NATIONAL MILK RECORDS PLC
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1 16543 National Milk Records:Layout 3 21/08/ :38 Page 1 NATIONAL MILK RECORDS PLC Summary financial statement for the year ended 31 March 2012
2 Na onal Milk Records plc ( NMR or the Company ) Audited Final Results Na onal Milk Records plc, the PLUS-quoted leading supplier of dairy and livestock services, is pleased to announce its audited results for the year ended 31 March 2012 and to give no ce of its AGM to be held at Laches Close, Calibre Business Park, Four Ashes, Wolverhampton, WV10 7DZ on 19th September 2012 at 11.30am. Overview Solid profits and increased annual dividend of 2.1 pence per share for the year whilst making substan al investments in new projects Working with Marks and Spencer on a new saturated fat test via subsidiary Na onal Milk Laboratories Irish Joint Venture now opera onal with sample numbers increasing Focussed efficiency drives, including consolida ng tes ng facili es at Four Ashes, to increase opera ng margins in the year ahead Four Ashes has been opera onal since 17th June 2012 Posi ve backdrop for con nued growth underpinned by global food demand and increased interest in food traceability NMR Managing Director Andy Warne said, We are delighted to report an increased dividend of 2.1 pence per share following a highly ac ve and profitable year for NMR. The global backdrop of increased demand for quality food combined with the need for food traceability creates favourable market condi ons in the medium term. In the short term the UK milk price is crea ng challenging condi ons for UK farmers but we remain confident that our exper se and solid financial base, combined with our diverse product range, posi ons NMR for a sustained period of growth. 2 Na onal Milk Records PLC
3 Chairman s Statement It has been a year of progress for NMR during which we have laid strong opera onal and corporate founda ons for future growth whilst remaining profitable. It is crucial that we maintain our reputa on for providing quality services and product innova on. With this in mind, during the previous 12 months we have invested in a range of areas to improve our services and streamline our business, the benefits of which I expect to see during An example of our investment programme is the development of a new opera onal tes ng site at Four Ashes, Wolverhampton which will consolidate the Company s current tes ng facili es and lead to improved service provision and reduced opera ng costs. We acquired the facility for 475,000 and have invested a further 820,000 in refurbishment. The site is now opera onal and the consolida on process will con nue into 2012/13. Our investments have not been to the detriment of our financial performance and we are pleased to report that our profits are ahead of the previous year. NMR operates through three divisions, which combined create a wide reach across the various segments of the livestock industry: Na onal Milk Records, our core business, provides management informa on to farmers about individual cow performance in terms of milk quality, yield and fer lity; Na onal Milk Laboratories is an independent milk tes ng division for milk buyers; and Na onal Livestock Records which provides support to the red meat industry, facilita ng the growing requirement for traceability in this sector. Na onal Milk Records ( NMR ) Milk tes ng remains at the forefront of our business opera ons. In order to ensure we remain market leaders in our field we are constantly seeking ways to further improve our service and sa sfy consumer demand. The addi on of our Silent Herdsman TM last year, an intelligent, electronic monitoring collar designed to detect a cow s oestrus events, highlights our desire to stay ahead of the market. Turnover has increased and we are confident that the demand we have so far seen is set to increase. NMR has agreed a distribu on agreement with Genus, the UK s largest bovine gene cs company, to complement the coverage of NMR s own direct sales resource. Our disease tes ng capabili es are a key revenue driver in the business. We con nue to test herds on behalf of the majority of major UK dairy industry bodies to ensure that the quality of the milk is maintained as well as working with farmers to improve animal health. We are keen to expand our opera ons interna onally and I look forward to providing shareholders with updates on our ac vity in due course. Na onal Milk Laboratories ( NML ) NML con nues to perform strongly, tes ng the quality of over 95% of milk in the UK before it is sold to consumers. We have added value to this area of our business through the introduc on of a new tes ng product to rou nely differen ate between saturated and unsaturated fat. This service is being used for the first me by Marks & Spencer in order to pay their farmer suppliers based on the quan ty of unsaturated fat in the milk. It also allows our customers to stay ahead of poten al changes in legisla on as the introduc on of a fat tax in some EU countries could be replicated in the UK. This form of tes ng will be essen al for the UK dairy industry to manage this transi on. We expanded our services into southern Ireland in September Our proprietary payment tes ng business in Ireland is marketed and delivered through Independent Milk Laboratories Limited ( iml ), a company that we have set up with Irish farming coopera ve Progressive Gene cs Ireland Limited. During the period iml completed its opera onal set up phase and con nues to grow sample numbers. Na onal Livestock Records ( NLR ) NLR con nues to be a growing source of revenue for the Group as we seek to increase traceability and efficiency in the Welsh sheep industry through our work with the Welsh Assembly Government on The Technology, Agriculture and Greater Efficiencies Project ( TAG ). This working partnership provides us with a base from which we plan to extend our services to the wider UK sheep industry. Nordic Star, our ear tag distribu on service, con nues to perform well. Financials I am pleased to report a net profit before tax and FRS 17 interest of 440,000 (2011: 387,000) on a turnover of 17,881,000 (2011: 16,801,000). Our net cash balance has increased by 222,000. Summary Financial Statements
4 For the second year, the Board has decided to make the payment of a dividend, having taken into account exis ng cash flow, capital expenditure commitments, and the Company s prospects. A dividend of 2.1 pence per share is recommended to be paid on 1st October 2012 to shareholders on the register on 31 August The Ex Dividend date is 29 August The total dividend amounts to 154,314. Pension We take our commitments to our pensioners and deferred pensioners seriously and we believe that our business plan will generate sufficient cash to allow us to invest in the growth of our business whilst agreeing with the Trustee a phased payment plan to meet the deficit in the fund. A new recovery plan arising from a triennial valua on of the pension fund at 31st March 2012 will be nego ated with the Milk Pension Fund trustee during 2012/13. The recovery payments for 2012/13 have already been agreed and are in line with the 2011/12 period. Outlook The past year has been highly successful for NMR Group as we con nue to make profits and deliver on our promises to shareholders at a me when many companies are struggling due to the vola le global market. We con nue to make strong progress across our diverse por olio of services and in doing so have further strengthened our interna onal posi oning whilst securing profits. With this in mind, I believe that we have laid the right founda ons for growth during the forthcoming financial year. NMR is well posi oned to increase its presence in domes c and interna onal markets, and I look forward to upda ng shareholders accordingly. Finally, I d like to thank all NMR employees for their con nued hard work over the year and shareholders for their support over the past 12 months. Bryan Thomas re red as Non Execu ve Director during the year and I would like to extend my thanks for his diligent support for NMR. Philip Kirkham Chairman 10 July 2012 The Directors of NMR are responsible for the contents of this announcement. 4 Na onal Milk Records PLC
5 Directors report Results and dividends The group profit before tax for the year amounted to 830,000 (2011: 706,000).The directors are pleased to recommend the payment of a dividend of 2.1 pence per ordinary share amoun ng to 154,314 (2011: 147,000) payable on 1st October 2012 to shareholders on the register at close of business on 29th August Earnings per ordinary share are disclosed in the profit and loss account. Principal ac vity and review of the business The group s principal ac vity during the year was the provision of management informa on, predominantly to the agricultural industry. Principle risks and uncertain es There are a range of risks and uncertain es facing the company and the list below is not intended to be exhaus ve. The focus is on those specific risks and uncertain es that the directors believe could have a significant impact on the group s performance, as analysed by its key performance indicators. Market condi ons Levels of business ac vity will vary for each of the markets in which NMR operates, but ul mately this is dependent on factors such as economic cycles, government legisla on, growth of the economy and environmental factors. Compe ve pressures The group operates in compe ve markets with differing characteris cs. Market share could be affected by the emergence of new compe tors or technological advances in products. Customers The group must maintain its ability to con nue to provide an innova ve service to the local customer base and develop in a profitable way in an increasingly price sensi ve market. If the group fails to do this, customers may spend less with NMR. Financial Key Performance Indicators The directors monitor the group s progress against its strategic objec ves and the financial performance of the group s opera ons on a regular basis. Details of the most significant key performance indicators (KPIs) used by the group are as follows: Turnover (growth) NMR views change in the market as an opportunity to grow, and to use its profits and ability to develop and produce innova ve products, services and solu ons that sa sfy emerging customer needs. Growth comes from taking considered risks, based on the state of the industry, but also in inducing change in the industry in which NMR operates. For the year ended 31 March 2012, turnover was 17,881,000 (2011: 16,801,000), this represents a 6.4% increase on the previous year. NMR has been focusing on stabilizing its tradi onal core business and developing new innova ve products and services which should lead to turnover growth over the next few years. Profitability In order to be successful, NMR needs to achieve sufficient profit to finance growth, create value for the group s shareholders and provide the resource needed to achieve any of the group s other objec ves. For the year ended 31 March 2012, gross profit was 4,935,000. This was up 23.2% from the year ended 31 March 2011 ( 4,006,000). Profit before tax, excluding the effects of FRS 17 interest, was 440,000 represen ng a 13.7% increase on the previous year (2011: 387,000). Market share The group aims to extend market share by con nually providing useful and significant products, services and solu ons to markets it already serves and to expand into new areas that build on Na onal Milk Records competencies and customer interests. The group aims to be influen al in the markets in which it operates. Summary Financial Statements
6 Future developments The directors will con nue to focus on the core business of the company and its subsidiary undertakings, whilst looking to take advantage of new opportuni es as they arise. Directors The directors during the whole period from 1st April 2011 to the date of this report were as follows: Mr A J Warne Ms J L Marshall Mr T Lloyd Mr H I Smith Mr P H Kirkham Mr D J Thomas Other changes in directors holding office are as follows: Mr C Hughes resigned 30th September 2011 Mrs S J Pope appointed 22nd June 2011 Signed on behalf of the board: Mr A J Warne Director 10th July Na onal Milk Records PLC
7 Consolidated Profit and Loss Account For the year ended 31st March Notes GROUP TURNOVER INCLUDING SHARE OF JOINT VENTURE 17,881 16,801 1 Less: share of joint venture turnover (344) GROUP TURNOVER 17,537 16,801 Cost of sales 12,602 12,795 GROSS PROFIT 4,935 4,006 Administra ve expenses 4,428 3,543 GROUP OPERATING PROFIT , 3 Share of opera ng profit of joint venture (4) Opera ng profit including joint ventures Income from interest in associated undertakings (32) Interest receivable and similar income 3 5 Other finance income Interest payable and similar charges PROFIT ON ORDINARY ACTIVITIES BEFORE TAXATION Tax on profit on ordinary ac vi es PROFIT FOR THE FINANCIAL YEAR FOR THE GROUP Earnings per share expressed in pence per share: Basic Diluted CONTINUING OPERATIONS None of the group s ac vi es were acquired or discon nued during the current year or previous year. Summary Financial Statements
8 Consolidated Statement of Total Recognised Gains and Losses For the year ended 31st March PROFIT FOR THE FINANCIAL YEAR Actuarial gain/(loss) on pension scheme (3,911) (124) Deferred tax on pension scheme TOTAL RECOGNISED GAINS AND LOSSES RELATING TO THE YEAR (2,341) 304 Consolidated Balance Sheet 31st March FIXED ASSETS Intangible assets Tangible assets 4,758 3,910 Investments in joint ventures Share of gross assets 224 Share of gross liabili es (92) 132 Investments ,134 4,507 CURRENT ASSETS Stocks Debtors 1,576 1,717 Cash at bank and in hand ,514 2,054 CREDITORS Amounts falling due within one year 2,963 2,691 NET CURRENT LIABILITIES (449) (637) TOTAL ASSETS LESS CURRENT LIABILITIES 4,685 3,870 CREDITORS Amounts falling due a er more than one year (1,481) (474) PROVISIONS FOR LIABILITIES (211) (233) PENSION LIABILITY (4,044) (1,740) NET (LIABILITIES)/ASSETS (1,051) 1,423 CAPITAL AND RESERVES Called up share capital Revalua on reserve 1,096 1,096 Share op on reserve 12 5 Profit and loss account (2,894) (413) SHAREHOLDERS FUNDS (1,051) 1,423 8 Na onal Milk Records PLC
9 Company Balance Sheet 31st March FIXED ASSETS Intangible assets Tangible assets 3,962 2,918 Investments 2,419 2,419 6,381 5,337 CURRENT ASSETS Stocks Debtors Cash at bank and in hand ,459 1,228 CREDITORS Amounts falling due within one year 2,749 2,876 NET CURRENT LIABILITIES (1,290) (1,648) TOTAL ASSETS LESS CURRENT LIABILITIES 5,091 3,689 CREDITORS Amounts falling due a er more than one year (1,481) (474) PROVISIONS FOR LIABILITIES (208) (209) PENSION LIABILITY (4,044) (1,740) NET (LIABILITIES)/ASSETS (642) 1,266 CAPITAL AND RESERVES Called up share capital Revalua on reserve 1,096 1,096 Share op on reserve 12 5 Profit and loss account (2,485) (570) SHAREHOLDERS FUNDS (642) 1,266 Summary group cash flow statement for the year ended 31 March Net cash flow from opera ng ac vi es 1, Returns on investment and servicing of finance (63) (44) Taxa on (71) 10 Capital expenditure and financial investment (1,208) (387) Investment in associate (177) Equity Dividends paid (140) Net cash inflow before financing (378) (40) Financing 600 (343) (Decrease)/increase in cash in the period 222 (383) The statement and figures above are extracted from the Company s full audited accounts. The summary financial statement was approved by the Board on 10 July 2012 and was signed on its behalf by Mr A J Warne Director Summary Financial Statements
10 Notes 1 Turnover Na onal Mill Records (NMR) 13,094 12,803 Intercompany (599) (539) Share of joint venture 344 Na onal Milk Laboratories (NML) 4,591 4,171 Na onal Livestock Records (NLR) ,881 16,801 2 Directors Emoluments Fees Other emoluments (including pension contribu ons) Other financial income/(cost) Accoun ng standard FRS 17 Re rement Benefits requires a figure for interest payable/ receivable on the pension liability to be charged as a finance cost/ income. The standard also dictates the criteria that need to be used in the calcula on of the charge, this largely depends on market condi ons. The finance income in the year ended 31 March 2012 is 390,000 (2011: 319,000). This does not represent interest actually paid or received by the group. Important note This Summary financial statement is only a summary of the informa on contained in Na onal Milk Records plc s consolidated financial statements and Report of the directors as set out in the Annual Report. It contains addi onal informa on derived from the Report of the directors in the Annual Report, and does not contain the full text of that Report of the directors. It does not contain sufficient informa on to allow for as full an understanding of the results of the group and state of affairs of the Company or the group as would be provided by the Annual Report. A copy of the Annual Report can be viewed online at our website Shareholders may obtain a copy of the full Annual Report for 2012 and future years, free of charge, on request from the Company s registered office. The auditors report on the Annual Report for the year ended 31 March 2012 was unqualified and does not contain any statement under sec on 498(2) (accoun ng records or returns inadequate or accounts) or sec on 498(3) (failure to obtain necessary informa on and explana ons) of the Companies Act 2006 and the auditors statement in that Annual Report under sec on 496 (whether directors report is consistent with accounts) of that Act was unqualified. 10 Na onal Milk Records PLC
11 Auditors statement Independent auditors statement to the members of Na onal Milk Records plc We have examined the Summary financial statement which comprises the Summary group profit and loss account, Summary group cash flow statement, Summary group balance sheet and the directors report. Respec ve responsibili es of directors and auditors The directors are responsible for preparing the Na onal Milk Records plc Summary financial statement in accordance with applicable United Kingdom law. Our responsibility is to report to you our opinion on the consistency of the Summary financial statement within the Na onal Milk Records plc Summary financial statement with the full annual financial statements and the Report of the directors and its compliance with the relevant requirements of sec on 428 of the Companies Act 2006 and the regula ons made thereunder. We also read the other informa on contained in the Na onal Milk Records plc Summary financial statement and consider the implica ons for our statement if we become aware of any apparent misstatements or material inconsistencies with the Summary financial statement. This statement, including the opinion, has been prepared for and only for the company s members as a body in accordance with sec on 428 of the Companies Act 2006 and for no other purpose. We do not, in giving this opinion, accept or assume responsibility for any other purpose or to any other person to whom this statement is shown or into whose hands it may come save where expressly agreed by our prior consent in wri ng. Basis of opinion We conducted our work in accordance with Bulle n 2008/3 issued by the Audi ng Prac ces Board. Our reports on the Company s full annual financial statements describe the basis of our audit opinions on those financial statements and the Report of the directors. Opinion In our opinion the Summary financial statement is consistent with the full annual financial statements and the Report of the directors of Na onal Milk Records plc for the year ended 31 March 2012 and complies with the applicable requirements of sec on 428 of the Companies Act 2006, and the regula ons made thereunder. Monahans Chartered Accountants and Statutory Auditors, Swindon 10 July 2012 Summary Financial Statements
12 Printed by Rubicon Corporate Print R2309
NATIONAL MILK RECORDS PLC REPORT OF THE DIRECTORS AND AUDITED CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH 2013
REGISTERED NUMBER: 03331929 (England and Wales) NATIONAL MILK RECORDS PLC REPORT OF THE DIRECTORS AND AUDITED CONSOLIDATED FINANCIAL STATEMENTS CONTENTS OF THE CONSOLIDATED FINANCIAL STATEMENTS Page Company
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