TIDMANG
RNS Number : 7420Y
Angling Direct PLC
13 May 2019
13 May 2019
Angling Direct plc
("Angling Direct" or the "Company" or the "Group")
Full year results for the 12 months ended 31 January 2019
Angling Direct plc (AIM: ANG), the largest specialist fishing
tackle and equipment retailer in the UK, is pleased to announce its
audited financial results for the twelve months ended 31 January
2019.
Financial Highlights:
-- Group sales of GBP42.0m up by 39% (2018: GBP30.2m)
-- Online sales of GBP22.3m up by 30% (2018: GBP17.1m) with international sales up by 112%
-- Store sales of GBP19.7m up by 50% (2018: GBP13.2m) including
like-for-like store growth of 6.2%
-- Gross profit of GBP13.8m up by 40% (2018: GBP9.9m) with gross margin increasing to 32.9%
-- Net cash equivalents at 31 January 2019 of GBP13.5m (2018: GBP0.8m)
-- Successfully completed a placing raising GBP20.0m.
Operational Highlights:
-- Store network increased to 24 at the year-end (2018: 21), with new stores opened in:
- Guildford (6,500 sq ft),
- Peterborough (3,500 sq ft)
- Preston (3,000 sq ft) - following the acquisition of Ted Carter Fishing Tackle
-- Three additional stores opened post year-end including the
acquisition of Chapmans Angling, increasing the network to 27
stores. The Group is targeting opening 7 additional stores during
the fiscal year
-- Continued investment in online marketing including the
opening of the German, French and Benelux websites
-- International sales up by 112% exporting to more than 48 countries
-- Introduction of the new Kardex stock control and picking
system is delivering efficiencies in distribution and warehousing,
whilst also future proofing capacity.
Commenting on the results, Martyn Page, Executive Chairman,
said: "It has been a transformational year for Angling Direct,
achieving record sales across the store network and online. The
successful GBP20.0 million placing in October 2018, has enabled us
to accelerate our expansion strategy with three stores opened in
the period, cementing Angling Direct's position as the UK's number
one fishing tackle retailer."
"As the UK market consolidates, we are seeing a corresponding
increase on our margins as the level of discounting from
competitors decreases. Coupled with this are encouraging customer
habits with increasing numbers of returning customers both in-store
and online as Angling Direct becomes the retailer of choice."
"We are excited by the sales growth outside the UK through our
native language websites, which will be a key focus for the Group
in 2019. The European market is highly fragmented with limited
competition online. We expect to increase our market share through
targeted marketing campaigns, unrivalled customer experience and
carefully considered M&A opportunities."
"The Company has made an excellent start to the fiscal year and,
in the first two months like-for-like sales were up by 28.5% and
overall sales were up by 50.7% compared to the previous year. We
will continue to build on this momentum in the year ahead, with
exciting new store openings planned and continued targeted online
growth. Our plans for the summer season are progressing very well
and the Board is confident that the Company is on track to meet its
full year targets."
For further information:
Angling Direct PLC +44 (0) 1603 258658
Martyn Page, Executive Chairman
Darren Bailey, Chief Executive Officer
Cenkos Securities - NOMAD and Broker
Stephen Keys (Corporate Finance)
Russell Kerr (Sales) +44 (0) 207 3978926
Yellow Jersey PR - Financial PR
Charles Goodwin +44 (0) 7747 788 221
Harriet Jackson
Annabel Atkins +44 (0) 7544 275 882
Notes for editors
About Angling Direct plc
Angling Direct is the largest specialist fishing tackle retailer
in the UK. The Company sells fishing tackle products and related
equipment through its network of 27 retail stores, located
throughout the UK, as well as through its own website
(www.anglingdirect.co.uk) and other third party websites.
The Company currently sells over 21,500 fishing tackle products,
including capital items, consumables, luggage and clothing. The
Company also owns and sells fishing tackle products under its own
brand 'Advanta'.
From 1986 to 2003, the Company's Founders acquired interests in
a number of small independent fishing tackle shops in Norfolk and,
in 2003, they acquired a significant site in Norwich, which was
branded Angling Direct. Since 2003, the Company has continued to
acquire or open new stores, taking the total number up to 27retail
stores. In 2015 the Company opened a 30,000 sq ft central
distribution centre in Rackheath, Norfolk, where the Company's head
office is also located.
Angling Direct's shares are traded on the AIM market of the
London Stock Exchange under the ticker symbol ANG.L.
For further information, please visit
www.anglingdirect.co.uk
Chairman's Report
for the Year Ended 31 January 2019
Introduction
I am pleased to report that the Group made excellent progress
throughout the financial year, as it continued to execute on its
growth plans to build a market leading position in the UK and
mainland European fishing tackle markets. Whilst Angling Direct has
been investing heavily in its growth strategy, its sales
performance has been excellent, which reflects the success of its
acquisitions, its well-executed store expansion programme and
organic growth across the existing store network and online
platforms. Given the high level of investment, the Group was
delighted to exceed expectations in reporting an operating loss
before tax of GBP0.3m.
The year has seen the Company achieve another major milestone in
the history of the business. Following Angling Direct's successful
admission to AIM in July 2017, which raised gross proceeds of
GBP7.5m, the Company raised a further GBP20.0m in October 2018. The
funds have enabled Angling Direct to accelerate both its UK store
rollout and online growth and its reach into other major European
markets.
The UK fishing tackle market is large and very fragmented, with
over 1,800 operators, which are mainly owner-managed. Given Angling
Direct's brand, financial strength and marketing capabilities, we
see continued growth opportunities through our expanding store
network and online. Beyond the UK, the Group has developed the
brand online by launching native language websites for Germany,
France and the Benelux, all of which have large angling markets.
Last year, the Group also saw encouraging online sales growth from
other European territories, despite not having websites specific to
the country's language.
Financial Results
The business achieved excellent growth for the year to 31
January 2019, with revenue increasing by 39% to GBP42.0m (2018:
GBP30.2m). Revenue generated from stores increased by 50%, which
reflected new acquisitions, new store openings, as well as organic
growth from existing stores. The organic growth on a like-for-like
basis increased by 6.2%, which the Board considers to be an
encouraging performance, given the headwinds that the UK high
street faced in recent months, and clearly underlines the success
of Angling Direct's in-store strategy. The online business
continues to go from strength-to-strength, with revenue up by 30%
to GBP22.3m for the year. Angling Direct continues to make
considerable investment in this area, both in online marketing and
logistical capabilities, which we expect to drive this growth
further.
The Company recorded gross profits of GBP13.8m, up 40% on the
previous year (2018: GBP9.9m). Gross margins increased in the year
by 0.3% to 32.9%, (2018: 32.6%). The loss before tax is GBP0.3m
(2018: profit before tax of GBP0.2m) as we have invested in the
infrastructure of our business for the future.
Share Placing
On the 24 October 2018, Angling Direct completed a placing,
raising gross proceeds of GBP20.0m. The net proceeds from the
placing will be used to support the continued expansion of the
business both online and in-store.
Dividend
The Board is focused on increasing the scale of the Group and it
is re-investing all its surplus cash resources back into the
business. As a result of this, in the short term, the Directors do
not recommend any dividend payments. However, the dividend policy
will be kept under regular review.
The Board
On the 23 January 2019, Stephen Moon resigned as a Non-Executive
Director and I would like to take this opportunity to thank him for
his contribution to the business. We are currently looking for a
replacement for Stephen and will announce this in due course.
Supporting a Sustainable Market
Core to Angling Direct's ethos is its commitment to encouraging
more people to take up fishing by supporting more grass root
initiatives, which in turn helps to develop the angling market and
improve participation numbers. These initiatives include Fishing
for Schools, National Fishing Month, of which Angling Direct is a
major sponsor, Angling Trust and various other angling projects
around the country, which will allow people to try fishing free of
charge, with many of these events being supported by our store
network.
Part of the success of the Company can be attributed to its
focus on purpose and culture with a strong belief and aim of
enhancing the whole angling lifestyle experience for our loyal
customer base. To this end, we continue to invest in angling
education and our incredible staff to whom I must extend a special
message of thanks for all their dedication, support and hard work
throughout the year.
The sport of Angling is dependent on a cared for environment and
clean waterways. It is, therefore, only natural that the Company is
committed to its own initiatives, as well as supporting others in
the pursuit of improving the environment and making important
changes. As such, we are actively exploring ways to reduce the use
of unnecessary plastics in our sector. This includes removing
plastic bags from our stores, reducing the packaging used for our
own brand Avanta products, encouraging and working with suppliers
on ways to further reduce plastics used for their goods and
supporting a national fishing line recycling scheme.
Outlook
The Board continues to believe that the prospects for the Group
are very positive, and we intend to open a further 10 stores,
either through new store openings or strategic acquisitions, over
this financial year. These 10 new UK stores would take the
Company's total number of stores to 34. We have also developed
online platforms for three major European markets in Germany,
France and Benelux, which we shall continue to invest in and
grow.
We have been pleased to deliver like-for-like turnover growth
through our store network and a strong online performance versus
the same period last year. The Board is confident that the Company
will meet its full year growth target this year, and that our
product offering, professional staff and continued improvement in
our online platforms, both in the UK and Internationally, will help
deliver another year of excellent performance.
Martyn Page CTA TEP
Executive Chairman
Chief Executive's Report
for the Year Ended 31 January 2019
Introduction
I am very pleased to report on a significant year of growth and
change for Angling Direct plc. The funds raised through the
company's IPO and admission to AIM in July 2017, together with the
proceeds from the placing in October 2018, have enabled us to
accelerate the expansion through acquisitions and growth of our
store network. With a firm focus on enhancing our customer
experience, we have also invested in the development of our online
and digital marketing infrastructure to include the successful
launch of three new country specific websites for Germany, France
and Benelux, as well as continuing development of our UK online
business.
Review of Operations:
Stores
Throughout the year, Angling Direct's store network increased
from 21 to 24, which was achieved through acquisitions and new
store openings. Angling Direct completed the acquisition of Ted
Carter Fishing Tackle in Preston in June 2018 for a consideration
of GBP125,000. This was followed by the opening of the Guildford
store, in September 2018 and the Peterborough store in October
2018. As with all our stores, Preston, Guildford and Peterborough
are situated in excellent locations, which are known to have high
numbers of anglers plus quality fisheries in the vicinity. Whilst
the new stores have only been trading for a short period, the
management team is pleased with their initial performance and looks
forward to the contribution they will make in the next full
year.
More recently, in February 2019, we were delighted to announce
the acquisition of the Chapmans Angling Ltd, Hull and Scunthorpe
stores. Angling Direct's brand-new Nottingham store opened in April
2019 and work is currently underway to open a new store in
Sutton-in-Ashfield. Further new stores are planned and in the
pipeline to open over the coming months.
The new store openings and acquisitions throughout the year have
helped to drive the significant growth in retail store sales, which
increased by 50% to GBP19.7m (2018: GBP13.2m). Like-for-like sales
with the equivalent stores increased by 6.2%, which is a
commendable result considering the very harsh winter and unusually
hot summer experienced across the whole of the UK, the football
world cup and Brexit uncertainty. Such growth during turbulent
times for UK retailers can be attributed to our strategy and the
tremendous efforts of the teams in our stores, who ensure that all
our customers are given the very best focus, advice and support
when shopping.
E-Commerce
Upgrades in our e-commerce sales channels in both the UK and
Europe have helped our online sales increase by 30% to GBP22.3m
(2018: GBP17.1m). Development in this area is on-going with focus
and exploration into other international markets in addition to
maintaining/increasing our competitive edge.
During July/August 2018, Angling Direct invested in Kardex
technology, a vertical storage solution and automated picking
system. The installation created an immediate benefit by increasing
our warehouse capacity facilitating our immediate and future
expansion plans. I'm very pleased to say we are starting to see
many benefits of this investment washing through, which will ensure
we continue to deliver to the very high standards we have set
ourselves in respect to stock availability. The installation of
Kardex alongside the introduction of a LEAN programme throughout
the warehouse, which launched in October 2018, will deliver greater
efficiencies as we continue to grow our online sales and UK
distribution.
With the on-going development of our teams and software, we aim
to continually deliver an outstanding technical experience and are
currently increasing our investment in optimisation, with
personalised marketing to support. Having thoroughly explored
opportunities for international growth, we successfully launched
dedicated German, French and Benelux websites during the year. Each
country has dedicated customer support and we have increased the
number of multilingual telesales staff to support with calls, live
chat and social media interaction. With a continued focus around
international customer acquisition and retention, we believe our
acquisition costs will remain favourable despite a requirement to
increase non-organic marketing to strengthen the brand in various
countries and continuing to build awareness.
Through our existing UK focused website, Angling Direct have
established a strong and loyal international customer base. Plans
are underway to increase our brand awareness, further supporting
our targeted international sales growth ambition. Strategic
marketing initiatives directed at specific countries are scheduled
throughout the year. The majority of campaigns are aligned to our
UK strategies; however, some require individual focus, particularly
around dedicated fishing styles. All activities will be supported
by social and digital media.
Our ability to remain reactive to ambiguous retail buying habits
remains a priority. We continually monitor stock availability,
stock-turn, returning metrics and acquisition costs very closely.
Data drives our business and continued investment into the
stability of our growth is key.
Staff
We are experiencing significant employee growth, with the
largest ever number of new recruits joining the Angling Direct
family over this past year. I would like to take this opportunity
to personally welcome them all and wish them every success in their
roles. Ultimately, the success of our business is built on the
efforts of our people and in this past year, we have enjoyed many
successes.
Throughout a year of exceptional progress, I would like to
extend my gratitude to everyone for their hard work, passion and
dedication. We pride ourselves on employing the best staff in the
sector, something that is essential to our future ambitions. We are
fully committed to ensuring that Angling Direct is an enjoyable and
rewarding workplace for everyone and we strive to engage, coach and
develop people across the entire business. This in turn helps to
ensure that our customers have an unmatched fishing retail
experience, both online and in-store whilst building long term
brand loyalty.
Outlook
We are extremely positive about the outlook and the management's
ability to strengthen Angling Direct's position as the market's
leading retail brand. Our strategy will see us continue to open new
destination stores in popular angling areas and to develop our
e-commerce platform for our UK and international customers. Our
passion to deliver the very best experience to our customers, staff
and suppliers remains a key focus as ever in the coming year.
Darren Bailey
Chief Executive Officer
Financial Review
for the Year Ended 31 January 2019
Income Statement
In the year to 31 January 2019, sales increased by 39% to
GBP42.0m (2018: GBP30.2m) as the Group continued with its growth.
Gross profit also increased 40% to GBP13.8m (2018: GBP9.9m). Gross
margin increased to 32.9% in 2019, an increase of 0.3% (2018:
32.6%).
Online grew strongly, with sales up 30% and margins maintained
at expected levels reflecting market dynamics. Operating loss
before tax was GBP0.3m against an operating profit before tax in
the prior year (2018: GBP0.2m) as we continue to invest for future
growth both online in the UK and main European markets and in
stores in the UK.
Finance costs for the year were GBP0.031m 39% lower, GBP0.021m
than prior year (2018: GBP0.052m).
Income tax for the year is GBP0.001m, a decrease of 99% on prior
year (2018: GBP0.132m)
The basic earnings per share in the year equates to a loss of
0.55 pence against a profit per share in the prior year (2018: 0.10
pence) this has been driven by the investment in the future of the
business.
Statement of financial position
Total equity at 31 January 2019 increased by GBP18.9m to
GBP27.2m (2018: GBP8.3m) primarily due to the additional Ordinary
Shares issued in the October 2018 placing.
Investment in Fixed Assets increased by GBP1.9m to GBP4.2m
(2018: GBP2.3m) due to the acquisition of the Ted Carter business,
the opening of 2 new stores, Investment in the Kardex warehouse
system, investment in the German, French and Netherland websites
and the investment in IT systems.
Investment in stock has increased by GBP2.5m 37% to GBP9.3m
(2018: GBP6.8m) due to 2 additional new stores, the acquisition of
the Ted Carter business, additional Advanta stock as we extend the
number of products in the Advanta range and some stock building of
essential selling items pre-Brexit.
Current liabilities, trade and other creditors have decreased by
15% to GBP4.7m (2018: GBP5.5m) some of which is due to the deferred
consideration regarding the acquisitions that we have made and due
to the additional new stores and the acquisitions outlined
above.
The Group repaid its bank loans of GBP0.9m and its bank
overdraft facility, and it leased part of the New Kardex warehouse
system investment of GBP0.4m.
The Group also had cash and cash equivalents of GBP13.5m an
increase of GBP12.8m (2018: GBP0.7m), the growth of which has come
primarily by the placing in October 2018 to continue the growth of
the business.
Cashflow
At the year end the Group's net cash position (representing cash
and bank balances less loans and borrowings) was a net cash
position of GBP13.1m, an increase of GBP13.3m on prior years' net
borrowing of (2018: GBP0.2m).
Gross proceeds from the ordinary share issue in October 2018 was
GBP20.0m, with the cost of the issue being GBP0.8m.
The Group invested in in tangible fixed assets of GBP2.3m to
support the continued growth of the business.
John Hunter FCMA, GCMA
Finance Director
CONSOLIDATED STATEMENT OF PROFIT OR LOSS
FOR THE YEARED 31 JANUARY 2019
2019 2018
Notes GBP 000's GBP 000's
CONTINUING OPERATIONS
Revenue 42,004 30,241
Cost of sales (28,183) (20,387)
GROSS PROFIT 13,821 9,854
Distribution costs (2,691) (1,794)
Administrative expenses (11,177) (7,119)
OPERATING PROFIT BEFORE EXCEPTIONAL
COSTS (47) 941
Exceptional costs 2 (188) (730)
OPERATING PROFIT AFTER EXCEPTIONAL
COSTS (235) 211
Finance costs (31) (52)
PROFIT BEFORE INCOME TAX (266) 159
------------------------------------- ------ ----------- -----------
Income tax (1) (132)
PROFIT/(LOSS) FOR THE PERIOD (267) 27
------------------------------------- ------ ----------- -----------
Profit attributable to:
Owners of the parent (267) 27
(Loss)/Earnings per share expressed
in pence per share:
Basic (0.55) 0.10
Diluted 3 (0.53) 0.10
CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE
INCOME FOR THE YEARED 31 JANUARY 2019
2019 2018
Notes GBP 000's GBP 000's
PROFIT FOR THE YEAR (267) 27
OTHER COMPREHENSIVE INCOME
Item that will not be reclassified
to profit or loss:
Revaluation of property to fair
value - 86
Income tax relating to item
of other comprehensive income - -
Item that may be reclassified
subsequently to profit or loss:
Bonus share issue - (303)
Income tax relating to item
of other comprehensive income - -
OTHER COMPREHENSIVE INCOME FOR
THE YEAR, NET OF INCOME TAX (267) (217)
TOTAL COMPREHENSIVE INCOME FOR
THE YEAR (267) (190)
Total comprehensive income attributable
to:
Owners of the parent (267) (190)
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
31 JANUARY 2019
2019 2018
Notes GBP 000's GBP 000's
ASSETS
NON-CURRENT ASSETS
Goodwill 4,614 4,564
Property, plant and equipment 4,225 2,294
--------------------------------------- ------ ----------- -----------
8,839 6,858
CURRENT ASSETS
Inventories 9,348 6,815
Trade and other receivables 800 617
Cash and cash equivalents 13,541 749
--------------------------------------- ------ ----------- -----------
23,689 8,181
TOTAL ASSETS 32,528 15,039
--------------------------------------- ------ ----------- -----------
EQUITY
SHAREHOLDERS' EQUITY
Called up share capital 4 646 430
Share premium 4 26,016 7,032
Revaluation reserve 86 86
Retained earnings 440 707
--------------------------------------- ------ ----------- -----------
TOTAL EQUITY 27,188 8,255
--------------------------------------- ------ ----------- -----------
LIABILITIES
NON-CURRENT LIABILITIES
Trade and other payables - 7
Financial liabilities - borrowings
Interest bearing loans and borrowings 322 54
Deferred tax 270 203
--------------------------------------- ------ ----------- -----------
Total Non-Current Liabilities 592 264
CURRENT LIABILITIES
Trade and other payables 4,681 5,518
Financial liabilities - borrowings
Bank overdrafts -
Interest bearing loans and borrowings 120 888
Tax payable (53) 114
--------------------------------------- ------ ----------- -----------
Total Current Liabilities 4,748 6,520
TOTAL LIABILITIES 5,340 6,784
--------------------------------------- ------ ----------- -----------
TOTAL EQUITY AND LIABILITIES 32,528 15,039
--------------------------------------- ------ ----------- -----------
The financial statements were approved and authorised for issue
by the Board of Directors on
...................................................... and were
signed on its behalf by:
......................................................................Mr
D I Bailey - Director
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEARED 31 JANUARY 2019
Called Retained Share Revaluation Total
up share earnings premium reserve equity
capital
GBP000's GBP000's GBP000's GBP000's GBP000's
Balance at 1 February
2017 1,410 990 2,400
Changes in equity
Profit for the year 27 27
Other comprehensive
income (303) 86 (217)
Total comprehensive
income (276) 86 (190)
Dividends (7) (7)
Issue of share capital 420 7,032 7,452
Reduction In Share Capital (1,400) (1,400)
Total transactions with
owners
recognised directly
in equity (980) (7) 7,032 6,045
Balance at 31 January
2018 430 707 7,032 86 8,255
Changes in equity
Profit/(Loss) for the
year (267) (267)
Total comprehensive
income (267) (267)
Issue of share capital 216 18,984 19,200
Balance at 31 January
2019 646 440 26,016 86 27,188
CONSOLIDATED STATEMENT OF CASH 2019 2018
FLOWS GBP 000's GBP 000's
FOR THE YEARED 31 JANUARY
2019
Cash flows from operating activities
Cash generated from operations (3,415) (223)
Interest paid (21) (45)
Interest element of finance lease
payments paid (10) (6)
Tax paid (114) (138)
Taxation refund 14 -
Net cash from operating activities (3,546) (412)
Cash flows from investing activities
Purchase of goodwill (50) (2,748)
Purchase of tangible fixed assets (2,312) (1,234)
Sale of tangible fixed assets - -
Net cash from investing activities (2,362) (3,982)
Cash flows from financing activities
New loans in year - 850
New Finance Lease in Year 416
Loan Repayments in year (850) (1,516)
Finance Lease Repayments in Year (66) (30)
Share issue 20,000 7,520
Cost of issue (800) (370)
Redemption of preference shares - (1400)
Equity dividends paid - (7)
Net cash from financing activities 18,700 5,047
Increase in cash and cash equivalents 12,792 653
Cash and cash equivalents at
beginning of year 749 96
Cash and cash equivalents at
end of year 13,541 749
---------------------------------------- ----------- -----------
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2019
1. Basis of preparation
The Group's consolidated financial statements have been prepared
in accordance with International Financial Reporting Standards as
adopted by the European Union and IFRIC interpretations and with
those parts of the Companies Act 2006 applicable to reporting
groups under IFRS.
The financial information set out above does not constitute the
company's statutory accounts for 2019 or 2018. Statutory accounts
for the years ended 31 January 2019 and 31 January 2018 have been
reported on by the Independent Auditors. The Independent Auditors'
Report on the Annual Report and Financial Statements for 2019 and
31 January 2018 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 January 2018 have been
filed with the Registrar of Companies. The statutory accounts for
the year ended 31 January 2019 will be delivered to the Registrar
in due course.
2. Exceptional Costs
Exceptional costs from the 24 October 2018 placing, issuing
21,622,000 ordinary shares of 1 pence each raising GBP20,000,350.
In relation to the raise, costs of GBP79,473 were incurred and were
expensed and charged to the Income Statement for the year as an
exceptional item (2018: GBP730,113).
Exceptional Cost on the reorganisation of Fosters Fishing
Ltd:
The Subsidiary of Fosters Fishing Limited was hived up to
Angling Direct plc and fully reorganised to change brand from
Fosters Fishing Ltd to Angling Direct. The costs of GBP108,501 were
incurred and were expensed and charged to the Income Statement for
the year as an exceptional item.
3. Earnings per share
Basic earnings per share is calculated by dividing the earnings
attributable to ordinary shareholders by the weighted average
number of ordinary shares outstanding during the period.
Diluted earnings per share take into account share options in
issue as disclosed below.
Reconciliations are set out below.
Earnings 2018 Weighted Per share
GBP Average amount pence
number of
shares
Basic EPS
Earnings attributable to ordinary
shareholders (267,401) 48,864,590 (0.55)
Effect of dilutive securities
Options 1,645,311
Diluted EPS
----------------------------------- ---------- -------------- --------------
Adjusted earnings (267,401) 50,509,901 (0.53)
----------------------------------- ---------- -------------- --------------
Earnings 2017 Weighted Per share
GBP Average amount pence
number of
shares
Basic EPS
Earnings attributable to ordinary
shareholders 26,869 26,225,168 0.10
Effect of dilutive securities
Options 1,410,911
Diluted EPS
----------------------------------- ---------- -------------- --------------
Adjusted earnings 26,869 27,636,079 0.10
----------------------------------- ---------- -------------- --------------
4. Called up share capital
Allotted, issued and fully paid: 2019 2018
GBP GBP
64,621,993 (2018: 42,999,993) Ordinary
shares of 1p each 646,220 430,000
646,220 430,000
-------- --------
On 24 October 2018 21,622,000 Ordinary Shares of 1 pence each
were allotted as fully paid for cash at a premium of 91.5
pence per share.
The numbers of Ordinary shares in issue
are as follows:
2019 2018
1p shares 1p shares
number number
At 1 February 2018 42,999,993 1,000,000
Bonus issue - 30,250,000
Issued during the year 21,622,000 11,749,993
At 31 January 2019 64,621,993 42,999,993
-------------- ------------
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END
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