GOODWIN
PLC
CONDENSED
CONSOLIDATED INTERIM FINANCIAL STATEMENTS
for the half year
ended 31st October 2024
CHAIRMAN'S
STATEMENT
I am delighted to report that the
"trading" pre-tax
profit for the Group for the six-month period ending 31st October 2024
was £17.1 million, representing a
53% increase in profitability versus the same
period last year. Furthermore, the current forward order book
(otherwise known as workload) has continued to strengthen and as at the time of
writing stands at £296 million (December 2023: £266 million).
The significant growth in
profitability and order
book, both of which have more than doubled
over the past three years, is primarily driven by the foundry and
machine shop's success in securing and delivering high-integrity
products for the nuclear decommissioning and naval vessel
markets. In particular, the contract to supply the 29 tonne
Self Shielding Boxes (SSB's) has started to ramp
up, as the foundry
has reached its production target rate of ten per
month. With
customer documentation reviews becoming more
efficient, the
nuclear waste storage boxes are now
being regularly delivered to Sellafield.
Duvelco Ltd has reached a significant
milestone with the successful production of polyimide resin powder
at its cutting-edge, purpose-built facility. This bespoke plant, developed
over thirty months,
can now produce polyimide resin on an industrial scale.
The facility has two dedicated
production lines to ensure zero cross-contamination: one for
unfilled polyimide resin and the other for graphite-enhanced
resin. The
graphite-containing
line is scheduled to be online by the end of January, allowing the company to also
release graphite-containing trial samples to customers shortly
thereafter. This significant step marks the beginning of a new phase for Duvelco as customers
can commence validation
tests for their specific applications. To complement customers' own validations,
formal data sheets
are scheduled for publication in the second quarter of 2025.
The Board is delighted by this
achievement, which significantly reduces the risks associated with
launching this new
technology.
We are confident
that, as major end-users complete their validation
processes-for which, timelines vary by sector-Duvelco will become a
major contributor to the
Group's profitability in the years ahead. This milestone represents a key
step forward in delivering long-term value to our
shareholders and we look forward to
providing further updates in the future.
The cash generation of the Group in
the first six months has been strong, resulting in the net debt as at 31st
October 2024 being £38.8 million (31st October 2023: £54.6 million)
which equates to a gearing of 31% (31st
October 2023: 48%). With a lower
level of capital expenditure forecast, long-term contracts successfully negotiated with multiple cash milestones as well
as the increase in
profitability, the
Group will benefit from a lower level of debt as it starts to fall
within the facility we arranged in 2021 to borrow money at an
interest rate of 1% until 2031.
It is the dedication and hard work of the
Group's employees
over the last few years,
which has put the Group
in the position
that it is in today. The Board would like to
extend its sincere gratitude to
all of its directors,
managers and employees for their focus and
determination, which has continually set the
Group apart, whether that
be breaking into new markets or continually adapting
existing products and processes
to obtain incremental gains. Thank
you.
|
T.J.W. Goodwin
|
|
|
Chairman
|
16 December 2024
|
Financial Highlights
|
|
Unaudited
|
Unaudited
|
Audited
|
|
|
Half Year to
|
Half Year
to
|
Year ended
|
|
|
31st October
|
31st
October
|
30th April
|
|
|
2024
|
2023
|
2024
|
|
|
£'m
|
£'m
|
£'m
|
|
Consolidated Results
|
|
|
|
|
Revenue
|
106.4
|
97.6
|
191.3
|
|
Operating
profit
|
18.2
|
12.5
|
26.9
|
|
Trading profit
*
|
17.1
|
11.2
|
24.1
|
|
Unrealised (loss) /
gain on 10 year interest rate swap derivative
|
(0.4)
|
0.9
|
0.1
|
|
Profit before
tax
|
16.7
|
12.1
|
24.2
|
|
Profit after
tax
|
12.5
|
9.2
|
17.7
|
|
|
|
|
|
|
Capital additions
|
|
|
|
|
Property, plant and
equipment (PPE) owned
|
5.3
|
7.0
|
16.4
|
|
Property, plant and
equipment (PPE) right-of-use assets
|
0.1
|
0.1
|
0.2
|
|
Operating lease assets
(former IAS 17 definition)
|
‒
|
‒
|
1.5
|
|
Intangible
assets
|
0.5
|
0.4
|
2.0
|
|
Capital expenditure for KPI purposes
|
5.9
|
7.5
|
20.1
|
|
|
|
|
|
|
Earnings per share -
basic
|
150.91p
|
115.66p
|
224.53p
|
|
Earnings per share -
diluted
|
150.91p
|
115.66p
|
224.53p
|
* Trading profit is defined as profit before
taxation excluding the movement in fair value of the interest rate
swap.
Revenue
Revenue of £106.4 million for the six months represents a 9.0% increase from the £97.6
million achieved
for the same six
month period last year.
Trading profit
Trading profit for the six months of £17.1
million represents
a 52.7%
increase from the
£11.2 million achieved for the same six month period last year.
Key performance indicators
|
|
Unaudited
|
Unaudited
|
Audited
|
|
|
Half Year to 31st
October
|
Half Year to 31st
October
|
Year ended 30th
April
|
|
|
2024
|
2023
|
2024
|
|
Trading profit
(£'m)
|
17.1
|
11.2
|
24.1
|
|
Post tax profit +
depreciation + amortisation (£'m)
|
17.3
|
12.7
|
26.4
|
|
|
|
|
|
|
Gross profit % of
revenue
|
43.0%
|
39.0%
|
40.7%
|
|
Trading profit % of
revenue
|
16.1%
|
11.5%
|
12.6%
|
|
Gearing %
|
31.4%
|
47.8%
|
35.1%
|
|
|
|
|
|
|
Non-cash charges (£'m)
|
|
|
|
|
Depreciation
|
4.1
|
3.9
|
8.1
|
|
Amortisation and
impairment
|
0.7
|
0.7
|
1.3
|
|
Total non-cash
charges
|
4.8
|
4.6
|
9.4
|
Alternative performance measures
mentioned above are defined on page 105 of the Group Annual
Accounts to 30th April 2024.
2024/25 Outlook
Whilst a similar level of activity
for the Group is expected for the second half of the year ending
30th April 2025, it
is pleasing to report, after many years, that the long-promised future
growth for Easat Radar Systems is
now coming to fruition. The radar business has signed a significant contract
to supply two additional turnkey surveillance systems to an
existing Airforce customer based in Southeast
Asia, which
will return the company to
profitability. In addition to
this, and following
contract award notifications
by other customers, Easat is in the final stages of signing two
further contracts to supply its proven state-of-the-art primary and secondary
surveillance system. This will provide Easat with a workload
in excess of £25 million, enabling the company to operate at a
higher level of
activity, that will further enhance
the Group's profitability over the
short to medium term.
Within the Refractory
Engineering Division, a
stable level of profitability
will continue to be generated from its core
products, where
incremental gains are being targeted within their
well-established
position in the market. For the newer growth
products, such as
the fire extinguishing agent for lithium ion battery fires, known
as AVD, interest and momentum continue to grow for the superior
product, despite
alternatives entering the market.
Furthermore, with
the extinguisher-filling plant having now been commissioned and certified, this
will reduce the cost of production of the
lithium ion battery fire extinguishers and
enable AVD Fire Ltd to have greater control from order placement through to delivery.
Risks and Uncertainties
The Group, mainly through its
centralised management structure, makes best endeavours to have in
place internal control procedures to identify and manage the key
risks and
uncertainties affecting the Group. We would refer you to
pages 12 to
13 of the Group Annual
Accounts to 30th April 2024 which describe the principal risks and
uncertainties, and to note 28, starting on page
83, which describes in
detail the key financial risks and uncertainties
affecting the
business.
Judging the future relationship of
the major currency pairs of the US Dollar, Sterling and the Euro
continues to be a challenge.
The Group has mitigated the impact of
rising interest rates by fixing the effective base rate at less
than 1% for a notional £30 million of debt until August
2031.
Report on Expected Developments
This report describes the expected
development of the Group during the year ended 30th April
2025. The report may
contain forward-looking statements and information based on current
expectations, and assumptions and forecasts made by the
Group. These expectations and assumptions are subject to
various known and unknown risks, uncertainties and other factors,
which could lead to substantial differences between the actual
future results, financial performance and the estimates and
historical results given in this report. Many of these
factors are outside the Group's control. The Group accepts no
liability to publicly revise or update these forward-looking
statements or adjust them to future events or developments, whether
as a result of new information, future events or otherwise, except
to the extent legally required.
Going concern
The Group continues to trade
profitably by building on the increase in activity seen in the
second half of the previous financial year and, with the
strength of the current
order book levels, this should continue and improve in the second
half of this financial year and into the next financial year.
As at 31st October 2024, the Group's net debt stood at £38.8
million
(31st October 2023 £54.6 million) as
set out in note 15 of these accounts. The net debt levels are
lower than those
recorded at both October 2023 and
April 2024,
which is in line with the Board's expectations and
will continue to be reviewed and managed across the Group.
Given the above, the
Directors, after having reviewed the Group projections and possible
challenges that may lie ahead, do not see an issue with the
continued ability of the Group to meet its financial commitments as
they fall due for at least twelve months from the date of these
accounts and have prepared
these accounts on a going concern
basis.
Responsibility statement of the Directors in
respect of the half-yearly financial report
The Directors confirm to the best of
their knowledge that:
1.
this condensed set of financial statements has
been prepared in accordance with International Accounting Standard
34, 'Interim Financial Reporting', as adopted by the United
Kingdom; and
2.
the Interim Management Report and condensed
financial statements include a fair review of the information
required by Disclosure and Transparency Rules:
·
4.2.7R (being an indication of important events
that have occurred during the first six months of the year);
and
·
4.2.8R (being related party transactions that have
taken place in the first six months of the financial year and that
have materially affected the financial position or performance of
the entity during that period; and any changes in the related party
transactions described in the last Annual Report that could do
so).
|
T.J.W. Goodwin
|
|
|
Chairman
|
16 December 2024
|
Condensed
Consolidated Statement of Profit or Loss
for the half year to
31st October 2024
|
|
Unaudited
|
Unaudited
|
Audited
|
|
|
Half Year to
|
Half Year
to
|
Year
ended
|
|
|
31st October
|
31st
October
|
30th April
|
|
|
2024
|
2023
|
2024
|
|
|
£'000
|
£'000
|
£'000
|
|
Continuing operations
|
|
|
|
|
Revenue
|
106,392
|
97,584
|
191,258
|
|
Cost of
sales
|
(60,666)
|
*(59,529)
|
(113,371)
|
|
Gross profit
|
45,726
|
*
38,055
|
77,887
|
|
Selling and
distribution costs
|
(5,498)
|
*(4,734)
|
(9,618)
|
|
Administrative
expenses
|
(22,001)
|
*(20,802)
|
(41,374)
|
|
Operating
profit
|
18,227
|
12,519
|
26,895
|
|
Finance costs
(net)
|
(1,147)
|
(1,351)
|
(2,870)
|
|
Share of profit of
associate company
|
27
|
34
|
69
|
|
Profit before taxation and movement in
fair value of interest rate swap
|
17,107
|
11,202
|
24,094
|
|
Unrealised (loss) /
gain on 10 year interest rate swap derivative
|
(394)
|
938
|
113
|
|
Profit before taxation
|
16,713
|
12,140
|
24,207
|
|
Tax on
profit
|
(4,215)
|
(2,971)
|
(6,491)
|
|
Profit after taxation
|
12,498
|
9,169
|
17,716
|
|
|
|
|
|
|
Attributable to:
|
|
|
|
|
Equity holders of the
parent
|
11,333
|
8,729
|
16,902
|
|
Non-controlling interests (NCI)
|
1,165
|
440
|
814
|
|
Profit for the period
|
12,498
|
9,169
|
17,716
|
|
|
|
|
|
|
Basic earnings per ordinary
share (note 12)
|
150.91p
|
115.66p
|
224.53p
|
|
|
|
|
|
|
Diluted earnings per ordinary
share (note
12)
|
150.91p
|
115.66p
|
224.53p
|
* The Board took the decision to present the
statutory reporting of gross profit to allocate costs, which align
more appropriately with the Group's operational structure and how
it is calculated with the Group's management accounts, to ensure
that the end user of the statutory accounts can review the
financial performance of the Group on the same basis as the
Board. The comparative figures for October 2023 have been
updated to be consistent with the revised presentation of
costs.
Condensed
Consolidated Statement of Comprehensive Income
for the half year to
31st October 2024
|
|
Unaudited
|
Unaudited
|
Audited
|
|
|
Half Year to
|
Half Year
to
|
Year ended
|
|
|
31st October
|
31st
October
|
30th April
|
|
|
2024
|
2023
|
2024
|
|
|
£'000
|
£'000
|
£'000
|
|
|
|
|
|
|
Profit for the period
|
12,498
|
9,169
|
17,716
|
|
|
|
|
|
|
Other comprehensive income /
(expense)
|
|
|
|
|
Items that are or may be reclassified
subsequently to the income statements
|
|
|
|
|
Foreign exchange
translation differences
|
(240)
|
(218)
|
(1,935)
|
|
|
|
|
|
|
Cash flow hedges -
effective portion of changes in fair value
|
74
|
(3,243)
|
(936)
|
|
Cash flow hedges -
ineffectiveness transferred to profit or loss
|
806
|
(177)
|
433
|
|
Cash flow hedges -
amounts transferred to profit or loss
|
(465)
|
(242)
|
(438)
|
|
Cash flow hedges -
deferred tax credit
|
66
|
873
|
85
|
|
Cost of hedging
- changes in fair value
|
(129)
|
1,466
|
558
|
|
Cost of
hedging - ineffectiveness transferred to profit or
loss
|
(30)
|
9
|
28
|
|
Cost of
hedging - amounts transferred to profit or
loss
|
226
|
37
|
144
|
|
Cost of
hedging - deferred tax charge
|
(17)
|
(378)
|
(184)
|
|
Other comprehensive income / (expense)
for the period, net of income tax
|
291
|
(1,873)
|
(2,245)
|
|
Total comprehensive income for the
period
|
12,789
|
7,296
|
15,471
|
|
|
|
|
|
|
Attributable to:
|
|
|
|
|
Equity holder of the
parent
|
11,572
|
6,950
|
15,039
|
|
Non-controlling
interests
|
1,217
|
346
|
432
|
|
|
12,789
|
7,296
|
15,471
|
Condensed
Consolidated Balance Sheet
|
|
Unaudited
|
Unaudited
|
Audited
|
|
|
as at 31st
|
as at 31st
|
as at 30th
|
|
|
October
2024
|
October
2023
|
April
2024
|
|
|
£'000
|
£'000
|
£'000
|
|
Non-current assets
|
|
|
|
|
Property, plant and
equipment
|
106,894
|
99,623
|
105,337
|
|
Right-of-use
assets
|
11,013
|
11,344
|
11,744
|
|
Investment in
associate
|
863
|
978
|
828
|
|
Intangible
assets
|
25,902
|
25,126
|
25,900
|
|
Derivative financial
assets
|
5,597
|
5,644
|
5,716
|
|
|
150,269
|
142,715
|
149,525
|
|
Current assets
|
|
|
|
|
Inventories
|
44,486
|
48,835
|
46,809
|
|
Contract
assets
|
24,050
|
19,808
|
22,027
|
|
Trade and other
financial assets
|
45,293
|
36,737
|
27,807
|
|
Corporation tax
receivable
|
709
|
418
|
1,288
|
|
Other
receivables
|
4,312
|
5,796
|
3,896
|
|
Deferred tax
asset
|
199
|
119
|
191
|
|
Derivative financial
assets
|
2,636
|
1,577
|
2,007
|
|
Cash and cash
equivalents
|
15,057
|
13,404
|
30,678
|
|
|
136,742
|
126,694
|
134,703
|
|
Total assets
|
287,011
|
269,409
|
284,228
|
|
Current liabilities
|
|
|
|
|
Borrowings
|
20,892
|
13,942
|
14,027
|
|
Contract liabilities
**
|
20,998
|
31,412
|
14,856
|
|
Trade payables and
other financial liabilities
|
29,129
|
*29,495
|
30,572
|
|
Other
payables
|
627
|
*443
|
258
|
|
Dividends
payable
|
4,994
|
4,318
|
‒
|
|
Derivative financial
liabilities
|
1,262
|
2,121
|
251
|
|
Corporation tax
payable
|
3,857
|
2,009
|
859
|
|
Provisions for
liabilities and charges
|
241
|
229
|
231
|
|
|
82,000
|
83,969
|
61,054
|
|
Non-current
liabilities
|
|
|
|
|
Borrowings
|
35,053
|
55,357
|
61,906
|
|
Contract liabilities
**
|
26,735
|
‒
|
19,268
|
|
Derivative financial
liabilities
|
493
|
108
|
277
|
|
Provisions for
liabilities and charges
|
275
|
304
|
274
|
|
Deferred tax
liabilities
|
14,107
|
10,983
|
14,799
|
|
|
76,663
|
66,752
|
96,524
|
|
Total liabilities
|
158,663
|
150,721
|
157,578
|
|
Net assets
|
128,348
|
118,688
|
126,650
|
|
Equity attributable to equity holders of
the parent
|
|
|
|
|
Share
capital
|
751
|
751
|
751
|
|
Translation
reserve
|
(2,579)
|
(957)
|
(2,391)
|
|
Share-based payments
reserve
|
‒
|
5,244
|
‒
|
|
Cash flow hedge
reserve
|
1,009
|
(1,298)
|
633
|
|
Cost of hedging
reserve
|
(375)
|
155
|
(426)
|
|
Retained
earnings
|
125,059
|
110,297
|
123,714
|
|
Total equity attributable to equity
holders of the parent
|
123,865
|
114,192
|
122,281
|
|
Non-controlling
interests
|
4,483
|
4,496
|
4,369
|
|
Total equity
|
128,348
|
118,688
|
126,650
|
* The split between financial and non-financial
liabilities has been updated to be consistent with the
classification at April 2024.
** Contract liabilities include advance payments
from customers of £47,473,000
(31st October 2023: £30,462,000), with the balance of
£260,000 (31st October 2023:
£950,000) being costs accrued
for contracts.
Condensed
Consolidated Statement of Changes in
Equity
for the
half year to 31st October 2024
|
|
Share
capital
|
Translation reserve
|
Share-based payments reserve
|
Cash flow
hedge reserve
|
Cost of
hedging reserve
|
Retained
earnings
|
Total
attributable to equity holders of the parent
|
Non-controlling interests
|
Total
equity
|
|
|
£'000
|
£'000
|
£'000
|
£'000
|
£'000
|
£'000
|
£'000
|
£'000
|
£'000
|
|
Half Year to 31st October
2024
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
Balance at
1st May 2024
|
751
|
(2,391)
|
‒
|
633
|
(426)
|
123,714
|
122,281
|
4,369
|
126,650
|
|
Total
comprehensive income:
|
|
|
|
|
|
|
|
|
|
|
Profit
|
‒
|
‒
|
‒
|
‒
|
‒
|
11,333
|
11,333
|
1,165
|
12,498
|
|
Other
comprehensive income:
|
|
|
|
|
|
|
|
|
|
|
Foreign
exchange translation differences
|
‒
|
(188)
|
‒
|
‒
|
‒
|
‒
|
(188)
|
(52)
|
(240)
|
|
Net
movements on cash flow hedges
|
‒
|
‒
|
‒
|
376
|
51
|
‒
|
427
|
104
|
531
|
|
Total comprehensive income /
(expense) for the period
|
‒
|
(188)
|
‒
|
376
|
51
|
11,333
|
11,572
|
1,217
|
12,789
|
|
Transactions with
owners:
|
|
|
|
|
|
|
|
|
|
|
Dividends
paid
|
‒
|
‒
|
‒
|
‒
|
‒
|
(4,994)
|
(4,994)
|
(1,103)
|
(6,097)
|
|
Dividends
declared
|
‒
|
‒
|
‒
|
‒
|
‒
|
(4,994)
|
(4,994)
|
‒
|
(4,994)
|
|
Balance at 31st October
2024
|
751
|
(2,579)
|
‒
|
1,009
|
(375)
|
125,059
|
123,865
|
4,483
|
128,348
|
|
|
Share
capital
|
Translation reserve
|
Share-based payments reserve
|
Cash flow
hedge reserve
|
Cost of
hedging reserve
|
Retained
earnings
|
Total
attributable to equity holders of the parent
|
Non-controlling interests
|
Total
equity
|
|
|
£'000
|
£'000
|
£'000
|
£'000
|
£'000
|
£'000
|
£'000
|
£'000
|
£'000
|
|
Half
Year to 31st October 2023
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
Balance at
1st May 2023
|
769
|
(849)
|
5,244
|
1,504
|
(976)
|
119,055
|
124,747
|
4,410
|
129,157
|
|
Total
comprehensive income:
|
|
|
|
|
|
|
|
|
|
|
Profit
|
‒
|
‒
|
‒
|
‒
|
‒
|
8,729
|
8,729
|
440
|
9,169
|
|
Other
comprehensive income:
|
|
|
|
|
|
|
|
|
|
|
Foreign
exchange translation differences
|
‒
|
(108)
|
‒
|
‒
|
‒
|
‒
|
(108)
|
(110)
|
(218)
|
|
Net
movements on cash flow hedges
|
‒
|
‒
|
‒
|
(2,802)
|
1,131
|
‒
|
(1,671)
|
16
|
(1,655)
|
|
Total comprehensive income
/ (expense) for the
period
|
‒
|
(108)
|
‒
|
(2,802)
|
1,131
|
8,729
|
6,950
|
346
|
7,296
|
|
Transactions with
owners:
|
|
|
|
|
|
|
|
|
|
|
Buy back of
shares
|
(18)
|
‒
|
‒
|
‒
|
‒
|
(8,851)
|
(8,869)
|
‒
|
(8,869)
|
|
Dividends
paid
|
‒
|
‒
|
‒
|
‒
|
‒
|
(4,318)
|
(4,318)
|
(260)
|
(4,578)
|
|
Dividends
declared
|
‒
|
‒
|
‒
|
‒
|
‒
|
(4,318)
|
(4,318)
|
‒
|
(4,318)
|
|
Balance at 31st
October 2023
|
751
|
(957)
|
5,244
|
(1,298)
|
155
|
110,297
|
114,192
|
4,496
|
118,688
|
|
|
Share
capital
|
Translation reserve
|
Share-based payments reserve
|
Cash flow
hedge reserve
|
Cost of
hedging reserve
|
Retained
earnings
|
Total
attributable to equity holders of the parent
|
Non-controlling interests
|
Total
equity
|
|
|
£'000
|
£'000
|
£'000
|
£'000
|
£'000
|
£'000
|
£'000
|
£'000
|
£'000
|
|
Year ended
30th April
2024
(Audited)
|
|
|
|
|
|
|
|
|
|
|
Balance at
1st May 2023
|
769
|
(849)
|
5,244
|
1,504
|
(976)
|
119,055
|
124,747
|
4,410
|
129,157
|
|
Total
comprehensive income:
|
|
|
|
|
|
|
|
|
|
|
Profit
|
‒
|
‒
|
‒
|
‒
|
‒
|
16,902
|
16,902
|
814
|
17,716
|
|
Other
comprehensive income:
|
|
|
|
|
|
|
|
|
|
|
Foreign
exchange translation differences
|
‒
|
(1,542)
|
‒
|
‒
|
‒
|
‒
|
(1,542)
|
(393)
|
(1,935)
|
|
Net
movements on cash flow hedges
|
‒
|
‒
|
‒
|
(871)
|
550
|
‒
|
(321)
|
11
|
(310)
|
|
Total comprehensive income
/ (expense) for the
period
|
‒
|
(1,542)
|
‒
|
(871)
|
550
|
16,902
|
15,039
|
432
|
15,471
|
|
Transfers
between reserves
|
‒
|
‒
|
(5,244)
|
‒
|
‒
|
5,244
|
‒
|
‒
|
‒
|
|
Transactions with
owners:
|
|
|
|
|
|
|
|
|
|
|
Buy back
of shares
|
(18)
|
‒
|
‒
|
‒
|
‒
|
(8,851)
|
(8,869)
|
‒
|
(8,869)
|
|
Dividends
paid
|
‒
|
‒
|
‒
|
‒
|
‒
|
(8,636)
|
(8,636)
|
(473)
|
(9,109)
|
|
Balance at
30th April 2024
|
751
|
(2,391)
|
‒
|
633
|
(426)
|
123,714
|
122,281
|
4,369
|
126,650
|
Condensed
Consolidated Statement of Cash Flows
for the half year
ended 31st October 2024
|
|
Unaudited
|
Unaudited
|
Audited
|
|
|
Half Year to
|
Half Year
to
|
Year ended
|
|
|
31st October
|
31st
October
|
30th April
|
|
|
2024
|
2023
|
2024
|
|
|
£'000
|
£'000
|
£'000
|
|
Cash flow from operating
activities
|
|
|
|
|
Profit from continuing
operations after tax
|
12,498
|
9,169
|
17,716
|
|
Adjustments for:
|
|
|
|
|
Depreciation of
property, plant and equipment
|
3,340
|
3,153
|
6,607
|
|
Depreciation of
right-of-use assets
|
761
|
717
|
1,497
|
|
Amortisation
and impairment of intangible assets
|
708
|
654
|
1,341
|
|
Finance
costs (net)
|
1,147
|
1,351
|
2,870
|
|
Foreign exchange
losses / (gains)
|
955
|
267
|
(1,025)
|
|
Profit on
sale of property, plant and equipment
|
(15)
|
(27)
|
(29)
|
|
Unrealised loss /
(gain) on 10 year interest rate swap derivative
|
394
|
(938)
|
(113)
|
|
Share of profit of
associate companies
|
(27)
|
(34)
|
(69)
|
|
UK tax incentive
credit on research and development
|
‒
|
‒
|
(660)
|
|
Tax expense
|
4,215
|
2,971
|
6,491
|
|
Cash generated from operating activities
before changes in working capital and provisions
|
23,976
|
17,283
|
34,626
|
|
Decrease /
(increase) in
inventories
|
2,075
|
(980)
|
437
|
|
(Increase) in contract
assets
|
(2,060)
|
(3,572)
|
(5,849)
|
|
(Increase) /
decrease in trade and other receivables
|
(17,983)
|
(8,213)
|
2,357
|
|
Increase / (decrease)
in contract liabilities
|
13,636
|
(1,325)
|
1,388
|
|
(Decrease) / increase
in trade and other payables
|
(1,384)
|
(1,364)
|
370
|
|
Cash inflow from
operations
|
18,260
|
1,829
|
33,329
|
|
Interest
received
|
563
|
*
612
|
1,399
|
|
Interest
paid
|
(2,104)
|
*
(2,241)
|
(5,022)
|
|
Corporation tax
paid
|
(1,307)
|
(885)
|
(2,587)
|
|
Net cash from operating
activities
|
15,412
|
(685)
|
27,119
|
|
|
|
|
|
|
Cash flows from investing
activities
|
|
|
|
|
Proceeds from sale of
property, plant and equipment
|
38
|
196
|
392
|
|
Acquisition of
property, plant and equipment
|
(4,388)
|
(2,385)
|
(15,363)
|
|
Acquisition of
intangible assets
|
(8)
|
(91)
|
(582)
|
|
Development
expenditure capitalised
|
(510)
|
(307)
|
(1,456)
|
|
Dividend from
associate company
|
63
|
‒
|
131
|
|
Net cash outflow from investing
activities
|
(4,805)
|
(2,587)
|
(16,878)
|
|
|
|
|
|
|
Cash flows from financing
activities
|
|
|
|
|
Buy back of
shares
|
‒
|
(8,869)
|
(8,869)
|
|
Payment of capital
element of lease obligations
|
(1,476)
|
(1,325)
|
(2,910)
|
|
Dividends
paid
|
(4,994)
|
(4,318)
|
(8,636)
|
|
Dividends paid to
non-controlling interests
|
(1,103)
|
(260)
|
(473)
|
|
Proceeds from new
loans and committed facilities
|
8,000
|
12,500
|
23,098
|
|
Repayment of loans and
committed facilities
|
(26,549)
|
(613)
|
(1,152)
|
|
Change in bank
overdrafts
|
(48)
|
(119)
|
(71)
|
|
Net cash (outflow) / inflow from
financing activities
|
(26,170)
|
(3,004)
|
987
|
|
|
|
|
|
|
Net (decrease)
/ increase in cash and cash
equivalents
|
(15,563)
|
(6,276)
|
11,228
|
|
|
|
|
|
|
Cash and cash
equivalents at beginning of year
|
30,678
|
19,661
|
19,661
|
|
Effect of exchange
rate fluctuations on cash held
|
(58)
|
19
|
(211)
|
|
Closing cash and cash
equivalents
|
15,057
|
13,404
|
30,678
|
* The comparatives
have been adjusted to report separately the interest received from
the interest rate swap.
Notes
1. Reporting
Entity
Goodwin PLC (the "Company") is a
Company incorporated in England and
Wales. The unaudited condensed
consolidated interim financial statements of the Company as at and
for the six months ended 31st October 2024 comprise the Company, its subsidiaries, and
the Group's interests in associates (together referred to as the
"Group").
The audited consolidated financial statements
of the Group as at and for the year ended 30th April
2024 are available upon request from
the Company's registered office at Ivy House Foundry, Hanley,
Stoke-on-Trent, ST1 3NR or via the Company's web site:
www.goodwin.co.uk.
2.
Statement of compliance
These unaudited condensed consolidated interim
financial statements have been prepared in accordance with IAS 34
Interim Financial Reporting, as adopted
in the United Kingdom. They do not include all of the
information required for full annual financial statements, and
should be read in conjunction with the audited consolidated
financial statements of the Group as at and for the year ended 30th
April 2024.
The comparative figures for the financial year
ended 30th April 2024 are
extracts and not the full Group's statutory accounts for that
financial year. Those accounts have been reported on by the
Company's auditors and delivered to the Registrar of Companies. The
report of the auditors was (i) unqualified, (ii) did not include a
reference to any matters to which the auditors drew attention by
way of emphasis without qualifying their report, and (iii) did not
contain a statement under section 498(2) or (3) of the Companies
Act 2006.
The Audit Committee has reviewed these
unaudited condensed consolidated interim financial statements and
has advised the Board of Directors that, taken as a whole, they are
fair, balanced and understandable and provide the information
necessary for shareholders to assess the Group's half year
performance. These unaudited condensed consolidated interim
financial statements were approved by the Board of Directors
on 16 December 2024.
3. Significant
Accounting Policies
The accounting policies applied by the Group in
these unaudited condensed consolidated financial statements are the
same as those applied by the Group in its audited consolidated
financial statements as at and for the year ended 30th April
2024, except where accounting
standards have been amended and the Group has adopted these
amendments during the current period.
The following amendments,
which have
become effective for
the current reporting period, and therefore
have been adopted by the Group, are
not expected to have a significant impact on the Group's financial
statements.
· Amendments to IAS
1 Presentation of Financial Statements: Classification of
Liabilities as Current or Non-current - (effective for periods
commencing on or after 1st January 2024).
· Amendments to IAS
1 Presentation of Financial Statements: Non-current liabilities
with covenants - (effective for periods commencing on or after 1st
January 2024).
New IFRS standards, amendments and
interpretations not adopted
The IASB and IFRIC have issued additional
standards and amendments which are effective for periods starting
after the date of these financial statements. The following
amendments have not yet been adopted by the Group:
· Amendments to
IFRS 9 and IFRS 7 - Amendments to the Classification
and Measurement of Financial Instruments (effective for periods
beginning on or after 1st January 2025).
· Annual
Improvements to IFRS Accounting Standards - volume 11 (effective
for periods beginning on or after 1st January 2026).
· IFRS 18
Presentation and Disclosure in Financial Statements
(effective for periods commencing on or after
1st January
2027).
The Group does not expect the above amendments
to have a material impact on profit, earnings per share and net
assets in future periods.
4.
Accounting Estimates and Judgements
The preparation of interim financial statements
requires management to make judgements, estimates and assumptions
that affect the application of accounting policies and the reported
amounts of assets and liabilities, income and expense. Actual
results may differ from these estimates.
In preparing these unaudited consolidated
interim financial statements, the significant judgements made by
management in applying the Group's accounting policies and the key
sources of estimation uncertainty were the same as those that
applied to the audited consolidated financial statements as at and
for the year ended 30th April 2024.
The tax charge in the period is based on
management's estimate of the weighted average annual income tax
rate expected for the full financial year applied to the pre-tax
income of the interim period, and the impact of any disallowed
costs.
5. Operating
Segments
For reporting to the chief operating decision
maker, the Board of Directors, the Group is organised into two
reportable operating segments, according to the different products
and services provided by the Mechanical Engineering and Refractory
Engineering Divisions. Segment assets and liabilities include
items directly attributable to segments as well as group centre
balances, which can be allocated on a reasonable basis. The
Group's associate company is included in Refractory
Engineering. In accordance with the requirements of IFRS 8,
information regarding the Group's operating segments is reported
below.
There are no other reportable segments apart
from those identified.
6.
Operating segment revenue and profit
|
|
Unaudited
|
Unaudited
|
Audited
|
|
|
Half Year to 31st October
2024
|
Half Year
to 31st October 2023
|
Year
ended 30th April 2024
|
|
|
Mechanical
|
Refractory
|
Total
|
Mechanical
|
Refractory
|
Total
|
Mechanical
|
Refractory
|
Total
|
|
|
£'000
|
£'000
|
£'000
|
£'000
|
£'000
|
£'000
|
£'000
|
£'000
|
£'000
|
Revenue
|
|
|
|
|
|
|
|
|
|
|
Total
revenue
|
91,621
|
38,380
|
130,001
|
80,549
|
38,657
|
119,206
|
156,944
|
75,859
|
232,803
|
|
Inter-segment revenue
|
(17,325)
|
(6,284)
|
(23,609)
|
(14,723)
|
(6,899)
|
(21,622)
|
(28,912)
|
(12,633)
|
(41,545)
|
|
External
revenue
|
74,296
|
32,096
|
106,392
|
65,826
|
31,758
|
97,584
|
128,032
|
63,226
|
191,258
|
|
|
|
|
|
|
|
|
|
|
|
Profit
|
|
|
|
|
|
|
|
|
|
|
Segment
operating profit
|
13,826
|
6,706
|
20,532
|
7,719
|
7,146
|
14,865
|
18,861
|
13,423
|
32,284
|
|
Share of
profit of associate company
|
‒
|
27
|
27
|
‒
|
34
|
34
|
‒
|
69
|
69
|
|
Segment
profit before taxation
|
13,826
|
6,733
|
20,559
|
7,719
|
7,180
|
14,899
|
18,861
|
13,492
|
32,353
|
|
Group
centre costs
|
|
|
(2,305)
|
|
|
(2,346)
|
|
|
(5,389)
|
|
Finance
costs (net)
|
|
|
(1,147)
|
|
|
(1,351)
|
|
|
(2,870)
|
|
Profit
before taxation and movement in fair value of interest rate
swap
|
|
|
17,107
|
|
|
11,202
|
|
|
24,094
|
|
|
|
|
|
|
|
|
|
|
|
|
Percentage
of segment profit before taxation
|
67%
|
33%
|
100%
|
52%
|
48%
|
100%
|
58%
|
42%
|
100%
|
7. Operating
segment assets and liabilities
|
|
Unaudited
|
Unaudited
|
|
|
Half Year to 31st October
2024
|
Half Year
to 31 October 2023
|
|
|
Mechanical
|
Refractory
|
Group
Centre
|
Total
|
Mechanical
|
Refractory
|
Group
Centre
|
Total
|
|
|
£'000
|
£'000
|
£'000
|
£'000
|
£'000
|
£'000
|
£'000
|
£'000
|
|
Net
assets
|
|
|
|
|
|
|
|
|
|
Total
assets
|
200,306
|
69,858
|
16,846
|
287,010
|
187,155
|
61,843
|
20,411
|
269,409
|
|
Total
liabilities
|
(123,194)
|
(34,898)
|
(571)
|
(158,663)
|
(121,959)
|
(23,149)
|
(5,613)
|
(150,721)
|
|
Total
|
77,112
|
34,960
|
16,275
|
128,347
|
65,196
|
38,694
|
14,798
|
118,688
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Audited
|
|
|
|
|
|
|
Year
ended 30
April 2024
|
|
|
|
|
|
|
Mechanical
|
Refractory
|
Group
Centre
|
Total
|
|
|
|
|
|
|
£'000
|
£'000
|
£'000
|
£'000
|
|
Net assets
|
|
|
|
|
|
|
|
|
|
Total
assets
|
|
|
|
|
192,608
|
74,282
|
17,338
|
284,228
|
|
Total
liabilities
|
|
|
|
|
(118,132)
|
(38,935)
|
(511)
|
(157,578)
|
|
Total
|
|
|
|
|
74,476
|
35,347
|
16,827
|
126,650
|
|
|
|
|
|
|
|
|
|
|
|
|
|
8. Operating
segment capital expenditure, depreciation and
amortisation
|
|
Unaudited
|
Unaudited
|
|
|
Half Year to 31st October
2024
|
Half Year
to 31st October 2023
|
|
|
Mechanical
|
Refractory
|
Group
centre
|
Total
|
Mechanical
|
Refractory
|
Group
centre
|
Total
|
|
|
£'000
|
£'000
|
£'000
|
£'000
|
£'000
|
£'000
|
£'000
|
£'000
|
|
Capital expenditure
on:
|
|
|
|
|
|
|
|
|
|
Property,
plant and equipment
|
4,137
|
1,108
|
78
|
5,323
|
5,420
|
1,019
|
494
|
6,933
|
|
Right-of-use assets
|
‒
|
6
|
55
|
61
|
‒
|
34
|
34
|
68
|
|
Intangible
assets
|
486
|
41
|
‒
|
527
|
381
|
17
|
‒
|
398
|
|
Total
capital expenditure
|
4,623
|
1,155
|
133
|
5,911
|
5,801
|
1,070
|
528
|
7,399
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation - property, plant and equipment
|
2,266
|
685
|
389
|
3,340
|
2,182
|
702
|
269
|
3,153
|
|
Depreciation - right-of-use assets
|
298
|
239
|
224
|
761
|
263
|
156
|
298
|
717
|
|
Amortisation - intangible assets
|
228
|
430
|
50
|
708
|
225
|
408
|
21
|
654
|
|
|
|
|
|
|
|
|
|
|
|
Total
|
2,792
|
1,354
|
663
|
4,809
|
2,670
|
1,266
|
588
|
4,524
|
|
|
|
|
|
|
Audited
|
|
|
|
|
|
|
Year
ended 30th April 2024
|
|
|
|
|
|
|
Mechanical
|
Refractory
|
Group
centre
|
Total
|
|
|
|
|
|
|
£'000
|
£'000
|
£'000
|
£'000
|
|
Capital expenditure
on
|
|
|
|
|
|
|
|
|
|
Property,
plant and equipment
|
|
|
|
|
10,102
|
5,583
|
736
|
16,421
|
|
Right-of-use assets
|
|
|
|
|
934
|
634
|
180
|
1,748
|
|
Intangible
assets
|
|
|
|
|
1,209
|
456
|
372
|
2,037
|
|
Total capital expenditure
|
|
|
|
|
12,245
|
6,673
|
1,288
|
20,206
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation - property, plant and equipment
|
|
|
|
|
4,400
|
1,455
|
752
|
6,607
|
|
Depreciation - right-of-use assets
|
|
|
|
|
578
|
490
|
429
|
1,497
|
|
Amortisation - intangible
assets
|
|
|
|
|
446
|
810
|
85
|
1,341
|
|
Total
|
|
|
|
|
5,424
|
2,755
|
1,266
|
9,445
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
9. Geographical
segments
|
|
Unaudited
|
Unaudited
|
|
|
Half Year to 31st October
2024
|
Half Year
to 31st October 2023
|
|
|
Revenue
|
Net assets
|
Non-current
assets
|
Capital
expenditure
|
Revenue
|
Net
assets
|
Non-current assets
|
Capital
expenditure
|
|
|
£'000
|
£'000
|
£'000
|
£'000
|
£'000
|
£'000
|
£'000
|
£'000
|
|
UK
|
31,011
|
81,203
|
118,595
|
4,846
|
34,171
|
73,302
|
115,763
|
5,130
|
|
Rest of
Europe
|
10,741
|
7,321
|
5,138
|
310
|
10,526
|
6,530
|
4,258
|
330
|
|
USA
|
16,437
|
‒
|
‒
|
‒
|
9,458
|
‒
|
‒
|
‒
|
|
Pacific
Basin
|
22,831
|
16,563
|
6,908
|
161
|
21,865
|
16,378
|
6,656
|
199
|
|
Rest of
World
|
25,372
|
23,261
|
14,031
|
594
|
21,564
|
22,478
|
10,394
|
1,740
|
|
Total
|
106,392
|
128,348
|
144,672
|
5,911
|
97,584
|
118,688
|
137,071
|
7,399
|
|
|
|
|
|
|
Audited
|
|
|
|
|
|
|
Year ended 30th April 2024
|
|
|
|
|
|
|
Revenue
|
Net
assets
|
Non-current assets
|
Capital
expenditure
|
|
|
|
|
|
|
£'000
|
£'000
|
£'000
|
£'000
|
|
UK
|
|
|
|
|
61,595
|
78,978
|
117,376
|
14,887
|
|
Rest of
Europe
|
|
|
|
|
21,552
|
6,884
|
5,132
|
1,532
|
|
USA
|
|
|
|
|
21,480
|
‒
|
‒
|
‒
|
|
Pacific
Basin
|
|
|
|
|
42,903
|
17,374
|
7,009
|
692
|
|
Rest of
World
|
|
|
|
|
43,728
|
23,414
|
14,292
|
3,095
|
|
Total
|
|
|
|
|
191,258
|
126,650
|
143,809
|
20,206
|
10. Revenue
The Group's revenue is derived from contracts
with customers. The following tables provide an analysis of
revenue by
geographical market and by product
line.
|
|
Unaudited
|
Unaudited
|
Audited
|
|
|
Half Year to 31st October
2024
|
Half Year
to 31st October 2023
|
Year
ended 30th April 2024
|
|
|
Mechanical
|
Refractory
|
Total
|
Mechanical
|
Refractory
|
Total
|
Mechanical
|
Refractory
|
Total
|
|
|
£'000
|
£'000
|
£'000
|
£'000
|
£'000
|
£'000
|
£'000
|
£'000
|
£'000
|
|
Primary geographical
markets
|
|
|
|
|
|
|
|
|
|
|
UK
|
23,304
|
7,707
|
31,011
|
25,594
|
8,577
|
34,171
|
45,870
|
15,725
|
61,595
|
|
Rest of
Europe
|
6,470
|
4,271
|
10,741
|
6,478
|
4,048
|
10,526
|
13,460
|
8,092
|
21,552
|
|
USA
|
16,143
|
294
|
16,437
|
9,069
|
389
|
9,458
|
20,571
|
909
|
21,480
|
|
Pacific
Basin
|
10,719
|
12,112
|
22,831
|
10,082
|
11,783
|
21,865
|
19,503
|
23,400
|
42,903
|
|
Rest of
World
|
17,660
|
7,712
|
25,372
|
14,603
|
6,961
|
21,564
|
28,628
|
15,100
|
43,728
|
|
Total
|
74,296
|
32,096
|
106,392
|
65,826
|
31,758
|
97,584
|
128,032
|
63,226
|
191,258
|
|
|
|
|
|
|
|
|
|
|
|
|
Product
lines
|
|
|
|
|
|
|
|
|
|
|
Standard
products and consumables
|
6,347
|
32,096
|
38,443
|
7,043
|
31,758
|
38,801
|
13,833
|
63,226
|
77,059
|
|
Bespoke
engineered products - point in time
|
10,408
|
‒
|
10,408
|
8,377
|
‒
|
8,377
|
17,380
|
‒
|
17,380
|
|
Total point in time
revenue
|
16,755
|
32,096
|
48,851
|
15,420
|
31,758
|
47,178
|
31,213
|
63,226
|
94,439
|
|
Minimum
period contracts for goods and services
|
2,520
|
‒
|
2,520
|
2,840
|
‒
|
2,840
|
5,767
|
‒
|
5,767
|
|
Bespoke
engineered products - over time
|
55,021
|
‒
|
55,021
|
47,566
|
‒
|
47,566
|
91,052
|
‒
|
91,052
|
|
Total over time
revenue
|
57,541
|
‒
|
57,541
|
50,406
|
‒
|
50,406
|
96,819
|
‒
|
96,819
|
|
Total
revenue
|
74,296
|
32,096
|
106,392
|
65,826
|
31,758
|
97,584
|
128,032
|
63,226
|
191,258
|
11. Dividends
The Directors do not propose the payment of an
interim dividend.
|
|
Unaudited
|
Unaudited
|
Audited
|
|
|
Half Year to
|
Half Year
to
|
Year ended
|
|
|
31st October
|
31st
October
|
30th April
|
|
|
2024
|
2023
|
2024
|
|
|
£'000
|
£'000
|
£'000
|
|
Equity dividends paid during the
period:
|
|
|
|
|
Ordinary dividends
paid in respect of the year ended 30th April 2024
|
4,994
|
‒
|
‒
|
|
Ordinary dividends
paid in respect of the year ended 30th April 2023
|
‒
|
4,318
|
8,636
|
|
Total
|
4,994
|
4,318
|
8,636
|
As noted in the Group Annual Accounts to 30th
April 2024, the dividend payments for the year ended 30th April
2024 are being
made in two equal instalments. The second
payment will be made on 11th April, 2025 to shareholders on the
register on 21st
March 2025.
12. Earnings per Share
|
|
Unaudited
|
Unaudited
|
Audited
|
|
|
as at
|
as at
|
as at
|
|
|
31st October
|
31st
October
|
30th April
|
|
|
2024
|
2023
|
2024
|
|
|
|
|
|
Number of ordinary
shares
|
|
Ordinary shares in
issue
|
|
|
|
|
Opening
balance
|
7,509,600
|
7,689,600
|
7,689,600
|
|
Shares bought back in
the period
|
‒
|
(180,000)
|
(180,000)
|
|
Closing
balance
|
7,509,600
|
7,509,600
|
7,509,600
|
|
|
|
|
|
|
Weighted average
number of ordinary shares in issue
|
7,509,600
|
7,546,774
|
7,527,797
|
|
|
|
|
|
|
|
£'000
|
£'000
|
£'000
|
|
Relevant profits
attributable to shareholders
|
11,333
|
8,729
|
16,902
|
The Company bought back 180,000 of its ordinary
shares on 7th June 2023 and cancelled them off the register,
following a
tender offer to its shareholders.
13. Property, plant and equipment and
intangible assets
|
|
Unaudited
|
Unaudited
|
|
|
Half Year to 31st October
2024
|
Half Year to 31st
October 2023
|
|
|
Property, plant and
equipment
|
Right-of-use assets
|
Intangible assets
|
Property, plant and
equipment
|
Right-of-use
assets
|
Intangible
assets
|
|
|
£'000
|
£'000
|
£'000
|
£'000
|
£'000
|
£'000
|
|
Net book value at the
beginning of the period
|
105,337
|
11,744
|
25,900
|
101,243
|
6,763
|
25,448
|
|
Additions
|
5,323
|
61
|
527
|
6,933
|
68
|
398
|
|
Disposals (at net book
value)
|
(13)
|
(10)
|
‒
|
(169)
|
‒
|
‒
|
|
Transfers
|
‒
|
‒
|
‒
|
(5,242)
|
5,242
|
‒
|
|
Depreciation
|
(3,340)
|
(761)
|
‒
|
(3,153)
|
(717)
|
‒
|
|
Amortisation
|
‒
|
‒
|
(708)
|
‒
|
‒
|
(654)
|
|
Exchange
adjustment
|
(413)
|
(21)
|
183
|
11
|
(12)
|
(66)
|
|
Net book value at the
end of the period
|
106,894
|
11,013
|
25,902
|
99,623
|
11,344
|
25,126
|
14. Borrowings
|
|
Unaudited
|
Unaudited
|
Audited
|
|
|
as at
|
as at
|
as at
|
|
|
31st October
|
31st
October
|
30th April
|
|
|
2024
|
2023
|
2024
|
|
|
£'000
|
£'000
|
£'000
|
|
Due within one year
|
|
|
|
|
Bank
overdrafts
|
‒
|
‒
|
48
|
|
Bank loans - repayable
by instalments
|
1,116
|
1,072
|
1,106
|
|
Bank loans - rolling
credit facilities
|
17,000
|
10,000
|
10,000
|
|
Lease
liabilities
|
2,776
|
2,870
|
2,873
|
|
|
20,892
|
13,942
|
14,027
|
|
Due after more than one
year
|
|
|
|
|
Bank loans - repayable
by instalments
|
5,396
|
6,443
|
5,966
|
|
Bank loans - rolling
credit facilities
|
24,000
|
42,000
|
49,000
|
|
Lease
liabilities
|
5,657
|
6,914
|
6,940
|
|
|
35,053
|
55,357
|
61,906
|
|
Total borrowings
|
|
|
|
|
Bank
overdrafts
|
‒
|
‒
|
48
|
|
Bank loans - repayable
by instalments
|
6,512
|
7,515
|
7,072
|
|
Bank loans - rolling
credit facilities
|
41,000
|
52,000
|
59,000
|
|
Lease
liabilities
|
8,433
|
9,784
|
9,813
|
|
|
55,945
|
69,299
|
75,933
|
|
|
|
|
|
15. Capital management
As at 31st October 2024 the capital employed
was £162,705,000, as shown
below:
|
|
|
Unaudited
|
Unaudited
|
Audited
|
|
|
|
As at
|
As at
|
As at
|
|
|
|
31st October
|
31st
October
|
30th April
|
|
|
|
2024
|
2023
|
2024
|
|
|
Note
|
£'000
|
£'000
|
£'000
|
|
Cash and cash
equivalents
|
|
(15,057)
|
(13,404)
|
(30,678)
|
|
Bank
overdrafts
|
14
|
‒
|
‒
|
48
|
|
Bank loans and
committed facilities
|
14
|
47,512
|
59,515
|
66,072
|
|
Lease
liabilities
|
14
|
8,433
|
9,784
|
9,813
|
|
Net debt in accordance
with IFRS 16
|
|
40,888
|
55,895
|
45,255
|
|
Operating lease debt
(former IAS 17 definition)
|
14
|
(2,048)
|
(1,274)
|
(2,324)
|
|
Relevant net debt for
KPI purposes
|
|
38,840
|
54,621
|
42,931
|
|
Total equity
attributable to equity holders of the parent
|
|
123,865
|
114,192
|
122,281
|
|
Capital employed
|
|
162,705
|
168,813
|
165,212
|
16. Total financial assets and
financial liabilities
The following table sets out the Group's
accounting classification of its financial assets and financial
liabilities, and their
carrying amounts at 31st October
2024. The carrying amount is a
reasonable approximation of fair value for all
financial assets and financial
liabilities.
|
|
Fair value hedging
instruments
|
Fair value through profit and
loss
|
Amortised cost
|
Total carrying amount / fair value
amount
|
|
|
£'000
|
£'000
|
£'000
|
£'000
|
|
Financial assets measured at fair
value
|
|
|
|
|
|
Forward exchange
contracts used for hedging
|
2,583
|
‒
|
‒
|
2,583
|
|
Interest rate
swap
|
‒
|
5,650
|
‒
|
5,650
|
|
|
2,583
|
5,650
|
‒
|
8,233
|
|
Financial assets not measured at fair
value
|
|
|
|
|
|
Cash and cash
equivalents
|
‒
|
‒
|
15,057
|
15,057
|
|
Contract
assets
|
‒
|
‒
|
24,050
|
24,050
|
|
Trade receivables and
other financial assets
|
‒
|
‒
|
45,293
|
45,293
|
|
Corporation tax
receivable
|
‒
|
‒
|
709
|
709
|
|
|
‒
|
‒
|
85,109
|
85,109
|
|
Financial liabilities measured at fair
value
|
|
|
|
|
|
Forward exchange
contracts used for hedging
|
1,755
|
‒
|
‒
|
1,755
|
|
|
1,755
|
‒
|
‒
|
1,755
|
|
Financial liabilities not measured at
fair value
|
|
|
|
|
|
Bank loans
|
‒
|
‒
|
47,512
|
47,512
|
|
Lease
liabilities
|
‒
|
‒
|
8,433
|
8,433
|
|
Contract
liabilities
|
‒
|
‒
|
47,733
|
47,733
|
|
Trade payables and
other financial liabilities
|
‒
|
‒
|
29,129
|
29,129
|
|
Dividends
payable
|
‒
|
‒
|
4,994
|
4,994
|
|
Corporation tax
payable
|
‒
|
‒
|
3,857
|
3,857
|
|
|
‒
|
‒
|
141,658
|
141,658
|
The interest rate swap
and forward exchange contract assets and
liabilities fair values in the above table are derived using Level
2
inputs as defined by IFRS 7 as detailed in the
paragraph below.
IFRS 7 requires that the classification of
financial instruments at fair value be determined by reference to
the source of inputs
used to derive the fair value. This
classification uses the following three level
hierarchy: Level 1 - quoted prices (unadjusted) in
active markets for identical assets or
liabilities; Level 2 - inputs other than quoted prices included
within Level 1 that are observable
for the asset or liability, either directly
(i.e. as prices) or indirectly
(i.e. derived from prices); Level 3 -
inputs for the asset or liability
that are not based on observable market data
(unobservable inputs).