TIDMFLO
RNS Number : 0485B
Flowtech Fluidpower PLC
18 September 2018
The information contained within this announcement is deemed by
the Company to constitute inside information stipulated under the
Market Abuse Regulation (EU) No. 596/2014. Upon the publication of
this announcement via the Regulatory Information Service, this
inside information is now considered to be in the public
domain.
Tuesday, 18 September 2018
FLOWTECH FLUIDPOWER PLC
Specialist full service supplier of technical fluid power
products and services
(Flowtech, the Group or Company)
"We are again pleased to report further significant progress in
the development of the Group during the first half of 2018 with
acquisitions having also contributed significantly towards growth
in sales and underlying operating profits."
HALF YEAR REPORT
FOR THE SIX MONTHSED 30 JUNE 2018
HY2018 HY2017 GROWTH
30.6.18 30.6.17 %
FINANCIAL HIGHLIGHTS unaudited unaudited
========================================= =========== =========== =======
* REVENUE GBP56.422m GBP34.173m 65.1%
* UNDERLYING OPERATING RESULT GBP5.701m GBP4.504m 26.6%
* OPERATING PROFIT GBP4.153m GBP3.392m 22.4%
* HALF-YEAR DIVID 2.03p 1.93p 5.2%
* EARNINGS PER SHARE (basic) 5.78p 5.22p 10.7%
* NET DEBT GBP18.0m GBP8.4m 114.3%
OPERATIONAL HIGHLIGHTS
=====================================================================================
* REVENUE AGAIN REFLECTS GROWTH ACROSS ALL DIVISIONS
* COMPLETED ACQUISITION OF DIRECT COMPETITORS IN THE UK
- BEAUMANOR FLUIDPOWER AND DEREK LANE
* GBP11.0 MILLION CASH PLACING COMPLETED
* GROSS MARGIN % REMAINS STRONG AT 36.1%
* 26.6% GROWTH IN UNDERLYING OPERATING PROFIT
* DIVID INCREASED IN LINE WITH PREVIOUS COMMITMENTS
POST PERIOD HIGHLIGHT
* REVISED LEADERSHIP TEAM FOR NEXT STAGE OF BUSINESS
DEVELOPMENT
"Our activities have created many more opportunities to grow through
acquisition and we plan to take advantage of this in the medium to long
term. However, in the short term it is appropriate to work with the infrastructure
we presently have and continue to focus on delivering on our four layered
synergy approach - back office, procurement, operational efficiency and
commercial. We constantly seek to learn from the experiences, both positive
and challenging, observed in each deal, and we strive to build a team
attitude to risk management. However, our key experience to date is that
our philosophy of allowing individual trading units to continue to trade
independently under the umbrella of a "shared services" organisation,
is giving us significant commercial traction post deal, with employee
engagement established and, in many cases, enhanced."
"Our markets have experienced a strong period of growth over 2017 and
early 2018, and we have been able to enhance this with our own commercial
activities, again bolstered by the benefits from our acquisition programme.
Whilst recent trading has remained positive, there are some signs, particularly
in some engineering businesses, that growth may be softening. As such
while we remain confident in the prospects for the future growth in both
our markets, and the enhancement our coordinated activities will bring,
we are cautious about prospects in the short term until clarity is achieved
on the post - Brexit UK economy. Beyond this short-term view, the Board
remains confident in the overall Group strategy being adopted."
MALCOLM DIAMOND, NON-EXECUTIVE CHAIRMAN
Presentation of HY results: a conference call facility will be held today
at 09.30hrs (UK time)
- dial in details can be obtained by calling +44 (0) 7785 703523 or emailing
fiona@tooleystreet.com
ENQUIRIES:
===================================================================
FLOWTECH FLUIDPOWER PLC
Malcolm Diamond MBE, Non-Executive Chairman
Bryce Brooks, Chief Executive Officer and Chief Financial Officer
Today: +44 (0) 20 7220 0500 or +44 (0) 20 3829 5000
Thereafter: Tel: +44 (0) 1695 52796
Email: info@flowtechfluidpower.com
Zeus Capital Limited (Nominated Adviser and Joint Broker)
Andrew Jones, Alistair Donnelly (corporate finance)
Dominic King, John Goold (sales and broking)
Tel: +44 (0) 20 3829 5000
FinnCap Ltd (Joint Broker)
Ed Frisby, Kate Bannatyne (corporate finance)
Rhys Williams, Andrew Burdis (sales and broking)
Tel: +44 (0) 20 7220 0500
TooleyStreet Communications (IR and media relations)
Fiona Tooley
Tel: +44 (0) 7785 703523
Email: fiona@tooleystreet.com
FLOWTECH FLUIDPOWER PLC
HALF YEAR REPORT
FOR THE SIX MONTHSED 30 JUNE 2018
HALF YEAR FINANCIAL PERFORMANCE AND DIVISIONAL ANALYSIS
We are again pleased to report further significant progress in the development
of the Group during the first half of 2018, with four acquisitions completed
in the second half of 2017 being Hi-Power, Orange County, Hydroflex Hydraulics
and Group HES and more recently in March 2018, Beaumanor Fluidpower and
Derek Lane & Co. These acquisitions have contributed significantly towards
growth in sales of 65.1% and underlying operating profits of 26.6%.
Revenue Six Six % Year
months months Change ended
ended ended 31
30 June 30 June December
2018 2017 2017
GBP000 GBP000 GBP000
---------------------------------- ------------------- ------------------- ------------------- --------------------
Flowtechnology 23,483 19,336 21.4% 37,239
Power Motion Control 28,957 12,706 127.9% 34,806
Process 3,982 2,131 86.9% 6,242
---------------------------------- ------------------- ------------------- ------------------- --------------------
Total Group revenue 56,422 34,173 65.1% 78,287
---------------------------------- ------------------- ------------------- ------------------- --------------------
Gross profit % 36.1% 34.1%
---------------------------------- ------------------- ------------------- ------------------- --------------------
Although not defined under IFRS, the Directors believe that the underlying
operating results give a better understanding of the business' profit
performance. The table below details this is in summary and further information
is contained in note 3 of this Report.
Continuing operations Six Six % Year
Underlying operating months months Change ended
result* ended ended 31
30 June 30 June December
2018 2017 2017
GBP000 GBP000 GBP000
---------------------------------- -------------------- -------------------- ------------------ --------------------
Flowtechnology 4,531 4,138 9.5% 7,524
Power Motion Control 1,901 1,088 74.7% 2,788
Process 537 278 93.2% 1,105
Total Divisions 6,969 5,504 26.6% 11,417
Central Costs (1,268) (1,000) 26.8% (2,336)
---------------------------------- -------------------- -------------------- ------------------ --------------------
Underlying operating
result* 5,701 4,504 26.6% 9,081
---------------------------------- -------------------- -------------------- ------------------ --------------------
*Underlying operating result is continuing operations' operating profit
before the fair value uplift of inventory acquired through business
combinations, acquisition costs, amortisation of acquired intangibles,
share-based payment costs and restructuring costs. Underlying operating
result is reconciled to statutory profit before tax in note 3 to the
HY Report.
Flowtechnology - the original core operation of the Group's portfolio
has now been further strengthened with the acquisition of its competitor,
Beaumanor Fluidpower. We are pleased to report that in the six months
since the deal was completed the Beaumanor business has traded strongly.
Our decision to continue operating as an autonomous trading brand has
underpinned strong engagement in the business by staff and customers
alike and ensured service levels have remained high. This has given us
a good basis from which to move forward with synergy initiatives, particularly
with combining order requirements for generic product supported from
the Far East. As detailed later in this Report, we are also currently
reviewing projects with our IT advisory partners with regard to the transition
to a common platform in the medium-term, with the significant potential
for further synergy in both warehousing costs and stock values, particularly
in our Flowtechnology operations.
Our Power Motion Control ("PMC") division was established in 2014 through
the acquisition of Primary Fluid Power and, since then it has developed
into a broad based fluidpower division, focused on hydraulic component
distribution and engineering. The result for the first half of the year
represents a period of steady progress with comparisons for previous
years boosted by the acquisitions of Hi-Power, Group HES and Hydroflex
Hydraulics in 2017, and Derek Lane & Co. in 2018. This division is predominantly
focused on supplying OEMs and broader manufacturing environments which
have also performed well during the first half of 2018.
The Process Division covers the Hydravalve and Orange County profit centres,
both of which have traded favourably in the period. The sector represents
an area with huge potential for development, with valves and actuators
alone accounting for an estimated 46% of the EUR12.6bn European fluidpower
market, and whilst in the past three years acquisition activity has focused
on progressing our Flowtechnology and PMC operations, the Board expects
to take advantage of the many options for further expansion in this division
in the years ahead.
As previously announced the development of an Onsite Services division
has not progressed as quickly as planned following the acquisition of
Group HES in October 2017. Although the delivery of these services remains
an important activity for the Group whether as a separate division or
part of a larger operation the Board considers that a focus on a wider
initiative to integrate activities within the PMC division sites, where
opportunities to reduce operating costs, maximise technical capabilities
and further improve our offer are clear. Consequently, Stuart Diesel,
the previous owner and Managing Director of Group HES, has been asked
to prioritise this initiative in preference to developing a stand-alone
onsite services division for the time being. We look forward to updating
on this project at the year end.
Gross profit margins
Overall Gross Margin %, one of our most important KPIs, has increased
year on year by 2% to 36.1% (2017 H1: 34.1%) and on full year 2017 by
2.2%. The main factor behind these increases are mix related with our
recent acquisitions being in high gross margin operations. However, it
is important to note that amongst our legacy operations, Flowtechnology
UK and Hydravalve we have seen some immediate benefit from co-ordinated
activities in Q2 following the acquisition of Beaumanor. In the medium-term
the Board believes that the broad spread of our offer, both in product,
customer base and diverse trading sites will continue to provide resilience
in this key measure in each division, particularly with the present apparent
risk of further currency disruption post Brexit.
OPERATING Costs
In the first half of the year our underlying cost base can be analysed
as follows:
Unaudited Unaudited Audited
Six months Six months Year ended
ended ended 31 December
30 June 2018 30 June 2017 2017
GBP000 GBP000 GBP000
=============================== ============== ============== =============
Distribution expenses 2,090 1,452 3,175
As % of turnover 3.7% 4.2% 4.1%
Administrative expenses*:
-Divisional 11,291 4,698 11,973
% of turnover 20.0% 13.7% 15.3%
-Central 1,268 1,000 2,336
% of turnover 2.2% 2.9% 3.0%
Total administrative expenses 12,577 5,698 14,309
% of turnover 22.3% 16.6% 18.3%
------------------------------- -------------- -------------- -------------
*before separately disclosed items
Distribution expenses are primarily costs paid to the various parcel
and pallet carriers, principally FedEx, across the Group, and have moved
in line with the mix of activities.
Administrative costs at Divisional level represent the operational infrastructure
to run the Group's trading activities and after our prolonged period
of acquisition activity is now spread across 29 sites in the UK, Ireland
and the Netherlands. The increase in proportion of turnover (being from
13.7% to 20.0%) is largely mix related amongst our newer acquisitions
when compared to our legacy operations and illustrates the potential
for cost reduction initiatives over the medium term, and therefore the
Board is confident that the prospects for the rationalisation of our
operational cost base remain good. This will be an important measure
for the newly established Executive team in 2019 and beyond.
At Central cost level, which covers Service Centre activities such as
accounting, as well as costs associated with operating the PLC, the Board
is continuing to ensure that personnel are recruited to cover not just
for today, but to provide resilience for the expected growth in the future.
FINANCIAL POSITION INCLUDING CASH FLOW AND BANK DEBT
After reaching a peak during Q2, inventory has fallen and the outlook
for the remainder of 2018 and early next year is positive as the Group
looks to leverage off the benefits of being a multi-site organisation.
Trade Receivables at 30 June 2018 were GBP27.2m and clearly represent
a significant element of our working capital. Credit collection resources
remain spread across the Group, and with this is in mind the new position
of Group Credit Manager has been created with an appointment expected
in early Q4. The remit will be to ensure we improve cash collection efficiencies
where possible. With a combined inventory and Trade Receivables value
of over GBP55m, the Board is determined to use the benefits of being
part of an integrated Group to optimise our working capital position
over the short to medium term, whilst retaining a customer centric focus
and high service offer at Profit Centre level.
Away from this, the Group has continued to service its commitments in
terms of dividend payments, under various deferred arrangements and,
has worked effectively within bank facilities and covenants.
BOARD UDPATE
The Board changes announced earlier today are set out in a separate announcement.
http://www.rns-pdf.londonstockexchange.com/rns/0485B_1-2018-9-18.pdf
OUR PEOPLE
After the period of significant growth, we have seen since coming to
market in 2014, we are now able to call on a wide range of skilled directors
and managers who lead our operations at local and group level. A key
initiative over the next year and into the future, will be to ensure
that these leaders, many of whom have come from previously family owned
organisations, have access to the high quality training and mentoring
resources that can be obtained as part of a public company, and we firmly
believe the likelihood of significant return in both employee engagement
and financial return is compelling.
OUR BUSINESS STRATEGY FOR GROWTH
Our placing in Spring 2018 for GBP11m allowed us to complete the acquisition
of Balu Ltd, with its two trading subsidiaries Beaumanor Fluidpower and
Derek Lane. After our previous placing for GBP10m in March 2017, and
a series of twelve acquisitions starting in August 2014 with Primary
Fluid Power the Group has established a strong commercial position in
the UK and Irish markets, and a good position in the Benelux from which
to expand. Our activities have created many more opportunities to grow
through acquisition and we plan to take advantage of this in the medium
to long term. However, in the short term it is appropriate to work with
the infrastructure we presently have and continue to focus on delivering
on our four layered synergy approach - back office, procurement, operational
efficiency and commercial. We constantly seek to learn from the experiences,
both positive and challenging, observed in each deal, and we strive to
build a team attitude to risk management. However, our key experience
to date is that our philosophy of allowing individual trading units to
continue to trade independently under the umbrella of a "shared services"
organisation, is giving us significant commercial traction post deal,
with employee engagement established and, in many cases, enhanced. On
the flip side, there remain important challenges around IT and accounting,
with reporting to public company standards as well as the building of
protections around cyber-crime, network and data security adding to local
complexity, and to some degree, cost.
INVESTMENT FOR THE FUTURE
In late 2017, the Board engaged with our IT strategy advisor, PwC, to
establish a clear framework on which to build a resilient plan for the
future of our IT infrastructure. Whilst the plan that was subsequently
approved was multi-faceted, there were essentially two clear building
blocks.
1. A single IT system encompassing Business Process and Accounting must
be the aim
2. The creation of a comprehensive cyber security framework and a resilient
IT environment
The strong belief of the Board is that the benefits of this simple approach
are likely to be significant, both in operational efficiency - the drive
to "best practice" - and the ability to leverage the value of the huge
data pools on customers, products and suppliers that are held across
the eight IT environments that we currently operate. Under the revised
leadership team our plan is to move gradually towards this aim, whilst
ensuring that local efficiency is not compromised. In short, the benefits
of applying modern enterprise management systems, to industrial markets
is clear, and now is the time to start to address this situation to further
underpin our long-term growth strategy. The implementation of the first
stage of this process - Sage X3 financials (now rebranded as Sage Enterprise
Management) - is progressing well and is expected to significantly improve
information flow in 2019.
EARNINGS PER SHARE AND DIVID
In the first half, earnings per share increased to 5.78p, from 5.22p
in 2017. With the continued outlook for growth at "underlying" measures,
the Board is pleased to declare a half year dividend of 2.03p (2017:
1.93p), a 5% increase. This interim dividend will be paid on 26 October
2018, to members on the Register at close of business on 28 September
2018.
The shares will become ex-dividend on 27 September 2018.
OUTLOOK
Our markets have experienced a strong period of growth over 2017 and
early 2018, and we have been able to enhance this with our own commercial
activities, again bolstered by the benefits from our acquisition programme.
Whilst recent trading has remained positive, there are some signs, particularly
in some engineering businesses, that growth may be softening. As such
while we remain confident in the prospects for the future growth in both
our markets, and the enhancement our coordinated activities will bring,
we are cautious about prospects in the short term until clarity is achieved
on the post - Brexit UK economy.
In late 2017 we were awarded an order for cGBP1.5m to design, manufacture
and supply several hydraulic cylinders and power units to an appointed
sub-contractor on the Thames Tideway project. The expected completion
date was mid - 2018, however due to delays we currently understand that
this project is unlikely to complete before early 2019 and further, that
the contractual liabilities to be assumed have been subject to revision,
to a point where we are currently discussing both these terms and pricing.
The Board is firmly of the view that we will not accept risk that is
disproportionate to our potential return, and inconsistent with our normal
activities. Our ability to replace such income in the short term is very
limited and it is likely, therefore, to result in a Group performance
at underlying operating profit level being marginally below market expectations
for the year ending 31 December 2018.
Beyond this short-term view, the Board remains confident in the overall
Group strategy being adopted. After a short period to allow the new leadership/executive
team to become established, the outlook for future growth remains strong.
We will continue to keep investors informed over the coming months and
will provide further information on progress in our Q3 Trading Update
which we expect to announce on 23 October 2018.
By order of the Board
17 September 2018
CONSOLIDATED INCOME STATEMENT
FOR THE SIX MONTHSED 30 JUNE 2018
Unaudited Unaudited Audited
Notes Six months Six months Year ended
ended ended 31 December
30 June 2018 30 June 2017 2017
GBP000 GBP000 GBP000
---------------------------------------- -------- -------------- -------------- -------------
Continuing operations
Revenue 56,422 34,173 78,287
Cost of sales before separately
disclosed items: (36,054) (22,519) (51,722)
-Fair value uplift of inventory
acquired through business 3 (211) - -
combinations
---------------------------------------- -------- -------------- -------------- -------------
Gross profit 20,157 11,654 26,565
Distribution expenses (2,090) (1,452) (3,175)
---------------------------------------- -------- -------------- -------------- -------------
Administrative expenses before
separately disclosed items: (12,577) (5,698) (14,309)
-Acquisition costs 3 (444) (510) (1,081)
-Amortisation of acquired intangibles 3 (470) (325) (768)
-Share based payment costs 3 (102) (172) (272)
-Restructuring costs 3 (18) (90) (117)
-Change in amounts accrued for
contingent consideration - (15) (229)
---------------------------------------- -------- -------------- -------------- -------------
Total administrative expenses (13,611) (6,810) (16,776)
---------------------------------------- -------- -------------- -------------- -------------
Operating profit 4,456 3,392 6,614
---------------------------------------- -------- -------------- -------------- -------------
Financial income - - 6
Financial expenses (303) (282) (581)
---------------------------------------- -------- -------------- -------------- -------------
Net financing costs (303) (282) (575)
---------------------------------------- -------- -------------- -------------- -------------
Profit from continuing operations
before tax 4,153 3,110 6,039
Taxation 4 (867) (634) (1,207)
---------------------------------------- -------- -------------- -------------- -------------
Profit from continuing operations
after tax 3,286 2,476 4,832
---------------------------------------- -------- -------------- -------------- -------------
Profit for the period attributable
to the owners of the parent 3,286 2,476 4,832
---------------------------------------- -------- -------------- -------------- -------------
Earnings per share
Basic earnings/(loss) per share
Continuing operations 5.78p 5.22p 9.69p
Discontinued operations - - -
---------------------------------------- -------- -------------- -------------- -------------
Basic earnings per share 6 5.78p 5.22p 9.69p
---------------------------------------- -------- -------------- -------------- -------------
Diluted earnings/(loss) per share
Continuing operations 5.73p 5.17p 9.58p
Discontinued operations - - -
---------------------------------------- -------- -------------- -------------- -------------
Diluted earnings per share 6 5.73p 5.17p 9.58p
---------------------------------------- -------- -------------- -------------- -------------
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE SIX MONTHSED 30 JUNE 2018
Unaudited Unaudited Audited
Six months Six months Year ended
ended ended 31 December
30 June 2018 30 June 2017
GBP000 2017 GBP000
GBP000
------------------------------------------------ -------------- ------------ -------------
Profit for the period 3,286 2,476 4,832
Other comprehensive income
-Items that will be reclassified subsequently
to profit or loss (28)
-Exchange differences on translating
foreign operations 16 72 279
------------------------------------------------ -------------- ------------ -------------
Total comprehensive income in the period
attributable to the owners of the parent 3,302 2,548 5,083
------------------------------------------------ -------------- ------------ -------------
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT 30 JUNE 2018
Unaudited Unaudited Audited
30 June 2018 30 June 31 December
GBP000 2017 2017
GBP000 GBP000
---------------------------------------- ---- -------------- ----------- -------------
Assets
Non-current assets
Goodwill 62,781 51,609 57,938
Other intangible assets 7,369 4,893 7,430
Property, plant and equipment 6,959 4,344 6,070
-----------
Total non-current assets 77,109 60,846 71,438
---------------------------------------------- -------------- ----------- -------------
Current assets
Inventories 28,974 17,317 24,333
Trade and other receivables 27,217 16,625 20,866
Prepayments 1,554 807 800
Cash and cash equivalents 2,414 4,142 4,588
---------------------------------------------- -------------- ----------- -------------
Total current assets 60,159 38,891 50,588
---------------------------------------------- -------------- ----------- -------------
Liabilities
Current liabilities
Interest-bearing loans and borrowings 16,218 8,527 15,451
Trade and other payables 18,896 11,627 18,983
Deferred and contingent consideration 3,977 1,637 2,865
Tax payable 1,657 1,074 1,148
Other financial liabilities - - 11
---------------------------------------------- -------------- ----------- -------------
Total current liabilities 40,748 22,865 38,458
---------------------------------------------- -------------- ----------- -------------
Net current assets 19,411 16,026 12,130
---------------------------------------------- -------------- ----------- -------------
Non-current liabilities
Deferred and contingent consideration 1,704 476 2,706
Interest-bearing loans and borrowings 4,150 4,000 4,097
Provisions 350 204 341
Deferred tax liabilities 1,162 1,039 1,560
---------------------------------------------- -------------- ----------- -------------
Total non-current liabilities 7,366 5,719 8,704
---------------------------------------------- -------------- ----------- -------------
Net assets 89,154 71,153 74,864
---------------------------------------------- -------------- ----------- -------------
Equity directly attributable to
owners of the parent
Share capital 30,438 25,830 26,409
Share premium 60,853 52,435 52,370
Share-based payment reserve 162 690 589
Other reserves 480 293 480
Shares owned by the Employee Benefit
Trust (EBT) (413) (507) (40)
Merger relief reserve 3,548 2,086 3,194
Currency translation reserve 552 329 536
Retained losses (6,466) (10,003) (8,674)
---------------------------------------------- -------------- ----------- -------------
Total equity 89,154 71,153 74,864
---------------------------------------------- -------------- ----------- -------------
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE SIX MONTHSED 30 JUNE 2018
Share Share Share-based Other Merger Currency Shares Retained Total
capital premium payment reserves relief translation owned losses equity
reserve reserve reserve by EBT
GBP000 GBP000 GBP000 GBP000 GBP000 GBP000 GBP000 GBP000 GBP000
-------- -------- ----------- --------- -------- ------------ ------- -------- -------
Six months ended 30
June 2018 unaudited
---------------------------- ------ ------ ------- --- ----- --- ------- --------- ---------
Balance at 1 January (8,674)
2018 26,409 52,370 589 480 3,194 536 (40) 3,286 74,864
Profit for the period - - - - - - - - 3,286
Other comprehensive
income - - - - - 16 - 16
---------------------------- ------ ------ ------- --- ----- --- ------- --------- ---------
Total comprehensive
income for the period - - - - - 16 - 3,286 3,302
---------------------------- ------ ------ ------- --- ----- --- ------- --------- ---------
Transaction with owners
Issue of share capital 4,029 8,483 - - 354 - - - 12,866
Purchase of minority
shares held in subsidiary
undertakings - - - - - - - (1,304) (1,304)
Shares owned by the
EBT
Share-based payment
charge - - - - - - (650) - (650)
Share options settled - - 102 - - - - - 102
- - (529) - - - 277 226 (26)
---------------------------- ------ ------ ------- --- ----- --- ------- --------- ---------
Total transactions
with owners 4,029 8,483 (427) - 354 - (373) (1,078) 10,988
---------------------------- ------ ------ ------- --- ----- --- ------- --------- ---------
Balance at 30 June
2018 30,438 60,853 162 480 3,548 552 (413) (6,466) 89,154
---------------------------- ------ ------ ------- --- ----- --- ------- --------- ---------
Six months ended
30 June 2017 unaudited
Balance at 1 January
2017 21,539 46,880 733 293 2,086 257 (338) (10,601) 60,849
Profit for the period - - - - - - - 2,476 2,476
Other comprehensive
income - - - - - 72 - - 72
------- ------- -------- ---- ------ ---- -------- ---------- ----------
Total comprehensive
income for the period - - - - - 72 - 2,476 2,548
------- ------- -------- ---- ------ ---- -------- ---------- ----------
Transaction with
owners
Issue of share capital 4,291 5,555 - - - - - - 9,846
Shares owned by the
EBT - - - - - - (244) - (244)
Share-based payment
charge - - 172 - - - - - 172
Share options settled - - (215) - - - 75 - (140)
Equity dividends
paid (note 5) - - - - - - - (1,878) (1,878)
------- ------- -------- ---- ------ ---- -------- ---------- ----------
Total transactions
with owners 4,291 5,555 (43) - - - (169) (1,878) 7,756
------- ------- -------- ---- ------ ---- -------- ---------- ----------
Balance at 30 June
2017 25,830 52,435 690 293 2,086 329 (507) (10,003) 71,153
------- ------- -------- ---- ------ ---- -------- ---------- ----------
Twelve months ended 31 December 2017 - audited
Share Share Share-based Other Merger Currency Shares Retained Total
capital premium payment reserves relief translation owned losses equity
reserve reserve reserve by EBT
GBP000 GBP000 GBP000 GBP000 GBP000 GBP000 GBP000 GBP000 GBP000
-------- -------- ----------- --------- -------- ------------ ------- -------- -------
Balance at 1 January
2017 21,539 46,880 733 293 2,086 257 (338) (10,601) 60,849
Profit for the year - - - - - - - 4,832 4,832
Other comprehensive
loss - - - - - 279 - (28) 251
-------------------- -------- -------- ----------- --------- -------- ------------ ------- -------- -------
Total comprehensive
income for the year - - - - - 279 - 4,804 5,083
-------------------- -------- -------- ----------- --------- -------- ------------ ------- -------- -------
Transactions with
owners
Issue of share
capital 4,870 5,490 - - 1,108 - - - 11,468
Shares options
issued
as consideration - - - 187 - - - - 187
Shares purchased by
the EBT - - - - - - (246) - (246)
Share-based payment
charge - - 272 - - - - - 272
Share options
settled - - (416) - - - 544 - 128
Equity dividends
paid
(note 5) - - - - - - - (2,877) (2,877)
-------------------- -------- -------- ----------- --------- -------- ------------ ------- -------- -------
Total transactions
with owners 4,870 5,490 (144) 187 1,108 - 298 (2,877) 8,932
-------------------- -------- -------- ----------- --------- -------- ------------ ------- -------- -------
Balance at 31
December
2017 26,409 52,370 589 480 3,194 536 (40) (8,674) 74,864
-------------------- -------- -------- ----------- --------- -------- ------------ ------- -------- -------
CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE SIX MONTHSED 30 JUNE 2018
Unaudited Unaudited Audited
Six months Six months Year
ended ended ended
30 June 2018 30 June 2017 31 December
GBP000 GBP000 2017
GBP000
Cash flow from operating activities
Net cash from operating activities (2,341) 2,784 6,600
----------------------------------------------- -------------- -------------- -------------
Cash flow from investing activities
Acquisition of businesses, net
of cash/(debt) acquired (7,371) (4,345) (11,798)
Acquisition of property, plant
and equipment (944) (669) (1,802)
Proceeds from sale of property,
plant and equipment 18 14 22
Payment of deferred and contingent
consideration (2,220) (411) (1,649)
----------------------------------------------- -------------- -------------- -------------
Net cash used in investing activities (10,517) (5,411) (15,227)
Cash flows from financing activities
Net proceeds from the issue of
share capital 10,220 9,602 9,531
Repayment of long-term borrowings - (429) (857)
Net change in short term borrowings 1,000 (4,000) 3,000
Repayment of finance lease liabilities (110) (13) (58)
Net cash settled share options (23) (140) -
Interest received - - 6
Interest paid (288) (186) (476)
Repayment of loan by EBT 276 - 722
Dividends paid - (1,878) (2,877)
----------------------------------------------- -------------- -------------- -------------
Net cash generated from / (used
in) financing activities 11,075 2,956 8,991
----------------------------------------------- -------------- -------------- -------------
Net change in cash and cash equivalents (1,783) 329 364
Cash and cash equivalents at start
of period 4,199 3,824 3,824
Exchange differences on cash and
cash equivalents (2) (11) 11
----------------------------------------------- -------------- -------------- -------------
Cash and cash equivalents at end
of period 2,414 4,142 4,199
----------------------------------------------- -------------- -------------- -------------
Reconciliation of liabilities arising from financing
activities
The changes in the Group's liabilities arising from financing
activities can be classified as follows
Long term Short term Lease
borrowings borrowings liabilities Total
GBP000 GBP000 GBP000 GBP000
---------------------------- ------------ ------------ ------------- --------
At 1 January 2018 4,000 15,000 159 19,159
Cash flows:
- Repayment - - (110) (110)
- Proceeds - 1,000 - 1,000
Non-cash:
- Acquisition - - 319 319
---------------------------- ------------ ------------ ------------- --------
At 30 June 2018 4,000 16,000 368 20,368
---------------------------- ------------ ------------ ------------- --------
NOTES TO THE HALF-YEAR REPORT
FOR THE SIX MONTHSED 30 JUNE 2018
1 General information
======== ================================================================================
The principal activity of Flowtech Fluidpower plc (the "Company") and its
subsidiaries (together, the "Group") is the distribution of engineering
components, concentrating on the fluid power industry. The Company is incorporated
and domiciled in the UK. The address of its registered office is Pimbo
Road, Skelmersdale, Lancashire WN8 9RB.
The registered number is 09010518.
As permitted, this Half-Year Report has been prepared in accordance with
the AIM rules and not in accordance with IAS 34 "Interim Financial Reporting".
The consolidated financial statements are prepared under the historical
cost convention, as modified by the revaluation of certain financial instruments.
This consolidated Interim Report and the financial information for the
six months ended 30 June 2018 does not constitute full statutory accounts
within the meaning of section 434 of the Companies Act 2006 and are unaudited.
This unaudited Interim Report was approved by the Board of Directors on
17 September 2018.
The Group's financial statements for the year ended 31 December 2017 have
been filed with the Registrar of Companies. The Group's auditor's report
on these financial statements was unqualified and did not contain a statement
under section 498 (2) or (3) of the Companies Act 2006.
ELECTRONIC COMMUNICATIONS
The Company is not proposing to bulk print and distribute hard copies of
this Half-Year Report unless specifically requested by individual shareholders.
The Board believes that by utilising electronic communication it delivers
savings to the Company in terms of administration, printing and postage,
and environmental benefits through reduced consumption of paper and inks,
as well as speeding up the provision of information to shareholders.
News updates, regulatory news, and financial statements can be viewed and
downloaded from the Group's website, www.flowtechfluidpower.com. Copies
can also be requested from; The Company Secretary, Flowtech Fluidpower
plc, Pimbo Road, Skelmersdale, Lancashire, WN8 9RB. email: info@flowtechfluidpower.com
2 aCCOUNTING POLICIES
======== ==============================================================================
Basis of preparation
The financial information set out in this consolidated Interim Report
has been prepared under International Financial Reporting Standards (IFRS)
as adopted by the European Union and in accordance with the accounting
policies which will be adopted in presenting the Group's Annual Report
and Financial Statements for the year ended 31 December 2018. These are
consistent with the accounting policies used in the Financial Statements
for the year ended 31 December 2017, except for;
* Taxes - taxes on income in the interim periods are
accrued using the rate of tax that would be
applicable to expected total annual earnings
* Inventory acquired in business combinations has been
measured at fair value as required by IFRS 3 (para
18)
* IFRS 15 became effective on 1 January 2018, the
standard has been implemented but has not had a
material impact
GOING CONCERN
The Group meets its day-to-day working capital requirements through its
bank facilities. The Directors have carefully considered the banking facilities
and their future covenant compliance considering the current and future
cash flow forecasts and they believe that the Group is appropriately positioned
to ensure the conditions of its funding will continue to be met and therefore
enable the Group to continue in operational existence for the foreseeable
future by meeting its liabilities as they fall due for payment.
3 OPERATING SEGMENTS
========= ===================================================================================
The Group comprises the following three operating segments which are defined
by trading activity:
* Flowtechnology division - distribution and assembly
of engineering components, principally to
distributors and end users in the UK, the Republic of
Ireland and the Benelux
* Power Motion Control division - based in the UK and
the Republic of Ireland, distribution and assembly of
engineering components and hydraulic systems to
distributors and end users in the international
market
* Process division - the distribution and supply of
industrial components to the process sectors,
principally in the UK
The Board is the chief operating decision maker (CODM). The CODM manages
the business using an underlying profit figure. Only finance income and
costs secured on the assets of the operating segment are included in the
segment results. Finance income and costs relating to loans held by the
Company are not included in the segment result that is assessed by the
CODM. Transfer prices between operating segments are on an arm's length
basis.
The Directors believe that the underlying operating profit provides additional
useful information on key performance trends to Shareholders. The term
"underlying" is not a defined term under IFRS and may not be comparable
with similarly titled profit measurements reported by other companies.
A reconciliation of the underlying operating result to operating profit
/ (loss) from continuing operations is shown below. The principal adjustments
made are in respect of the separately disclosed items and are as detailed
at the end of this note. Segment information for the reporting periods
is as follows:
Power Inter-segmental Total
Motion transactions Central continuing
Flowtechnology Control Process GBP000 costs operations
GBP000 GBP000 GBP000 GBP000 GBP000
================ ========= ========== ================ ========== ==============
Six months ended 30 June
2018
---------------- --------- ---------- ---------------- ---------- --------------
Income statement
- continuing operations:
Revenue from external
customers 23,483 28,957 3,982 - - 56,422
Inter segment revenue 1,034 190 62 (1,286) - -
Total revenue 24,517 29,147 4,044 (1,286) - 56,422
---------------- --------- ---------- ---------------- ---------- --------------
Underlying operating result 4,531 1,901 537 - (1,268) 5,701
Net financing costs (17) (6) (34) - (246) (303)
---------------- --------- ---------- ---------------- ---------- --------------
Underlying segment result 4,515 1,895 502 - (1,514) 5,398
Separately disclosed items (280) (381) (96) - (488) (1,245)
---------------- --------- ---------- ---------------- ---------- --------------
Profit/(loss) before tax 4,235 1,514 406 - (2,002) 4,153
---------------- --------- ---------- ---------------- ---------- --------------
Specific disclosure items
Depreciation 245 196 23 - - 464
Amortisation 10 364 96 - - 470
---------------- --------- ---------- ---------------- ---------- --------------
Reconciliation of underlying
operating result to operating
profit:
Underlying operating result
Separately disclosed items 4,531 1,901 537 - (1,268) 5,701
(280) (381) (96) - (488) (1,245)
---------------- --------- ---------- ---------------- ---------- --------------
Operating profit/(loss) 4,251 1,520 441 - (1,756) 4,456
---------------- --------- ---------- ---------------- ---------- --------------
Power Inter-segmental Total
Motion transactions Central continuing
Flowtechnology Control Process GBP000 costs operations
GBP000 GBP000 GBP000 GBP000 GBP000
================ ========= ========== ================ ========== ==============
Six months ended 30 June
2017
Income statement - continuing
operations:
Revenue from external
customers 19,336 12,706 2,131 - - 34,173
Inter segment revenue 823 159 40 (1,022) - -
---------------- --------- ---------- ---------------- ---------- --------------
Total revenue 20,159 12,865 2,171 (1,022) - 34,173
Underlying operating result 4,138 1,088 278 - (999) 4,504
Net financing costs - (10) (4) - (268) (282)
---------------- --------- ---------- ---------------- ---------- --------------
Underlying segment result 4,138 1,078 274 - (1,267) 4,222
Separately disclosed items (154) (48) - - (910) (1,112)
---------------- --------- ---------- ---------------- ---------- --------------
Profit/(loss) before tax 3,984 1,030 274 - (2,177) 3,110
---------------- --------- ---------- ---------------- ---------- --------------
Specific disclosure items
Depreciation 203 50 14 - - 267
Amortisation 10 271 44 - - 325
---------------- --------- ---------- ---------------- ---------- --------------
Reconciliation of underlying
operating result to operating
profit:
Underlying operating result
Separately disclosed items 4,138 1,087 278 - (999) 4,504
(154) (48) - - (910) (1,112)
Operating profit/(loss) 3,984 1,039 278 - (1,909) 3,392
Power
Motion Inter-segmental Central Total continuing
Flowtechnology Control Process transactions Costs operations
GBP000 GBP000 GBP000 GBP000 GBP000 GBP000
================================ ============== ======== ======= =============== ======= ================
For the year ended 31
December 2017
================================ ============== ======== ======= =============== ======= ================
Income statement - continuing
operations:
Revenue from external customers 37,239 34,806 6,242 - - 78,287
Inter segment revenue 1,746 340 105 (2,191) - -
-------------------------------- -------------- -------- ------- --------------- ------- ----------------
Total revenue 38,985 35,146 6,347 (2,191) - 78,287
-------------------------------- -------------- -------- ------- --------------- ------- ----------------
Underlying operating result 7,524 2,788 1,105 - (2,336) 9,081
Net financing costs (13) (15) (19) - (528) (575)
-------------- -------- ------- --------------- ------- ----------------
Underlying segment result 7,511 2,773 1,086 - (2,864) 8,506
Separately disclosed items (103) (1,018) (200) - (1,146) (2,467)
-------------- -------- ------- --------------- ------- ----------------
Profit/(loss) before tax 7,408 1,755 886 - (4,010) 6,039
-------------- -------- ------- --------------- ------- ----------------
Specific disclosure items
Depreciation 447 179 24 - - 650
Amortisation 19 609 140 - - 768
-------------- -------- ------- --------------- ------- ----------------
Reconciliation of underlying
operating result to operating
profit:
Underlying operating result 7,524 2,788 1,105 - (2,336) 9 081
Separately disclosed items (103) (1,018) (200) - (1,146) (2,467)
-------------- -------- ------- --------------- ------- ----------------
Operating profit/(loss) 7,421 1,770 905 - (3,482) 6,614
-------------- -------- ------- --------------- ------- ----------------
SEPARATELY DISCLOSED ITEMS
* The fair value uplift of inventory acquired through
business combinations is recognised in accordance
with IFRS 3 "Business Combinations" to record the
inventory acquired at fair value and its subsequent
release into the income statement
* Acquisition costs relate to stamp duty, due diligence,
legal fees, finance fees and other professional costs
incurred in the acquisition of businesses
* Share-based payment costs relate to the provision
made in accordance with IFRS 2 "Share-based payment"
following the issue of share options to employees
* Restructuring costs related to restructuring
activities of an operational nature following
acquisition of business units and other restructuring
activities in established businesses. Costs include
employee redundancies and IT integration.
======================================================================================================================
Six Six Year
months months ended
ended ended 31
30 30 June December
June 2017 2017
2018 GBP000 GBP000
GBP000
=================================================== =================== ==================== ======================
Separately disclosed items within
cost of sales:
- Fair value uplift of inventory
acquired through business
combinations 211 - -
Separately disclosed items within
administration expenses:
-Acquisition costs 444 510 1,081
-Amortisation of acquired intangibles 470 325 768
-Share-based payment costs 102 172 272
-Restructuring 18 90 117
-Change in amounts accrued contingent
consideration - 15 229
--------------------------------------------------- ------------------- -------------------- ----------------------
Total separately disclosed items 1,245 1,112 2,467
--------------------------------------------------- ------------------- -------------------- ----------------------
4 TAXATION
=================================================== ===================================================================================
Six months Six months Year
ended ended ended
30 June 2018 30 June 2017 31 December
GBP000 GBP000 2017
GBP000
==================================================== ========================= ========================= ========================
Current tax on income for the period
- continuing operations:
UK tax 1,062 680 1,258
Foreign tax - - 167
Deferred tax credit (195) (46) (129)
Adjustments in respect of prior years - - (89)
---------------------------------------------------- ------------------------- ------------------------- ------------------------
Total taxation 867 634 1,207
---------------------------------------------------- ------------------------- ------------------------- ------------------------
The taxation for the period has been calculated by applying the estimated
tax rate for the financial year ending 31 December 2018. Deferred tax
liabilities have also been adjusted to GBP1,162,000 to reflect capital
allowances more than depreciation and other short-term timing differences.
5 DIVIDS
======================================== ==========================================================================
Six months Six months Year
ended ended ended
30 June 30 June 31 December
2018 2017 2017
GBP000 GBP000 GBP000
========================================= ======================= ====================== ========================
Final dividend (2017: 3.67p) per share - 1,878 1,878
Interim dividend (2017: 1.93p) per
share - - 999
Total dividends - 1,878 2,877
----------------------------------------- ----------------------- ---------------------- ------------------------
A final dividend of 3.85p per share was paid on 13 July 2018. In addition,
the Directors are proposing a half-year dividend in respect of the financial
year ending 31 December 2018 of 2.03p per share which will absorb an estimated
GBP1.2 million of shareholders' funds. It will be paid on 26 October 2018
to Shareholders who are on the Register of Members at close of business
on 28 September 2018.
6 EARNINGS PER SHARE
========================== ========================================================================================================================================================================================================
Basic earnings/(loss) per share is calculated by dividing the earnings/(loss)
attributable to ordinary shareholders by the weighted average number of
ordinary shares outstanding during the period.
For diluted earnings/ (loss) per share the weighted average number of
ordinary shares in issue is adjusted to assume conversion of all dilutive
potential ordinary shares. The dilutive shares are those share options
granted to employees where the exercise price is less than the average
market price of the Company's ordinary shares during the period.
====================================================================================================================================================================================================================================
Six months ended Six months ended Year ended
30 June 2018 30 June 2017 31 December 2017
=========================== ================================================================= ================================================================== ================================================================
Weighted Weighted Weighted
average average average
number Earnings number number Earnings
of per of Earnings of per
Earnings shares share Earnings shares per share Earnings shares share
GBP000 000's Pence GBP000 000's Pence GBP000 000's Pence
--------------------------- --------------------- -------------------- -------------------- --------------------- -------------------- --------------------- -------------------- -------------------- --------------------
Basic earnings/(loss)
per share
Continuing operations
Discontinued operations 3,286 56,888 5.78 2,476 47,402 5.22 4,831 49,835 9.69
- 56,888 - - 47,402 - - 49,835 -
--------------------------- --------------------- -------------------- -------------------- --------------------- -------------------- --------------------- -------------------- -------------------- --------------------
Basic earnings
per share 3,286 56,888 5.78 2,476 47,402 5.22 4,831 49,835 9.69
--------------------------- --------------------- -------------------- -------------------- --------------------- -------------------- --------------------- -------------------- -------------------- --------------------
Diluted earnings/(loss)
per share
Continuing operations
Discontinued operations 3,286 57,355 5.73 2,476 47,886 5.17 4,831 50,409 9.58
- 57,355 - - 47,886 - - 50,409 -
--------------------------- --------------------- -------------------- -------------------- --------------------- -------------------- --------------------- -------------------- -------------------- --------------------
Diluted earnings
per share 3,286 57,355 5.73 2,476 47,886 5.17 4,831 50,409 9.58
--------------------------- --------------------- -------------------- -------------------- --------------------- -------------------- --------------------- -------------------- -------------------- --------------------
Six Six Year
months months ended
ended ended 31
30 June 30 December
2018 June 2017
GBP000 2017 GBP000
GBP000
======================================================= =================== ================== ====================
Weighted average number of ordinary shares
for basic and diluted earnings per share 56,888 47,402 49,835
Impact of share options 467 484 574
------------------------------------------------------- ------------------- ------------------ --------------------
Weighted average number of ordinary shares
for diluted earnings per share 57,355 47,886 50,409
------------------------------------------------------- ------------------- ------------------ --------------------
7 ACQUISITIONS
=============
On 19 March 2018, the Company acquired 100% of the share capital
of Balu Limited, a UK based holding company, and its UK
subsidiaries, thereby obtaining control.
The initial consideration paid was GBP6,059,000 in cash,
GBP500,000 in shares in the ultimate parent company, Flowtech
Fluidpower plc with additional estimated consideration of
GBP2,332,000 anticipated to be paid within 12 months. The cash
consideration was funded through existing resources, supplemented
by a share issue by Flowtech Fluidpower plc on 4 April. The
acquisition will add significantly to the Company's procurement
relationship with key global suppliers and enhance our position in
the supply of MRO fluid power products in the UK and Ireland.
Details of the provisional fair value of identifiable assets and
liabilities acquired, and purchase consideration are as
follows:
Book value Fair value Provisional
GBP000 adjustment fair value
GBP000 GBP000
-------------------------------------- ---------------------- ----------------------- -----------------------
Fixed assets 918 - 918
Stocks 2,965 - 2,965
Trade and other debtors 3,274 - 3,274
Cash and cash equivalents (1,310) - (1,310)
Trade and other creditors (2,359) - (2,359)
Finance leases (319) - (319)
Current tax balances 283 - 283
Deferred tax liability (57) - (57)
-------------------------------------- ---------------------- ----------------------- -----------------------
Total net assets 3,395 - 3,395
-------------------------------------- ---------------------- ----------------------- -----------------------
GBP000
------------------------------------------------ ------
Fair value of consideration paid
Amount settled in cash 6,059
Amount settled in shares in Flowtech Fluidpower
plc 500
Contingent consideration 2,332
Stamp duty 42
-------------------------------------------------- ------
Total consideration paid 8,933
-------------------------------------------------- ------
8 SUBSEQUENT EVENTS
============= =============================
There are no material adjusting or non-adjusting events
subsequent to the reporting date.
9 NET CASH FROM OPERATING ACTIVITIES
======================================================= ===============================================================================
Six months Six months Year
ended ended ended
30 June 2018 30 June 2017 31 December
GBP000 GBP000 2017
GBP000
-------------------------------------------------------- ------------------------- ------------------------- ------------------------
Reconciliation of profit before taxation
to net cash flows from operations:
Profit from continuing operations before
tax 4,153 3,110 6,039
Depreciation 464 267 640
Financial income - - (6)
Financial expense 303 282 581
Profit on sale of plant and equipment (5) - (3)
Amortisation of intangible assets 470 325 768
Cash settled share options - - (415)
Equity settled share-based payment charge 102 172 272
Change in amounts accrued contingent
consideration - 15 229
-------------------------------------------------------- ------------------------- ------------------------- ------------------------
Operating cashflow before changes in
working capital and provisions 5,487 4,171 8,105
Change in trade and other receivables (4,798) (2,569) (823)
Change in stocks (1,003) 452 (931)
Change in trade and other payables (1,506) 1,383 1,922
Change in provisions 9 (9) (63)
-------------------------------------------------------- ------------------------- ------------------------- ------------------------
Net cashflow from operations (1,811) 3,428 8,210
Tax paid (530) (644) (1,610)
-------------------------------------------------------- ------------------------- ------------------------- ------------------------
Net cashflow from operating activities (2,341) 2,784 6,600
-------------------------------------------------------- ------------------------- ------------------------- ------------------------
PRINCIPAL RISKS AND UNCERTAINTIES
================================================================================
In common with all organisations, Flowtech faces risks which may affect
its performance. The Group operates a system of internal control and risk
management to provide assurance that we are managing risk whilst achieving
our business objectives. No system can fully eliminate risk and therefore
the understanding of operational risk is central to management processes.
The long-term success of the Group depends on the continual review, assessment
and control of the key business risks it faces. The Directors set out
in the 2017 Annual Report and Financial Statements the principal risks
identified during this exercise, including quality control, systems and
site disruption and employee retention. The Board does not consider that
these risks have changed materially in the last six months.
FORWARD-LOOKING STATEMENTS
This document contains certain forward-looking statements which reflect
the knowledge and information available to the Company during the preparation
and up to the publication of this document. By their very nature, these
statements depend upon circumstances and relate to events that may occur
in the future thereby involving a degree of uncertainty. Although the
Group believes that the expectations reflected in these statements are
reasonable, it can give no assurance that these expectations will prove
to have been correct. Given that these statements involve risks and uncertainties,
actual results may differ materially from those expressed or implied by
these forward-looking statements.
The Group undertakes no obligation to update any forward-looking statements
whether because of new information, future events or otherwise.
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
IR BVLBFVKFFBBZ
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