TIDMVANL
RNS Number : 5557U
Van Elle Holdings PLC
19 January 2017
Van Elle Holdings plc
("Van Elle" or the "Group")
Interim results for the six months ended 31 October 2016
Van Elle Holdings plc (the "Group"), the AIM listed geotechnical
contractor offering a wide range of ground engineering techniques
and services to customers in a variety of UK construction end
markets, announces its unaudited interim results for the six months
ended 31 October 2016:
Highlights
-- Successful admission to AIM on 26 October 2016
-- First half results in line with the Board's expectations
-- Group first half revenues increased by 7.6% to GBP43.1m (H1 2016: GBP40.1m)
-- Solid trading performance achieving a gross margin of 36.2% (H1 2016: 35.4%)
-- Investment in new rigs of GBP2.1m
-- Net IPO proceeds of GBP7.4m to further strengthen financial position
-- Maiden interim dividend of pence 0.85 pence per share
Jon Fenton, CEO, commented:
"We are pleased with our performance in the first half of this
financial year. The Group continued to deliver operationally
through the IPO process, reflecting the high quality divisional and
central teams at Van Elle.
"Trading since the period end has been in line with our
expectations, with a good level of work undertaken over the
Christmas period. The second half is an important period for the
Group, particularly the Specialist Piling division which has a
number of contracts expected to be confirmed and commenced in the
period. The anticipated outturn for the full year remains in line
with the Board's expectations.
"The admission to AIM has given Van Elle an elevated platform
from which to drive the business forward. We are excited by the
opportunities for the business and the Board is focussed on
executing against its strategy as we move forward."
19 January 2017
Van Elle Holdings plc 017 7358 0580
Jon Fenton, Chief Executive Officer
Paul Pearson, Chief Financial
Officer
Instinctif Partners (Financial
Public Relations) 020 7457 2020
Mark Garraway
James Gray
Rosie Driscoll
Peel Hunt LLP (Nominated Adviser
and corporate broker) 020 7418 8900
Charles Batten
Mike Bell
Justin Jones
The information contained within this announcement is deemed by
the Company to constitute inside information as stipulated under
the Market Abuse Regulation. Upon the publication of this
announcement via Regulatory Information Service, this inside
information is now considered to be in the public domain.
Van Elle Holdings plc Interim Report to 31 October 2016
Board's Statement
Van Elle was admitted to trading on AIM on 26 October 2016,
following a successful IPO process which provided the Group with a
strong platform for future growth as well as raising net proceeds
of GBP7.4m to enable the Group to accelerate its strategy.
The Board is pleased to report that revenue in the six months to
31 October 2016 increased by 7.6% to GBP43.1m (H1 2016: GBP40.1m)
with the gross margin for the period increasing to 36.2% (H1 2016:
35.4%). This trading performance reflects the delivery of a large
number of contracts across a broad range of end markets, with the
Group able to achieve good returns through its long-standing and
effective operational model.
As anticipated, operating profit, before exceptional IPO costs
of GBP1.5m, decreased by 8.1% to GBP4.9m (H1 2016: GBP5.3m)
reflecting the sales mix within Specialist Piling and increased
overhead investment made by the Group to ensure it had adequate
resource, in both piling rigs and people, to deliver on the
traditionally busier second half of the year. After net finance
costs of GBP0.2m (H1 2016: GBP0.2m), profit before tax and
exceptional IPO costs decreased to GBP4.7m (H1 2016: GBP5.2m) with
statutory profit before tax being GBP3.2m (H1 2016: GBP5.2m).
Van Elle saw no adverse impact for its services following the EU
referendum in June 2016 and levels of demand in the Group's end
markets remain consistent. In addition, during the first half, the
Group secured its largest ever single contract for GBP5m in the
Specialist Piling division which is currently being delivered.
Reported basic and diluted earnings per share were 3.2p.
Underlying operating cash inflow for the period, before
movements in working capital and after IPO costs, was GBP5.6m (H1
2016: GBP6.8m). There was net investment in working capital in the
first half of the year of GBP2.7m with net cash generated from
operations of GBP2.6m.
Net capital expenditure in the period was GBP3.3m (H1 2016:
GBP3.4m; H2 2016: 2.8m) which included the continued development of
the Group's precast concrete manufacturing facilities and
additional piling rigs to support activity in the busier second
half of the year. This figure also includes capex of GBP0.2m to
ensure the existing rig fleet is capable of operating at maximum
efficiency.
Including the net IPO proceeds of GBP7.4m, the Group's net debt
as at 31 October 2016 was GBP4.1m, comprising cash of GBP8.8m net
of HP and loan debt of GBP12.9m (H1 2016: GBP4.9m, of which GBP5.8m
was cash, net of GBP10.7m HP and loan debt).
Net assets between the year end of 30 April 2016 and 31 October
2016 increased by GBP11.1m to GBP31.9m due to profit retained in
the company of GBP2.2m and the impact of the share issue of
GBP8.8m.
Divisional review
General Piling
Revenue during the first half remained flat year on year at
GBP21.2m. The division delivered a large number of contracts across
a range of end markets with strong demand from new housing and the
commercial sector in particular. Gross margins increased from 32%
to 35% reflecting a positive mix of work, as well as efficiency
benefits, with divisional operating profit improving by GBP0.1m to
GBP2.6m (H1 2016: GBP2.5m).
Specialist Piling
Revenue increased by 3.9% to GBP11.5m (H1 2016: GBP11.0m),
driven by high levels of activity in the division's restricted
access business offset by a lower level of demand for on-track rail
work in the period. The sales mix resulted in a reduction in gross
margin from 49% to 46%. Divisional operating profit in the period
declined by GBP0.9m to GBP1.4m (H1 2016: GBP2.3m), in line with
management's expectations, as a result of the mix impact of the
lower level of sales activity in on-track rail and the investment
in overhead.
Ground Engineering Services
Revenue increased by 2.6% to GBP4.9m (H1 2016: GBP4.7m), with
gross margins improving from 34% to 41% as a result of an increased
level of higher margin ground stabilisation work. Operating profit
in the period remained flat at GBP0.3m due to the impact of
increased overheads arising from the start up of operations in
Scotland, which contributed GBP0.1m of revenue in the first
half.
Ground Engineering Products
Revenue increased by 84.0% to GBP5.6m (H1 2015: GBP3.0m),
largely as a result of the continued success of the Group's
Smartfoot(R) modular foundation product which grew by 57% year on
year, contributing GBP1.6m of the increased turnover. Revenue from
the production of pre-cast piles for internal use also increased as
a result of greater demand from the General Piling division.
Divisional operating profit grew to GBP0.5m (H1 2016: GBP0.1m),
with the EBITA margin increasing to 8.9% (H1 2016: 2.4%) due to the
operational gearing benefits of the increased revenue on the
recently expanded production base. In addition, the division saw
early demand for pre-cast products in Scotland, produced at the
Group's new facility in Glasgow, exceed initial expectations.
Board Changes
As announced on 23 December 2016, Michael Ellis, co-founder of
Van Elle, retired as Non-Executive Chairman with effect from 31
December 2016, having supported the Group through the successful
IPO process. Adrian Barden has been appointed acting Non-Executive
Chairman and the Board will consider in due course if another
independent Non-Executive Director should be appointed.
Dividend
The Board has declared a maiden interim dividend of 0.85 pence
per share. The interim dividend will be paid on 28 February 2017 to
shareholders on the register on 27 January 2017. The shares will
trade ex-dividend on 26 January 2017.
Outlook and future prospects
Trading since the period end has been in line with the Board's
expectations, with a good level of work undertaken over the
Christmas period. The second half is an important period for the
Group, particularly the Specialist Piling division which has a
number of contracts expected to be confirmed and commenced in the
period. The anticipated outturn for the full year remains in line
with the Board's expectations.
Consolidated statement of comprehensive
income
for 6 months ended 31
October 2016
6 months 6 months 12 months
to 31 to 31 to 30
October October April
2016 2015 2016
(unaudited) (unaudited) (audited)
Note GBP000 GBP000 GBP000
Revenue 43,126 40,063 84,199
Cost of Sales (27,512) (25,873) (53,796)
Gross Profit 15,614 14,190 30,403
Administrative Expenses (10,917) (8,862) (19,348)
Exceptional Costs 3. (1,452) - -
Other Operating Income 6. 200
------------- ------------- -----------
Operating Profit 3,445 5,328 11,055
Finance Expense (219) (167) (344)
Finance Income 5 10 11
------------- ------------- -----------
Profit before income
tax 3,231 5,171 10,722
Income Tax Expense (995) (1,098) (2,277)
Total comprehensive
profit for the period 2,236 4,073 8,445
Earnings per share:
Basic 3.2p 5.8p 12.1p
Diluted 3.2p 5.8p 12.1p
Consolidated statement of financial
position
for 6 months ended
31 October 2016
31 October 31 October 30 April
2016 (unaudited) 2015 (unaudited) 2016
(audited)
GBP000 GBP000 GBP000
ASSETS
Non-current assets
Intangible assets 2,291 2,179 2,291
Property, plant
and equipment 28,830 21,469 25,120
31,121 23,648 27,411
------------------ ------------------ -----------
Current Assets
Inventories 1,704 1,065 1,611
Trade and other
receivables 20,353 13,396 16,696
Cash and cash equivalents 8,806 5,819 3,601
30,863 20,280 21,908
------------------ ------------------ -----------
TOTAL ASSETS 61,984 43,928 49,319
------------------ ------------------ -----------
LIABILITIES
Current Liabilities
Trade and other
payables 15,084 12,972 14,314
Loans and borrowings 3,621 2,850 3,500
Current tax payable 1,111 1,658 1,224
19,816 17,480 19,038
Non-current liabilities
Provisions 327 1,231 375
Deferred tax 712 596 712
Loans and borrowings 9,245 7,820 8,442
Total Liabilities 30,100 27,127 28,567
------------------ ------------------ -----------
NET ASSETS 31,884 16,801 20,752
================== ================== ===========
EQUITY AND LIABILITIES
Issued share capital 1,600 1,006 1,006
Share premium 8,633 - -
Non-controlling
interest 18 18 18
Retained earnings 21,633 15,777 19,728
------------------ ------------------ -----------
TOTAL EQUITY 31,884 16,801 20,752
================== ================== ===========
Consolidated statement of changes in equity
for 6 months ended October 2016
Share Share Non-controlling Retained Total
capital premium interest earnings equity
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Balance at 1 May
2015 1,006 - 18 11,704 12,728
Total comprehensive
income - - - 4,073 4,073
_______ _______ _______ _______ _______
Balance at 31
October 2015 1,006 - 18 15,777 16,801
_______ _______ _______ _______ _______
Total comprehensive
income - - - 4,372 4,372
Dividend payment - - - (421) (421)
_______ _______ _______ _______ _______
Balance at 30
April 2016 1,006 - 18 19,728 20,752
_______ _______ _______ _______ _______
Total comprehensive
income - - - 2,236 2,236
Share redesignation
and bonus issue 63 - - - 63
Issue of bonus
shares 331 - - (331) -
Issue of ordinary
shares on IPO 200 9,800 - - 10,000
Share issue costs - (1,167) - - (1,167)
_______ _______ _______ _______ _______
Balance at 31
October 2016 1,600 8,633 18 21,633 31,884
_______ _______ _______ _______ _______
On 21 October 2016 the company carried out a bonus issue of
shares allotted to existing shareholders for no consideration. The
bonus issue increased the issued share capital of the company by
GBP331k.
On 21 October 2016 the company redesignated its 50p A ordinary
shares, 50p B ordinary shares, 1p C ordinary shares and 15p D
ordinary shares into a single class of 1p ordinary shares. This
process did not result in changes to the issued share capital of
the company and was carried out in order to facilitate the
Listing.
On 26 October 2016 the Company's shares were admitted to trading
on the Alternative Investment Market of the London Stock Exchange
(the "Listing"). In conjunction, the Company made an initial public
offering ("IPO") of 10,000,000 new 1 pence ordinary shares at a
price of 100 pence per ordinary share.
Costs relating directly to the new issue of shares to the amount
of GBP1.2 million were deducted from the share
premium account. Other costs attributable to the Listing were expensed.
Consolidated cash flow 6 months 12 months
statement 6 months to 31 to 30
For 6 months ended 31 October to 31 October October April
2016 2016 (unaudited) 2015 (unaudited) 2016 (audited)
Cash from operating activities GBP000 GBP000 GBP000
Profit for the year 2,236 4,073 8,445
Adjusted for;
Depreciation 2,141 1,508 3,333
Finance income (5) (10) (11)
Finance expense 219 167 344
Gain on sale of property,
plant and equipment - - (53)
Income tax expense 995 1,098 2,277
------------------ ------------------ ----------------
5,586 6,836 14,335
(Increase)/decrease in
inventories (93) 39 (507)
(Increase)/decrease in
trade and other receivables (3,657) 3,740 440
Increase/(decrease) in
trade and other payables 833 (2,769) (1,919)
Decrease in provisions (48) (75) (931)
Cash generated from operations 2,621 7,771 11,418
Interest received 5 10 11
Interest paid on finance
leases and loans (219) (167) (344)
Income taxes paid (1,108) (714) (1,748)
------------------ ------------------ ----------------
Net cash flows from operating
activities 1,299 6,900 9,337
Cash flows from investing
activities
Purchase of property, plant
and equipment (3,349) (3,412) (6,162)
Disposal of property, plant
and equipment - - 97
Purchases of intangibles - - (112)
------------------ ------------------ ----------------
Net cash flows from investing
activities (3,349) (3,412) (6,177)
Cash flows from financing
activities:
Proceeds from bank borrowings - 1,425 1,425
Repayment of bank borrowings (75) (59) -
Proceeds from Invest to
Grow loan 260 - -
Repayments of Invest to
Grow loan (8) - -
Issue of shares net of
issue costs 8,833 - -
Repayment of invoice discounting
facility - - (4)
Payments to finance lease
creditors (1,755) (1,379) (2,903)
Dividends paid to the holders
of the parent - - (421)
------------------ ------------------ ----------------
Net cash flows from/(used
in) financing activities 7,255 (13) (1,903)
Net (decrease)/increase
in cash and cash equivalents 5,205 3,475 1,257
Cash and cash equivalents
beginning of periods 3,601 2,344 2,344
------------------ ------------------ ----------------
Cash and cash equivalents
at end of periods 8,806 5,819 3,601
================== ================== ================
1. Notes to the Interim Report
Basis of preparation
The unaudited interim consolidated statements of Van Elle
Holdings plc are for the six months ended 31 October 2016 and do
not comprise statutory accounts within the meaning of S.435 of the
Companies Act 2006. These consolidated financial statements have
been prepared in compliance with the recognition and measurement
requirements of International Financial Reporting Standards,
International Accounting Standards and Interpretations
(collectively IFRSs) as adopted by the EU. They do not include all
disclosures that would otherwise be required in a complete set of
financial statements and should be read in conjunction with the
Group's annual report. These consolidated financial statements have
been prepared in accordance with the accounting policies that are
expected to be applied in the report and accounts for the year
ending 30 April 2017.
The consolidated financial statements are presented in Sterling,
which is also the Group's functional currency. Amounts are rounded
to the nearest thousand, unless otherwise stated.
Comparatives
The comparative figures for the year ended 30 April 2016 do not
constitute statutory accounts within the meaning of S.435 of the
Companies Act 2006, but they have been derived from the audited
financial statements for that year, which have been filed with the
Registrar of Companies. The report of the auditor was unqualified
and did not contain statements under section 498 (2) or (3) of the
Companies Act 2006 nor a reference to any matters which the auditor
drew attention by way of emphasis of matter without qualifying
their report.
Accounting policies
The accounting policies adopted are consistent with those
described in the annual financial statements for the year ended 30
April 2016 and that will be adopted for the year ended 30 April
2017. There have been no significant changes in the basis upon
which estimates have been determined, compared to those applied at
30 April 2016 and no change in estimate has had a material effect
on the current period.
Share options
Share options were granted on 26 October 2016 and have a 3 year
vesting period and therefore the fair value charge is not material
for the period and is not included in these interims.
2. Segmental Reporting
The Group has four main divisions:
-- General Piling division - This division delivers drilled,
augered, bored and driven piling solutions to customers in a broad
range of end markets. Operating principally on open site
construction projects, the division is, at any one time, engaged on
jobs ranging from several days to several months duration.
-- Specialist Piling division - This division provides piling
solutions in environments with access or operational constraints
which require the use of specialist piling rigs and techniques.
Through Van Elle Rail, the division also operates in "on-track"
rail environments for which it retains a fleet of specialist
road/rail vehicles.
-- Ground Engineering Services division - This division offers
temporary and permanent solutions for ground stability and support
as well as a broad range of geotechnical services. The Group's
ground stabilisation offering includes ground anchors, soil nails,
grouting techniques and mine consolidation. Its geotechnical
solutions include general site investigation work, pile testing and
geothermal bore-holes. These solutions can be implemented in open
site, restricted access and on-track rail environments.
-- Ground Engineering Products division - This division designs
and manufactures precast piles, including both traditional long
piles and segmental VeMech(R) piles for the Group's General Piling
division. The Group also designs, manufactures and installs a
modular precast foundation system targeted at the housebuilding
market, under its patented Smartfoot(R) trademark. Van Elle's
principal manufacturing operations are located at the Group's 16
acre site in Kirkby-in-Ashfield in Nottinghamshire which is
ISO9001, 14001 and 18001 accredited (as is the Group as a
whole).
The Group's reportable segments, as reported to the Chief
Executive, are strategic business units that offer different
techniques and services. They are managed separately because each
business requires different technology and marketing strategies.
The segments are sub-divided into operational units based around
the piling techniques that they deliver.
The Group evaluates segmental performance on the basis of profit
or loss from operations calculated in accordance with IFRS but
excluding non-recurring losses, such as goodwill impairment, and
the effects of share-based payments. Traditionally the second half
of the year is stronger in turnover and operating performance than
the first half of the year with work undertaken by the Specialist
Piling Division undertaken during statutory holiday periods over
Christmas and Easter.
Inter-segment sales are priced along the same lines as sales to
external customers, with an appropriate discount being applied to
encourage use of group resources at a rate acceptable to local tax
authorities.
Segment assets exclude tax assets and assets used primarily for
corporate purposes. Segment liabilities exclude tax liabilities and
defined benefit liabilities.
Loans and borrowings, insurances and head office central
services' costs are allocated to the segments based on levels of
turnover.
Six months ended 31 October 2016
Ground Ground
General Specialist Engineering Engineering Head
Piling Piling Services Products Office Total
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Revenue
Total Revenue 22,349 11,451 4,866 6,922 - 45,588
Inter-segmental
revenue (1,144) - - (1,318) - (2,462)
Total revenue
from external
customers 21,205 11,451 4,866 5,604 - 43,126
_______ _______ _______ _______ _______ _______
Depreciation 765 789 243 88 256 2,141
_______ _______ _______ _______ _______ _______
Segment profit
before tax 2,643 1,426 330 498 (1,452) 3,445
_______ _______ _______ _______ _______
Finance expense
(net) (214)
_______
Group profit
before tax 3,231
_______
Head office loss reflects exceptional costs
relating to the IPO
Six Six months ended 31
October 2015
Ground Ground
General Specialist Engineering Engineering Head
Piling Piling Services Products Office Total
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Revenue
Total Revenue 21,254 11,020 4,744 4,005 - 41,023
Inter-segmental
revenue - - - (960) - (960)
_______ _______ _______ _______ _______ _______
Total revenue
from external
customers 21,254 11,020 4,744 3,045 - 40,063
_______ _______ _______ _______ _______ _______
Depreciation 564 522 183 61 178 1,508
_______ _______ _______ _______ _______ _______
Segment profit
before tax 2,546 2,362 346 74 -- 5,328
_______ _______ _______ _______ _______
Finance expense
(net) (157)
_______
Group profit
before tax 5,171
_______
Twelve months ended 30 April
2016 Ground Ground
General Specialist Engineering Engineering Head
Piling Piling Services Products Office Total
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Revenue
Total Revenue 42,707 25,840 10,151 8,358 37 87,093
Inter-segmental
revenue (596) - - (2,261) (37) (2,894)
_______ _______ _______ _______ _______ _______
Total revenue
from external
customers 42,111 25,840 10,151 6,097 - 84,199
_______ _______ _______ _______ _______ _______
Depreciation 1,421 1,316 435 161 - 3,333
_______ _______ _______ _______ _______ _______
Segment profit
before tax 4,735 5,879 456 (15) - 11,055
_______ _______ _______ _______ _______
Finance expense (333)
_______
Group profit before tax 10,722
_______
Ground Ground
October 2016 General Specialist Engineering Engineering Head
Piling Piling Services Products Office Total
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Additions to
non-current
assets 1,442 2,005 925 409 1,117 5,898
_______ _______ _______ ______ _______ _______
Property, plant
& equipment 8,559 9,584 2,119 1,263 7,305 28,830
Intangible
assets - - - - 2,291 2,291
Inventories 284 198 57 1,165 - 1,704
Trade and other
receivables - - - - 20,353 20,353
Cash and cash
equivalents - - - - 8,806 8,806
_______ _______ _______ _______ ______ _______
Total assets 8,843 9,782 2,176 2,428 38,755 61,984
_______ _______ _______ _______ ______ _______
Loans and borrowings - - - - 12,866 12,866
Trade and other
payables - - - - 16,195 16,195
Provisions
and deferred
tax - - - - 1,039 1,039
_______ _______ _______ _______ ______ _______
Total liabilities - - - - 30,100 30,100
_______ _______ _______ _______ _______ _______
Ground Ground
October 2015 General Specialist Engineering Engineering Head
Piling Piling Services Products Office Total
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Additions to
non-current
assets 599 1,760 228 138 1,913 4,638
_______ _______ _______ ______ ______ _______
Property, plant
& equipment 6,678 7,105 1,520 740 5,426 21,469
Intangible
assets - - - - 2,179 2,179
Inventories 253 120 137 555 - 1,065
Trade and other
receivables - - - - 13,396 13,396
Cash and cash
equivalents - - - - 5,819 5,819
_______ _______ _______ _______ ______ _______
Total assets 6,931 7,225 1,657 1,295 26,820 43,928
_______ _______ _______ _______ ______ _______
Loans and borrowings - - - - 10,670 10,670
Trade and other
payables - - - - 14,630 14,630
Provisions
and deferred
tax - - - - 1,827 1,827
_______ _______ _______ _______ ______ _______
Total liabilities - - - - 27,127 27,127
_______ _______ _______ _______ _______ _______
Ground Ground
April 2016 General Specialist Engineering Engineering Head
Piling Piling Services Products Office Total
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Additions to
non-current
assets 2,534 4,280 359 390 3,843 11,406
_______ _______ _______ ______ ______ _______
Property, plant
& equipment 7,949 8,372 1,444 907 6,448 25,120
Intangible
assets - - - - 2,291 2,291
Inventories 338 217 82 974 - 1,611
Trade and other
receivables - - - - 16,696 16,696
Cash and cash
equivalents - - - - 3,601 3,601
_______ _______ _______ _______ ______ _______
Total assets 8,287 8,589 1,526 1,881 29,036 49,319
_______ _______ _______ _______ ______ _______
Loans and borrowings - - - - 11,942 11,942
Trade and other
payables - - - - 15,538 15,538
Provisions
and deferred
tax - - - - 1,087 1,087
_______ _______ _______ _______ ______ _______
Total liabilities - - - - 28,567 28,567
_______ _______ _______ _______ _______ _______
3. Exceptional Costs
Exceptional costs of GBP1,452,000 incurred during the six month
period ended October 2016 relate to the initial public offering of
the company. Costs relating directly to the new issue of shares to
the amount of GBP1,167,000 were deducted from the share premium
account. Attributable IPO costs were allocated between the share
premium account and profit and loss account based in proportion to
the number of primary and secondary shares traded on Admission.
Other costs attributable to the Listing were expensed.
4. Capital Commitments
October October April
2016 2015 2016
GBP'000 GBP'000 GBP'000
Contracted but not provided
for 3,889 1,006 1,490
_______ _______ _______
Capital commitments represents the total purchase value of new
Property, Plant and Equipment which the company has either paid a
deposit or placed an order for as at the period end dates, and for
which delivery is due after the period ends.
5. Contingent Liability
The company has been notified of a possible liability related to
payments allegedly due to a former employee, pursuant to historic
employment arrangements. This matter has only recently come to the
Board's attention and it is not possible, at the date of approval
of the interim statement, to establish whether an actual liability
exists nor, in the case that it does, the potential financial
impact, if any, that may arise. The company is actively
investigating the matter, including as to whether any other
individuals may bring forward a similar claim and accordingly is
not in a position to disclose further information at this time.
6. Related Party Transactions
Pursuant to an agreement with the Company, Michael Hughes, who
is an employee, settled an insurance policy excess of GBP200k. This
was in respect of a claim on a contract for which there is already
an insurance provision for the policy excess, and the claim is
expected to be settled within the policy cover level. This amount
is presented within other operating income.
7. Earnings per Share
6 months 12 months
to 31 6 months to30
October to 31 April
2016 October2015 2016
Weighted average number
of shares and dilutive
shares 70,372,665 70,000,000 70,000,000
Earnings per share:
Basic 3.2p 5.8p 12.1p
Diluted 3.2p 5.8p 12.1p
The calculation of basic earnings per share is based on the
earnings attributable to ordinary shareholders divided by the
weighted average number of shares in issue during the period. In
accordance with IAS 33 the weighted average number of shares in
issue during the period has been retrospectively adjusted for the
proportionate change in the number of the shares outstanding as a
result of the bonus issue and share splits in the period as if the
event had occurred at the beginning of the earliest period
presented. The weighted average of new shares issued in the period
have been considered in the current period and have not been
retrospectively adjusted.
Share options with a 3 year vesting period were issued on 26
October 2016, 5 days prior to the end of the period. As a result
the weighted average dilutive effect of the share options is not
material and does not change the reported basic earnings per
share.
This information is provided by RNS
The company news service from the London Stock Exchange
END
IR DDGDBUBBBGRI
(END) Dow Jones Newswires
January 19, 2017 02:00 ET (07:00 GMT)
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