Pittards PLC Half-year Report

Fecha : 19/09/2019 @ 01:00
Fuente : UK Regulatory (RNS & others)
Emisora : Pittards Plc (PTD)
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Pittards PLC Half-year Report

Pittards (LSE:PTD)
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2 meses : De Sep 2019 a Nov 2019

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RNS Number : 8618M

Pittards PLC

19 September 2019

19 September 2019

PITTARDS PLC

("Pittards" or "the Group")

Interim results for the six months ended 30 June 2019

Pittards plc, the specialist producer of technically advanced leather and luxury leather goods for retailers, manufacturers and distributors, today announces its results for the six months ended 30 June 2019.

Half year ended 30 June 2019

   --      Revenue decreased by 16% to GBP12.1m (H1 2018: GBP14.5m) 
   --      EBITDA GBP0.8m (H1 2018: GBP0.8m) 
   --      Profit before tax increased to GBP0.2m (H1 2018: GBP0.1m) 
   --      Net assets GBP18.5m (31 December 2018: GBP18.5m) 
   --      Gross margin improved to 29.7% (31 December 2018: 25.1%) 

-- Strategic initiatives progressing well particularly in the interiors market and Ethiopian footwear manufacturing

Stephen Yapp, Chairman commented: "The themes outlined in our 2018 annual report have continued into the first half of 2019; we have delivered a solid financial performance against ongoing fluctuations in global trading and made important progress to diversify our business.

"The improvement in profitability reflects the hard work to enhance operational efficiencies, investments to broaden our manufacturing capabilities and our focus on delivering a quality service to core customers, whilst taking further steps to create a more balanced portfolio.

"We enter the second half of the year with a good order book, lower cost base and improved margins. Looking ahead, we are increasingly optimistic about the pipeline of opportunities within our core and targeted markets. Whilst this is set against an uncertain economic outlook, we expect the second half to be stronger than the first particularly in terms of profit and are confident our ongoing investment plans and strategy will deliver significant shareholder value as these fully mature."

For further information, please contact:

 
 Pittards plc                   www.pittards.com 
 Stephen Yapp, Chairman 
  Reg Hankey, CEO 
  Richard Briere            +44 (0) 1935 474 321 
 
 WH Ireland Limited          www.whirelandcb.com 
 Mike Coe, Chris Savidge    +44 (0) 117 945 3470 
 

This announcement includes inside information as defined in Article 7 of the Market Abuse Regulation No. 596/2014 and is disclosed in accordance with the Company's obligations under Article 17 of those regulations.

CHAIRMAN'S STATEMENT

for the SIX MONTHSED 30 JUNE 2019

The first half of 2019 experienced a continuation of the themes outlined at the end of 2018; we delivered a solid financial performance against ongoing fluctuations in global trading and made further progress aligned with our strategic goals.

The improvement in profitability reflects the ongoing hard work to enhance operational efficiencies, investments to broaden our manufacturing capabilities and our focus on delivering a quality service to core customers whilst taking further steps to create a more balanced portfolio.

Half year ended 30 June 2019

-- Revenue decreased by 16% to GBP12.1m (H1 2018: GBP14.5m)

-- EBITDA GBP0.8m (H1 2018: GBP0.8m)

-- Profit before tax increased to GBP0.2m (H1 2018: GBP0.1m)

-- Net assets GBP18.5m (31 December 2018: GBP18.5m)

-- Gross margin improved to 29.7% (31 December 2018: 25.1%)

-- Strategic initiatives progressing well particularly in the interiors market and Ethiopian footwear manufacturing

Financial review

Revenue for the first half decreased 16% to GBP12.1m within both our UK and Ethiopian divisions as a result of a decrease in orders from our core customers and destocking within their supply chain.

Profit before tax for the first half was double the equivalent period last year at GBP0.2m, a pleasing result given the reduction in sales volumes.

Continuing the improvement from last year where they stood at 25.1% for the full year, gross margins rose significantly to 29.7% helped by lower headcount in production, reduced raw material prices and currency gains.

Our stock level increased by GBP0.4m to GBP16.7m, although this was GBP0.2m lower than at the same point two years ago, and our slower moving stock at GBP2.2m remained unchanged since the year end. Despite pressure from lower volumes, and short-term timing effects on key bulk orders, we are encouraged that new channels and product ranges coupled with the more typical volumes we anticipate, will make some inroads in the second half.

Net assets were unchanged at GBP18.5m (December 2018 GBP18.5m). Net debt was unchanged at GBP9.8m compared with the same time last year although it was up GBP2.1m on December 2018 due to timing differences in working capital during the summer. We anticipate these timing differences will reverse by year end.

The tax charge for the period was GBP0.05m due to profits in Ethiopia. Generally, the Group enjoys a favourable tax position with significant prior year tax losses unutilised and anticipates minimal tax payments for the year ahead.

Operational and strategic update

Persistent global uncertainty continued to impact customers in our existing and target markets in the first half of the year and consequently, volumes in both our UK and Ethiopia divisions were depressed. Against this backdrop, we have delivered a stable financial performance, and ensured that the quality of service was maintained for all customers.

In the UK Division, the automotive market is gaining traction; automotive customers have increased their orders on an incremental steady basis signifying that we are now establishing ourselves as a manufacturer of this specialist upholstery, where both our quality and price point are positioning us attractively for future growth.

The aviation markets are engaging with us directly and we are at various stages of the protracted sampling process with a number of potential customers. We have entered the bulk sampling stage with a big shoe provider and are actively in dialogue with others, again with our offering well placed to compete.

Alongside with its core gloving products, our Ethiopian operation has now established itself as a shoe manufacturer for Soul of Africa and Vivo Barefoot. Whilst a nascent market for us, it is growing on a steady basis. Accordingly, in the first half we invested in a new manufacturing production line, for which training is well progressed, and further modest investments are anticipated in the second half. Together with our own shoe manufacturing brand NTOTO, these products are helping to achieve our objective of a more balanced portfolio.

Board changes

As previously announced Richard Briere joined the Board as CFO on 19(th) March 2019.

Outlook

The outcome of Brexit remains uncertain and could lead to a short-term impact to the movement of products, the quantum or timing of which is too speculative to judge accurately. However, with 90% of the Group's sales outside Europe and dual manufacturing production in our UK and Ethiopia divisions, we are optimistic that whilst the lack of clarity persists any risk can be managed within our existing model.

We enter the second half of the year with a good order book, lower cost base and improved margins. Looking ahead, we are increasingly optimistic about the pipeline of opportunities within our core and targeted markets. Whilst this is set against an uncertain economic outlook, we expect the second half to be stronger than the first particularly in terms of profits and are confident our ongoing investment plans and strategy will deliver significant shareholder value as these fully mature.

CONSOLIDATED INCOME STATEMENT

for the SIX MONTHSED 30 JuNE 2019

 
                                     Six months ended        Six months        Year ended 
                                                                  ended 
                                            30-Jun-19         30-Jun-18         31-Dec-18 
                            Note              GBP'000           GBP'000           GBP'000 
                                            Unaudited         Unaudited           Audited 
 Revenue                                       12,132            14,505            28,469 
 Cost of sales                                (8,528)          (11,426)          (21,318) 
 Gross profit                                   3,604             3,079             7,151 
 Distribution costs                           (1,119)           (1,070)           (2,209) 
 Administrative expenses                      (1,975)           (1,578)           (3,950) 
 Profit from operations 
  before finance costs                            510               431               992 
 Finance costs                                  (286)             (344)             (647) 
 Finance income                                     -                 9                 9 
 Profit before taxation                           224                96               354 
 Taxation                      4                 (53)                29           (2,283) 
                                  -------------------  ----------------  ---------------- 
 Profit for the period 
  after taxation                                  171               125           (1,929) 
 
 Earnings per share            3 
 Basic                                          1.23p             0.90p          (13.91p) 
 Diluted                                        1.22p             0.90p          (13.76p) 
                                  -------------------  ----------------  ---------------- 
 

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

for the SIX MONTHS Ended 30 JUNE 2019

 
                                         Six months ended       Six months        Year ended 
                                                                     ended 
                                                30-Jun-19        30-Jun-18         31-Dec-18 
                                                  GBP'000          GBP'000           GBP'000 
                                                Unaudited        Unaudited           Audited 
 Profit for the period 
  after taxation                                      171              125           (1,929) 
 Other comprehensive income 
 Items that will not be 
  reclassified to profit 
  or loss 
 Revaluation of land and 
  buildings                                             -                -               219 
 Revaluation of land and 
  buildings - unrealised 
  exchange gain/(loss)                               (47)               29                49 
                                      -------------------  ---------------  ---------------- 
                                                     (47)               29               268 
 Items that may be subsequently 
  reclassified to profit 
  or loss 
 Unrealised exchange gain/(loss) 
  on translation of overseas 
  subsidiaries                                      (159)              172               389 
 Fair value losses on 
  foreign currency cash 
  flow hedges                                        (19)                -              (52) 
                                      -------------------  ---------------  ---------------- 
                                                    (178)              172               337 
 
 Other comprehensive (loss)/income                  (225)              201               605 
                                      -------------------  ---------------  ---------------- 
 Total comprehensive (loss)/income 
  for the period                                     (54)              326           (1,324) 
                                      -------------------  ---------------  ---------------- 
 

CONSOLIDATED statement of Changes in equity

for the six monthsED 30 JUNE 2019

 
                   Note                                    Share                             Share                            Capital                             Shares                              Share                                 Cash                                  Translation                                  Revaluation                           Retained                              Total 
                                                         capital                           premium                            reserve                               held                              based                                 flow                                      reserve                                      reserve                           earnings                             equity 
                                                                                                                                                                      by                            payment                                hedge 
                                                                                                                                                                    ESOP                            reserve                              reserve 
                                                         GBP'000                           GBP'000                            GBP'000                            GBP'000                            GBP'000                              GBP'000                                      GBP'000                                      GBP'000                            GBP'000                            GBP'000 
                         ---------------------------------------  --------------------------------  ---------------------------------  ---------------------------------  ---------------------------------  -----------------------------------  -------------------------------------------  -------------------------------------------  ---------------------------------  --------------------------------- 
 
  At 1 January 
  2018                                                     6,944                             2,984                              6,475                              (495)                                131                                    -                                      (3,520)                                        1,813                              5,432                             19,764 
                         ---------------------------------------  --------------------------------  ---------------------------------  ---------------------------------  ---------------------------------  -----------------------------------  -------------------------------------------  -------------------------------------------  ---------------------------------  --------------------------------- 
 
  Opening balance 
  adjustment                                                   -                                 -                                  -                                  -                                  -                                    -                                            -                                            -                               (26)                               (26) 
 
  At 1 January 
  2018 (restated)                                          6,944                             2,984                              6,475                              (495)                                131                                    -                                      (3,520)                                        1,813                              5,406                             19,738 
                         ---------------------------------------  --------------------------------  ---------------------------------  ---------------------------------  ---------------------------------  -----------------------------------  -------------------------------------------  -------------------------------------------  ---------------------------------  --------------------------------- 
 Comprehensive                                                                                                                                                                                                                                                                                                                                                                                                 - 
 income for the 
 period 
 Profit for the 
  period after 
  taxation                                                     -                                 -                                  -                                  -                                  -                                    -                                            -                                            -                                125                                125 
 Other 
 comprehensive 
 income 
 Unrealised                                                    -                                 -                                  -                                  -                                  -                                    -                                          172                                           29                                  -                                201 
 exchange 
 loss on 
 translation 
 of foreign 
 subsidiaries 
                         ---------------------------------------  --------------------------------  ---------------------------------  ---------------------------------  ---------------------------------  -----------------------------------  -------------------------------------------  -------------------------------------------  ---------------------------------  --------------------------------- 
 Total other                                                   -                                 -                                  -                                  -                                  -                                    -                                          172                                           29                                  -                                201 
  comprehensive 
  loss 
                         ---------------------------------------  --------------------------------  ---------------------------------  ---------------------------------  ---------------------------------  -----------------------------------  -------------------------------------------  -------------------------------------------  ---------------------------------  --------------------------------- 
 Total comprehensive 
  (loss)/income 
  for the period                                               -                                 -                                  -                                  -                                  -                                    -                                          172                                           29                                125                                326 
                         ---------------------------------------  --------------------------------  ---------------------------------  ---------------------------------  ---------------------------------  -----------------------------------  -------------------------------------------  -------------------------------------------  ---------------------------------  --------------------------------- 
 Share based                                                   -                                 -                                  -                                  -                                 58                                    -                                            -                                            -                                  -                                 58 
 payment 
 expense 
                         ---------------------------------------  --------------------------------  ---------------------------------  ---------------------------------  ---------------------------------  -----------------------------------  -------------------------------------------  -------------------------------------------  ---------------------------------  --------------------------------- 
 
  At 30 June 
  2018                                                     6,944                             2,984                              6,475                              (495)                                189                                    -                                      (3,348)                                        1,842                              5,531                             20,122 
                         ---------------------------------------  --------------------------------  ---------------------------------  ---------------------------------  ---------------------------------  -----------------------------------  -------------------------------------------  -------------------------------------------  ---------------------------------  --------------------------------- 
 Comprehensive 
 income for the 
 period 
 Profit for the 
  period after 
  taxation                                                     -                                 -                                  -                                  -                                  -                                    -                                            -                                            -                            (2,054)                            (2,054) 
 Other 
 comprehensive 
 income 
 Gain on the 
  revaluation 
  of buildings                                                 -                                 -                                  -                                  -                                  -                                    -                                            -                                          219                                  -                                219 
 Unrealised                                                    -                                 -                                  -                                  -                                  -                                    -                                          217                                           20                                  -                                237 
 exchange 
 loss on 
 translation 
 of foreign 
 subsidiaries 
 Fair value                                                    -                                 -                                  -                                  -                                  -                                 (52)                                            -                                            -                                  -                               (52) 
 losses 
 on foreign 
 currency 
 cash flow 
 hedges 
                         ---------------------------------------  --------------------------------  ---------------------------------  ---------------------------------  ---------------------------------  -----------------------------------  -------------------------------------------  -------------------------------------------  ---------------------------------  --------------------------------- 
 Total other                                                   -                                 -                                  -                                  -                                  -                                 (52)                                          217                                          239                                  -                                404 
  comprehensive 
  expense 
                         ---------------------------------------  --------------------------------  ---------------------------------  ---------------------------------  ---------------------------------  -----------------------------------  -------------------------------------------  -------------------------------------------  ---------------------------------  --------------------------------- 
 Total                                                         -                                 -                                  -                                  -                                  -                                 (52)                                          217                                          239                            (2,054)                            (1,650) 
 comprehensive 
 (loss)/income 
 for the period 
                         ---------------------------------------  --------------------------------  ---------------------------------  ---------------------------------  ---------------------------------  -----------------------------------  -------------------------------------------  -------------------------------------------  ---------------------------------  --------------------------------- 
 Share based                                                   -                                 -                                  -                                  -                                 14                                    -                                            -                                            -                                 43                                 57 
 payment 
 expense 
                         ---------------------------------------  --------------------------------  ---------------------------------  ---------------------------------  ---------------------------------  -----------------------------------  -------------------------------------------  -------------------------------------------  ---------------------------------  --------------------------------- 
 
  At 31 December 
  2018                                                     6,944                             2,984                              6,475                              (495)                                203                                 (52)                                      (3,131)                                        2,081                              3,520                             18,529 
                         ---------------------------------------  --------------------------------  ---------------------------------  ---------------------------------  ---------------------------------  -----------------------------------  -------------------------------------------  -------------------------------------------  ---------------------------------  --------------------------------- 
 Comprehensive 
 income for the 
 period 
 Profit for the 
  period after 
  taxation                                                     -                                 -                                  -                                  -                                  -                                    -                                            -                                            -                                171                                171 
 Other 
 comprehensive 
 income 
 Unrealised                                                    -                                 -                                  -                                  -                                  -                                    -                                        (164)                                         (47)                                  -                              (211) 
 exchange 
 gain on 
 translation 
 of foreign 
 subsidiaries 
 Fair value                                                    -                                 -                                  -                                  -                                  -                                 (19)                                            -                                            -                                  -                               (19) 
 losses 
 on foreign 
 currency 
 cash flow 
 hedges 
                         ---------------------------------------  --------------------------------  ---------------------------------  ---------------------------------  ---------------------------------  -----------------------------------  -------------------------------------------  -------------------------------------------  ---------------------------------  --------------------------------- 
 Total other                                                   -                                 -                                  -                                  -                                  -                                 (19)                                        (164)                                         (47)                                  -                              (230) 
  comprehensive 
  income 
                         ---------------------------------------  --------------------------------  ---------------------------------  ---------------------------------  ---------------------------------  -----------------------------------  -------------------------------------------  -------------------------------------------  ---------------------------------  --------------------------------- 
 Total                                                         -                                 -                                  -                                  -                                  -                                 (19)                                        (164)                                         (47)                                171                               (59) 
 comprehensive 
 income for the 
 period 
                         ---------------------------------------  --------------------------------  ---------------------------------  ---------------------------------  ---------------------------------  -----------------------------------  -------------------------------------------  -------------------------------------------  ---------------------------------  --------------------------------- 
 Share based                                                   -                                 -                                  -                                  -                                 42                                    -                                            -                                            -                                  -                                 42 
 payment 
 expense 
                         ---------------------------------------  --------------------------------  ---------------------------------  ---------------------------------  ---------------------------------  -----------------------------------  -------------------------------------------  -------------------------------------------  ---------------------------------  --------------------------------- 
 
  At 30 June 
  2019                                                     6,944                             2,984                              6,475                              (495)                                245                                 (71)                                      (3,295)                                        2,034                              3,691                             18,512 
                         ---------------------------------------  --------------------------------  ---------------------------------  ---------------------------------  ---------------------------------  -----------------------------------  -------------------------------------------  -------------------------------------------  ---------------------------------  --------------------------------- 
 

CONSOLIDATED BALANCE SHEET

AS AT 30 JUNE 2019

 
                                                   30-Jun-19         30-Jun-18          31-Dec-18 
                                  Note               GBP'000           GBP'000            GBP'000 
                                                   Unaudited         Unaudited            Audited 
 ASSETS 
 Non-current assets 
 Property, plant and 
  equipment                                           10,970            10,760             11,006 
 Intangible assets                                       121               178                147 
 Deferred income tax 
  asset                              5                     -             1,967                  - 
                                        --------------------  ----------------  ----------------- 
 Total non-current assets                             11,091            12,905             11,153 
 Current assets 
 Inventories                                          16,749            15,701             16,306 
 Trade and other receivables                           4,695             4,682              3,306 
 Cash and cash equivalents                               367                91                598 
 Current income tax                                        -                 -                  - 
  recoverable 
                                        --------------------  ----------------  ----------------- 
 Total current assets                                 21,811            20,474             20,210 
                                        --------------------  ----------------  ----------------- 
 Total assets                                         32,902            33,379             31,363 
                                        --------------------  ----------------  ----------------- 
 LIABILITIES 
 Current liabilities 
 Trade and other payables                            (4,069)           (3,261)            (4,350) 
 Interest bearing loans, 
  borrowings and overdrafts                          (8,491)           (7,609)            (7,756) 
                                        --------------------  ----------------  ----------------- 
 Total current liabilities                          (12,560)          (10,870)           (12,106) 
 Non-current liabilities 
 Deferred income tax 
  liability                          5                  (49)             (154)              (162) 
 Interest bearing loans, 
  borrowings and overdrafts                          (1,781)           (2,233)              (566) 
                                        --------------------  ----------------  ----------------- 
 Total non-current liabilities                       (1,830)           (2,387)              (728) 
                                        --------------------  ----------------  ----------------- 
 Total liabilities                                  (14,390)          (13,257)           (12,834) 
                                        --------------------  ----------------  ----------------- 
 Net assets                                           18,512            20,122             18,529 
                                        --------------------  ----------------  ----------------- 
 EQUITY 
 Share capital                                         6,944             6,944              6,944 
 Share premium                                         2,984             2,984              2,984 
 Capital reserve                                       6,475             6,475              6,475 
 Shares held by ESOP                                   (495)             (495)              (495) 
 Share based payment 
  reserve                                                245               189                203 
 Cash flow hedge reserve                                (71)                 -               (52) 
 Translation reserve                                 (3,295)           (3,348)            (3,131) 
 Revaluation reserve                                   2,034             1,842              2,081 
 Retained earnings                                     3,691             5,531              3,520 
                                        --------------------  ----------------  ----------------- 
 Total equity                                         18,512            20,122             18,529 
                                        --------------------  ----------------  ----------------- 
 

CONSOLIDATED STATEMENT of cash flows

for the SIX MONTHS ended 30 JUNE 2019

 
                                                                        Six months        Six months        Year ended 
                                                                             ended             ended 
                                                                         30-Jun-19         30-Jun-18         31-Dec-18 
                                                        Note               GBP'000           GBP'000           GBP'000 
                                                                         Unaudited         Unaudited           Audited 
                            Cash flows from operating 
                             activities 
 Cash (used in)/generated from 
  operations                                               6                 (814)           (1,107)             1,583 
 Tax paid                                                                    (350)              (26)              (11) 
 Interest paid                                                               (254)             (330)             (634) 
                                                              --------------------  ----------------  ---------------- 
 Net cash (used in)/generated 
  from operating activities                                                (1,418)           (1,463)               938 
                                                              --------------------  ----------------  ---------------- 
 Cash flows from investing 
  activities 
 Purchases of property, plant 
  and equipment                                                              (491)             (245)             (588) 
 Purchases of intangible assets                                                  -                 -                 - 
 Net cash used in investing 
  activities                                                                 (491)             (245)             (588) 
                                                              --------------------  ----------------  ---------------- 
 Cash flows from financing 
  activities 
 Proceeds from borrowings                                                      809                 1                 - 
 Repayment of bank loans                                                     (472)             (662)           (1,304) 
 New finance lease obligations                                                 200                41                41 
 Repayment of obligations under 
  finance leases                                                              (90)              (41)              (85) 
                                                              --------------------  ----------------  ---------------- 
 Net cash used in financing 
  activities                                                                   447             (661)           (1,348) 
                                                              --------------------  ----------------  ---------------- 
 (Decrease)/increase in cash 
  and cash equivalents                                                     (1,462)           (2,369)             (998) 
                                                              --------------------  ----------------  ---------------- 
 Cash and cash equivalents 
  at beginning of period                                                   (3,695)           (2,698)           (2,698) 
 Exchange gains on cash and 
  cash equivalents                                                             (3)                 -                 1 
                                                              --------------------  ----------------  ---------------- 
 Cash and cash equivalents 
  at end of period                                                         (5,160)           (5,067)           (3,695) 
                                                              --------------------  ----------------  ---------------- 
 

NOTES TO THE CONSOLIDATED ACCOUNTS (UNAUDITED)

   1.     Basis of preparation 

The financial information set out in the interim statements for the six months ended 30 June 2019 and the comparative figures are unaudited and do not constitute statutory accounts as defined in section 434 of the Companies Act 2006. As permitted, this interim report has been prepared in accordance with UK AIM listing rules and not in accordance with IAS 34 Interim Financial Reporting, therefore it is not fully in compliance with International Financial Reporting Standards (IFRS).

The financial information for the full preceding year is extracted from the statutory accounts for the financial year ended 31 December 2018. Those accounts, upon which the auditor issued an unqualified opinion, have been delivered to the Registrar of Companies. The auditor's report did not contain a statement under section 498(2) or (3) of the Companies Act 2006.

These financial statements are presented in sterling, being the functional currency of the primary economic environment in which the Group operates.

Pittards plc is a public limited company incorporated and domiciled under the Companies Act 2006 in England. It is quoted on the Alternative Investment Market ("AIM").

The directors approved and authorised the interim statement for issue on 19 September 2019.

   2.     New standards 

The Group has adopted IFRS 16 Leases from 1 January 2019, using the modified retrospective method. Applying this method, the comparative information for the 2018 fiscal year has not been restated.

At 1 January 2019, the Group recognised right-of-use assets of GBP200k and lease liabilities of GBP200k. The Group has decided not to apply the new guidance to leases whose term will end within twelve months of the date of initial application. In such cases, the leases will be accounted for as short-term leases and the lease payments associated with them will be recognised as an expense from short-term leases. The following reconciliation to the opening balance for the lease liabilities as at 1 January 2019 is based upon the operating lease obligations as at 31 December 2018:

 
                                                Consolidated 
                                                   01-Jan-19 
                                                     GBP'000 
 Operating lease obligations 
  at 31 December 2018                                    260 
 Minimum lease payments (notional 
  amount) on finance lease liabilities 
  at 31 December 2018                                    200 
 Relief option for short-term 
  leases                                                 (3) 
 Relief option for leases of 
  low-value assets                                      (25) 
 Other                                                  (26) 
                                           ----------------- 
 Gross lease liabilities at 
  31 December 2018                                       406 
 Discounting                                            (13) 
                                           ----------------- 
 Lease liabilities at 1 January 
  2019                                                   393 
 Present value of finance lease 
  liabilities as at 31 December 
  2018                                                 (193) 
                                           ----------------- 
 Additional lease liabilities 
  as a result of the initial 
  application of IFRS 16 as 
  at 1 January 2019                                      200 
                                           ----------------- 
 

The lease liabilities were discounted at the borrowing rate as at 1 January 2019. The weighted average discount rate was 6.63%.

   3.     Earnings per Ordinary Share 
   a)   Basic 

Basic earnings per share is calculated by dividing the profit attributable to equity holders of the company by the weighted average number of ordinary shares in issue during the year excluding the shares owned by the Pittards Employee Share Ownership Trust.

 
                                         Six months   Six months ended      Year ended 
                                              ended 
                                          30-Jun-19          30-Jun-18       31-Dec-18 
                                            GBP'000            GBP'000         GBP'000 
 Profit for the period after taxation           171                125         (1,929) 
                                              '000s              '000s           '000s 
 Weighted average number of ordinary 
  shares in issue                            13,870             13,870          13,870 
                                        -----------  -----------------  -------------- 
 
   b)   Diluted 

Diluted earnings per share is calculated by adjusting the weighted average number of ordinary shares by the shares issued under the 2017 Save As You Earn (SAYE) scheme.

 
                                         Six months   Six months      Year ended 
                                              ended        ended 
                                          30-Jun-19    30-Jun-18       31-Dec-18 
                                            GBP'000      GBP'000         GBP'000 
 Profit for the period after taxation           171          125         (1,929) 
                                              '000s        '000s           '000s 
 Weighted average number of ordinary 
  shares in issue                            14,025       13,879          14,023 
                                        -----------  -----------  -------------- 
 
   4.       Taxation 
 
                                                   Six months            Six months         Year ended 
                                                        ended                 ended 
                                                    30-Jun-19             30-Jun-18          31-Dec-18 
                                                      GBP'000               GBP'000            GBP'000 
 Analysis of the charge in the 
  period 
 The charge based on the profit 
  for the period comprises: 
 Corporation tax on profit for 
  the year                                                  -                     -                263 
 Foreign tax on profit for the 
  period                                                   90                    15                 89 
 Foreign tax related to prior years                        75                     9                 10 
                                         --------------------  --------------------  ----------------- 
 Total current tax                                        165                    24                362 
                                         --------------------  --------------------  ----------------- 
 
 Deferred tax 
 Origination and reversal of temporary 
  differences                                           (112)                  (53)                 26 
 Impact of change in UK tax rate                            -                     -                (6) 
 Derecognition of deferred tax 
  asset                                                     -                     -              1,901 
                                         --------------------  --------------------  ----------------- 
 Total deferred tax                                     (112)                  (53)              1,921 
                                         --------------------  --------------------  ----------------- 
 
 Income tax (credit)/charge                                53                  (29)              2,283 
                                         --------------------  --------------------  ----------------- 
 
   5.       Deferred taxation 
 
                                        30-Jun-19           30-Jun-18        31-Dec-18 
                                          GBP'000             GBP'000          GBP'000 
 Deferred tax asset                             -               1,967                - 
 Deferred tax liabilities                    (49)               (154)            (162) 
                            ---------------------  ------------------  --------------- 
 Deferred tax asset (net)                    (49)               1,813            (162) 
                            ---------------------  ------------------  --------------- 
 

The Group has unrecognised deferred tax assets of GBP1.9m.

   6.     Cash (used in)/generated from operations 
 
                                                Six months ended           Six months       Year ended 
                                                                                ended 
                                                       30-Jun-19            30-Jun-18        31-Dec-18 
                                                         GBP'000              GBP'000          GBP'000 
 Profit before taxation                                      224                   96              354 
 Adjustments for: 
 Depreciation of property, plant 
  and equipment                                              357                  339              705 
 Amortisation of intangibles                                  26                   31               62 
 Bank and other interest charges                             286                  335              638 
 Share based payment expense                                  42                   58              115 
 Other non-cash items in Income 
  Statement                                                  165                  125              194 
                                            --------------------  -------------------  --------------- 
 Operating cash flows before movement 
  in working capital                                       1,100                  984            2,068 
 Movements in working capital (excluding 
  exchange differences on consolidation): 
 (Increase)/decrease in inventories                        (581)                (275)            (710) 
 (Increase)/decrease in receivables                      (1,377)                (620)              792 
 (Decrease)/increase in payables                              44              (1,196)            (567) 
                                            --------------------  -------------------  --------------- 
 Cash (used in)/generated from 
  operations                                               (814)              (1,107)            1,583 
                                            --------------------  -------------------  --------------- 
 
   7.     Availability of interim report 

The interim report will be available on the Company's website www.pittards.com.

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

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