TIDMFLO

RNS Number : 9062K

Flowtech Fluidpower PLC

07 September 2021

 
 NEWS RELEASE 
 
  Issued on behalf of Flowtech 
  Fluidpower plc 
  Immediate Release 
 

This announcement contains inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) 596/2014 as it forms part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018 ("MAR"), and is disclosed in accordance with the Company's obligations under Article 17 of MAR. Upon the publication of this announcement via the Regulatory Information Service, this inside information is now considered to be in the public domain.

Tuesday, 7 September 2021

FLOWTECH FLUIDPOWER PLC

("Flowtech", the "Group" or "Company")

leading specialist supplier of technical fluid power components and services

2021 HALF-YEAR REPORT

For the six months ended 30 June 2021

"We are pleased that current trading continues to support our 'return to growth' agenda and we have made meaningful progress with each of our strategic goals. Volumes are recovering, margins are stable, and we are proactively addressing the short-term headwinds associated with problematic global supply chains."

Bryce Brooks, Chief Executive Officer

Ø Revenue much improved against comparative period but 7% down on a more representative H1 2019.

Ø Sustained strong gross margin.

Ø Overheads broadly flat, with savings achieved from restructuring activities funding new growth initiatives, such as digital agenda.

Ø Operating profit improvement directly linked to revenue recovery (H1 2020 result of GBP0.9m benefitted from GBP0.9m of furlough support).

Ø Working Capital increased by GBP4.7m in H1 2021, with Net Debt** up GBP1.6m from 2020 year-end position. This is in line with our planning and expectations and linked to increased activity levels, as well as our investment in inventory to combat global supply chain challenges.

Ø Results now reported on a 3-segment basis.

 
                                                      Half year       Half year      Year ended 
                                                        ended           ended        31 December 
   FINANCIAL HIGHLIGHTS                              30 June 2021    30 June 2020       2020 
                                                      unaudited       unaudited        Audited 
=================================================  ==============  ==============  ============= 
 
        *    Revenue                                  GBP55.3m        GBP46.6m        GBP95.1m 
 
        *    Gross profit %                             35.4%           35.1%          34.3% 
                                                                                     GBP(1.4)m 
        *    Operating profit / (loss)                 GBP2.7m        GBP(0.5m) 
                                                                                      GBP1.1m 
        *    Underlying operating profit*              GBP3.4m         GBP0.9m 
                                                                                     GBP(2.1)m 
        *    Profit / (loss) before tax                GBP2.3m        GBP(0.9)m 
 
        *    Earnings / (loss) per share (basic)        3.02p         (1.37) p        (3.54) p 
                                                                                      GBP11.6m 
        *    Net debt**                               GBP13.2m        GBP14.5m 
 
 
 * Underlying operating result is continuing operations' operating profit 
  before separately disclosed items (note 3). 
  **Net Debt includes VAT linked to Government COVID-19 related support schemes 
  - H1 2021 figure of GBP0.8m; H1 2020 figure of GBP1.6m. Net Debt excludes 
  IFRS16 related debt 
 

RESULTS PRESENTATIONS:

The Company is to hold a presentation of results for financial analysts at 9.00am (BST) today (7 September 2021), details of which can be obtained by contacting either the Company or advisers as detailed below.

In addition, tomorrow (8 September 2021) at 08.30am (BST) , CEO Bryce Brooks and CFO Russell Cash will provide a live presentation via the Investor Meet Company platform (IMC). This presentation is open to all existing and potential shareholders. Investors who already follow Flowtech Fluidpower plc on the IMC platform will automatically be invited. Questions can be submitted pre-event via your Investor Meet Company dashboard up until 3.00pm the day before the meeting or at any time during the live presentation. Investors can sign up to Investor Meet Company for free and add to meet Flowtech Fluidpower plc via:

https://www.investormeetcompany.com/flowtech-fluidpower-plc/register-investor

 
 Enquiries: 
 
  Flowtech Fluidpower plc 
  Bryce Brooks, Chief Executive 
  Russell Cash, Chief Financial Officer 
  Tel: +44 (0) 1695 52759 
  Email: info@flowtechfluidpower.com 
 
 
 Zeus Capital Limited (Nominated Adviser and Joint Broker) 
  Andrew Jones, Kieran Russell (corporate finance) 
  Dominic King (sales & broking) 
  Tel: +44 (0) 20 3829 5000 
 
  finnCap Capital Markets (Joint Broker) 
  Ed Frisby, Kate Bannatyne (corporate finance) 
  Rhys Williams, Andrew Burdis (sales & broking) 
  Tel: +44 (0) 20 7220 0500 
 
  TooleyStreet Communications (IR and media relations) 
  Fiona Tooley 
  Tel: +44 (0) 7785 703523 
  or email : fiona@tooleystreet.com 
 
 
 About Flowtech Fluidpower plc 
 
  Founded as Flowtech in 1983, the Flowtech Fluidpower Group is a group of 
  specialist fluid power businesses. Working in partnership with customers 
  and suppliers, we deliver essential components, customer solutions and 
  high-quality servicing support to keep global industry moving. The business 
  joined the AIM market in 2014. Since the start of 2021, the Group has been 
  operating under three distinct branded segments : with Flowtech and Fluidpower 
  Group Solutions forming what was 'Components', and Fluidpower Group Services 
  the remainder. To read more about the Group please visit www.flowtechfluidpower.com 
  . 
 Segment:           What we do:                               Locations: 
-----------------  ----------------------------------------  ---------------------------------- 
 Flowtech           Supply of both hydraulic and pneumatic    Flowtechnology Benelux (Deventer) 
                     consumables, predominantly through        Flowtechnology China ( Guangzhou 
                     distribution for maintenance and          ) 
                     repair operations across all industry     Flowtechnology UK (Skelmersdale) 
                     markets and supported by supply           Indequip (Skelmersdale) 
                     agreements direct to a broad range        Beaumanor (Leicester) 
                     of original equipment manufacturers.      Hydravalve (Oldbury) 
 
                     Channels to market: 
                     E-commerce websites, customer white 
                     label e-commerce websites, catalogues, 
                     own and customer trade counters. 
-----------------  ----------------------------------------  ---------------------------------- 
 Fluidpower         Supply specialist technical hydraulic     Primary Fluid Power Components 
  Group Solutions    components & systems predominantly        (Skelmersdale) 
                     into OEMs and end-user channels           Nelson Hi-Power Hydraulics 
                     to all industry markets and supported     (Dublin, Dungannon, UK) 
                     by supply agreements direct to            HTL (Ludlow) 
                     a broad range of manufacturer brands.     Hi-Power Hydraulics (Cork, 
                                                               Dublin, Belfast ) 
                     Channels to market:                       Hydroflex (Brussels, Rotterdam 
                     Engineering collaboration, e-commerce.    and OudBeijerland) 
                                                               Hydraulic Equipment Supermarkets 
                                                               (Gloucester, Leeds) 
                                                               Derek Lane & Co (Newton Abbot, 
                                                               Devon) 
                                                               HES Tractec (Gloucester) 
-----------------  ----------------------------------------  ---------------------------------- 
 Fluidpower         Bespoke design, manufacturing,            Primary Fluid Power Systems 
  Group Services     commissioning, installation, and          (Knowsley) 
                     servicing of systems to manufacturers     Branch Hydraulic Systems and 
                     of specialised industrial and mobile      HES Automatec (Gloucester) 
                     hydraulic OEMs and additionally           HES Lubemec (Gloucester) 
                     a wide range of industrial end            HES Onsite (Leeds, Gloucester) 
                     users. Capital project-based revenue.     Flow Connect (Gloucester) 
                                                               Orange County (Spennymoor) 
                     Channels to market: 
                     In-house design and build, combined 
                     with on-site installation, servicing 
                     and support. 
-----------------  ----------------------------------------  ---------------------------------- 
 
   All the Group's divisions have overlapping product sets, allowing procurement 
   synergies to be maximised. The above segments are supported by a centralised 
   back-office team based at the Skelmersdale, Lancashire, and Wilmslow, Cheshire 
   sites in the UK and a procurement and quality control team in Shanghai, 
   China. In total, the business employs 629 people. 
   For more information please visit, Our business | Flowtech Fluidpower plc 
 
 
 FLOWTECH FLUIDPOWER PLC 2021 HALF-YEAR REPORT 
     For the six months ended 30 June 2021 
 

2021 HALF-YEAR FINANCIAL PERFORMANCE AND DIVISIONAL ANALYSIS

 
            Revenue                   Six months              Six months                    %                     Year 
                                           ended                   ended               Change                    ended 
                                         30 June                 30 June                                   31 December 
                                            2021                    2020                                          2020 
                                          GBP000                  GBP000                                        GBP000 
-----------------------  -----------------------  ----------------------  -------------------  ----------------------- 
            Flowtech                      26,688                  22,729                17.4%                   46,060 
            Fluidpower 
             Group 
             Solutions                    20,084                  16,395                22.5%                   33,578 
            Fluidpower 
             Group 
             Services                      8,522                   7,443                14.5%                   15,443 
-----------------------  -----------------------  ----------------------  -------------------  ----------------------- 
            Total Group 
             revenue                      55,294                  46,567                18.7%                   95,081 
-----------------------  -----------------------  ----------------------  -------------------  ----------------------- 
            Gross 
             profit %                      35.4%                   35.1%                                         34.3% 
-----------------------  -----------------------  ----------------------  -------------------  ----------------------- 
 
 
            Underlying                Six months              Six months               Change                     Year 
            operating                      ended                   ended                                         ended 
            result*                      30 June                 30 June                                   31 December 
                                            2021                    2020               GBP000                     2020 
                                          GBP000                  GBP000                                        GBP000 
-----------------------  -----------------------  ----------------------  -------------------  ----------------------- 
            Flowtech                       3,962                   2,908                1,054                    5,038 
            Fluidpower 
             Group 
             Solutions                     2,053                     423                1,630                    1,790 
            Fluidpower 
             Group 
             Services                        194                    (94)                  288                  (1,236) 
            Central 
             costs                       (2,827)                 (2,305)                (522)                  (4,520) 
-----------------------  -----------------------  ----------------------  -------------------  ----------------------- 
            Underlying 
             operating 
             result 
             *                             3,382                     932                2,450                    1,072 
-----------------------  -----------------------  ----------------------  -------------------  ----------------------- 
 
 
 * Underlying operating result is continuing operations' operating profit 
  before separately disclosed items (note 3). 
 

REVENUE

Revenue was 18.7% up on H1 2020, although a more representative comparison is with H1 2019 where it was 7.2% down. Whilst a return to growth is encouraging, we have been impacted by supply chain challenges in meeting customer demand, and in certain OEM sectors for our Solutions Division where demand remains below normal levels.

Gross profit margin

Our gross profit margin remains strong at 35.4% (2020 35.1%). It can vary from one period to another based on market conditions and mix of sales, but this figure demonstrates our determination to maintain its quality.

OPERATING Costs

Our underlying operating costs are GBP0.8m higher than in H1 2020, a period which benefitted from c.GBP0.9m of Government backed furlough support. The underlying position reflects the savings achieved in the parts of our business which have been restructured, offset by investment in areas such as E-business, and project management to support our long-term growth agenda.

UNDERLYING OPERATING PROFIT

Underlying operating profit is much improved compared with H1 2020 but remains suppressed in relation to H1 2019. Despite sectoral challenges in the lockdown period, the Services division has returned to providing a positive contribution following our ongoing performance improvement initiatives.

NET DEBT

Our Net Debt position has increased from GBP11.6m at 31 December 2020 to GBP13.2m at 30 June 2021. Our increased activity levels, combined with our decision to invest in inventory to mitigate supply chain disruption, resulted in a planned and controlled GBP4.7m increase in working capital. Clearly our profitability has also mitigated the impact of this.

CURRENT TRADING

It has been pleasing to see that in the first half of 2021 certain of our key customers exhibited demand levels above our original estimates, meaning in many cases, our volumes have returned to pre Covid-19 levels and enabled us to deliver a solid performance.

A challenge as we entered 2021 was to predict the changes in volume due to the lockdown which was then affecting the UK, and our other trading territories of Republic of Ireland and the Netherlands. The post-Brexit trading structure between the UK and both Northern and Republic of Ireland has also been an issue, as approximately 17% of our revenue is undertaken by Nelson Hi-Power and Hi-Power Transport, with a further 4% from our English based operations to the island of Ireland.

We have been focusing our efforts on managing within this new framework, and in the first half of the year we have been able to maintain gross margins. The Group is dependent on its own supply chains to service increased demand, and in Q2 and now into Q3, there have been difficulties in obtaining core product for short-term needs. In addition, lead times from all major supply partners are being extended, often coupled with price increases. We are confident we can retain our gross margin position with pass through price increases into the market.

Having successfully managed our inventory position down over recent years, our need to support increased demand and ensure overall stock availability and service levels are maintained, has meant that our investment in stock is increasing. We expect this to continue into H2 before this position rebalances.

DEVELOPMENTS IN GROUP STRATEGY

In April 2021 we detailed the key elements of our growth strategy, and we have continued to make progress in several areas:

-- Branding - The commercial consolidation of the constituents of our Flowtech division is going to plan and we expect to have completed this project in Q1 2022. Warehousing and Logistics are already shared, and we will now integrate commercial and IT. Customer reaction has been positive as this creates a co-ordinated approach for many who run separate accounts at each legacy business.

-- Digital - Our near-term objective has been to create a fully-fledged E-business. Progress is good and we expect to have a rebuilt Flowtech.co.uk trading platform by the end of 2021. This will be supported by SEO capabilities that are new to the Group, and insight from our new Customer Data Platform.

-- People - We have further strengthened our management team. Of note is in early 2021 when we recruited into two new roles: Stephen Ashton as Operations Development Director and Howard Ormesher as Director of Customer Insight. Both have brought considerable additional skills to our Management Board, with Howard heavily involved in our digital strategy, and Stephen working on plans for further operational cost reductions in 2022. We have also recently welcomed Trasie Woolley as our first Director of Human Capital, and she is leading a programme to improve our skill base across the Group. This is particularly important for our technical agenda, which is based on a Minimum Educational Requirement framework for all commercial and operational employees.

Our investment in these areas has increased our central cost base in the short-term as we remain committed to ensuring we have the resources necessary to support long-term growth in both online and offline trading.

BOARD CHANGES

Non-Executive Director, Paul Gedman has decided to stand down from the Board with effect from the end of November 2021. We would like to thank him for his significant contribution to the development of our E-business platform and wish him well with his new executive role. The Board will look to recruit a replacement with appropriate experience to provide valuable support to the Executive Team as we further develop our digital agenda.

OUTLOOK & DIVID

We remain encouraged by the way the fluid power distribution market continues to recover. The volatility of global supply chains will continue to be a challenge in the short-term, however we expect our FY2021 result to be in line with current market guidance. Overall, the Board is satisfied with the recent and current trading performance and pleased with the progress made against each of our key strategic objectives.

The Board remains determined to reintroduce a final dividend payment for the financial year 2021. Thereafter we will recognise both the growth requirements of the business and the interests of our shareholders.

By order of the Board

7 September 2021

 
 CONSOLIDATED INCOME STATEMENT 
  For the six months ended 30 June 2021 
                                                Notes    Unaudited    Unaudited       Audited 
---------------------------------------------  ------ 
                                                        Six months   Six months          Year 
                                                             ended        ended         ended 
---------------------------------------------  ------ 
                                                           30 June      30-June   31-December 
                                                              2021         2020          2020 
                                                            GBP000       GBP000        GBP000 
---------------------------------------------  ------  -----------  -----------  ------------ 
 Continuing operations 
                                               ------ 
 Revenue                                                    55,294       46,567        95,081 
                                               ------ 
 Cost of sales                                            (35,727)     (30,226)      (62,487) 
---------------------------------------------  ------  -----------  -----------  ------------ 
 Gross profit                                               19,567       16,341        32,594 
 Distribution expenses                                     (2,478)      (2,081)       (4,286) 
 Administrative expenses before separately 
  disclosed items:                                        (13,707)     (13,328)      (27,236) 
 - separately disclosed items                     3          (676)      (1,481)       (2,466) 
---------------------------------------------  ------  -----------  -----------  ------------ 
 Total administrative expenses                            (14,383)     (14,809)        29,702 
 Operating profit / (loss)                                   2,706        (549)       (1,394) 
 Financial expenses                                          (414)        (380)         (754) 
---------------------------------------------  ------  -----------  -----------  ------------ 
 Profit / (loss) from continuing operations 
  before tax                                                 2,292        (929)       (2,148) 
 Taxation                                         4          (435)           88          (24) 
---------------------------------------------  ------  -----------  -----------  ------------ 
 Profit /(loss) from continuing operations                   1,857        (841)       (2,172) 
---------------------------------------------  ------  -----------  -----------  ------------ 
 Profit / (loss) for the period attributable 
  to owners of the Parent Company                            1,857        (841)       (2,172) 
---------------------------------------------  ------  -----------  -----------  ------------ 
 Earnings / (loss) per share                      5 
 Basic earnings / (loss) per share 
  - continuing operations                                    3.02p      (1.37p)       (3.54p) 
---------------------------------------------  ------  -----------  -----------  ------------ 
 Diluted earnings / (loss) per share 
  - continuing operations                                    3.01p      (1.37p)       (3.54p) 
---------------------------------------------  ------  -----------  -----------  ------------ 
 
 
 CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME 
  For the six months ended 30 June 2021 
                                                   Unaudited    Unaudited       Audited 
                                                  Six months   Six months          Year 
                                                       ended        ended         ended 
                                                     30 June      30-June   31-December 
                                                        2021         2020          2020 
                                                      GBP000       GBP000        GBP000 
                                                 -----------  -----------  ------------ 
 Profit /(loss) for the period                         1,857        (841)       (2,172) 
 Other comprehensive income 
 Items that will be reclassified subsequently 
  to profit or loss 
 -Exchange differences on translating foreign 
  operations                                           (240)          334           289 
-----------------------------------------------  -----------  -----------  ------------ 
 Total comprehensive income in the period 
  attributable to owners of the Parent Company         1,617        (507)       (1,883) 
-----------------------------------------------  -----------  -----------  ------------ 
 
 
 CONSOLIDATED STATEMENT OF FINANCIAL POSITION 
  At 30 June 2021 
                                            Unaudited   Unaudited        Audited 
                                              30 June     30 June    31 December 
                                                 2021        2020           2020 
                                               GBP000      GBP000         GBP000 
-----------------------------------------  ----------  ----------  ------------- 
 Assets 
 Non-current assets 
 Goodwill                                      63,164      63,216         63,164 
 Other intangible assets                        4,958       6,047          5,483 
 Right of use assets                            7,079       7,385          7,490 
 Property, plant, and equipment                 6,996       6,957          6,747 
-----------------------------------------  ----------  ---------- 
 Total non-current assets                      82,197      83,605         82,884 
-----------------------------------------  ----------  ----------  ------------- 
 Current assets 
 Inventories                                   23,896      22,639         21,994 
 Trade and other receivables                   23,503      20,050         18,415 
 Prepayments                                    1,174       1,672            477 
 Tax Receivable                                     -           -            257 
 Cash and cash equivalents                      7,536       7,082          9,235 
-----------------------------------------  ----------  ----------  ------------- 
 Total current assets                          56,109      51,443         50,378 
-----------------------------------------  ----------  ----------  ------------- 
 Liabilities 
 Current liabilities 
 Interest-bearing borrowings                        -      16,000              - 
 Lease liability                                1,534       1,845          1,459 
 Trade and other payables                      20,896      18,344         17,805 
 Tax Payable                                      875           -              - 
-----------------------------------------  ----------  ----------  ------------- 
 Total current liabilities                     23,305      36,189         19,264 
-----------------------------------------  ----------  ----------  ------------- 
 Net current assets                            32,804      15,254         31,114 
-----------------------------------------  ----------  ----------  ------------- 
 Non-current liabilities 
 Interest-bearing borrowings                   19,907       4,000         19,887 
 Lease liability                                5,742       5,773          6,278 
 Provisions                                       378         363            367 
 Deferred tax liabilities                       1,257       1,417          1,459 
-----------------------------------------  ----------  ----------  ------------- 
 Total non-current liabilities                 27,284      11,553         27,991 
-----------------------------------------  ----------  ----------  ------------- 
 Net assets                                    87,717      87,306         86,007 
-----------------------------------------  ----------  ----------  ------------- 
 Equity directly attributable to owners 
  of the parent 
 Share capital                                 30,746      30,746         30,746 
 Share premium                                 60,959      60,959         60,959 
 Other reserves                                   187         187            187 
 Shares owned by the Employee Benefit 
  Trust (EBT)                                   (337)       (372)          (372) 
 Merger reserve                                   293         293            293 
 Merger relief reserve                          3,646       3,646          3,646 
 Currency translation reserve                    (46)         711            343 
 Retained losses                              (7,731)     (8,864)        (9,795) 
-----------------------------------------  ----------  ----------  ------------- 
 Total equity attributable to the owners 
  of the parent company                        87,717      87,306         86,007 
-----------------------------------------  ----------  ----------  ------------- 
 
 
                                                                           CONSOLIDATED STATEMENT OF CHANGES IN EQUITY 
                                                                                 For the six months ended 30 June 2021 
                             Share     Share      Other   Shares    Merger    Merger      Currency  Retained     Total 
                           capital   premium   reserves    owned   reserve    relief   translation    losses    equity 
                                                          by EBT             reserve       reserve 
                            GBP000    GBP000     GBP000   GBP000    GBP000    GBP000        GBP000    GBP000    GBP000 
                          --------  --------  ---------  -------  --------  --------  ------------  --------  -------- 
 Six months ended 30 
  June 2021 unaudited 
                          --------  --------  ---------  -------  --------  --------  ------------  --------  -------- 
 Balance at 1 January 
  2021                      30,746    60,959        187    (372)       293     3,646           343   (9,795)    86,007 
                          --------  --------  ---------  -------  --------  --------  ------------  --------  -------- 
 Profit for the period                                                                                 1,857     1,857 
                          --------  --------  ---------  -------  --------  --------  ------------  --------  -------- 
 Other comprehensive 
  income                         -         -          -        -         -         -         (389)       149     (240) 
                          --------  --------  ---------  -------  --------  --------  ------------  --------  -------- 
 Total comprehensive 
  income for the year            -         -          -        -         -         -         (389)     2,006     1,617 
                          --------  --------  ---------  -------  --------  --------  ------------  --------  -------- 
 Transaction with owners 
                          --------  --------  ---------  -------  --------  --------  ------------  --------  -------- 
 Share-based payment 
  charge                                                                                                  63        63 
                          --------  --------  ---------  -------  --------  --------  ------------  --------  -------- 
 Share options settled           -         -          -       35         -         -             -       (5)        30 
                          --------  --------  ---------  -------  --------  --------  ------------  --------  -------- 
 Balance at 30 June 
  2021                      30,746    60,959        187    (337)       293     3,646          (46)   (7,731)    87,717 
                          --------  --------  ---------  -------  --------  --------  ------------  --------  -------- 
 
 
 Six months ended 30 
  June 2020 - unaudited 
 Balance at 1 January 
  2020                      30,579   60,959   187   (372)   293   3,599   244    (7,955)   87,534 
                           -------  -------  ----  ------  ----  ------  ----  ---------  ------- 
 Profit for the period           -        -     -       -     -       -     -      (841)    (841) 
                           -------  -------  ----  ------  ----  ------  ----  ---------  ------- 
 Other comprehensive 
  income                         -        -     -       -     -       -   467      (133)      334 
                           -------  -------  ----  ------  ----  ------  ----  ---------  ------- 
 Total comprehensive 
  income for the period          -        -     -       -     -       -   467      (974)    (507) 
                           -------  -------  ----  ------  ----  ------  ----  ---------  ------- 
 Transaction with owners 
                           -------  -------  ----  ------  ----  ------  ----  ---------  ------- 
 Issue of share capital        168        -     -       -     -      46     -          -      214 
                           -------  -------  ----  ------  ----  ------  ----  ---------  ------- 
 Share-based payment 
  charge                         -        -     -       -     -       -     -         65       65 
                           -------  -------  ----  ------  ----  ------  ----  ---------  ------- 
 Total transactions 
  with owners                  168        -             -     -      46     -         65      279 
                           -------  -------  ----  ------  ----  ------  ----  ---------  ------- 
 Balance at 30 June 
  2020                      30,747   60,959   187   (372)   293   3,645   711    (8,864)   87,306 
                           -------  -------  ----  ------  ----  ------  ----  ---------  ------- 
 
 
 Twelve months ended 
  31 December 2020 - 
  audited 
 Balance at 1 January 
  2020                             30,579   60,959   187   (372)   293   3,599     244    (7,955)     87,534 
  (Loss) for the period                 -        -     -       -     -       -       -    (2,172)    (2,172) 
  Other comprehensive 
   income                               -        -     -       -     -       -     381       (92)        289 
                                  -------  -------  ----  ------  ----  ------  ------  ---------  --------- 
 Total comprehensive 
  income for the period                 -        -     -       -     -       -     381    (2,264)    (1,883) 
                                  -------  -------  ----  ------  ----  ------  ------  ---------  --------- 
 Transaction with owners 
                                  -------  -------  ----  ------  ----  ------  ------  ---------  --------- 
 Shares issued as consideration       167                                   47                           214 
                                  -------  -------  ----  ------  ----  ------  ------  ---------  --------- 
 Share-based payment 
  charge                                                                                      142        142 
                                  -------  -------  ----  ------  ----  ------  ------  ---------  --------- 
 Exchange reserves realised                                                      (282)        282          - 
                                  -------  -------  ----  ------  ----  ------  ------  ---------  --------- 
 Total transactions 
  with owners                         167        -     -       -     -      47   (282)        424        356 
                                  -------  -------  ----  ------  ----  ------  ------  ---------  --------- 
 Balance at 31 December 
  2020                             30,746   60,959   187   (372)   293   3,646     343    (9,795)     86,007 
                                  -------  -------  ----  ------  ----  ------  ------  ---------  --------- 
 
 
 CONSOLIDATED STATEMENT OF CASH FLOWS 
  For the six months ended 30 June 2021 
                                            Notes    Unaudited    Unaudited       Audited 
                                                    Six months   Six months          Year 
                                                         ended        ended         ended 
                                                       30-June      30-June   31-December 
                                                          2021         2020          2020 
                                                        GBP000       GBP000        GBP000 
 
 Net cash from operating activities           6            170        6,203        10,083 
-----------------------------------------  ------  -----------  -----------  ------------ 
 Cash flow from investing activities 
                                           ------ 
 Acquisition of property, plant, and 
  equipment                                              (808)      (1,221)       (1,652) 
                                           ------ 
 Proceeds from sale of property, plant, 
  and equipment (*)                                        432          189           105 
 Acquisition of subsidiary                                   -        (202)         (164) 
 Payment of deferred and contingent 
  consideration                                              -        (218)         (219) 
-----------------------------------------  ------  -----------  -----------  ------------ 
 Net cash used in investing activities                   (376)      (1,452)       (1,930) 
 Cash flows from financing activities 
 Repayment of lease liabilities (*)                    (1,015)        (792)       (1,550) 
 Interest on right of use leases                         (123)        (131)         (264) 
 Other interest and loan arrangement 
  fee                                                    (271)        (249)         (603) 
 Repayment of loan by EBT                                   35            - 
 Share option payments to staff                            (5)            - 
-----------------------------------------  ------  -----------  -----------  ------------ 
 Net cash generated from / (used in) 
  financing activities                                 (1,379)      (1,172)       (2,417) 
-----------------------------------------  ------  -----------  -----------  ------------ 
 Net change in cash and cash equivalents               (1,585)        3,579         5,736 
 Cash and cash equivalents at start 
  of period                                              9,235        3,446         3,446 
                                           ------ 
 Exchange differences on cash and cash 
  equivalents                                            (114)           57            53 
-----------------------------------------  ------  -----------  -----------  ------------ 
 Cash and cash equivalents at end of 
  period                                                 7,536        7,082         9,235 
-----------------------------------------  ------  -----------  -----------  ------------ 
 

(*) H1 2021 includes net proceeds from disposal of right of use property located at Willenhall GBP119k. The lease agreement included a clause for compulsory purchase of the property on payment of GBP300k on termination of lease, shown as repayment of lease liabilities. The right of use asset was disposed immediately, realising GBP419k, after expenses.

 
                        Long-term   Lease liabilities     Total 
                       borrowings 
                           GBP000              GBP000    GBP000 
                     ------------  ------------------  -------- 
 At 1 January 2021         19,887               7,737    27,624 
 Cash flows 
 Repayment                      -             (1,015)   (1,015) 
 Other movements               20               (102)      (82) 
 Non-cash 
 New leases                     -                 656       656 
-------------------  ------------  ------------------  -------- 
 At 30 June 2021           19,907               7,276    27,183 
-------------------  ------------  ------------------  -------- 
 
 
 NOTES TO THE HALF-YEAR REPORT 
  For the six months ended 30 June 2021 
 
 
 1.General information 
------------------------------------------------------------------------------------ 
 
   The principal activity of Flowtech Fluidpower plc (the "Company") and its 
   subsidiaries (together, the "Group") is the distribution of engineering 
   components and assemblies, concentrating on the fluid power industry. The 
   Company is a public limited company incorporated and domiciled in the United 
   Kingdom. The address of its registered office is Bollin House, Wilmslow, 
   SK9 1DP. 
 
   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 Half-year report and the financial information for the 
   six months ended 30 June 2021 does not constitute full statutory accounts 
   within the meaning of section 434 of the Companies Act 2006 and are unaudited. 
   This unaudited Half-Year Report was approved by the Board of Directors on 
   7 September 2021. 
 
   The Group's financial statements for the year ended 31 December 2020 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 does not intend to bulk print and distribute hard copies of 
   this Half-year Report, although copies can be requested by contacting: 
   The Company Secretary, Flowtech Fluidpower plc, Bollin House, Bollin Walk, 
   Wilmslow, SK9 1DP. Email: info@flowtechfluidpower.com . 
 
   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 https://www.flowtechfluidpower.com . 
 
 
 2. aCCOUNTING POLICIES 
----------------------- 
 

2.1 Basis of preparation

The financial information set out in this consolidated Half-year Report has been prepared under International Accounting Standards in conformity with the requirements of the IFRIC interpretations issued by the International Accounting Standards Board (IASB) and the Companies Act 2006 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 2021. These are consistent with the accounting policies used in the Financial Statements for the year ended 31 December 2020.

   2.2   Going concern 

The financial statements are prepared on a going concern basis. The Directors believe this to be the most appropriate basis for the following reasons:

   --              The Group generated underlying operating profit of GBP3.4m 

-- The Group is financed by revolving credit facilities totalling GBP20m (recently extended to November 2023) and GBP5m overdraft facility, repayable on demand.

-- The Group has operated, and is expected to continue to operate, well within its Banking facilities.

The Directors have revisited the forecasts and continue to anticipate a profitable performance in the second half of 2021. Updated cash flow forecasts continue to show the business operating well within the limits of its Banking facilities.

Naturally, these forecasts include a number of key assumptions notably relating, inter alia, to revenue, margins, costs and working capital. In any set of forecasts there are inherent risks relating to each of these assumptions. If future trading performance significantly underperformed expectations, management believe there would be the ability to mitigate the impact of this by careful management of the Group's cost base and working capital and that this would assist in seeking to ensure all bank covenants were complied with and the business continued to operate well within its aggregate GBP25m banking facility.

The Group therefore continues to adopt the going concern basis in preparing its financial statements.

 
 3. OPERATING SEGMENTS 
---------------------- 
 

The Group monitors and reports business performance based on three segments, Flowtech, Fluidpower Group Solutions , and Fluidpower Group Services. The segments "Flowtech" and "Fluidpower Group Solutions" taken together make up what was previously called "Components". For a description of each segment please see the Editors note on page 2 of the release. Segment results for 6 months ending June 20 and full year ending December 20 have been re-stated on a comparable basis.

The Board is considered to be 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:

 
 Half year ended 30 June 2021       Flowtech   Fluidpower        Fluidpower   Inter-segmental   Central         Total 
                                                    Group    Group Services      transactions     costs    continuing 
                                                Solutions            GBP000            GBP000              operations 
                                      GBP000       GBP000                                        GBP000        GBP000 
 
 Income statement - continuing 
  operations: 
 Revenue from external customers      26,688       20,084             8,522                 -         -        55,294 
 Inter segment revenue                 2,789          461               662           (3,912)         -             - 
---------------------------------  ---------  -----------  ----------------  ----------------  --------  ------------ 
 Total revenue                        29,477       20,545             9,184           (3,912)         -        55,294 
---------------------------------  ---------  -----------  ----------------  ----------------  --------  ------------ 
 Underlying operating result*          3,962        2,053               194                 -   (2,827)         3,382 
 Net financing costs                    (71)         (44)               (2)                 -     (297)         (414) 
---------------------------------  ---------  -----------  ----------------  ----------------  --------  ------------ 
 Underlying segment result             3,891        2,009               192                 -   (3,124)         2,968 
---------------------------------  ---------  -----------  ----------------  ----------------  --------  ------------ 
 Separately disclosed items 
  (see note 3)                         (159)        (376)              (62)                 -      (79)         (676) 
---------------------------------  ---------  -----------  ----------------  ----------------  --------  ------------ 
 Profit before tax                     3,732        1,633               130                 -   (3,203)         2,292 
---------------------------------  ---------  -----------  ----------------  ----------------  --------  ------------ 
 Specific disclosure items 
 Depreciation on owned plant 
  ,property and equipment                359           65                85                 -         -           509 
 Depreciation on right-of-use 
  assets                                 295          358                37                 -        74           764 
 Amortisation                            121          343                62                 -         -           526 
---------------------------------  ---------  -----------  ----------------  ----------------  --------  ------------ 
 Reconciliation of underlying 
  operating result to operating 
  profit: 
 Underlying operating result*          3,962        2,053               194                 -   (2,827)         3,382 
 Separately disclosed items 
  (see note 3)                         (159)        (376)              (62)                 -      (79)         (676) 
---------------------------------  ---------  -----------  ----------------  ----------------  --------  ------------ 
 Operating profit/ (loss)              3,803        1,677               132                 -   (2,906)         2,706 
---------------------------------  ---------  -----------  ----------------  ----------------  --------  ------------ 
 
 
 Half year ended 30 June 2020       Flowtech   Fluidpower        Fluidpower   Inter-segmental   Central         Total 
                                                    Group    Group Services      transactions     costs    continuing 
                                                Solutions            GBP000            GBP000              operations 
                                      GBP000       GBP000                                        GBP000        GBP000 
 
 Income statement - continuing 
  operations: 
 Revenue from external customers      22,729       16,395             7,443                 -         -        46,567 
 Inter segment revenue                 2,129          361               504           (2,994)         -             - 
---------------------------------  ---------  -----------  ----------------  ----------------  --------  ------------ 
 Total revenue                        24,858       16,757             7,947           (2,994)         -        46,567 
---------------------------------  ---------  -----------  ----------------  ----------------  --------  ------------ 
 Underlying operating result*          2,908          423              (94)                 -   (2,305)           932 
 Net financing costs                    (74)         (57)               (3)                 -     (246)         (380) 
---------------------------------  ---------  -----------  ----------------  ----------------  --------  ------------ 
 Underlying segment result             2,834          366              (97)                 -   (2,551)           552 
---------------------------------  ---------  -----------  ----------------  ----------------  --------  ------------ 
 Separately disclosed items 
  (see note 3)                         (597)         (86)                 -                 -     (798)       (1,481) 
---------------------------------  ---------  -----------  ----------------  ----------------  --------  ------------ 
 Profit before tax                     2,237          280              (97)                 -   (3,349)         (929) 
---------------------------------  ---------  -----------  ----------------  ----------------  --------  ------------ 
 Specific disclosure items 
 Depreciation                            790          379               132                 -        46         1,347 
 Amortisation                              -            -                63                 -         -            63 
---------------------------------  ---------  -----------  ----------------  ----------------  --------  ------------ 
 Reconciliation of underlying 
  operating result to operating 
  profit: 
 Underlying operating result*          2,908          423              (94)                 -   (2,305)           932 
 Separately disclosed items 
  (see note 3)                         (597)         (86)                 -                 -     (798)       (1,481) 
---------------------------------  ---------  -----------  ----------------  ----------------  --------  ------------ 
 Operating profit/ (loss)              2,311          337              (94)                 -   (3,103)         (549) 
---------------------------------  ---------  -----------  ----------------  ----------------  --------  ------------ 
 
 
 Year ended 31 December 2020        Flowtech   Fluidpower        Fluidpower   Inter-segmental   Central         Total 
                                                    Group    Group Services      transactions     costs    continuing 
                                                Solutions            GBP000            GBP000              operations 
                                      GBP000       GBP000                                        GBP000        GBP000 
 
 Income statement - continuing 
  operations: 
 Revenue from external customers      46,060       33,578            15,443                 -         -        95,081 
 Inter segment revenue                 2,084          581               559             3,224         -             - 
---------------------------------  ---------  -----------  ----------------  ----------------  --------  ------------ 
 Total revenue                        48,144       34,159            16,002           (3,224)         -        95,081 
---------------------------------  ---------  -----------  ----------------  ----------------  --------  ------------ 
 Underlying operating result*          5,038        1,790           (1,236)                 -   (4,520)         1,072 
 Net financing costs                   (146)        (104)               (6)                 -     (498)         (754) 
---------------------------------  ---------  -----------  ----------------  ----------------  --------  ------------ 
 Underlying segment result             4,892        1,686           (1,242)                 -   (5,018)           318 
---------------------------------  ---------  -----------  ----------------  ----------------  --------  ------------ 
 Separately disclosed items 
  (see note 3)                         (862)        (862)             (240)                 -     (502)       (2,466) 
---------------------------------  ---------  -----------  ----------------  ----------------  --------  ------------ 
 Profit/(loss) before tax              4,030          824           (1,482)                 -   (5,520)       (2,148) 
---------------------------------  ---------  -----------  ----------------  ----------------  --------  ------------ 
 Specific disclosure items 
 Depreciation on owned plant, 
  property and equipment                 655          206               309                 -         -         1,170 
 Depreciation on right-of-use 
  assets                                 646          771                66                 -       124         1,607 
 Amortisation                            282          684               124                 -         -         1,090 
---------------------------------  ---------  -----------  ----------------  ----------------  --------  ------------ 
 Reconciliation of underlying 
  operating result to operating 
  profit: 
 Underlying operating result*          5,038        1,790           (1,236)                 -   (4,520)         1,072 
 Separately disclosed items 
  (see note 3)                         (862)        (862)             (240)                 -     (502)       (2,466) 
---------------------------------  ---------  -----------  ----------------  ----------------  --------  ------------ 
 Operating profit/(loss)               4,176          928           (1,476)                 -   (5,022)       (1,394) 
---------------------------------  ---------  -----------  ----------------  ----------------  --------  ------------ 
 

*Underlying operating result is continuing operations' operating profit before separately disclosed items (note 3).

 
            SEPARATELY DISCLOSED ITEMS 
---------------------------------------------------------------------------------------------------------------------- 
 
         *    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 
              restructuring advice, service contract termination 
              costs and employee redundancies. 
                                                          Six months              Six months                      Year 
                                                               ended                   ended                     ended 
                                                             30-June                 30-June               31-December 
                                                                2021                    2020                      2020 
                                                              GBP000                  GBP000                    GBP000 
            Share-based payment costs                             63                      65                       142 
            Amortisation of acquired 
             intangibles                                         526                     526                     1,090 
            Changes in amounts accrued for 
             contingent 
             and deferred consideration                            -                     218                       219 
            Restructuring costs                                   84                     644                       921 
            Acquisition costs                                      3                      28                        94 
--------------------------------------------  ----------------------  ----------------------  ------------------------ 
 Total                                                           676                   1,481                     2,466 
--------------------------------------------  ----------------------  ----------------------  ------------------------ 
 
 
 4. TAXATION 
-------------------------------------------------------------------------------------------- 
                                                      Six months   Six months           Year 
                                                           ended        ended          ended 
                                                         30-June      30-June    31-December 
                                                            2021         2020           2020 
                                                          GBP000       GBP000         GBP000 
---------------------------------------------------  -----------  -----------  ------------- 
 Current tax on income for the period - continuing 
  operations: 
 UK tax                                                      296         (57)           (73) 
 Overseas tax                                                149           69            146 
 Deferred tax credit                                       (114)        (100)           (66) 
 Adjustments in respect of prior year/ other 
  differences                                                104            -           (31) 
---------------------------------------------------  -----------  -----------  ------------- 
 Total taxation                                              435         (88)           (24) 
---------------------------------------------------  -----------  -----------  ------------- 
 
 
 The taxation for the period has been calculated by applying the estimated 
  tax rate for the financial year ending 31 December 2021. 
 
 
 5. 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 
   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. For diluted loss per share the weighted average number 
   of ordinary shares in issue is not adjusted. 
                                  Six months ended                                           Six months ended                                                Year ended 
------------ 
                                    30 June 2021                                               30 June 2020                                               31 December 2020 
------------  --------------------------------------------------------  ----------------------------------------------------------  ------------------------------------------------------------ 
                       Earnings            Weighted           Earnings           Earnings            Weighted             Earnings             Earnings            Weighted             Earnings 
                                            average                per                                average                  per                                  average            per share 
                                             number              share                                 number                share                                   number 
                                          of shares                                                 of shares                                                     of shares 
------------ 
                         GBP000               000's              Pence             GBP000               000's                Pence               GBP000               000's                Pence 
------------  -----------------  ------------------  -----------------  -----------------  ------------------  -------------------  -------------------  ------------------  ------------------- 
 Basic 
 earnings / 
 (loss) per 
 share 
 Continuing 
  operations              1,857              61,493              3.02p              (841)              61,354              (1.37p)              (2,172)              61,424              (3.54)p 
------------  -----------------  ------------------  -----------------  -----------------  ------------------  -------------------  -------------------  ------------------  ------------------- 
 
 Diluted 
 earnings 
 / (loss) 
 per share 
 Continuing 
  operations              1,857              61,702              3.01p              (841)              61,354              (1.37p)              (2,172)              61,488              (3.54)p 
------------  -----------------  ------------------  -----------------  -----------------  ------------------  -------------------  -------------------  ------------------  ------------------- 
 
 
                                                          Six months              Six months                      Year 
                                                               ended                   ended                     ended 
                                                             30 June                 30 June               31 December 
                                                                2021                    2020                      2020 
                                                              GBP000                  GBP000                    GBP000 
--------------------------------------------  ----------------------  ----------------------  ------------------------ 
            Weighted average number of 
             ordinary shares 
             for basic and diluted earnings 
             per share                                        61,493                  61,354                    61,424 
            Impact of share options                              209                       -                        64 
--------------------------------------------  ----------------------  ----------------------  ------------------------ 
            Weighted average number of 
             ordinary shares 
             for diluted earnings per share                   61,702                  61,354                    61,488 
--------------------------------------------  ----------------------  ----------------------  ------------------------ 
 
 
 6. NET CASH FROM OPERATING ACTIVITIES 
---------------------------------------------------------------------------------------------------------------------- 
                                                          Six months              Six months                      Year 
                                                               ended                   ended                     ended 
                                                             30 June                 30 June               31 December 
                                                                2021                    2020                      2020 
                                                              GBP000                  GBP000                    GBP000 
--------------------------------------------  ----------------------  ----------------------  ------------------------ 
 Reconciliation of profit before taxation to 
  net cash flows from operations: 
 Profit/ (loss) from continuing operations 
  before tax                                                   2,292                   (929)                   (2,148) 
 Depreciation on property, plant, and 
  equipment                                                      497                     533                     1,170 
 Depreciation on right-of-use assets (IFRS 
  16)                                                            764                     814                     1,607 
 Financial expense                                               414                     380                       754 
 (Profit) / Loss on sale of plant and 
  equipment                                                    (181)                      70                       184 
 Amortisation of intangible assets                               526                     526                     1,090 
 Write back liabilities                                            -                       -                      (19) 
 Equity settled share-based payment charge                        63                      65                       142 
 Change in amounts accrued for contingent 
  and 
  deferred consideration                                           -                     218                       219 
--------------------------------------------  ----------------------  ----------------------  ------------------------ 
 Operating cashflow before changes in 
  working 
  capital and provisions                                       4,375                   1,677                     2,999 
 Change in trade and other receivables                       (5,660)                     642                     3,455 
 Change in stocks                                            (1,743)                   1,578                     2,207 
 Change in trade and other payables                            2,694                   2 705                     2,118 
 Change in provisions                                              9                    (51)                      (47) 
--------------------------------------------  ----------------------  ----------------------  ------------------------ 
 Cash generated from operations                                (325)                   6,551                    10,732 
 Tax received/ (paid)                                            495                   (348)                     (649) 
--------------------------------------------  ----------------------  ----------------------  ------------------------ 
 Net cash generated from operating 
  activities                                                     170                   6,203                    10,083 
--------------------------------------------  ----------------------  ----------------------  ------------------------ 
 
 
 7. 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 2020 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. 
 8. 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. 
 
 

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