TIDMRST
RNS Number : 4160J
Restore PLC
16 August 2023
16 August 2023
Restore plc
("Restore" or the "Group" or "Company")
Half Year Results 2023
Restore plc (AIM: RST), the UK's leading provider of digital and
information management and secure lifecycle services, today
announces its unaudited results for the six months ended 30 June
2023 ("H1", or "the period").
OVERVIEW
During the half, the Group delivered solid revenues with good
performances in Records Management, Digital's recurring income
streams and Harrow Green. As previously announced, this has been
offset by a weaker performance in Technology due to reduced volumes
of quality IT assets for resale, and a lower level of non-recurring
contracts in Digital (particularly in bulk scanning).
Overall, revenue was broadly unchanged at GBP139.6m (H1 2022:
GBP140.3m) for the period, with adjusted EBITDA(1) down 5% against
H1 2022 at GBP38.3m as a result of the net effect of trading
factors noted above. Adjusted profit before tax(1) reduced to
GBP15.1m after the additional impact of higher interest rates on
borrowing costs.
As a result of increases to the Group's cost of capital, reduced
expectations on service activity, paper volumes and recycled paper
pricing, a non-cash write-down of GBP32.5m against the legacy
investment in Datashred has been applied. This write-down results
in a statutory loss before tax for the Group of GBP25.9m.
The Group remained highly cash generative, with net debt(2)
reducing to GBP97.9m and a leverage(3) ratio of 1.8x which remains
well within the Group's target range and covenant levels.
The Group has also announced today the appointment of Mike
Killick as interim CFO who will take over day-to-day finance
responsibility with effect from 21 August 2023 from Neil Ritchie
who previously announced his decision to step down as CFO on 14
June 2023. Neil Ritchie will oversee an orderly transition and be
available until the end of his contractual notice period on 13
December 2023. Good progress is being made with the Group's
management succession planning and further updates on the ongoing
search processes for a new CEO and the permanent CFO roles will be
made in due course.
Current trading remains in line with the Board's revised
expectations to achieve an adjusted profit before tax of GBP31m for
the full year.
FINANCIAL SUMMARY H1 2023 H1 2022(4) Change
-------------------------------------- ---------- ----------- -------
Revenue GBP139.6m GBP140.3m -0%
Adjusted EBITDA GBP38.3m GBP40.3m -5%
Adjusted profit before tax GBP15.1m GBP20.9m -28%
Statutory (loss)/profit before
tax -GBP25.9m GBP14.1m -284%
Net debt(4) GBP97.9m GBP103.5m -5%
Adjusted basic earnings per share(1) 8.4p 12.4p -32%
Statutory basic (loss)/earnings
per share -20.5p 7.5p -373%
Dividend per share 1.85p 2.6p -29%
--------------------------------------- ---------- ----------- -------
OPERATING PERFORMANCE
-- Records Management, which represents over 70% of Group
profits, delivered revenue growth of 6% and net box growth of 0.4%
in the period. Price increases have been successfully implemented
and costs have been well controlled. The new BBC and Department for
Work and Pensions contracts continue to progress well
-- In the Digital business, income from recurring outsourcing,
storage and data support services was in line with expectations,
although a reduction in bulk scanning has impacted performance,
with the comparative period also benefiting from a large
non-recurring public sector contract of GBP5.3m delivered in H1
2022
-- Revenue in Technology declined, as recycled asset sales
continued to show weak volume and quality, although secure
destruction and end user device services remained on track. The
latest hardware market data indicates that subdued volumes will
continue into H2 2023
-- Datashred delivered increased service activity levels and a
continued focus on operational efficiency, however a significant
reduction in recycled paper prices since the period end is expected
to impact H2 profitability
-- Harrow Green continues to perform well and in line with management's expectations
-- Cost reduction plan on track to save c.GBP5m in 2023,
primarily through organisation and property changes, whilst
preserving capability and capacity. Other cost mitigation actions
include a fixing of a proportion of energy costs to replace the
Group's previous fixed energy deal and an extension of fixed rate
interest instruments.
FINANCIAL PERFORMANCE
-- Revenue was broadly unchanged at GBP139.6m (H1 2022:
GBP140.3m), with adjusted EBITDA down 5% at GBP38.3m reflecting a
robust performance in Records Management but weakness in Technology
trading and non-recurring contracts in Digital
-- Across the Group, total storage revenue was up 11%, long term
contracts and recurring income was up 3%, relocations revenue was
up 7% but other service income, IT asset and paper trading was down
13%
-- In the Digital and Information Management division revenue
was GBP85.1m (H1 2022: GBP87.1m) and adjusted operating profit was
GBP20.9m (H1 2022: GBP24.6m)
-- In the Secure Lifecycle Services division revenue was
GBP54.5m (H1 2022: GBP53.2m) and adjusted operating profit was
GBP3.3m (H1 2022: GBP5.6m)
-- Adjusted profit before tax was lower at GBP15.1m (H1 2022:
GBP20.9m) due to the net impact of different trading conditions
across the Group and the impact of higher interest rates on
financing costs with the resulting adjusted basic earnings per
share down 32% to 8.4p (H1 2022: 12.4p)
-- A non-cash impairment of GBP32.5m has been made to the
carrying value of the Datashred acquisition investment and results
from an increase in the weighted average cost of capital used in
the valuation of future cashflows and reduced expectations on
service activity, paper volumes and recycled paper pricing.
Although a large write down, this does not impact the Group's
ability to pay dividends
-- Statutory loss before tax for the period was GBP25.9m (H1
2022: GBP14.1m profit before tax) and is reflective of the
significant non-cash impairment of the Datashred investment, with a
resulting statutory basic loss per share of 20.5p (H1 2022: 7.5p
earnings per share). Excluding this impairment, the statutory
profit before tax for the period would be GBP6.6m
-- Good cash generation, resulted in net debt reducing to
GBP97.9m and a leverage ratio of 1.8x, well within the Group's
target range and covenant levels (H1 2022: 1.7x)
-- Interim dividend of 1.85p (H1 2022: 2.6p) declared, but
reduced proportionately to reflect the lower earnings in the
period.
OUTLOOK
The Board anticipates that the Group will achieve a solid
revenue performance for the year underpinned by the core storage
and highly contracted income streams that are a central feature of
the Group's strength. As previously announced, the specific
challenges in Technology, Digital and Datashred will impact the
full year performance. However, actions are being taken to mitigate
these headwinds, including plans to reduce costs by approximately
GBP5m in 2023 whilst preserving the Group's capabilities and
capacity. Current trading remains in line with the Board's revised
expectations for an adjusted profit before tax of GBP31m for the
full year.
Cash generation is expected to remain good and net debt is
expected to continue to reduce in the second half.
Whilst the near-term economic outlook remains uncertain, the
fundamentals of the business remain strong, with the core long-term
contracted and storage revenue underpinning the profitability and
cash generation of the Group.
Jamie Hopkins, Interim CEO, commented:
"Whilst the first half has been a difficult period, the Group
remains profitable and cash generative on an adjusted basis and
continues to deliver excellent service for our customers. The
fundamentals of the business remain highly attractive and our core
storage business and recurring service income across the Group
provide a strong base from which to navigate the current economic
challenges and rebuild profitability and shareholder value. Good
progress is being made with the Group's management succession
planning and we are delighted to welcome Mike Killick, who will be
joining as interim CFO on 21 August 2023."
For further information please contact:
Restore plc www.restoreplc.com
Jamie Hopkins, Interim CEO
Chris Fussell, Company Secretary +44 (0) 207 409 2420
Investec (Nominated Adviser and Joint www.investec.com
Broker)
Carlton Nelson
James Rudd +44 (0) 207 597 5970
Canaccord Genuity (Joint Broker, Corporate www.canaccordgenuity.com
Advisor)
Max Hartley
Chris Robinson +44 (0) 207 523 8000
Citi (Joint Broker) www.citigroup.com
Stuart Field
Luke Spells +44 (0) 207 986 4074
Buchanan Communications (PR enquiries) www.buchanan.uk.com
Charles Ryland
Simon Compton +44 (0) 207 466 5000
Notes
1. Adjusted profit and earnings are stated before adjusting
items, amortisation and impairment, with adjusted EPS calculated
using a standard tax charge
2. Net debt defined as external borrowings less cash, excluding
the effects of lease obligations under IFRS16
3. Leverage calculated using pre-IFRS16 EBITDA adjusted for
share-based payments, including a pro-forma adjustment for
acquisitions in line with financial debt covenants
4. GBP0.3m of bank refinancing charges were treated as adjusting
items in deriving adjusted PBT and adjusted EPS at H1 2022 but have
been restated to not exclude these charges consistent with
treatment at FY22
BUSINESS PERFORMANCE
The core business of the Group in storage and recurring services
continued to grow during the period. However, the Group experienced
reduced levels of activity across some business lines in Q2 with
customers deferring or reducing activity to reduce their costs as a
result of broader macro-economic uncertainty.
These effects, together with continued soft trading in recycled
IT assets and a large non-recurring public sector contract in
Digital benefitting H1 2022 resulted in a flat revenue performance
of GBP139.6m (H1 2022: GBP140.3m). The Group remains profitable on
an adjusted basis, albeit at a lower level than that achieved in H1
2022, with price increases offsetting inflationary pressures. The
lower adjusted profit before tax for the period of GBP15.1m (H1
2022: GBP20.9m) reflects these different trading effects and also
the impact of interest costs on financing expenses.
The statutory loss before tax for the period of GBP25.9m (H1
2022: GBP14.1m profit before tax) reflects a non-cash impairment of
GBP32.5m on the carrying value of the historic acquisition
investment in Restore Datashred.
The Group remains highly cash generative, with net debt reducing
during the period to GBP97.9m and leverage operating well within
the Group's target at 1.8x (H1 2022: 1.7x).
Digital and Information Management
Our Digital and Information Management division comprises
Restore Records Management and Restore Digital.
For the period, the division achieved revenue of GBP85.1m (H1
2022: GBP87.1m) and an adjusted operating profit of GBP20.9m (H1
2022: GBP24.6m). Within this, the business successfully implemented
a programme of price increases that offset inflationary pressures
during the period. The prior half year also included the benefit of
large non-recurring contracts within Digital with associated
revenues of GBP5.3m.
Restore Records Management - Revenue GBP59.3m up 6% (H1 2022:
GBP55.9m)
Records Management is the largest business unit in the Group and
represents over 40% of Group revenue and 70% of operating
profits.
Storage income, representing 71% of revenue, saw boxes under
management increase by 0.4% during the period, primarily as a
result of intake on the previously announced BBC archive contract
that commenced in April following completion of a bespoke,
environment-controlled vault.
Price increases were successfully implemented through Q1 and
into Q2 and have offset inflationary pressures from people costs,
leases, rates and energy.
Cost management is a continued focus and targeted changes to
organisation structures and the property estate are returning
savings and a more efficient operating model. As a result, capacity
utilisation eased as planned from 97% to 95% and is more in line
with our long-term utilisation target.
With the BBC contract underway, the focus for sales has now
returned to new business wins and there is a strong pipeline of
opportunities for H2. However, offsetting net box growth has been
an increased level of customer destructions.
Restore Digital - Revenue GBP25.8m down 17% (H1 2022:
GBP31.2m)
Digital has successfully developed a broader portfolio of income
streams since the acquisition of EDM in 2021, with revenue from
outsourced digital mailrooms, cloud hosted storage and management
services, records preservation and software provision performing
predictably and in line with management expectations.
However, a high proportion of the business remains in bulk
document scanning and data capture services which, whilst providing
future potential to develop into more complex, recurring revenue,
can be more cyclical in the current macro environment.
In 2022, the Digital business benefitted from substantial
non-recurring contracts of GBP5.3m and during the later stages of
H1 2023 the level of non-recurring customer project activity
reduced and led us to reduce our expectations for the year.
In line with this change, a number of strategic operational
initiatives have been accelerated, including the consolidation of
one of the eleven sites into the rest of the estate, which will
improve flexibility and reduce costs.
In sales, the team continues to lead the market with 233 new
deals won in the period, extension of long-term contracts with ten
key customers and a stable pipeline of further opportunities
although customer decision making has slowed in 2023.
Secure Lifecycle Services
Our Secure Lifecycle Services division comprises Restore
Technology, the market leader in IT Lifecycle Services, Restore
Datashred, a national shredding business, and Restore Harrow Green,
the UK's market leader in office and commercial relocations.
For the period the division achieved revenue of GBP54.5m (H1
2022: GBP53.2m) and an adjusted operating profit of GBP3.3m (H1
2022: GBP5.6m).
Whilst the recycling arm of Technology faced laptop and desktop
availability headwinds resulting in reduced recycling income,
Datashred and Harrow Green performed well through H1, although
caution should be applied to the outlook for Datashred where
recycled paper bale prices fell significantly at the end of Q2 and
are anticipated to continue to be weak in H2.
Restore Technology - Revenue GBP16.3m down 5% (H1 2022:
GBP17.2m)
Revenue associated with 'in life' end user device services and
secure, on site, destruction improved compared to H1 2022.
However, income from IT asset recycling and resale fell by 16%
with asset quality also reduced. With a much lower grade of laptop
and desktop assets received by the business for processing, this
has resulted in an impact on profitability. This trend is
consistent with the most recent IDC Global PC shipments data
reporting that sales are down 13.4% in Q2 2023 against the
equivalent period in the prior year.
The sector continues to be highly fragmented and we experienced
increasing customer and sales channel demand for highly trusted
partners to support new asset installation and services for mid and
end of life asset and data management and recycling services. The
current slowdown in hardware sales is anticipated to reverse,
although the timeframe is uncertain, and we believe reflects
customers slowing investment due to economic uncertainty and the
life of assets procured to support ways of working during the
pandemic.
In response, we are preserving our core capabilities but
reducing capacity through consolidation of the Dunsfold site into
the remaining six sites and reducing shift patterns elsewhere in
the business.
Restore Datashred - Revenue GBP18.6m up 2% (H1 2022:
GBP18.3m)
Datashred performed well in H1, with increased service activity
levels despite high customer churn as customers looked to
consolidate and reduce site count. The business implemented price
increases in H1 and these are offsetting inflation pressures in
people and fleet costs.
The team continued to improve the operational effectiveness of
the business with visits per day at record highs of more than 11
per day and its net promoter score improving further to 76 in the
period illustrating continued strong customer satisfaction.
With c.70% of revenue attributable to service revenues, the
business has a solid base of contracted income although, as noted,
customer churn through customer action and sector competition was
higher in H1.
The balance of revenue from recycled paper bales has a history
of volatility with pricing since the end of the pandemic (assuming
H2 2021) at over GBP200/tonne compared with an average price of
c.GBP160/tonne for the three years leading up to the pandemic, and
a range of GBP130 to GBP180. As such, the predictability of profits
can be difficult to determine and in H1 paper pricing of
c.GBP210/tonne supported a good profit result. However, pricing
since June has fallen to below GBP180/tonne and, as such, the
business is cautious on its H2 outlook.
Restore Harrow Green - Revenue GBP19.6m up 11% (H1 2022:
GBP17.7m)
Revenue in H1 was good at +11% against H1 2022, particularly
when considering the equivalent period in the prior year benefitted
from a large MoD contract that ended in Q2 2022.
The business has seen good expansion of relocation activity in
London with total relocations up 7%. The decision to expand storage
capacity is proving to be sound with storage revenue growing 36%,
and now represents 15% of total income in H1.
We are also pleased with the development of the Life Sciences
business following the opening of the Cambridge site in 2021 with
73% revenue growth achieved in H1 and major contracts planned for
H2.
Further strategic development of the business is continuing with
potential for regional expansion and commercial storage
capabilities.
FINANCIAL PERFORMANCE
Financial overview
The Group has delivered a profitable and cash generative result
for H1 on an adjusted basis although profits are lower than
anticipated at the commencement of the year with the statutory loss
for the period also reflecting the impact of a non-cash impairment
of GBP32.5m on the holding value of the Datashred intangible asset
arising on historic acquisition.
Pricing is negating inflation pressures and cost management
plans are being actioned although activity levels are varied across
the business units with weak market conditions in technology
recycling, indications of customers reducing spend on some of the
Group's more discretionary service lines and the headwind of
increased interest rates.
Cashflows continue to be strong with 84% cash conversion(5) with
a corresponding reduction in net debt and leverage in line with
expectations at 1.8x. A proportion of interest rates were fixed in
H1 through conversion of GBP25m of the Group's floating debt
facility into a fixed term / fixed rate USPP with interest rate
hedges undertaken post period end on a further GBP25m of the
floating debt facility.
Adjusted basic earnings per share for the period were 8.4p (H1
2022: 12.4p) and reflect lower operating profit, higher interest
costs and a higher tax rate. The statutory loss per share of 20.5p
(H1 2022: 7.5p earnings per share) reflects the impairment of the
Datashred intangible asset and would be 3.2p before the effects of
the impairment.
An interim dividend of 1.85p (H1 2022: 2.6p) will be paid on 20
October 2023 to shareholders on the register on 22 September 2023,
maintaining the approximate ratio of dividend to adjusted earnings
per share.
Income Statement
Revenue was broadly flat for the period at GBP139.6m (H1 2022:
GBP140.3m), with storage revenues up 11%, long term contracts and
recurring income up 3%, relocations revenue up 7% but other service
income, IT asset and paper trading down 13%.
The table below summarises the effects of pricing, activity
levels and prior year acquisitions on H1 revenues and indicates
that the positive pricing effect of GBP5.8m across the businesses
are offset by the weakness of revenues in Technology (-GBP0.9m) and
the effect of a reduction in non-recurring contracts
(-GBP5.3m).
H1 H1 Price Activity Non-repeats Acq'n
2023 2022 change change change change Change
Revenue GBPm GBPm % % % % %
----------------------------- ------ ------ -------- --------- ------------ -------- -------
Restore Records Management 59.3 55.9 +6% - - - +6%
Restore Digital 25.8 31.2 +5% -5% -17% - -17%
Digital & Information
Management 85.1 87.1 +6% -2% -6% - -2%
Restore Technology 16.3 17.2 +1% -16% - +10% -5%
Restore Datashred 18.6 18.3 +2% - - - +2%
Restore Harrow Green 19.6 17.7 +1% +4% - +6% +11%
Secure Lifecycle Services 54.5 53.2 +1% -4% - +5% +2%
----------------------------- ------ ------ -------- --------- ------------ -------- -------
Total 139.6 140.3 +4% -2% -4% +2% -0%
----------------------------- ------ ------ -------- --------- ------------ -------- -------
Within the Digital and Information management division, Records
Management performed well with price and activity driven revenue
growth offsetting inflationary pressures. In Digital, the business
is lapping a strong comparative with GBP5.3m of revenue in the
comparable period attributable to a large non-recurring scanning
contracts. Other Digital revenues from cloud storage and recurring
services, such as digital mailrooms, have performed in line with
expectations.
Records Management is exiting the period in strong shape with
Digital experiencing a slow-down in bulk scanning projects as a
result of customers managing their budgets although the increasing
proportion of recurring revenues, largely due to the acquisition of
EDM in 2021 and its subsequent development, is in line with the
strategy to develop a more rounded digital services business of
scale.
In Secure Lifecycle Services, Harrow Green and Datashred have
grown revenues as a result of increased activity levels and pricing
actions.
However, the Technology business continued to experience low
volumes of quality IT assets for recycling during H1 with recent
IDC data on Q2 indicating a further period of reduced new laptop
sales of -13% suggesting that this trend is likely to continue
through H2.
Although this is believed to be a largely cyclical effect caused
by pandemic demand patterns, the current lack of volume has
significantly reduced profit expectation from this business unit
for the year although we are encouraged by the expansion and scale
of the other Technology lifecycle income streams including secure
onsite data destruction, pre and mid-life services and server
recovery and resale.
The profitability for the period was lower primarily due to
quality of assets in Technology and the effect of the non-repeat
contracts in Digital with adjusted EBITDA down 5% to GBP38.3m and
adjusted PBT down 28% to GBP15.1m after the additional effect of
higher interest costs. The statutory loss before tax was GBP25.9m
and is stated after a non-cash impairment charge of GBP32.5m that
primarily relates to the intangible assets arising on the 2016
acquisition of Datashred. Before impairment, the statutory profit
before tax would be GBP6.6m.
The table below summarises the key aspects to performance in the
period with the positive price effect of GBP5.8m offsetting cost
inflation of GBP5.0m, whilst reduced activity levels in Digital
(non-repeat contracts) and Technology (asset quality) impact
operating profit by GBP6.0m, and interest costs increased by
GBP1.9m against H1 2022. Other non-cash effects benefiting adjusted
profit were GBP1.3m and are primarily due to the net effect of
non-cash charges relating to long term incentive provisions and
IFRS16 charges.
GBPm
-------------------------------- --------
H1 2022 Adjusted profit before
tax 20.9
Price increases 5.8
Cost inflation (5.0)
Technology/Digital activity (6.0)
Bank interest (1.9)
Other 1.3
--------------------------------- --------
H1 2023 Adjusted profit before
tax 15.1
--------------------------------- --------
Adjusted profit items
Management believe that presentation of an adjusted profit
before tax assists readers of the accounts to better understand the
performance of the business. The adjusting items during the period
are described below.
H1 2023 H1 2022
GBPm GBPm Change
------------------------------------------- -------- -------- -------
Impairment of intangible assets 32.5 - n/a
Amortisation of intangible assets 6.3 5.9 +7%
Acquisition related transaction/advisory
costs 0.2 0.8 -75%
Restructuring and redundancy 1.0 0.1 +900%
Strategic IT reorganisation 1.0 - n/a
Total adjusting items 41.0 6.8 +503%
------------------------------------------- -------- -------- -------
The GBP32.5m non-cash impairment of intangible assets relates to
the historic acquisition of Datashred. Amortisation of intangible
assets increased versus H1 2022 as a result of prior year
acquisitions. Acquisition related transaction / advisory costs are
lower due to low levels of acquisition with restructuring costs
primarily relating to redundancy on the strategic organisation
restructure and site closure of Dunsfold. IT reorganisation costs
relate to specific strategic programmes to consolidate finance and
other operational systems.
Balance Sheet and Cashflow
The Balance Sheet as at 30 June 2023 remains strong, with key
ratios across working capital and trade debt consistent with prior
periods.
Cashflows were also strong with a reduction in net debt to
GBP97.9m and leverage of 1.8x.
The net debt was further diversified during H1 by the
introduction of GBP25m of fixed term USPP, building on the
improvement of the floating rate bank facility in 2022. Together
with the introduction of interest hedging on the floating facility,
interest cost certainty is substantially increased with a policy to
hedge or fix rate on 50-70% of debt.
On review of the Datashred business following recent paper price
reductions and a period of relative stability in working patterns,
management have reduced their medium-term expectation of tonnages
that the business unit will collect for processing and the pricing
of recycled paper bales. This, together with an increase in the
cost of capital resulting from recent interest rate rises, has led
to a reduction in expectation of the value of future cashflows. As
such, management have reviewed the carrying value of the Datashred
investment, that largely arose on the acquisition of the PHS paper
shredding business in 2016, and have applied an impairment of
GBP32.5 on the carrying value of the investment leaving a remaining
value of GBP27.5m.
Notes
5. Calculated as free cashflows (reconciled in statement of
cashflows), divided by adjusted operating profit after tax (using a
standard tax rate)
FINANCIAL STATEMENTS
Condensed Consolidated Statement of Comprehensive Income
For the six months ended 30 June 2023
Unaudited Unaudited
six months six months Audited
ended ended year ended
30 June 30 June 31 December
Note 2023 2022 2022
GBP'm GBP'm GBP'm
-------------------------------------------- ------- ------------ ------------ --------------
Revenue - continuing operations 2 139.6 140.3 279.0
Cost of sales (80.1) (78.7) (155.4)
Gross profit 59.5 61.6 123.6
Administrative expenses (46.3) (42.6) (89.2)
Movement in trade receivables loss
allowances - - (0.2)
Impairment of intangible assets (32.5) - -
Operating (loss)/profit (19.3) 19.0 34.2
-------------------------------------------- ------- ------------ ------------ --------------
Finance costs (6.6) (4.9) (10.9)
(Loss)/profit before tax (25.9) 14.1 23.3
-------------------------------------------- ------- ------------ ------------ --------------
Taxation 4 (2.2) (3.8) (6.5)
-------------------------------------------- ------- ------------ ------------ --------------
(Loss)/profit after tax (28.1) 10.3 16.8
Other comprehensive income - - -
-------------------------------------------- ------- ------------ ------------ --------------
(Loss)/profit and total comprehensive
(loss)/income for the period attributable
to owners of the parent (28.1) 10.3 16.8
-------------------------------------------- ------- ------------ ------------ --------------
(Loss)/earnings per share attributable
to owner of the parent (pence)
Total
- Basic 6 (20.5p) 7.5p 12.3p
- Diluted 6 (20.5p) 7.3p 12.2p
-------------------------------------------- ------- ------------ ------------ --------------
The reconciliation between the statutory results shown above and
the non-GAAP alternative performance measures are shown below:
Operating (loss)/profit (19.3) 19.0 34.2
----------------------------------------- --- --------- ------- -------
Adjustments for:
Adjusting items - Amortisation
of intangible assets 3 6.3 5.9 12.1
Adjusting items - Administrative
expenses 3 2.2 0.9 5.6
Adjusting items - Impairment 3 32.5 - -
Adjustments* 41.0 6.8 17.7
----------------------------------------- --- --------- ------- -------
Adjusted operating profit 21.7 25.8 51.9
----------------------------------------- --- --------- ------- -------
Depreciation of property, plant
and equipment and right-of-use
assets 16.6 14.5 29.6
----------------------------------------- --- --------- ------- -------
Earnings before interest,
taxation, depreciation, amortisation,
impairment and adjusting items
(adjusted EBITDA) 38.3 40.3 81.5
----------------------------------------- --- --------- ------- -------
(Loss)/profit before tax (25.9) 14.1 23.3
Adjustments* (as stated above) 41.0 6.8 17.7
Adjusted profit before tax 15.1 20.9 41.0
----------------------------------------- --- --------- ------- -------
*GBP0.3m of bank refinancing charges were treated as adjusting
items in deriving the Group's alternative performance measures at
H1 22 but have been restated consistent with the presentation at
FY22.
Condensed Consolidated Statement of Financial Position
As at 30 June 2023
Unaudited Audited
30 June Unaudited 31 December
2023 30 June 2022 2022
Note GBP'm GBP'm GBP'm
--------- ------------- ------------
ASSETS
Non-current assets
Intangible assets 5 293.5 330.7 331.9
Property, plant and equipment 80.5 78.6 79.7
Right-of-use assets 95.6 93.3 101.4
Deferred tax asset - 5.3 -
-------------------------------------------- ------ --------- ------------- ------------
469.6 507.9 513.0
-------------------------------------------- ------ --------- ------------- ------------
Current assets
Inventories 2.2 2.3 2.0
Trade and other receivables 66.8 72.6 70.0
Corporation tax receivable 0.3 - -
Cash and cash equivalents 25.3 29.9 30.2
-------------------------------------------- ------ --------- ------------- ------------
94.6 104.8 102.2
-------------------------------------------- ------ --------- ------------- ------------
Total assets 2 564.2 612.7 615.2
-------------------------------------------- ------ --------- ------------- ------------
LIABILITIES
Current liabilities
Trade and other payables (49.9) (55.7) (49.2)
Financial liabilities - lease liabilities (21.6) (20.2) (19.2)
Current tax liabilities - (2.6) (1.6)
Provisions (1.7) (1.4) (1.7)
-------------------------------------------- ------ --------- ------------- ------------
(73.2) (79.9) (71.7)
-------------------------------------------- ------ --------- ------------- ------------
Non-current liabilities
Financial liabilities - borrowings 10 (123.2) (133.4) (133.7)
Financial liabilities - lease liabilities (83.5) (87.4) (90.3)
Deferred tax liabilities (30.4) (33.2) (30.9)
Provisions (15.8) (7.9) (15.4)
-------------------------------------------- ------ --------- ------------- ------------
(252.9) (261.9) (270.3)
-------------------------------------------- ------ --------- ------------- ------------
Total liabilities 2 (326.1) (341.8) (342.0)
-------------------------------------------- ------ --------- ------------- ------------
Net assets 238.1 270.9 273.2
-------------------------------------------- ------ --------- ------------- ------------
EQUITY
Share capital 6.8 6.8 6.8
Share premium account 187.9 187.9 187.9
Other reserves 6.5 8.8 6.9
Retained earnings 36.9 67.4 71.6
-------------------------------------------- ------ --------- ------------- ------------
Equity attributable to owners of
parent 238.1 270.9 273.2
-------------------------------------------- ------ --------- ------------- ------------
Condensed Consolidated Statement of Changes in Equity
For the six months ended 30 June 2023
Attributable to owners of the parent
------------------------------------------------------
Share Share Other Retained Total
capital premium reserves earnings equity
GBP'm GBP'm GBP'm GBP'm GBP'm
----------------------------- --------- --------- ---------- ---------- --------
Balance at 1 January 2022
(audited) 6.8 187.9 7.0 63.5 265.2
Profit for the period - - - 10.3 10.3
----------------------------- --------- --------- ---------- ---------- --------
Total comprehensive loss
for the period - - - 10.3 10.3
----------------------------- --------- --------- ---------- ---------- --------
Transactions with owners
Dividends - - - (6.4) (6.4)
Share-based payments charge - - 1.8 - 1.8
Balance at 30 June 2022
(unaudited) 6.8 187.9 8.8 67.4 270.9
----------------------------- --------- --------- ---------- ---------- --------
Balance at 1 July 2022 6.8 187.9 8.8 67.4 270.9
Profit for the period - - - 6.5 6.5
----------------------------- --------- --------- ---------- ---------- --------
Total comprehensive income
for the period - - - 6.5 6.5
----------------------------- --------- --------- ---------- ---------- --------
Transactions with owners
Dividends - - - (3.5) (3.5)
----------------------------- --------- --------- ---------- ---------- --------
Share-based payments charge - - (0.1) - (0.1)
Deferred tax on share-based
payments - - (0.7) - (0.7)
Transfer* - - (2.1) 2.1 -
Purchase of treasury shares - - (1.1) - (1.1)
Disposal of treasury shares - - 2.1 (0.9) 1.2
----------------------------- --------- --------- ---------- ---------- --------
Balance at 31 December
2022 (audited) 6.8 187.9 6.9 71.6 273.2
----------------------------- --------- --------- ---------- ---------- --------
Balance at 1 January 2023 6.8 187.9 6.9 71.6 273.2
Loss for the period - - - (28.1) (28.1)
----------------------------- --------- --------- ---------- ---------- --------
Total comprehensive loss
for the period - - - (28.1) (28.1)
----------------------------- --------- --------- ---------- ---------- --------
Transactions with owners
Dividends - - - (6.6) (6.6)
Share-based payments charge - - (0.4) - (0.4)
----------------------------- --------- --------- ---------- ---------- --------
Balance at 30 June 2023
(unaudited) 6.8 187.9 6.5 36.9 238.1
----------------------------- --------- --------- ---------- ---------- --------
* In 2022 a net amount of GBP2.1 million was reclassified from
share-based payment reserve to retained earnings in respect of
lapsed and exercised options.
Condensed Consolidated Statement of Cash Flows
For the six months ended 30 June 2023
Note Unaudited Unaudited Audited
six months six months year ended
ended ended 31 December
30 June 2023 30 June 2022 2022
-------------------------------------- -----
GBP'm GBP'm GBP'm
-------------------------------------- ----- -------------- -------------- -------------
Cash generated from operating
activities 8 32.5 28.5 65.2
Net finance costs (5.5) (5.9) (11.4)
Income taxes paid (4.8) (2.8) (6.0)
-------------------------------------- ----- -------------- -------------- -------------
Net cash generated from operating
activities 22.2 19.8 47.8
Cash flows from investing
activities
Purchase of property, plant
and equipment and applications
software 2 (5.6) (5.1) (11.0)
Purchase of subsidiary, net
of cash acquired (1.1) (8.8) (10.8)
Purchase of trade and assets - (0.7) (0.7)
Cash flows used in investing
activities (6.7) (14.6) (22.5)
Cash flows from financing
activities
Dividends paid - - (9.9)
Purchase of treasury shares (0.2) - (1.1)
Proceeds from disposal of treasury
shares 0.1 - 1.2
Repayment of revolving credit
facility (35.0) - (145.8)
Drawdown of revolving credit
facility - 1.0 146.8
Drawdown of US Private Placement 25.0 - -
notes facility
Principal element of lease
repayments (10.3) (9.2) (19.2)
-------------------------------------- ----- -------------- -------------- -------------
Net cash used in financing
activities (20.4) (8.2) (28.0)
-------------------------------------- ----- -------------- -------------- -------------
Net decrease in cash and cash
equivalents (4.9) (3.0) (2.7)
Cash and cash equivalents
at start of period 30.2 32.9 32.9
-------------------------------------- ----- -------------- -------------- -------------
Cash and cash equivalents
at the end of period 10 25.3 29.9 30.2
-------------------------------------- ----- -------------- -------------- -------------
A reconciliation between the statutory results shown above and the
non-GAAP free cashflow measure is shown below:
--------------------------------------------------------------------------------------------
Cash generated from operating
activities 32.5 28.5 65.2
-------------------------------------- ----- -------------- -------------- -------------
Less: Income tax paid (4.8) (2.8) (6.0)
Less: Purchase of property,
plant and equipment and application
software (5.6) (5.1) (11.0)
Less: Principal element of
lease repayments (10.3) (9.2) (19.2)
Add: Adjusting items (excl.
impairment and amortisation) 3 2.2 0.9 5.6
Free cashflow* 14.0 12.3 34.6
-------------------------------------- ----- -------------- -------------- -------------
*Calculated as cash generated from operating activities less
income taxes paid, capital expenditure and lease payments, but
before adjusting items (excluding amortisation and impairment).
Notes to the Consolidated Interim report
For the six months ended 30 June 2023
1 Basis of Preparation
The half year report has been prepared in accordance with IAS
34, Interim Financial Reporting, adopting accounting policies that
are consistent with those of the previous financial year and
corresponding half year reporting period,
2 Segmental Analysis
The Group is organised into two main operating segments, Digital
and Information Management and Secure Lifecycle Services and incurs
central costs. The vast majority of trading of the Group is
undertaken within the United Kingdom. Segment assets include
intangibles, property, plant and equipment, right-of-use assets,
inventories, receivables and operating cash. Central assets include
deferred tax and head office assets. Segment liabilities comprise
operating liabilities. Central liabilities include income tax and
deferred tax, corporate borrowings and head office liabilities.
Capital expenditure comprises additions to computer software,
property, plant and equipment. Segment assets and liabilities are
allocated between segments on an actual basis.
Revenue - Continuing operations
====================================
Unaudited Unaudited Audited
30 June 30 June 31 December
2023 2022 2022
GBP'm GBP'm GBP'm
==================================== ---------- ---------- -------------
Restore Records Management 59.3 55.9 113.7
Restore Digital 25.8 31.2 54.5
==================================== ========== ========== =============
Digital and Information Management 85.1 87.1 168.2
==================================== ========== ========== =============
Restore Technology 16.3 17.2 35.8
Restore Datashred 18.6 18.3 37.4
Restore Harrow Green 19.6 17.7 37.6
------------------------------------ ---------- ---------- -------------
Secure Lifecycle Services 54.5 53.2 110.8
==================================== ========== ========== =============
Total revenue 139.6 140.3 279.0
==================================== ========== ========== =============
The revenue from external customers was derived from the Group's
principal activities primarily in the UK (where the Company is
domiciled).
Segment information
Unaudited Unaudited Audited
30 June 30 June 31 December
2023 2022 2022
GBP'm GBP'm GBP'm
---------- ---------- -------------
Digital and Information Management 20.9 23.8 44.8
Secure Lifecycle Services 2.8 5.5 11.0
Central (4.9) (2.6) (7.6)
Amortisation of intangible assets (6.3) (5.9) (12.1)
Impairment of intangible assets (32.5) - -
Share-based payment credit/(charge) 0.7 (1.8) (1.9)
Operating (loss)/profit (19.3) 19.0 34.2
Finance costs (6.6) (4.9) (10.9)
------------------------------------- ---------- ---------- -------------
(Loss)/profit before tax (25.9) 14.1 23.3
===================================== ========== ========== =============
The reconciliation between the statutory results shown above and
the non-GAAP alternative performance measures are shown below:
Digital and Information Management
------------------------------------
Unaudited Unaudited Audited
30 June 30 June 31 December
2023 2022 2022
GBP'm GBP'm GBP'm
------------------------------------ ---------- ---------- -------------
Operating profit 20.9 23.8 44.8
Adjusting Items - 0.8 2.6
------------------------------------ ---------- ---------- -------------
Adjusted operating profit 20.9 24.6 47.4
==================================== ========== ========== =============
Secure Lifecycle Solutions
------------------------------------
Unaudited Unaudited Audited
30 June 30 June 31 December
2023 2022 2022
GBP'm GBP'm GBP'm
------------------------------------ ---------- ---------- -------------
Operating profit 2.8 5.5 11.0
Adjusting Items 0.5 0.1 0.8
------------------------------------ ---------- ---------- -------------
Adjusted operating profit 3.3 5.6 11.8
==================================== ========== ========== =============
Unaudited
Digital and Information Secure Lifecycle 30 June 2023
Management Services Head Office Total
GBP'm GBP'm GBP'm GBP'm
============================== ======================= ================ =========== =============
Segment assets 431.5 120.8 11.9 564.2
Segment liabilities 108.8 53.9 163.4 326.1
Capital expenditure 4.4 1.1 0.1 5.6
Depreciation and amortisation 16.3 6.4 0.2 22.9
============================== ======================= ================ =========== =============
Unaudited
30 June 2022
============================== ======================= ================ =========== =============
Segment assets 441.3 152.3 19.1 612.7
Segment liabilities 117.2 52.6 172.0 341.8
Capital expenditure 3.9 1.2 - 5.1
Depreciation and amortisation 14.2 6.1 0.1 20.4
============================== ======================= ================ =========== =============
Audited
31 December
2022
============================== ======================= ================ =========== =============
Segment assets 446.3 158.3 10.6 615.2
Segment liabilities 115.4 63.7 162.9 342.0
Capital expenditure 8.4 2.2 0.4 11.0
Depreciation and amortisation 29.2 11.9 0.6 41.7
============================== ======================= ================ =========== =============
3 Adjusting items
Restore's strategy is to grow through organic expansion,
strategic acquisitions and margin enhancement through efficiency
and scale. To assess progress in delivery of this strategy,
management believe it is useful to provide readers of the accounts
with alternative performance measures ('APMs') that describe the
performance of the Group before the effects of significant costs or
income that are considered to be distorting due to their nature,
and non-cash amortisation primarily arising from acquired
intangible assets. Adjustments made from statutory measures to
adjusted measures are referred to as adjusting items and include
amortisation, expenses associated with acquisitions and subsequent
integration costs, costs associated with major restructuring
programmes, and other significant costs that are considered to be
distorting due to their nature when assessing the performance of
the business.
The GBP32.5m non-cash impairment of intangible assets relates to
the historic acquisition of Datashred. Amortisation of intangible
assets increased versus H1 2022 as a result of prior year
acquisitions.
For the six months ended 30 June 2023, adjusting administrative
costs were GBP2.2m, including GBP0.2m of acquisition related costs,
GBP1.0m of restructuring and redundancy costs and GBP1.0m in
respect of strategic IT reorganisation. For the six months ended 30
June 2022, adjusting costs were GBP0.9m, including GBP0.8m
acquisition related restructuring costs and GBP0.1m acquisition
related transaction costs. For the year ended 31 December 2022,
adjusting costs were GBP5.6m, including GBP1.4m of acquisition
related transaction/advisory costs, GBP2.6m of restructuring and
redundancy costs, GBP0.9m of property related costs and GBP0.7m in
respect of strategic IT reorganisation.
4 Taxation
The current tax charge for the period to 30 June 2023 is
anticipated to be GBP2.2m, based on the estimated effective tax
rate for the Group.
5 Intangible Assets
Trade
Goodwill Customer relationships names Applications software IT Total
GBP'm GBP'm GBP'm GBP'm GBP'm
========================================== ======== ====================== ====== ======================== ======
Cost
1 January 2022 212.5 168.8 4.3 10.3 395.9
Arising on acquisition of subsidiaries 3.5 5.1 - - 8.6
Arising on acquisition of trade and assets 0.2 0.6 - - 0.8
Additions - external - - - 0.1 0.1
Disposals - - - (0.4) (0.4)
------------------------------------------ -------- ---------------------- ------ ------------------------ ------
30 June 2022 216.2 174.5 4.3 10.0 405.0
------------------------------------------ -------- ---------------------- ------ ------------------------ ------
Arising on acquisition of subsidiaries 1.2 3.3 - 0.2 4.7
Arising on acquisition of trade and assets - 0.1 - - 0.1
Fair Value Adjustment 1.7 - - - 1.7
Additions - external - - - 0.8 0.8
Disposals - - - (0.3) (0.3)
30 December 2022 219.1 177.9 4.3 10.7 412.0
------------------------------------------ -------- ---------------------- ------ ------------------------ ------
Additions - external - - - 0.4 0.4
Disposals - - - - -
30 June 2023 219.1 177.9 4.3 11.1 412.4
========================================== ======== ====================== ====== ======================== ======
Accumulation amortisation and impairment
1 January 2022 17.6 42.6 2.8 5.7 68.7
Charge for the year - 5.2 0.1 0.6 5.9
Disposals - - - (0.3) (0.3)
30 June 2022 17.6 47.8 2.9 6.0 74.3
------------------------------------------ -------- ---------------------- ------ ------------------------ ------
Charge for the year - 5.2 0.1 0.9 6.2
Disposals - - - (0.4) (0.4)
31 December 2022 17.6 53.0 3.0 6.5 80.1
------------------------------------------ -------- ---------------------- ------ ------------------------ ------
Charge for the year - 5.4 0.1 0.8 6.3
Disposals - - - - -
Impairment 32.5 - - - 32.5
30 June 2023 50.1 58.4 3.1 7.3 118.9
========================================== ======== ====================== ====== ======================== ======
Carrying amount
30 June 2023 169.0 119.5 1.2 3.8 293.5
------------------------------------------ -------- ---------------------- ------ ------------------------ ------
31 December 2022 201.5 124.9 1.3 4.2 331.9
------------------------------------------ -------- ---------------------- ------ ------------------------ ------
30 June 2022 198.6 126.7 1.4 4.0 330.7
========================================== ======== ====================== ====== ======================== ======
For the purpose of impairment testing, goodwill and other
intangibles are allocated to business units which represent the
lowest level at which that those assets are monitored for internal
management purposes. The recoverable amount of each cash-generating
unit ('GCU') is determined from value-in-use calculations. The
calculations use pre-tax cash flow projections through to the end
of 2027 and a pre-tax discount rate.
An impairment review was conducted at HY 2023, as a result of
weak volume and quality of recycled asset sales in Technology, and
the recent drop in paper price as well as a re-assessment of
long-term volume in Datashred. The impairment review covered
Technology and Datashred only, as no impairment indicators were
identified in respect of the Group's other CGUs. The CGUs tested
for impairment at HY 2023 have compound average growth rates for
revenue ranging from 4%-6% over the period 2024-2027. Terminal cash
flows are based on projections for FY27, assumed to grow
perpetually at 2%. The forecasts have been discounted using a
pre-tax discount rate of 12.8%.
The impairment review performed, which included downside
scenario modelling, indicated the need for an impairment in
Datashred of GBP32.5m. An impairment has resulted from reduced
expectations on service activity, paper volumes and recycled paper
pricing, as well as an increase in the discount rate partly driven
by the change in interest rate.
No impairment was required to the Technology CGU.
Datashred
The impairment charge of GBP32.5m is sensitive to changes in
revenue assumptions as well as to changes in the discount rate.
More optimistic assumptions reduce the impairment, whereas more
conservative assumptions increase the impairment. The scenario
which forms the basis of the impairment assumes paper pricing of
GBP170-GBP175 per tonne, steady compound average growth in paper
tonnages of 1.0%, and 4.5% compound average growth in service
revenue.
Assuming 0% growth in paper tonnages increases the impairment
charge by GBP0.2m. A GBP5/tonne reduction in the paper price
increases the impairment by GBP2.1m. Reducing the compound average
growth rate of service revenue to 4% increases the impairment by
GBP4.2m. An increase in the discount rate by 0.5% results in an
additional impairment of GBP1.0m.
Technology
The reduced level of profitability in Technology is considered
to be cyclical, however an increase in the discount rate or the
businesses not achieving the growth in profitability forecast for
FY27 could result in an impairment. An increase in the discount
rate to 13.6% using management's base case would result in an
impairment of GBP0.4m, with a further increase of 0.1% resulting in
an impairment of GBP0.8m. A 10% reduction in the terminal year
EBITDA would result in an impairment of GBP1.5m. These downside
scenarios are before taking any mitigating actions such as capex
reductions, which would increase the headroom in the model.
6 Earnings per ordinary share
Basic earnings per share have been calculated on the profit for
the period after taxation and the weighted average number of
ordinary shares in issue during the period.
Unaudited Unaudited Audited
six months six months year ended
ended ended 31 December
30 June 2023 30 June 2022 2022
GBP'm GBP'm GBP'm
--------------------------------------- -------------- -------------- -------------
Weighted average number of shares
in issue 136,924,067 136,674,067 136,761,738
--------------------------------------- -------------- -------------- -------------
Total (loss)/profit for the period (GBP28.1m) GBP10.3m GBP16.8m
--------------------------------------- -------------- -------------- -------------
Total basic (loss)/earnings per
ordinary share (20.5p) 7.5p 12.3p
--------------------------------------- -------------- -------------- -------------
Weighted average number of shares
in issue 136,924,067 136,674,067 136,761,738
Share options 663,859 4,777,957 1,264,065
Weighted average fully diluted number
of shares in issue 137,587,926 141,452,024 138,025,803
--------------------------------------- -------------- -------------- -------------
Total fully diluted earnings per
share (20.5p) 7.3p 12.2p
--------------------------------------- -------------- -------------- -------------
Adjusted earnings per share
The Directors believe that adjusted earnings per share provide a
more appropriate representation of the underlying earnings derived
from the Group's business. The adjusting items are shown in the
table below:
Unaudited Audited
Unaudited six months year ended
six months ended ended 31 December
30 June 2023 30 June 2022* 2022
GBP'm GBP'm GBP'm
---------------------------------- ------------------ --------------- -------------
(Loss)/profit before tax (25.9) 14.1 23.3
Adjustments:
Adjusting items - Amortisation
of intangible assets 6.3 5.9 12.1
Adjusting items - Impairment 32.5 - -
Adjusting items - Administrative
expenses 2.2 0.9 5.6
Adjusted profit before tax 15.1 20.9 41.0
---------------------------------- ------------------ --------------- -------------
*GBP0.3m of bank refinancing charges were treated as adjusting
items in deriving the Group's alternative performance measures at
H1 22 but have been restated consistent with the presentation at
FY22.
The adjusted earnings per share, based on weighted average
number of shares in issue during the period, 136.9m (2022: 136.7m)
is calculated below:
Unaudited Unaudited Audited
six months six months year ended
ended ended 31 December
30 June 2023 30 June 2022* 2022
------------------------------------ ------------- -------------- ------------
Adjusted profit before tax (GBP'm) 15.1 20.9 41.0
Tax at 23.5% (2022: 19.0%) (GBP'm) (3.6) (4.0) (7.8)
------------------------------------ ------------- -------------- ------------
Adjusted profit after tax (GBP'm) 11.5 16.9 33.2
------------------------------------ ------------- -------------- ------------
Adjusted basic earnings per share 8.4p 12.4p 24.3p
------------------------------------ ------------- -------------- ------------
Adjusted fully diluted earnings per
share 8.4p 12.0p 24.1p
------------------------------------ ------------- -------------- ------------
*GBP0.3m of bank refinancing charges were treated as adjusting
items in deriving the Group's alternative performance measures at
H1 22 but have been restated consistent with the presentation at
FY22.
7 Dividends
In respect of the current period, the Directors declare an
interim dividend of 1.85 p per share (2022: GBP2.6p). The estimated
dividend to be paid is GBP2.5m (2022: GBP3.6m) and will be paid on
20 October 2023 to those shareholders on the register as at 22
September 2023.
8 Cash generated from operating activities
Unaudited Unaudited
six months six months Audited year
ended ended ended
30 June 30 June 31 December
2023 2022 2022
GBP'm GBP'm GBP'm
---------------------------------------------- ----------- ----------- ------------
Continuing operations
(Loss)/profit before tax (25.9) 14.1 23.3
Depreciation of property, plant and equipment
and right-of-use assets 16.6 14.5 29.6
Amortisation of intangible assets 6.3 5.9 12.1
Impairment of intangible assets 32.5 - -
Net finance costs 6.6 4.9 10.9
Share-based payments (credit)/charge (0.7) 1.8 1.9
Share-based payment settlement (0.4) - -
Increase in inventories (0.3) (0.1) (0.3)
Decrease/(increase) in trade and other
receivables 3.2 (14.8) (11.9)
(Decrease)/increase in trade and other
payables (5.4) 2.2 (0.4)
---------------------------------------------- ----------- ----------- ------------
Cash generated from operating activities 32.5 28.5 65.2
---------------------------------------------- ----------- ----------- ------------
10 Financial liabilities - borrowings
Unaudited Audited
30 June Unaudited 31 December
2023 30 June 2022 2022
GBP'm GBP'm GBP'm
------------------------- --------- ------------- ------------
Non-current
Bank loans - secured 125.0 135.0 135.0
Deferred financing costs (1.8) (1.6) (1.3)
------------------------- --------- ------------- ------------
123.2 133.4 133.7
------------------------- --------- ------------- ------------
Analysis of net debt
Cash at bank and in hand 25.3 29.9 30.2
Bank loans due within one year - - -
Bank loans due after one year (123.2) (133.4) (133.7)
------------------------------- ------- ------- -------
(97.9) (103.5) (103.5)
------------------------------- ------- ------- -------
ENDS
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END
IR SFLFMIEDSEFA
(END) Dow Jones Newswires
August 16, 2023 02:00 ET (06:00 GMT)
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