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Nichols PLC   -  NICL   

2019 Interim Result & Board Changes

Released 07:00 17-Jul-2019

RNS Number : 7355F
Nichols PLC
17 July 2019
 

 

www.nicholsplc.co.uk

 

 

www.n1singer.com

 

 

 

Nichols plc

*EBITDA is the statutory profit before tax, interest, depreciation and amortisation

Half Year ended

30 June 2019

Half Year ended

30 June 2018

% movement

 

£m

£m

 

 

 

 

 

Group Revenue

71.6

65.0

10.2%

Operating Profit

13.3

13.1

2.1%

Operating Profit margin

18.6%

20.1%

 

 

 

 

 

Profit Before Tax (PBT)

13.3

13.1

2.0%

PBT Margin

18.6%

20.1%

 

 

 

 

 

EBITDA*

15.3

14.0

9.7%

 

 

 

 

Earnings per share (basic)

29.63p

28.81p

2.8%

Interim dividend

12.4p

11.3p

9.7%

 

 

 

"Nichols plc has delivered another good trading performance in the first half of 2019, with growth across both the UK and international markets. As a result, revenue, profit before tax and earnings per share have all increased during the period, and we have increased the interim dividend by 9.7%."

Chairman's Statement

 

The interim dividend will be paid on 30 August 2019 to shareholders registered on 26 July 2019; the ex-dividend date is 25 July 2019.

 

The Board intends to deliver continued returns to shareholders through a progressive dividend policy, with increases aligned to growth in earnings per share with the alignment being fully implemented by 2021.

 

Summary and outlook

 

 

 

      CONSOLIDATED INCOME STATEMENT

           

 

 

Unaudited

Audited

 

 

 

Half year

ended

Full year ended

 

30-Jun-2018

31-Dec-2018

 

 

 

 

 

 

 

 

£'000

 

 

 

 

 

 

Revenue

 

 

 

 

 

 

Operating Profit

 

Finance income

 

Finance expense

 

 

 

 

 

 

Profit Before Taxation

 

 

 

 

 

 

Taxation

 

 

 

 

 

 

Profit for the financial period

 

 

 

 

 

 

 

 

 

 

 

 

Earnings Per Share (basic)

 

 

 

 

 

 

 

Earnings Per Share (diluted) - all activities

 

 

 

 

 

 

Dividends paid per share

 

 

 

 

 

 


 

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Items that will not be reclassified subsequently to profit or loss

 

Re-measurement of net defined benefit liability

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total comprehensive income for the period

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

  

CONSOLIDATED STATEMENT OF FINANCIAL POSITION

 

 

Unaudited

 

Unaudited

 

Audited

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total non-current assets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total current assets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

LIABILITIES

 

 

 

 

 

Current liabilities

 

 

 

 

 

 

 

 

 

Total current liabilities

 

 

 

 

 

 

 

 

Non-current liabilities

 

 

 

 

 

 

 

 

 

 

 

Total non-current liabilities

 

 

 

 

 

 

 

 

Total liabilities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

EQUITY

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total equity

 

 

 

 

 

 

 

 

 

            CONSOLIDATED STATEMENT OF CASH FLOWS

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

NOTES

 

           

 

 

IFRS 16, Leases

 

IFRS 16, Leases has replaced IAS 17, Leases with effect from 1 January 2019. The adoption of IFRS 16 has resulted in the Group recognising right-of-use assets and lease liabilities on the consolidated statement of financial position for all contracts that are, or contain, a lease. The new standard removes the distinction between operating and finance leases, with all leases now being accounted for by recognising a right-of-use asset and a lease liability except for leases of low value assets and leases with a term of 12 months or less ("short term leases").

 

Lease liabilities are measured at the present value of the contractual payments due to the lessor over the lease term, with the discount rate determined by reference to the rate inherent in the lease unless (as is typically the case) this is not readily determinable, in which case the Group's incremental borrowing rate on commencement of the lease is used.

 

Subsequent to initial measurement, lease liabilities increase as a result of interest charged at a constant rate on the balance outstanding and are reduced for lease payments made. Right-of-use assets are depreciated on a straight-line basis over the remaining term of the lease.

 

The Group has identified non-cancellable operating lease commitments totalling £4.7m as at 1 January 2019, relating to property leases for operational sites and motor vehicles. The Group has applied the modified retrospective transition approach to its leases with effect from 1 January 2019, whereby the asset and liability values recognised are equal to one another, with no adjustment to opening reserves. The impact of adopting IFRS 16 on a modified retrospective basis was therefore to recognise a right-of-use asset and a lease liability of £4.1m at 1 January 2019.

 

The Group has presented right-of-use assets within property, plant and equipment, with the corresponding liabilities presented within trade and other payables split between current and non-current liabilities on the consolidated statement of financial position.

 

The Group has classified the principal portion of lease payments within financing activities and the interest portion within operating activities on the consolidated statement of cash flows. Lease payments for short-term leases and low-value assets not included in the measurement of the lease liability are classified as cash flows from operating activities.

 

The application of IFRS 16 has resulted in an increase in depreciation and finance costs offset by a decrease in rental costs, resulting in no material impact on Profit Before Tax. However, the application of IFRS 16 has increased reported EBITDA by the amount of its current operating lease cost, which for the 6 months ended 30 June 2019 was £0.5m.

 

 

 

www.nicholsplc.co.uk

 

This Interim Report has been prepared solely to provide additional information to shareholders to assess the Group's strategies and the potential for those strategies to succeed. The Interim Report should not be relied on by any other party or for any other purpose.

 


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.
 
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2019 Interim Result & Board Changes - RNS