TIDMRFX
RNS Number : 6891I
Ramsdens Holdings PLC
28 November 2018
Ramsdens Holdings PLC
("Ramsdens", the "Group", the "Company")
Interim Results for the six months ended 30 September 2018
Continued strategic progress and on track to meet full year
expectations
Ramsdens, the diversified financial services provider and
retailer, today announces its Interim Results for the six months
ended 30 September 2018 (the "Period" or the "first half").
Highlights:
-- Continued Group revenue growth reflecting diversification of
the Group's core income streams with:
o Foreign Currency Exchange income down 2% to GBP7.3m (H1 FY18:
GBP7.5m) impacted by exceptionally hot UK summer weather as well as
Easter trading falling outside of the Period;
o Pawnbroking income less impairment up 5% in the period,
following an increase in loan book of 6% from financial year end at
31 March 2018 to GBP6.8m;
o Jewellery Retail revenue grew by 27% to GBP4.5m (H1 FY18:
GBP3.5m) including online jewellery retail which itself increased
by 126% year on year;
o Gross profit from purchases of precious metals grew 6% to
GBP2.6m (H1 FY18: GBP2.5m).
-- A small and expected decline in EBITDA year on year,
reflecting the absence of peak Easter holiday FX trading, the
opening costs associated with new stores, and investment in the
infrastructure and team to support growth, in part compensated by
improved retail jewellery and pawnbroking trading.
-- Four stores opened during the Period and these, together with
the four stores opened in H2 FY18, are collectively trading ahead
of initial expectations. A further four stores have opened since
the Period end.
Financial Summary:
6 months 6 Months ended Increase
ended 30 30 September / (Decrease)
September 2017
2018
Group Revenue GBP23.9m GBP21.8m 10%
EBITDA GBP5.7m GBP5.9m (3%)
Underlying EBITDA* GBP5.8m GBP6.0m (3%)
Profit Before Tax GBP5.0m GBP5.2m (3%)
Underlying Profit Before
Tax* GBP5.1m GBP5.3m (3%)
Basic EPS 13.0p 13.4p (3%)
Interim Dividend 2.4p 2.2p 9%
*Underlying EBITDA / Profit Before Tax is after adding back LTIP
costs
-- Net assets up GBP2.7m from the financial year end of 31 March 2018 to GBP30.3m.
-- Net cash of GBP12.4m, down GBP0.3m from financial year end of
31 March 2018 reflecting investments in new stores, additional
stock and the payment of the FY18 final dividend.
Peter Kenyon, Chief Executive, commented:
"The Group has had a good first half, reflecting the strengths
of our diversified business model and outstanding value-for-money
customer offering. Whilst there have been headwinds for the foreign
currency exchange market in the UK driven by 'staycation' trends
over the summer, our investments in pawnbroking, jewellery retail
and the store estate have delivered positive results and helped to
underpin an overall first half performance in line with the Board's
expectations.
Reflecting the Group's continued growth, as well as the Board's
confidence in the outlook, we are pleased to announce a 0.2p
increase in the interim dividend to 2.4p.
The collective performance of the new stores opened from late
2017 onwards has been ahead of expectations and we have made a
solid start to the second half of the year across our business
segments. We have momentum to take us into the seasonally important
Christmas period for jewellery retail and, underpinned by the
strength of our business model and brand, the Board remains
confident of delivering further progress on its strategic
objectives and achieving its expectations for the year."
Enquiries:
Ramsdens Holdings PLC Tel: +44 (0) 1642 579957
Peter Kenyon, CEO
Martin Clyburn, CFO
Liberum Capital Limited (Nominated Adviser) Tel: +44 (0) 20 3100 2000
Richard Crawley
Joshua Hughes
Hudson Sandler (Financial PR) Tel: +44 (0) 20 7796 4133
Alex Brennan
Lucy Wollam
About Ramsdens
Ramsdens is a growing, diversified, financial services provider
and retailer, operating in the four core business segments of
foreign currency exchange, pawnbroking loans, precious metals
buying and selling and retailing of second hand and new
jewellery.
Headquartered in Middlesbrough, the Group operates from 139
stores within the UK (including 4 franchised stores) and has a
small but growing online presence.
In the last financial year, the Group served over 800,000
customers across its different services. Ramsdens is fully FCA
authorised for its pawnbroking and credit broking activities.
www.ramsdensplc.com
www.ramsdensforcash.co.uk
CHIEF EXECUTIVE'S REPORT
I am pleased to report on another period of good progress. The
Group's performance, which is in line with the Board's
expectations, again demonstrates the strength of our business model
which is underpinned by our four core diversified income streams
and we remain confident of achieving our underlying PBT
expectations for the year.
The Group delivered revenue growth of 10% in the first half. A
prolonged period of exceptionally hot weather in the UK contributed
to a decline in foreign currency exchange revenue when compared to
the prior year but this was more than offset by growth across the
Group's other business segments. Our ongoing investment in
Jewellery Retail has generated strong results, while further growth
continued in the Pawnbroking loan book income as well as in
Purchases of Precious Metals.
Underlying PBT for the Period was in line with the Board's
expectations at GBP5.1m (H1 FY18 GBP5.3m). The small year on year
decline for the first half of the year was anticipated and
reflected the investments in the eight new stores opened since the
comparable period of the prior year, the absence of Easter foreign
exchange trading during the Period, and investment in our support
structure and developing our team.
Our new store opening programme is gathering pace and the early
overall performance of the four stores opened in the second half of
the last financial year as well as the four stores opened in the
Period has been encouraging across all core business segments.
The Group's performance in the first half of the year, as well
as the investments made across the business to support long-term
growth, give the Board continued confidence in our future
prospects.
FINANCIAL REVIEW
Gross profit increased by 4% to GBP16.7m, up from GBP16.1m in
the first half of the prior year. Administration expenses increased
by 7% to GBP11.7m (H1 FY18: GBP10.9m) primarily as a result of
increased staff costs to support the Group's continued store
roll-out strategy.
The balance sheet remains strong with net assets of GBP30.3m,
which is a GBP2.7m increase from the year end on 31 March 2018
(FY18). The main assets are cash (including foreign currency),
pawnbroking loans secured on gold jewellery and watches, and retail
jewellery stock.
Net cash was GBP12.4m at the period end, down GBP0.3m from FY18.
The Group has the benefit of a GBP7m revolving credit facility,
which was used in the Summer to fund higher stocks of foreign
currency.
A final dividend of 4.4p per share (GBP1.4m) for FY18 was paid
during the Period. The Directors are pleased to announce that,
reflecting the Group's continued momentum and confidence in the
outlook, they have approved an interim dividend of 2.4p per share,
(up 0.2p per share or 9% against the prior year). This will be paid
on 21 February 2019 to those shareholders on the register on 18
January 2019.
IFRS 9
These statements have been prepared under IFRS 9 'Financial
instruments', with prior periods not restated. The Group has now
disclosed pawnbroking revenue gross of impairment with impairment
disclosed separately as a cost of sale. In prior periods
pawnbroking revenue was recorded net of impairment. This change has
no impact on profit or reserves in the current or prior periods. A
summary of income and impairment for each of the periods is shown
below:
6 months ended 6 Months ended 12 Months ended
30 September 30 September 31 March 2018
2018 2017 unaudited
unaudited unaudited
Pawnbroking income GBP4.0m GBP3.7m GBP7.4m
Impairment (GBP0.3m) (GBP0.2m) (GBP0.4m)
Income less impairment GBP3.7m GBP3.5m GBP7.0m
Segmental Review
Foreign Currency Exchange
The Foreign Currency Exchange (FX) segment primarily comprises
the sale and purchase of foreign currency notes to holiday-makers.
Ramsdens also offers prepaid travel cards and international bank to
bank payments.
The Group's FX business delivered a resilient result in
challenging market conditions over the summer as the exceptionally
hot UK weather reduced overseas travel volumes and, consequently,
the demand for travel money. Despite these conditions and no peak
Easter trading during the Period (which there was in the the prior
year), a similar number of customers exchanged currency with the
Group during the Period (507,000 vs. 511,000 in H1 FY18). This is
testament to the strong and growing reputation the Group has for
great service and value for money currency exchange.
GBP315m of currency was exchanged with the Group in the Period,
a 3% decline year on year (H1 FY18: GBP324m). The sales margin has
been closely managed and, as a result, FX income was down just 2%
to GBP7.3m (H1 FY18: GBP7.5m). We continue to drive growth online,
allowing the Group to access a broader customer base, and
improvements to the currency website (www.ramsdenscurrency.co.uk)
led to an increase in online FX transactions of 26% to GBP18.2m (H1
FY18: GBP14.5m).
The commission from international bank to bank payments
increased by 44%. Whilst this is from a very low base it remains an
opportunity for long-term growth.
Pawnbroking
Pawnbroking is a small subset of the consumer credit market in
the UK and a simple form of asset backed lending dating back to the
foundations of banking. In a Pawnbroking transaction an item of
value, known as a pledge, (in Ramsdens' case jewellery and
watches), is held by the pawnbroker as security against a six-month
loan. Customers pay interest on this loan, repay the capital sum
borrowed and recover their pledged item. If a customer defaults on
the loan, the pawnbroker sells the pledged item to repay the amount
owed and returns any surplus funds to the customer. Pawnbroking is
regulated by the FCA in the UK and Ramsdens is fully FCA
authorised.
A change to six-month terms from five was implemented in October
2017, to move to an industry norm. This has had little impact on
interest income, but increased the loan book by approximately
GBP200,000 over the comparable prior year period. Customer numbers
increased by 2.7% over H1 FY18.
GBP000s (6 months to 30 H1 FY18 H1 FY17 % change FY 18
September)
Within contractual term 6,043 5,418 11.5% 5,732
Past due 757 625 699
Total Loan Book 6,800 6,043 12.5% 6,431
Interest income net of impairment was 5% higher at GBP3.7m (H1
FY18: GBP3.5m) and represented a half year yield of 55% on the
average pledge book during the period. The yield has fallen
slightly from 58% due to the change to six-month pledges.
Jewellery Retail
The Group offers new and second-hand jewellery and the Board
believes there is significant growth potential in this segment by
leveraging the retail store estate and e-commerce operations by
both cross-selling its other services to existing customers and
attracting new customers.
Jewellery Retail revenue grew by 27% to GBP4.5m (H1 FY18:
GBP3.5m). This growth was achieved despite the much-publicised
difficulties on the UK high street and reflects increasing
recognition of the value and quality of our Jewellery Retail
proposition.
We enjoyed positive contributions from our newer stores and
drove improved sales from established stores by continued
investment in jewellery stock and enhanced window displays.
E-commerce jewellery sales increased by 126% year on year
resulting in gross profit generated online increasing by GBP48k
year on year. Pleasingly, 58% of online sales were generated from
outside our branch customer catchment area. The Board believes that
this demonstrates the growing reputation of the Group as a
jewellery retail destination.
The jewellery gross profit margin fell from 54% to 52% year on
year reflecting the mix of sales with new jewellery sales and
second hand premium watch sales (both lower margin than second hand
jewellery) increasing as a percentage of total sales.
Gross profit from total Jewellery Retail increased by 23% to
GBP2.3m (H1 FY18 GBP1.9m).
Purchases of Precious Metals
Through the precious metals buying and selling service, Ramsdens
buys unwanted jewellery, gold and other precious metals from
customers for cash. Typically, a customer brings unwanted jewellery
into a Ramsdens store and a price is agreed with the customer
depending upon the retail potential, weight or carat of the
jewellery. The Group has second-hand dealer licences and other
permissions and adheres to the Police approved "gold standard" for
buying precious metals.
Once jewellery has been bought from the customer, the Group's
dedicated jewellery department assesses whether to scrap or to
retail the item through the store network or online. Income derived
from the sale of jewellery which is purchased and then retailed is
reflected in Jewellery Retail income and profits. The residual
items are smelted and sold to a bullion dealer for their intrinsic
value and the proceeds are reflected in the accounts as Precious
Metals buying income. The Group has continued its strategy to
increase jewellery retail stock levels to assist jewellery retail
sales.
Group gross profit was up 6% to GBP2.6m (H1 FY18: GBP2.5m). The
increase in profitability is primarily a result of the new stores,
as the like-for-like weight of gold purchases was broadly flat. The
average sterling gold price during the Period fell by 3%.
Other Financial Services
In addition to the four core business segments, the Group also
provides additional services in cheque cashing, Western Union money
transfer, sale and buy back of electronics, franchise fees and
credit broking.
Gross profit from these income streams remained stable and in
line with expectations at GBP0.8m (H1 FY17: GBP0.8m).
OPERATIONAL REVIEW
We have invested in our regional and area support structure
including increasing our training team. This will help manage
growth and maximise the early returns of our new stores by
providing additional support. We have an ongoing programme to
continue to develop our team thereby helping to make the Group both
a great place to work and a great consumer experience.
We continue to actively manage our branch estate and 122 of our
123 established stores (defined as stores opened for more than two
years) are profitable on a standalone basis. The average term to
the end of the lease or a break option across the established store
estate is just 30 months, providing significant flexibility in
managing our retail estate. The Group has only one marginally loss
making established store and this was relocated during 2017. This
store has shown positive momentum in recent months and has the
benefit of a very flexible lease arrangement should its performance
not further improve to meet our criteria.
Two stores were relocated in the Period, in Glasgow and Halifax.
A further four stores are scheduled to relocate to better locations
in the second half of this financial year.
Four new stores were opened in the Period, in Whitehaven, Alloa,
Preston and Kendal. Subsequent to the Period end, four more stores
were opened, Castleford in October and Otley, Ripon and Bristol in
November. A further store is awaiting shop fit and there are two
additional stores currently progressing through the legal
process.
I would like to take this opportunity to thank each and every
staff member for their hard work and outstanding contribution
during the Period.
OUTLOOK
Despite a backdrop of Brexit uncertainty impacting consumer
confidence and struggling high streets, the Board believes that our
outstanding value proposition for customers will enable the Group
to continue to grow and prosper.
The Group is committed to its stated growth strategy of
improving what it does, opening more stores and developing its
online offering. The Group has a good pipeline of store
opportunities to achieve its objective of 12 new stores per annum
over the medium term.
The Group has made a solid start to the second half of the year
across all business segments and we have positive momentum to take
us into the seasonally important Christmas period for jewellery
retail. The Board remains confident of delivering further progress
on its strategic objectives and achieving its expectations for the
year.
Peter Kenyon
Chief Executive Officer
Interim Condensed Financial Statements
Unaudited condensed consolidated statement of comprehensive
income
For the six months ended 30 September 2018
6 months 6 months 12 months
ended Ended ended
30 September 30 September 31 March
2018 2017 2018
Unaudited Unaudited Audited
Note GBP'000 GBP'000 GBP'000
Revenue 3 23,934 21,758 39,942
Cost of sales (7,207) (5,642) (11,595)
------------- ----------------- ----------
Gross profit 3 16,727 16,116 28,347
Administrative expenses (11,655) (10,879) (21,937)
------------- ----------------- ----------
Operating profit 5,072 5,237 6,410
Finance Costs 5 (88) (105) (177)
Gain on fair value of derivative
financial liability 34 43 79
------------- ----------------- ----------
Profit before tax 5,018 5,175 6,312
Income tax expense (1,013) (1,034) (1,278)
Total comprehensive income
for the period 4,005 4,141 5,034
------------- ----------------- ----------
Basic earnings per share in
pence 7 13.0 13.4 16.3
Diluted earnings per share
in pence 7 12.7 13.2 15.9
Unaudited condensed consolidated statement of changes in
equity
For the six months ended 30 September 2018
6 months 6 months 12 months
ended ended ended
30 September 30 September 31 March
2018 2017 2018
Unaudited Unaudited Audited
GBP'000 GBP'000 GBP'000
Opening total equity 27,568 23,395 23,395
Total comprehensive income
for the period 4,005 4,141 5,034
Dividends paid (1,357) (401) (1,079)
Share based payments 101 81 161
Deferred tax on share based
payments 12 28 57
------------- --------------- -------------
Closing total equity 30,329 27,244 27,568
------------- --------------- -------------
Unaudited condensed consolidated statement of financial
position
At 30 September 2018
As at As at As at
30 September 30 September 31 March
2018 2017 2018
Unaudited Unaudited Audited
Note GBP'000 GBP'000 GBP'000
Assets
Non-current assets
Property, plant and equipment 4,939 3,935 4,302
Intangible assets 402 446 429
Investments - - -
Deferred tax assets 111 - 84
5,452 4,381 4,815
Current Assets
Inventories 8,500 6,390 7,567
Trade and other receivables 11,507 10,465 10,613
Cash and short term deposits 14,398 16,519 14,619
------------- ------------- -------------
34,405 33,374 32,799
------------- ------------- -------------
Total assets 39,857 37,755 37,614
------------- ------------- -------------
Current liabilities
Trade and other payables 4,945 4,930 5,793
Interest bearing loans
and borrowings 4 2,013 3,101 1,883
Accruals and deferred
income 955 890 1,281
Income tax payable 1,182 1,124 633
------------- ------------- -------------
9,095 10,045 9,590
------------- ------------- -------------
Net current assets 25,310 23,329 23,209
------------- ------------- -------------
Non-current liabilities
Interest bearing loans
and borrowings 4 0 5 1
Accruals and deferred
income 319 326 300
Derivative financial liabilities 6 76 40
Deferred tax liabilities 108 59 115
------------- ------------- -------------
433 466 456
------------- ------------- -------------
Total liabilities 9,528 10,511 10,046
------------- ------------- -------------
Net assets 30,329 27,244 27,568
------------- ------------- -------------
Equity
Issued capital 8 308 308 308
Share premium 4,892 4,892 4,892
Retained earnings 25,129 22,044 22,368
------------- ------------- -------------
Total equity 30,329 27,244 27,568
------------- ------------- -------------
Unaudited condensed consolidated statement of cash flows
For the six months ended 30 September 2018
6 months 6 months 12 months
ended ended ended
30 September 30 September 31 March
2018 2017 2018
Unaudited Unaudited Audited
GBP'000 GBP'000 GBP'000
Operating activities
Profit before tax 5,018 5,175 6,312
------------- ------------- ----------
Adjustments to reconcile profit
before tax to net cash flows:
Depreciation and impairment
of property, plant & equipment 568 525 1,079
Amortisation and impairment
of intangible assets 69 103 211
Change in derivative financial
instruments (34) (43) (79)
Loss on disposal of property,
plant and equipment 20 19 29
Share based payments 101 81 161
Finance costs 88 105 177
Working capital adjustments:
Movement in trade and other receivables
and prepayments (894) (1,103) (1,251)
Movement in inventories (933) (1,052) (2,229)
Movement in trade and other
payables (1,153) 1,119 2,350
------------- ------------- ----------
2,850 4,929 6,760
Interest paid (90) (98) (173)
Income tax paid (486) (265) (999)
------------- ------------- ----------
Net cash flows from operating
activities 2,274 4,566 5,588
------------- ------------- ----------
Investing activities
Proceeds from sales of property,
plant and equipment 3 - 1
Purchase of property, plant
and equipment (1,228) (269) (1,201)
Purchase of intangible assets (42) (20) (111)
------------- ------------- ----------
Net cash flows from investing
activities (1,267) (289) (1,311)
Financing Activities
Dividends paid (1,357) (401) (1,079)
Payment of finance lease liabilities (4) (4) (8)
Bank loans drawn down 133 783 1,875
Repayment of bank borrowings - - (2,310)
------------- ------------- ----------
Net cash flows from/(used
in) financing activities (1,228) 378 (1,522)
------------- ------------- ----------
Net increase in cash and cash
equivalents (221) 4,655 2,755
Cash and cash equivalents
at start of period 14,619 11,864 11,864
------------- ------------- ----------
Cash and cash equivalents
at end of period 14,398 16,519 14,619
------------- ------------- ----------
Unaudited notes to the interim condensed financial
statements
For the six months ended 30 September 2018
1. Basis of preparation
The interim condensed financial statements of the Group for the
six months ended 30 September 2018, which are unaudited, have been
prepared in accordance with the International Financial Reporting
Standards ('IFRS') accounting policies adopted by the Group and set
out in the annual report and accounts for the year ended 31 March
2018, except for the adoption of IFRS 9. The Group does not
anticipate any change in these accounting policies for the year
ending 31 March 2019. As permitted, this interim report has been
prepared in accordance with the AIM rules and not in accordance
with IAS 34 "Interim financial reporting". While the financial
figures included in this interim earnings announcement have been
computed in accordance with IFRS's applicable to interim periods,
this announcement does not contain sufficient information to
constitute an interim financial report as that term is defined in
the IFRS.
The financial information contained in the interim report also
does not constitute statutory accounts for the purpose of section
434 of the Companies Act 2006. The financial information for the
year ended 31 March 2018 is based on the statutory accounts for the
year ended 31 March 2018 which have been filed with the Registrar
of Companies and are available on the Group's website
www.ramsdensplc.com. The auditors reported on those accounts: their
report was unqualified, did not draw attention to any matters by
way of emphasis and did not contain a statement under section 498
(2) or (3) of the Companies Act 2006.
After conducting a further review of the group's forecasts of
earnings and cash over the next twelve months and after making
appropriate enquiries as considered necessary, the directors have a
reasonable expectation that the Company and Group have adequate
resources to continue in operational existence for the foreseeable
future. Accordingly, they continue to adopt the going concern basis
in preparing the half yearly condensed financial statements.
2. IFRS 9 - Change in accounting policy
IFRS 9 'Financial instruments' has replaced IAS 39 'Financial
Instruments - Recognition and Measurement'. This change in
accounting standards has affected the way in which pawnbroking
income and impairment is reported through the financial statements.
The Group will continue to use amortised cost to measure financial
assets but interest income will now be reported gross of impairment
with an impairment cost shown separately as a cost of sale.
Interest income was previously shown net of impairment through
revenue. The Group has chosen not to restate the comparative
balances in line with the modified retrospective approach. The
change in accounting policy does not have an effect on opening
reserves. The Group notes that due to the short contract term of
pawnbroking loans the 12 month expected credit losses and the
lifetime expected credit losses are the same.
Unaudited notes to the interim condensed financial statements
(continued)
For the six months ended 30 September 2018
3. Segmental Reporting
6 months 6 months 12 months
ended ended ended
30 September 30 September 31 March
2018 2017 2018
Unaudited Unaudited Audited
GBP'000 GBP'000 GBP'000
Revenue
Pawnbroking 4,013 3,474 6,966
Purchases of precious metals 6,829 5,890 10,936
Retail Jewellery sales 4,503 3,547 7,960
Foreign currency margin 7,297 7,461 11,329
Income from other financial
services 1,292 1,386 2,751
------------- ------------- ----------
Total Revenue 23,934 21,758 39,942
------------- ------------- ----------
Gross profit
Pawnbroking 3,657 3,474 6,966
Purchases of precious metals 2,630 2,478 4,356
Retail Jewellery sales 2,343 1,907 4,130
Foreign currency margin 7,297 7,461 11,329
Income from other financial
services 800 796 1,566
------------- ------------- ----------
Total Gross profit 16,727 16,116 28,347
------------- ------------- ----------
Administrative expenses (11,655) (10,879) (21,937)
Finance costs (88) (105) (177)
Gain on fair value of derivative
financial liability 34 43 79
------------- ------------- ----------
Profit before tax 5,018 5,175 6,312
------------- ------------- ----------
Income from other financial services comprises of cheque cashing
fees, Electronics & buybacks, agency commissions on
miscellaneous financial products.
The Group is unable to meaningfully allocate administrative
expenses, or financing costs between the segments due to the fact
that these include staff costs who undertake all services in
branches. Accordingly, the Group is unable to disclose an
allocation of items included in the Consolidated Statement of
Comprehensive Income below Gross profit, which represents the
reported segmental results.
Unaudited notes to the interim condensed financial statements
(continued)
For the six months ended 30 September 2018
3. Segmental Reporting
6 months 6 months 12 months
ended ended ended
30 September 30 September 31 March
2018 2017 2018
Unaudited Unaudited Audited
Other information GBP'000 GBP'000 GBP'000
Capital additions (*) 1,281 289 1,312
Depreciation and amortisation
(*) 637 628 1,290
Assets
Pawnbroking 10,026 8,793 9,421
Purchases of precious metals 1,459 1,160 1,323
Retail Jewellery sales 6,954 5,067 6,214
Foreign currency margin 6,644 7,303 7,162
Income from other financial
services 449 533 472
Unallocated (*) 14,325 14,899 13,022
------------- ------------- ----------
39,857 37,755 37,614
------------- ------------- ----------
Liabilities
Pawnbroking 261 208 254
Purchases of precious metals 5
Retail Jewellery sales 958 759 1,418
Foreign currency margin 2,361 2,478 2,814
Income from other financial
services 282 324 422
Unallocated (*) 5,666 6,742 5,133
------------- ------------- ----------
9,528 10,511 10,046
------------- ------------- ----------
(*) The Group is unable to meaningfully allocate this
information by segment due to the fact that all segments operate
from the same stores and the assets and liabilities are common to
all segments.
Unaudited notes to the interim condensed financial statements
(continued)
For the six months ended 30 September 2018
4. Borrowing
6 months 6 months 12 months
ended ended ended
30 September 30 September 31 March
2018 2017 2018
Unaudited Unaudited Audited
GBP'000 GBP'000 GBP'000
Short term bank loans 2,008 3,093 1,875
Hire purchase agreements 5 8 8
------------- ------------- -----------
Amount due for settlement within
one year 2,013 3,101 1,883
------------- ------------- -----------
Hire purchase agreements - 5 1
------------- ------------- -----------
Amount due for settlement after
more than one year - 5 1
------------- ------------- -----------
5. Finance costs
6 months 6 months 12 months
ended ended ended
30 September 30 September 31 March
2018 2017 2018
Unaudited Unaudited Audited
GBP'000 GBP'000 GBP'000
Interest on debts and borrowings 88 105 176
Finance charges payable under
hire purchase contracts - - 1
------------- ------------- -----------
Total finance costs 88 105 177
------------- ------------- -----------
6. Tax on profit
The taxation charge for the six months ended 30 September 2018
has been calculated by reference to the expected effective
corporation tax and deferred tax rates for the full financial
year to end on 31 March 2019. The underlying effective full
year tax charge is estimated to be 20%.
7. Earnings per share
6 months 6 months 12 months
ended ended ended
30 September 30 September 31 March
2018 2017 2018
Unaudited Unaudited Audited
Profit for the period (GBP'000) 4,005 4,141 5,034
Weighted average number of shares
in issue 30,837,653 30,837,653 30,837,653
Earnings per share (pence) 13.0 13.4 16.3
Fully diluted earnings per share
(pence) 12.7 13.2 15.9
Unaudited notes to the interim condensed financial statements
(continued)
For the six months ended 30 September 2018
8. Issued capital and reserves
Ordinary shares issued and fully paid No. GBP'000
At 30 September 2017 30,837,653 308
At 30 September 2018 30,837,653 308
9. Dividends
On 26 November 2018, the directors approved a 2.4 pence interim
dividend (30 September 2017: 2.2p) which equates to a dividend
payment of GBP740,000 (30 September 2017: GBP678,000). The dividend
will be paid on 21 February 2019 to shareholders on the share
register at the close of business on 18 January 2019 and has
not been provided for in the September 2018 interim results.
The shares will be marked ex-dividend on 17 January 2019.
On 19 July 2018, the shareholders approved the payment of a
4.4 pence final dividend for the year ended 31 March 2018 which
equates to a dividend payment of GBP1,357,000 (31 March 2017:
GBP401,000). The dividend was paid on 20 September 2018.
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 FMMZMRNZGRZM
(END) Dow Jones Newswires
November 28, 2018 02:00 ET (07:00 GMT)
Ramsdens (LSE:RFX)
Historical Stock Chart
From Mar 2024 to May 2024
Ramsdens (LSE:RFX)
Historical Stock Chart
From May 2023 to May 2024
