TIDMAVON
RNS Number : 2546H
Avon Rubber PLC
14 November 2018
AVON RUBBER P.L.C.
UNAUDITED PRELIMINARY RESULTS FOR THE YEAR
ED 30 SEPTEMBER 2018
STRONG FOUNDATIONS FOR GROWTH
Paul McDonald, Chief Executive Officer
"I am pleased to report another successful year, delivering
strong growth whilst further building the order book to provide
excellent visibility into 2019.
The results reflect the ongoing benefits of the strategic
actions we are taking to grow our presence in our core markets and
to invest further in product development to meet the needs of our
expanding customer base across both businesses.
The positive momentum in both Avon Protection and milkrite |
InterPuls provides a strong foundation for growth and leaves us
well positioned to deliver further success during 2019."
30 Sept
2017
% Increase
30 Sept % Increase Constant
2018 (Restated)(2) Reported Currency
----------------------------- ---------- ---------------- ----------- ------------
Orders received GBP173.3m GBP166.0m 4.4% 8.1%
Closing order book GBP37.8m GBP30.0m 26.0% 23.4%
Revenue GBP165.5m GBP159.2m 4.0% 8.7%
Adjusted(1) operating
profit GBP27.3m GBP26.1m 4.6% 11.8%
Operating profit GBP22.8m GBP20.1m 13.4% 23.4%
Net cash GBP46.5m GBP24.7m Up GBP21.8m
Adjusted(1) basic earnings
per share(3) 77.1p 83.8p (8.0%) (0.8%)
Basic earnings per share(3) 64.9p 71.6p (9.4%) (1.2%)
Dividend per share 16.02p 12.32p 30.0% 30.0%
----------------------------- ---------- ---------------- ----------- ------------
Operational highlights
-- Continuing demand for US DOD M50 mask systems, with 2019 covered by current order book
-- Good customer demand for new products: powered air range and MCM100 underwater rebreather
-- UK MOD General Service Respirator 5 year contract received
with deliveries commencing in 2019
-- Growth in Law Enforcement revenue, converting customers from competitors' legacy products
-- Good momentum in Military orders and Law Enforcement underpins 2019 revenues
-- milkrite | InterPuls growth across all product lines with
strong Interface recovery in second half
-- Acquisition of Merrick's calf nurser product line for $2.1m
-- Divested non-core Avon Engineered Fabrications for $9.25m
-- West Palm Beach electronics assembly facility relocated to our Cadillac facility
Financial highlights at constant currency
-- Strong financial delivery - revenue, operating profit, EPS
and cashflow ahead of expectations
-- Orders received up 8.1% and ahead of revenue
-- Revenue up 8.7% and adjusted operating profit up 11.8%
-- High volume sales of US DOD M50 mask system resulted in adjusted EBITDA margins of 21.3%
-- Adjusted(1) basic earnings per share of 77.1p (0.8% down) due
to lower tax provision release in 2018 compared to 2017
-- Strong cash generation (108.2% of EBITDA) and divestment
proceeds resulted in net cash of GBP46.5m, up GBP21.8m
-- Final dividend per share of 10.68p resulting in full year
total dividend of 16.02p, a 30% increase
-- Opening order book for 2019 of GBP37.8m providing good forward revenue visibility
Notes:
(1) The Directors believe that adjusted measures provide a more
useful comparison of business trends and performance. Adjusted
results exclude exceptional items, defined benefit pension scheme
costs, the amortisation of acquired intangibles and discontinued
operations. The term adjusted is not defined under IFRS and may not
be comparable with similarly titled measures used by other
companies. A reconciliation of reported numbers to adjusted numbers
is provided in note 3 to the preliminary results.
(2) 2017 has been restated to reflect the continuing operations
of the Group following the sale of AEF on 30 March 2018.
(3) Basic earnings per share and adjusted basic earnings per
share are presented on a continuing operations basis.
For further enquiries, please contact:
Avon Rubber p.l.c.
Paul McDonald, Chief Executive Officer 01225 896300
Nick Keveth, Chief Financial Officer
Weber Shandwick Financial
Nick Oborne 02070 670700
An analyst meeting will be held at 11am this morning at the
offices of Weber Shandwick, 2 Waterhouse Square, 140 Holborn,
London, EC1N 2AE. The analyst meeting will be webcast live on
www.avon-rubber.com
Legal Entity Identifier: 213800JM1AN62REBWA71
The information contained within this announcement is deemed by
the Company to constitute inside information as stipulated under
the Market Abuse Regulation ('MAR') EU no.596/2014. Upon the
publication of this announcement via Regulatory Information Service
('RIS'), this inside information is now considered to be in the
public domain.
Note to editors:
Avon Rubber is an innovative technology group which designs and
produces specialist products and services to maximise the
performance and capabilities of its customers. We specialise in
Chemical, Biological, Radiological and Nuclear ('CBRN') and
respiratory protection systems, as well as milking point solutions
through our two businesses Avon Protection and milkrite |
InterPuls.
Avon Protection is the recognised global leader in advanced CBRN
respiratory protection systems for the world's Military, Law
Enforcement and Fire markets.
milkrite | InterPuls is a global leader providing complete
milking point solutions to dairy farmers across the world with the
aim of improving every farm it touches.
For further information please visit the Group's website:
www.avon-rubber.com
CHIEF EXECUTIVE OFFICER'S REVIEW
I am delighted to report on another strong set of results which
confirms the progress of our growth strategy. We have built
momentum with a continued focus on growing the core revenue of the
business to deliver sustainable and improving operating profits and
cash flows.
Our ability to generate cash has allowed us to increase our
investment in product development to support future growth.
Investing in our product portfolio enables us to maintain the
competitive advantage of our existing range and to develop new
products that meet the future needs of our widening customer
base.
We have made a conscious effort to enhance the predictability
and sustainability of our business. This has resulted in us growing
our order book in 2018 to establish strong visibility that will
enable us to target new contract opportunities whilst retaining the
flexibility to manage scheduling and timing effectively.
We continue to explore acquisition opportunities where we see
the potential to complement our existing businesses and to deliver
additional growth opportunities to create further value for our
shareholders. Our strong balance sheet will enable us to execute on
acquisition opportunities meeting our clear investment
criteria.
There are significant medium and long-term growth opportunities
for both Avon Protection and milkrite | InterPuls. I am confident
that our strong foundations for growth provide us with the ability
to continue delivering value to our customers, our people and our
shareholders in the future.
STRATEGY
The updated strategy, launched last year, is based upon creating
shareholder value through three key elements:
-- growing the core by maximising organic sales growth from our
current product portfolio and maximising the operational efficiency
of our existing facilities;
-- pursuing selective product development to maintain our innovation leadership position; and
-- targeting value enhancing acquisitions to complement our
existing businesses and add additional growth opportunities for the
Group.
GROW THE CORE
Avon Protection
Strong growth in Military and Law Enforcement has resulted in
Avon Protection delivering another record year through our
continued focus on expanding our customer base and product offering
to provide a broader portfolio of products and extracting more
value from our existing customers.
Expanding our global Military customer base
Our world-leading expertise and reputation for quality in
respiratory protection systems has been recognised by the UK
Ministry of Defence ('MOD') through the signing in February of a
five year contract for the resupply and in-service support of its
General Service Respirator ('GSR').
Since re-establishing our relationship with the UK MOD through
the GSR contract, we have been able to demonstrate to them our
technical capabilities and track record of service and delivery
that meets the most exacting quality standards of our Military
customers. We anticipate that in time this will generate further
opportunities to deepen our relationship with the UK MOD.
The launch of our MCM100 underwater rebreather has provided
further opportunities to establish and strengthen relationships
with a number of European and Rest of World Militaries and
demonstrate our innovation and delivery capabilities.
Our strong relationship with the US Military has enabled us to
develop a broad product portfolio ranging from our general service
respiratory systems through to complex integrated and modular
powered and supplied air systems. As a result of the modularity of
our product offering, we can offer a bespoke solution to meet the
budgets and differing usage requirements of potential Military
customers.
With a breadth of product offering, and ongoing investment in
research and development, we are in a strong position to deepen our
existing customer relationships and pursue the new opportunities
that our world-leading reputation is creating.
Growing the Law Enforcement market
This year has seen a greatly expanded market demand for our
protection products as the needs of the Law Enforcement community
to meet the diverse CBRN threats has increased. This has been
reflected in the significant sales momentum in the US market for
our range of supplied and powered air products, following NIOSH
safety approval in March of this year, and the strong sales
performance of hoods and mask systems in Europe, the Middle East
and Asia.
We have seen good market penetration with US Law Enforcement
municipalities, where we have been able to leverage our
differentiated modular product range to grow our market share. In
the medium-term, we expect our share of the law enforcement market
to grow in both the US and other jurisdictions as we take advantage
of our product innovation leadership position.
Reshaping our Fire strategy
The Fire market has seen tougher trading conditions through the
year as customers have delayed purchasing commitments on older
legacy ranges in advance of the arrival of the new 2019 National
Fire Protection Association ('NFPA') compliant products. The launch
of products compliant with the 2019 NFPA standards is later than
expected due to delays at the NFPA in finalising the standards.
The market for self-contained breathing apparatus (SCBA) in the
Fire sector remains highly competitive and includes a fragmented
customer base. We continue to see opportunities in this segment
with our upgraded Magnum SCBA range, designed to comply with the
new 2019 NFPA standards, which we expect to launch in the spring of
2019 and we have revised our sales strategy for the Fire market to
ensure we return to growth in the short-term.
The argus thermal imaging camera technology has made a
significant cumulative contribution to Fire market sales. During
the year, we launched the NFPA certified Mi-TIC E L camera, which
can now be sold into the US market. This model of the thermal
imaging camera is the most cost effective entry-level solution for
Fire services, without compromising on technology or quality. The
argus range is a trusted brand for firefighters and this latest
approval adds more options and variety for our customers and will
help to maintain Avon Protection's position as a leading global
supplier of certified thermal imaging cameras.
Continuous focus on operational efficiency
Building on our existing manufacturing and service operation is
a constant focus for Avon Protection to maximise the service
delivery for our expanding customer base and widening product
portfolio. Our well established and efficient manufacturing
operation has enabled us to maintain excellent product quality
control and reliability across our product range. As we move up the
value chain in respiratory protection, with greater focus on more
technical solutions for mask systems and supplied and powered air
products, we are focused on ensuring that we maintain high
productivity levels whilst being able to meet all of our customers'
requirements.
To achieve a greater level of production efficiency, during the
year we relocated our West Palm Beach, Florida electronics assembly
facility to our main US manufacturing facility in Cadillac,
Michigan. This is part of our commitment to continually improve our
production processes and to deliver scale efficiencies.
During the year, working with a local partner, we installed a
production assembly line in Kazakhstan for the production of escape
hoods primarily for the oil and gas sector. We will continue to
explore additional opportunities, where appropriate, to deploy
flexible manufacturing solutions, including local assembly
operations to support regional customers, and optimise our
production cost base to meet our future growth aspirations.
milkrite | InterPuls
We have maintained our focus on expanding our position as
milking point experts across each line of business for milkrite |
InterPuls. The growing demand for dairy foodstuffs underpins medium
and long-term opportunities for broadening the geographic reach of
our products through the enhancement of our dealer network and the
growth of Farm Services.
Retaining our Interface leadership
We have a global market-leading position in Interface, with our
Impulse and Impulse Air ranges designed to maximise animal health
and milking efficiency. Our innovation in Interface products
ensures that we maximise our competitive advantage and counter
competitor challenge. In addition, we remain committed to expanding
the global dealer network to maximise our market coverage and
access new customers.
Expanding Precision, Control & Intelligence (PCI)
distribution
We have an advanced range of PCI products and our emphasis is on
the technical dealer network to provide an upgraded sale and
support capability to our customer base across all geographies.
During the year, we have added technical sales specialists to our
North American team to leverage our Interface platform and align
the more technical solution the PCI products can deliver to the
benefits they can bring to our customers in the performance and
efficiency of milk production.
Growing the Farm Services lease ownership model
We have once again seen very strong growth in Farm Services as a
wider base of our customers sees the benefit of accessing our
product range on a lease hire basis. The Cluster Exchange Service
(CES) in both US and European markets has performed strongly and
the sales strategy is focused on delivering on the opportunities to
grow Pulsator Exchange Service (PES) and Tag Exchange Service
(TES).
This ultimately provides us with the future delivery platform
for ever increasingly advanced products, which provides a direct
contact for service and support with our customers.
SELECTIVE PRODUCT DEVELOPMENT
Continued investment to expand our product range
We have made a substantial investment this year in enhancing the
technical capability of our existing portfolio and developing new
products that will deliver future growth for the business. The
majority of our development pipeline is designed in partnership
with our customers to ensure that their performance requirements
are met whilst ensuring the highest commercial returns on our
investment are delivered.
The development expenditure in the year has predominantly
focused on Avon Protection, with significant investment in the UK
GSR, MCM100 and next generation hood programmes. We also invested
in obtaining NIOSH safety approval for our supplied and powered air
range and preparing our upgraded Magnum SCBA for NFPA verification.
Development expenditure for milkrite | InterPuls included the
upgraded Milk Meter equipment and subsequent ICAR approval together
with the PCI heavy duty equipment for North America to meet the
needs of our larger industrial farm customers.
In 2018 we invested a total of GBP9.7m, representing 5.9% of
revenue, in research and development. Over the medium-term we
expect to maintain the current level of funding for product
development. This reflects our confidence in our ability to
innovate to meet the future technical needs of our customers
thereby generating profitable revenue growth.
Building on our long-term partnership with the DOD
We have continued to work with the DOD on a number of
potentially significant new platform programmes including the M69
aircrew mask, the M53A1 mask and powered air system and a follow on
M50 mask system contract.
We currently expect to enter into multi-year contracts with the
DOD for the M69 aircrew mask and the M53A1 mask and powered air
system in the new financial year with production commencing in the
second half of the year. We are also in discussions with the DOD to
put in place a follow on contract for the M50 mask system following
the conclusion of the initial 10-year contract in July.
VALUE ENHANCING ACQUISITIONS
We intend to complement the organic growth strategy described
above with carefully selected value enhancing acquisitions within
both Avon Protection and milkrite | InterPuls. Acquisitions are
intended to complement and extend the reach of our existing
businesses. This will have the effect of building a more robust and
diversified business, whilst retaining the benefits of our
technology expertise and strong customer relationships.
As part of our acquisition strategy, we also review our existing
market segments to ensure that they still meet our core strategic
objectives. The divestment of AEF, the US based manufacturer of
hovercraft skirts and bulk liquid storage tanks, reflects this
focus on growing the core business in our chosen market
segments.
milkrite | InterPuls acquired the Merrick's calf nurser product
line for a total cost of $2.1m in June this year. milkrite |
InterPuls has been the long-standing manufacturer of the rubber
component of the calf nurser product and the acquisition enables us
to take full control of the distribution of this product.
We continue to explore other acquisition opportunities where we
see the potential to deliver significant strategic and financial
value. We have a strong balance sheet, including net cash of
GBP46.5m, together with undrawn bank facilities of $40m, and a cash
generative business. This financial position, as well as our
willingness to extend leverage up to two times EBITDA, means we are
well positioned to pursue potential acquisitions that meet our
criteria and act decisively where we find them.
PEOPLE
Last year saw a significant transition of leadership within the
Executive leadership teams of both businesses, and I have been very
pleased that these changes have resulted in a clearer strategic
direction and alignment for the Group.
In recognition of the extensive Military growth opportunities
within Avon Protection, I am delighted to welcome James Wilcox to
the Executive leadership team to lead our global Military business.
James is an internal appointment from within the Avon Protection
business and has many years of experience developing and marketing
products to our Military customers. I believe that having specific
sector leadership for Military, with Leon Klapwijk continuing to
lead Law Enforcement and Fire, will greatly enhance our strategic
delivery in Avon Protection to support our ambitious and exciting
growth strategy for the future.
OUTLOOK
Our opening order book of GBP37.8m provides good visibility as
we enter the new financial year, and we are well positioned to
continue our strong momentum into 2019.
Within Avon Protection, first deliveries of the M69 aircrew
masks, the M53A1 mask and powered air system, and the UK General
Service Respirator to the UK MOD will be made in 2019. The revenue
opportunities from new products and customers is expected to offset
the impact of the anticipated reduction in M50 mask system volumes.
Alongside this, we expect continued sustainable growth from the
widening customer and product base in Law Enforcement and,
following the launch of our upgraded Magnum SCBA, we expect a
stronger performance in the Fire business. There also remains a
healthy pipeline of potential further contract opportunities.
Dairy market conditions have remained stable, although there has
been some recent market caution around expectations for future feed
prices. In this environment, we currently anticipate that the
growth trends experienced by milkrite | InterPuls in 2018 will
continue in the new financial year.
We have created a strong foundation to deliver further growth in
2019 through delivering against our three strategic priorities of
growing the core, selective product development and value enhancing
acquisitions.
OPERATIONAL REVIEW
AVON PROTECTION
Financial Performance
% Change
at constant
2018 2017 (restated) % Change currency
--------------------------- ---------- ---------------- --------- -------------
Orders received GBP124.6m GBP116.0m 7.4% 11.4%
Closing order book GBP35.3m GBP26.5m 33.2% 30.6%
Revenue GBP115.7m GBP109.8m 5.4% 10.6%
Adjusted EBITDA GBP26.6m GBP26.8m (0.7%) 5.3%
Adjusted EBITDA margin 23.0% 24.4% (1.4%) (1.1%)
Adjusted operating profit GBP21.5m GBP20.1m 7.0% 13.4%
Operating profit GBP19.5m GBP16.2m 20.4% 26.7%
--------------------------- ---------- ---------------- --------- -------------
Growth in orders received to GBP124.6m (2017: GBP116.0m)
delivered an increase in revenue of 5.4% to GBP115.7m (2017:
GBP109.8m). On a constant currency basis, revenue grew by 10.6%
with Military revenue growing by 8.0%, strong 28.1% growth in Law
Enforcement and Fire declining by 10.0%, reflecting a more
challenging Fire market.
Adjusted operating profit grew by 7.0% to GBP21.5m (2017:
GBP20.1m). Eliminating the impact of currency movements, adjusted
operating profit grew by 13.4% on a constant currency basis.
Our adjusted EBITDA margin softened to 23.0% (2017: 24.4%),
being a reduction of 1.1% on a constant currency basis, primarily
reflecting product mix with a higher volume of M50 mask systems
shipped in 2018 compared to last year. Adjusted EBITDA was GBP26.6m
(2017: GBP26.8m); eliminating the impact of currency movements,
adjusted EBITDA grew by 5.3% at constant currency.
Military
Military revenue of GBP66.1m (2017: GBP64.2m) was up 3.0%.
Excluding the impact of unfavourable currency movements Military
revenues were up 8.0% on a constant currency basis.
DOD revenue totalled GBP52.7m versus GBP50.5m in 2017,
reflecting higher M50 mask system volumes and increased volumes of
spares and accessories more than offsetting unfavourable currency
movements.
We delivered 179,000 M50 mask systems and 150,000 filter pairs,
compared with 150,000 mask systems and 144,000 pairs of filter
spares in 2017. DOD spares and development costs revenue decreased
to GBP12.0m (2017: GBP15.6m) due to 2017 including higher
development costs relating to the M69 air crew mask.
Having received orders for 219,000 M50 mask systems during the
year, we enter the new financial year with an order book of 89,000
systems.
Revenue from our Rest of World Military business totalled
GBP13.4m (2017: GBP13.7m). Initial revenue from Military sales of
our powered and supplied air range and the MCM100 underwater
rebreather largely offset the non-repeat revenue in 2017 from the
37,000 FM50 general purpose masks delivery.
Law Enforcement
Law Enforcement revenue grew 22.1% to GBP35.4m (2017: GBP29.0m)
reflecting strong growth of 28.1% on a constant currency basis
offset by adverse currency movements. This was driven by strong
performances in hoods and mask systems across all regions as we
continue to make progress in converting police forces to our
products. In North America, we also benefited from increased sales
of filters and spares to our expanding customer base. Initial sales
of our supplied and powered air ranges also contributed to the
growth in the year and our expanded product range provides an
exciting foundation for future growth.
Fire
Fire revenue dropped by 14.5% to GBP14.2m (2017: GBP16.6m)
including the impact of unfavourable currency movements, or a
smaller reduction of 10.0% on a constant currency basis, due to
tougher market conditions experienced in North America. The NFPA
approval of Magnum later in the financial year will offer greater
opportunity for growth in Fire as we expect Fire services to return
to the market to procure the updated and compliant SCBA range.
OPERATIONAL REVIEW
MILKRITE | INTERPULS
Financial Performance
% Change at
2018 2017 % Change constant currency
------------------------ --------- --------- --------- -------------------
Orders received GBP48.7m GBP50.0m (2.6%) 0.6%
Closing order book GBP2.5m GBP3.5m (28.6%) (31.1%)
Revenue GBP49.8m GBP49.4m 0.8% 4.3%
Adjusted EBITDA GBP10.9m GBP10.9m 0.0% 5.2%
Adjusted EBITDA margin 21.9% 22.1% (0.2%) 0.2%
Adjusted operating
profit GBP8.0m GBP8.0m 0.0% 6.7%
Operating profit GBP6.0m GBP6.3m (4.8%) 3.6%
------------------------ --------- --------- --------- -------------------
Revenue increased by 0.8% to GBP49.8m (2017: GBP49.4m);
excluding the impact of unfavourable currency movements revenue
grew 4.3% on a constant currency basis.
On a constant currency basis, Interface grew revenue by 2.9%,
PCI by 1.9% and Farm Services by 19.8%. The growth trends reflect
the current stable global dairy market conditions and the improved
trading conditions in North America in the second half of the
year.
Adjusted operating profit and adjusted EBITDA were both flat at
GBP8.0m (2017: GBP8.0m) and GBP10.9m (2017: GBP10.9m) respectively,
with constant currency growth of 6.7% and 5.2% respectively being
offset by unfavourable currency movements. The adjusted EBITDA
margin of 21.9% (2017: 22.1%) increased by 0.2% on a constant
currency basis.
Interface
Interface revenue reduced by 0.8% to GBP35.6m (2017: GBP35.9m),
including the impact of unfavourable currency movements. On a
constant currency basis, Interface revenues grew by 2.9% driven by
a stronger performance in North America in the second half of the
year and strong growth in Latin America, Europe, the Middle East
and Asia Pacific.
North America revenues of GBP17.8m (2017: GBP19.2m) declined by
1.7% on a constant currency basis, reflecting the weaker market
conditions in the first half of the year. Improved market
conditions in the second half of the year and the acquisition of
the Merrick's calf nurser product line in June, resulted in second
half constant currency growth of 3.9%.
In Europe, revenue grew by 7.2% to GBP10.4m at constant
currency. Latin America grew liner revenues by 11.5% on a constant
currency basis reflecting market share gains in Brazil. Asia
Pacific liner revenues increased by 8.2%, at constant currency, as
a result of stronger market conditions experienced in the important
market of China during 2018.
Precision, Control & Intelligence
The sales of our PCI range have continued to perform well across
our key markets. Revenue was flat at GBP9.0m (2017: GBP9.0m), but
grew 1.9% at a constant currency rate as dairy farmers continue to
invest in our PCI products to drive farm efficiency. Constant
currency growth was driven by growth in Europe of 3.6% and of 10.5%
in the Middle East, and as with our Interface products, we gained
market share in Latin America with PCI growth of 17.6%.
Farm Services
Farm Services has continued to show exceptional growth with
revenue of GBP5.2m (2017: GBP4.5m), up 19.8% at constant currency,
reflecting the ongoing success of Cluster Exchange which saw a 14%
growth in cluster points in the period. The constant currency
growth was driven by growth in North America of 20.9% and 18.5% in
Europe. The extension of Farm Services to include Pulsator Exchange
and Tag Exchange provides opportunities for growth in future
years.
At the end of the year, Cluster Exchange had grown by 14.0% to
40,000 cluster points (2017: 35,000) serving 637,000 cows on 2,100
farms, up from 624,000 cows and 1,900 farms at the same time last
year.
FINANCIAL REVIEW
The Group has delivered a strong financial performance during
the year with revenue and adjusted operating profit increasing at
constant currency by 8.7% and 11.8% respectively. Given our US
businesses constitute over 70% of the Group, the stronger pound
experienced during the year resulted in reported revenue increasing
by 4.0% to GBP165.5m and reported adjusted operating profit by 4.6%
to GBP27.3m (2017: GBP26.1m) at actual currency.
As a result of product mix, with the delivery of more M50 mask
systems, our adjusted EBITDA margin of 21.3% was 0.8% lower than
last year on a constant currency basis.
After a tax charge of GBP3.7m (2017: GBP0.4m), an adjusted
effective rate of 13.6% (2017: 1.6%), the Group recorded an
adjusted profit for the year after tax of GBP23.5m (2017:
GBP25.5m). The increased tax rate resulted in adjusted basic
earnings per share decreasing by 8.0% to 77.1p (2017: 83.8p).
On a reported basis, after taking account of the amortisation of
acquired intangibles, defined pension and administration costs and
the effect of the relocation of the West Palm Beach manufacturing
facility, operating profit before tax grew by 13.4% to GBP22.8m
(2017: GBP20.1m) or 23.4% on a constant currency basis. Profit
before tax was GBP21.6m (2017: GBP18.9m) and, after a tax charge of
GBP1.8m (2017: GBP2.9m tax credit), profit from continuing
operations was GBP19.8m (2017: GBP21.8m). Basic earnings per share
from continuing operations were 64.9p (2017: 71.6p).
The disposal of AEF on 30 March 2018 resulted in a profit from
discontinued operations of GBP1.6m (2017: GBP0.3m loss) to give an
overall profit for the year of GBP21.4m (2017: GBP21.5m).
Operational cash generation has continued to be strong with
EBITDA cash conversion of 108.2%. The operational cash performance,
taking into consideration the divestment of AEF and investment in
the Merrick's calf nurser product line, resulted in a GBP21.8m
increase in net cash during the year and a closing net cash balance
of GBP46.5m. This strong cash position provides funding to support
our organic growth strategy, investment in new product development
and value enhancing acquisitions.
Against this strong backdrop, the Board has increased the final
dividend by 30% to 10.68p resulting in total dividends for the year
of 16.02p, also up 30% on 2017. This level of dividend increase is
in line with our policy, and reflects our ongoing confidence in
future performance of the Group.
The closing order book of GBP37.8m is 23.4% higher than at the
end of 2017 on a constant currency basis, reflecting strong
performances across the markets in which we operate. On an actual
currency basis, the closing order book grew by 26.0%. The opening
order book for 2019 provides good visibility heading into the new
financial year.
SEGMENTAL INFORMATION
2017(1)
Growth
at constant
2018 (restated) Growth currency
GBPm GBPm % %
----------------------------- ------ ------------ -------- -------------
Orders received
Avon Protection 124.6 116.0 7.4% 11.4%
milkrite | InterPuls 48.7 50.0 (2.6%) 0.6%
----------------------------- ------ ------------ -------- -------------
Total 173.3 166.0 4.4% 8.1%
Closing order book
Avon Protection 35.3 26.5 33.2% 30.6%
milkrite | InterPuls 2.5 3.5 (28.6%) (31.1%)
----------------------------- ------ ------------ -------- -------------
Total 37.8 30.0 26.0% 23.4%
----------------------------- ------ ------------ -------- -------------
Revenue
Avon Protection 115.7 109.8 5.4% 10.6%
milkrite | InterPuls 49.8 49.4 0.8% 4.3%
----------------------------- ------ ------------ -------- -------------
Total 165.5 159.2 4.0% 8.7%
Adjusted EBITDA
Avon Protection 26.6 26.8 (0.7%) 5.3%
milkrite | InterPuls 10.9 10.9 0.0% 5.2%
Unallocated corporate costs (2.2) (2.0) 10.0% 12.4%
----------------------------- ------ ------------ -------- -------------
Total 35.3 35.7 (1.1%) 5.1%
Adjusted EBITDA margin
Avon Protection 23.0% 24.4% (1.4%) (1.1%)
milkrite | InterPuls 21.9% 22.1% (0.2%) 0.2%
----------------------------- ------ ------------ -------- -------------
Total 21.3% 22.4% (1.1%) (0.8%)
----------------------------- ------ ------------ -------- -------------
Operating profit
Avon Protection 19.5 16.2 20.4% 26.7%
milkrite | InterPuls 6.0 6.3 (4.8%) 3.6%
Unallocated corporate costs (2.7) (2.4) 12.5% 12.8%
----------------------------- ------ ------------ -------- -------------
Total 22.8 20.1 13.4% 23.4%
Adjusted operating profit
Avon Protection 21.5 20.1 7.0% 13.4%
milkrite | InterPuls 8.0 8.0 0.0% 6.7%
Unallocated corporate costs (2.2) (2.0) 10.0% 12.4%
----------------------------- ------ ------------ -------- -------------
Total 27.3 26.1 4.6% 11.8%
----------------------------- ------ ------------ -------- -------------
(1.) 2017 has been restated to reflect the continuing operations
of the Group following the sale of AEF on 30 March 2018.
PROFIT FOR THE YEAR
2018 2017 (restated)
GBPm GBPm
----------------------------------- ------ ----------------
Adjusted operating profit 27.3 26.1
Adjustments (4.5) (6.0)
----------------------------------- ------ ----------------
Operating profit 22.8 20.1
Net finance costs (1.2) (1.2)
----------------------------------- ------ ----------------
Profit before taxation 21.6 18.9
Taxation (1.8) 2.9
----------------------------------- ------ ----------------
Profit from continuing operations 19.8 21.8
Discontinued operations 1.6 (0.3)
----------------------------------- ------ ----------------
Profit for the year 21.4 21.5
----------------------------------- ------ ----------------
Adjustments
Adjustments of GBP4.5m (2017: GBP6.0m) excluded from adjusted
operating profit comprise the GBP0.9m costs for the relocation of
the West Palm Beach manufacturing facility to Cadillac,
amortisation of acquired intangible assets of GBP3.1m (2017:
GBP3.0m) and pension administration costs of GBP0.5m (2017:
GBP0.4m). Adjustments in 2017 included an exceptional write down of
costs of GBP2.9m in developing the EEBD product and included an
exceptional credit of GBP0.3m for a post-acquisition working
capital adjustment relating to the acquisition of InterPuls.
Finance costs
Net interest costs were nil (2017: GBP0.2m). Other finance
expenses of GBP1.2m (2017: GBP1.0m) primarily represent the unwind
of the discount on the net pension liability and, as in previous
years, have been excluded from adjusted profit for the year.
Taxation
Taxation was a charge of GBP1.8m (2017: credit of GBP2.9m) which
consists of a GBP3.7m charge relating to the current year and a
GBP1.9m credit in respect of previous periods. The GBP1.9m credit
in respect of previous periods includes a GBP0.7m credit in
connection with the release of provisions following an updated
assessment of uncertain tax positions.
Profit from Discontinued Operations
The profit from discontinued operations of GBP1.6m (2017:
(GBP0.3m)) is comprised of the profit after tax of AEF up to the
date of disposal on 30 March 2018 of GBP0.5m (2017: (GBP0.3m)) and
the post tax gain on disposal of GBP1.1m.
NET CASH AND CASH FLOW
Adjusted cash generated from operations was GBP37.9m, up 6.5% on
2017. Operating cash conversion from adjusted EBITDA continued to
be strong at 108.2% (2017: 98.1%) and operating cash conversion
from adjusted operating profit was 139.9% (2017: 134.1%).
2018 2017 (restated)
GBPm GBPm
------------------------------------------------------ ------ ----------------
Cash flows from continuing operations before
the impact of exceptional items 38.2 35.0
Cash impact of exceptional items and discontinued
operations (0.3) 0.6
------------------------------------------------------ ------ ----------------
Cash flows from operations 37.9 35.6
Net interest - (0.1)
Payments to pension plan (1.5) (1.0)
Tax (5.0) (2.0)
Purchase of property, plant and equipment (3.3) (2.6)
Capitalised development costs and purchased software (5.6) (2.9)
Acquisitions (1.4) -
Divestments 6.5 -
Purchase of own shares (1.1) (1.0)
Dividends to shareholders (4.1) (3.2)
Foreign exchange and other items (0.6) (0.8)
------------------------------------------------------ ------ ----------------
Increase in net cash 21.8 22.0
------------------------------------------------------ ------ ----------------
At the year end, the Group had net cash of GBP46.5m (2017:
GBP24.7m) and an undrawn US Dollar denominated bank facility of
$40m (GBP30.7m), which is committed to 28 June 2021 with options to
extend for a further two years.
Our strong balance sheet gives us the capacity to fund our
growth strategy and make further acquisitions. Our policy is to
maintain a strong financial position and keep the ratio of net debt
to adjusted EBITDA under two times.
MERRICK'S CALF NURSER ACQUISITION
The acquisition of the Merrick's calf nurser product line in
June was for a total cost of $2.1m. The cost included $1.8m
(GBP1.4m) in cash consideration, associated acquisition costs of
$0.1m, and the impact of a write-down of $0.2m in relation to a
trade receivable balance due from Merrick's at the time of the
acquisition.
RESEARCH AND DEVELOPMENT EXPITURE
We continue to invest for the future and our total investment in
research and development (capitalised and expensed) amounted to
GBP9.7m (2017: GBP8.3m) as shown below. Total research and
development as a percentage of revenue was 5.9% (2017: 5.2%).
2018 2017 (restated)
milkrite milkrite
Avon Protection | InterPuls Group Avon Protection | InterPuls Group
GBPm GBPm GBPm GBPm GBPm GBPm
-------------------- ---------------- ------------- ------ ---------------- ------------- ------
Total expenditure 8.6 1.1 9.7 7.5 0.8 8.3
Less customer
funded (3.0) - (3.0) (4.6) - (4.6)
-------------------- ---------------- ------------- ------ ---------------- ------------- ------
Group expenditure 5.6 1.1 6.7 2.9 0.8 3.7
Capitalised (5.0) (0.5) (5.5) (1.8) (0.8) (2.6)
-------------------- ---------------- ------------- ------ ---------------- ------------- ------
Income statement
impact of current
year expenditure 0.6 0.6 1.2 1.1 - 1.1
Amortisation 2.2 0.3 2.5 3.0 0.2 3.2
Impairment - - - 2.6 - 2.6
-------------------- ---------------- ------------- ------ ---------------- ------------- ------
Total income
statement impact 2.8 0.9 3.7 6.7 0.2 6.9
-------------------- ---------------- ------------- ------ ---------------- ------------- ------
Revenue 115.7 49.8 165.5 109.8 49.4 159.2
R&D spend as
% of revenue 7.4% 2.2% 5.9% 6.8% 1.6% 5.2%
-------------------- ---------------- ------------- ------ ---------------- ------------- ------
In Avon Protection, the most significant investments have been
in the production preparation for the General Service Respirator
for the UK MOD and development of the MCM100 and the next
generation hood programmes. We have also invested in obtaining
approval for Magnum SCBA and the supplied and powered air range,
with the NFPA and NIOSH respectively. In milkrite | InterPuls,
investment expenditure has been focussed on the heavy duty PCI
equipment range and an upgrade to our Milk Meter equipment.
The reduced charges in the year for amortisation and impairments
reflects the non-recurrence of the one-off impacts in 2017 of the
termination of the EEBD programme.
PENSIONS
The Group has a UK pension scheme which is closed to future
accrual. The net pension liability, as measured under IAS 19
(revised), is GBP30.5m (2017: GBP44.1m). The GBP13.6m decrease in
the deficit over the last year is due to the increase in discount
rates reflecting the higher corporate bond return outlook and the
lower actuarial mortality assumptions which are being reflected in
the market.
On October 26, 2018, the High Court handed down a judgment
involving the Lloyds Banking Group's defined benefit pension
schemes. The judgment concluded that pension schemes should be
amended to equalise pension benefits for men and women in relation
to guaranteed minimum pension benefits. We are working with our
actuarial advisers, to understand the extent to which the judgment
crystallises any additional liabilities for the Group UK defined
benefit pension scheme. We are early in the evaluation process, but
we estimate that the additional liability could be in the region of
GBP3.0m. Subsequent to further assessment with our advisors, any
necessary adjustment is expected to be recognised in the first half
of our 2019 financial year.
The results of the triennial funding valuation, as at 31 March
2016, showed the plan to be 90% funded on a continuing basis with a
deficit of GBP33.8m. As part of the deficit recovery plan
contributions of GBP1.5m were paid to the pension fund during the
year (2017: GBP1.0m). The level of contributions will be reassessed
next following the March 2019 triennial funding valuation.
FINANCIAL RISK MANAGEMENT
The Group has clearly defined policies for the management of
foreign exchange risk. Exposures resulting from sales and purchases
in foreign currency are matched where possible and net exposure may
be hedged by the use of forward exchange contracts. The Group does
not undertake foreign exchange transactions for which there is no
underlying exposure.
Credit and counterparty risk are managed through the use of
credit evaluations and credit limits. Cash deposits are made at
prevailing interest rates which are not generally fixed for more
than 1 or 2 months. Borrowings and overdrafts are at floating
interest rates. The Group does not carry out any interest rate
hedging.
CURRENCY EFFECT
The Group has translational exposure arising on the
consolidation of overseas company results into Sterling. Based on
the current mix of currency denominated profit, a one cent
appreciation of the US Dollar increases revenue by approximately
GBP0.9m and operating profit by approximately GBP0.2m. A one cent
appreciation of the Euro increases revenue by approximately GBP0.1m
and has nil impact on operating profit.
DIVIDS
The Board is recommending a final dividend of 10.68p per share
(2017: 8.21p) which together with the 5.34p per share interim
dividend gives a total dividend of 16.02p (2017: 12.32p), up 30% on
last year. The final dividend will be paid on 15 March 2019 to
shareholders on the register at 15 February 2019 with an
ex-dividend date of 14 February 2019.
Our policy is to maintain a progressive dividend policy
balancing dividend increases with the rates of adjusted earnings
per share growth achieved, taking into account potential
acquisition spend and the Group's financing position. Over recent
years, we have grown the dividend per share by 30% per annum and we
expect to continue to grow dividends ahead of earnings over the
medium-term. Our policy is to maintain dividend cover (the ratio of
dividend per share to adjusted earnings per share) above two times.
This year dividend cover was 4.8 times (2017: 6.7 times). Once
dividend cover has reduced to two times we intend to increase
dividends in line with the growth in adjusted earnings per
share.
Consolidated Statement of Comprehensive Income for the year
ended 30 September 2018
2018 2017
Adjusted Total
Adjusted Adjustments(1) Total (restated)(2) Adjustments(1) (restated)(2)
Note GBPm GBPm GBPm GBPm GBPm GBPm
------------------ ----- --------- --------------- ------- -------------- --------------- ---------------
Continuing
operations
Revenue 2 165.5 - 165.5 159.2 - 159.2
Cost of sales (99.9) - (99.9) (97.6) - (97.6)
------------------ ----- --------- --------------- ------- -------------- --------------- ---------------
Gross profit 65.6 - 65.6 61.6 - 61.6
Selling and
distribution
costs (20.3) - (20.3) (19.9) - (19.9)
General and
administrative
expenses (18.0) (4.5) (22.5) (15.6) (6.0) (21.6)
------------------ ----- --------- --------------- ------- -------------- --------------- ---------------
Operating profit 2 27.3 (4.5) 22.8 26.1 (6.0) 20.1
------------------ ----- --------- --------------- ------- -------------- --------------- ---------------
Operating profit
is analysed
as:
Before
depreciation
and amortisation 35.3 (1.4) 33.9 35.7 (0.1) 35.6
Depreciation
and amortisation (8.0) (3.1) (11.1) (9.6) (5.9) (15.5)
------------------ ----- --------- --------------- ------- -------------- --------------- ---------------
Operating profit 27.3 (4.5) 22.8 26.1 (6.0) 20.1
------------------ ----- --------- --------------- ------- -------------- --------------- ---------------
Interest income 0.2 - 0.2 0.1 - 0.1
Finance costs (0.2) - (0.2) (0.3) - (0.3)
Other finance
expense (0.1) (1.1) (1.2) - (1.0) (1.0)
------------------ ----- --------- --------------- ------- -------------- --------------- ---------------
Profit before
taxation 27.2 (5.6) 21.6 25.9 (7.0) 18.9
Taxation 5 (3.7) 1.9 (1.8) (0.4) 3.3 2.9
------------------ ----- --------- --------------- ------- -------------- --------------- ---------------
Profit for
the year from
continuing
operations 23.5 (3.7) 19.8 25.5 (3.7) 21.8
Discontinued
operations
- gain/ (loss)
for the year 3 - 1.6 1.6 - (0.3) (0.3)
------------------ ----- --------- --------------- ------- -------------- --------------- ---------------
Profit for
the year 23.5 (2.1) 21.4 25.5 (4.0) 21.5
------------------ ----- --------- --------------- ------- -------------- --------------- ---------------
Other
comprehensive
income/(expense)
Items that
are not
subsequently
reclassified
to the income
statement
Actuarial
gain/(loss)
recognised
on retirement
benefit scheme - 13.7 13.7 - (3.8) (3.8)
Deferred tax
relating to
retirement
benefit scheme 5 - (2.3) (2.3) - 0.6 0.6
Items that
may be
subsequently
reclassified
to the income
statement
Net exchange
differences
offset in
reserves 1.3 - 1.3 (2.3) - (2.3)
Cash flow hedges (0.6) - (0.6) 1.1 - 1.1
Tax relating
to exchange
differences
offset in
reserves (0.3) - (0.3) 0.2 - 0.2
------------------ ----- --------- --------------- ------- -------------- --------------- ---------------
Other
comprehensive
income/(expense)
for the year,
net of taxation 0.4 11.4 11.8 (1.0) (3.2) (4.2)
------------------ ----- --------- --------------- ------- -------------- --------------- ---------------
Total
comprehensive
income for
the year 23.9 9.3 33.2 24.5 (7.2) 17.3
------------------ ----- --------- --------------- ------- -------------- --------------- ---------------
Earnings per
share 4
Basic 77.1p (7.0p) 70.1p 83.8p (13.2p) 70.6p
Diluted 76.6p (7.0p) 69.6p 83.3p (13.1p) 70.2p
------------------ ----- --------- --------------- ------- -------------- --------------- ---------------
(1) See note 3 for further details of adjustments.
(2) Restated to reflect the continuing operations of the Group
following the sale of Avon Engineered Fabrications, Inc.
Consolidated Balance Sheet
2018 2017
Note GBPm GBPm
---------------------------------------- ----- ----- -------
Assets
Non-current assets
Intangible assets 41.5 40.4
Property, plant and equipment 22.6 26.3
Deferred tax assets 5 8.2 8.2
---------------------------------------- ----- ----- -------
72.3 74.9
---------------------------------------- ----- ----- -------
Current assets
Inventories 23.0 21.8
Trade and other receivables 24.2 23.8
Derivative financial instruments - 0.2
Cash and cash equivalents 7 46.6 26.5
---------------------------------------- ----- ----- -------
93.8 72.3
---------------------------------------- ----- ----- -------
Liabilities
Current liabilities
Borrowings 0.1 1.8
Trade and other payables 34.5 30.1
Derivative financial instruments 0.4 -
Provisions for liabilities and charges 10 0.3 0.3
Current tax liabilities 6.1 6.8
---------------------------------------- ----- ----- -------
41.4 39.0
---------------------------------------- ----- ----- -------
Net current assets 52.4 33.3
---------------------------------------- ----- ----- -------
Non-current liabilities
Deferred tax liabilities 5 6.9 6.8
Retirement benefit obligations 30.5 44.1
Provisions for liabilities and charges 10 2.5 1.7
---------------------------------------- ----- ----- -------
39.9 52.6
---------------------------------------- ----- ----- -------
Net assets 84.8 55.6
---------------------------------------- ----- ----- -------
Shareholders' equity
Ordinary shares 8 31.0 31.0
Share premium account 8 34.7 34.7
Capital redemption reserve 0.5 0.5
Translation reserve 7.5 6.5
Retained earnings/(deficit) 11.1 (17.1)
---------------------------------------- ----- ----- -------
Total equity 84.8 55.6
---------------------------------------- ----- ----- -------
Consolidated Cash Flow Statement
2017
2018 (restated)
Note GBPm GBPm
--------------------------------------------------- ----- ------ ------------
Cash flows from operating activities
Cash flows from continuing operating activities
before the impact of exceptional items 6 38.2 35.0
Cash impact of exceptional items (0.1) 0.3
--------------------------------------------------- ----- ------ ------------
Cash flows from continuing operations 6 38.1 35.3
Cash flows from/(used in) discontinued operations (0.2) 0.3
--------------------------------------------------- ----- ------ ------------
Cash flows from operations 6 37.9 35.6
Interest income received 0.2 0.1
Finance costs paid (0.2) (0.2)
Retirement benefit deficit recovery contributions (1.5) (1.0)
Tax paid (5.0) (2.0)
--------------------------------------------------- -----
Net cash flows from operating activities 31.4 32.5
--------------------------------------------------- ----- ------ ------------
Cash flows used in investing activities
Proceeds from disposal of discontinued operations 6.5 -
Purchase of property, plant and equipment (3.3) (2.6)
Capitalised development costs and purchased
software (5.6) (2.9)
Acquisition 11 (1.4) -
--------------------------------------------------- -----
Net cash used in investing activities (3.8) (5.5)
--------------------------------------------------- ----- ------ ------------
Cash flows used in financing activities
Net movements in loans (1.7) (0.8)
Dividends paid to shareholders 9 (4.1) (3.2)
Purchase of own shares 8 (1.1) (1.0)
--------------------------------------------------- -----
Net cash used in financing activities (6.9) (5.0)
--------------------------------------------------- ----- ------ ------------
Net increase in cash, cash equivalents and
bank overdrafts 20.7 22.0
Cash, cash equivalents, and bank overdrafts
at beginning of the year 26.5 4.5
Effects of exchange rate changes (0.6) -
--------------------------------------------------- -----
Cash, cash equivalents, and bank overdrafts
at end of the year 7 46.6 26.5
--------------------------------------------------- ----- ------ ------------
Consolidated Statement in Changes in Equity
Retained
Share Share Other earnings/ Total
capital premium reserves (deficit) equity
Note GBPm GBPm GBPm GBPm GBPm
---------------------------- ----- --------- --------- ---------- ----------- --------
At 30 September 2016 31.0 34.7 9.1 (32.8) 42.0
Profit for the year - - - 21.5 21.5
Net exchange differences
offset in reserves - - (2.3) - (2.3)
Tax relating to exchange
differences offset in
reserves - - 0.2 - 0.2
Cash flow hedges - - - 1.1 1.1
Actuarial loss recognised
on retirement benefit
scheme - - - (3.8) (3.8)
Deferred tax relating
to retirement benefit
scheme - - - 0.6 0.6
----------------------------- ----- --------- --------- ---------- ----------- --------
Total comprehensive income
for the year - - (2.1) 19.4 17.3
Dividends paid - - - (3.2) (3.2)
Own shares acquired - - - (1.0) (1.0)
Fair value of share based
payments - - - 0.9 0.9
Deferred tax relating
to employee share schemes - - - (0.4) (0.4)
----------------------------- ----- --------- --------- ---------- ----------- --------
At 30 September 2017 31.0 34.7 7.0 (17.1) 55.6
----------------------------- ----- --------- --------- ---------- ----------- --------
Profit for the year - - - 21.4 21.4
Net exchange differences
offset in reserves - - 1.3 - 1.3
Tax relating to exchange
differences offset in
reserves - - (0.3) - (0.3)
Cash flow hedges - - - (0.6) (0.6)
Actuarial gain recognised
on retirement benefit
scheme - - - 13.7 13.7
Deferred tax relating
to retirement benefit
scheme 5 - - - (2.3) (2.3)
----------------------------- ----- --------- --------- ---------- ----------- --------
Total comprehensive income
for the year - - 1.0 32.2 33.2
Dividends paid 9 - - - (4.1) (4.1)
Own shares acquired 8 - - - (1.1) (1.2)
Fair value of share based
payments - - - 1.2 1.2
Deferred tax relating - - - - -
to employee share schemes 7
---------------------------- ----- --------- --------- ---------- ----------- --------
At 30 September 2018 31.0 34.7 8.0 11.1 84.8
----------------------------- ----- --------- --------- ---------- ----------- --------
Other reserves consist of the capital redemption reserve of
GBP0.5m (2017: GBP0.5m) and the translation reserve of GBP7.5m
(2017: GBP6.5m).
All movements in other reserves relate to the translation
reserve.
NOTES TO THE FINANCIAL STATEMENTS
1. Accounting policies
Basis of preparation
The financial information set out in this document does not
constitute the Group's statutory accounts for the year ended 30
September 2018 or 30 September 2017. Statutory accounts for the
year ended 30 September 2017 were approved by the Board of
Directors on 15 November 2017 and delivered to the Registrar of
Companies. The report of the auditors on those accounts was
unqualified, did not contain an emphasis of matter paragraph and
did not contain any statement under Section 498 of the Companies
Act 2006. Statutory accounts for the year ended 30 September 2018
have not yet been delivered to the Registrar nor have the auditors
yet reported on them.
This financial information has been prepared in accordance with
International Financial Reporting Standards as adopted by the EU
(Adopted IFRS) and with those parts of the Companies Act 2006
applicable to companies reporting under IFRS.
Certain statements in this announcement constitute
forward-looking statements. Any statement in this announcement that
is not a statement of historical fact including, without
limitation, those regarding the Company's future expectations,
operations, financial performance, financial condition and business
is a forward-looking statement. Such forward-looking statements are
subject to risks and uncertainties that may cause actual results to
differ materially. These risks and uncertainties include, among
other factors, changing economic, financial, business or other
market conditions. These and other factors could adversely affect
the outcome and financial effects of the plans and events described
in this announcement and the Company undertakes no obligation to
update its view of such risks and uncertainties or to update the
forward-looking statements contained herein. Nothing in this
announcement should be constructed as a profit forecast.
Recent accounting developments
At the balance sheet date there are a number of new standards,
and amendments to existing standards in issue, but not yet
effective. The Group has not early adopted the new or amended
standards in preparing these consolidated financial statements.
-- IFRS 15 Revenue from Contracts with Customers - applicable
from year ending 30 September 2019
IFRS 15 provides a comprehensive framework for recognizing
revenue from contracts with customers, replacing IAS 18 Revenue.
The new standard is more detailed and prescriptive than existing
guidance, in particular it requires that different performance
obligations in a contract should be unbundled and revenue is
recognized when control of the asset is passed to the customer.
It is not expected that the transition to the new revenue
standard will have a significant impact on revenue recognition.
-- IFRS 9 Financial Instruments - applicable from year ending 30 September 2019
IFRS 9 replaces IAS 39 Financial Instruments: Recognition and
Measurement. It sets out the rules for valuing financial
instruments and method for adopting hedge accounting.
It is not expected that the transition will have any significant
impact on the carrying value of the following assets and
liabilities within the consolidated financial statements of the
Avon Group:
-- Trade receivables
-- Forward exchange contracts
-- Trade payables
-- Loans
The Group believes that its current hedge relationships will
qualify as continuing hedges upon the adoption of IFRS 9.
-- IFRS 16 Leases - applicable from year ending 30 September 2020
The International Accounting Standards Board issued the new
lease standard, IFRS 16, to replace the existing lease standard
(IAS 17).
The underlying principle of IFRS 16 is that all leased assets
should be reported on the balance sheet of the lessee, although
exemptions are available for leases of less than 12 months or where
the underlying asset has a low value when new.
Under IFRS 16, a lessee will be required to recognize an asset
for the right to use the leased item and a liability for the
present value of its future lease payments for all leases currently
treated as operating leases.
The change in treatment will impact the balance sheet, the
income statement and related performance measures.
An initial assessment of the impact of IFRS 16 has been carried
out and a number of leases currently in operation within the Group
will fall under the scope of IFRS 16.
The Group continues to assess the full impact of IFRS 16, which
will depend on the transition approach adopted and the lease
contracts in effect at the time of adoption. It is therefore not
yet practicable to provide a reliable estimate of the financial
impact on the Group's consolidated results.
The Directors plan to adopt these standards in line with their
effective dates.
Segment Reporting
The Group Executive team is responsible for allocating resources
and assessing performance of the operating segments. Operating
segments are therefore reported in a manner consistent with the
internal reporting provided to the Group Executive team. The Group
has two clearly defined business segments, Avon Protection and
milkrite | InterPuls, and operates primarily out of Europe and the
US.
2. Operating segments
Year ended 30 September 2018
Avon milkrite
Protection | InterPuls Unallocated Group
GBPm GBPm GBPm GBPm
------------------------------------- ------------ ------------- ------------- ------
Revenue 115.7 49.8 - 165.5
------------------------------------- ------------ ------------- ------------- ------
Earnings before interest,
taxation, depreciation and
amortisation 26.6 10.9 (2.2) 35.3
Depreciation of property,
plant and equipment (2.5) (2.4) - (4.9)
Amortisation of development
costs and software (2.6) (0.5) - (3.1)
------------------------------------- ------------ ------------- ------------- ------
Operating profit before adjustments 21.5 8.0 (2.2) 27.3
Amortisation of acquired
intangibles (1.1) (2.0) - (3.1)
Restructuring costs (0.9) - - (0.9)
Defined benefit pension scheme
costs - - (0.5) (0.5)
------------------------------------- ------------ ------------- ------------- ------
Operating profit 19.5 6.0 (2.7) 22.8
Interest income 0.2
Finance costs (0.2)
Other finance expense (1.2)
------------------------------------- ------------ ------------- ------------- ------
Profit before taxation 21.6
Taxation (1.8)
------------------------------------- ------------ ------------- ------------- ------
Profit for the year from
continuing operations 19.8
-------------------------------------
Discontinued operations -
profit for the year 1.6
------------------------------------- ------------ ------------- ------------- ------
Profit for the year 21.4
------------------------------------- ------------ ------------- ------------- ------
Segment assets 57.4 49.5 59.2 166.1
------------------------------------- ------------ ------------- ------------- ------
Segment liabilities 18.0 13.8 49.5 81.3
------------------------------------- ------------ ------------- ------------- ------
Other segment items
Capital expenditure
- intangible assets 5.1 0.5 - 5.6
- property, plant and equipment 1.7 1.8 - 3.5
------------------------------------- ------------ ------------- ------------- ------
The Avon Protection segment includes GBP52.7m (2017: GBP50.5m)
of revenues from the US DOD, the only customer which individually
contributes more than 10% to Group revenues.
Year ended 30 September 2017
Avon Protection milkrite Group
(restated) | InterPuls Unallocated (restated)
GBPm GBPm GBPm GBPm
---------------------------------- ---------------- -------------- ------------- ------------
Revenue 109.8 49.4 - 159.2
---------------------------------- ---------------- -------------- ------------- ------------
Earnings before interest,
taxation, depreciation and
amortisation 26.8 10.9 (2.0) 35.7
Depreciation of property,
plant and equipment (3.4) (2.3) - (5.7)
Amortisation of development
costs and software (3.3) (0.6) - (3.9)
---------------------------------- ---------------- -------------- ------------- ------------
Operating profit before
adjustments 20.1 8.0 (2.0) 26.1
Amortisation of acquired
intangibles (1.0) (2.0) - (3.0)
Exceptional items (2.9) 0.3 - (2.6)
Defined benefit pension
scheme costs - - (0.4) (0.4)
---------------------------------- ---------------- -------------- ------------- ------------
Operating profit 16.2 6.3 (2.4) 20.1
Interest income 0.1
Finance costs (0.3)
Other finance expense (1.0)
---------------------------------- ---------------- -------------- ------------- ------------
Profit before taxation 18.9
Taxation 2.9
---------------------------------- ---------------- -------------- ------------- ------------
Profit for the year from
continuing operations 21.8
----------------------------------
Discontinued operations
- loss for the year (0.3)
---------------------------------- ---------------- -------------- ------------- ------------
Profit for the year 21.5
---------------------------------- ---------------- -------------- ------------- ------------
Segment assets 62.3 50.2 34.7 147.2
---------------------------------- ---------------- -------------- ------------- ------------
Segment liabilities 15.6 15.3 60.7 91.6
---------------------------------- ---------------- -------------- ------------- ------------
Other segment items
Capital expenditure
- intangible assets 2.2 0.7 - 2.9
- property, plant and equipment 1.1 1.5 - 2.6
---------------------------------- ---------------- -------------- ------------- ------------
Geographical segments by origin
Year ended 30 September 2018
Europe US RoW Total
-------------------- ------- ------ ----- ------
GBPm GBPm GBPm GBPm
Revenue 41.2 120.4 3.9 165.5
Non-current assets 45.6 26.4 0.3 72.3
-------------------- ------- ------ ----- ------
Year ended 30 September 2017
Europe US RoW Total
-------------------- ------- ------ ----- ------
GBPm GBPm GBPm GBPm
Revenue 36.8 119.0 3.4 159.2
Non-current assets 46.7 27.8 0.4 74.9
-------------------- ------- ------ ----- ------
3. Adjustments and discontinued operations
Adjustments
This document contains certain financial measures that are not
defined or recognised under IFRS including adjusted operating
profit, adjusted profit for the year and adjusted earnings per
share. The Directors believe that adjusted measures provide a more
useful comparison of business trends and performance. These
adjusted measures exclude the effect of exceptional items, defined
benefit scheme pension costs, the amortisation of acquired
intangible assets and discontinued operations. The Group uses these
measures for planning, budgeting and reporting purposes and for its
internal assessment of the operational performance of individual
businesses within the Group. Given the term adjusted is not defined
under IFRS, the adjusted measures may not be comparable with
similarly titled measures used by other companies.
The following tables show the adjustments made to arrive at
adjusted operating profit and adjusted profit for the year.
2017
2018 (restated)
GBPm GBPm
--------------------------------------------------- ------ ------------
Operating profit 22.8 20.1
Amortisation of acquired intangibles 3.1 3.0
Restructuring costs 0.9 -
Defined benefit pension administration costs 0.5 0.4
Exceptional impairment of capitalised development
expenditure - 2.6
Exceptional impairment of plant and machinery - 0.3
Post-acquisition working capital adjustment - (0.3)
--------------------------------------------------- ------ ------------
Adjusted operating profit 27.3 26.1
--------------------------------------------------- ------ ------------
2017
2018 (restated)
GBPm GBPm
--------------------------------------------------- ------ ------------
Profit for the year 21.4 21.5
Amortisation of acquired intangibles 3.1 3.0
Restructuring costs 0.9 -
Defined benefit pension administration costs 0.5 0.4
Exceptional impairment of capitalised development
expenditure - 2.6
Exceptional impairment of plant and machinery - 0.3
Post-acquisition working capital adjustment - (0.3)
Defined benefit pension net interest cost 1.1 1.0
Tax on exceptional items (1.9) (3.3)
(Profit)/loss from discontinued operations (1.6) 0.3
--------------------------------------------------- ------ ------------
Adjusted profit for the year 23.5 25.5
--------------------------------------------------- ------ ------------
The restructuring costs in 2018 represent an exceptional charge
in respect of the relocation of the West Palm Beach assembly
facility.
The impairment of capitalised development expenditure and plant
and machinery in 2017 represents the write-off of costs of
developing the Emergency Escape Breathing Device (EEBD) product.
Further development of this product was terminated as there were
limited commercial opportunities for this technology.
Defined benefit pension scheme costs relate to administrative
expenses of the scheme which is closed to future accrual.
The impact on the cash flow statement of the exceptional items
was GBP0.1m (2017: GBP0.3m).
Discontinued operations
In March 2018, the Group disposed of Avon Engineered
Fabrications, Inc. its US based hovercraft skirt and bulk liquid
storage tank business. This non-core business was included in the
Avon Protection segment. The business has been classified as
discontinued and prior years have been restated to reflect this.
The results of discontinued operations are as follows:
2018 2017
GBPm GBPm
----------------------------------------------- ------ -------
Revenue 4.9 4.0
Total cost of sales, selling and distribution
costs and general administrative expenses (4.2) (4.3)
----------------------------------------------- ------ -------
Profit before taxation 0.7 (0.3)
Taxation (0.2) -
----------------------------------------------- ------ -------
Profit/(loss) for the period 0.5 (0.3)
Gain on disposal 1.4 -
Tax on gain on disposal (0.3) -
----------------------------------------------- ------ -------
Profit/(loss) from discontinued operations 1.6 (0.3)
----------------------------------------------- ------ -------
Basic earnings/(loss) per share 5.2p (0.1p)
----------------------------------------------- ------ -------
Diluted earnings/(loss) per share 5.2p (0.1p)
----------------------------------------------- ------ -------
Cash flows from discontinued operations included in the cash
flow statement are as follows:
2018 2017
GBPm GBPm
---------------------------------------------------- ------ -----
Net cash flows (used in)/from operating activities (0.2) 0.3
Net cash flows from investing activities 6.5 -
Net cash flows from discontinued operations 6.3 0.3
---------------------------------------------------- ------ -----
4. 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 in issue during the year, excluding those
held in the employee share ownership trust. The company has
dilutive potential ordinary shares in respect of the Performance
Share Plan. Adjusted earnings per share removes the effect of the
amortisation of acquired intangible assets, exceptional items,
acquisition costs and defined benefit pension scheme costs,
reflecting the basis on which the business is managed and measured
on a day to day basis.
Reconciliations of the earnings and weighted average number of
shares used in the calculations are set out below.
Weighted average number of shares
2018 2017
Weighted average number of ordinary shares in
issue used in basic calculations (thousands) 30,511 30,434
Potentially dilutive shares (weighted average)
(thousands) 218 186
--------------------------------------------------- ------- -------
Fully diluted number of ordinary shares (weighted
average) (thousands) 30,729 30,620
--------------------------------------------------- ------- -------
Earnings
2017
2018 (restated)
GBPm GBPm
--------------------------------- ----- ------------
Basic 21.4 21.5
--------------------------------- ----- ------------
Basic - continuing operations 19.8 21.8
--------------------------------- ----- ------------
Diluted 23.5 25.5
--------------------------------- ----- ------------
Diluted - continuing operations 23.5 25.5
--------------------------------- ----- ------------
Earnings per share (pence)
2017
2018 (restated)
GBPm GBPm
------------------------------------------ ----- ------------
Basic 70.1 70.6
------------------------------------------
Basic - continuing operations 64.9 71.6
------------------------------------------
Diluted 69.6 70.2
------------------------------------------
Diluted - continuing operations 64.4 71.2
------------------------------------------
Adjusted 77.1 83.8
------------------------------------------ ----- ------------
Adjusted - continuing operations 77.1 83.8
------------------------------------------ ----- ------------
Adjusted diluted 76.6 83.3
------------------------------------------ ----- ------------
Adjusted diluted - continuing operations 76.6 83.3
------------------------------------------ ----- ------------
5. Taxation
2018 2017
GBPm GBPm
---------------------------------------------- ------ ------
UK current tax 1.1 2.2
UK adjustment in respect of previous periods - (0.3)
Overseas current tax 4.1 1.5
Overseas adjustment in respect of previous
periods (1.2) (2.6)
----------------------------------------------
Total current tax charge 4.0 0.8
---------------------------------------------- ------ ------
Deferred tax - current year (1.5) 0.6
Deferred tax - adjustment in respect of
previous periods (0.7) (4.3)
----------------------------------------------
Total deferred tax credit (2.2) (3.7)
---------------------------------------------- ------ ------
Total tax charge/(credit) 1.8 (2.9)
---------------------------------------------- ------ ------
The tax on the Group's profit before taxation differs from the
theoretical amount that would arise using the standard UK tax rate
applicable to profits of the consolidated entities as follows:
2017
2018 (restated)
GBPm GBPm
------------------------------------------------ ------ ------------
Profit before taxation 21.6 18.9
Profit before taxation at the average standard
rate of 19.0% (2017: 19.5%) 4.1 3.7
Permanent differences (1.4) (0.1)
Differences in overseas tax rates 1.0 0.7
Adjustment in respect of previous periods (1.9) (7.2)
------------------------------------------------
Tax charge/(credit) 1.8 (2.9)
------------------------------------------------ ------ ------------
The income tax charged directly to equity during the year was
GBP0.3m (2017: GBP0.2m credit).
The deferred tax charged directly to equity during the year was
GBP2.3m (2017: GBP0.2m).
Deferred tax liabilities
Accelerated Other temporary
capital allowances differences Total
GBPm GBPm GBPm
At 1 October 2016 2.5 7.5 10.0
Charged against profit for the
year (0.7) (2.8) (3.5)
Exchange differences 0.1 0.2 0.3
---------------------------------- ---------------- ------
At 30 September 2017 1.9 4.9 6.8
(Charged)/credited to profit for
the year (0.6) 0.7 0.1
At 30 September 2018 1.3 5.6 6.9
---------------------------------- -------------------- ---------------- ------
Deferred tax assets have been recognised in respect of temporary
differences giving rise to deferred tax assets where it is probable
that these assets will be recovered.
Deferred tax assets
Retirement Accelerated Other
benefit Share capital temporary
obligation options allowances differences Total
GBPm GBPm GBPm GBPm GBPm
--------------------------- ------------ --------- ------------ ------------- ------
At 30 September 2016 6.8 0.6 0.4 - 7.8
Credited/(charged)
to profit for the
year 0.1 0.2 (0.1) - 0.2
Credited/(charged)
to equity on recognition 0.6 (0.4) - - 0.2
--------------------------- ------------ --------- ------------ ------------- ------
At 30 September 2017 7.5 0.4 0.3 - 8.2
Credited/(charged)
against profit for
the year - 0.2 - 2.1 2.3
Charged to equity (2.3) - - - (2.3)
--------------------------- ------------ --------- ------------ ------------- ------
At 30 September 2018 5.2 0.6 0.3 2.1 8.2
--------------------------- ------------ --------- ------------ ------------- ------
The standard rate of corporation tax in the UK is 19%.
A number of changes to the UK corporation tax system were
announced in the March 2016 Budget Statement, which reduce the main
rate of corporation tax to 17% by 1 April 2020. These changes were
substantively enacted at the balance sheet date.
The Group has no unrecognised deferred tax assets (2017:
GBP0.7m).
6. Cash and cash equivalents
The Group generates cash from its operating activities as
follows:
2017
2018 (restated)
GBPm GBPm
--------------------------------------------------- ------ ------------
Continuing operations
Profit for the year 19.8 21.8
Adjustments for:
Taxation 1.8 (2.9)
Depreciation 4.9 5.7
Amortisation of intangible assets 6.2 6.9
Impairment of intangible assets - 2.9
Defined benefit pension scheme cost 0.5 0.4
Interest income (0.2) (0.1)
Finance costs 0.2 0.3
Other finance expense 1.2 1.0
Loss on disposal of property, plant and equipment 0.1 -
Movement in respect of employee share scheme 1.2 0.9
Increase in inventories (2.1) (1.7)
Increase in receivables (1.8) (4.7)
Increase in payables and provisions 6.3 4.8
---------------------------------------------------
Cash flows from continuing operations 38.1 35.3
--------------------------------------------------- ------ ------------
Analysed as:
Cash flows from continuing operations prior
to the effect of exceptional operating items 38.2 35.0
Cash effect of exceptional operating items (0.1) 0.3
--------------------------------------------------- ------ ------------
Discontinued operations
Profit/(loss) for the year 1.6 (0.3)
Gain on disposal and net effect of operating
activities (1.8) 0.6
Cash (used in)/from in discontinued operations (0.2) 0.3
---------------------------------------------------
Cash flows from operations 37.9 35.6
--------------------------------------------------- ------ ------------
7. Analysis of net cash/(debt)
This note sets out the calculation of net cash/(debt), a measure
considered important in explaining our financial position.
Cash Exchange
2017 flow movements 2018
GBPm GBPm GBPm GBPm
------------------------------ ------ ------ ----------- ------
Cash at bank and in hand 26.5 20.7 (0.6) 46.6
Debt due in less than 1 year (1.8) 1.7 - (0.1)
------------------------------ ------ ------ ----------- ------
Net cash 24.7 22.4 (0.6) 46.5
------------------------------ ------ ------ ----------- ------
8. Equity
Share capital
No. of Ordinary Share No. of Ordinary Share premium
shares shares premium shares shares
2018 2018 2018 2017 2017 2017
GBPm GBPm GBPm GBPm
-------------------------- ----------- --------- --------- ----------- --------- --------------
Called up allotted
and fully paid ordinary
shares of GBP1 each
At the beginning
of the year 31,023,292 31.0 34.7 31,023,292 31.0 34.7
At the end of the
year 31,023,292 31.0 34.7 31,023,292 31.0 34.7
-------------------------- ----------- --------- --------- ----------- --------- --------------
Ordinary shareholders are entitled to receive dividends and to
vote at meetings of the Company.
At 30 September 2018, 499,264 (2017: 565,803) ordinary shares
were held by a trust in respect of obligations under the 2010
Performance Share Plan. Dividends on these shares have been waived.
The market value of the shares held in the trust at 30 September
2018 was GBP6.4m (2017: GBP5.3m). These shares are held at cost as
treasury shares and deducted from shareholders' equity.
During 2018 the trust acquired 100,000 (2017: 100,000) shares at
a cost of GBP1.1m (2017: GBP1.0m).
154,641 (2017: 247,099) shares were used to satisfy awards
following the vesting of shares relating to the 2010 Performance
Share Plan.
3,031 (2017: 5,887) ordinary shares of GBP1 each were awarded in
relation to the annual incentive plan.
9. Dividends
On 1 February 2018, the shareholders approved a final dividend
of 8.21p per qualifying ordinary share in respect of the year ended
30 September 2017. This was paid on 16 March 2018 utilising GBP2.5m
of shareholders' funds.
The Board of Directors declared an interim dividend of 5.34p
(2017: 4.11p) per qualifying ordinary share in respect of the year
ended 30 September 2018. This was paid on 7 September 2018
utilising GBP1.6m (2017: GBP1.3m) of shareholders' funds.
After the balance sheet date, the Board of Directors proposed a
final dividend of 10.68p per qualifying ordinary share in respect
of the year ended 30 September 2018, which will utilise an
estimated GBP3.3m of shareholders' funds. Subject to shareholder
approval, the dividend will be paid on 15 March 2019 to
shareholders on the register at the close of business on 15
February 2019. In accordance with accounting standards, this
dividend has not been provided for and there are no corporation tax
consequences.
10. Provisions for liabilities and charges
Property
Obligations
GBPm
-------------------------------------- -------------
Balance at 30 September 2016 2.5
Payments in the year (0.5)
-------------------------------------- -------------
Balance at 30 September 2017 2.0
Reclassification from other payables 1.5
Provision utilised (0.4)
Payments in the year (0.3)
--------------------------------------
Balance at 30 September 2018 2.8
-------------------------------------- -------------
2018 2017
Analysis of total provisions GBPm GBPm
Non-current 2.5 1.7
Current 0.3 0.3
------------------------------ ----- -----
2.8 2.0
------------------------------ ----- -----
Property obligations include an onerous lease provision of
GBP0.9m in respect of unutilised space at the Group's leased
Melksham facility in the UK. GBP0.3m of this provision is expected
to be utilised in 2019 and the remaining GBP0.6m over the following
two years. Other property obligations relate to leased premises of
the Group which are subject to dilapidation risks and are expected
to be utilised within the next ten years. Property provisions are
subject to uncertainty in respect of the utilisation,
non-utilisation, subletting of surplus leasehold property and any
negotiated settlement of any dilapidation claims with
landlords.
11. Acquisition and disposals
Disposal - Avon Engineered Fabrications
In March 2018, the Group disposed of Avon Engineered
Fabrications, Inc.
GBPm
------------------------------ ------
Total consideration received 7.1
Net assets disposed (5.1)
Disposal cost (0.6)
Gain on disposal 1.4
------------------------------ ------
Assets and liabilities at the date of disposal were:
GBPm
------------------------------- ------
Intangible assets 0.1
Property, plant and equipment 2.4
Inventories 1.2
Receivables 2.0
Payables (0.6)
-------------------------------
Total net assets disposed 5.1
------------------------------- ------
Acquisition - Merricks Inc. calf nurser product line
In June 2018, the Group acquired the assets relating to
Merrick's Inc calf nurser product line. The consideration was $1.8m
in cash and associated costs of acquisition were $0.3m, giving a
total cost of acquisition of $2.1m. The acquisition involved the
purchase of both tangible assets - tooling equipment, and
intangible assets comprising Customer Lists, Order Book and the
Merrick's brand.
GBPm
--------------------------- -----
Intangible assets 1.2
Tangible assets 0.4
Total net assets acquired 1.6
--------------------------- -----
12. Post balance sheet event
On October 26, 2018, the High Court handed down a judgment
involving the Lloyds Banking Group's defined benefit pension
schemes. The judgment concluded that pension schemes should be
amended to equalise pension benefits for men and women in relation
to guaranteed minimum pension benefits. We are working with our
actuarial advisers, to understand the extent to which the judgment
crystallises any additional liabilities for the Group UK defined
benefit pension scheme. We are early in the evaluation process, but
we estimate that the additional liability could be in the region of
GBP3.0m. Subsequent to further assessment with our advisors, any
necessary adjustment is expected to be recognised in the first half
of our 2019 financial year.
13. Exchange rates
The following significant exchange rates applied during the
year:
Average Closing Average Closing
rate rate rate rate
2018 2018 2017 2017
----------- -------- -------- -------- --------
US Dollar 1.346 1.305 1.267 1.339
Euro 1.132 1.127 1.147 1.134
----------- -------- -------- -------- --------
14. Annual Report & Accounts
Copies of the Directors' report and the audited financial
statements for the year ended 30 September 2018 will be posted to
shareholders who have elected to receive a copy and may also be
obtained from the Company's registered office at Hampton Park West,
Semington Road, Melksham, Wiltshire, SN12 6NB, England. Full
audited financial statements will be available on the Company's
website at www.avon-rubber.com.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
FR GGGRCGUPRGMW
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