WEDNESDAY, 31 AUGUST 2022
FLOWTECH FLUIDPOWER PLC
(“Flowtech”, the “Group” or “Company”)
“A vital partner in the fluid power supply chain”
Flowtech Fluidpower is a Group of specialist fluid power businesses. Working in partnership with customers and suppliers, we deliver essential components, custom solutions and high-quality servicing support to keep global industry moving.
2022 HALF-YEAR REPORT
For the six months ended 30 June 2022
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“We achieved a solid trading performance in H1 2022. In the current period of widespread uncertainty our focus is on the key pillars of our long-term strategy balanced with maximising all opportunities to protect profitability”
Bryce Brooks, Chief Executive Officer |
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TRADING AND OPERATIONAL HIGHLIGHTS |
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· Revenue 4.8% up on like for like trading day basis · 89bps improvement on already strong gross margin to 36.3% (H1 21 35.4%) · Inflationary pressures offset by cost savings and productivity improvements · Underlying EBIT at £4.3m, an increase of £0.9m on the comparative period · £4.3m increase in net debt resulting from investment in inventory to support delivery of trading performance · Successful implementation of 5 to 1 reorganisation project · Launch of new e-commerce website in May 2022 with enhanced functionality |
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FINANCIAL HIGHLIGHTS |
Half year ended 30 June 2022 Unaudited |
Half year ended 30 June 2021 Unaudited |
Year ended 31 December 2021 Audited |
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· Revenue |
£57.5m |
£55.3m |
£109.1m |
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· Gross profit % |
36.3% |
35.4% |
35.3% |
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· Operating profit |
£3.6m |
£2.7m |
£3.7m |
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· Underlying operating profit* |
£4.3m |
£3.4m |
£5.7m |
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· Profit before tax |
£3.1m |
£2.3m |
£2.9m |
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· Earnings per share (basic) |
4.24p |
3.02p |
3.48p |
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· Net debt** |
£19.7m |
£13.2m |
£15.4m |
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* Underlying operating profit is continuing operations' operating profit before separately disclosed items (note 3). ** Net debt is Bank Debt less cash and cash equivalents. It excludes lease liabilities under IFRS 16. |
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RESULTS PRESENTATION: CEO Bryce Brooks and CFO Russell Cash will provide a 'live' presentation via the Investor Meet Company platform (IMC) at 9.00am (BST) today (31 August 2022):
https://www.investormeetcompany.com/flowtech-fluidpower-plc/register-investor Website: www.investormeetcompany.com |