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Key financial data


Consolidated income statement

for the year ended 30 April 2018

Notes 2018
£'000
2017
£'000
Revenue 1 111,798 112,651
Cost of sales (72,409) (73,676)
Gross profit 39,389 38,975
Administrative expenses (29,429) (38,012)
Operating profit 1 9,960 963
Comprising:
Adjusted operating profit 1 15,602 14,489
Amortisation of other intangible assets (included in administrative expenses) 9 (5,312) (11,259)
(Charge)/credit on marking forward exchange contracts to market value at the year end (included in cost of sales) 18 (280) 171
Foreign exchange gain on marking cash held for purchase of EID to market value at the acquisition date (28 June 2016) (included in administrative expenses) 259
Exceptional items
Cost of acquisition of EID (included in administrative expenses) 29 (50) (80)
Cost of acquisition of MCL (included in administrative expenses) (47)
Reorganisation of SCS (included in administrative expenses) (2,570)
9,960 963
Finance income 4 14 47
Finance costs 5 (103) (46)
Profit before tax 9,871 5,310
Income tax credit 6 (1,395) 1,144
Profit for the year 3 8,476 2,108
Attributable to:
Equity shareholders of the parent 8,087 3,672
Non-controlling interests 389 (1,564)
8,476 2,108

Earnings per share Pence Pence
Basic 8 19.87 9.09
Diluted 8 19.67 8.97

All profit for the year is derived from continuing operations.

The accompanying notes form part of the financial statements.

Consolidated and Company statement of financial position

as at 30 April 2018

Group Company
Notes 2018
£’000
2017
£’000
2018
£’000
2017
£’000
Assets
Non-current assets
Goodwill 9 39,156 39,156
Other intangible assets 9 6,168 11,480
Property, plant and equipment 10 9,597 9,938 51 68
Investment in subsidiaries 11 73,004 69,494
Deferred tax asset 17 406 833 98 159
55,327 61,407 73,153 69,721
Current assets
Inventories 12 6,426 5,296
Trade and other receivables 13 33,258 38,010 1,048 257
Derivative financial instruments 18 51 148
Cash and cash equivalents 15 20,511 12,017
60,246 55,471 1,048 257
Total assets 115,573 116,878 74,201 69,978
Liabilities
Current liabilities
Trade and other payables 14 (27,303) (34,285) (1,581) (3,859)
Current tax liabilities (265)
Derivative financial instruments 18 (183)
Bank borrowings 15 (9,173) (3,540) (24,819) (20,273)
Provisions 16 (1,156) (1,377) (124)
Other creditors 30 (465) (465)
(38,080) (39,667) (26,524) (24,597)
Non-current liabilities
Deferred tax liability 17 (1,414) (2,483)
Bank borrowings 15 (5)
Provisions 16 (436) (735) (436)
(1,850) (3,223) (436)
Total liabilities (39,930) (42,890) (26,960) (24,597)
Net assets 75,643 73,988 47,241 45,381
Equity
Share capital 19 4,096 4,096 4,096 4,096
Share premium account 29,657 29,657 29,657 29,657
Own shares 21 (1,190) (1,142) (1,190) (1,142)
Share option reserve 626 783 626 783
Other reserves: option for acquiring non-controlling interest in MCL 30 (465) (465)
Retained earnings 39,900 36,901 14,052 12,452
Total equity attributable to the equity shareholders of the parent 73,089 69,830 47,241 45,381
Non-controlling interests 2,554 4,158
Total equity 75,643 73,988 47,241 45,381

The accompanying notes form part of the financial statements.

The financial statements on pages 54 to 90 were approved by the Board of Directors and authorised for issue on 3 July 2018 and are signed on its behalf by:

Andrew Thomis Simon Walther Company number
Chief Executive Finance Director 05684823

Consolidated and Company cash flow statements

for the year ended 30 April 2018

Group Company
Notes 2018
£’000
2017
£’000
2018
£’000
2017
£’000
Net cash from operating activities 23a 659 6,718 4,070 5,535
Cash flow from investing activities
Interest received 14 47 6 37
Purchases of property, plant and equipment 10 (747) (875) (10) (66)
Acquisition of EID 29 (3,514) (4,045)
Investment in Thunderwaves S.A. (holding company in Portugal for EID) (3,514) (624)
Acquisition of MCL 30 (2,529) (5,080) (2,529) (5,080)
Net cash used in investing activities (6,776) (9,953) (6,047) (5,733)
Cash flow from financing activities
Dividends paid 7 (3,035) (2,544) (3,035) (2,544)
Purchase of own shares 21 (1,467) (109) (1,467) (109)
Sale of own shares 21 697 583 697 583
Drawdown of borrowings 15 5,514 5,514
Repayment of borrowings 15 (3) (3)
Net cash generated from/(used in) financing activities 1,706 (2,073) 1,709 (2,070)
Net increase/(decrease) in cash and cash equivalents 8,150 (11,367) 1,085 (3,733)
Represented by:
Cash and cash equivalents and short-term borrowings brought forward 12,017 23,109 (16,737) (13,263)
Cash flow 8,150 (11,367) 1,085 (3,733)
Exchange 344 275 259
Cash and cash equivalents and short-term borrowings carried forward 23b 20,511 12,017 (15,652) (16,737)



At 1
May
£’000
Effect of
foreign
exchange rate
changes
£’000
Cash flow
£’000
At 30 April
2018
£’000
Net funds reconciliation
Group
Cash and bank 12,017 344 8,150 20,511
Short-term deposits
Cash and cash equivalents 12,017 344 8,150 20,511
Loan (3,536) (117) (5,514) (9,167)
Finance lease (9) 3 (6)
Debt (3,545) (117) (5,511) (9,173)
Net funds 8,472 227 2,639 11,338
Company
Cash and bank
Short-term deposits
Cash and cash equivalents
Loan (3,536) (117) (5,514) (9,167)
Overdraft debt (16,737) 1,085 (15,652)
(20,273) (117) (4,429) (24,819)
Net debt (20,273) (117) (4,429) (24,819)

The accompanying notes form part of the financial statements.

Five-year record

2018 2017 2016 2015 2014
Headline results (£’000)
Revenue 111,798 112,651 112,577 99,938 71,555
Adjusted operating profit 15,602 14,489 11,902 10,085 8,171
Operating profit 9,960 963 5,246 5,865 6,618
Adjusted earnings per share (pence)
Basic 30.00 29.93 27.18 20.45 19.15
Diluted 29.70 27.56 26.67 20.00 18.66
Statutory earnings per share (pence)
Basic 19.87 9.09 19.14 14.04 14.75
Diluted 19.67 8.97 18.78 13.74 14.37
Net operating cash flow (£’000) 13,220 659 6,718 18,798 2,576
Net funds (£’000) 11,338 8,472 19,805 19,687 16,338
Order intake (£m) 76.6 108.6 94.8 114.3 69.1
Order book (£m) 102.5 136.51 116.0 134.02 81.73

1 The order book at 30 April 2017 is after including the acquired order book of EID (£23.1m) on 28 June 2016.

2 The order book at 30 April 2015 is after including the acquired order books of MCL (£5.4m) on 9 July 2014 and J+S (£32.6m) on 1 October 2014.

3 The order book at 30 April 2014 excludes SEA’s Space business order book of £10.6m (2013 included £10.4m in respect of SEA’s Space business).