19 August 2019
PHSC PLC
(the “Company” or the “Group”)
Final Results for
the year ended 31 March 2019 and
Notice of Annual General Meeting
Financial Highlights
•
EBITDA* of £0.116m excluding exceptional gain on property sale of
££0.17m, down from £0.14m last year
•
Profit after tax of £0.001m compared with a loss of £0.16m last
year
•
Group revenue of £5.2m compared with £7.0m last year
•
Cash reserves of £0.64m at year end compared to £0.24m last
year
•
Write-down of £0.20m due to impaired goodwill, the same as last
year
•
Group net assets at £5.14m after goodwill impairment compared to
£5.29m last year
•
Profit per share of 0.005p compared to a loss per share of 1.095p
last year
•
Final dividend of 0.5p proposed, making a total of 1.0p for the
year, matching the 1.0p paid last year1
|
|
31.3.19 |
|
31.3.18 |
|
|
£ |
|
£ |
Profit/(loss) before tax |
|
42,494 |
|
(145,861) |
Less: interest received |
|
(303) |
|
(3) |
Add: interest paid |
|
1,514 |
|
3,778 |
Add: depreciation |
|
38,179 |
|
34,590 |
Add: impairment B2BSG Solutions
Limited goodwill |
|
200,000 |
|
200,000 |
Less: net gain on sale of
property |
|
(166,270) |
|
- |
Add: redundancy costs re closure of
Adamson’s Laboratory Services Limited |
|
|
|
47,000 |
Underlying EBITDA* |
|
115,614 |
|
139,504 |
*Underlying EBITDA is calculated as
earnings before interest, tax, depreciation, impairment charges and
non-recurring costs. This is used by the board as a measure
of underlying trading and has been provided to assist shareholders
in understanding the Group’s trading activities.
Operational highlights
•
Completion of the integration process of the two security
businesses.
•
Consolidation of operational sites within the safety division, with
Northleach office vacated at end of lease.
•
Refurbishment of existing Cumbernauld premises and additional lease
taken on adjoining office space.
•
Disposal of freehold property previously used by discontinued
asbestos consultancy business.
Annual General Meeting
This year’s annual general meeting (“AGM”) will be held at
10.00am on Monday 30 September 2019 at The Old Church, 31 Rochester
Road, Aylesford, Kent ME20 7PR.
The report and accounts and notice of the AGM are expected to be
posted to shareholders on or around 22
August 2019 and will shortly be available to view on the
Company’s website at www.phsc.plc.uk.
For further information please
contact:
PHSC plc
Stephen
King
01622 717 700
Stephen.king@phsc.co.uk
www.phsc.plc.uk
Strand Hanson Limited (Nominated
Adviser)
020 7409 3494
Richard Tulloch/James Bellman
Novum Securities Limited
(Broker)
020 7399 9427
Colin Rowbury
About PHSC
PHSC plc, through its trading subsidiaries Personnel Health
& Safety Consultants Ltd, RSA Environmental Health Ltd, QCS
International Ltd, Inspection Services (UK) Ltd and Quality Leisure
Management Ltd, provides a range of health, safety, hygiene,
environmental and quality systems consultancy and training services
to organisations across the UK. B2BSG Solutions Limited
offers innovative security solutions including electronic tagging,
labelling and CCTV.
The information contained within this
announcement is deemed by the Company to constitute inside
information as stipulated under the Market Abuse Regulations (EU)
No. 596/2014
Strategic Report
On behalf of the board, I present my review of the Group’s
activities and performance during the financial year 2018-19, along
with some commentary about the Group’s plans and expectations for
2019-20.
General business review and
outlook
The Group’s revenue profile continues to be dominated by its
security business, B2BSG Solutions Limited (B2BSG), which was
formed at the start of the year by the amalgamation of two separate
subsidiaries operating in this sector. It accounted for
approximately 52% of income, with the safety businesses
contributing a combined 33% and our quality systems subsidiary, QCS
International Limited (QCS), making up the remaining 17%. In
the prior year the split was 60%, 23% and 11% respectively, but
based on total Group revenues that were around a third higher. This
illustrates the effect on the Group of a general downturn in the
demand for security-related services in the present retail
environment.
Despite the recent difficulties at its security business caused
by weak demand from retailers, the Group’s decision to diversify
away from core health and safety services in 2012 can be shown to
have been the right strategy overall. The move into quality systems
that took place at the same time has reaped rewards with QCS
accounting for circa £0.242m of profit before tax and management
charges last year. Management’s task is to improve the bottom line
at the security business whilst continuing to develop the full
potential of QCS.
During 2018, the national retailer who had been the largest
client of B2BSG encountered difficulties along with many others
with a high street presence, and temporarily suspended further
investment. This had a severe impact on our workload and meant that
much of the infrastructure in place to serve the client was no
longer required, at least until further notice. In response we had
no alternative but to scale down the operation and this led to some
staff cuts and other actions with adverse financial consequences.
Ultimately in Q4 the client was able to secure a company voluntary
agreement with its creditors and landlords and a slow improvement
to the order book has since been observed. There is no expectation
that it will return to previous levels although the board is
optimistic that the trend will be upwards.
Given the reliance upon retail clients and the well-publicised
problems across this sector, the board decided that it was
appropriate to make a provision of £200,000 against the carrying
value of the security business. Progressively during the year
we were transferring the contents of the Amesbury warehouse into
the Finchampstead facility as part of the amalgamation of our
security businesses that formed B2BSG, and this process identified
certain stock totalling £37,100 that was deemed to be slow-moving
or for which there was no current client demand. The majority of
this stock, whilst written down, remains on shelves and available
for sale should the opportunity arise.
The subsidiaries that make up the health and safety division
were each net contributors to the Group and we continue to have a
strong presence in sectors such as leisure, education, healthcare
and transport. At the end of calendar year 2018 our Quality Leisure
Management Limited subsidiary vacated its office at The Old Police
Station in Northleach, Gloucestershire upon expiry of the lease and
moved to Northamptonshire where it
now shares the office space with RSA Environmental Health Limited.
Space had become available there following the closure of our
asbestos business which had occupied an area of the premises.
In last year’s report we stated that QCS was proposing to take
on additional space at the Cumbernauld office park that it
occupies. We negotiated a new lease for the existing offices
and took on the adjoining offices which had been vacant for some
time, doubling the space available for the delivery of public
training courses. An investment approaching £50,000 was made to
completely refurbish both units and now QCS has a modern and
spacious facility from which to continue developing its
offering.
Our freehold property in Essex,
was sold following the closure of our asbestos business, and this
contributed a net gain of circa £166,000. At the time of
acquisition in 2005, the Group paid for the property in line with
an independent market valuation. However, the book value at that
time included an unrealised gain from when the property was
originally purchased some years before and on which the former
owners had not made a tax provision. The effect is that the Group’s
tax liability on disposal was increased to reflect tax on the
unrealised gain element as well as the appreciation in value since
2005.
Net asset value
As at 31 March 2019, the Group’s
consolidated net assets stood at £5.14m. There were 14,677,257
ordinary shares in issue at that date which equates to a net asset
value per share of 35p.
We note that the company’s ordinary shares continue to trade at
a discount to the net asset value, which we believe to be a
response to the high value of goodwill on the balance sheet.
The board reviews the carrying value of goodwill each year to
ensure that the book value is fairly stated and is within a range
commensurate with good accounting practice. As has been noted
above, we resolved to reduce the carrying value of our
retail-dependent security businesses by £200,000, something that we
also did in the previous year, and this represents a reduction of
approximately 4% in the consolidated net assets of the Group.
The board is satisfied that all other goodwill valuations can
presently be justified.
Outlook
The delay in resolving issues surrounding the UK’s membership of
the European Union (EU) continues to create an uncertain
environment for many of the Group’s clients. Many of those
organisations we work with are cutting back or delaying decisions
until the political situation is resolved. In turn, this causes
constraints on what those organisations are prepared to invest in
the services and products that we provide. Whilst we do not
generally sell into the EU ourselves, there is a direct effect in
that all the products supplied by B2BSG are sourced abroad. The
purchasing power of sterling has deteriorated because of political
uncertainty and this negatively impacts our margins. Potentially,
there may be additional costs associated with bringing goods into
the UK from the EU but these matters are not yet
quantifiable. The prospects for B2BSG are therefore hard to
predict with any certainty but we are doing all we can to contain
costs and maximise income and margins.
We expect continued stability across the safety division where
we have a particularly loyal client base. We believe the cost base
is where it should be, and our focus will be on continuing to drive
sales.
With refurbished premises and additional training facilities now
in place at QCS, we will look to exploit the opportunities that
this gives us in terms of higher numbers of paying delegates on
public courses and the potential to hold more than one training
event at the same time.
Trading update
Unaudited management accounts for the first quarter of 2019-20
indicate that Group revenues were £1.08m and this generated EBITDA
of £84,600. This compares with total revenues of £1.56m for
the first quarter of 2018-19 and EBITDA of £121,800. Cash at bank
on 31 July 2019 was £660,700.
Pre-tax profit/(loss) per subsidiary
before Group management charges
Profits before tax and management charges are reviewed by each
subsidiary and the board every month to ensure that each subsidiary
trades profitably. To 31 March
2019, the Group did not adopt a policy of cross-charging
between subsidiaries with only informal account being taken of
significant work done by one subsidiary on behalf of another. With
consultants increasingly undertaking work across a number of
subsidiaries, this policy has been changed from 1 April 2019 to more accurately reflect the
profits generated by each subsidiary.
A review of the activities of each trading subsidiary is
provided below. The profit figures stated are before tax,
central management charges and impairment charges. The
management charges are the individual subsidiary’s contribution to
Group overheads and are not directly attributable costs.
B2BSG Solutions Limited (B2BSG)
Note: Figures shown for 2018 are the
sum of the former B to B Links Limited and SG Systems (UK
Limited).
·
2019: revenues of £2,724,000 yielding a loss of £137,400
·
2018: revenues of £4,226,300 yielding a loss of £17,900
It is clear from the performance outcome that there was a
material reduction in revenues in the year, and it was not possible
to rapidly restructure the business to accommodate this lower
revenue. Many cost saving measures have progressively been
implemented but will take time to have full effect. As described in
the business review section above, income was reduced due to the
hiatus in orders from the largest customer, along with depressed
sales generally across the retail sector. Cost savings will largely
accrue through closure of the Amesbury offices and warehouse at the
end of March 2019, and reduced
staffing.
The profit is shown after a non-cash provision has been made of
£37,068 (2018 - £45,000) for slow moving stock.
Inspection Services (UK) Limited
(ISL)
·
2019: revenues of £232,600 yielding a profit of £43,500
·
2018: revenues of £215,500 yielding a profit of £46,300
There was sales growth of around 8% compared with the previous
year but there were higher costs and this led to profits dropping
overall by 6%. The profile of the business has not changed,
with ISL obtaining most work from insurance brokers who place
inspection business with the company on behalf of their
clients. The work consists of statutory examination and
inspection of lifting plant and equipment, and of pressure systems,
along with ancillary equipment.
Notable contracts during the year included conducting safety
reviews of numerous pressure systems that form part of coffee
machines leased to offices across London and the south, and the inspection of
roof edge protection systems on several buildings for a large
housing provider.
Personnel Health & Safety
Consultants Limited (PHSCL)
·
2019: revenues of £657,100 yielding a profit of £278,000
·
2018: revenues of £615,700 yielding a profit of £240,000
An increase in revenue of 6% led to a 15% rise in profitability
because the fixed cost base is relatively stable. As has been
mentioned in previous reports, this subsidiary is a net provider of
consultancy time to others within the safety division and hitherto
the effect of that utilisation of labour has not been reflected in
results. This will change next year.
PHSCL’s clients tend to maintain their relationship with the
business over many years, in particular those using the company’s
flagship product which is the Appointed Safety Advisor Service.
QCS International Limited (QCS)
·
2019: revenues of £759,500 yielding a profit of £242,300
·
2018: revenues of £767,600 yielding a profit of £285,200
QCS continued to perform strongly, consolidating gains made in
the previous year when there had been significant uplift due to
orders relating to changes in ISO standards. Whilst demand
for transition to the new quality and environmental standards has
ended, the company is now experiencing further enquiries regarding
the brand-new ISO 45001 standard for health and safety.
Sales in public training and consultancy services for the year
remained strong, both ahead of revenues for the previous year;
these together normally account for around 80% of total
income. In-house training sales weakened, and it is
this area of performance that caused total sales for the year to
dip very slightly, by around 1% in total.
In the financial year the company made considerable investment
in its training facilities allowing an increase in capacity to
accommodate more delegates and to offer more than one size of
training room. This has been linked to a medium-term target
to grow sales for public training and to also increase
profit. Early indications are that sales are higher, and that
delegate feedback is positive.
New services for information security management and training on
the associated ISO 27001 standard were launched in the year.
This is linked to the company’s long-term strategy to offer as wide
a range of ISO standard support for consultancy and training as
practicable. The year also saw QCS deliver work for the first
time on the ISO 50001 standard for energy management.
The UK’s potential departure from the EU has not yet had an
obvious direct effect on sales. A significant proportion of
medical device work is associated with an ability to offer services
linked to EU regulation. QCS will offer a ‘UK Responsible
Person’ service in the event of a no deal departure, which may
present some opportunities with the company acting as a UK address
for manufacturers of medical devices within the EU. The
weakness of sterling has the potential to work in the company’s
favour in that scenario.
QCS continues to operate on the secure foundation of repeat
business with all outsource consultancies renewing contracts during
the year and many clients continuing to send delegates to courses
based on a positive experience of course delivery.
Indications are such that current performance is expected to
continue.
Quality Leisure Management Limited
(QLM)
·
2019: revenues of £437,600 yielding a profit of £106,500
·
2018: revenues of £439,400 yielding a profit of £111,900
Revenue was similar to the prior year although profits were down
around 5% in line with management expectations. QLM continued
to operate well in key areas of income generation including audits,
training and accident investigation. There was a noticeable
trend toward leisure and culture area-specific audits that targeted
higher risk or specialist areas rather than facility wide
audits. There was however significant development which saw
quality systems consultancy and training bring in revenue of
£18,000 which was double that expected.
QLM’s value to support service clients is not always reflected
in the income recorded in this area. Clients generally appear
to be placing greater reliance on the QLM team and across a broader
range of topics. Mainly, it would appear, as a result of
internal efficiency savings and cost cutting exercises.
Sub-contractor costs were noticeably down at £27,000 against
budget; better and more efficient use of contracted staff prior to
using sub-contractors led to reduced expenditure in this area.
Further time and investment will be put into the development of
QLM Leisuresafe™ in 2019-20 as a key income generator as an audit
in its own right and as a template for bespoke health and safety
reviews.
QLM’s focus in the coming year is to ensure that the high levels
of client retention are maintained, primarily though the quality
and diversity of the support offered, as well as developing in the
broader leisure, culture and hospitality industries.
RSA Environmental Health Limited
(RSA)
·
2019: revenues of £404,300 yielding a profit of £66,700
·
2018: revenues of £370,400 yielding a profit of £75,400
.
Revenue for the year was 9% above that generated the previous
year mainly due to the inclusion of income from the Envex brand
that moved to the company upon closure of the Group’s asbestos
subsidiary. The increase in revenue was outstripped by higher
costs and this led to a reduction in profits of about 11%.
The past year has seen the activity of the company evolve, with
income being spread more evenly across the reported revenue
streams. Health and safety consultancy was particularly strong for
the year whereas the other income streams were down on forecast and
on the previous year. With a limited amount of fee earning staff
within the company this would be expected as consultancy days spent
on one revenue stream reduce the time available to spend on the
others.
RSA’s core offering remains the SafetyMARK service, with it
still being the largest income stream. The year saw a decline in
revenue with the market being more competitive, schools in both the
state and independent sectors seeing increases in their cost
pressures due to government policy. That caused the amount of
renewals and new contracts to be down from the previous year.
Schools report that they still value our services but they are
having to justify all of their expenditure and in some
circumstances may not be able to afford them. This area continues
to be a focus of activity with more effort being made with multi
academy trusts. Management will look to improve service delivery to
make the offering compelling to clients and making it more likely
they will renew.
This sector will continue to be difficult to operate in until
there is a change in government policy that will ease the school
funding burden. In addition to the above, SafetyMARK operates on a
two-year cycle with renewals in 2018-19 corresponding to contracts
gained in 2016-17 which was itself a period when fewer new schools
were joining.
The company did sign up two medium sized multi academy trusts
towards the end of the year, which has generated a tranche of work
for the next financial year. Therefore, the company is to
continue to focus attention on obtaining additional trusts as our
marketing strategy for the next financial year.
The key will now be to ensure that profitability is maximised by
using the economies of scale afforded by a larger client base, as
well as ensuring that costs are well controlled and standard fees
are reviewed, where appropriate.
PHSC plc
·
2019: net loss of £523,700 before management charges, exceptional
costs and dividends received
·
2018: net loss of £521,700 before management charges, exceptional
costs and dividends received
The parent company incurs costs on behalf of the Group and does
not generate any income. The costs incurred by PHSC plc represent
the costs of running an AIM quoted Group and are generally
consistent with the previous year.
On behalf of the board
Stephen King,
Group Chief Executive
16 August 2019
Group statement of financial position
as at 31 March 2019
|
|
|
31.3.19
£ |
|
31.3.18
£ |
Non-Current
Assets |
|
|
|
|
|
Property, plant and equipment |
|
|
488,585 |
|
594,343 |
Goodwill |
|
|
3,478,463 |
|
3,678,463 |
Deferred tax asset |
|
|
17,627 |
|
21,105 |
|
|
|
|
|
|
|
|
|
3,984,675 |
|
4,293,911 |
Current
Assets |
|
|
|
|
|
Stock |
|
|
316,556 |
|
389,034 |
Trade and other receivables |
|
|
973,130 |
|
1,568,625 |
Cash and cash equivalents |
|
|
642,466 |
|
244,290 |
|
|
|
|
|
|
|
|
|
1,932,152 |
|
2,201,949 |
Total
Assets |
|
|
5,916,827 |
|
6,495,860 |
Current
Liabilities |
|
|
|
|
|
Trade and other payables |
|
|
675,162 |
|
1,137,094 |
Current corporation tax payable |
|
|
54,707 |
|
16,230 |
|
|
|
|
|
|
|
|
|
729,869 |
|
1,153,324 |
Non-Current
Liabilities |
|
|
|
|
|
Deferred tax liabilities |
|
|
46,313 |
|
55,818 |
|
|
|
|
|
|
|
|
|
46,313 |
|
55,818 |
Total
Liabilities |
|
|
776,182 |
|
1,209,142 |
Net Assets |
|
|
5,140,645 |
|
5,286,718 |
Capital and reserves
attributable to equity holders of the Group |
|
|
|
|
Called up share capital |
|
|
1,467,726 |
|
1,467,726 |
Share premium account |
|
|
1,916,017 |
|
1,916,017 |
Capital redemption reserve |
|
|
143,628 |
|
143,628 |
Merger relief reserve |
|
|
133,836 |
|
133,836 |
Retained earnings |
|
|
1,479,438 |
|
1,625,511 |
|
|
|
|
|
|
|
|
|
5,140,645 |
|
5,286,718 |
Group statement of comprehensive
income for the year ended 31 March 2019
|
|
|
31.3.19
£ |
|
31.3.18
£ |
Continuing operations: |
|
|
|
|
|
|
|
|
|
|
|
Revenue |
|
|
5,215,341 |
|
7,012,864 |
|
|
|
|
|
|
Cost of sales |
|
|
(2,719,724) |
|
(3,937,451) |
|
|
|
|
|
|
Gross profit |
|
|
2,495,617 |
|
3,075,413 |
|
|
|
|
|
|
Administrative expenses |
|
|
(2,418,182) |
|
(3,042,499) |
Goodwill impairment |
|
|
(200,000) |
|
(200,000) |
|
|
|
|
|
|
Other income |
|
|
166,270 |
|
25,000 |
|
|
|
|
|
|
Profit/(loss) from operations |
|
|
43,705 |
|
(142,086) |
|
|
|
|
|
|
Finance income |
|
|
303 |
|
3 |
Finance costs |
|
|
(1,514) |
|
(3,778) |
|
|
|
|
|
|
Profit/(loss) before taxation |
|
|
42,494 |
|
(145,861) |
|
|
|
|
|
|
Corporation tax expense |
|
|
(41,795) |
|
(14,836) |
|
|
|
|
|
|
Profit/(Loss) for the year after
tax attributable to owners |
|
|
|
|
|
of the parent |
|
|
699 |
|
(160,697) |
|
|
|
|
|
|
Other comprehensive income |
|
|
- |
|
- |
|
|
|
|
|
|
Total comprehensive income
attributable to owners of |
|
|
|
|
|
the parent |
|
|
699 |
|
(160,697) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic and diluted Earnings per Share
from continuing operations |
|
|
0.005p |
|
(1.095)p |
|
|
|
|
|
|
Group statement of changes in equity
for the year ended 31 March 2019
|
Share
Capital |
Share
Premium
£ |
Merger Relief
Reserve
£ |
Capital
Redemption
Reserve
£ |
Retained
Earnings
£ |
Total
£ |
Balance at 1 April 2017 |
1,467,726 |
1,916,017 |
133,836 |
143,628 |
1,859,594 |
5,520,801 |
Loss for year attributable to equity
holders |
- |
- |
- |
- |
(160,697) |
(160,697) |
Dividends |
- |
- |
- |
- |
(73,386) |
(73,386) |
Balance at 31 March 2018 |
1,467,726 |
1,916,017 |
133,836 |
143,628 |
1,625,511 |
5,286,718 |
Balance at 1 April 2018 |
1,467,726 |
1,916,017 |
133,836 |
143,628 |
1,625,511 |
5,286,718 |
Profit for year attributable to
equity holders |
- |
- |
- |
- |
699 |
699 |
Dividends |
- |
- |
- |
- |
(146,772) |
(146,772) |
Balance at 31 March 2019 |
1,467,726 |
1,916,017 |
133,836 |
143,628 |
1,479,438 |
5,140,645 |
Group statement of cash flows for the
year ended 31 March 2019
|
Note |
|
31.3.19
£ |
|
31.3.18
£ |
Cash flows from operating
activities: |
|
|
|
|
|
Cash generated from operations |
I |
|
325,587 |
|
143,360 |
Interest paid |
|
|
(1,514) |
|
(3,778) |
Tax paid |
|
|
(9,345) |
|
- |
Net cash generated from operating
activities |
|
|
314,728 |
|
139,582 |
|
|
|
|
|
|
Cash flows from/(used in)
investing activities |
|
|
|
|
|
Purchase of property, plant and
equipment |
|
|
(69,578) |
|
(19,358) |
Disposal of fixed assets |
|
|
299,495 |
|
15,730 |
Interest received |
|
|
303 |
|
3 |
Net cash from/(used in) investing
activities |
|
|
230,220 |
|
(3,625) |
|
|
|
|
|
|
Cash flows used in financing
activities |
|
|
|
|
|
Payment of contingent
consideration |
|
|
- |
|
(25,000) |
Dividends paid to shareholders |
|
|
(146,772) |
|
(73,386) |
Net cash used in financing
activities |
|
|
(146,772) |
|
(98,386) |
|
|
|
|
|
|
|
|
|
|
|
|
Net increase in cash and cash
equivalents |
|
|
398,176 |
|
37,571 |
Cash and cash equivalents at
beginning of year |
|
|
244,290 |
|
206,719 |
Cash and cash equivalents at end
of year |
|
|
642,466 |
|
244,290 |
I. Cash generated from operations
|
|
|
31.3.19
£ |
|
31.3.18
£ |
|
|
|
|
|
|
Operating profit/(loss) – continuing
operations |
|
|
43,705 |
|
(142,086) |
Depreciation charge |
|
|
38,179 |
|
34,590 |
Goodwill impairment |
|
|
200,000 |
|
200,000 |
(Profit)/loss on sale of fixed
assets |
|
|
(162,338) |
|
919 |
Decrease in stock |
|
|
72,478 |
|
98,333 |
Decrease/(increase) in trade and
other receivables |
|
|
595,495 |
|
(121,132) |
(Decrease)/increase trade and other
payables |
|
|
(461,932) |
|
72,736 |
Cash generated from
operations |
|
|
325,587 |
|
143,360 |
Notes to the results announcement of
PHSC plc
The financial information set out above does not constitute the
Group's financial statements for the years ended 31 March 2019 or 31 March
2018, but is derived from those financial statements.
Statutory financial statements for 2018 have been delivered to the
Registrar of Companies and those for 2019 have been approved by the
board and will be delivered after dispatch to shareholders.
The auditors have reported on the 2018 and 2019 financial
statements which carried an unqualified audit report, did not
include a reference to any matters to which the auditor drew
attention by way of emphasis and did not contain a statement under
section 498(2) or 498(3) of the Companies Act 2006.
While the financial information included in this announcement
has been computed in accordance with International Financial
Reporting Standards (IFRS), this announcement does not in itself
contain sufficient information to comply with IFRS. The
accounting policies used in preparation of this announcement are
consistent with those in the full financial statements that have
yet to be published.
Dividend
An interim dividend of £73,386 representing 0.5p per ordinary
share was paid in February 2019 in
respect of the year ended 31 March
2019. The Board is proposing a final dividend of £73,386, to
be paid in October 2019, making a
total dividend for the year of 1.0p.