|
Half year to 30 September 2017 |
Half year to 1 October 2016 |
Full year to 1 April 2017 |
|
|
|
£m |
£m |
£m |
|
Revenue |
47.4 |
45.4 |
92.4 |
|
Adjusted operating profit (excluding IAS19 impact) |
3.0 |
2.6 |
6.9 |
|
Operating profit |
2.7 |
2.3 |
6.2 |
|
Adjusted profit before tax (excluding IAS19 impact) |
2.8 |
2.4 |
6.6 |
|
Impact of IAS19 |
(0.5) |
(0.4) |
(0.9) |
|
Profit before tax |
2.3 |
2.0 |
5.6 |
|
Earnings per share – basic |
23.1p |
17.4p |
50.5p |
|
Earnings per share – diluted |
22.9p |
17.2p |
50.0p |
|
Dividend per share declared |
2.5p |
2.5p |
11.8p |
|
|
|
|
|
|
Net borrowings |
(4.7) |
(6.6) |
(7.3) |
|
Equity shareholders' funds |
23.4 |
16.0 |
21.9 |
|
Gearing % – before IAS 19 deficit |
12% |
19% |
20% |
|
Gearing % – after IAS 19 deficit |
20% |
41% |
34% |
|
Capital expenditure |
1.3 |
2.1 |
5.3 |
Highlights
· Adjusted PBT (prior to IAS 19 impact) at £2.8m, up 17% on prior year comparative
· PBT at £2.3m, up 14% on prior year comparative
· EPS (diluted) up 33% to 22.9p from 17.2p on prior year comparative
· Revenue in TFP up 20% on prior year comparative. Total revenue up by 4.5%
· TFP is benefitting from increased activity in the sales of products for fuel cells
· Paper launches CupCycling™ and focused on strategy to develop mix
· Paper endures high pulp prices and has remained resilient in the first half
· 3DP launches Colourform™ and has commenced commercial orders
Mark Cropper, Chairman, commented:
“TFP has delivered its best ever sales performance for a half year and is set to continue growth in the second half. Although Paper is facing severe headwinds from the price of pulp this year, it has so far remained resilient and I am confident that future growth prospects continue to strengthen. 3DP is still at an early stage but its potential is being proven with commercial contracts and increasing interest in the sustainable and aesthetically superior alternative it offers over plastic packaging.
Within the Group we continue to invest significantly in people, markets, innovation and equipment. This 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 is expected to deliver in line with the Board's expectations.”