Discontinued operations:
(Loss)/profit after
taxation for the period
from discontinued
operations 6 (1,577) (15,080) (16,657) 401 (168) 233
Profit/(loss) for
the year 8,679 (15,726) (7,047) 8,465 (879) 7,586
========== ============== ========== ========== ============== ==========
Other comprehensive
income:
Items that will not
be reclassified to
profit or loss:
Actuarial (loss)/gain
on defined benefit
pensions, net of tax (25) 10,393
---------- ----------
Items that are or
may be reclassified
subsequently to profit
or loss:
Effective portion
of changes in fair
value of cash flow
hedges, net of tax 480 (385)
Exchange differences
on retranslation of
foreign operations 161 (46)
641 (431)
---------- ----------
Other comprehensive
gain for the year,
net of tax 616 9,962
---------- ----------
Total comprehensive
(loss)/profit for
the year, net of tax (6,431) 17,548
========== ==========
Earnings per share Pence Pence
Basic earnings per
share
- Continuing operations 26.8 20.6
- Discontinued operations (46.5) 0.6
10 (19.7) 21.2
========== ==========
Diluted earnings
per share
- Continuing operations 26.4 20.2
- Discontinued operations (46.5) 0.6
10 (20.1) 20.8
========== ==========
*The results for the year to 30 June 2021 have been re-presented
to show the Levolux business as a discontinued operation. See note
6 for details
Reconciliations of underlying to statutory profit and earnings
per share are provided in notes 5 and 10 respectively.
consolidated statement of financial position
At 30 June 2022
Notes 2022 2022 2021 2021
GBP'000 GBP'000 GBP'000 GBP'000
Assets
Non-current assets
Property, plant and equipment
- owned assets 12,573 11,734
Property, plant and equipment
- right-of-use assets 4,926 5,469
Goodwill 7 8,526 18,705
Other intangible assets 2,126 3,321
Deferred tax assets 8 529 1,145
-------- --------
28,680 40,374
Current assets
Inventories 13,394 10,871
Trade and other receivables 18,786 21,389
Derivative financial assets 325 -
Cash at bank 8,284 4,999
-------- --------
40,789 37,259
Total assets 69,469 77,633
======== ========
Liabilities
Non-current liabilities
Interest bearing loans and borrowings (13,000) (5,936)
Lease liability (4,251) (4,811)
Employee benefits payable (2,114) (4,581)
Provisions (1,061) (1,267)
Deferred tax liabilities 8 (1,730) (966)
-------- --------
(22,156) (17,561)
Current liabilities
Trade and other payables (19,031) (21,011)
Lease liability (881) (795)
Provisions (1,360) (834)
Corporation tax payable (309) (1,019)
Derivative financial liabilities - (268)
-------- --------
(21,581) (23,927)
Total liabilities (43,737) (41,488)
======== ========
Net assets 25,732 36,145
======== ========
Equity
Share capital 4,517 4,517
Share premium 11 445 445
Capital reserve - own shares 11 (601) (406)
Hedging reserve 11 263 (217)
Foreign currency reserve 11 216 55
Profit and loss account reserve 20,892 31,751
-------- --------
Total equity 25,732 36,145
======== ========
The financial statements were approved by the Board of Directors
and authorised for issue on 6 September 2022
Paul Hooper Simon Dray
Director Director
6 September 2022 Company number 1767387
consolidated STATEMENT of cash flows
For the year ended 30 June 2022
Year ended Year ended
30 June 30 June
2022 2021
Notes GBP'000 GBP'000
Operating activities
Operating profit from continuing operations 12,699 10,228
Adjustments for:
Depreciation 2,459 2,098
Amortisation 257 193
Gain on disposal of property, plant and
equipment (18) (16)
IAS 19 past service pension cost 5 - 150
Increase in inventories (2,573) (2,546)
Increase in receivables (2,536) (4,570)
Increase in trade and other payables 279 6,557
Movement in provisions (298) (310)
Cash contributions to retirement benefit
schemes (2,561) (2,614)
Share based payments 118 397
----------- -----------
Cash generated by operating activities
of continuing operations 7,826 9,567
Operating profit from discontinued operations (2,125) 330
Depreciation/amortisation 224 216
Movement in working capital from discontinued
operations (438) (1,513)
----------- -----------
Cash utilised by operating activities
of discontinued operations (2,339) (967)
Tax paid (1,615) (161)
Net cash inflow from operating activities 3,872 8,439
Investing activities
Purchase of property, plant and equipment (2,449) (1,666)
Payments to acquire intangible fixed assets (123) (330)
Proceeds from sales of property, plant
and equipment 22 46
Net cash outflow from investing activities (2,550) (1,950)
Financing activities
Bank interest paid (356) (207)
Equity dividends paid 9 (3,434) (1,878)
Draw down/(repayment) of amounts borrowed 7,000 (14,000)
Principal paid on lease liabilities (713) (692)
Interest paid on lease liabilities (169) (178)
Purchase of own shares (526) -
Refinancing costs - (65)
Net cash inflow/(outflow) from financing
activities 1,802 (17,020)
Net increase/(decrease) in cash at bank
and bank overdraft 3,124 (10,531)
Net cash at bank and bank overdraft brought
forward 4,999 15,576
Net increase/(decrease) in cash at bank
and bank overdraft 3,124 (10,531)
Effect of foreign exchange rate changes 161 (46)
Net cash at bank and bank overdraft carried
forward 8,284 4,999
=========== ===========
consolidated STATEMENT of changes in equity
For the year ended 30 June 2022
Profit
Capital reserve Foreign and loss
Share - Hedging currency account Total equity
Notes Share capital premium own shares reserve reserve reserve
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
At 1 July 2020 4,517 445 (416) 168 101 15,026 19,841
Profit for the
period - - - - - 7,586 7,586
Exchange
differences on
retranslation
of foreign
operations - - - - (46) - (46)
Net loss on cash
flow hedges - - - (475) - - (475)
Tax on derivative
financial
liability - - - 90 - - 90
Actuarial gain on
defined benefit
pensions, net of
tax - - - - - 10,393 10,393
Tax on share
options - - - - - 237 237
Own shares used to
satisfy exercise
of share awards - - 10 - - - 10
Share based
payments - - - - - 397 397
Dividends 9 - - - - - (1,878) (1,878)
Exercise of share
based incentives - - - - - (10) (10)
At 1 July 2021 4,517 445 (406) (217) 55 31,751 36,145
Loss for the period - - - - - (7,047) (7,047)
Exchange
differences on
retranslation
of foreign
operations - - - - 161 - 161
Net gain on cash
flow hedges - - - 593 - - 593
Tax on derivative
financial asset - - - (113) - - (113)
Actuarial loss on
defined benefit
pensions, net of
tax - - - - - (25) (25)
Tax on share
options - - - - - (140) (140)
Acquisition of own
shares - - (597) - - - (597)
Own shares used to
satisfy exercise
of share awards - - 402 - - - 402
Share based
payments - - - - - 118 118
Dividends 9 - - - - - (3,434) (3,434)
Exercise of share
based incentives - - - - - (331) (331)
At 30 June 2022 4,517 445 (601) 263 216 20,892 25,732
------------- -------- --------------- --------- ---------- --------- --------------
1 basis of preparation
The Alumasc Group plc is incorporated and domiciled in England
and Wales. The Company's ordinary shares are traded on the
Alternative Investment Market ("AIM").
The Group's financial statements have been prepared in
accordance with UK adopted international accounting standards.
Going concern
Management continued to take actions to allow the business to
trade effectively and manage the risks associated with the Covid-19
pandemic.
At 30 June 2022 the Group had cash and cash equivalents of
GBP8.3 million and had utilised GBP13.0 million of its committed
GBP20.0 million revolving credit facility. This provided total
headroom of some GBP15.3 million against committed facilities and,
together with GBP4 million overdraft facilities, there is headroom
of some GBP19.3 million against total facilities at 30 June 2022.
On 25 August 2022 the Group entered into a GBP25.0 million
committed revolving credit facility which expires in August 2025
with two further single year extension periods to August 2026 and
August 2027.
In assessing going concern to take account of the continued
uncertainties caused by Covid-19, the Group has modelled a Base
Case (BC) trading scenario on a "bottom up" basis. Given the
continuing uncertainty regarding the impact of Covid-19 (including
potential further waves of the pandemic) on the economy, customer
behaviour and ultimately on the Group's performance, the Group has
also modelled a stress test scenario which assumes a 20% reduction
in revenue, with no cost reduction or cash conservation measures,
and a Covid-19 model, which assumes a five month disruption of
trade consistent with that experienced during the first wave of the
pandemic. Under the lowest point in these stress tested scenarios,
the Group retains adequate headroom against its total banking
facilities for the next 13 months to the end of September 2023,
with no breach of banking covenants across this period.
The Group has modelled an additional scenario (a reverse stress
test) that would lead to a breach of its banking covenants. It is
considered that the risk of such a scenario arising is remote.
Management have also identified a number of mitigating actions that
the Group would take to stay within its banking facilities and
comply with the associated covenants throughout the period.
Having taken into account all of the aforementioned comments,
actions and factors in relation to going concern and the potential
impact of Covid-19, and in light of the bank facility headroom
under various scenarios, the Directors consider that the Group has
adequate resources to continue trading for the foreseeable future.
Accordingly, they continue to adopt the going concern basis in
preparing the financial statements.
2 judgments and estimates
The main sources of estimation uncertainty that could have a
significant risk of causing material adjustment to the carrying
amounts of assets and liabilities at 30 June 2022 within the next
financial year are the valuation of defined benefit pension
obligations, the valuation of the Group's acquired goodwill, the
recognition of revenues and profit on contracts with customers
where revenue is recognised over time.
Valuation of defined benefit pension obligations requires
estimation of future changes in inflation, mortality rates and the
selection of a suitable discount rate.
Goodwill is tested at least annually for impairment, with
appropriate assumptions and estimates built into the value in use
calculations to determine if an impairment of the carrying value is
required. See note 7 for further disclosure of the assumptions and
estimates applied.
Revenue and associated margin recognised over time on contracts
with customers is recognised using the input method under IFRS15
and therefore progressively as costs are incurred, having regard to
latest estimates of cost to complete and expected project margins .
Contract revenue includes an assessment of contract variations when
their recovery is considered highly probable. Judgment is therefore
required in the application of the Group's policy regarding revenue
and profit recognition relating to estimates of costs to complete
contracts, the final profit margin on those contracts and the
inclusion of potential contract variations prior to these being
fully agreed.
3 Summary of significant accounting policies
The accounting policies adopted are consistent with those of the
previous financial year. The following new standards, amendments
and interpretations are effective for the period beginning on or
after 1 July 2021 and have been adopted for the Group financial
statements where appropriate with no material impact on the
disclosures made by the Group:
-- Onerous Contracts - Cost of Fulfilling a Contract (Amendments to IAS 37);
-- Property, Plant and Equipment: Proceeds before Intended Use (Amendments to IAS 16); and
-- Annual Improvements to IFRS Standards 2018-2020 (Amendments
to IFRS 1, IFRS 9, IFRS 16 and IAS 41).
4 segmental analysis
In accordance with IFRS 8 "Operating Segments", the segmental
analysis below follows the Group's internal management reporting
structure.
The Chief Executive reviews internal management reports on a
monthly basis, with performance being measured based on the
segmental operating result as disclosed below. Performance is
measured on this basis as management believes this information is
the most relevant when evaluating the impact of strategic decisions
because of similarities between the nature of products and
services, routes to market and supply chains in each segment.
Inter-segment transactions are entered into applying normal
commercial terms that would be available to third parties. Segment
results, assets and liabilities include those items directly
attributable to a segment. Unallocated assets comprise cash and
cash equivalents, deferred tax assets, income tax recoverable and
corporate assets that cannot be allocated on a reasonable basis to
a reportable segment. Unallocated liabilities comprise borrowings,
employee benefit obligations, deferred tax liabilities, income tax
payable and corporate liabilities that cannot be allocated on a
reasonable basis to a reportable segment.
Segmental
operating
Revenue result
GBP'000 GBP'000
Year to 30 June 2022
Water Management 47,564 8,753
Building Envelope 29,389 3,580
Housebuilding Products 12,428 2,447
------- ----------
Trading 89,381 14,780
Unallocated costs (1,447)
Total from continuing operations 89,381 13,333
======= ==========
GBP'000
Segmental operating result 13,333
Brand amortisation (see note 5) (70)
Restructuring costs (see note 5) (564)
Total operating profit from continuing operations 12,699
=======
Capital expenditure
-------------------------
Property, Other
Segment Plant Intangible Deprecia-tion Amortisa-tion
Segment Liabilities & Assets
Assets Equipment
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Water Management 35,084 (11,236) 1,427 70 1,207 190
Building Envelope 9,990 (8,625) 141 12 360 187
Housebuilding Products 15,851 (7,346) 1,310 41 866 48
Trading 60,925 (27,207) 2,878 123 2,433 425
Unallocated 8,544 (16,530) 5 - 82 -
Total 69,469 (43,737) 2,883 123 2,515 425
======= ============= =========== ============ =============== ===============
Segmental
operating
Revenue result
GBP'000 GBP'000
Year to 30 June 2021
Water Management 38,370 6,115
Building Envelope 28,362 3,757
Housebuilding Products 11,073 2,552
------- -----------
Trading 77,805 12,424
Unallocated costs (1,918)
Total from continuing operations 77,805 10,506
======= ===========
GBP'000
Segmental operating result 10,506
Brand amortisation (see note 5) (70)
Past service cost in respect of GMP equalisation
(see note 5) (150)
Restructuring costs (see note 5) (58)
Total operating profit from continuing operations 10,228
=======
Capital expenditure
-------------------------
Property, Other
Segment Plant Intangible Deprecia-tion Amortisa-tion
Segment Liabilities & Assets
Assets Equipment
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Water Management 29,866 (9,635) 1,455 271 1,081 137
Building Envelope 25,500 (10,208) 215 36 175 180
Housebuilding Products 14,747 (7,114) 769 23 798 44
Trading 70,113 (26,957) 2,439 330 2,054 361
Unallocated 7,520 (14,531) - - 92 -
Total 77,633 (41,488) 2,439 330 2,146 361
======= ============= =========== ============ =============== ===============
Analysis by geographical segment 2021/22
United North Middle Far Rest of
Kingdom Europe America East East World Total
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Sales to external
customers 75,714 2,983 21 2,006 8,071 586 89,381
Segment non-current
assets 28,150 - - - 1 - 28,151
Analysis by geographical segment 2020/21
United North Middle Far Rest of
Kingdom Europe America East East World Total
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Sales to external
customers 70,205 3,004 57 1,286 2,663 590 77,805
Segment non-current
assets 39,225 - - - 4 - 39,229
Segment revenue by geographical segment represents revenue from
external customers based upon the geographical location of the
customer. The analyses of segment non-current assets are based upon
location of the assets and exclude discontinued operations.
5 UNDERLYING to Statutory profit before tax reconciliation
2021/22 2020/21
------------------- -------------------
Operating Profit Operating Profit
profit before profit before
tax tax
GBP'000 GBP'000 GBP'000 GBP'000
Underlying operating profit/profit
before tax from continuing operations 13,333 12,725 10,506 10,017
Brand amortisation (70) (70) (70) (70)
IAS 19 net pension scheme finance
costs - (60) - (268)
IAS 19 past service cost in respect
of GMP equalisation - - (150) (150)
Restructuring & relocation costs (564) (564) (58) (58)
Profit before tax from continuing
operations 12,699 12,031 10,228 9,471
Underlying operating (loss)/profit
of Levolux (note 6) (1,957) (1,957) 498 498
Brand amortisation Levolux (note
6) (168) (168) (168) (168)
Write down of assets held for sale
(note 6) - (14,912) - -
Statutory operating profit/(loss)/profit
before tax 10,574 (5,006) 10,558 9,801
========= ======== ========= ========
In the presentation of underlying profits, management disclose
the amortisation of acquired brands and IAS 19 pension costs
consistently as non-underlying items because they are material
non-cash and non-trading items that would typically be excluded in
assessing the value of the business.
In addition, management has presented the following specific
items that arose in 2021/22 and 2020/21 financial years as
non-underlying as they are non-recurring items that are judged to
be significant enough to affect the understanding of the
year-on-year evolution of the underlying trading performance of the
business:
- One-off costs of material restructuring of separate businesses
within the Group in both 2021/22 and 2020/21;
- The one off IAS 19 past service pension cost relating to
Guaranteed Minimum Pension ("GMP") equalisation between men and
women, in the prior financial year; and
- The one-off deferred tax rate change adjustment charge of
GBP319k relating to the increase in main rate of UK corporation tax
from 19% to 25% in the prior financial year.
6 discontinued operations
Discontinued operations relate to the Levolux business which was
divested by the Group on 26 August 2022 and therefore disclosed as
held for sale at 30 June 2022. At the year end the discontinued
operation had liabilities of GBP3,859,000. The assets held for
resale were written down to a value equivalent to the liabilities
to reflect the sales proceeds of GBP1 received on 26 August
2022.
The results of Levolux included in the consolidated statement of
comprehensive income are as follows:
Year to 30 Year to 30
June 2022 June 2021
GBP'000 GBP'000
Revenue 7,820 12,660
Underlying operating (loss)/profit (1,957) 498
Brand amortisation (168) (168)
Write down of goodwill (10,179) -
Write down of brand (874) -
Write down of Assets held for sale (3,859) -
(Loss)/profit before taxation (17,037) 330
Tax credit/(charge) (see note 8) 380 (97)
(Loss)/profit after taxation (16,657) 233
========== ==========
7 GOODWILL
2022 2021
GBP'000 GBP'000
Cost:
At 1 July and 30 June 19,428 19,428
======= =======
Impairment:
At 1 July 723 723
Write down of Assets held for sale 10,179 -
------ ------
At 30 June 10,902 723
====== ======
Net book value at 30 June 8,526 18,705
====== ======
Goodwill acquired through acquisitions has been allocated to
cash generating units for impairment testing as set out below:
2022 2021
GBP'000 GBP'000
Alumasc Roofing 3,820 3,820
Timloc 2,264 2,264
Levolux - 10,179
Rainclear 225 225
Wade 2,217 2,217
------- -------
At 30 June 8,526 18,705
======= =======
Impairment testing of acquired goodwill
The Group considers each of the operating businesses that have
goodwill allocated to them, which are those units for which a
separate cashflow is computed, to be a cash generating unit (CGU).
Each CGU is reviewed annually for indicators of impairment. In
assessing whether an asset has been impaired, the carrying amount
of the CGU is compared to its recoverable amount. The recoverable
amount is the higher of its fair value less costs to sell and its
value in use. In the absence of any information about the fair
value of a CGU, the recoverable amount is deemed to be its value in
use. Each of the CGUs are either operating segments as shown in
note 4, or sub-sets of those operating segments.
For the purpose of impairment testing, the recoverable amount of
CGUs is based on value in use calculations. The value in use is
derived from discounted management cash flow forecasts for the
businesses, based on budgets and plans covering a five year period.
The growth rate used to extrapolate the cash flows beyond this
period was 1% (2021: 1%) for each CGU.
Key assumptions included in the recoverable amount calculation
are the discount rate applied and the cash flows generated by:
(i) Revenues
(ii) Gross margins
(iii) Overhead costs
Each assumption has been considered in conjunction with the
local management of the relevant operating businesses who have used
their past experience and expectations of future market and
business developments, including Covid-19, in arriving at the
figures used.
The range of pre-tax rates used to discount the cash flows of
these cash generating units with on-balance sheet goodwill was 12%
(2021: between 11% and 12%). These rates were based on the Group's
estimated weighted average cost of capital (W.A.C.C.), which was
risk-adjusted for each CGU taking into account both external and
internal risks. The Group's W.A.C.C. in 2022 was similar to the
rate used in 2021.
The surplus headroom above the carrying value of goodwill at 30
June 2022 was significant in the case of Timloc, Rainclear, Wade
and Alumasc Roofing, with no impairment arising from either a 2%
increase in the discount rate; a growth rate of -1% used to
extrapolate the cash flows; or a reduction of 25% in the cash flow
generated in the terminal year.
The carrying value of goodwill at 30 June 2022 for Levolux was
written down to GBPnil to reflect the sale of the business on 26
August 2022.
8 tax expense
(a.) Tax on profit on ordinary activities
Tax charged in the statement of comprehensive income
2021/22 2020/21
GBP'000 GBP'000
Current tax:
UK corporation tax - continuing operations 1,094 1,346
- discontinued operations (380) 97
Overseas tax 207 46
Amounts (over)/under provided in previous years (16) 23
Total current tax 905 1,512
======= =======
Deferred tax:
Origination and reversal of temporary differences 833 405
Amounts under/(over) provided in previous years 78 (21)
Rate change adjustment 225 319
------- -------
Total deferred tax 1,136 703
Total tax expense 2,041 2,215
======= =======
Tax charge on continuing operations 2,421 2,118
Tax (credit)/charge on discontinued operations (380) 97
Total tax expense 2,041 2,215
===== =====
Tax recognised in other comprehensive income
Deferred tax:
Actuarial (losses)/gains on pension schemes (9) 2,099
Cash flow hedge 113 (90)
Tax charged to other comprehensive income 104 2,009
===== =====
Total tax charge in the statement of comprehensive
income 2,145 4,224
===== =====
(b.) Reconciliation of the total tax charge
The total tax rate applicable to the tax expense shown in the
statement of total comprehensive income of 20.6% is higher than
(2020/21: 22.6% was higher than) the standard rate of corporation
tax in the UK of 19.0% (2020/21: 19.0%).
The differences are reconciled below:
2021/22 2020/21
GBP'000 GBP'000
Profit before tax from continuing operations 12,031 9,471
(Loss)/profit before tax from discontinued operations (2,125) 330
Accounting profit before tax 9,906 9,801
Current tax at the UK standard rate of 19.0% (2020/21:
19.0%) 1,882 1,862
Expenses not deductible for tax purposes 42 32
Income not taxable (170) -
Rate change adjustment 225 319
Tax (over)/under provided in previous years - current
tax (16) 23
Tax under/(over) provided in previous years - deferred
tax 78 (21)
2,041 2,215
======= =======
(c.) Unrecognised tax losses
The Group has agreed tax capital losses in the UK amounting to
GBP16.3 million (2021: GBP16.3 million) that relate to prior years.
Under current legislation these losses are available for offset
against future chargeable gains. The capital losses are able to be
carried forward indefinitely. Revaluation gains on land and
buildings amount to GBP1 million (2021: GBP1 million). These have
been offset in the prior year against the capital losses detailed
above. A deferred tax asset has not been recognised in respect of
the net capital losses carried forward of GBP15.3 million (2021:
GBP15.3 million) as they do not meet the criteria for
recognition.
(d.) Deferred tax
A reconciliation of the movement in deferred tax during the year
is as follows:
Pension
Accelerated Short term Total deferred
capital temporary Share deferred tax
allowances differences Brands Hedging options tax liability asset
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
At 1 July 2020 550 (75) 493 39 - 1,007 (3,661)
Charged/(credited)
to the statement
of comprehensive
income - current
year 359 (65) 96 - (83) 307 417
Credited to the
statement of
comprehensive
income - prior year (5) (16) - - - (21) -
Charged/(credited)
to equity - - - (90) (237) (327) 2,099
At 30 June 2021 904 (156) 589 (51) (320) 966 (1,145)
============= ============= ======== ========= ========= =============== ==========
Charged/(credited)
to the statement
of comprehensive
income - current
year 463 22 (60) - 8 433 625
Charged/(credited)
to the statement
of comprehensive
income - prior year 79 (1) - - - 78 -
Charged/(credited)
to equity - - - 113 140 253 (9)
At 30 June 2022 1,446 (135) 529 62 (172) 1,730 (529)
============= ============= ======== ========= ========= =============== ==========
Deferred tax assets and liabilities are presented as non-current
in the consolidated statement of financial position.
Deferred tax assets have been recognised where it is probable
that they will be recovered. Deferred tax assets of GBP3.8 million
(2021: GBP3.8 million) in respect of net capital losses of GBP15.3
million (2021: GBP15.3 million) have not been recognised, see note
8 (c).
(e.) Factors affecting the tax charge in future periods
In the Budget on 3 March 2021, the Government announced its
intention to increase the main rate of UK corporation tax from 19%
to 25% with effect from 1 April 2023. Existing temporary
differences on which deferred tax has been provided may therefore
unwind in future periods at this increased rate. Since the 25% tax
rate change was substantively enacted at the 30 June 2022 balance
sheet date, deferred tax assets and liabilities have been
calculated to reflect the expected timing of reversal of the
related temporary difference.
9 dividends
2021/22 2020/21
GBP'000 GBP'000
Interim dividend for 2022 of 3.35p paid on 6
April 2022 1,201 -
Final dividend for 2021 of 6.25p paid on 29
October 2021 2,233 -
Interim dividend for 2021 of 3.25p paid on 6
April 2021 - 1,163
Final dividend for 2020 of 2.0p paid on 30 October
2020 - 715
3,434 1,878
======= =======
A final dividend of 6.65 pence per equity share, at a cash cost
of GBP2,381,000, has been proposed for the year ended 30 June 2022,
payable on 4 November 2022. In accordance with IFRS accounting
requirements this dividend has not been accrued in these
consolidated financial statements.
10 earnings per share
Basic earnings per share is calculated by dividing the net
profit for the period attributable to ordinary equity shareholders
of the parent by the weighted average number of ordinary shares in
issue during the period. Diluted earnings per share is calculated
by dividing the net profit attributable to ordinary equity
shareholders of the parent by the weighted average number of
ordinary shares in issue during the period, after allowing for the
exercise of outstanding share options. The following sets out the
income and share data used in the basic and diluted earnings per
share calculations:
2021/22 2020/21
GBP'000 GBP'000
Net profit attributable to equity holders of
the parent - continuing operations 9,610 7,353
Net profit attributable to equity holders of
the parent - discontinued operations (16,657) 233
(7,047) 7,586
======== =======
000s 000s
Weighted average number of shares 35,825 35,766
Dilutive potential ordinary shares - employee
share options 586 637
36,411 36,403
======== =======
Basic earnings per share: Pence Pence
Continuing operations 26.8 20.6
Discontinued operations (46.5) 0.6
(19.7) 21.2
====== =====
Diluted earnings per share: 2021/22 2020/21
Pence Pence
Continuing operations 26.4 20.2
Discontinued operations (46.5) 0.6
(20.1) 20.8
======= =======
Calculation of underlying earnings per share:
2021/22 2020/21
GBP'000 GBP'000
Reported profit before taxation from continuing
operations 12,031 9,471
Brand amortisation 70 70
IAS 19 net pension scheme finance costs 60 268
Pension GMP equalisation - 150
Restructuring & relocation costs 564 58
Underlying profit before taxation from continuing
operations 12,725 10,017
Tax at underlying Group tax rate of 19.4% (2020/21:
19.5%) (2,469) (1,953)
------- -------
Underlying earnings from continuing operations 10,256 8,064
------- -------
Weighted average number of shares 35,825 35,766
Underlying earnings per share from continuing
operations 28.6p 22.5p
======= =======
11 movements in equity
Share capital and share premium
The balances classified as share capital and share premium are
the proceeds of the nominal value and premium value respectively on
issue of the Company's equity share capital net of issue costs.
Capital reserve - own shares
The capital reserve - own shares relates to 327,493 (2021:
360,017) ordinary own shares held by the Company. The market value
of shares at 30 June 2022 was GBP519,076 (2021: GBP954,045). These
are held to help satisfy the exercise of awards under the Company's
Long Term Incentive Plans. During the year 297,021 (2021: 9,228)
shares with an original cost of GBP402,000 (2021: GBP10,000) were
used to satisfy the exercise of awards. A Trust holds the shares in
its name and shares are awarded to employees on request by the
Group. The Group bears the expenses of the Trust.
Hedging reserve
This reserve records the post-tax portion of the gain or loss on
a hedging instrument in a cash flow hedge that is determined to be
an effective hedge.
Foreign currency reserve
This foreign currency reserve is used to record exchange
differences arising from the translation of the financial
statements of foreign subsidiaries.
12 related party disclosure
The Group's principal actively trading subsidiaries at 30 June
2022 are listed below:
Country of % of equity interest
Principal subsidiaries Principal activity incorporation and votes held
2022 2021
Alumasc Building Products
Limited Building products England 100 100
Levolux Limited Building products England 100 100
Terms and conditions of transactions with related parties
Sales to and purchases from related parties are made at
arms-length market prices. Outstanding balances at the year end are
unsecured and settlement occurs in cash. There have been no
guarantees provided or received for any related party
receivables.
Transactions with other related parties
Key management personnel are determined as the Directors of The
Alumasc Group plc.
Financial Summary 2015/16 2016/17 2017/18 2018/19 2019/20 2020/21 2021/22
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
----------- ----------- ----------- -----------
Income Statement Summary
Continuing operations:
Revenue 55,646 63,969 65,091 71,315 60,299 77,805 89,381
Gross profit 21,629 22,880 22,353 24,184 20,432 29,441 33,366
Gross margin 38.9% 35.8% 34.3% 33.9% 33.9% 37.8% 37.3%
Underlying operating profit 6,056 6,714 5,438 6,973 5,053 10,506 13,333
Underlying operating margin 10.9% 10.5% 8.4% 9.8% 8.4% 13.5% 14.9%
Net interest cost on
borrowings (215) (132) (212) (281) (343) (311) (439)
Interest on lease
liabilities - - - - (153) (178) (169)
Underlying profit before
tax 5,841 6,582 5,226 6,692 4,557 10,017 12,725
Non-underlying items* (1,334) (720) (914) (4,431) (1,138) (546) (694)
Profit before taxation 4,507 5,862 4,312 2,261 3,419 9,471 12,031
Taxation (1,319) (1,492) (967) (256) (442) (2,118) (2,421)
Profit for the year from
continuing operations 3,188 4,370 3,345 2,005 2,977 7,353 9,610
Discontinued operations -
Profit/(loss) after tax 3,296 2,170 972 1,636 (721) 233 (16,657)
----------------------------- ---------- ---------- ----------- -----------
Profit/(loss) for the year 6,484 6,540 4,317 3,641 2,256 7,586 (7,047)
----------------------------- ---------- ---------- ----------- ----------- ----------- ----------- -----------
Underlying earnings per
share from continuing
operations (pence) 13.0 14.7 11.6 14.8 10.2 22.5 28.7
Basic earnings per share
(pence) 18.2 18.3 12.0 10.1 6.3 21.2 (19.7)
Dividends per share (pence) 6.5 7.15 7.35 7.35 2.0 9.5 10.0
Balance Sheet Summary at 30
June
Shareholders' funds 16,580 20,437 24,421 25,445 19,841 36,145 25,732
Net debt/(cash) (8,632) (6,076) 4,812 5,095 4,333 937 4,716
Lease liabilities - - - - 5,924 5,606 5,132
Pension deficit (net of tax) 18,588 17,095 12,566 10,749 15,608 3,436 1,585
Discontinued operations (479) (334) (714) 359 - - -
Capital Invested -
continuing operations 26,057 31,122 41,085 41,648 45,706 46,124 37,165
----------------------------- ---------- ---------- ----------- ----------- ----------- ----------- -----------
Underlying return on capital
invested (post-tax)** 17.7% 18.6% 12.0% 13.4% 9.2% 18.4% 25.8%
Underlying tax rate 20.8% 20.6% 20.2% 20.4% 20.3% 19.5% 19.4%
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
RNS may use your IP address to confirm compliance with the terms
and conditions, to analyse how you engage with the information
contained in this communication, and to share such analysis on an
anonymised basis with others as part of our commercial services.
For further information about how RNS and the London Stock Exchange
use the personal data you provide us, please see our Privacy
Policy.
END
FR FFFEIAVIEIIF
(END) Dow Jones Newswires
September 06, 2022 02:00 ET (06:00 GMT)
Alumasc (LSE:ALU)
Gráfico Histórico do Ativo
De Mai 2024 até Jun 2024
Alumasc (LSE:ALU)
Gráfico Histórico do Ativo
De Jun 2023 até Jun 2024