Financial highlights
|
|
2018 |
2017 |
Change |
|
|
|
52 weeks to 2018 |
52 weeks to 2017 |
Reported |
Constant currency |
|
|
|
|
|
|
|
Volume 1 (tonnes) |
344,784 |
303,811 |
13.5% |
|
|
Revenue |
£1,649.6m |
£1,357.3m 3 |
21.5% |
21.9% |
|
|
|
|
|
|
|
Adjusted results 2 |
|
|
|
|
|
Adjusted operating profit |
£48.7m |
£38.3m |
27.1% |
28.2% |
|
Adjusted profit before tax |
£45.7m |
£37.4m |
22.2% |
23.3% |
|
Adjusted basic earnings per share |
42.3p |
37.4p |
13.1% |
14.3% |
|
|
|
|
|
|
|
IFRS results |
|
|
|
|
|
Operating profit |
£46.3m |
£35.1m |
31.9% |
|
|
Profit before tax |
£43.3m |
£34.2m |
26.7% |
|
|
Basic earnings per share |
39.9p |
33.2p |
20.2% |
|
|
Cash flows from operating activities
|
£53.5m |
£46.5m |
15.1% |
|
|
Net (debt)/cash |
£(26.8)m |
£25.4m |
|
|
|
Dividends paid and proposed in respect of the year |
21.4p |
19.0p |
12.6% |
|
|
|
|
|
|
|
Notes
1 Volume includes 50% share of the Australian and Portuguese joint venture activities
2 Adjustments comprise acquisition intangibles amortisation of £2.4m (2017: £0.4m) and exceptional acquisition costs £nil (2017: £2.8m) in connection with the 2017 Seachill acquisition
3 2017 Revenue reduced by £2.2m in line with the new IFRS 15 accounting standard
Strategic highlights
· Seachill successfully integrated into the Group and trading well with new business wins to expand further
· Commencement of Hilton production in Australia from satellite facility in Brisbane; new factory expected to open ahead of schedule in Q3 2019
· Full operational control of Australian joint venture facilities from July 2018 with 15 year long term supply agreements in place
· Joint venture agreement to invest in leading Dutch vegetarian product manufacturer Dalco completed since the year end following competition authority clearance
· Launch of fresh convenience foods in Central Europe
Operating highlights
· Volume growth of 13.5% driven by a full year contribution from Seachill plus Australia
· Turnover up 21.5% and 21.9% on a constant currency basis
· Adjusted operating profit growth of 27.1% and 28.2% on a constant currency basis with IFRS growth of 31.9%
· Strong operating cash generation and significant £99m investment in facilities to support future growth
Commenting on the results Executive Chairman Robert Watson OBE said:
“In 2018, we continued to deliver on our strategic objectives to build a significantly bigger and more diversified business. Seachill's integration together with the new shellfish business win has driven volume and profit growth further supported in Australia through the start of production and transfer of operational control in the joint venture facilities. We are adding another protein to our offering through an agreement to invest in leading vegetarian producer Dalco and continue to explore further opportunities in both domestic and overseas markets.”