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Tristel PLC  -  TSTL   

Half-year Report

Released 07:00 20-Feb-2018

RNS Number : 3166F
Tristel PLC
20 February 2018
 

TRISTEL plc

("Tristel", the "Company" or the "Group")

 

Half-year Report

Unaudited Interim Results for the six months ended 31 December 2017

 

Tristel plc (AIM: TSTL), the manufacturer of infection prevention and contamination control products, announces its interim results for the six months ended 31 December 2017, ahead of guidance at the AGM.

 

Tristel's lead technology is a proprietary chlorine dioxide formulation and the Company addresses three distinct markets:

·     The Human Healthcare market - via the Tristel brand

·     The Contamination Control market - via the Crystel brand

·     The Animal Healthcare market - via the Anistel brand

 

Financial highlights

·     Revenue up 10% to £10.7m (2016: £9.7m)

·     Overseas sales up 28% to £5.4m (2016: £4.2m), representing 50% of total sales (2016: 43%)

·     EBITDA before share-based payments up 18% to £2.7m (2016: £2.3m).

·     Pre-tax profit before share-based payments up 18% to £2m (2016: £1.7m). 

·     EPS before share-based payments up 21% to 4.0p (2016: 3.3p).

·     Interim dividend of 1.6p per share (2016: 1.4p), up 14%

·     Cash of £4.9m (2016: £3.9m)

 

Operational highlights

·     Established direct representation in Hong Kong

·     Developing the collaboration with MobileODT, which includes the development of a software APP for training and disinfection compliance   

·     Additional data requirements of Environmental Protection Agency (EPA) provided.  Approval awaited

 

Commenting on current trading, Paul Swinney, Chief Executive of Tristel, said: "We are very satisfied with overseas sales growth of 28% and with overseas revenues now accounting for one-half of all revenues. We have increased our pre-tax profit margin, before share-based payments, to 19% from 18% last year, even after costs of £0.5m incurred in the USA regulatory programme. Pre-tax profit before share-based payments has risen by 18% to £2m.

 

"We are progressing steadily with our planned entry into the North American hospital market having satisfied the additional data requirements of the EPA. A decision is expected from the EPA during the second half of this financial year. Our expectation continues to be that sales in North America will start next financial year.

 

"For many years we have been represented in Hong Kong by distributors and have now decided to employ our own team in this market. We expect the increased margin from selling directly to hospitals to exceed operational costs in next financial year. In the second half of this financial year, there will be an exceptional early termination payment to the distributor of approximately £0.2m."   

 

Tristel plc

www.tristel.com

Paul Swinney, Chief Executive 

Tel: 01638 721 500

Liz Dixon, Finance Director

 

 

 

finnCap

 

Geoff Nash / Giles Rolls, Corporate Finance

Tel: 020 7220 0500

Alice Lane, Corporate Broking

 

 

 

Walbrook PR Ltd

Tel: 020 7933 8780 or tristel@walbrookpr.com

Paul McManus

Mob: 07980 541 893

Lianne Cawthorne

Mob: 07584 391 303

 

Chairman's statement

 

Results

 

The Company made steady progress during the first half, with sales increasing to £10.7m, up 10% on the comparable period last year. Overseas sales grew very strongly by £1.2m, or 28%, whereas UK sales registered a decline of £0.2m (although sales in the first half last year had benefitted from a bulk purchase of £0.2m by our largest customer, NHS Supply Chain). These interim results did not enjoy the benefits of a weakening pound to the extent they did last year.

 

We are particularly pleased with the continued strong performance of our direct operations in Central Europe (managed by our office in Berlin), Australasia (managed by offices in Melbourne and Tauranga), and those of our international distributors (managed by Tristel UK).  We operate in China through a small team that manages a network of distributors.  In Hong Kong we have a subsidiary but had no direct presence during the first half of the financial year, although this has changed in the second half.

 

In Hong Kong we have sold through various distributors over the years.  The Hong Kong business has declined recently and to counteract this we have recruited a sales force, negotiated the termination of the distributorship and secured a cooperative hand over of the business, including two government supply contracts.  The cost of securing an orderly transfer of contracts and customers, together with set-up costs, will be expensed in the current financial year and will result in an exceptional cost in the second half of approximately £0.2m. We expect this cost to be quickly recouped given we will achieve a much greater gross margin though our direct sales channel.  

 

Overseas sales

First half

2017-18   

£

First half

2016-17   

£

Period-on-period growth £

Period-on-period growth %

Period-on-period growth %            at a constant currency

Australia (subsidiary)

1,155,000

776,000

379,000

49%

48%

China (subsidiary)

297,000

295,000

2,000

0%

2%

Hong Kong (subsidiary managing a distributor)

222,000

354,000

(132,000)

(37%)

(35%)

Germany & Central Europe (subsidiary)

1,953,000

1,526,000

427,000

28%

23%

New Zealand (subsidiary)

374,000

299,000

75,000

25%

28%

Overseas distributors (managed by UK)

1,372,000

943,000

429,000

45%

45%

Total overseas sales

5,373,000

4,193,000

1,180,000

28%

27%

Total UK sales

5,354,000

5,555,000

(201,000)

(4%)

(4%)

Worldwide sales

10,727,000

9,748,000

979,000

10%

10%

 

Whilst we are very pleased with our progress overseas we are working to reinvigorate sales growth in our domestic market.  In several of the key clinical departments in which we enjoy very high penetration in the UK, for example Ear, Nose and Throat and Cardiology, further growth opportunities are limited.  In response, we have developed new products for rinse water management in endoscope washing machines, and for surface disinfection in hospitals, and have high hopes for their success.  Rinse water management involves both a capital and consumable sales. Whilst first half revenues were modest we are pleased that we are already achieving sales from sixteen installations in the UK and Australia.  The new range of surface disinfectants will come to market in the second half of the year and we continue to secure new patents for these surface product innovations.     

 

We succeeded in raising the gross profit margin to 75% from 74% last first half, and our pre-tax profit margin, before share-based payments, of 19% improved upon last year (2016: 18%).

 

Investment to secure future growth

 

During the half we raised the pace of our investment in staff, manufacturing plant, product development and intellectual property to accelerate our future rate of revenue and profits growth.  Matching the increase in sales of 10%, headcount increased by twelve, a 11% increase. We invested £0.2m in specialised manufacturing equipment; £0.2m in product development for the new surfaces range, and £0.1m in the creation and maintenance of our intellectual property. We will continue to invest in future growth.

 

We plan to continue with a significant capital investment programme throughout calendar 2018 as we complete tooling and manufacturing set-up for the new surface product innovations.

 

We are also investing heavily to enter new geographical markets including North America.  During the period we spent £0.5m on our North American market entry plan compared to £0.2m in the corresponding period last year.  We are pursuing both FDA and EPA approvals for various products. We have incorporated a Delaware subsidiary but have not yet recruited a business development team.  We would expect to do this during the second half.  I am satisfied that we are progressing well towards our strategic objective of generating first revenues in North America in financial year 2018-19.

 

Dividend

 

During the first half a final dividend of 2.63 pence per share was paid, totalling £1.1m.  At the period end cash was £4.9m compared to £3.9m on 31 December 2016.  We will pay an interim dividend of 1.6 pence per share on 12 April 2018 to shareholders on the register on 23 March 2018, with an ex-dividend date of 22 March 2018. Our policy is to cover the dividend with earnings by at least two times and pay 40% as an interim and 60% as a final.

 

Outlook

 

In October 2016 we outlined our strategic financial targets to take us to the year ending June 2019.  We are half way through this current plan and on track to meet its objectives which were:

 

·     to grow sales by 10-15% on average over the three years;

·     to attain a pre-tax profit before share-based payments margin of at least 17.5%, whilst investing in future growth. 

 

From revenues of £17.1m in the year to 30 June 2016, we set out our ambitions to grow this business significantly.   We are making good progress in this regard and I believe that these growth and profitability targets remain very achievable.  We look forward to the Group's continued progress in the years ahead.

 

Francisco Soler

Chairman

20 February 2018

 

 

 

 

 

 

 

 

CONDENSED CONSOLIDATED INCOME STATEMENT

RESULTS FOR THE SIX MONTHS ENDED 31 DECEMBER 2017

 

 

 

6 months ended

6 months ended

Year ended

31-Dec-17

31-Dec-16

30-Jun-17

(unaudited)

(unaudited)

(audited)

£'000

£'000

£'000

 

 

 

 

 

Revenue

Note 3

10,727

9,748

20,273

Cost of sales

 

(2,643)

(2,496)

(4,598)

 

 

 

 

 

Gross profit

 

8,084

7,252

12,675

 

 

 

 

 

Administrative expenses - share based payments

 

(164)

(5)

(121)

Administrative expenses - depreciation & amortisation

 

(713)

(595)

(1,310)

Administrative expenses - other

 

(5,367)

(4,959)

(10,342)

Total administrative expenses

 

(6,244)

(5,559)

(11,773)

 

 

 

 

 

Operating profit

 

1,840

1,693

3,902

 

 

 

 

 

Finance income

 

1

2

4

Other income

 

-

-

41

Results from equity accounted associate

 

8

6

19

 

 

 

 

 

Profit before taxation

 

1,849

1,701

3,966

 

 

 

 

 

Taxation

 

(296)

(312)

(549)

 

 

 

 

 

Profit for the period

 

1,553

1,389

3,417

 

 

 

 

 

Attributable to:

 

 

 

 

Equity holders of the parent

1,553

1,389

3,417

 

 

 

 

 

1,553

1,389

3,417

 

 

 

 

 

Earnings per share from continuing operations

 

 

 

 

attributable to equity holders of the parent

Note 4

 

 

 

Basic (pence)

 

3.62

3.30

8.06

Diluted (pence)

 

3.46

3.14

7.80

 

All amounts relate to continuing operations.
 

CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

FOR THE SIX MONTHS ENDED 31 DECEMBER 2017

 

 

6 months ended

6 months ended

Year ended

31-Dec-17

31-Dec-16

30-Jun-17

(unaudited)

(unaudited)

(audited)

£'000

£'000

£'000

 

 

 

 

Profit for the period

1,553

1,389

3,417

 

 

 

 

 

Items that will be reclassified subsequently to Profit and loss

 

 

Exchange differences on translation of foreign operations

6

81

47

Other comprehensive income for the period

6

81

47

 

 

-

 

Total comprehensive income for the period

1,559

1,470

3,464

 

 

 

 

Attributable to:

 

 

 

Equity holders of the parent

1,559

1,470

3,464

 

 

 

 

 

1,559

1,470

3,464

 

 

 

 

 

 

 

CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

FOR THE SIX MONTHS ENDED 31 DECEMBER 2017

 

 

 

 

 

 

 

 

 

 

 

Share

Share

Merger

Foreign

Retained earnings

Total attributable to owners of the parent

Non- controlling interests

Total equity

capital

premium

reserve

exchange

 

account

 

reserve

 

£'000

£'000

£'000

£'000

£'000

£'000

£'000

£'000

30 June 2016

421

10,411

478

(1)

3,648

14,957

7

14,964

 

Transactions with owners

 

 

 

 

 

 

 

Dividends paid

-

-

-

-

(2,193)

(2,193)

-

(2,193)

Shares issued

3

32

-

-

-

35

-

35

Share-based payments

-

-

-

-

5

5

-

5

Total transactions with owners

3

32

-

-

(2,188)

(2,153)

-

(2,153)

Profit for the period ended 31 Dec 2016

-

-

-

-

1,389

1,389

(2)

1,387

Other comprehensive income:- Exchange differences

on translation of foreign operations                

-

-

-

81

-

81

-

81

Total comprehensive income

-

-

-

81

1,389

1,470

(2)

1,468

31 Dec 2016

424

10,443

478

80

2,849

14,274

5

14,279

Transactions with owners

 

 

 

 

 

 

 

Dividends paid

-

-

-

-

(594)

(594)

-

(594)

Shares issued

3

262

-

-

-

265

-

265

Share-based payments

-

-

-

-

116

116

-

116

Total transactions with owners

3

262

-

-

(478)

(213)

-

(213)

Profit for the period ended 30 Jun 2017

-

-

-

-

2,028

2,028

2

2,030

Other comprehensive income:- Exchange differences

on translation of foreign operations

 

-

 

-

 

-

 

(34)

 

-

 

(34)

 

-

 

(34)

Total comprehensive income

-

-

-

(34)

2,028

1,994

-

1,996

30 Jun 2017

427

10,705

478

46

4,399

16,055

7

16,062

Transactions with owners

 

 

 

 

 

 

 

Dividends paid

-

-

-

-

(1,130)

(1,130)

-

(1,130)

Shares issued

2

187

-

-

-

189

-

189

Share-based payments

-

-

-

-

164

164

-

164

Total transactions with owners

2

187

-

-

(966)

(777)

-

(777)

Profit for the period ended 31 Dec 2017

-

-

-

-

1,553

1,553

-

1,553

Other comprehensive income:- Exchange differences

on translation of foreign operations                

-

-

-

6

-

6

-

6

Total comprehensive income

-

-

-

6

1,553

1,559

-

1,559

31 Dec 2017

429

10,892

478

52

4,986

16,837

7

16,844

 

 

CONDENSED CONSOLIDATED BALANCE SHEET

AS AT 31 DECEMBER 2017

 

 

 

 

 

31-Dec-17

31-Dec-16

30-Jun-17

(unaudited)

(unaudited)

(audited)

£'000

£'000

£'000

Non-current assets

Investment

 

589

-

589

Goodwill & other Intangible assets

6,815

6,882

6,989

Property, plant and equipment

1,518

1,381

1,409

 

 

 

 

 

8,922

8,263

8,987

Current assets

 

 

 

Inventories

2,226

1,753

2,292

Trade and other receivables

3,871

3,776

3,745

Cash and cash equivalents

4,945

3,854

5,088

 

 

 

 

 

11,042

9,383

11,125

 

 

 

 

Total assets

19,964

17,646

20,112

Capital and reserves attributable to the Company's equity holders

 

 

Called up share capital

429

424

427

Share premium account

10,892

10,443

10,705

Merger reserve

478

478

478

Foreign exchange reserves

52

80

46

Retained earnings

4,986

2,849

4,399

 

 

 

 

Equity attributable to equity holders of parent

16,837

14,274

16,055

 

 

 

 

Non-controlling interest

7

5

7

 

 

 

 

Total Equity

16,844

14,279

16,062

Current liabilities

 

 

 

Trade and other payables

2,296

2,583

3,147

Current tax liabilities

639

649

728

 

 

 

 

Total current liabilities

2,935

3,232

3,875

Non-current liabilities

 

 

 

Deferred tax

185

135

175

Total liabilities

3,120

3,367

4,050

Total equity and liabilities

19,964

17,646

20,112

 

 

 

 

CONDENSED CONSOLIDATED CASH FLOW STATEMENT

FOR THE SIX MONTHS ENDED 31 DECEMBER 2017

 

 

 

6 months ended

6 months ended

Year ended

31-Dec-17

31-Dec-16

30-Jun-17

(unaudited)

(unaudited)

(audited)

£'000

£'000

£'000

Cash flows generated from operating activities

 

 

 

 

Cash generated from operating activities

Note 6

1,814

1,701

4,806

Corporation tax   

 

(375)

(94)

(454)

 

 

 

 

 

 

 

1,439

1,607

4,352

Cash flows used in investing activities

 

 

 

 

Interest received

 

1

2

4

Purchase of intangible assets

 

(263)

(204)

(419)

Consideration for acquisition

 

-

(959)

(994)

Purchase of investments

 

-

-

(589)

Purchase of property, plant and equipment

 

(402)

(244)

(585)

Proceeds on sale of property, plant and equipment

 

17

14

45

 

 

 

 

 

 

 

(647)

(1,391)

(2,538)

Cash flows used in financing activities

 

 

 

 

Share issues

 

189

35

300

Equity dividends paid

 

(1,130)

(2,193)

(2,787)

 

 

(941)

(2,158)

(2,487)

 

 

 

 

 

(Decrease) in cash and cash equivalents

 

(149)

(1,942)

(673)

Cash and cash equivalents at the beginning of the period

 

5,088

5,715

5,715

Exchange difference on cash and cash equivalents

 

6

81

46

 

 

 

 

 

Cash and cash equivalents at the end of the period

 

4,945

3,854

5,088

 

NOTES TO THE ACCOUNTS

FOR THE SIX MONTHS ENDED 31 DECEMBER 2017

 

1      PRINCIPal ACCOUNTING POLICIES

 

Basis of Preparation

For the year ended 30 June 2017, the Group prepared consolidated financial statements under International Financial Reporting Standards ('IFRS') as adopted by the European Commission. These condensed consolidated interim financial statements (the interim financial statements) have been prepared under the historical cost convention. They are based on the recognition and measurement principles of IFRS in issue as adopted by the European Union (EU) which are effective from 1 July 2017.

 

Accounting Policies

The interim report is unaudited and has been prepared on the basis of IFRS accounting policies.

 

The accounting policies adopted in the preparation of this unaudited interim financial report are consistent with the most recent annual financial statements being those for the year ended 30 June 2017.

 

2      Publication of non-statutory accounts

 

The financial information for the six months ended 31 December 2017 and 31 December 2016 have not been audited and does not constitute full financial statements within the meaning of Section 434 of the Companies Act 2006.

 

The financial information relating to the year ended 30 June 2017 does not constitute full financial statements within the meaning of Section 434 of the Companies Act 2006. This information is based on the Group's statutory accounts for that period. The statutory accounts were prepared in accordance with International Financial Reporting Standards ("IFRS") and received an unqualified audit report and did not contain statements under Section 498(2) or (3) of the Companies Act 2006. These financial statements have been filed with the Registrar of Companies.

 

3      SEGMENTAL ANALYSIS

 

The Board considers the Group's revenue lines to be split into three operating segments, which span the different Group entities. The operating segments consider the nature of the product sold, the nature of production, the class of customer and the method of distribution. The Group's operating segments are identified from the information which is reported to the chief operating decision maker.  

 

The first segment concerns the manufacture, development and sale of infection control and hygiene products which incorporate the Company's chlorine dioxide chemistry, and are used primarily for infection control in hospitals ("Human Health"). This segment generates approximately 89% of Group revenues.

 

The second segment, which constitutes 5% of the business activity, relates to manufacture and sale of disinfection and cleaning products, principally into veterinary and animal welfare sectors ("Animal Health"). 

 

The third segment addresses the pharmaceutical and personal care manufacturing industries ("Contamination Control"). This activity has generated 6% of the Group's revenue for the period.

 

The operation is monitored and measured on the basis of the key performance indicators of each segment, these being revenue and gross profit; strategic decisions are made on the basis of revenue and gross profit generating from each segment.

 

The Group's centrally incurred administrative expenses and operating income are not attributable to individual segments.

 

 

 

 

6 months ended

31 December 2017

6 months ended

31 December 2016

Year ended

30 June 2017

(unaudited)

(unaudited)

(audited)

 

Human Health

Animal Health

Cont'n Control

Total

Human Health

Animal Health

Cont'n Control

Total

Human Health

Animal Health

Cont'n Control

Total

£'000

£'000

£'000

£'000

£'000

£'000

 

£'000

£'000

£'000

£'000

£'000

£'000

Revenue

9,535

488

704

10,727

8,730

440

578

9,748

18,107

878

1,288

20,273

Cost of material

(2,213)

(179)

(2,643)

(2,170)

(106)

(220)

(2,496)

(3,881)

(223)

(494)

(4,598)

Gross profit

7,322

309

453

8,084

6,562

332

358

7,252

14,226

655

794

15,675

 

Centrally incurred income and expenditure not attributable to individual segments: -

 

 

 

 

 

 

 

 

 

Dep'n & amort'n of non- financial assets

 

(713)

 

 

 

(595)

 

 

 

(1,310)

Other administrative expenses

 

 

(5,367)

 

 

 

(4,959)

 

 

 

(10,342)

Share based payments

 

 

(164)

 

 

 

(5)

 

 

 

(121)

Segment operating profit

 

1,840

 

 

 

1,693

 

 

 

3,902

 

Segment operating profit can be reconciled to Group

profit before tax as follows: -

 

 

 

 

 

 

 

 

 

Segment operating profit

 

1,840

 

 

 

1,693

 

 

 

3,902

Results from equity accounted associate

 

8

 

 

 

6

 

 

 

19

Finance income

 

 

1

 

 

 

2

 

 

 

4

Other income

 

 

-

 

 

 

-

 

 

 

41

 

 

 

 

 

 

 

 

 

 

 

 

Group profit

 

 

1,849

 

 

 

1,701

 

 

 

3,966

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

The Group's revenues from external customers are divided into the following geographical areas:

 

 

6 months ended

31 December 2017

6 months ended

31 December 2016

Year ended

30 June 2017

(unaudited)

(unaudited)

(audited)

 

Human healthcare

Animal healthcare

Cont'n control

Total

Human healthcare

Animal healthcare

Cont'n control

Total

Human healthcare

Animal healthcare

Cont'n Control

Total

£'000

£'000

£'000

£'000

£'000

£'000

 

£'000

£'000

£'000

£'000

£'000

£'000

United Kingdom

4,397

337

620

5,354

4,739

314

502

5,555

8,910

636

1,129

10,675

Germany

1,881

-

27

1,908

1,523

3

-

1,526

3,048

62

150

3,260

Rest of the World

3,257

151

57

3,465

2,468

123

76

2,667

6,149

180

9

6,338

Group Revenues

9,535

488

704

10,727

8,730

440

578

9,748

18,107

878

1,288

20,273

                                       

 

 

4            EARNINGS PER SHARE

 

The calculations of earnings per share are based on the following profits and number of shares:

 

6 months ended

31 December 2017

 

6 months ended

31 December 2016

 

Year ended

30 June 2017

 

(unaudited)

 

(unaudited)

 

(audited)

 

£'000

 

£'000

 

£'000

Retained profit for the period attributable to equity holders of the parent

1,553

 

1,389

 

3,417

Retained profit for the period attributable to equity holders of the parent adjusted for share based payments

1,717

 

1,394

 

3,538

 

 

 

 

 

 

 

Shares '000

Number

 

Shares '000

Number

 

Shares '000 Number

Weighted average number of ordinary shares for the purpose of basic earnings per share

42,884

 

42,056

 

42,418

Share options

1,942

 

2,198

 

1,399

Weighted average number of ordinary shares for the purpose of diluted earnings per share

44,826

 

44,254

 

43,817

 

 

 

 

 

 

Earnings per ordinary share

 

 

 

 

 

Basic (pence)

3.62

 

3.30

 

8.06

Diluted (pence)

3.46

 

3.14

 

7.80

Before share based payments (pence)

4.00

 

3.30

 

8.34

            

             5     Dividends

 

6 months ended

31 December 2017

 

6 months ended

31 December 2016

 

Year ended

30 June 2017

 

(unaudited)

 

(unaudited)

 

(audited)

Amounts recognised as distributions to equity holders in the period:

 

£'000

 

£'000

 

£'000

Ordinary shares of 1p each

 

 

 

 

 

 

Special dividend for the year ended 30 June 2016 of 3.00p per share (2015: 3.00p)

-

 

1,265

 

1,265

Final dividend for the year ended 30 June 2017 of 2.63p (2016: 2.19p) per share

1,130

 

928

 

928

 

 

 

 

 

 

Interim dividend for the year ended 30 June 2017 of 1.40p (2016: 1.14p) per share

-

 

-

 

594

 

 

 

 

 

 

 

1,130

 

2,193

 

2,787

 

 

 

 

 

 

Proposed interim dividend for the year ending 30 June 2018 of 1.60p (2017: 1.40p) per share

688

 

594

 

-

  

The proposed interim dividend has not been included as a liability in the financial statements.
 

6          RECONCILIATION OF PROFIT BEFORE TAX to cash GENERATED from operations

 

 

6 months ended

6 months ended

Year ended

 

31-Dec-17

31-Dec-16

30-Jun-17

 

(unaudited)

(unaudited)

(audited)

 

£'000

£'000

£'000

 

 

 

 

 

Profit before taxation

1,849

1,701

 3,966

Adjustments for:

 

 

 

Depreciation

276

270

564

Amortisation of intangibles

 

437

325

679

Impairment

 

-

-

67

Gain on settlement of pre-existing agreement

-

-

(41)

Share based payments expense (IFRS2)

164

5

121

(Profit)/Loss on disposal of property plant and equipment

-

(6)

(16)

Loss on disposal of intangible asset

-

-

-

Finance costs

-

-

-

Finance income

(1)

(2)

(4)

 

 

 

 

Operating cash flows before movement in working capital

2,725

2,293

5,336

Decrease/(increase) in inventories

66

122

(294)

Increase in trade and other receivables

(126)

(41)

(1)

(Decrease) in trade and other payables

(851)

(673)

(235)

 

 

 

 

Cash generated from operating activities

1,814

1,701

4,806

 

 

 

 

 

 

               

 

 


This information is provided by RNS
The company news service from the London Stock Exchange
 
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Half-year Report - RNS