TIDMCRPR
RNS Number : 7146Q
Cropper(James) PLC
23 June 2020
The advanced materials and paper products Group is pleased to
announce its
Preliminary results for the 52 weeks ended 28 March 2020
52 weeks
52 weeks ended
ended 28 30 March
March 2020 2019
GBP'm GBP'm
Revenue 104.7 101.1
Adjusted operating profit (excluding
IAS19 impact) 7.2 4.3
Operating profit 6.6 3.4
Adjusted profit before tax (excluding
IAS19 impact) 6.7 4.0
Impact of IAS19 (1.2) (1.4)
Profit before tax 5.5 2.6
Earnings per share - basic and
diluted 50.6p 24.3p
Dividend per share declared 2.5p 13.5p
Net borrowings (11.1) (8.6)
Net borrowings (excluding IFRS
16 impact) (6.7) (8.6)
Equity shareholders' funds 34.4 21.3
Gearing % - before IAS 19 deficit 26% 21%
Gearing % - after IAS 19 deficit 32% 40%
Capital expenditure 9.2 5.2
Highlights
-- Record Group revenues of GBP105m.
-- Record operating profits (excluding IAS 19 impact) at GBP7.2m
-- Paper division return to profits with strong underlying growth.
-- Colourform revenues up 800% at GBP2.6m.
-- TFP growth in fuel cell and wind energy mitigating downturn in aerospace.
-- Investment in research & development remains strong, supporting innovation.
-- Capital investments for future growth started. Paused due to
Covid 19 cash preservation, planned restart in Q4.
-- No final dividend proposed as part of cash preservation
exercise against the impact of Covid 19.
Mark Cropper, Chairman, commented:
" Against the dramatic background ushered in by Covid 19 towards
the end of our financial year, I am especially pleased to report a
record year for the Group. Group revenue once again set a new
record at GBP105m while profit before tax more than doubled to
GBP5.5m. "
" The result was buoyed up by a GBP5.4m rebound in our Paper
division operating profits, moving from a GBP2m loss to a GBP3.4m
gain. Whilst operating profits were down 13% for TFP, the business
experienced good growth in fuel cell and green energy markets which
will continue. Colourform saw 800% revenue growth in the year and
cut losses by 45% to GBP1.4m. "
" Looking beyond the here and now, I believe there are now two
additional questions to ask: can we grow our way out of the current
economic environment and can we do so in a way that respects our
environment, people and communities like never before? I would
answer yes and yes."
"I have no doubt we will rise to the challenge just as we have
in recent months. For the year ending March 2021, we expect a
break-even profit at least, excluding any impact of pension charges
under IAS 19. Looking out further, I have no doubt we will emerge
stronger and more resilient than ever"
Enquiries:
Isabelle Maddock, Chief Robert Finlay, Henry Willcocks,
Financial Officer John More
James Cropper PLC (AIM Shore Capital
:CRPR.L)
Telephone: +44 (0) 1539 Telephone: +44 (0) 20 7601 6100
722002
www.jamescropper.com
The Annual General Meeting of the Company will be held at
11.00am on Wednesday 29 July 2019 at the TFP offices, Burneside
Mills, Kendal, Cumbria behind closed doors due to social distancing
guidelines. The Board encourages all shareholders to vote on
resolutions via proxy.
52 weeks ended 52 weeks ended
28 March 2020 30 March 2019
Summary of results GBP'000 GBP'000
Revenue 104,667 101,095
Adjusted operating profit (excluding
IAS19 impact) 7,240 6,133
Adjusted profit before tax (excluding
IAS19 impact) 6,674 3,962
Impact of IAS19 (1,215) (1,386)
Profit before tax 5,459 2,576
--------------------------------------- --------------- ---------------
52 weeks ended 52 weeks ended
28 March 2020 30 March 2019
GBP'000 GBP'000
Revenue
James Cropper Paper 75,545 74,317
James Cropper 3D Products 2,586 290
Technical Fibre Products 26,536 26,487
---------------------------------------- --------------- ---------------
104,667 101,095
Adjusted operating profit (excluding
IAS19 impact) 7,240 4,262
Net interest (excluding IAS19 impact) (566) (300)
---------------------------------------- --------------- ---------------
Adjusted profit before tax (excluding
IAS19 impact) 6,674 3,962
IAS19 pension adjustments
Net current service charge against
operating profits (671) (854)
Finance costs charged against interest (544) (532)
---------------------------------------- --------------- ---------------
(1,215) (1,386)
---------------------------------------- --------------- ---------------
Profit before tax 5,459 2,576
---------------------------------------- --------------- ---------------
The IAS 19 pension adjustments are explained in detail in the
Financial Review section of the Annual Report. The total amount
excluded from the IAS pension Charge is GBP1,215,000 (2019:
GBP1,386,000). The adjustment, which we refer to in these accounts
as the "IAS 19 impact" represents the difference between the
pension charge as calculated under IAS 19 and the cash
contributions for the current service cost only as determined by
the latest triennial valuation. The Directors consider that the
adjusted pension charge better reflects the actual pension costs
for ongoing service compared to the IAS 19 charge. This adjustment
is made internally when we assess performance and is also used in
the EBITDA and EPS targets used in management incentive schemes
The IAS 19 pension adjustment GBP1,215,000 (2019: GBP1,386,000 )
comprises:
Period ended 28 March Period ended 30 March
2020 2019
GBP'000 GBP'000
Current service
charge 1,188 1,423
Normal contributions (517) (569)
Interest charge 544 532
--------------------------- ---------------------- ----------------------
IAS 19 pension adjustment 1,215 1,386
--------------------------- ---------------------- ----------------------
Balance sheet summary As at 28 March As at 30 March
2020 2019
GBP'000 GBP'000
Non-pension assets - excluding
cash 72,084 64,871
Non-pension liabilities - excluding
borrowings (19,032) (16,236)
------------------------------------- --------------- ---------------
53,052 48,635
Net IAS19 pension deficit (after
deferred tax) (7,600) (18,798)
------------------------------------- --------------- ---------------
45,452 29,837
Net borrowings (11,055) (8,561)
------------------------------------- --------------- ---------------
Equity shareholders' funds 34,397 21,276
Gearing % - before IAS19 deficit 26% 21%
Gearing % - after IAS19 deficit 32% 40%
Capital expenditure 9,195 5,229
Chairman's Letter
Dear Shareholders
Against the dramatic background ushered in by Covid19 towards
the end of our financial year, I am especially pleased to report a
record year for the Group. Group revenue once again set a new
record at GBP105m while profit before tax more than doubled to
GBP5.5m. These were excellent results that allow us to enter a
period of great uncertainty with a degree of fitness, especially
compared to the challenging results of the prior two years.
The result was buoyed up by a GBP5.4m rebound in our Paper
division operating profits, moving from a GBP2m loss to a GBP3.4m
gain. Whilst operating profits were down 13% for TFP, the business
experienced good growth in fuel cell and green energy markets which
will continue. Colourform saw 800% revenue growth in the year and
cut losses by 45% to GBP1.4m. Our closing cash position was
significantly up on last year, moving from GBP2.3m to GBP8.9m,
underpinned by a record adjusted EBITDA result of GBP11.2m.
The strong financial performance was also mirrored elsewhere.
Our capital investment programme (which was already significant as
I noted in last year's report) changed up a gear again, moving from
GBP5.2m to GBP9.2m, a level not seen in 30 years. More was to come
in TFP and Paper, but the advent of Covid19 mean these have now
been paused to conserve cash. Behind the investment figures,
innovation spending was maintained at GBP4m; research and
development personnel continue to comprise about 15% of all
employees. Investing in research, innovation, and development is a
key part of the Group's growth strategy and is an effective way to
accelerate our manufacturing capabilities.
Paper's return to profitability was aided by lower pulp and
energy costs, the former finally dropping after two years of
extensive (and painful) rises. Paper also saw an underlying
improvement in margin; itself helped by strong growth of 23% in its
most important market, luxury packaging. We continue to seek top
and bottom-line improvements in Paper in every way possible.
Importantly, via our Big Listen and ensuring programmes, we are
seeking and gaining more ideas than ever about how to improve
performance. To date over 350 people have given input, the majority
of the Paper team.
Colourform has yet to post a profit, but this year's 800%
revenue growth and reduced loss have been important steps in the
right direction. The growth has been significantly helped by brands
secured via a partnership with a packaging company. This has
included a two year programme to develop a revolutionary 'second
skin' bottle wrap for champagne house Ruinart, which replaces
traditional boxes. It is nine times lighter with a significantly
lower environmental impact and Ruinart have made it front and
centre of its current marketing campaigns, with direct credits to
James Cropper included.
Our TFP business registered strong growth in sales into the fuel
cell and wind energy markets. This growth in sales was enough to
offset a reduction in our sales into the aerospace sector. Despite
the well documented issues currently impacting the aerospace
sector, we remain optimistic that there will be a slow but steady
recovery over the next two or three years. Our success in growing
sales into renewable and clean energy sectors is very well aligned
with our ambitions to deliver green growth.
Another important development this year was the appointment of
Lyndsey Scott to the Group Board as a non-executive director.
Lyndsey is currently Chief HR Officer at International Personal
Finance plc and brings significant multi-national business
experience to the Group gained across many different sectors.
The appointment followed the retirement of David Wilks who
joined the board in 2004. David also brought a wealth of experience
in organisational development to the Company and I would like to
personally thank him for everything he did to help us strengthen
the Board and Company in recent years.
175(th) Anniversary
This year we intended to celebrate history. Our 175(th)
anniversary is 5 July 2020 and a long weekend of festivities was
planned to mark this major milestone. Instead, since the new world
presaged by Covid19 took hold in early March, we have of course
delayed the celebrations until we can hold them safely, hopefully
in 2021 or 2022.
Dividend
In response to the Covid19 pandemic and anticipated economic
fallout, the Group Board took the decision that no final dividend
would be paid. This is part of an all-encompassing cash
preservation programme which is detailed later in this report. The
last time the company cancelled a dividend payment was in the
loss-making year of 1976 when no interim sum and only a very modest
final payment was made.
Outlook
How do we look forward in times such as these? At one level it
is tempting to try to learn from other key moments in our 175 year
history: devastating fires in 1886 and 1903, world wars,
stock-market crashes, the rise and fall of the British Empire,
economic swings from free trade to protectionism and back, and so
on. But in truth each one is different, requiring different
responses.
This time, a global economic crash of unprecedented speed and
depth comes at a time when mankind is only just waking up to the
devastating impact our actions are having on the planet. At the
same time there is growing unease about business and its unequal
relationship with society, whether real or perceived. And what of
Brexit, once front page news and only months away, but still with
unclear outcomes? None of these issues will be overturned in the
short term. And yet, throughout our history, we have demonstrated
we can respond and adapt with speed and agility.
In the days following lockdown two simple questions were
foremost in my mind: do we truly realise how serious this is, and
will we survive? These are answered: yes and yes. But this is only
owing to the extraordinary exertions and inputs from every level of
the James Cropper team: IT setting up dozens of people to work from
home within hours; cleaners adopting new regimes; the canteen team
rapidly instigating a cashless takeaway; our maintenance staff
adapting the site at record pace to the new landscape of hand
sanitisers, wash-stations, 2 metre white lines, doors that can be
opened and closed with no hands. The list goes on and on: everyone
observing social distancing; finance and management redrafting
plans and models again and again, delivering unprecedented cash
savings; regular and direct communication to all from Phil Wild
based around the three strands of protecting both people and
customers and managing costs; the creation of virtual coffee
breaks, and an online platform to share news with everyone
especially those offsite on furlough. Unlike many businesses, we
have never shut although, aided by the government furlough scheme,
we have cycled production to match demand.
Looking beyond the here and now, I believe there are now two
additional questions to ask: can we grow our way out of the current
economic environment and can we do so in a way that respects our
environment, people and communities like never before? I would
again answer yes and yes. It is encouraging that the fastest
growing areas of our business are in the environmental field,
whether a recyclable alternative to plastic (Colourform) or
renewable energy materials (TFP). Paper meanwhile is maintaining a
commitment to transition to 50% waste fibre by 2025. We are also
embarking on a programme to dramatically cut our carbon emissions
significantly ahead of national decarbonisation targets. Around our
sites, we are also playing a part in reimagining and supporting our
communities better, a process we began in Burneside in 2015 and
expanded to Kendal in 2019.
How we do all of the above remains to be finalised, but I have
no doubt we will rise to the challenge just as we have in recent
months. For the year ending March 2021, we expect a break-even
profit at least, excluding any impact of pension charges under IAS
19. Looking out further, I have no doubt we will emerge stronger
and more resilient than ever.
For now, I wish to thank the James Cropper team like never
before. You have shown your true colours and I am proud to be
associated with each and every one of you.
Mark Cropper
Chairman
22 June 2020
Chief Executive's Review
I was pleased to see continued sales growth now achieving
GBP105m in sales for the first time. The resulting profits before
tax for the group increased by 120% to GBP5.5m (2019: GBP2.6m)
delivering the most profitable year so far.
After a period of increased sales and improved mix, along with a
steady decline in pulp price, the Paper division delivered a strong
performance.
Following the successful commercialisation of the Colourform
offering, business sales in this division delivered strong growth.
Technical Fibre Products delivered a solid performance, with a dip
in the aerospace market mitigated by the increasing growth
experienced in fuel cell and wind energy sectors.
As a consequence of the increased profits, earnings per share is
108% higher than the previous period at 50.6p per share (2019:
24.3p per share).
Revenue and Operating Profit
Group revenue for the financial period was GBP104.7m, up 4% on
the prior period.
Revenue for James Cropper Paper grew by 2% in the period to
GBP75.5m with the division generating an operating profit of
GBP3.4m, compared to an operating loss of GBP2.0m in the prior
period. Revenue for the Technical Fibre Products division ("TFP")
remained flat in the period at GBP26.5m and operating profit down
13% at GBP7.8m. Revenue for Colourform grew to GBP2.5m, compared to
GBP0.3m in 2019, and operating losses reduced from a loss of
GBP2.5m to a loss by GBP1.4m.
Research and development
Research and development is a fundamental part of our growth
strategy, adding to our capability, maintaining our competitiveness
and bringing new product lines into our target markets. The Group
continues to invest in research and development with expenditure in
R & D of GBP3.9m this period, compared to GBP4.0m in the prior
period.
Capital expenditure
Capital expenditure during the period was GBP9.2m (2019:
GBP5.2m).
Targeted growth
Each business focuses on its target market; however, all have
key strategies in common:
-- focusing on niche growth markets to match our unique capabilities;
-- expand global diversity to target these niche markets across the world; and
-- deliver constant innovation to these chosen markets.
Growth in Niche Markets:
Each business is focused on niche markets. Each market is chosen
to provide long term growth potential matched with our unique
capabilities.
Technical Fibre Products (TFP) operate within the advanced
composites market. TFP's nonwoven products provide unique solutions
for light-weighting, conductivity and fracture resistance, to name
a few.
James Cropper Paper (JCP) produces speciality papers in low
volume and high quality, with the highest growth coming from the
luxury packaging sector. Within this sector, JCP provides ranges of
colours, textures and coating using a range of environmental
materials including post-consumer waste.
Colourform (3DP) operates within the moulded fibre packing
market, providing environmental alternatives to single-use
plastics. Uniquely, Colourform offers high-quality packaging across
the spectrum of colours.
Global Diversity
To reduce the dependence from a specific geography, the company
has executed on a strategy to grow exports. This has been a result
of investment in key regions and targeted growth plans. Sales
exports have grown from 47% to 60% of sales in the last five years.
As a result of targeted portfolio growth, export sales now deliver
close to 75% of the company profits.
Innovation
Over the past five years, we have invested over GBP13m in
research and development activities, with over 15% of our employees
directly involved in these programmes.
Last year over GBP28m sales came from products that have been
developed and introduced in the previous five years.
Sustainability is supported through our drive to innovate.
Examples include, recycling sources of waste paper products,
introducing renewable energy, developing products for clean
technology such as wind and hydrogen fuel cell.
People
The approach to building skills and talent can be seen at all
levels within the company. Graduate intake has traditionally been
within technical and now benefits from a wider range of functions.
Similarly, apprenticeships traditionally were focused on
engineering disciplines; however, today cover broader functions
within the business.
The annual Pride awards recognise employees going "above and
beyond" demonstrating creativity, significant improvements and
dedicating personal time to good causes.
There are a number of cultural programmes designed to gain input
from every employee within the company to support building a
collaborative approach to changes we adopt. These include a
detailed employee survey, "The Big Listen" run within the paper
business and structured, regular communication, to name a few.
Our people programmes together with a strong emphasis on
training and development, underpin our initiatives to grow in each
business.
COVID 19
At the start of the new financial year, we experienced the
initial impact of the Covid-19 global pandemic. Our Guiding
principles on how we responded to Covid-19 were:-
-- Health and wellbeing of employees
-- Supporting customers
-- Reducing costs
Our goal through these priorities is to emerge from the pandemic
as a stronger company. Some examples of activities include:
Health and wellbeing of employees
-- Implementing government guidelines such as sanitation and social distancing.
-- Providing personal protective equipment (PPE).
-- Directors visible on-site each day.
-- Up to 30% of employees working from home.
-- Utilising the Job Retention Scheme.
-- Regular communication of status updates.
-- Providing mental health support.
-- Community support programmes.
Supporting customers
-- Sharing best practices.
-- Rescheduling orders and production to best match customers' needs and costs.
-- Logistic and delivery challenges are overcome. E.g. import
restrictions, reduced air carriers.
-- Payment plans to support customers.
Reducing costs
-- Cost of living pay increases and bonus payments suspended.
-- Planned production temporary closures.
-- Employees placed on Job Retention Schemes reducing the workforce to minimum requirements.
-- A hiring freeze, a release of agency workers and other operational costs.
-- Significant spending cuts in all areas that are not directly
related to the production for our customers, and spending cuts
which do not impact our ability to grow.
-- Capital investment projects for strategic growth programmes postponed.
-- Adopting payment suspensions and plans where government and
tax authority support is in place.
-- Shareholder dividends stopped.
Growth plans
The Company prudently selected a severe framework against which
to build and action immediate plans when assessing a pessimistic
view of Covid-19 on the business over the next two years. Whilst in
the short term costs & cash are managed to ensure liquidity;
our objective is to continue and accelerate growth plans. Some
examples include:-
Paper
-- New product development to extend the range such as PaperGard
and Biomaster, which treats paper against cross-contamination of
bacteria. Applications which lend themselves to medical
markets.
-- Growth volume, including products such as manila and filing products.
-- Gain market share by working with merchants to win volume projects.
-- Accelerate the introduction of new projects such as a new
Mountboard range to capitalise on an expected home refurbishment
spike.
-- Launch new ranges such as the Mill Collection, black &
white folding boxboard for cosmetics packaging which will show
rebound benefit from online purchasing.
Technical Fibre Products
-- Accelerate new products and applications such as high-value fire retardant products.
-- Drive new markets such as marine defence.
-- Growth in the existing market, for example, markets
supporting the movement away from fossil fuels, such as fuel
cells.
-- Gain volume growth and market share such as the wind energy
market selling high-value materials in Europe and China.
Colourform
-- Accelerating new projects such as bottle wraps for the high end drinks industry.
-- Line extensions for existing beauty and perfume customers.
-- Expanding the range with existing customers.
-- Licencing technology. Colourform uniquely delivers a full
range of coloured products, however only currently focused on the
European market. Working with partners in other geographies and
sharing selective colour technology allows licencing revenue to be
achieved .
Outlook
At the start of the pandemic, the Paper business experienced a
sharp downturn in orders, aligned to the lockdown imposed around
the world and especially in the UK. Much less impact was
experienced in the TFP business, with a downturn in aerospace
observed, however, continued growth in other markets such as green
technology. While the order intake for Colourform has been
moderated, year on year growth continues to be achieved. The impact
on group sales for the start of the current financial year was
approximately 30% less compared to the same period in the prior
year. We expect to fall further during Q2, with growth being
experienced in the second half of the year.
Impacts on profits have been less severe due to quick and
significant actions taken to reduce costs at the start of the
pandemic. While we expect profit to be significantly affected, as a
result, we do expect to end the current financial year at least at
break-even profit, excluding any impact of pension charges under
IAS 19.
Phil Wild
Chief Executive Officer
22 June 2020
From the Chief Financial Officer's Review:
o Cash flow
o Funding, facilities and net debt
o Going concern
Cash flow
In the period the Group's net cash inflow was GBP6,612,000
(2019: outflow GBP3,205,000).
A positive cash inflow in the year: the Group generated cash
through its strong operating performance and good working capital
management. Past service deficit payments of GBP1,424,000 are made
in accordance with the agreed schedule of contributions covering
GBP1,284,000 to reduce past service deficits and a further
GBP140,000 to meet protection levy payments. Strategic investments
increased in the year supported by additional debt drawdowns. Debt
drawdowns also provided the Group with good availability of funds
ahead of the evolving impact of the Covid 19 pandemic.
Capital investment in the period was GBP9,195,000 (2019:
GBP5,229,000). Investments are driven by the requirement to enable
growth, largely in the form of generating revenue by increasing
capacity, improving capability or generating cost savings. Other
expenditure supports resilience, safety and workplace improvements.
Capital was invested in all divisions this year. Last year we
announced the strategic decision to provide an additional nonwoven
production line, expanding capacity by a further 50% in TFP to
support future growth. The programme of work progressed well during
the year, and it constitutes the largest spend in the year. Prior
to the year-end with Covid-19 impacting (see CEO report), the
completion of this project has been deferred as one of a number of
immediate actions to safeguard cash and preserve liquidity. Early
signs show that the TFP markets are more resilient to the general
market downturn created from Covid-19 and commercial growth
opportunities will be optimised by the completion of this
project.
Capital projects remain under regular review as the Executive
Committee monitors and assesses performance, funding and market
conditions prior to re-starting or approving new or existing
investment projects.
The closing cash position for the Group is GBP8,964,000 (2019:
GBP2,352,000).
The closing cash position of GBP8,964,000 along with existing
overdraft facilities of GBP3,500,000 ensures the Group holds
sufficient funds by way of buffer as the Covid 19 pandemic takes
effect on the world. The Company has selected a prudent framework
against which to action immediate plans and assess the impact of
Covid-19 on the business over the next two years. Whilst in the
short term costs and cash are managed to ensure liquidity and
support working capital requirements our objective is to continue
and accelerate growth plans. Key immediate uses of cash will
therefore be available to back working capital requirements during
the downturn and in readiness to gear up out of the downturn,
however some flexibility is also retained to re-start our
investment programmes if certain conditions are met.
Funding, facilities and net debt
Funding 2020 2019 Change
GBP'000 GBP'000 GBP'000
Cash and cash equivalents 8,964 2,352 6,612
Borrowings: repayable within
one year (3,756) (1,545) (2,211)
Borrowings: non-current (16,263) (9,368) (6,895)
------------------------------ --------- -------- --------
Net debt (11,055) (8,561) (2,494)
Borrowings: repayable within
one year 3,756 1,545 2,211
Borrowings: non-current 16,263 9,368 6,895
Facilities drawn down 20,019 10,913 9,106
------------------------------ --------- -------- --------
Undrawn facilities 5,367 8,119 (2,752)
------------------------------ --------- -------- --------
Facilities 25,386 19,032 6,354
Cash and cash equivalents 8,964 2,352 6,612
Undrawn facilities 5,367 8,119 (2,752)
Funds available at year end 14,331 10,471 3,860
------------------------------ --------- -------- --------
Borrowings: repayable within
one year (3,756) (1,545) (2,211)
Funds available in excess of
one year 10,575 8,926 1,649
------------------------------ --------- -------- --------
The Group funds its operations and investments from operating
cash flow and from borrowings and leases. During the period net
debt increased by GBP2,494,000 to GBP11,055,000, however the Group
has adopted IFRS 16 and incorporates GBP4,328,000 of right-of-use
leases in its 2020 borrowings figure. Net debt on an equivalent
comparative basis is reduced to GBP6,727,000 in the year down by
GBP1,834,000.
Net Debt before IFRS 16 2020 2019 Change
GBP'000 GBP'000 GBP'000
--------------------------------------- --------- --------- --------
Cash and cash equivalents 8,964 2,352 6,612
All Borrowings excluding IFRS
16 (15,691) (10,913) (4,778)
Net debt on an equivalent comparision
basis (6,727) (8,561) 1,834
--------------------------------------- --------- --------- --------
The Group has two revolving credit facilities secured with
different high street banks. Revolving credit facilities provide
the Group with optional draw down at short notice, repayment
flexibility, reduced margins and facilities on an unsecured basis.
Total revolving credit facilities, from two supporting banks,
amount to GBP11,000,000, of which GBP10,934,226 is drawn down at
the period end. Cash and cash equivalents increased from
GBP2,352,000 up to GBP8,964,000 in the year whilst long term
borrowings (falling due after more than a year) increased by
GBP6,895,000 to GBP16,263,000 after the adoption of IFRS 16.
The group is in compliance with all its banking covenants at the
period end. The group has since arranged new covenant measures,
with its supporting banks, which enable new parameters to be
monitored during the Covid 19 pandemic, and our expected recovery
period.
Undrawn facilities comprise of unused overdraft facilities of
GBP3,500,000 plus the total unused credit facilities of
GBP1,867,000, the majority of cash under revolving credit
facilities having been drawn down prior to the year end. This means
a total of GBP5,367,000 remains unutilised at the year-end
date.
Having taken account of current borrowings to be paid within 12
months of the balance sheet date the Group has GBP10,575,000
available to the Group beyond 12 months.
Going Concern
The Company has carried out extensive financial modelling of the
most severe impact of the Covid-19 pandemic. The Company has used
this framework to inform its strategic response and to engage with
its stakeholders. In particular, the directors considered the
Group's profit and cash flow forecasts for the coming two financial
years in this context, which foresees a particularly challenging
sales outlook over the twelve month period from April 2020 to March
2021.
This framework has formed the basis of our opinion of the
Group's cash and debt requirements. We have reviewed these with our
bank lenders and agreed adjusted financial covenants with them. The
Group's revised financial covenants are not breached in this severe
framework.
The UK government has announced a number of assistance measures
for businesses. The Company has sought to utilise these schemes
where it is eligible and beneficial to do so.
For planning purposes, the Company frequently updates its view
on likely trading patterns, incorporating latest intelligence on
demand, cost reduction actions, reduced capital expenditure and the
furlough of employees. Importantly these realistic scenarios
provide good headroom against the Covid 19 severe framework and our
covenants.
At the time of writing this report the Company is trading very
significantly ahead of the most severe forecasts at both the sales
and profit level. Nevertheless there still remains a risk that the
impact of Covid-19 could be more significant than presented in the
Company's severe case. In the event that there is a more
significant downturn there are further mitigating actions that
could be enacted, these could include but are not limited to,
further reductions in capital expenditure, further reductions in
business expenditure and overheads. The Company believes that with
the stronger than feared start to the year and with the on-going
government support measures, the cost savings enacted and the
potential for further savings, should the impact of Covid-19 be
more significant than our most pessimistic current view, the
Company has sufficient headroom to remain within covenants and to
be able to continue to operate within available banking
facilities.
The Board is satisfied it has sufficient cash resources to meet
its obligations as they fall due throughout this duration and the
Board has a reasonable expectation that the Company and the Group
has adequate resources to continue in operational existence for the
foreseeable future.
CONSOLIDATED INCOME STATEMENT
52 week period 52 week period
to 28 March to 30 March
2020 2019
----------------------------------------- -------------- --------------
GBP'000 GBP'000
Revenue 104,667 101,095
Provision for impairment (308) (101)
Other income 486 614
Changes in inventories of finished goods
and work in progress (1,330) 798
Raw materials and consumables used (38,200) (43,074)
Energy costs (4,539) (5,615)
Employee benefit costs (30,388) (28,183)
Depreciation and amortisation (3,950) (2,952)
Other expenses (19,869) (19,174)
----------------------------------------- -------------- --------------
Operating Profit 6,569 3,408
Interest payable and similar charges (1,136) (965)
Interest receivable and similar income 26 133
Profit before taxation 5,459 2,576
Taxation (630) (262)
----------------------------------------- -------------- --------------
Profit for the period 4,829 2,314
Earnings per share - basic and diluted 50.6p 24.3p
OTHER COMPREHENSIVE INCOME
Profit for the period 4,829 2,314
-------------------------------------------- -------- --------
Items that are or may be reclassified
to profit or loss
Exchange differences on translation of
foreign operations 181 (117)
Cash flow hedges - effective portion
of changes in fair value (295) (29)
Items that will never be reclassified
to profit or loss
Retirement benefit liabilities - actuarial
gains/(losses) 13,057 (3,258)
Deferred tax on actuarial (gains)/losses
on retirement benefit liabilities (2,481) 554
Other comprehensive income/(expense)
for the period 10,462 (2,850)
-------------------------------------------- -------- --------
Total comprehensive income/(expense)
for the period
Attributable to equity holders of the
Company 15,291 (536)
-------------------------------------------- -------- --------
STATEMENT OF FINANCIAL POSITION
Group Company
As at As at As at As at
28 March 2020 30 March 2019 28 March 2020 30 March 2019
GBP'000 GBP'000 GBP'000 GBP'000
------------------------------- -------------- --------------- --------------- ----------------
Assets
Intangible assets 495 365 366 106
Property, plant and equipment 31,882 27,639 1,925 1,906
Right-of-use assets 4,907 - 301 -
Investments in subsidiary
undertakings - - 7,350 7,350
Deferred tax assets 1,921 2,234 1,934 3,840
------------------------------- -------------- --------------- --------------- ----------------
Total non-current assets 39,205 30,328 11,876 13,202
------------------------------- -------------- --------------- --------------- ----------------
Inventories 13,956 16,410 - -
Trade and other receivables 19,363 19,234 51,455 49,323
Provision for impairment (530) (222) (350) -
Other financial assets - 24 - 24
Cash and cash equivalents 8,964 2,352 6,658 -
Corporation tax 1,872 1,421 1,509 446
Total current assets 43,625 39,219 59,272 49,793
------------------------------- -------------- --------------- --------------- ----------------
Total assets 82,830 69,457 71,148 62,995
------------------------------- -------------- --------------- --------------- ----------------
Liabilities
Trade and other payables 16,544 14,620 23,421 18,555
Other financial liabilities 275 - 275 -
Loans and borrowings 3,756 1,545 174 361
Total current liabilities 20,575 16,165 23,870 18,916
------------------------------- -------------- --------------- --------------- ----------------
Long-term borrowings 16,263 9,368 7,983 4,004
Retirement benefit liabilities 9,382 22,648 9,382 22,648
Deferred tax liabilities 2,213 - 114 -
Total non-current liabilities 27,858 32,016 17,479 26,652
------------------------------- -------------- --------------- --------------- ----------------
Total liabilities 48,433 48,181 41,349 45,568
------------------------------- -------------- --------------- --------------- ----------------
Equity
------------------------------- -------------- --------------- --------------- ----------------
Share capital 2,389 2,389 2,389 2,389
Share premium 1,588 1,588 1,588 1,588
Translation reserve 584 403 - -
Reserve for own shares (1,251) (1,251) (1,251) (1,251)
Retained earnings 31,087 18,147 27,073 14,701
------------------------------- -------------- --------------- --------------- ----------------
Total shareholders' equity 34,397 21,276 29,799 17,427
------------------------------- -------------- --------------- --------------- ----------------
Total equity and liabilities 82,830 69,457 71,148 62,995
------------------------------- -------------- --------------- --------------- ----------------
The Parent Company reported a profit for the period ended 28
March 2020 of GBP3,416,000 (2019: GBP4,902,000).
STATEMENT OF CASH FLOWS
Group
52 weeks ended 28 52 weeks ended 30
March 2020 March 2019
GBP'000 GBP'000
--------------------------------------- ------------------ ------------------
Cash flows from operating activities
Net profit 4,829 2,314
Adjustments for:
Tax 630 262
Depreciation and amortisation 3,950 2,952
Net IAS 19 pension adjustments
within SCI 1,215 1,386
Past service pension deficit
payments (1,424) (1,468)
Foreign exchange differences (74) (312)
Loss/(profit) on disposal of
property, plant and equipment 23 (12)
Net bank interest income and
expense 566 300
Share based payments (252) (49)
Decrease/(increase) in inventories 2,475 (1,529)
Decrease / (increase) in trade
and other receivables 149 (2,072)
Increase in trade and other payables 1,719 1,659
Tax paid (741) (65)
--------------------------------------- ------------------ ------------------
Net cash generated from operating
activities 13,065 3,366
Cash flows from investing activities
Purchase on intangible assets (190) (67)
Purchase of property, plant and
equipment (9,005) (5,162)
Proceeds from sale of property,
plant and equipment - 12
Net cash used in investing activities (9,195) (5,217)
Cash flows from financing activities
Proceeds from issue of ordinary
shares - 135
Proceeds from issue of new loans 9,121 1,568
Repayment of borrowings (3,301) (1,311)
Repayment of lease liabilities (1,488) -
Interest on lease liabilities (200) -
Interest received 26 133
Interest paid (234) (391)
Purchase of LTIP investments - (315)
Sale of own shares - 130
Dividends paid to shareholders (1,275) (1,263)
--------------------------------------- ------------------ ------------------
Net cash generated from / (used
in) financing activities 2,649 (1,314)
Net increase / (decrease) in
cash and cash equivalents 6,519 (3,165)
Effect of exchange rate fluctuations
on cash held 93 (40)
--------------------------------------- ------------------ ------------------
Net increase / (decrease) in
cash and cash equivalents 6,612 (3,205)
Cash and cash equivalents at
the start of the period 2,352 5,557
Cash and cash equivalents at
the end of the period 8,964 2,352
Cash and cash equivalents consists
of:
Cash at bank and in hand 8,964 2,670
Bank overdraft - (318)
--------------------------------------- ------------------ ------------------
8,964 2,352
--------------------------------------- ------------------ ------------------
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
Share Share Translation Retained
capital premium reserve Own shares earnings Total
----------------------------------- ------------- ----------- ------------- ------------ ----------- -----------
Group GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
----------------------------------- ------------- ----------- ------------- ------------ ----------- -----------
At 31 March 2018 2,370 1,472 520 (1,445) 20,305 23,222
Comprehensive income for the
period - - - - 2,314 2,314
Total other comprehensive income - - (117) - (2,733) (2,850)
Dividends paid - - - - (1,263) (1,263)
Share based payments - - - - (49) (49)
Tax on share options - - - - (48) (48)
Proceeds from issue of ordinary
shares 19 116 - - - 135
Sale of own shares - - - 509 (379) 130
Consideration paid for own shares - - - (315) - (315)
----------------------------------- ------------- ----------- ------------- ------------ ----------- -----------
Total contributions by and
distributions
to owners of the Group 19 116 - 194 (1,739) (1,410)
----------------------------------- ------------- ----------- ------------- ------------ ----------- -----------
At 30 March 2019 2,389 1,588 403 (1,251) 18,147 21,276
Adjustment on initial application
of IFRS 16 (1) - - - - (519) (519)
----------------------------------- ------------- ----------- ------------- ------------ ----------- -----------
At 31 March 2019 2,389 1,588 403 (1,251) 17,628 20,757
Comprehensive income for the
period - - - - 4,829 4,829
Total other comprehensive income - - 181 - 10,281 10,462
Dividends paid - - - - (1,275) (1,275)
Share based payment charge - - - - (376) (376)
Total contributions by and
distributions
to owners of the Group - - - - (1,651) (1,651)
----------------------------------- ------------- ----------- ------------- ------------ ----------- -----------
At 28 March 2020 2,389 1,588 584 (1,251) 31,087 34,397
----------------------------------- ------------- ----------- ------------- ------------ ----------- -----------
1. The Group has initially applied IFRS 16 at 31 March 2019,
using the modified retrospective approach. Under this approach,
comparative information is not restated and the cumulative effect
of applying IFRS 16 is recognized in retained earnings at the
initial date of application.
Share Share Retained
capital premium Own shares earnings Total
Company GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
----------------------------------- --------- --------- ----------- ---------- --------
At 31 March 2018 2,370 1,472 (1,445) 14,270 16,667
Comprehensive income for
the period - - - 4,902 4,902
Total other comprehensive
income - - - (2,733) (2,733)
Dividends paid - - - (1,263) (1,263)
Share based payment charge - - - (48) (48)
Tax on share options - - - (48) (48)
Proceeds from issue of ordinary
shares 19 116 - - 135
Sale of own shares - - 509 (379) 130
Consideration paid for own
shares - - (315) - (315)
----------------------------------- --------- --------- ----------- ---------- --------
Total contributions by and
distributions to owners of
the Group 19 116 194 (1,738) (1,409)
----------------------------------- --------- --------- ----------- ---------- --------
At 30 March 2019 2,389 1,588 (1,251) 14,701 17,427
Adjustment on initial application
of IFRS 16(1) - - - 24 24
At 31 March 2019 2,389 1,588 (1,251) 14,725 17,451
Comprehensive income for
the period - - - 3,416 3,416
Total other comprehensive
income - - - 10,583 10,583
Dividends paid - - - (1,275) (1,275)
Share based payment charge - - - (376) (376)
Total contributions by and
distributions to owners of
the Group - - - (1,651) (1,651)
----------------------------------- --------- --------- ----------- ---------- --------
At 28 March 2020 2,389 1,588 (1,251) 27,073 29,799
----------------------------------- --------- --------- ----------- ---------- --------
1. The Company has initially applied IFRS 16 at 31 March 2019,
using the modified retrospective approach. Under this approach,
comparative information is not restated and the cumulative effect
of applying IFRS 16 is recognized in retained earnings at the
initial date of application.
NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
1 BASIS OF PREPARATION
James Cropper Plc (the Company) is a public limited company
incorporated and domiciled in the United Kingdom and listed on the
Alternative Investment Market (AIM). The condensed consolidated
financial statements of the Company for the 52 weeks ended 28 March
2020, comprise the Company and its subsidiaries (together referred
to as the Group).
Statement of compliance
The condensed consolidated financial statements have been
prepared in accordance with International Financial Reporting
Standard (IFRS) as adopted by the European Union (EU). As required
by the Disclosure and Transparency Rules of the Financial Services
Authority, the condensed consolidated set of financial statements
have been prepared applying the accounting policies and
presentation that were applied in the preparation of the Group's
published consolidated financial statements for the 52 week period
ended 28 March 2020. They do not include all the information
required for full annual financial statements, and should be read
in conjunction with the consolidated financial statements of the
Group for the 52 week period ended 28 March 2020.
The consolidated financial statements of the Group for the 52
week period ended 28 March 2020 are available upon request from the
Company's registered office Burneside Mills, Kendal, Cumbria, LA9
6PZ or at www.jamescropper.com .
The financial information is presented in Sterling and all
values are rounded to the nearest thousand pounds (GBP'000) except
where otherwise indicated.
Going concern
The Directors have performed a robust assessment, including
review of the forecast for the 52 week period ending 28 March 2021
and longer term strategic forecasts and plans, including
consideration of the principal risks faced by the Group and the
Company, including the potential impact of Covid 19 on the
business, as detailed in the Group's Annual Report 2020. Following
this review the Directors are satisfied that the Company and the
Group have adequate resources to continue in operational existence
for the foreseeable future. Accordingly they continue to adopt the
going concern basis in preparing the condensed consolidated
financial statements.
Significant accounting policies
The accounting policies applied by the Group in these condensed
consolidated financial statements are the same as those applied by
the Group in its consolidated financial statements as at and for
the 52 week period ended 28 March 2020.
The Group has applied IFRS 16 'leases' which it sets out in note
10.
2 Accounting estimates and judgements
The preparation of the financial statements requires management
to make judgements, estimates and assumptions that affect the
application of accounting policies and the reported amounts of
assets and liabilities, income and expenses. Actual results may
differ from these estimates.
The significant judgements made by management in applying the
Group's accounting policies and the key sources of estimation
uncertainty were the same as those applied to the consolidated
financial statements as at and for the 52 week period ended 28
March 2020.
3 Risks and uncertainties
The principal risks and uncertainties which may have the largest
impact on performance are disclosed in the 2020 Annual Report on
pages 21-25, namely:
Impact of Covid 19; Employee health and safety; energy price
volatility; pulp price volatility and sustainability; exchange rate
volatility; pension; Brexit and information security and cyber
risk.
The Board considers that the principal risks and uncertainties
set out in the 2020 Annual Report remain relevant for the current
financial year.
4 Alternative performance measures
The Company uses alternative performance measures to allow users
of the financial statements to gain a clearer understanding of the
underlying performance of the business.
Profit before tax represents the Group's overall performance and
financial position, however it contains significant non-operational
items relating to IAS 19 that the directors believe obscure an
understanding of the key performance trend.
Measures used to evaluate business performance are 'Adjusted
operating profit' (operating profit excluding the impact of IAS
19), and 'Adjusted profit before tax' (profit before tax excluding
the impact of IAS 19). The alternative performance measures are
reconciled in note 9.
5 Earnings per share
The calculation of basic earnings per share is based on earnings
attributable to ordinary shareholders divided by the weighted
average number of shares in issue during the year. The calculation
of diluted earnings per share is based on the basic earnings per
share adjusted to assume conversion of all dilutive options.
6 Segmental information
IFRS 8 Operating Segments - requires that entities adopt the
'management approach' to reporting the financial performance of its
operating segments. Management has determined the segments that are
reported in a manner consistent with the internal reporting
provided to the chief operating decision maker, identified as the
Executive Committee that makes strategic decisions. The committee
considers the business principally via the four main operating
segments, principally based in the UK:
-- James Cropper Paper Products (Paper): comprising:
-- JC Speciality Papers - relates to James Cropper Speciality
Papers a manufacturer of specialist paper and boards.
-- JC Converting - relates to James Cropper Converting - a
converter of paper.
-- James Cropper 3D Products (Colourform) - a manufacturer of
moulded fibre products.
-- Technical Fibre Products (TFP) - a manufacturer of advanced
materials.
-- Group Services - comprises central functions providing
services to the subsidiary companies.
Operating profit /
Revenue (loss)
52 week period 52 week period 52 week period
ended ended ended 52 week period
28 March 30 March 28 March ended 30
2020 2019 2020 March 2019
GBP'000 GBP'000 GBP'000 GBP'000
Paper 75,545 74,314 3,406 (1,992)
Colourform 2,586 290 (1,378) (2,462)
TFP 26,536 26,487 7,753 8,883
Group services and other - - (3,212) (1,021)
-------------------------- --------------- --------------- --------------- ---------------
104,667 101,095 6,569 3,408
-------------------------- --------------- --------------- --------------- ---------------
7 Dividend
As part of the cash preservation exercise undertaken to mitigate
the impact of the Covid 19 pandemic, the Board are not recommending
a final dividend. (2019: 11.0p per ordinary share). The dividends
recognised in the condensed consolidated statement of changes in
equity is the final dividend for the 52 week period ended 30 March
2019 of 11.0p which was paid on 9 August 2019 and the interim
dividend for the 52 week period ended 28 March 2020 of 2.5p, which
was paid on 10 January 2020.
8 Retirement benefit obligations
Movements during the period in the Group's defined benefit
pension schemes are set out below:
52 week period 52 week period
ended ended
28 March 2020 30 March 2019
--------------------------------- ------------------ ------------------
GBP'000 GBP'000
Obligation brought forward (22,648) (19,472)
Expense recognised in the
income statement (1,732) (1,955)
Contributions paid to the
schemes 1,941 2,037
Actuarial gains and (losses) 13,057 (3,258)
--------------------------------- ------------------ ------------------
Obligation carried forward (9,382) (22,648)
--------------------------------- ------------------ ------------------
9 Alternative performance measures
52 week period ended 52 week period ended
28 March 2020 30 March 2019
GBP'000 GBP'000
Adjusted operating profit 7,240 4,262
Net IAS 19 pension adjustments
- current service costs (1,188) (1,423)
- future service contributions
paid 517 569
----------------------------------------------------------- ------------------------ ------------------------
Operating profit 6,569 3,408
----------------------------------------------------------- ------------------------ ------------------------
52 week period ended 52 week period ended
28 March 2020 30 March 2019
GBP'000 GBP'000
Adjusted profit before tax 6,674 3,962
Net IAS 19 pension adjustments
- current service costs (1,188) (1,423)
- future service contributions
paid 517 569
- finance costs (544) (532)
----------------------------------------------------------- ------------------------ ------------------------
Profit before tax 5,459 2,576
----------------------------------------------------------- ------------------------ ------------------------
10 IFRS 16 'Leases'
The Group has adopted IFRS 16 from 31 March 2019 using a
modified retrospective transition approach, under which the
cumulative effect of initial application is recognised in retained
earnings at 31 March 2019. The comparative information presented
for the period ended 30 March 2019 has not been restated.
The main impact of IFRS 16 for the Group is the recognition of
all future lease liabilities on the balance sheet. Corresponding
right-of-use assets have also been recognised on the balance sheet
representing the economic benefits of the Group's right to use the
underlying leased assets.
On transition to IFRS 16, the Group has elected to apply the
following practical expedients permitted by the standard:
- Excluding any operating leases with a remaining lease term of less than 12 months.
- Excluding any low value leases (less than GBP5,000).
For the period ended 28 March 2020, the Group had no low values
leases and two leases with a lease term of less than 12 months.
On transition to IFRS 16 the weighted average incremental
borrowing rate applied to lease liabilities where no rate is
included in the lease contract was 3.6%.
For any new contracts entered into on or after 31 March 2019,
the Group considered whether a contract is or contains a lease. A
lease is defined as a contract that conveys the right to use of an
asset for a period of time in exchange for consideration. To apply
this definition, the Group assesses whether the contract meets
three key evaluations:
- the contract contains an identified asset, which is either
explicitly identified in the contract or implicitly specified by
being identified at the time the asset is made available to the
Group;
- the Group has the right to obtain substantially all of the
economic benefits from use of the identified asset throughout the
period of use, considering its rights within the defined scope of
the contract;
- the Group has the right to direct the use of the identified
asset throughout the period of use.
For all periods prior to 31 March 2019, the Group classified its
vehicle and equipment leases as finance leases. These leases are on
terms that transfer substantially all the risks and rewards of
ownership. The accounting treatment for finance leases is similar
to the accounting treatment for leases under IFRS 16. Leased assets
are capitalised at inception and payments apportioned between
finance charges and reduction of the lease liability. The interest
element is charged to the income statement and the capitalised
leased assets are depreciated over the shorter of the estimated
useful economic life of the asset or the lease term. For finance
leases, the carrying amounts of the right-of-use assets and the
lease liabilities on transition at 31 March 2019 were equal to the
carrying amounts of the finance lease assets and finance lease
liabilities recognised at the 30 March year end.
The Group also previously held leases in relation to long
leasehold property leases and operating assets. Under IFRS 16,
there is no longer a distinction between operating and finance
leases. As a result, the operating leases have been remeasured on
transition with future lease payments discounted at the incremental
borrowing rate applicable on 31 March 2019. The following table
presents the reconciliation of lease liabilities at 30 March
2019:
GBP'000
--------------------------------------------------------------------- --------------
Minimum lease payments under non-cancellable operating leases
at 30 March 2019 4,346
Minimum lease payments under non-cancellable finance leases
at 30 March 2019 1,920
Discounted using the incremental borrowing rate at 31 March
2019 (1,228)
Assessment of lease term on transition 1,092
--------------------------------------------------------------------- --------------
Lease liabilities recognised under IFRS 16 at 31 March 2019 6,130
--------------------------------------------------------------------- --------------
Transition
The opening balance sheet position as at 31 March 2020 has been
restated on transition to IFRS 16. The Group recognised additional
right-of-use assets, lease liabilities and deferred tax
liabilities, recognising the difference in retained earnings.
Comparative periods have not been restated.
Increase / (decrease) GBP'000
--------------------------------- --------
Assets
Property, plant and equipment (4,274)
Right of use assets 7,967
Liabilities
Lease liabilities - current (980)
Lease liabilities - non current (5,150)
Finance Lease liabilities -
current 778
Finance lease liabilities -
non current 1,142
Deferred tax liabilities (2)
Equity
Retained earnings (519)
--------------------------------- --------
11 Related parties
There have been no significant changes in the nature of related
party transactions in the period ended 28 March 2020 from that
disclosed in the 2019 Annual report.
Statement of Directors' responsibilities
The Directors confirm that these condensed consolidated
financial statements have been prepared in accordance with
International Financial Reporting standards as adopted by the
European Union and that the preliminary report includes a fair
review of the information required by DTR 4.2.7 and DTR 4.2.8,
namely:
(i) An indication of important events that have occurred during
the period and their impact on the condensed set of financial
statements, and a description of the principal risks and
uncertainties for the financial period; and
(ii) Material related party transactions in the period and any
material changes in the related party transactions described in the
last Annual report.
The Directors of James Cropper Plc are detailed on our Group
website www.jamescropper.com
Forward-looking statements
Sections of this financial report may contain forward-looking
statements with respect to the Group's plans and expectations
relating to its future performance, results, strategic initiatives,
objectives and financial position, including liquidity and capital
resources. These forward-looking statements are not guarantees of
future performance. By their very nature, all forward-looking
statements involve risks and uncertainties because they relate to
events that may or may not occur in the future and are or may be
beyond the Group's control. Accordingly, the Group's actual results
and financial condition may differ materially from those expressed
or implied in any forward-looking statements. Forward-looking
statements in this financial report are current only as of the date
on which such statements are made. The Group undertakes no
obligation to update any forward-looking statements, save in
respect of any requirement under applicable law or regulation.
Nothing in this announcement shall be construed as a profit
forecast.
Content of this report
The financial information set out above does not constitute the
Group's statutory accounts for the 12 months ended 28 March 2020 or
30 March 2019 but is derived from those accounts.
Statutory accounts for the 12 months ended 30 March 2019 have
been delivered to the Registrar of Companies. The auditor, BDO LLP,
has reported on the 2019 accounts; the report (i) was unqualified,
(ii) did not include a reference to any matters to which the
auditor drew attention by way of emphasis without qualifying their
report, and (iii) did not contain a statement under section 498 (2)
or (3) of the Companies Act 2006.
The statutory accounts for the 12 month period ended 28 March
2020 will be delivered to the Registrar of Companies following the
Annual General Meeting. The auditor, BDO LLP, has reported on these
accounts; their report (i) is unqualified, (ii) does not include a
reference to any matters to which the auditor drew attention by way
of emphasis without qualifying their report, and (iii) does not
include a statement under either section 498 (2) or (3) of the
Companies act 2006.
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.
END
FR UUSBRRKUNUAR
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