Source - RNS
RNS Number : 3858X
Leeds Group PLC
10 August 2018
 

 

Leeds Group plc (''Leeds Group'')

Financial Highlights

12 months ended 31 May 2018

 

 

q Leeds Group profit before tax £885,000 (2017: £1,448,000).

q Leeds Group sales revenue increased by 1% to £41,538,000 (2017: £41,053,000).

q Leeds Group finished the financial year with bank debt net of cash £4,485,000 (2017: £5,520,000).

q Leeds Group net asset value per share (excluding treasury shares) 69.4p (2017: 66.9p).

q Earnings per Leeds Group share 2.0p (2017:  4.1p).

q The Directors do not propose a dividend in 2018 (2017: nil).

This announcement contains inside information for the purposes of Article 7 of EU Regulation 596/2014 (MAR) and has been arranged for release by Jan G Holmstrom, Chairman.

 

Enquiries:

 

Leeds Group plc

Cairn Financial Advisers LLP

Jan Holmstrom, Chairman Tel: 0046 708 111 360

Tony Rawlinson Tel: 020 7213 0880

Dawn Henderson, Company Secretary Tel: 07747 777055

Liam Murray

 

Chairman's Statement

 

I am pleased to present the results for the year ended 31 May 2018.

 

Results

The Group achieved sales for the year of £41,538,000 (2017: £41,053,000).  Trading conditions have been difficult with increased competition and pressure on margins and although sales are slightly higher than last year the Group made a reduced profit after tax of £545,000 (2017: £1,114,000).  Last year the Euro denominated Parent Company loan to its German subsidiary resulted in a currency gain of £310,000 whereas this year there was a £49,000 currency loss.

 

Net assets at 31 May 2018 increased by £686,000 to £18,988,000 (2017: £18,302,000) and thus the value per share increased slightly to 69.4p (2017: 66.9p). Net bank debt decreased by £1,035,000 to £4,485,000 (2017: £5,520,000).

 

Hemmers-Itex Textil Import Export GmbH ("Hemmers")

Fabric sales for the year at Hemmers, Leeds Group's principal trading company, are in Euro terms slightly lower than last year at €43,342,000 (2017: €44,182,000).  In sterling terms, the revenue increased slightly to £38,299,000 (2017: £37,544,000) as a result of the weakening of sterling.  The pre-tax profit in the current year of £1,123,000 (2017: £1,012,000) was higher than last year Trading conditions continued to be challenging and so a strategic review coupled with a comprehensive cost review was undertaken during the year to ensure increased profitability for Hemmers in the coming year.

 

Chinoh Tex Ltd ("Chinoh-Tex")

Chinoh-Tex, the Hemmers subsidiary based in Shanghai, achieved external sales revenue of £3,239,000 (2017: £3,499,000). However, due to reduced gross margins, there was a pre-tax loss of £86,000 for the year (2017: profit £47,0000. Steps have been taken to reduce infrastructure and administrative costs to ensure profitability in the future. Chinoh-Tex continues to provide valuable assistance to its European parent in terms of purchasing, quality inspection and bulk shipping of fabrics bought in China.

 

Stoff-Ideen-KMR GmbH ("KMR")

KMR's operating performance has been unsatisfactory which resulted in Hemmers incorporating a loss for its 50% shareholding in KMR of £107,000 (2017: profit £33,000). On the 5 July 2018, Leeds Group announced that it had reached an agreement to terminate the joint venture arrangement with KMR acquiring and cancelling the 50% shareholding of our partner.  Hemmers will retain its shareholding in KMR and thus become the sole owner. The directors of Leeds Group believe that it is in the best interest of the Group to take full control of KMR going forward.

 

Dividend

The Directors do not propose a dividend considering the reduced trading result.

 

Employees

On behalf of shareholders, I want to thank the management and staff of Hemmers, Chinoh-Tex and KMR.

 

Outlook

The Board considers there are still potential growth opportunities for Hemmers, Chinoh-Tex and KMR despite a competitive environment and given the steps taken to improve efficiencies, the directors believe that we are well placed to return to previous profit levels for the Group.

 

At this early point in the current financial year, sales and profit are in line with the expectations of the Board.

 

 

Jan G Holmstrom

Chairman

9 August 2018

 

Strategic Report

 

Business review

The Companies Act 2006 requires the directors to set out in this report a fair review of the business of the Group during the year ended 31 May 2018, including an analysis of the position of the Group at the end of the year and a description of the principal risks and uncertainties facing the Group. This information includes a discussion of the Key Performance Indicators used by the directors to monitor the business which are:

 

·      Sales volumes and revenue

·     profit before tax

·      gross profit margin

·     earnings per share

·      operating overheads and central costs

·     working capital levels

 

Group result

Group revenue in the year was £41,538,000 (2017: £41,053,000), and pre-tax profit was £885,000 (2017: £1,448,000). The trading profit for Hemmers improved this year, however, there were trading losses in Chinoh-Tex and KMR. The main reason for the reduction in profit this year compared to last year is due to the exchange differences arising from retranslation of the intercompany loan between Hemmers and the Parent Company.  The Parent Company has previously granted a loan denominated in Euros to its subsidiary Hemmers and, as sterling has weakened during the financial year, an unrealised loss has arisen in the Parent Company and the Group accounts of £49,000 (2017: gain £310,000).

 

The tax charge in the year was £340,000 (2017: £334,000).  Earnings per share were 2.0p (2017: 4.1p).

 

Hemmers Europe

This German-based business is engaged in the import, warehousing and wholesaling of fabrics.

 

Fabric sales for the year at Hemmers, Leeds Group's principal trading company, in Euro terms are slightly lower than last year at €43,342,000 (2017: €44,182,000).  In sterling terms, however, the revenue increased slightly to £38,299,000 (2017: £37,544,000) as a result of the weakening of sterling. The pre-tax profit increased in the year to £1,123,000 (2017: €1,078,000).  This was due to an increase in gross margins to 22.1% (2017: 20.8%).  Overhead expenditure in local currency increased by 3.1% as a result of increased wages and administration costs.  A strategic review coupled with a comprehensive cost review was undertaken during the year to ensure the cost base for Hemmers is aligned to the business activity thus producing increased profitability for Hemmers in the coming year.

 

In 2014, Hemmers acquired a 50% interest in KMR, a chain of retail fabric and haberdashery stores, at a cost of £383,000. In 2015 and 2017 each of the two joint venture partners subscribed for additional capital.  KMR is operated as a joint venture.  Since the investment KMR has operated profitability, however, this year the Group's share of the post-tax loss of KMR in the year was £107,000 (2017: profit £33,000).   As detailed in the Chairman's statement, since the year end KMR has become a wholly owned subsidiary within the Group.

 

Hemmers bank debt, net of cash, decreased in the year to £4,963,000 (2017: £6,619,000). This bank debt is secured on the assets of Hemmers.

 

Hemmers is working to focus on growing its business both domestically and internationally in both its wholesale and retail markets. The strategic review together with increased synergies with KMR is expected to increase profitability for Hemmers and KMR in the coming year.

 

Hemmers China

Chinoh-Tex is a textile trading subsidiary of Hemmers. It is based in Shanghai and has been trading for ten years. It purchases fabric from Chinese suppliers and in 2018 sold to customers in 26 countries. 43% of sales were made to EU countries (2017: 31).

 

External sales revenue was slightly lower this year £3,239,000 (2017: £3,499,000), with a small fall in volumes, however gross margins were reduced to 15% (2017: 18%). Whilst overhead spending remained at similar levels to last year £650,000 (2017: £662,000) due to the reduced gross profit margins, Chinoh-Tex's result for the year was a pre-tax loss of £86,000 (2017: profit £47,000).  A review has been undertaken to ensure the cost base is appropriate for the level of business activity and therefore a return to profitability is expected in the current financial year.

 

Chinoh-Tex provides valuable assistance to its European parent with the purchasing, inspection and shipping of material. Internal sales revenue, based on arms-length prices, amounted to £557,000 (2017: £511,000). This relationship will be developed and improve profitability for both businesses.

 

Parent Company's Costs

The Parent Company's net cost in the year was as follows:

 

Year ended

31 May 2018  

£000

Year ended

31 May 2017  

£000

 

 

 

Parent Company's costs net of interest receivable

17 

(10)

Exchange (loss)/gain on Group loan

 (49)

310

 

 

 

Net Parent Company's (cost)/income

(32)

300

 

The Parent Company has previously granted a loan denominated in Euros to its subsidiary Hemmers and, as sterling has weakened during the financial year, an unrealised loss has arisen in the Parent Company and the Group accounts of £49,000 (2017: gain £310,000). Other costs increased as a result of the Parent Company de-registering for UK VAT.

 

Fixed Assets

Capital additions in the year amounted to £400,000 (2017: £2,280,000).  The net book amount of tangible fixed assets in the Consolidated Statement of Financial Position is £8,319,000 (2017: £8,452,000).

 

During the financial year 2017, a subsidiary of the Group acquired a property which was presented within property, plant and equipment in the Consolidated Statement of Financial Position.  Although part of the property is occupied by the subsidiary company, part of the property is rented out externally.  Under International Financial Reporting Standards, it is therefore more appropriate to present part of the value of this property as investment property.  A prior year adjustment has been made to reclassify £565,000 within non-current assets from property, plant and equipment to investment property.  Investment property is accounted for using the depreciated cost method, as such this adjustment has no effect on profit, net assets, net debt or EPS in the prior year.

 

Working Capital

Working capital which comprises inventories, trade and other receivables, and trade and other payables decreased in the year by £345,000 (2017: increased £1,007,000).  There were no major changes to the working capital requirements for the Group during the year.

 

Net Asset Value

Net assets increased in the year by £686,000 as follows:

 

Net assets

£000

Per share

pence

 

 

 

At 31 May 2017

18,302

66.9

Profit after tax

545

  2.0

Translation differences

141

0.5

 

 

 

At 31 May 2018

18,988

69.4

 

Debt Profile

The funding policy of the Group continues to be to match its funding requirement in trading subsidiaries in a cost-effective fashion with an appropriate combination of short and longer-term debt. Property investments have been financed partly by long term loans of fixed interest rates between 1.5% and 4.07%.  Working capital finance, when required, is via short term loans of three months currently attracting interest at approximately 2.5%.

 

Bank debt in the subsidiaries is secured by charges on inventories, receivables and property and is without recourse to the Parent Company.

 

Principal risks and uncertainties

Following the UK referendum result in favour of leaving the European Union ("EU"), the economic environment has become much more uncertain. However, the business of Leeds Group is conducted entirely by subsidiaries incorporated in Germany or China, and their exports to the UK account for approximately 3% of Group revenue. For this reason, the Directors do not believe that a material risk to Leeds Group will arise from the terms on which the UK will, in the future, have access to EU markets, and vice versa. Leeds Group do have loans denominated in euros which do carry a currency risk and may be affected by Brexit, however, the directors do not believe the impact would have a material effect on the Group's results as the subsidiary trades in Euros the directors consider this provides a natural hedge.

 

Of greater risk is the possibility of reduced demand owing to falling consumer confidence, although the business has proved robust in earlier recessions with some evidence that reduced consumer spending on ready-made apparel or furnishings generates increased demand for Hemmers fabrics that customers use to make equivalent goods in the home.

 

The currency markets in particular dislike the current air of uncertainty surrounding the current negotiations with regard to the UK leaving the EU and sterling has continued to weaken since the UK announced it was leaving the UK. This benefits Leeds Group since, as the pound weakens, the value of the revenues, profits and net assets of foreign subsidiaries are increased in sterling terms. This effect has been seen in both this year's and last year's trading and Statement of Financial Position.

 

Most fabric purchased by Hemmers is paid for in US dollars, while the Euro is the principal currency in which Hemmers sells its product. Thus the Euro/dollar rate is of greater significance to Leeds Group than the strength of sterling. We shall continue to manage this transactional currency risk by a combination of forward exchange contracts with reputable banks and sales price increases where necessary.

 

Fire risk is mitigated by insurance, including consequential loss insurance to cover the loss of business opportunity while replacement stocks are obtained. There is an adequate disaster recovery programme in place with regard to essential computer systems. The commercial risks of operating in the highly competitive European fabric market are limited by the fact that Hemmers has a wide range of suppliers, and no customer accounts for more than 5% of revenues.

 

Jan G Holmstrom

Chairman

9 August 2018

 

Consolidated Statement of Comprehensive Income

for the year ended 31 May 2018

 

 

Year ended

31 May 2018 

£000

Year ended

31 May 2017  

£000

 

Revenue

 

41,538

 

41,053

 

Cost of sales

 

(32,526)

 

(32,468)

 

Gross profit

 

9,012

 

8,585

 

Distribution costs

 

(2,722)

 

(2,610)

 

Administrative expenses

 

(5,188)

 

(4,398)

 

Other income

 

50

 

    -

 

Profit from operations

 

1,152

 

1,577

 

Finance expense

 

(160)

 

(163)

 

Finance income

 

-

 

1

 

Share of post-tax (loss)/profit of joint venture

 

(107)

 

33

 

Profit before tax

 

885

 

1,448

 

Tax expense

 

(340)

 

(334)

 

Profit for the year attributable to the equity holders of the Parent Company

 

 

545

 

 

1,114

 

Other comprehensive income

 

 

Translation differences on foreign operations

141

1,707

 

 

 

 

Other comprehensive income for the year

141

  1,707

 

 

 

Total comprehensive income for the year attributable to the equity holders of the Parent Company

686

2,821

 

The results shown in the consolidated statement of comprehensive income derive wholly from continuing operations. There is no tax effect relating to other comprehensive income for the year.

 

Amounts included in other comprehensive income may be reclassified subsequently as profit or loss.

 

Earnings per share attributable to the equity holders of the Company

 

 

Note

Year ended

31 May 2018  

 

Year ended

31 May 2017

 

 

 

 

 

Basic and diluted earnings per share (pence)

3

2.0p

4.1p

 

Consolidated Statement of Financial Position

at 31 May 2018

 

Company number 00067863

 

31 May 2018

£000

 

Restated

31 May 2017

                         £000

Assets

 

 

 

Non-current assets

 

 

 

Property, plant and equipment

7,755

 

7,872

Investment property

564

 

580

Goodwill

1,057

 

1,055

Investment in joint venture

734

 

832

 

 

 

 

Total non-current assets

10,110

 

10,339

 

 

 

 

Current assets

 

 

 

Inventories

9,621

 

10,123

Trade and other receivables

6,252

 

6,753

Corporation tax recoverable

386

 

313

Cash and cash equivalents

572

 

1,567

 

 

 

 

Total current assets

16,831

 

18,756

 

 

 

 

Total assets

26,941

 

29,095

 

 

 

 

Liabilities

 

 

 

Non-current liabilities

 

 

 

Loans and borrowings

(3,708)

 

(3,984)

Deferred tax

(277)

 

(275)

 

 

 

 

Total non-current liabilities

(3,985)

 

(4,259)

 

 

 

 

Current liabilities

 

 

 

Trade and other payables

(2,619)

 

(3,383)

Loans and borrowings

(1,349)

 

(3,103)

Derivative financial liability

-

 

(48)

 

 

 

 

Total current liabilities

(3,968)

 

(6,534)

 

 

 

 

Total liabilities

(7,953)

 

(10,793)

 

 

 

 

TOTAL NET ASSETS

18,988

 

18,302

 

Capital and reserves attributable to

equity holders of the Company

 

 

 

Share capital

3,792

 

3,792

Capital redemption reserve

600

 

600

Treasury share reserve

(798)

 

(798)

 

 

 

 

TOTAL EQUITY

18,988

 

18,302

 

The financial statements were approved and authorised for issue by the Board of directors on 9 August 2018 and were signed on behalf of the Board by:-

 

 

Jan G Holmstrom

Chairman

 

     Consolidated Cash Flow Statement

for the year ended 31 May 2018

 

 

Year ended

31 May 2018  

£000

 

Year ended

31 May 2017  

   £000

Cash flows from operating activities

 

 

 

Profit for the year

545

 

1,114

Adjustments for:

 

 

 

Depreciation of property, plant and equipment

Depreciation of investment property

586

19

 

531

-

Amortisation of intangible assets

6

 

4

Finance expense

160

 

163

Finance income

-

 

(1)

Movement in fair value of derivative

(48)

 

4

Loss on sale of property, plant and equipment

-

 

3

Share of post-tax loss/(profit) of joint venture

107

 

(33)

Income tax expense

340

 

334

 

 

 

 

Cash flows from operating activities before

changes in working capital and provisions

 

1,715

 

 

2,119

 

 

 

 

Decrease/(increase) in inventories

597

 

(1,271)

Decrease/(increase) in trade and other receivables

583

 

(211)

(Decrease)/increase in trade and other payables

(835)

 

475

 

 

 

 

Cash generated from operating activities

2,060

 

1,112

Income taxes paid

(411)

 

(838)

 

 

 

 

Net cash flows from operating activities

1,649

 

274

 

 

 

 

Investing activities

 

 

 

Purchase of property, plant and equipment

(400)

 

(1,715)

Purchase of investment property

-

 

(565)

Sale of property, plant and equipment

-

 

(83)

Increase in joint venture investment

-

 

(68)

Bank interest received

-

 

1

 

 

 

 

Net cash used in investing activities

(400)

 

(2,430)

 

 

 

 

Financing activities

 

 

 

Purchase of treasury shares

-

 

(31)

Bank borrowings drawn down

(2,102)

 

2,191

Bank interest paid

(160)

 

(163)

 

 

 

 

Net cash (used)/ generated in financing activities

(2,262)

 

1,997

 

 

 

 

Net decrease in cash and cash equivalents

(1,013)

 

(159)

 

 

 

 

Translation gain on cash and cash equivalents

18

 

114

 

 

 

 

Cash and cash equivalents at the beginning of the year

1,567

 

1,612

 

 

 

 

Cash and cash equivalents at the end of the year

572

 

1,567

 

 

Consolidated Statement of Changes in Equity

for the year ended 31 May 2018

 

 

 

 

Share capital

   

£000

Capital redemption reserve

£000

Treasury share reserve

£000

Foreign exchange reserve

        £000

Retained earnings

 

£000

Total equity

 

£000

 

At 31 May 2016

 

3,792

 

600

 

(767)

 

642

 

11,245

 

15,512

 

Profit for the year

 

-

 

-

 

-

 

-

 

1,114

 

1,114

 

Other comprehensive income

 

-

 

-

 

-

 

1,707

 

-

 

1,707

 

 

 

 

 

 

 

 

Total comprehensive income

 

-

 

-

 

-

 

1,707

 

1,114

 

2,821

 

Transaction with Shareholders:

Purchase of treasury shares

 

 

-

 

 

-

 

 

(31)

 

 

-

 

 

-

 

 

(31)

 

At 31 May 2017

 

3,792

 

600

 

(798)

 

2,349

 

12,359

 

18,302

 

Profit for the year

 

-

 

-

 

-

 

-

 

545

 

545

 

Other comprehensive income

 

-

 

-

 

-

 

141

 

-

 

141

 

 

 

 

 

 

 

 

Total comprehensive income

 

-

 

-

 

-

 

141

 

545

 

686

 

At 31 May 2018

 

3,792

 

600

 

(798)

 

2,490

 

12,904

 

18,988

 

The following describes the nature and purpose of each reserve within equity:

               

Reserve

Description and purpose

 

Share capital

 

The nominal value of issued ordinary shares in the Company.

 

Capital redemption reserve

 

Amounts transferred from share capital on redemption of issued shares.

 

Treasury share reserve

 

Cost of own shares held in treasury.

 

Foreign exchange reserve

 

Gains/losses arising on retranslation of the net assets of overseas operations into sterling.

 

Retained earnings

 

Cumulative net gains/losses recognised in the consolidated statement of comprehensive income after deducting the cost of cancelled treasury shares.

 

Notes

 

1.            This preliminary announcement has been prepared using the recognition and measurement principles of International Financial Reporting Standards as adopted by the European Union.

 

2.            The Directors do not recommend the payment of a dividend in 2018 (2017: £nil).

 

3.                 Earnings per share

 

 

Since there are no outstanding share options, there is no difference between basic and diluted earnings per share.

Year ended

31 May 2018  

Year ended

31 May 2017

 

 

 

Numerator

 

 

Profit for the year from continuing operations, being the earnings used in earnings per share

 

£545,000

 

£1,114,000

 

 

 

Denominator

 

 

Weighted average number of shares used in earnings per share (excluding treasury shares)

 

27,350,843

 

27,422,227

 

 

 

Basic and diluted earnings per share

     2.0p

4.1p

 

4.                 During the financial year 2017, a subsidiary of the Group acquired a property which was presented within property, plant and equipment in the Consolidated Statement of Financial Position.  Although part of the property is occupied by the subsidiary company, part of the property is rented out externally.  Under International Financial Reporting Standards, it is therefore more appropriate to present part of the value of this property as investment property.  A prior year adjustment has been made to reclassify £565,000 within non-current assets from property, plant and equipment to investment property.  Investment property is accounted for using the depreciated cost method, as such this adjustment has no effect on profit, net assets, net debt or EPS in the prior year.

 

5.                 The financial information set out above does not constitute the company's statutory accounts for 2018 or 2017.

 

Statutory accounts for the years ended 31 May 2018 and 31 May 2017 have been reported on by the Independent Auditors. 

 

The Independent Auditor's Report on the Annual Report and Financial Statements for both 2018 and 2017 was unqualified, did not draw attention to any matters by way of emphasis, and did not contain a statement under 498(2) or 498(3) of the Companies Act 2006.

 

.                    Statutory accounts for the year ended 31 May 2017 have been filed with the Registrar of Companies. The statutory accounts for the year ended 31 May 2018 will be delivered to the Registrar in due course. The Annual Report, giving notice of the Annual General Meeting, will be sent to shareholders shortly.  Further copies will be available from the Company's Registered Office, Old Mills, Whitehall Grove, Drighlington, Bradford, BD11 1BY or from the Group's website, www.leedsgroup.plc.uk.

 

 

 

6.                Segmental information

 






IFRS adjustments


Year ended

31 May 2018

Hemmers Europe

         £000

Hemmers China

£000

Inter segmental

£000

Total Hemmers

£000

Parent Company

£000

Financial derivatives

£000

Goodwill

 

        £000

Total

Group

£000










External revenue

38,299

3,239

-

41,538

-

-

-

  41,538

Inter-segmental revenue

 

1

 

556

 

  (557)

 

-

 

-

 

-

 

-

 

-

Cost of sales

(29,839)

(3,231)

544

(32,526)

-

-

-

(32,526)

 

 

 

 

 

 

 

 

 

Gross profit/(loss)

8,461

564

(13)

9,012

-

-

-

9,012

Distribution costs

(2,460)

(262)

-

(2,722)

-

-

-

(2,722)

Admin expenses

(4,530)

(388)

-

(4,918)

(270)

-

-

(5,188)

Other income

 

50

-

-

50

-

-

-

50

Profit from operations

 

1,521

 

(86)

 

(13)

 

1,422

 

(270)

 

-

 

-

 

1,152

Finance expense

(160)

-

-

(160)

-

-

-

(160)

Internal interest

(238)

-

-

(238)

238

-

-

-

Share of JV loss

(107)

-

-

(107)

-

-

-

(107)

 

 

 

 

 

 

 

 

 

Profit/(loss) before tax

 

1,016

 

(86)

 

(13)

 

917

 

(32)

 

-

 

-

 

885

 






IFRS adjustments


At 31 May 2018

Hemmers Europe

           £000

Hemmers China

£000

Inter segmental

£000

Total Hemmers

£000

Parent Company

£000

Financial derivatives

£000

Goodwill

 

        £000

Total

Group

£000










Total assets

24,386

1,463

(37)

25,812

149

-

980

 26,941

 

 

 

 

 

 

 

 

 

Total liabilities

(10,189)

(414)

-

(10,603)

2,927

-

 (277)

 (7,953)

 

 

 

 

 

 

 

 

 

Total net assets

14,197

1,049

(37)

15,209

3,076

-

703

18,988

 






IFRS adjustments


Year ended

31 May 2017

Hemmers Europe

            £000

Hemmers China

£000

Inter segmental

£000

Total Hemmers

£000

Parent Company

£000

Financial derivatives

£000

Goodwill

 

        £000

Total

Group

£000










External revenue

37,554

3,499

-

41,053

-

-

-

  41,053

Inter-segmental revenue

 

5

 

511

 

(516)

 

-

 

-

 

-

 

-

 

-

Cost of sales

(29,739)

(3,301)

528

(32,512)

-

44

-

(32,468)

 

 

 

 

 

 

 

 

 

Gross profit

7,820

709

12

8,541

-

44

-

8,585

Distribution costs

(2,309)

(301)

-

(2,610)

-

-

-

(2,610)

Admin expenses

(4,123)

(361)

-

(4,484)

86

-

-

(4,398)

 

 

 

 

 

 

 

 

 

Profit from operations

 

1,388

 

47

 

12

 

1,447

 

86

 

44

 

-

 

1,577

Finance expense

(163)

-

-

(163)

-

-

-

(163)

Finance income

-

-

-

-

1

-

-

1

Internal interest

(213)

-

-

(213)

213

-

-

-

Share of JV profit

33

-

-

33

-

-

-

33

 

 

 

 

 

 

 

 

 

Profit before tax

1,045

47

12

1,104

300

44

-

1,448

 

 






IFRS adjustments


 

At 31 May 2017

Hemmers Europe

           £000

Hemmers China

£000

Inter segmental

£000

Total Hemmers

£000

Parent Company

£000

Financial derivatives

£000

Goodwill

 

        £000

Total

Group

£000

 










 

Total assets

26,137

1,727

(24)

27,840

283

-

972

29,095

 

 

 

 

 

 

 

 

 

 

 

Total liabilities

(12,722)

(621)

-

(13,343)

2,825

-

(275)

(10,793)

 

 

 

 

 

 

 

 

 

 

 

Total net assets

13,415

1,106

(24)

14,497

3,108

-

697

18,302

 

Analysis of revenue by destination

 


Year ended 31 May 2018

Year ended 31 May 2017


Hemmers

Europe

£000

Hemmers

China

£000

Total

Group

£000

Hemmers

Europe

£000

Hemmers

China

£000

Total

Group

£000


 

 

 

 

 

 

UK

1,250

115

1,365

1,071

162

1,233

Germany

22,555

855

23,410

23,816

42

23,858

Rest of EU

11,486

413

11,899

10,119

867

10,986

 

 

 

 

 

 

 

Total EU

35,291

1,383

36,674

35,006

1,071

36,077

Rest of Europe

2,182

416

2,598

2,005

257

2,262

 

 

 

 

 

 

 

Total Europe

37,473

1,799

39,272

37,011

1,328

38,339

 

 

 

 

 

 

 

North America

272

440

712

225

235

460

Asia

91

272

363

100

1,480

1,580

Oceania

339

617

956

118

239

357

South America

123

109

232

99

183

282

Africa

1

2

3

1

34

35

 

 

 

 

 

 

 

Total revenue

38,299

3,239

41,538

37,544

3,499

41,053

 

 

 


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