8th Jun 2009 07:00
8 June 2009
LATCHWAYS PLC
PRELIMINARY RESULTS FOR THE YEAR ENDED 31 MARCH 2009
Latchways plc is the world leader in the design, manufacture and sale of engineered fall protection safety systems, which offer continuous protection to individuals working at height. Latchways' systems are sold globally through a network of trained installers to a legislation-driven marketplace. These systems are used to provide worker safety on a diverse range of applications including commercial rooftops, wind power turbines, electricity transmission towers, aircraft wings and industrial plants.
Summary
Record revenues achieved despite impact of global recession
Strong cash generative track record maintained. Net cash at year end £4.8 million (2008: £4.5 million)
Increased investment in sales resources and new products to generate new business for the future
Profit before tax and exceptional items reduced by 3% to £8.83 million (2008: £9.12 million)
Exceptional charge of £0.5 million (2008: £0.5 million) for losses on Euro currency contracts to 31 March 2009
Statutory profit before tax reduced by 4% to £8.31 million (2008: £8.62 million)
Adjusted Diluted earnings per share down 5% to 54.82 pence (2008: 57.65 pence)
Statutory Diluted earnings per share down 6% to 51.47 pence (2008:54.51 pence)
Final dividend increased by 10% to 15.63 pence (2008: 14.21 pence)
Total dividend for the year 23.44 pence (2008: 21.31 pence), a 10% increase
Versirail guardrail systems, acquired in April 2008, exceeding expectations
Launch of Sealed Self Retracting Lifeline range for offshore Oil/Gas market
Commenting on the results, Paul Hearson, Chairman, said
"After an excellent start to the financial year, second half revenues were affected by the global economic downturn. The global picture for construction related projects remains weak, and must be expected to remain so for some time. However, the variety and scale of non-construction related prospects is encouraging and we are confident that these will generate revenues for the coming year.
We are debt free, with cash in the bank and strong cash generation. This gives us the financial strength to steer the business through the current economic conditions and take advantage of opportunities as they present themselves."
Enquiries: Latchways plc Threadneedle Communications
David Hearson, Chief Executive Graham Herring
Rex Orton, Financial Director Tel: 020 7936 9605
Tel: 01380 732700
8 June 2009
LATCHWAYS PLC
PRELIMINARY RESULTS FOR THE YEAR ENDED 31 MARCH 2009
Chairman's Statement
After an excellent start to the financial year, second half revenues were affected by the global economic downturn. In particular, UK and North American markets were affected by funding delays and reduced confidence among our end customers, resulting in project deferrals and delays in approving capital spend.
Despite the marked deterioration in these markets, Latchways continued to make progress in many areas, with mainland Europe and some less developed markets performing well. Our new product ranges have been well received, with our latest addition, the Versirail guardrail system acquired in April 2008, outperforming our expectations. As a result, whilst operating profits have reduced 3%, group revenues improved to record levels for the seventh consecutive year.
Results
Group revenue for the year ended 31 March 2009 was £37.0 million (2008: £35.2 million), 5% ahead of last year.
Group profit before exceptional charges and taxation was 3% lower than last year at £8.8 million (2008: £9.1 million).
Adjusted (pre-exceptional charge) diluted earnings per share reduced by 5% to 54.82 pence (2008: 57.65 pence). Statutory diluted earnings per share fell 6% to 51.47 pence (2008: 54.51 pence).
Net cash balances at year end were £4.8 million (2008: £4.5 million).
Exceptional Charge
An exceptional loss of £0.5 million (2008: £0.5 million) was incurred on Euro denominated foreign exchange contracts for the year to 31 March 2009. Much of the group's product sales are denominated in Euros, and forward contracts are used to fix the profit on these sales. Losses were incurred on these contracts throughout the year as they matured, together with unrealised losses on unexpired contracts at the year end. As the group does not apply hedge accounting the losses have been charged to the income statement.
Dividends
Despite the downturn in some parts of our business, cash flows across all parts of the group have proven resilient, and we expect this to continue. Cash and cash equivalents have increased despite the £1.7 million acquisition spend in the year, and we are now completely debt-free. As a result, the board is recommending a final dividend of 15.63 pence per share, a 10% increase over last year's 14.21 pence. Taken together with the interim dividend of 7.81 pence, the total dividend for the year of 23.44 pence per share represents a 10% increase on 2008.
Our trading environment
Latchways has not been immune to the global economic crisis that has unfolded over the past year. This has affected some of our market sectors, such as construction. Other parts of the business have continued to perform well and the level of opportunities that are presenting themselves is encouraging. The challenge is to gain sufficient revenues to offset the more recession-affected parts of the business.
Around a third of Latchways' revenues are directly exposed to the UK commercial construction market, where the impact of the credit crunch and the recession has been well documented elsewhere. Latchways has been impacted by this, and we have seen reductions in revenues in the second half as a result.
We have also seen a marked downturn in the North American business, which is also driven by the economic climate. The downturn has caused customers to reduce maintenance budgets and capital spending plans, which has resulted in reduced business for Latchways. However, this spend is expected to have been delayed rather than cancelled.
Our primary European markets remain in good health and our customers continue to report good prospects. Whilst some countries are performing better than others, we remain cautiously optimistic for this segment for the coming year.
We believe that the relatively modest impact on our business last year of such a severe economic downturn provides further evidence of the success of our long term strategy, providing the highest quality fall protection solutions, backed up by the best customer service, in our marketplace. The regulatory drivers that underpin the long term demand for our products continue to strengthen, with more countries embracing and enforcing fall protection legislation. The imperative is for Latchways to maintain its position at the forefront of the industry.
The global recession has resulted in significant falls in the price of commodities, specifically in our case stainless steel. Although the benefits of this have been largely offset by the stronger US Dollar, this has enabled us to achieve product cost stability, and some savings, after several years of intense upward pressure.
Sigma 6
The acquisition of Sigma 6 d.o.o ("Sigma 6") in Slovenia in April 2008 enabled Latchways to complement its existing individual fall protection systems with a guardrail system, which we have rebranded as "Versirail". Guardrails service the demand for collective fall protection, and are often preferred by customers when there is no need to approach the fall hazard.
This acquisition, which cost 1.6 million Euros cash, with further more modest payments based on future revenues, has been very successful to date. As a very young company, Sigma 6 produced revenues of 0.3 million Euros in the year prior to acquisition. Latchways' sales in the first year have been 1.8 million Euros, achieved both through Sigma's existing customers and the Latchways installer network.
New Product Development
The Self Retracting Lifeline (SRL) range was initially launched in North America in 2007/08. Further additions to the range have been developed and completed during this financial year and have been well received by customers.
The recent decline of the North American construction market has resulted in lower revenues for the SRL than we would have hoped, but still strong enough to give us confidence that we have the right products in place to take advantage as markets recover.
More recently this product range has also been launched into Europe, and this is an area of potential revenue growth for the coming year.
The most significant additional development this year has been the initial range of Sealed SRLs. These products are targeted towards offshore applications, primarily the Oil and Gas market. We have received encouraging expressions of interest and production is now underway.
We continue to seek and develop new ideas to further enhance our range.
People
Given the economic conditions, this has been a year of consolidation rather than expansion of the team, with the strengthened sales team now showing their mettle in a difficult trading environment. I am delighted to report that they are rising to the challenge, with a number of significant prospects for incremental business across the group.
It comes as no surprise to see that staff have shown great determination to contribute to the group's success despite the tougher market conditions. This is a testament to the quality of our people, and once again I would like to thank them on behalf of the board.
Current Trading and Prospects
The global picture for construction related projects remains weak, and must be expected to remain so for some time. However, the variety and scale of non-construction related prospects is encouraging and we are confident that these will generate revenues for the coming year.
We are debt free, with cash in the bank and strong cash generation. This gives us the financial strength to steer the business through the current economic conditions and take advantage of opportunities as they present themselves.
Paul Hearson
Chairman
OPERATING AND FINANCIAL REVIEW
The board of Latchways plc is pleased to report these consolidated results for the year ended 31 March 2009.
Financial Results
Group revenue for the year was £37.0 million, an increase of 5% over the 2008 figure of £35.2 million. This resulted in an operating profit before exceptional items of £8.7 million, down 3% on 2008 (2008: £9.0 million), and a pre-exceptional pre-tax profit of £8.8 million (2008: £9.1 million).
After accounting for the exceptional charge of £0.5 million (2008:£0.5 million), pre-tax profits were down 4% at £8.3 million (2008: £8.6 million).
Both gross and operating margins are key performance indicators for the group.
The consolidated gross margin was slightly improved on last year at 53.4% (2008: 52.9%). This was mainly due to the effects of the stronger Euro.
Excluding exceptional charges, overheads were 15% higher than last year at £11.0 million. There were three reasons for this. There was significant investment in sales and marketing resource made towards the end of 2007/08. This resource was in place for the full year and is vital to the long term growth of the business. Secondly, tooling and product development costs associated with the SRL and other projects were subject to a full year's amortisation. Finally, the acquisition of Sigma 6 added £0.3 million to overheads. As a result, operating margins (before exceptional charges) reduced by 1.9% to 23.6%.
The effective rate of taxation for the year was 30.9% (2008: 29.3%). Although the rate of corporation tax reduced by 2% in the year, the abolition of Industrial Buildings Allowances resulted in a deferred tax charge which added 2.6% to the effective rate. The remainder of the increase was due to the absence of a small prior year tax credit this year.
Adjusted earnings per share are calculated on the same basis as statutory earnings per share but before accounting for exceptional charges and their related tax impact. Adjusted earnings per share reduced by 5% to 54.97 pence (2008: 57.93 pence), whilst adjusted diluted earnings per share reduced by 5% to 54.82 pence (2008: 57.65 pence).
After accounting for the exceptional charge, basic earnings per share reduced by 6% to 51.61 pence (2008: 54.77 pence), whilst diluted earnings per share reduced by 6% to 51.47 pence (2008: 54.51 pence).
On the balance sheet, non-current assets increased by £2.3 million to £10.3 million (2008: £8.0 million). Goodwill of £1.6 million arose on the acquisition of Sigma 6 in April 2008, increasing total goodwill to £4.3 million. Other intangible assets of £2.3 million (2008: £1.8 million) comprise the intellectual property, brand, order book and customer relationships acquired since 2004, internally generated patents and trademarks, computer software and ongoing development costs that have been capitalised. Tangible assets of £3.6 million (2008: £3.4 million) mainly represent the premises at Devizes, together with production plant and tooling. The premises consist of a 2,000 square metre warehouse and head office, together with a further 2 acres of additional land directly adjacent. The group has detailed planning permission for a second unit on this land, providing ample scope for foreseeable future expansion. The £0.2 million increase in tangible assets in the year was mainly due to the acquisition and subsequent upgrading of Sigma 6 production equipment.
Inventory of £3.9 million was £0.3 million higher than last year (2008: £3.6 million). This was mainly due to Versirail inventory. A project has been underway since the start of the calendar year to reduce group inventories, which increased as revenues slowed.
Trade and other receivables were down £0.6 million, or 7%, at £8.6 million (2008: £9.2 million). To date our collections have remained robust across the group. While there have been some instances of contractors failing, these have not resulted in material losses to the group.
Group creditor days were 36 days (2008:44 days). It has always been a central theme of our business practice to pay all creditors in line with agreed credit terms. This has been especially important of late as many suppliers have seen other revenue sources declining.
Cash generation is a key performance indicator for the group. Cash generated from operations as a proportion of pre-exceptional operating profit was 90% (2008: 75%). This improvement reflects the strong cash collections achieved in the year, and further demonstrates how cash generative the business is. Tax payments in the year increased by 21% to £2.5 million (2008: £2.1 million). This was mainly due to tax credits arising on the exercise of share options in July 2006, which reduced the tax payable in 2007/08. Capital expenditure on tangible assets reduced by £0.3 million in the year, after the high tooling spend in 2007/08. Acquisitions, principally Sigma 6, cost a further £1.7 million.
Dividend payments increased by £0.4 million to £2.5 million (2008: £2.1 million).
Net cash, which represents cash and cash equivalents less bank and other borrowings, was £0.3 million higher than last year at £4.8 million (2007: £4.5 million). Subsequent to paying down final instalments on both existing loans during the year, the group is now entirely debt-free.
Strategic Overview
Latchways is a world leader in the provision of quality fall protection equipment and related services. Our aim is to maximise shareholder return through providing the most innovative and functional equipment to a largely legislation-driven market, with a customer support network and after-sales service that is unrivalled in our industry.
Our products are sold both directly and through a network of trained independent installation companies. We place significant importance on developing strategic partnerships with key customers around the world, and on developing products which address their needs. New product offerings, whether developed in-house or acquired, form a central pillar of our growth strategy. Such products, for example the Self Retracting Lifeline, the Walksafe walkway and the Versirail guardrail, are complementary to our range and provide excellent cross selling opportunities to existing and new customer bases.
Operating Review
The Latchways group has three business segments, each of which is managed independently with strategic input from the group board. These segments are as follows:
|
Safety Products |
This is the main Latchways product business, operating out of the group headquarters in Devizes and a small production plant in Kozina, Slovenia. Safety Products generates 66% of group revenue and generates almost two thirds of this revenue overseas. |
|
Safety Services |
The principal activity of this business is the installation and servicing of safety products in the UK, which generates 26% of group revenue. |
|
Specialist Fixing |
This business is involved with a range of technical services including structural building refurbishment and specialist fixing solutions in the UK. It represents 8% of group revenue. |
The Safety Products division, despite the adverse market conditions, generated record revenues and operating profits (pre-exceptional items) in the year.
Safety Products
Latchways designs and manufactures fall protection equipment for people working at height. This equipment is sold worldwide, both directly to end users and also through a network of independent, trained installers. The business is broadly categorized between horizontal business (systems for those working at height, eg on rooftops, crane rails etc) and vertical business (systems for those climbing to or from height, eg ladders, telecom masts, electricity transmission towers). During the year, the guardrail business of Sigma 6 was integrated into this division, and Sigma 6 effectively became a contract manufacturer for Latchways.
The Safety Products business achieved revenue growth of 3% in the year. Excluding the acquired guardrail business, there was an underlying reduction of 3%, with both the UK and North America seeing revenues reduce. Operating profits increased by 2% to £7.3 million.
As the Safety Products business operates in a worldwide market, a key performance measure is the relative geographic split of revenues.
The UK business, after a good start to the year, saw revenues fall in the second half as customers deferred spending decisions. As a result, revenues for the year were down 5%. Excluding guardrail, underlying UK business was down 11%. This was partly due to a relatively quiet year for electricity generation and transmission business, after a very strong 2007/08. Construction of wind turbines was undoubtedly influenced by lack of availability of credit, whilst maintenance schedules for the transmission industry were slow in the year.
Our UK installer business was affected by the economic slowdown, in particular in commercial construction. However, given the extent of the problems faced by that industry, our business has held up relatively well.
Our European business achieved further growth in the year, with revenue up 20% in total, and 11% excluding guardrail. Whilst some countries have seen significant economic slowdowns, the early stage of adoption of fall protection has meant that growth opportunities remain. The addition of the Versirail guardrail range has improved our position in France, where collective protection is often preferred to individual protection.
After a very strong previous year, North American markets were badly affected by the rapid decline of the US economy. The resulting collapse in confidence caused significant curtailment of both capital and maintenance spend throughout the US private sector. This led to a 21% fall in North American revenues in the year, despite a rise in Self Retracting Lifeline sales. Although disappointing, North American sales were still 15% higher than two years ago. We have not lost any customers and there is evidence that some are beginning to look at re-instating plans in the near future.
The rest of the world produced slight growth this year, with revenues up 2% at £1.2 million. This year we have seen new countries beginning to generate additional sales, as the need for fall protection gains recognition. We are cautiously optimistic that these will generate growth for the coming year and beyond.
Safety Services
Safety Services had an excellent start to the year, but the second half was affected by the recession in UK commercial construction. The main impact of this was to squeeze gross margins as the business strove to maintain throughput of Latchways products. For the year, revenue was up 3% to £9.8 million (2008: £9.5 million), whilst operating profits were 13% lower at £1.3 million (2008: £1.5 million). The focus of this business remains on efficient installation and system certification, whilst continuing to provide the "one-stop shop" solution to customers such as telecommunications companies and wind power operators.
During the year, Safety Services, as the largest installer of Latchways products, purchased £3.0 million of product from Latchways, a 7% increase. Excluding guardrail, purchases were broadly unchanged.
Specialist Fixing
Specialist Fixings achieved increased activity this year, with revenues up 31% to £2.8 million (2008: £2.1 million). However, this was at the expense of gross margins in a fiercely competitive market place. As a result, operating profits declined by 40% to £0.2 million. Steps have now been taken to reduce the overhead base of the business to be more in line with the new market realities. This, combined with a current improvement in the order book, gives us a degree of confidence that growth can be achieved in the coming year.
Risks and the Operational Environment
As a provider of fall protection solutions to a global marketplace, the group is subject to a number of external factors which affect its risk profile. The more important of these are discussed below.
The Global Economy
The events of the past year have demonstrated that Latchways, like any business, is not immune to the global economic cycle. However, the relatively modest impact on Latchways to date underlines the strength of our business model and the legislative drivers that affect it, as well as the advantages in continued geographic and market diversification.
The Commercial Construction Market
Latchways operates in a diverse and growing range of markets. This ensures that we are not excessively dependent on one market for our growth. The largest individual market is the UK commercial construction market. We began to see the impact of the slowdown in this market early in the second half of the year, and this can be expected to continue for some time to come. Although architect's and specifier's enquiries remain very strong, there is a marked reluctance to commit to projects compared with a year ago. This has impacted both Safety Products and Safety Services divisions.
The 2005 Working at Height Regulations, which increase the responsibilities of building owners to provide fall protection for personnel working in their buildings, together with the investments in infrastructure that will precede the 2012 London Olympics, give us confidence that growth opportunities will continue in the years ahead, although this must be tempered with concern as to the likely effect of the state of government finances on future public spending plans.
The Legislative Environment
The increasing emphasis on Health and Safety legislation throughout the European Union has been one of the key drivers of the fall protection business over the past decade. The UK and certain other EU countries which have interpreted this into specific fall-protection legislation have become significant markets for the Latchways product range. Within the UK, the most obvious examples of this legislation are the Workplace (Health, Safety & Welfare) Regulations 1992, the Construction (Design and Management) Regulations 1994 (revised in 2007), and the Working at Height Regulations 2005. Latchways sees the development of appropriate, workable safety regulations as of critical importance, not just to its own business but to business as a whole. As a result, we have ensured that Latchways is represented on a number of key legislative standards committees, both in the UK and overseas. During the past year we have seen business from a number of new countries which, from a zero historic base, are expected to generate good business going forward.
Commodity Prices
The majority of Latchways products are constructed of Marine Grade stainless steel. The market price of this commodity has seen extraordinary fluctuations in recent years, with a very high spike during the summer of 2007 followed by a steep decline in the latter half of 2008, although the positive effect of this decline on Latchways' costs was partially offset by the strengthening of the US Dollar.
It has been Latchways' philosophy throughout the past few year's volatility to seek to protect our customers from the impacts of increased costs through a combination of modest annual price increases and product re-sourcing efforts. The recent retracement in the price of stainless steel has enabled us to hold pricing for the coming year, again showing our commitment to assisting our customers whenever possible.
The acquisition of Sigma 6 has increased our exposure to aluminium prices, as the Versirail guardrail is largely constructed of aluminium alloy. Our approach to pricing is identical to that described for stainless steel.
Currency Risk
Latchways has significant exposure to fluctuations in the Sterling/Euro exchange rate, as our European sales are invoiced in Euros. There is also some exposure to the Sterling/USD exchange rate. The Euro exchange risk is partly mitigated by the fact that guardrail and cable are now purchased in Euros. Forward exchange contracts are used to mitigate the remaining exposures.
Prospects
The investments in sales resource and new products that we have made in the past two years, although adding to our cost base, are now generating new prospects in a number of geographies. Whilst the global economic downturn has impacted our business in the short term, we remain confident that the strength of our business model will continue our track record of providing excellent returns to shareholders.
David Hearson
Chief Executive
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Latchways plc |
|||||||||
|
Consolidated Income Statement |
|||||||||
|
for the year ended 31 March 2009 |
|||||||||
|
2009 |
2008 |
||||||||
|
£'000 |
£'000 |
||||||||
|
Revenue |
36,960 |
35,212 |
|||||||
|
Cost of sales |
(17,218) |
(16,565) |
|||||||
|
|
|
|
|||||||
|
Gross profit |
19,742 |
18,647 |
|||||||
|
Administrative expenses |
(11,538) |
(10,176) |
|||||||
|
Group operating profit |
8,204 |
8,471 |
|||||||
|
Analysed as: |
|||||||||
|
Operating profit before exceptional items |
8,723 |
8,973 |
|||||||
|
Exceptional charge (included within administrative expenses) |
(519) |
(502) |
|||||||
|
|
|
||||||||
|
Group operating profit |
8,204 |
8,471 |
|||||||
|
Interest receivable |
114 |
180 |
|||||||
|
Interest payable and similar charges |
(9) |
(35) |
|||||||
|
|
|
||||||||
|
Profit before taxation |
8,309 |
8,616 |
|||||||
|
Taxation |
(2,565) |
(2,521) |
|||||||
|
|
|
||||||||
|
Profit for the year attributable to equity shareholders |
5,744 |
6,095 |
|||||||
|
Basic earnings per share (pence) |
51.61 |
54.77 |
|||||||
|
Diluted earnings per share (pence) |
51.47 |
54.51 |
|||||||
|
Adjusted basic earnings per share (pence) |
54.97 |
57.93 |
|||||||
|
Adjusted diluted earnings per share (pence) |
54.82 |
57.65 |
|||||||
Adjusted earnings per share exclude the post-tax impact of exceptional items.
The directors propose a final dividend of 15.63 pence per share (2008: 14.21 pence) at an estimated cost of £1,739,000 (2008: £1,582,000), which will be subject to shareholder approval at the Annual General Meeting on 11 September 2009.
|
Latchways plc |
||||||||||
|
Consolidated Balance Sheet |
||||||||||
|
as at 31 March 2009 |
||||||||||
|
2009 |
2008 |
|||||||||
|
£'000 |
£'000 |
|||||||||
|
Assets |
||||||||||
|
Non-current assets |
||||||||||
|
Goodwill |
4,341 |
2,615 |
||||||||
|
Other intangible assets |
2,289 |
1,804 |
||||||||
|
Property, plant and equipment |
3,593 |
3,442 |
||||||||
|
Deferred income tax assets |
69 |
129 |
||||||||
|
10,292 |
7,990 |
|||||||||
|
Current assets |
||||||||||
|
Inventories |
3,926 |
3,631 |
||||||||
|
Trade and other receivables |
8,557 |
9,165 |
||||||||
|
Cash and cash equivalents |
4,777 |
4,637 |
||||||||
|
17,260 |
17,433 |
|||||||||
|
Liabilities |
||||||||||
|
Current Liabilities |
||||||||||
|
Financial liabilities |
||||||||||
|
- Borrowings |
- |
(177) |
||||||||
|
- Derivative financial instruments |
(175) |
(502) |
||||||||
|
Trade and other payables |
(3,131) |
(4,573) |
||||||||
|
Deferred consideration |
(63) |
- |
||||||||
|
Current tax liabilities |
(1,274) |
(1,373) |
||||||||
|
(4,643) |
(6,625) |
|||||||||
|
Net current assets |
12,617 |
10,808 |
||||||||
|
Non-current liabilities |
||||||||||
|
Deferred consideration |
(350) |
- |
||||||||
|
Deferred income tax liabilities |
(569) |
(335) |
||||||||
|
(919) |
(335) |
|||||||||
|
Net assets |
21,990 |
18,463 |
||||||||
|
Equity |
||||||||||
|
Ordinary shares |
556 |
556 |
||||||||
|
Share premium account |
1,793 |
1,793 |
||||||||
|
Translation reserve |
252 |
- |
||||||||
|
Other reserves |
287 |
268 |
||||||||
|
Retained earnings |
19,102 |
15,846 |
||||||||
|
Total shareholders' equity |
21,990 |
18,463 |
||||||||
|
Latchways plc |
|||||||||
|
Consolidated Cash Flow Statement |
|||||||||
|
for the year ended 31 March 2009 |
|||||||||
|
2009 |
2008 |
||||||||
|
£'000 |
£'000 |
||||||||
|
Cash flows from operating activities |
|||||||||
|
Cash generated from operations |
7,826 |
6,695 |
|||||||
|
Interest paid |
(9) |
(29) |
|||||||
|
Taxation paid |
(2,523) |
(2,090) |
|||||||
|
Net cash from operating activities |
5,294 |
4,576 |
|||||||
|
Cash flows from investing activities |
|||||||||
|
Acquisitions, net of cash acquired |
(1,692) |
(795) |
|||||||
|
Additional consideration paid |
(10) |
- |
|||||||
|
Interest received |
114 |
179 |
|||||||
|
Purchase of property, plant and equipment |
(654) |
(933) |
|||||||
|
Purchase of intangible assets |
(127) |
(296) |
|||||||
|
Development expenditure capitalised |
(157) |
(221) |
|||||||
|
Net cash used in investing activities |
(2,526) |
(2,066) |
|||||||
|
Cash flows from financing activities |
|||||||||
|
Net proceeds from issue of ordinary share capital |
- |
13 |
|||||||
|
Repayment of borrowings |
(177) |
(598) |
|||||||
|
Dividends paid to shareholders |
(2,451) |
(2,107) |
|||||||
|
Net cash used in financing activities |
(2,628) |
(2,692) |
|||||||
|
Net increase/(decrease) in cash and cash equivalents |
140 |
(182) |
|||||||
|
Cash and cash equivalents at 1 April |
4,637 |
4,819 |
|||||||
|
Cash and cash equivalents at 31 March |
4,777 |
4,637 |
|||||||
|
Latchways plc |
||||||||||
|
Consolidated Statement of Changes in Shareholders' Equity |
||||||||||
|
for the year ended 31 March 2009 |
||||||||||
|
Share Capital £'000 |
Share Premium £'000 |
Retained Earnings £'000 |
Other Reserves £'000 |
Total Reserves £'000 |
||||||
|
1 April 2007 |
556 |
1,780 |
11,945 |
221 |
14,502 |
|||||
|
Net profit |
- |
- |
6,095 |
- |
6,095 |
|||||
|
Share options: |
||||||||||
|
- Proceeds from shares issued |
- |
13 |
- |
- |
13 |
|||||
|
- Value of employee services |
- |
- |
- |
47 |
47 |
|||||
|
Deferred taxation on share options |
- |
- |
(87) |
- |
(87) |
|||||
|
Dividends |
- |
- |
(2,107) |
- |
(2,107) |
|||||
|
At 31 March 2008 |
556 |
1,793 |
15,846 |
268 |
18,463 |
|||||
|
Net profit |
- |
- |
5,744 |
- |
5,744 |
|||||
|
Share options: |
||||||||||
|
- Value of employee services |
- |
- |
- |
19 |
19 |
|||||
|
Exchange differences on consolidation |
- |
- |
- |
252 |
252 |
|||||
|
Deferred taxation on share options |
- |
- |
(37) |
- |
(37) |
|||||
|
Dividends |
- |
- |
(2,451) |
- |
(2,451) |
|||||
|
At 31 March 2009 |
556 |
1,793 |
19,102 |
539 |
21,990 |
|||||
NOTES
4. Dividends
|
2009 |
2008 |
||
|
£'000 |
£'000 |
||
|
Final Paid 14.21p (2008: 11.84p) per 5p share |
1,582 |
1,317 |
|
|
Interim Paid 7.81p (2008: 7.1p) per 5p share |
869 |
790 |
|
|
Total Paid |
2,451 |
2,107 |
Related Shares:
LTC.L