TIDMASY
RNS Number : 5019A
Andrews Sykes Group PLC
30 September 2020
Andrews Sykes Group plc
Interim Financial Statements 2020
Andrews Sykes Group plc announces unaudited results for the six
months ended 30 June 2020.
Summary of results
(Unaudited)
6 months 6 months
ended Ended
30 June 30 June 2019
2020
GBP'000 GBP'000
Revenue from continuing operations 33,480 34,974
EBITDA* from continuing operations 11,781 11,435
Operating profit 7,000 6,918
Profit for the financial period 6,070 5,449
Basic earnings per share (pence) 14.39p 12.92p
Special interim dividend declared per equity 23.70p -
share (pence)
Second interim dividend declared per equity
share (pence) 11.90p 11.90p
Cash and cash equivalents 32,096 23,770
Net funds 16,770 8,329
* Earnings Before Interest, Taxation, Depreciation, profit on
the sale of property, plant and equipment, Amortisation and
non-recurring items.
Enquiries
Andrews Sykes Group plc
Paul Wood (MD) +44 (0) 1902 328 700
GCA Altium (Nominated Adviser)
Tim Richardson +44 (0) 20 7484 4040
Chairman's Statement
Overview
Andrews Sykes' trading continues to be resilient as sectors in
which we trade show ongoing demand, despite the unprecedented
challenge in the form of the coronavirus pandemic. We continue to
be thankful and proud of our team members as they respond as
essential service providers.
The group's revenue for the 6 months ended 30 June 2020 was
GBP33.5 million, a decrease of GBP1.5 million compared with the
same period in 2019. However, the operating profit for the period
was GBP7.0 million compared with GBP6.9 million in 2019, an
increase of GBP0.1 million, reflecting a favourable business mix.
Overall, net funds increased by GBP4.7 million from GBP12.1 million
as at 31 December 2019 to GBP16.8 million as at 30 June 2020.
Operations review
Our main hire and sales businesses in Europe had mixed fortunes.
Turnover at Andrews Sykes Hire in the UK improved by 4.8% compared
with the same period in 2019. However, our businesses in the rest
of Europe were significantly affected by a combination of the
coronavirus pandemic and mild weather. Consequently, the combined
operating profit for these businesses in the first half was GBP1.0
million below the level achieved in 2019.
Andrews Air Conditioning and Refrigeration, our UK air
conditioning installation business, was particularly affected by
the coronavirus pandemic as our engineers were not allowed access
to certain customer sites in order to carry out their work. This
business returned a small operating loss in the first half, GBP0.2
million below the profit returned in 2019.
Khansaheb Sykes, our business based in the UAE, had a difficult
start to the period due to the coronavirus pandemic and reduced
demand during Ramadan. The operating profit of Khansaheb Sykes
decreased by GBP0.1 million compared with the first half of
2019.
Unallocated overheads and central expenses reduced by GBP0.2
million in the period compared with 2019 resulting in an
improvement of GBP0.1 million in operating profit to GBP7.0 million
in 2020 (2019: GBP6.9 million).
Profit for the financial period and Earnings per Share
Profit before tax was GBP7.2 million compared with GBP6.8
million in the same period last year. This increase is attributable
to the GBP0.1 million improvement in operating profit, a net
foreign exchange gain on inter-company balances of GBP0.4 million
(2019: GBPNil) due to the weakening of Sterling compared with the
Euro and the UAE Dirham, and a net increase of GBP0.1 million in
interest charges.
The total tax charge for the period decreased by GBP0.2 million
to GBP1.1 million (2019: GBP1.3 million), an effective tax rate of
16.1% (2019: 19.4%), mainly due to prior year tax credits and an
overall lower effective tax rate applicable to subsidiaries
operating abroad.
Profit after tax was GBP6.1 million (2019: GBP5.5 million).
Basic earnings per share increased by 1.47 pence, or 11.4%, to
14.39 pence (2019: 12.92 pence) reflecting this increase in
profit.
Dividends
The final dividend of 10.50 pence per ordinary share for the
year ended 31 December 2019 was approved by members at the AGM held
on 16 June 2020. Accordingly, on 19 June 2020 the company made a
total dividend payment of GBP4.43 million which was paid to
shareholders on the register as at 29 May 2020.
Post the period end, on 28 August 2020 the company paid a
special interim dividend of 23.7 pence per ordinary share, or
GBP10.0 million in total, to shareholders on the register as at 7
August 2020. This dividend was paid out of the group's substantial
brought forward cash reserves accumulated from previous years
trading, a proportion of which were surplus to the group's
requirements and were therefore returned to shareholders.
The board continues to adopt the policy of returning value to
shareholders whenever possible. The group remains profitable, cash
generative and financially strong. Accordingly, the board has
decided to declare a second interim dividend for 2020 of 11.90
pence per ordinary share which in total amounts to GBP5.0 million.
This will be paid on 6 November 2020 to shareholders on the
register as at 9 October 2020. The ordinary shares will go
ex-dividend on 8 October 2020.
Outlook
Whilst certain of the group's business operations continue to be
affected by the coronavirus pandemic, for example the performance
of our air conditioning business in July and August suffered as
occupation levels of our customers' offices remained low as people
continued to work from home, demand for cooling equipment was
buoyant and pumps in the UK continues to perform in line with last
year's levels. Management remain optimistic that the business will
improve as the economy recovers but are mindful that we live in
uncertain times and circumstances can change very quickly.
JG Murray 29 September 2020
Chairman
Consolidated income statement
for the 6 months ended 30 June 2020 (unaudited)
6 months 6 months 12 months
ended ended ended
30 June 30 June 31 December
2020 2019 2019
GBP'000 GBP'000 GBP'000
Continuing operations
Revenue 33,480 34,974 77,246
Cost of sales (14,544) (15,535) (32,244)
Gross profit 18,936 19,439 45,002
Distribution costs (5,541) (5,762) (11,996)
Administrative expenses (6,395) (6,759) (13,708)
Operating profit 7,000 6,918 19,298
EBITDA* 11,781 11,435 28,519
Depreciation and impairment losses (3,785) (3,697) (7,203)
Depreciation of right-of-use
assets (1,328) (1,098) (2,538)
Profit on the sale of plant and
equipment and right-of-use assets 332 278 520
--------- --------- --------------
Operating profit 7,000 6,918 19,298
--------- --------- --------------
Finance income 84 61 146
Finance costs (38) (46) (88)
Interest charge on right-of-use
lease obligations (238) (157) (526)
Inter-company foreign exchange
gains and losses 427 (16) (270)
Profit before taxation 7,235 6,760 18,560
Taxation (1,165) (1,311) (3,541)
Profit for the financial period 6,070 5,449 15,019
--------- --------- --------------
There were no discontinued operations
in either of the above periods
Earnings per share from continuing
operations
Basic and diluted (pence) 14.39p 12.92p 35.61p
Dividends per equity share paid
during the period (pence) 10.5p 11.90p 23.80p
Dividends per equity share paid 23.70p - -
after the period end (pence)
Proposed dividend per equity
share (pence) 11.90p 11.90p 10.5p
* Earnings Before Interest, Taxation, Depreciation, profit on
the sale of property, plant and equipment, Amortisation and
non-
recurring items.
Consolidated balance sheet
as at 30 June 2020 (unaudited)
30 June 30 June 31 December
2020 2019 2019
GBP'000 GBP'000 GBP'000
Non-current assets
Property, plant and equipment 24,092 24,046 24,561
Right-of-use assets 11,506 11,387 11,515
Prepayments 43 44 44
Deferred tax asset 660 435 254
Retirement benefit pension surplus 479 1,286 1,963
---------------- --------------- ----------------
36,780 37,198 38,337
---------------- --------------- ----------------
Current assets
Stocks 7,353 5,969 6,333
Trade and other receivables 19,126 20,115 21,333
Overseas tax (denominated in
Euros) 187 278 -
Cash and cash equivalents 32,096 23,770 27,880
58,762 50,132 55,546
---------------- --------------- ----------------
Current liabilities
Trade and other payables (14,882) (11,444) (12,942)
Current UK tax liabilities (630) (1,104) (1,440)
Overseas tax (denominated in
euros) - - (234)
Bank loans (493) (493) (493)
Right-of-use lease obligations (2,411) (2,141) (2,279)
(18,416) (15,182) (17,388)
---------------- --------------- ----------------
Net current assets 40,346 34,950 38,158
Total assets less current liabilities 77,126 72,148 76,495
Non-current liabilities
Bank loans (2,994) (3,487) (3,490)
Right-of-use lease obligations (9,427) (9,320) (9,482)
(12,421) (12,807) (12,972)
---------------- --------------- ----------------
Net assets 64,705 59,341 63,523
---------------- --------------- ----------------
Equity
Called-up share capital 422 422 422
Share premium 13 13 13
Retained earnings 59,390 54,363 59,447
Translation reserve 4,634 4,297 3,395
Other reserves 246 246 246
Total equity 64,705 59,341 63,523
---------------- --------------- ----------------
Consolidated cash flow statement
for the six months ended 30 June 2020 (unaudited)
6 months 6 months 12 months
ended ended ended
30 June 30 June 31 December
2020 2019 2019
GBP'000 GBP'000 GBP'000
Cash flows from operating activities
Cash generated from operations 14,448 7,530 22,917
Interest paid (274) (201) (609)
Net UK corporation tax paid (1,619) (1,300) (2,227)
Overseas tax paid (814) (1,233) (1,559)
Net cash inflow from operating
activities 11,741 4,796 18,522
--------- --------- --------------
Investing activities
Sale of property, plant and equipment 382 382 685
Purchase of property, plant and
equipment (2,128) (2,812) (6,207)
Interest received 57 43 100
--------- ---------
Net cash outflow from investing
activities (1,689) (2,387) (5,422)
--------- --------- --------------
Financing activities
Loan repayments (500) (500) (500)
Capital repayments for right-of-use
lease obligations (1,245) (1,030) (2,296)
Equity dividends paid (4,428) (5,019) (10,038)
Net cash outflow from financing
activities (6,173) (6,549) (12,834)
--------- --------- --------------
Net increase/(decrease) in cash
and cash equivalents 3,879 (4,140) 266
Cash and cash equivalents at
the beginning of the period 27,880 27,862 27,862
Effect of foreign exchange rate
changes 337 48 (248)
Cash and cash equivalents at
end of the period 32,096 23,770 27,880
--------- --------- --------------
Reconciliation of net cash flow to movement in net
funds in the period
Net increase/(decrease) in cash
and cash equivalents 3,879 (4,140) 266
Net cash outflow from the decrease
in debt 1,745 1,530 2,796
Non-cash movements re new right-of-use
lease obligations (1,171) (1,134) (2,593)
Non-cash movements re costs of
raising loan finance (4) (4) (7)
Non-cash movements re termination 160 - -
of right-of-use lease obligations
--------- --------- --------------
Increase/(decrease) in net funds
during the period 4,609 (3,748) 462
Opening net funds at the beginning
of period 12,136 23,381 23,381
Transitional adjustment for right-of-use
assets at start of period - (11,363) (11,699)
Effect of foreign exchange rate
changes 337 48 (248)
Effect of foreign exchange rate
changes on right-of-use lease
obligations (312) 11 240
--------- --------- --------------
Closing net funds at the end
of period 16,770 8,329 12,136
--------- --------- --------------
Consolidated statement of comprehensive total income
(CSOCTI)
for the six months ended 30 June 2020 (unaudited)
6 months 6 months 12 months ended
ended ended 31 December
30 June 30 June 2019
2020 2019 GBP'000
GBP'000 GBP'000
Profit for the financial period 6,070 5,449 15,019
-------- -------- ---------------------
Other comprehensive income:
Items that may be reclassified to profit and loss:
Currency translation differences on foreign currency operations 1,243 (2) (906)
Foreign exchange differences on IFRS 16 adjustments (5) - 1
Related deferred tax 1 - -
Items that will never be reclassified to profit and loss:
Remeasurement of defined benefit liabilities and assets (2,098) (96) 559
Related deferred tax 399 16 (106)
-------- -------- ---------------------
Other comprehensive income for the period net of tax (460) (82) (452)
-------- -------- ---------------------
Total comprehensive income for the period 5,610 5,367 14,567
-------- -------- ---------------------
Notes to the consolidated interim financial statements
for the six months ended 30 June 2020 (unaudited)
1 General information
Basis of preparation
These interim financial statements have been prepared in
accordance with International Accounting Standards (IAS) and
International Financial Reporting Standards (IFRS) as adopted by
the European Union and with the Companies Act 2006.
The information for the 12 months ended 31 December 2019 does
not constitute the group's statutory accounts for 2019 as defined
in Section 434 of the Companies Act 2006. Statutory accounts for
2019 have been delivered to the Registrar of Companies. The
auditor's report on those accounts was unqualified and did not
contain statements under Section 498(2) or (3) of the Companies Act
2006. These interim financial statements, which were approved by
the Board of Directors on 29 September 2020, have not been audited
or reviewed by the auditors.
The interim financial statement has been prepared using the
historical cost basis of accounting except for:
(i) Properties held at the date of transition to IFRS which are stated at deemed cost;
(ii) Assets held for sale which are stated at the lower of (i)
fair value less anticipated disposal costs and (ii) carrying
value;
(iii) Derivative financial instruments (including embedded
derivatives) which are valued at fair value; and
(iv) Pension scheme assets and liabilities calculated at fair value in accordance with IAS 19.
Functional and presentational currency
The financial statements are presented in pounds Sterling
because that is the functional currency of the primary economic
environment in which the group operates.
2 Accounting policies
These interim financial statements have been prepared on a
consistent basis and in accordance with the accounting policies set
out in the group's Annual Report and Financial Statements 2019.
3 Revenue
An analysis of the group's revenue is as follows:
6 months 6 months 12 months
ended ended ended
30 June 30 June 31 December
2020 2019 2019
GBP'000 GBP'000 GBP'000
Continuing operations
Revenue outside the scope of IFRS
15 and recognised as lease income
in accordance with IFRS 16:
Hire 29,185 30,042 67,411
Revenue recognised at a point in
time in accordance with IFRS 15:
Sales 3,161 2,863 5,782
Maintenance 560 957 1,876
Installation and sale of units 574 1,112 2,177
Group consolidated revenue from
the sale of goods and provision
of services 33,480 34,974 77,246
-------- -------- ------------------
The geographical analysis of the group's revenue by origination
is:
6 months 6 months 12 months
ended ended ended
30 June 30 June 31 December
2020 2019 2019
GBP'000 GBP'000 GBP'000
United Kingdom 20,903 20,886 45,711
Rest of Europe 6,891 8,147 18,305
Middle East and Africa 5,686 5,941 13,230
33,480 34,974 77,246
-------- -------- ------------------
The geographical analysis of the group's revenue by destination
is not materially different to that by origination.
4 Taxation
6 months 6 months 12 months
ended ended ended
30 June 30 June 31 December
2020 2019 2019
GBP'000 GBP'000 GBP'000
Current tax
UK corporation tax at 19% (30 June
2019 and 31 December 2019: 19%) 901 731 2,020
Adjustments in respect of prior
periods (92) (185) (211)
-------- -------- --------------------
809 546 1,809
Overseas tax 382 508 1,390
Adjustments to overseas tax in
respect of prior periods (20) (1) 25
Total current tax charge 1,171 1,053 3,224
-------- -------- --------------------
Deferred tax
Deferred tax on the origination
and reversal of temporary differences (6) 73 137
Adjustments in respect of prior
periods - 185 180
Total deferred tax (credit)/charge (6) 258 317
-------- -------- --------------------
Total tax charge for the financial
period attributable to
continuing operations 1,165 1,311 3,541
-------- -------- --------------------
The tax charge for the financial period can be reconciled to the
profit before tax per the income statement multiplied by the
effective standard annualised corporation tax rate in the UK of 19%
(30 June 2019 and 31 December 2019: 19%) as follows:
6 months 6 months 12 months
ended ended ended
30 June 30 June 31 December
2020 2019 2019
GBP'000 GBP'000 GBP'000
Profit before taxation from continuing and total operations 7,235 6,760 18,560
-------- -------- -------------
Tax at the UK effective annualised corporation tax rate of 19%
(30 June 2019 and 31 December 2019: 19%) 1,375 1,284 3,526
Effects of:
Expenses not deductible for tax purposes 64 72 150
Utilisation of overseas trading losses (9) (12) -
Effects of different tax rates of subsidiaries operating abroad (184) (110) (188)
Overseas tax losses not recognised 31 29 59
Effect of change in rate of corporation tax - 49 -
Adjustments to tax charge in respect of previous periods (112) (1) (6)
Total tax charge for the financial period 1,165 1,311 3,541
-------- -------- -------------
The total effective tax charge for the financial period
represents the best estimate of the weighted average annual
effective tax rate expected for the full financial year applying
tax rates that have been substantively enacted by the balance sheet
date.UK corporation tax has been provided at 19%, the reduction in
the UK corporation tax rate to 17% that was to be effective from 1
April 2020 was reversed on 11 March 2020. There are currently no
plans announced to change the rate of UK corporation tax from its
current rate.
Deferred tax has been calculated based on the rates that the
directors anticipate will apply when the temporary timing
differences are expected to reverse.
5 Earnings per share
Basic earnings per share
The basic figures have been calculated by reference to the
weighted average number of ordinary shares in issue and the
earnings as set out below. There are no discontinued operations in
any period.
6 months ended 30 June
2020
------------------------
Continuing Number of
earnings Shares
GBP'000
Basic earnings/weighted average
number of shares 6,070 42,174,359
----------- -----------
Basic earnings per ordinary share
(pence) 14.39p
6 months ended 30 June
2019
------------------------
Continuing Number of
Earnings Shares
GBP'000
Basic earnings/weighted average
number of shares 5,449 42,174,359
----------- -----------
Basic earnings per ordinary share
(pence) 12.92p
12 months ended 31
December 2019
----------------------
Continuing Number of
Earnings Shares
GBP'000
Basic earnings/weighted average
number of shares 15,019 42,174,359
---------- ----------
Basic earnings per ordinary share
(pence) 35.61p
Diluted earnings per share
There were no dilutive instruments outstanding at 30 June 2020
or either of the comparative periods and therefore there is no
difference in the basic and diluted earnings per share for any of
these periods. There were no discontinued operations in any
period.
6 Dividend payments
Dividends declared and paid on ordinary one pence shares during
the 6 months ended 30 June 2020 were as follows:
Paid during the 6 months ended
30 June 2020
--------------------------------
Pence per Total dividend
share paid
GBP'000
Final dividend for the year ended 31 December 2019 paid to members on the register
as at 29
May 2020 on 19 June 2020 10.50p 4,428
------------ ------------------
The above dividend was charged against reserves during the 6
months ended 30 June 2020.
On 23 July 2020 the directors declared a special interim
dividend of 23.7 pence per ordinary share which in total amounts to
GBP9,995,000. This was paid on 28 August 2020 to shareholders on
the register as at 7 August 2020 and will be charged against
reserves in the second half of 2020.
On 29 September 2020 the directors declared an interim dividend
of 11.90 pence per ordinary share which in total amounts to
GBP5,019,000. This will be paid on 6 November 2020 to shareholders
on the register as at 9 October 2020 and will also be charged
against reserves in the second half of 2020.
Dividends declared and paid on ordinary one pence shares during
the 6 months ended 30 June 2019 were as follows:
Paid during the 6 months ended
30 June 2019
--------------------------------
Pence per Total dividend
share paid
GBP'000
Final dividend for the year ended 31 December 2018 paid to members on the register
as at 31
May 2019 on 21 June 2019. 11.90p 5,019
------------ ------------------
The above dividend was charged against reserves during the 6
months ended 30 June 2019.
Dividends declared and paid on ordinary one pence shares during
the 6 months ended 31 December 2019 were as follows:
Paid during the 12 months ended
31 December 2019
---------------------------------
Pence per Total dividend
share paid
GBP'000
Final dividend for the year ended 31 December 2018 paid to members on the
register as at 31
May 2019 on 21 June 2019 11.90p 5,019
Interim dividend declared on 26 September 2019 and paid to shareholders on the
register as
at 11 October 2019 on 8 November 2019 11.90p 5,019
------------- ------------------
23.80p 10,038
------------- ------------------
The above dividends were charged against reserves during the 12
months ended 31 December 2019.
7 Retirement benefit obligations - Defined benefit pension scheme
The group closed the UK Group defined benefit pension scheme to
future accrual as at 29 December 2002. The assets of the defined
benefit pension scheme continue to be held in a separate trustee
administered fund.
As at 30 June 2020 the group had a net defined benefit pension
scheme surplus, calculated in accordance with IAS 19 (revised)
using the assumptions as set out below, of GBP479,000 (30 June
2019: GBP1,286,000; 31 December 2019: GBP1,963,000). The asset has
been recognised in the financial statements as the directors are
satisfied that it is recoverable in accordance with IFRIC 14.
Following the triennial recalculation of the funding deficit as
at 31 December 2016, a revised schedule of contributions and
recovery plan was agreed with the pension scheme trustees in
October 2017. In accordance with this schedule of contributions,
which was backdated to be effective from 1 January 2017, the group
made additional contributions during 2017 to remove the funding
deficit in the group scheme calculated as at 31 December 2016 of
GBP710,000 and this was eliminated by 31 December 2017.
The next formal triennial funding valuation is due as at 31
December 2019. This is currently being worked upon and, subject to
unforeseen circumstances, should be presented to the board of
directors in the Autumn. A draft funding valuation was presented
for discussion in the Summer and the group made a one-off
contribution of GBP600,000 in late May 2020 to largely eliminate
the indicative funding deficit as at 31 December 2019. In addition,
the group has continued to make regular monthly contributions of
GBP10,000 per month during 2020 and therefore the group anticipates
that total contributions to the defined benefit pension scheme
during 2020 will be at least GBP720,000.
Assumptions used to calculate the scheme surplus
A qualified independent actuary has updated the results of the
December 2016 (30 June 2019 and 31 December 2019: December 2016)
full actuarial valuation to calculate the surplus as disclosed
below:
The major assumptions used to determine the present value of the
scheme's defined benefit obligation were:
30 June 30 June 31 December
2020 2019 2019
% % %
Rate of increase in pensionable N/A N/A N/A
salaries
Rate of increase in pensions 2.90 3.20 3.00
in payment
Discount rate applied to scheme 1.40 2.20 2.00
liabilities
Inflation assumption - RPI 2.90 3.20 3.00
Inflation assumption - CPI 1.90 2.20 2.00
Percentage of members taking 75 75 75
maximum tax-free lump sum on
retirement
From 1 January 2011, the government amended the basis for
statutory increases to deferred pensions and pensions in payment.
Such increases are now based on inflation measured by the Consumer
Price Index (CPI) rather than the Retail Price Index (RPI). Having
reviewed the scheme rules and considered the impact of the change
on this pension scheme, the directors consider that future
increases to (i) all deferred pensions and (ii) Guaranteed Minimum
Pensions accrued between 6 April 1988 and 5 April 1997 and
currently in payment will be based on CPI rather than RPI.
Accordingly, this assumption was adopted as at 31 December 2010 and
subsequently.
Assumptions regarding future mortality experience are set based
on advice in accordance with published statistics. The mortality
table used at 30 June 2020 is 100% S3PA CMI2018 (30 June 2019: 110%
S2NA CMI2017; 31 December 2019: 110% S2NA CMI2018) with a 1.25% per
annum long term improvement for both males and females (30 June
2019 and 31 December 2019: 1.25% males and females), heavy tables
for males and medium tables for females.
The assumed average life expectancy in years of a pensioner
retiring at the age of 65 given by the above tables is as
follows:
30 June 30 June 31 December
2020 2019 2019
Male, current age 45 21.0 years 22.8 years 22.8 years
Female, current age 45 25.0 years 24.9 years 25.2 years
Male, current age 65 19.6 years 21.4 years 21.5 years
Female, current age 65 23.5 years 23.4 years 23.7 years
Valuations
The fair value of the scheme's assets, which are not intended to
be realised in the short term and may be subject to significant
change before they are realised, and the present value of the
scheme's liabilities, which are derived from cash flow projections
over long periods and are inherently uncertain, were as
follows:
30 June 30 June 31 December
2020 2019 2019
GBP'000 GBP'000 GBP'000
Total fair value of plan assets 43,769 44,060 43,995
Present value of defined benefit
funded obligation calculated
in accordance with stated assumptions (43,290) (42,774) (42,032)
----------- ----------- ------------
Surplus in the scheme calculated
in accordance with stated assumptions
recognised in the balance sheet 479 1,286 1,963
----------- ----------- ------------
The movement in the fair value of the scheme's assets during the
period was as follows:
30 June 30 June 31 December
2020 2019 2019
GBP'000 GBP'000 GBP'000
Fair value of plan assets at the
start of the period 43,995 41,036 41,036
Interest income on pension scheme
assets 438 562 1,120
Actual return less interest income
on pension scheme assets (193) 3,343 3,925
Employer contributions 660 60 120
Benefits paid (1,062) (888) (2,096)
Administration expenses charged
in the income statement (69) (53) (110)
Fair value of plan assets at the
end of the period 43,769 44,060 43,995
--------- -------- -----------
The movement in the present value of the defined benefit
obligation during the period was as follows:
30 June 30 June 31 December
2020 2019 2019
GBP'000 GBP'000 GBP'000
Present value of defined benefit
funded at the beginning of the
period (42,032) (39,680) (39,680)
Interest on defined benefit obligation (415) (543) (1,082)
Actuarial loss recognised in the
CSOCTI calculated in
accordance with stated assumptions (1,905) (3,439) (3,366)
Benefits paid 1,062 888 2,096
Closing present value of defined
benefit funded obligation calculated
in accordance with stated assumptions (43,290) (42,774) (42,032)
--------- --------- -----------
Amounts recognised in the income statement
The amounts (charged) / credited in the income statement
were:
30 June 30 June 31 December
2020 2019 2019
GBP'000 GBP'000 GBP'000
Interest income on pension scheme
assets 438 562 1,120
Interest expense on pension scheme
liabilities (415) (543) (1,082)
---------------------- --------------------- ---------------------
Net pension interest credit included
within finance income 23 19 38
Scheme administration expenses (69) (53) (110)
Net pension charge in the income
statement (46) (34) (72)
---------------------- --------------------- ---------------------
Actuarial gains and losses recognised in the consolidated
statement of comprehensive total income (CSOCTI)
The amounts (charged) / credited in the CSOCTI were:
30 June 30 June 31 December
2020 2019 2019
GBP'000 GBP'000 GBP'000
Actual return less interest income
on pension scheme assets (193) 3,343 3,925
Experience gains and losses arising
on plan obligation - - 211
Changes in demographic and financial
assumptions underlying the present
value of plan obligations (1,905) (3,439) (3,577)
Actuarial (loss) / gain calculated
in accordance with stated assumptions
recognised in the CSOCTI (2,098) (96) 559
---------------------- --------------------- ---------------------
8 Called up share capital
30 June 30 June 31 December
2020 2019 2019
GBP'000 GBP'000 GBP'000
Issued and fully paid:
42,174,359 ordinary shares of
one pence each (30 June 2019 and
31 December 2019: 42,174,359 ordinary
shares of one pence each) 422 422 422
---------------------- ----------------- -------------------
During the period the company did not buy back any shares for
cancellation (June 2019 and December 2019: Nil shares).
The company did not issue any shares in the period or either of
the comparative periods. No share options were granted, forfeited
or expired during the periods and there were no share options
outstanding at any period end.
The company has one class of ordinary shares which carry no
right to fixed income.
9 Cash generated from operations
6 months 6 months 12 months
ended ended ended
30 June 30 June 31 December
2020 2019 2019
GBP'000 GBP'000 GBP'000
Profit for the period attributable
to equity shareholders 6,070 5,449 15,019
Adjustments for:
Taxation charge 1,165 1,311 3,541
Finance costs 38 46 88
Finance income (84) (61) (146)
Interest charge on right-of-use
lease obligations 238 157 526
Inter-company foreign exchange
(gains) and losses (427) 16 270
Profit on the sale of property,
plant and equipment and right-of-use
assets (332) (278) (520)
Depreciation 3,785 3,697 7,203
Depreciation of right-of-use assets 1,328 1,098 2,538
EBITDA* 11,781 11,435 28,519
Excess of pension contributions
compared with service and
administration expenses (591) (7) (10)
Workings capital movements:
Stocks (1,355) (2,324) (3,834)
Trade and other receivables 2,942 (120) (1,818)
Trade and other payables 1,671 (1,454) 60
Cash generated from operations 14,448 7,530 22,917
-------- -------- ------------
* Earnings Before Interest, Taxation, Depreciation, profit on
the sale of property, plant and equipment, Amortisation and
non-recurring items.
10 Analysis of net funds and movement in financing liabilities
30 June 30 June 31 December
2020 2019 2019
GBP'000 GBP'000 GBP'000
Cash and cash equivalents per
consolidated cash flow statement 32,096 23,770 27,880
-------- ----------------------- ---------------------
Bank loans:
At the beginning of the period (3,983) (4,476) (4,476)
Loans repaid 500 500 500
Other non-cash changes (4) (4) (7)
-------- ----------------------- ---------------------
At the of the period (3,487) (3,980) (3,983)
-------- ----------------------- ---------------------
Finance lease liabilities:
At the beginning of the period - (5) (5)
Leases repaid - 5 5
-------- ----------------------- ---------------------
At the end of the period - - -
-------- ----------------------- ---------------------
Right-of-use lease obligations:
At the beginning of the period (11,761) - -
Transitional adjustment for obligations
at start of period - (11,363) (11,699)
Capital repayments for right-of-use
lease obligations 1,245 1,025 2,291
New right-of-use leases entered
into during the period (1,171) (1,134) (2,593)
Non-cash movements re termination 160 - -
of right-of-use lease obligations
Foreign exchange (312) 11 240
-------- ----------------------- ---------------------
At the of the period (11,839) (11,461) (11,761)
-------- ----------------------- ---------------------
Gross debt (15,326) (15,441) (15,744)
-------- ----------------------- ---------------------
Net funds 16,770 8,329 12,136
-------- ----------------------- ---------------------
11 Distribution of interim financial statements
Following a change in regulations in 2008, the company is no
longer required to circulate this half year report to shareholders.
This enables us to reduce costs associated with printing and
mailing and to minimise the impact of these activities on the
environment. A copy of the interim financial statements is
available on the company's website, www.andrews-sykes.com.
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END
IR DKLFLBKLXBBX
(END) Dow Jones Newswires
September 30, 2020 02:00 ET (06:00 GMT)
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