Murgitroyd Group PLC Trading update and notice of final results (4409Z)
31 August 2018 - 9:33PM
UK Regulatory
TIDMMUR
RNS Number : 4409Z
Murgitroyd Group PLC
31 August 2018
Murgitroyd Group PLC ("the Group")
Trading update statement and notice of final results
The Board of Murgitroyd Group PLC issues the following trading
update in respect of the financial year ended 31 May 2018.
The Board is pleased to announce that it expects to report
underlying profit before income tax for the year ended 31 May 2018
in line with existing market expectations at GBP4.08m (2017:
GBP3.80m). Group operating cashflow has remained strong with record
year end cash balances of GBP3.03m and current cash balances of in
excess of GBP3.2m on which basis, in line with the Group's
commitment to a progressive dividend policy, the Board intends to
recommend payment of a final dividend of 14.5p pence per share
(2017: 12p pence) which, if approved, will result in a total
dividend payment for the year of 21p pence per share (2017: 17p
pence).
The results for the period will include an exceptional provision
of GBP408,000, net of tax relief, agreed in consultation with the
Group's Auditors in relation to a single aged debtor balance. The
client in question is a longstanding client of the Group who has
traded with it for over 21 years, remitting over GBP1.1m in cash
over this time period. The client continues to pay, does not
dispute the debt, and has formally confirmed to the Group its
intention to settle the balance in full as and when resources
permit. However in view of the quantum of current payments, and the
age of the current balance, 80% of which relates to financial years
2016 and earlier, the Board considers that it is prudent to make
full provision at this time.
Notwithstanding the provision, reported basic earnings per share
for the year ended 31 May 2018 are 5% higher year-on-year at 29.7p,
and based on underlying earnings are 21% higher.
The Group will announce results for the financial year ended 31
May 2018 on 11 September 2018.
For further information, please contact:
Keith Young, Murgitroyd Group PLC T: 07802 951913
Sandy Fraser, N+1 Singer (NOMAD and Broker) T: 0207 496 3000
Nadja Vetter, Cardew Group T: 07941 340436
Emma Crawshaw, Cardew Group T: 07971 468308
Cardew Group T: 0207 930 0777
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END
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