Half-year results to 25 September 2021
|
|
Half-year to 25 September 2021 |
**Half-year to 26 September 2020 |
Full-year to |
|
|
£m |
£m |
£m |
|
Revenue |
49.8 |
34.0 |
78.7 |
|
Adjusted operating profit * |
2.5 |
1.6 |
4.5 |
|
Operating profit |
2.3 |
0.4 |
2.4 |
|
Adjusted profit before tax * |
2.3 |
1.3 |
4.0 |
|
Impact of IAS 19 |
(0.4) |
(0.3) |
(0.8) |
|
Impact of exceptional items |
0.0 |
(1.1) |
(1.5) |
|
Profit before tax |
1.9 |
0.0 |
1.7 |
|
Earnings per share – basic and diluted |
16.2p |
(0.2)p |
16.4p |
|
Dividend per share declared |
2.5p |
Nil |
Nil |
|
|
|
|
|
|
Net borrowings |
(9.6) |
(5.2) |
(7.5) |
|
Equity shareholders' funds |
32.3 |
27.3 |
29.9 |
|
Gearing % – before IAS 19 deficit |
21% |
12% |
17% |
|
Gearing % – after IAS 19 deficit |
30% |
19% |
25% |
|
Capital expenditure |
2.9 |
1.4 |
3.1 |
* excludes the impact of IAS 19 and exceptional items (per note 8)
** Prior year to 26 Sept 20 restated to reflect £2.8m of grant income reclassified from exceptional items to other income
Highlights
· Group revenues up 47% on prior period comparative
· Growth above pre-pandemic levels in TFP and Colourform
· Adjusted PBT (excluding IAS 19 impact) at £2.3m, up 70% on prior period comparative
· EPS (diluted) at 16.2p compared to 16.4p for the year ended March 2021
· Reinstatement of interim dividend
· As at 25 Sept 2021, the Company has liquidity of over £15m including cash and overdraft facilities
· TFP new non-woven line adding 50% capacity now operational
· Capital investments for future growth have re-started and ramp-up in the second half
· New talent to join the Group Board during H2
Mark Cropper, Chairman, commented:
“The Group has experienced a 47% increase in revenues in the first half, returning to pre-pandemic levels, with both TFP and Colourform performing above this level, and Paper demonstrating a strong recovery. Plans are in place to establish an additional electrolyser line in the US as the hydrogen market surges and the 50% increase in TFP's non-woven lines is now operational. Paper sales are projected to be ahead of pre-pandemic levels by the start of 2022, with a strong demand for recycled fibre content and responsible sourcing. The Colourform ä business attracts brands seeking plastic-free sustainable packaging across the wines, spirits, beauty, and fragrance sectors.”
“We are committed to being operationally carbon neutral by 2030 and to significantly reducing carbon through our entire supply chain by 2035. Building on strong foundations, the newly defined ESG committee is developing targets against all our ESG strategic intents. We invest significantly in people, innovation and capability will ensure that over the long term, the Group has the potential to sustain growth across all its businesses. In the nearer term, the full-year results are anticipated to show strong growth from the pandemic.”