TIDMVP.
RNS Number : 8400H
Vp PLC
29 November 2022
Press Release 29 November 2022
Vp plc
('Vp' or the 'Group')
Interim Results
Strong performance reflects resilience of the business
and the Group's leading position in diversified end markets
Vp plc, the equipment rental specialist, today announces its
Interim Results for the six months ended 30 September 2022 ('H1
2023' or the 'period').
Financial Highlights
H1 2023 H1 2022 % change
Revenues (GBPm) 186.5 176.1 +6%
Profit before tax, amortisation and
exceptional items (GBPm) 21.5 20.2 +6%
Return on average capital employed 14.4% 13.5% +7%
Basic EPS pre-amortisation and exceptional
items (pence) 42.5 37.7 +13%
Proposed interim dividend (pence per
share) 11.0 10.5 +5%
EBITDA (GBPm) 47.8 44.5 +7%
Net debt (GBPm) 148.9 131.7 +13%
Capital investment in rental fleet
(GBPm) 33.8 31.7 +7%
Statutory profit before taxation (GBPm) 17.9 18.6 -4%
Profit before tax, amortisation and
exceptional items inclusive of IFRS
16 impact (GBPm) 21.4 20.2 +6%
Operational Highlights
-- Results reflect a period of continued recovery and demonstrate strength of the business
-- Sustained demand across the Group's business units
-- Improved return on average capital employed demonstrates the Group's high quality of earnings
-- UK Division delivered a very satisfactory performance driven
by infrastructure and a resilient house building sector
-- International Division revenues increased by 28% and operating profits doubled
Outlook / Current H2 2023 Trading
-- Inflationary pressures continue to be actively managed by
increased pricing and continued focus on efficiencies
-- Fleet emissions reduction targets remain on track
-- Significant financial strength of the Group and its historic
track record underpins the future
-- Remain alert to both inorganic and organic growth opportunities
-- Current trading is in line with the Board's expectations for the full year
Commenting on the Interim Results, Jeremy Pilkington, Chairman
of Vp plc, said: "I am pleased to report a solid set of results
that reflect a period of continuing recovery and which demonstrate
the enduring strength of our business and the maintenance of our
industry leading returns.
"Our businesses have continued to make good progress in their
engagement with customers and supply chain partners to deliver
sustainable and innovative fleet solutions as we collectively
strive to reduce emissions.
"The period under review has seen continued inflationary
pressure on fleet capital costs, transport, fuel, wages, utilities
and interest costs, but we have largely mitigated these with agreed
price increases combined with a diligent focus on efficiencies
within our business. We expect these actions to remain a priority
for the foreseeable future.
Notwithstanding these challenges, we remain alert to quality
growth opportunities whether organic or via acquisitions and we
remain confident of delivering a full year outcome in line with the
Board's expectations."
- Ends -
The information contained in this announcement is deemed by the
Company to constitute inside information for the purposes of
Article 7 of the Market Abuse Regulation (EU) No. 596/2014.
For further information:
Vp plc Tel: +44 (0) 1423 533 400
Jeremy Pilkington, Chairman www.vpplc.com
Neil Stothard, Chief Executive
Allison Bainbridge, Group Finance
Director
Media enquiries:
Buchanan
Henry Harrison--Topham / Jamie Hooper Tel: +44 (0) 20 7466 5000
/ George Beale
Vp@buchanan.uk.com www.buchanan.uk.com
CHAIRMAN'S STATEMENT
I am very pleased to report interim results which reflect a
period of continuing recovery and demonstrate the enduring strength
of the Vp business and the maintenance of our industry leading
returns.
In the six months to 30 September 2022, profit before tax,
amortisation and exceptional items rose 6% to GBP21.5 million (H1
2022: GBP20.2 million) on revenues 6% ahead at GBP186.5 million (H1
2022: GBP176.1 million). Statutory profit before taxation was
GBP17.9 million (H1 2022: GBP18.6 million). Earnings per share
pre-amortisation and exceptional items rose 13% to 42.5 pence per
share (H1 2022: 37.7 pence per share). EBITDA increased to GBP47.8
million (H1 2022: GBP44.5 million). Return on average capital
employed improved to 14.4% (H1 2022: 13.5%), again demonstrating
the sustained high quality of Group earnings.
Capital investment in equipment was GBP33.8 million (H1 2022:
GBP31.7 million) with a continuing emphasis towards providing a
newer fleet of substitutional products to facilitate our customer's
journey towards lower emission solutions.
Sustained demand across our business units, combined with supply
constraints and inflationary cost measures, has required us to
increase pricing on many product lines. Our active management
response has largely mitigated these pressures. Borrowings at the
period end increased to GBP148.9 million (H1 2022: GBP131.7
million), primarily due to increases in working capital, reflecting
growth in the business, but maintaining significant investment
headroom of GBP41.6 million against total facilities.
Reflecting these results and our view of the future prospects of
the Group, the Board is declaring an interim dividend of 11.0 pence
per share (H1 2022: 10.5 pence per share) an increase of 5% payable
on 11 January 2023 to shareholders registered at 9 December
2022.
UK Division
The UK Division delivered what, under all the circumstances, we
consider a very satisfactory performance. Improved revenues of
GBP166.9 million (H1 2022: GBP160.8 million) lifted operating
profits to GBP22.5 million (H1 2022: GBP21.8 million). Statutory
operating profit was GBP23.8 million (H1 2022: GBP23.3
million).
The infrastructure sector has been a key platform of the Group's
success over many years and remains an important element of our
business mix. I am therefore pleased to say that the key sectors of
water (AMP7) and rail (CP6) programmes are now coming on stream
more strongly and in line with our expectations of this point in
the cycle, although recent strike actions have disrupted some rail
workstreams. Transmission demand has been good but HS2 work has
been quieter than anticipated as we transition to phase 2.
New non-residential construction has remained soft, however
commercial re-purposing of property has emerged as a buoyant
alternative. Housebuilding, despite popular commentaries, remains a
resilient and important market for us with good long-term
prospects.
International Division
Operating profits before amortisation and exceptional items more
than doubled to GBP1.5 million (H1 2022: GBP0.7 million) on
revenues 28% ahead at GBP19.6 million (H1 2022: GBP15.3 million).
Statutory operating profit was GBP1.6 million (H1 2022: GBP 0.7
million), well ahead of the prior period.
For the TR business in Australia, although lockdown measures
were relaxed later than in Europe, the Group has enjoyed recovery
throughout its markets and is now trading at pre covid levels.
Airpac Rentals has benefitted from the increased demand for oil
and gas resources whilst continuing its diversification into more
downstream activities. We expect a continuing improvement in demand
from these sectors as well as new applications such as geothermal
drilling.
Outlook
We have emerged in good shape from a period of great disruption
and our continued recovery once again demonstrates the resilience
of our business model, and the benefits derived from occupying
leadership positions in diversified end markets.
Our businesses have continued to make good progress in their
engagement with customers and supply chain partners to deliver
sustainable and innovative fleet solutions as we collectively
strive to reduce emissions with further investment in battery and
solar powered equipment and in lower emission commercial
vehicles.
The period under review has seen inflationary pressure on fleet
capital costs, transport, fuel, wages, utilities and interest
costs, but we have largely mitigated these with agreed price
increases combined with a diligent focus on efficiencies within our
business. We expect these actions to remain a priority for the
foreseeable future.
Notwithstanding these challenges, we remain alert to quality
growth opportunities whether organic or via acquisitions.
We remain confident of delivering a full year outcome in line
with the Board's expectations.
Over the longer term, we believe the exceptional quality of our
business teams, our market leadership positions and the financial
strength of the Group, will continue an exemplary record of
accomplishment of delivering outstanding returns for all
stakeholders.
Jeremy Pilkington
Chairman
29 November 2022
Condensed Consolidated Income Statement
For the period ended 30 September 2022
Six months Six months Full year
to to to
Note 30 Sept 30 Sept 31 Mar 2022
2022 2021 GBP000
GBP000 GBP000
----------- ----------- -------------
Revenue 3 186,487 176,103 350,915
Cost of sales (141,269) (133,354) (263,950)
-----------
Gross profit 45,218 42,749 86,965
Administrative expenses (23,378) (20,409) (43,968)
----------- ----------- -------------
Operating profit
before amortisation
and exceptional
items 5 25,377 23,988 46,299
Amortisation and
impairment (1,669) (1,648) (3,302)
Exceptional items 4 (1,868) - -
----------- ----------- -------------
Operating profit 3 21,840 22,340 42,997
Net financial expense 5 (3,982) (3,786) (7,353)
Profit before taxation,
amortisation and
exceptional items 5 21,395 20,202 38,946
Amortisation and
impairment (1,669) (1,648) (3,302)
Exceptional items 4 (1,868) - -
----------- ----------- -------------
Profit before taxation 5 17,858 18,554 35,644
Taxation 6 (4,281) (4,992) (10,109)
----------- ----------- -------------
Profit attributable
to owners of the
parent 13,577 13,562 25,535
Pence Pence Pence
Basic earnings per
share 8 34.24 34.26 64.49
Diluted earnings
per share 8 33.86 33.90 63.83
Dividend per share 9 11.00 10.50 25.00
IFRS 16 was adopted on 1 April 2019 for statutory reporting. As
a result, the primary statements are shown on an IFRS 16 basis.
Note 5 provides the impact on the consolidated income statement for
the periods ended 30 September 2022, including the GBP1.4 million
positive impact on operating profit before amortisation and
exceptional items (GBP24.0 million pre-IFRS 16) and GBP1.5 million
adverse impact on net financial expense (GBP2.5 million pre-IFRS
16).
Condensed Consolidated Statement of Comprehensive Income
For the period ended 30 September 2022
Six months Six months Full year
to to to
30 Sept 30 Sept 31 Mar
2022 2021 2022
GBP000 GBP000 GBP000
Profit for the period 13,577 13,562 25,535
Other comprehensive income/(expense):
Items that will not be reclassified
to profit or loss
Remeasurements of defined benefit
pension scheme - - 693
Tax on items taken to other
comprehensive income - - (183)
Impact of tax rate change - - 110
Items that may be subsequently
reclassified to profit or loss
Foreign exchange translation
difference 1,602 (58) 361
Effective portion of changes
in fair value of cash flow hedges - 221 221
Other comprehensive income 1,602 163 1,202
Total comprehensive income
for the period 15,179 13,725 26,737
----------- ----------- ----------
Condensed Consolidated Statement of Changes in Equity
For the period ended 30 September 2022
Note Six months Six months Full year
to to to
30 Sept 2022 30 Sept 31 Mar 2022
2021
GBP000 GBP000 GBP000
Total comprehensive
income for the period 15,179 13,725 26,737
Tax movements to equity (133) 535 90
Impact of tax rate change - - (11)
Share option charge
in the period 675 899 1,249
Net movement relating
to shares held by Vp
Employee Trust (535) (721) (516)
Movement in minority
interest - - (27)
Dividends to shareholders 9 (10,112) (9,897) (14,054)
Change in equity during
the period 5,074 4,541 13,468
Equity at the start
of the period 166,585 153,117 153,117
Equity at the end of
the period 171,659 157,658 166,585
------------- ----------- ------------
There were no movements in issued share capital, the capital
redemption reserve or share premium in the reported periods.
Condensed Consolidated Balance Sheet
At 30 September 2022
Note 30 Sept 31 Mar 30 Sept
2022 2022 2021
GBP000 GBP000 GBP000
Non-current assets
Property, plant and equipment 7 254,984 247,526 240,783
Goodwill 44,997 44,945 43,740
Intangible assets 15,834 17,477 18,848
Right of use assets 52,822 54,151 51,823
Employee benefits 2,670 2,738 2,127
------------ ------------ ------------
Total non-current assets 371,307 366,837 357,321
------------ ------------ ------------
Current assets
Inventories 8,657 7,956 6,794
Trade and other receivables 86,903 76,057 79,041
Cash and cash equivalents 10 9,428 13,617 10,471
Total current assets 104,988 97,630 96,306
------------ ------------ ------------
Total assets 476,295 464,467 453,627
------------ ------------ ------------
Current liabilities
Lease liabilities (14,172) (14,147) (14,606)
Trade and other payables (74,380) (80,676) (87,517)
Income tax payable (854) (152) (100)
------------ ------------ ------------
Total current liabilities (89,406) (94,975) (102,223)
------------ ------------ ------------
Non-current liabilities
Interest bearing loans
and borrowings 10 (158,370) (144,221) (142,107)
Lease liabilities (42,053) (43,496) (40,609)
Provisions (895) (1,512) -
Deferred tax liabilities (13,912) (13,678) (11,030)
------------ ------------ ------------
Total non-current liabilities (215,230) (202,907) (193,746)
------------ ------------ ------------
Total liabilities (304,636) (297,882) (295,969)
------------ ------------ ------------
Net assets 171,659 166,585 157,658
------------ ------------ ------------
Equity
Issued share capital 2,008 2,008 2,008
Capital redemption reserve 301 301 301
Share premium 16,192 16,192 16,192
Foreign currency translation
reserve 577 (1,020) (1,444)
Hedging reserve - - -
Retained earnings 152,581 149,104 140,574
------------ ------------ ------------
Total equity attributable
to equity
holders of parent 171,659 166,585 157,631
Non-controlling interest - - 27
Total equity 171,659 166,585 157,658
------------ ------------ ------------
Condensed Consolidated Statement of Cash Flows
For the period ended 30 September 2022
Note Six months Six months Full year
to to to
30 Sept 30 Sept 31 Mar
2022 2021 2022
GBP000 GBP000 GBP000
Cash flows from operating
activities
Profit before taxation 17,858 18,554 35,644
Adjustment for:
Share based payment charges 675 899 1,249
Depreciation 7 23,831 22,036 45,532
Depreciation of right of use
assets 8,098 8,497 16,561
Amortisation and impairment
of intangibles 1,669 1,648 3,302
Net financial expense 3,982 3,786 7,353
Profit on sale of property,
plant and equipment (5,041) (3,368) (7,045)
Release/(payment) of arrangement
fees 149 (591) 314
----------- ----------- -----------
Operating cash flow before
changes in working capital
and provisions 51,221 51,461 102,910
(Increase)/decrease in inventories (701) 548 (614)
Increase in trade and other
receivables (10,846) (12,495) (9,133)
(Decrease)/increase in trade
and other payables (8,034) 2,778 (2,781)
----------- ----------- -----------
Cash generated from operations 31,640 42,292 90,382
Interest paid (2,462) (2,317) (4,456)
Interest element of lease
liability payments (1,482) (1,493) (2,940)
Interest received 4 1 2
Income tax paid (3,465) (2,895) (6,282)
----------- ----------- -----------
Net cash flows from operating
activities 24,235 35,588 76,706
Cash flows from investing
activities
Proceeds from sale of property,
plant and equipment 12,202 8,241 17,819
Purchase of property, plant
and equipment (36,013) (34,918) (68,679)
Acquisition of businesses
and subsidiaries (net of cash
acquired) - - (2,693)
Net cash flows used in investing
activities (23,811) (26,677) (53,553)
Cash flows from financing
activities
Purchase of own shares by
Employee Trust (535) (721) (516)
Repayment of loans (10,000) (42,044) (95,044)
New loans 24,000 47,044 102,044
Arrangement fees - - (773)
Capital element of lease liability
payments (8,188) (8,808) (17,149)
Dividends paid 9 (10,112) (9,897) (14,054)
----------- ----------- -----------
Net cash flows used in financing
activities (4,835) (14,426) (25,492)
Net decrease in cash and cash
equivalents (4,411) (5,515) (2,339)
Effect of exchange rate fluctuations
on cash held 222 69 39
Cash and cash equivalents
at beginning of period 13,617 15,917 15,917
----------- ----------- -----------
Cash and cash equivalents
at end of period 10 9,428 10,471 13,617
----------- ----------- -----------
Notes to the Condensed Financial Statements
1. Basis of Preparation
Vp plc (the "Company") is incorporated and domiciled in the
United Kingdom. The Condensed Consolidated Interim Financial
Statements of the Company for the half year ended 30 September 2022
consolidate the financial information of the Company and its
subsidiaries (together referred to as the "Group").
The condensed interim financial statements have been prepared
using accounting policies set out in the Annual Report and Accounts
2022. They are unaudited and have not been reviewed by the
Company's auditor. They are in accordance with IAS 34 Interim
Financial Reporting. The results for the year ended 31 March 2022
and the Consolidated Balance Sheet as at that date are abridged
from the Group's Annual Report and Accounts 2022 which have been
delivered to the Registrar of Companies. The auditor's report on
those accounts was unqualified, did not draw attention to any
matters by way of emphasis and did not contain statements under
sections 498 (2) or (3) of the Companies Act 2006.
The condensed interim financial statements do not constitute
statutory accounts within the meaning of Section 434 of the
Companies Act 2006.
The interim announcement was approved by the Board of Directors
on 29 November 2022.
The preparation of financial statements requires management to
make judgements, estimates and assumptions that affect the
application of accounting policies and the reported amounts of
assets and liabilities, income and expense. Actual results may
differ from these estimates. In preparing these condensed
consolidated interim financial statements, the significant
judgements made by management in applying the Group's accounting
policies and key sources of estimation uncertainty were the same as
those that applied to the consolidated financial statements for the
year ended 31 March 2022.
The Group continues to be in a healthy financial position with
total banking facilities at the period end of GBP190.5 million,
including an overdraft facility. Since the year end net debt has
increased by GBP18.3 million to GBP148.9 million, which is GBP17.2
million higher than 30 September 2021. The Board has evaluated the
banking facilities and the associated covenants on the basis of
current forecasts, taking into account the current economic
climate. These forecasts have been subjected to sensitivity
analysis, involving the flexing of key assumptions reflecting
severe but plausible scenarios, including a downturn in economic
activity. Based on this assessment, the Directors have a reasonable
expectation that the Group will be able to continue in operation
and meet its liabilities as they fall due. Having reassessed the
principal risks the Directors consider it appropriate to adopt the
going concern basis of accounting in preparing the interim
financial information.
2. Risks and Uncertainties
The principal risks and uncertainties facing the Group and the
ways in which they are mitigated are described on page 32 and 33 of
the 31 March 2022 Annual Report and Accounts. The principal risks
and uncertainties are market, competition, investment / product
management, people, safety, financial, contractual and legal and
regulatory requirements, which remain the same for this interim
financial report.
3. Summarised Segmental Analysis
Revenue Operating Profit Before
Amortisation and Exceptional
Items
Sept Sept Mar Sept Sept Mar
2022 2021 2022 2022 2021 2022
GBP000 GBP000 GBP000 GBP000 GBP000 GBP000
UK 166,932 160,761 320,203 23,820 23,256 44,704
International 19,555 15,342 30,712 1,557 732 1,595
186,487 176,103 350,915 25,377 23,988 46,299
---------- -------- -------- ----------- ---------- -----------
Amortisation and impairment (1,669) (1,648) (3,302)
Exceptional items (1,868) - -
----------- ---------- -----------
Operating Profit 21,840 22,340 42,997
----------- ---------- -----------
Assets Liabilities
Sept Mar Sept Sept Mar Sept
2022 2022 2021 2022 2022 2021
GBP000 GBP000 GBP000 GBP000 GBP000 GBP000
UK 433,870 425,382 414,744 292,261 286,524 285,425
International 42,425 39,085 38,883 12,375 11,358 10,544
476,295 464,467 453,627 304,636 297,882 295,969
-------- -------- -------- -------- -------- --------
Net Assets
Sept 2022 Mar 2022 Sept 2021
GBP000 GBP000 GBP000
UK 141,609 138,858 129,319
International 30,050 27,727 28,339
171,659 166,585 157,658
---------- --------- ----------
Below summarises the disaggregation of revenue from contracts
with customers from the total revenue disclosed in the Condensed
Consolidated Income Statement:
Sept Sept 2021 Mar 2022
2022
GBP000 GBP000 GBP000
Equipment hire 140,889 134,607 266,795
Services 31,234 29,712 58,711
Sales of goods 14,364 11,784 25,409
Total revenue 186,487 176,103 350,915
------------------ -------------------- -------------------
4. Exceptional Items
During the half year to 30 September 2022, the Group incurred
GBP1.9 million of exceptional costs in relation to formal sale
process costs and restructuring costs.
Sept Sept 2021 Mar 2022
2022
GBP000 GBP000 GBP000
Formal sales process 1,837 - -
Restructuring costs 31 - -
Total Exceptional Items 1,868 - -
----------------- -------------------- -------------------
5. Income Statement Reporting
Impact on reporting of IFRS 16
IFRS 16 Leases was adopted from 1 April 2019. For comparative
purposes with previous years, key reporting measures are also
calculated using the previous accounting methodology of IAS 17.
Basic earnings per share before the amortisation of intangibles
and exceptional items decreased by 0.03 pence for the period to 30
September 2022 as a result of IFRS 16, compared to the previous
accounting methodology of IAS 17. The financial impact of the
transition on the Group's Consolidated Income Statement and EBITDA
is set out below:
Sept 2022 Sept 2022 Sept
Excluding IFRS 16 2022
IFRS 16 Impact
Reported
GBP000 GBP000 GBP000
Operating profit before amortisation 23,960 1,417 25,377
Operating profit 20,423 1,417 21,840
EBITDA 47,791 9,515 57,306
Net financial expense (2,503) (1,479) (3,982)
Profit before taxation and amortisation 21,457 (62) 21,395
Profit before taxation 17,920 (62) 17,858
Operating profit before amortisation, segment assets and segment
liabilities all increased as a result of the change in accounting
policy. The IFRS 16 adjustments that have been posted to each
segment for the half year ending 30 September 2022 are as
follows:
Operating Profit before Amortisation and Exceptional Items
Pre IFRS 16 Per
IFRS 16 Adjustment Note
3
GBP000 GBP000 GBP000
UK 22,457 1,363 23,820
International 1,503 54 1,557
23,960 1,417 25,377
--------- ------------ -------
Assets Liabilities
Pre IFRS 16 Per Note Pre IFRS 16 Per
IFRS 16 Adjustment 3 IFRS 16 Adjustment Note
3
GBP000 GBP000 GBP000 GBP000 GBP000 GBP000
UK 384,645 49,225 433,870 240,650 51,611 292,261
International 39,645 2,780 42,425 9,589 2,786 12,375
424,290 52,005 476,295 250,239 54,397 304,636
--------- ------------ --------- --------- ------------ --------
6. Income Tax
The effective tax rate is 24.0% in the period to 30 September
2022 (H1 2022: 26.9%). The effective rate for the period reflects
the current standard tax rate of 19% (H1 2022: 19%), as adjusted
for estimated permanent differences for tax purposes offset by
gains covered by exemptions. The rate includes the effect of higher
statutory tax rates levied in Australia and Germany. In addition,
exceptional costs have increased the effective tax rate by
approximately 2.2%.
7. Property, Plant and Equipment
Sept 2022 Mar 2022 Sept 2021
GBP000 GBP000 GBP000
Opening carrying amount 247,526 233,912 233,912
Additions 37,151 68,034 33,866
Acquisitions - 1,647 -
Depreciation (23,831) (45,532) (22,036)
Disposals (7,158) (10,774) (4,959)
Effect of movements in
exchange rates 1,296 239 -
-------------------- ------------------- --------------------
Closing carrying amount 254,984 247,526 240,783
-------------------- ------------------- --------------------
The value of capital commitments at 30 September 2022 was
GBP20,833,000 (31 March 2022 GBP14,523,000).
8. Earnings Per Share
Earnings per share have been calculated on 39,651,301 shares (H1
2022: 39,581,223 shares) being the weighted average number of
shares in issue during the period. Diluted earnings per share have
been calculated on 40,099,143 shares (H1 2022: 40,004,585 shares)
adjusted to reflect conversion of all potentially dilutive ordinary
shares. The calculation of diluted earnings per share does not
assume conversion, exercise, or other issue of potential ordinary
shares that would have an antidilutive effect on earnings per
share.
Basic earnings per share before the amortisation of intangibles
and exceptional items was 42.34 pence (H1 2022: 37.64 pence) and
was based on an after tax add back of GBP3,213,000 (H1 2022:
GBP1,335,000) in respect of the amortisation of intangibles and
exceptional items. Diluted earnings per share before amortisation
of intangibles and exceptional items was 41.87 pence (H1 2022:
37.24 pence).
9. Dividends
The Directors have declared an interim dividend of 11.00 pence
per share (H1 2022: 10.5 pence) payable on 11 January 2023 to
shareholders on the register at 9 December 2022. The dividend
declared will absorb an estimated GBP4.363 million (H1 2022:
GBP4.157 million).
The cost of dividends in the Statement of Changes in Equity is
after adjustments for the interim and final dividends waived by the
Vp Employee Trust in relation to the shares it holds for the
Group's share option schemes.
10. Analysis of Net Debt
As at Cash Non-cash As at
1 Apr Flow Movements 30 Sep
2022 2022
GBP000 GBP000 GBP000 GBP000
Cash and cash equivalents 13,617 (4,189) - 9,428
Secured loans (145,000) (14,000) - (159,000)
Arrangement Fees 779 - (149) 630
---------- --------- ---------- ----------
Net debt excluding lease
liabilities (130,604) (18,189) (149) (148,942)
Lease liabilities (57,643) 8,188 (6,770) (56,225)
----------
Net debt including lease
liabilities (188,247) (10,001) (6,919) (205,167)
---------- --------- ---------- ----------
The Group has two private placements, maturing in January 2027,
with PGIM Inc. for GBP65 million (drawn down in January 2020) and
GBP28 million (drawn down in April 2021). The Group also has
committed revolving credit facilities of GBP90 million which was
refinanced in June 2021 and matures in June 2024. The Group also
has overdraft facilities of GBP7.5 million, leading to total
available facilities of GBP190.5 million.
11. Related Party Transactions
Transactions between Group Companies, which are related parties,
have been eliminated on consolidation and therefore do not require
disclosure. The Group has not entered into any other related party
transactions in the period which require disclosure in this interim
statement.
12. Contingent Liabilities
In an international group a variety of claims arise from time to
time in the normal course of business. Such claims may arise due to
actions being taken against group companies as a result of
investigations by fiscal authorities or under regulatory
requirements. Provision has been made in these consolidated
financial statements against any claims which the directors
consider are likely to result in significant liabilities.
13. Forward Looking Statements
The Chairman's Statement includes statements that are forward
looking in nature. Forward looking statements involve known and
unknown risks, assumptions, uncertainties and other factors which
may cause the actual results, performance or achievements of the
Group to be materially different from any future results,
performance or achievements expressed or implied by such forward
looking statements. Statements in respect of the Group's
performance in the year to date are based upon unaudited management
accounts for the period 1 April 2022 to 30 September 2022. Nothing
in this announcement should be construed as a profit forecast.
Except as required by the Listing Rules and applicable law, the
Company undertakes no obligation to update, review or change any
forward looking statements to reflect events or developments
occurring after the date of this report.
14. Alternative Performance Measures
(i) All performance measures stated as before amortisation are
also before impairment of intangibles and exceptional items.
(ii) Basic earnings per share pre amortisation and exceptional
items is reconciled to basic earnings per share in note 8.
(iii) Profit before tax, amortisation and exceptional items is
reconciled to profit before tax in the Consolidated Income
Statement.
(iv) Return on average capital employed is based on profit
before tax, interest, amortisation and exceptional items divided by
average capital employed on a monthly basis using the management
accounts. Profit before tax, interest, amortisation and exceptional
items is reconciled to profit before interest and tax in the
Consolidated Income Statement.
Responsibility statement of the directors in respect of the
half-yearly financial report
We confirm that to the best of our knowledge:
-- the condensed consolidated set of interim financial
statements has been prepared in accordance with IAS 34 Interim
Financial Reporting as adopted by the EU;
-- the interim management report includes a fair review of the information required by:
(a) DTR 4.2.7R of the Disclosure and Transparency Rules, being
an indication of important events that have occurred during the
first six months of the financial year and their impact on the
condensed set of financial statements; and a description of the
principal risks and uncertainties for the remaining six months of
the year; and
(b) DTR 4.2.8R of the Disclosure and Transparency Rules, being
related party transactions that have taken place in the first six
months of the current financial year and that have materially
affected the financial position or performance of the entity during
that period; and any changes in the related party transactions
described in the last annual report that could do so.
By order of the Board
29 November 2022
The Board
The Directors who served during the six months to 30 September
2022 were:
Jeremy Pilkington (Chairman)
Neil Stothard (Chief Executive)
Allison Bainbridge (Group Finance Director)
Steven Rogers (Non-Executive Director)
Phil White (Non-Executive Director)
- Ends -
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END
IR UWSBRUOUAUAA
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November 29, 2022 02:00 ET (07:00 GMT)
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