These results cover a period when the Company was not listed on AIM and a period prior to certain changes in the capital structure that were implemented pursuant to a corporate reorganisation in connection with the Company's admission to AIM. These results are presented on the same basis as set out in the Company's Admission Document, as detailed in notes 1 and 2 to the interim financial statements.
Highlights
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A solid performance, in line with Board expectations |
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Revenues of £42.2m (H1 2016: £39.6m), increase of 6.7% |
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Adjusted EBITDA [1] of £14.2m (H1 2016: £13.4m), increase of 6.1% |
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Profit before tax of £10.3m (H1 2016: £9.4m), increase of 9.6% |
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Cash generated from operations £15.6m (H1 2016: £13.8m), increase of 12.4% |
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Launch of U9 series controls providing cost competitive, best in class safety controls |
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Installation of automated production line for U9 series allowing a 15% increase in throughput |
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Successful admission to AIM on 8 August 2017 |
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Interim maiden dividend of 1p will be paid on 30 November 2017 |
1 Adjusted EBITDA, which is defined as profit before finance costs, tax, royalty charges, depreciation, amortisation, and exceptional items, is a non-GAAP metric used by management and is not an IFRS disclosure
Mark Bartlett, Chief Executive Officer, said:
“We have had a positive six months of trading, leading up to the successful admission to AIM, with both volume and revenues up c.7% on the same period in the prior year. The Group continues to make solid progress on its strategic initiatives launching the new U9 range of controls across all market segments.
“Export sales have been particularly strong with a growth of c.10% against the prior year. Our patented electronic controls (EK Series) continued to secure increased market share with volumes running c.90% above prior year.
“Our steadfast focus on safety initiatives, particularly in the regulated markets, provided a positive impact with several non-Strix products being withdrawn from retailers whilst at the same time we were able to secure high volume specifications with 3 major European retailers.
“We continue to build on our extensive customer relationships across the value chain whilst further developing our key technologies to secure our long term growth objectives.
“The current prospect visibility, coupled with our continued focus on operational excellence, provides confidence in securing our full year outlook.”