Results for six months period ended 31 March 2018
|
|
- June Doreen Cunningham
- 5 years ago
- Views:
Transcription
1 16 May 2018 SSP GROUP PLC LEI:213800QGNIWTXFMENJ24 Results for six months period ended 31 March 2018 SSP Group, a leading operator of food and beverage outlets in travel locations worldwide, announces its financial results for the first half of its 2018 financial year, covering the six months ended 31 March Highlights: Underlying operating profit 1 of 55.2m: up 32.6% at constant currency 2, and 29.0% at actual exchange rates Revenue of 1,177.8m: up 11.9% at constant currency; 9.8% at actual exchange rates Like-for-like sales 3 up 2.8%: driven by air passenger travel and retail initiatives Net gains 4 of 7.1%: strong performances in North America and the Rest of the World Acquisitions 5 of TFS in India and Stockheim in Germany added 2.0% to revenue Underlying operating margin 1 (excluding the acquisition impact of TFS) up 50 basis points at constant currency, strategic initiatives delivering well. Including the impact of acquisitions, the combined group underlying operating margin increased a further 20 bps to 4.7% Underlying profit before tax 1 of 48.7m: up 40.3%. Reported profit before tax of 48.4m Underlying earnings per share 1 of 5.6 pence: up 33.3%. Reported earnings per share of 5.6 pence Interim dividend of 4.8 pence per share, up 50.0%. This follows the completion of the c. 100m special dividend and share consolidation, in April 2018 Encouraging pipeline of new contracts Commenting on the results, Kate Swann, CEO of SSP Group, said: SSP has delivered another strong performance in the first half of Operating profit was up 32.6% at constant currency, driven by good like-for-like sales growth, significant new contract openings and further operational improvements. We have continued to grow our presence across the world, particularly in North America and Asia and our new business in India is performing well. Looking forward, the second half has started in line with our expectations and whilst a degree of uncertainty always exists around passenger numbers in the short term, we continue to be well placed to benefit from the structural growth opportunities in our markets and our programme of operational improvements. 1
2 Financial highlights: H H Year-on-year change Actual FX rates Constant currency 2 Revenue 1, , % +11.9% Like-for-like sales growth 3 2.8% 2.9% n/a n/a Underlying operating profit % +32.6% Underlying operating margin 1 4.7% 4.0% +70 bps +70 bps Underlying profit before tax % n/a Underlying earnings per share (p) % n/a Dividend per share (p) % n/a Underlying operating cash flow 6 (0.0) (45.1) % n/a Net debt (290.1) (378.8) +23.4% n/a Statutory reported results: The table below summarises the Group s statutory reported results (where the financial highlights above are adjusted). H H Year-on-year change Operating profit % Operating margin 4.6% 3.9% +70 bps Profit before tax % Earnings per share (p) % 1 Stated on an underlying basis which excludes the revaluation of the obligation to acquire an additional 16% ownership share of TFS by the end of calendar year 2018 and the amortisation of intangible assets arising on the acquisition of the SSP business in In the prior period the underlying basis only excluded the amortisation of intangible assets arising on the acquisition of the SSP business in Constant currency is based on average 2017 exchange rates weighted over the financial year by 2017 results. 3 Like-for-like sales represent revenues generated in an equivalent period in each financial period in outlets which have been open for a minimum of 12 months. Like-for-like sales are presented on a constant currency basis. 4 Net contract gains/(losses) represent the net year-on-year revenue impact from new outlets opened and existing units closed in the past 12 months. Net contract gains/(losses) are presented on a constant currency basis. 5 Acquisition impact represents the revenue impact from acquired outlets owned for less than 12 months. Acquisition impact is presented on a constant currency basis. Once the acquisition annualises revenue is included in like-for-like sales or net contract gains where appropriate. 6 Stated on an underlying basis 1 after capital expenditure, net cash flows to/from associates and non-controlling interests, acquisitions and tax. Please refer to page 15 for supporting reconciliations from the Group s statutory reported results to these performance measures. 2
3 CONTACTS: Investor and analyst enquiries Sarah John, Director of Investor Relations, SSP Group plc On 16 May 2018: +44 (0) Thereafter: +44 (0) Media enquiries Peter Ogden / Lisa Kavanagh Powerscourt +44 (0) ssp@powerscourt-group.com SSP Group plc s Interim Results 2018 are available at NOTES TO EDITORS About SSP SSP is a leading operator of food and beverage concessions in travel locations, operating restaurants, bars, cafés, food courts, lounges and convenience stores in airports, train stations, motorway service stations and other leisure locations. With over 50 years of experience, today we have around 37,000 employees, serving approximately one million customers every day. We have business at approximately 140 airports and 280 rail stations, and operate more than 2,500 units in over 30 countries around the world. SSP operates an extensive portfolio of more than 450 international, national, and local brands. Among these are local heroes such as MASH in Copenhagen, James Martin Kitchen in London, and Hung s Delicacies in Hong Kong. Our range also includes proprietary brands created for the travel sector including Upper Crust, Le Grand Comptoir and Ritazza, as well as international names such as Burger King, Starbucks, Hard Rock Café and YO! Sushi. We also create stunning bespoke concepts such as Five Borough Food Hall in JFK, New York and Walter at Zurich. 3
4 Business review Overview The Group delivered a good performance in the first half of the year, driven by like-for-like sales growth, new contract openings across the world and the ongoing implementation of our programme of operational improvements. We are continuing to invest in the growth and development of the business and to bring new brands and concepts to our clients and customers. We have made further good progress in the development of the business in North America and Asia Pacific, and the performance of TFS, our joint venture in India, has been encouraging. Margin growth has been driven by good like-for-like growth and the ongoing roll out of our strategic initiatives. Cash flows have been strong and the seasonal cash outflow reduced. We are recommending an ordinary dividend of 4.8 pence per share, anticipating a full year payout ratio of 40%. This, together with the payment of a c. 100m special dividend in April 2018, reflects our confidence in the business and our commitment to maintaining an efficient balance sheet. Financial results The financial performance of the Group is presented on an underlying basis, for which the statutory reported results are adjusted to take account the amortisation of intangible assets created on the acquisition of the SSP business in 2006 and the revaluation of the obligation to acquire an additional share of TFS by the end of calendar year The statutory reported performance of the Group is explained in the financial review, with a detailed reconciliation between statutory and underlying performance provided on page 15. The Group delivered a good financial performance in the first half of Underlying operating profit increased to 55.2m, an increase of 32.6% on a constant currency basis. Total revenue increased by 11.9%, on a constant currency basis, including like-for-like sales growth of 2.8%, net contract gains of 7.1% and revenue from acquisitions of 2.0%. In the first half of the year like-for-like sales growth was 2.8%, benefiting slightly from the earlier timing of Easter this year. Like-for-like sales in the air sector grew more strongly than in rail driven by the continued growth in air passenger numbers. Trading in the rail sector remained softer. Looking forward to the rest of the year, with the current level of economic and geopolitical uncertainty, we anticipate like-for-like sales to remain in the region of 2% to 3%. Net contract gains were 7.1% with strong contributions from North America (+31.1%) and the Rest of the World (+9.5%). In North America, net gains included the benefit of the full year effect of the major contracts that started in the second half of last year, in particular at Chicago Midway and at JFK T7. We have also opened a number of new outlets during the first half, including at Newark, San Francisco and Toronto. In the Rest of the World, net gains were driven by the Asia Pacific region, including new contracts at airports in Shenyang in China, Phuket in Thailand and Delhi in India. We continue to focus on retaining profitable contracts and our contract renewal rate in the first half of 2018 was in line with our historical trends. We are encouraged by the pipeline of new contracts. In the first half we won a number of significant new airport contracts including in North America, at Phoenix, Seattle and San Francisco, and in the Rest of the World, at Sheremetyevo airport in Moscow and across India. We expect to begin operating these contracts progressively over the next two years. 4
5 Looking forward to the second half of the year, we will meet the anniversary of the opening of many of the new units last year, when net gains were around 8%, and hence net gains are expected to return to a more normal level of around 2% in the second half of Net gains for the full year would therefore equate to around 4%, with acquisitions expected to add a further c.1.5% to revenue. Underlying operating profit increased to 55.2m, a 32.6% increase on a constant currency basis. The underlying operating margin (excluding the acquisition impact of TFS) increased by 50bps, on a constant currency basis, driven by the ongoing roll out of our strategic initiatives. Including the impact of acquisitions, the combined group underlying operating margin increased a further 20 bps to 4.7%. Looking forward to the second half of the year, we expect to see similar trends in operating margin growth, excluding the acquisition impact of TFS. The underlying free cash outflow was 6.5m, after completing the acquisition of Stockheim for net consideration of 18.8m. Capital expenditure was 61.5m, consistent with the first half of We expect a slightly higher level of capital expenditure in the second half of the year, taking the full year to c. 130m - 140m, reflecting the start of major redevelopments at Chicago Midway and JFK T7, as well as the ongoing development of new units. Net debt increased by 27.9m during the first half of 2018 to 290.1m, reflecting our normal seasonal cash cycle, and was 88.7m lower than last year, with leverage reducing from 1.7 times to 1.1 times EBITDA. Strategy Our strategy is focused on creating long-term sustainable value for our shareholders, delivered through five key levers. We made further progress on each of these levers in the period: 1. Optimising our offer from the positive trends in our markets We are focused on the food and beverage markets in travel locations, which benefit from long-term structural growth. We aim to use our broad portfolio of brands and retailing skills to drive profitable likefor-like sales, ensuring that we benefit from the positive trends in these markets. Like-for-like sales growth in the period was driven by the ongoing roll out of our retailing programmes which are delivering well. We have also made further good progress on optimising our product ranges and have developed a number of premium products to provide customers with additional choice. In addition to our owned brands, we are increasingly working with our brand partners. For example, in conjunction with Starbucks, we are launching a new premium range with products specifically designed for the travelling customer. 2. Growing profitable new space The travel food and beverage market in airports and railway stations is valued at approximately 14bn and is characterised by long-term structural growth. It offers excellent opportunities for us to expand our business across the globe. Net contract gains in the first half were 7.1%, driven by new unit openings and high levels of contract retention. The higher level of net gains was driven by strong performances in North America and in the Rest 5
6 of the World. These large and growing markets (where we still have a relatively small share), provide attractive expansion opportunities and the pipeline of new contracts is encouraging. We have strong disciplines around the contract tendering process which enables us to deliver attractive returns from new business investment. Our new business growth is underpinned by our ability to deliver attractive and effective food solutions at travel locations internationally. An important element of this is the brand line up we can offer. Our brands include both international brands which we franchise, such as Burger King and Starbucks, and our own proprietary brands such as Upper Crust and Ritazza, as well as bespoke concepts and local heroes. We have recently signed a new partnership agreement with Crussh, the London-based healthy food and juice chain, to take the brand into rail and airport locations in the UK and Europe and we have further expanded our relationships with high profile chefs, including the renowned French chef Michel Roth, to open Terroirs de Lorraine at Gare de Metz station. A significant development for us has been our entry into India. India is the world s second most populous country, with over one billion inhabitants, and has seen sustained strong passenger growth in recent years, which is forecast to continue. Infrastructure growth is expected to support this and the government is expected to invest US$120bn in airport infrastructure over the next decade. We acquired 33% of TFS in India in December 2016 and will acquire a further 16% interest by the end of calendar year TFS operates over 200 units, with operations in six of the main airports in India including Delhi and Mumbai, as well as in railway stations. TFS has delivered a strong financial performance since its acquisition. On 1 December 2017, we also announced the acquisition of part of the Stockheim group, a travel concessions business based in Germany. The business operates 25 food and beverage outlets in airports and railway stations, including at Düsseldorf and Cologne. The acquisition will further strengthen our presence in travel locations across Germany. 3. Optimising gross margins Gross margin increased by 100 bps in the period at constant currency. The higher growth in the air sector in the period, which typically has higher gross margins but higher concession fees than the rail sector, contributed approximately 50 bps of this improvement. This performance is encouraging given the ongoing pressure from food cost inflation, and has been driven by the roll out of gross margin initiatives across our regions which are progressing well. Key areas of focus include procurement disciplines, range and recipe rationalisation and the management of waste and losses. We are making good progress in the introduction of equipment that automates food preparation processes in our sites. This helps to improve the product consistency and reduce waste, as well as driving labour efficiency. To support these initiatives, we continue to invest in both central and local resources. 4. Running an efficient and effective organisation We have a multi-year programme of initiatives to improve operating efficiency, which is important to the Group given the backdrop of ongoing labour cost inflation. Labour efficiencies contributed 30 bps improvement to our operating margin. 6
7 We continue to develop systems to better align labour to sales, allowing us to optimise service levels and labour costs. We have developed a more standardised, systematised approach to labour forecasting and scheduling through a programme called Better Service Planning. The roll out of the new system has been completed in the UK and is progressing well in Sweden and Norway, with encouraging initial results. We are now undertaking further pilot studies across a number of other countries. We continue to trial self-scan and self-serve checkouts at a number of units, both of which can contribute to improving the customer experience as well as driving greater efficiency. 5. Optimising investment utilising best practice and shared resource We have maintained our focus on generating efficiencies to optimise our investments, drive returns and use best practice and shared resources. We are continuing to look at how shared back office services can reduce cost and drive simpler, more efficient processes. We have now established two outsourced shared service centres in Pune in India and Lodz in Poland which are used by a number of SSP s countries for financial transaction processing. We continue to look for further opportunities to outsource administration and financial processes. In addition to this, we have made good progress in driving energy efficiencies and have introduced a number of programmes which have helped to reduce overall energy usage. Summary and outlook The Group delivered a good financial performance in the first half of the year with solid like-for-like sales growth, strong net gains and a further improvement in operating margin. The second half has started in line with our expectations and the pipeline of new contracts is encouraging. Looking forward, with the current level of general economic and geopolitical uncertainty, we continue to plan cautiously, anticipating like-for-like sales to remain in the region of 2% - 3% and expect to see ongoing increases in food and labour cost inflation. However, the significant structural growth opportunities in the travel sector and our programme to deliver operational improvements leave us well placed to continue to deliver both for our customers and our shareholders. 7
8 Financial review Group performance H H Reported Change Constant currency Revenue 1, , % +11.9% +2.8% Underlying operating profit % +32.6% Underlying operating margin 4.7% 4.0% +70 bps +70 bps Operating profit % Operating margin 4.6% 3.9% +70 bps LFL Revenue First half revenue increased by 11.9%, on a constant currency basis, comprising like-for-like sales growth of 2.8%, net contract gains of 7.1% and the impact of acquisitions of 2.0%. At actual exchange rates, total revenue grew by 9.8%, to 1,177.8m. Revenue in the first half of the Group s financial year is typically lower than in the second half, as a significant part of our business serves the leisure sector of the travel industry, which is particularly active during the summer in the northern hemisphere. In the first half of the year like-for-like sales growth was 2.8%, benefiting slightly from the earlier timing of Easter this year. Like-for-like growth in the air sector was strong across most regions, while like-for-like growth in the rail sector remains softer. Looking forward to the rest of the year, with the current level of economic and geopolitical uncertainty, we anticipate like-for-like sales to remain in the region of 2% to 3%. Net contract gains increased revenue by 7.1%, helped by strong contributions from North America, which benefited from the new business opened last year but also further gains at Newark, San Francisco and Toronto. The Rest of the World also had strong net contract gains of 9.5%, primarily driven by new openings in China, Thailand and India. We expect the contribution from net gains in the second half to be around 2% and around 4% for the full year. The acquisitions of TFS and Stockheim, which added 2.0% to first half revenues and are expected to add a further c.1.5% to revenue for the full year. Trading results from outside the UK are converted into Sterling at the average exchange rates for the period. The overall impact of the movement of foreign currencies on revenue (principally the Euro, US Dollar and pegged currencies, Norwegian Krone and Indian Rupee) during the first half of 2018 compared to the 2017 average was negative 2.1%. If the current spot rates were to continue through to the end of 2018, we would expect a negative currency impact on revenue in the full year of around 2% compared to the average rates used for This is however a translation impact only. Underlying operating profit Underlying operating profit increased to 55.2m, an increase of 32.6% on a constant currency basis. The underlying operating margin (excluding the acquisition impact of TFS) increased by 50bps, on a constant currency basis, driven by the ongoing roll out of our strategic initiatives. Including the impact of acquisitions, the combined group underlying operating margin increased a further 20 bps to 4.7%. 8
9 Gross margin increased by 100 bps year-on-year, on a constant currency basis. The sales mix in the first half, with weaker sales in the rail sector relative to the air sector, contributed approximately 50 bps of this improvement. The strong underlying performance was driven by the continued roll out of our strategic initiatives, including improved ranging and mix management, food procurement, and waste and loss reduction. Labour costs improved by 30 bps year-on-year, on a constant currency basis, driven by our broadly based programmes to optimise service levels and labour costs. Concession fees rose by 70 bps, with the stronger growth in air sales contributing approximately 40 bps to the year-on-year increase. We expect this rate of increase to continue into the second half of the year. Looking forward to the second half, we anticipate ongoing inflationary pressure on food and labour costs. However, with our broad range of strategic initiatives, we are well placed to mitigate these costs and hence we expect to see similar trends in operating margin growth (excluding the acquisition impact of TFS), to those seen in the first half of the year. Operating profit Operating profit was 54.2m, on a reported basis (H1 2017: 41.8m), reflecting an adjustment for the amortisation of acquisition-related intangible assets of 1.0m (H1 2017: 1.0m). 9
10 Regional performance The following shows the Group s segmental performance. For full details of our key reporting segments, refer to note 2. UK (including Republic of Ireland) H H Reported Change Constant currency Revenue % +1.2% +0.7% Underlying operating profit % +12.5% Underlying operating margin 9.1% 8.1% +100 bps +90 bps Note Statutory reported operating profit was 32.7m (H1 2017: 29.0m) and operating margin was 8.8% (H1 2017: 7.9%) reflecting an adjustment for the amortisation of acquisition related intangible assets of 0.7m (H1 2017: 0.7m). LFL Revenue increased by 1.2% on a constant currency basis, comprising like-for-like growth of 0.7% and net contract gains of 0.5%. Like-for-like growth in the air sector was stronger than in the rail sector which remains soft. Like-for-like growth in the air sector was driven by increasing passenger numbers. We saw some impact in the first half from the closure of Monarch and reduced schedules from Ryanair. In the rail sector, the underlying trends remained unchanged in the first half albeit we saw some impact from the adverse weather conditions at the end of the period. Underlying operating profit for the UK increased by 12.5%, on a constant currency basis, to 33.4m, with underlying operating margin increasing by 90 bps, on a constant currency basis, to 9.1%. This represented a good performance, with our operating efficiency programmes and lower depreciation more than mitigating the impact of lower like for like sales and inflationary pressures on food and labour. Continental Europe H H Reported Change Constant currency Revenue % +6.8% +2.2% Underlying operating profit % +9.0% Underlying operating margin 4.9% 4.9% +0 bps +10 bps Note Statutory reported operating profit was 21.5m (H1 2017: 19.9m) and operating margin was 4.9% (H1 2017: 4.9%) reflecting an adjustment for the amortisation of acquisition related intangible assets of 0.3m (H1 2017: 0.3m). LFL Revenue increased by 6.8% on a constant currency basis, comprising like-for-like growth of 2.2%, net contract gains of 2.9%, and the acquisition of Stockheim adding a further 1.7%. As with the UK, like-for-like sales were stronger in air than in rail, with good growth in the air businesses particularly in France, Germany, Switzerland and Spain, which continues to benefit from tourists switching from the Middle East. Underlying operating profit increased to 21.8m, an increase of 9.0% on a constant currency basis. This growth was helped by the improved like-for-like sales and our operating efficiency initiatives, but was impacted by food and labour cost inflation, pre-opening costs at Marseille and integration costs at the new acquisition, Stockheim, in Germany. 10
11 North America H H Reported Change Constant currency Revenue % +34.2% +3.1% Underlying operating profit % +20.0% Underlying operating margin 3.2% 3.5% -30 bps -40 bps Note There are no adjustments between underlying operating profit and statutory reported operating profit. LFL Revenue increased by 34.2% on a constant currency basis, comprising like-for-like growth of 3.1% and net contract gains of 31.1%. Like-for-like growth benefited from positive trends in airport passenger numbers in the North American market, but continued to be adversely impacted by changes in airline route scheduling and passenger flows at a small number of our airports. Net contract gains of 31.1% included the benefit of the full year effect of the major contracts that started in the second half of last year, in particular at Chicago Midway and at JFK T7. We have also opened a number of new outlets during the first half, including at Newark, San Francisco and Toronto. Looking forward to the second half of the year, the pipeline is encouraging, however we will meet the anniversary of many of the new units which opened in the second half of last year. We also expect to see the closure of the temporary units and redevelopment of new units at Chicago Midway and JFK T7. Underlying operating profit increased to 6.4m, an increase of 20.0% on a constant currency basis. Underlying operating margins have decreased slightly due to a significant increase in depreciation year-onyear, which was due to an impairment charge at Houston airport, which has been adversely impacted by significant changes in airline flight schedules and passenger flows. Excluding depreciation, the EBITDA margin improved by 40bps, reflecting continued progress on operating efficiencies. Rest of the World H H Reported Change Constant currency Revenue % +30.4% +10.3% Underlying operating profit % % Underlying operating margin 8.0% 3.5% +450 bps +470 bps Note There are no adjustments between underlying operating profit and statutory reported operating profit. LFL Revenue increased by 30.4% on a constant currency basis, with an increase in like-for-like sales of 10.3%, net contract gains of 9.5%, and the additional two months relating to the acquisition of TFS in India contributing a further 10.6%. Like-for-like sales were driven by the strong trading performance in India but also ongoing passenger growth in Hong Kong and Egypt, which continues its recovery from the terrorist incidents a few years ago. Net gains came from new units in China at Shenyang, in Thailand at Phuket, and in India where we opened new units in Delhi and Kolkata airports, and in Vijayawada and Agra railway stations. Underlying operating profit for the Rest of the World was 13.6m, an increase of 202.1% on a constant currency basis, in part due to the inclusion of 6 months trading from TFS in India, compared to 4 months in 11
12 the first half of last year, but also strong year-on-year growth in the Indian business and strong profit performance in Asia Pacific and the Middle East. Share of profit of associates The Group s share of profit from associates was 0.2m (H1 2017: 0.7m) with our joint venture operations in the Rest of the World delivering strong performances. The reduction year-on-year is mainly driven by the disposal of our investment in Avecra in the second half of Net finance costs Underlying net finance costs decreased year-on-year to 6.7m (H1 2017: 8.8m), primarily due to the reduction in interest rates negotiated through an amend and extend of the Group s debt facility in October 2017 and lower net debt. Reported net finance costs were 6.0m (H1 2017: 9.5m), the additional 0.7m income being the unwind of the discount and revaluation of the financial liability to acquire the remaining 16% interest in TFS. Underlying net finance costs are expected to rise in the second half as a result of the special dividend paid in April 2018, and therefore for the full year are expected to be approximately 15m - 16m. Taxation The Group's underlying tax charge for the period was 10.7m (H1 2017: 7.6m), equivalent to an effective tax rate of 22.0% (H1 2017: 22.0%) of underlying profit before tax. On a reported basis the tax charge for the period was 10.5m (H1 2017: 7.4m). Looking forward we expect the underlying tax rate to remain at around 22% for the full year. Non-controlling interests The non-controlling interests increased year-on-year by 3.8m to 11.1m. The increase largely reflects the performance of TFS and the growth in our joint venture businesses (accounted for as subsidiaries), most of which are in North America and the Rest of the World. For the full year, we expect our non-controlling interests to be approximately 24m 25m. Earnings per share Underlying earnings per share was 5.6 pence per share (H1 2017: 4.2 pence per share), an increase of 33.3% year-on-year. Reported earnings per share was 5.6 pence per share (H1 2017: 3.8 pence per share). Dividends The Board has declared an interim dividend of 4.8 pence per share (H1 2017: 3.2 pence), with a view to maintaining the pay-out ratio for the full year at 40%, consistent with the Group s stated priorities for the uses of cash and after careful review of the capital expenditure requirements for the coming years. The dividend will be paid on 29 June 2018 to shareholders registered on 1 June The ex-dividend date will be 31 May Post balance sheet events On 16 April 2018, the Company completed a share consolidation to maintain the comparability of the Company s share price before and after the special dividend. Each shareholder received 30 new ordinary shares in substitution for every 31 existing ordinary shares held at the record date. Following this, on 27 April 2018, the special dividend of 20.9 pence per share was paid to shareholders. 12
13 Cash flow The table below presents a summary of the Group s cash flow for the first half of 2018: H H Underlying operating profit Depreciation and amortisation Working capital (0.5) (19.6) Net tax (17.6) (14.4) Other Underlying net cash flow from operating activities Capital expenditure 2 (61.5) (61.4) Acquisition of subsidiaries, adjusted for net debt acquired 3 (18.8) (35.0) Net dividends to/from non-controlling interests/associates (11.5) (5.5) Underlying operating cash flow (0.0) (45.1) Net finance costs (6.1) (7.9) Other (0.4) - Underlying free cash flow (6.5) (53.0) Dividend paid (23.5) (13.8) Underlying net cash flow (30.0) (66.8) 1 Presented on an underlying basis (refer to page 15 for details) 2 Capital expenditure is net of capital contributions from non-controlling interests of 2.6m (H1 2017: 1.6m) 3 Current period amount relates to the acquisition of Stockheim and comprises consideration ( 19.3m) less cash and cash equivalents acquired ( 0.5m). Prior period amount relates to the acquisition of TFS and comprises consideration of 42.7m adjusted for cash and cash equivalents acquired ( 15.2m), other financial assets acquired ( 0.8m) and long and short term borrowings acquired ( 8.3m). The Group generated net cash flow from operating activities of 91.8m (H1 2017: 56.8m) and underlying free cash flow outflow of 6.5m, a decrease in cash outflow of 46.5m compared to the first half of This improvement is driven by the growth in operating profit and improved working capital, as well as benefiting from lower acquisition costs for Stockheim compared to TFS in the prior year. Capital expenditure remained relatively consistent at 61.5m. Looking forward to the full year, capital expenditure is expected to be in the range of 130m - 140m, a reflection of the timing of our investment into new units and the commencement of redevelopment work at Chicago Midway Airport and JKF T7. Working capital was broadly neutral, compared with our normal first half cash outflow reflecting our normal seasonal working capital cycle. The improvement of 19.1m compared to last year reflected the strong sales growth and the fact that, due to the timing of Easter, some payments at the period end fell into April rather than March. Net finance costs paid of 6.1m were lower than in the first half of 2018, primarily due to the reduction in interest rates negotiated through an amend and extend of the Group s debt facility in October 2017, and the lower level of net debt. The dividend paid of 23.5m reflected the cost of the 2017 final dividend of 4.9 pence per share. Overall, the Group had net cash outflow of 30.0m during the period. 13
14 Balance sheet and net debt Net assets decreased slightly in the first half to 464.8m (30 September 2017: 465.0m), with net debt increasing to 290.1m (30 September 2017: 262.2m) reflecting the normal seasonality of the business ahead of the peak summer trading period. Opening net debt (1 October 2017) (262.2) Net cash flow (excluding impact of foreign exchange) (30.0) Impact of foreign exchange rates 2.3 Investment in loans and other financial assets (3.4) Other 3.2 Closing net debt (31 March 2018) (290.1) The increase in net debt of 27.9m was driven by the net cash outflow of 30.0m partially offset by a foreign exchange translation impact of 2.3m arising from the strengthening of Sterling during the period. Leverage has reduced compared to last half year with net debt:ebitda at 1.1 times, compared with 1.7 times at the end of 31 March Going concern After making due enquiries, the Directors have a reasonable expectation that the Group has adequate resources to continue in operational existence for at least 12 months from the date of approval of this report and, therefore, continue to adopt the going concern basis in preparing the accounts. Principal risks The principal risks facing the Group for the remainder of the year are unchanged from those reported in the Annual Report and Accounts These risks, together with the Group s risk management process, are detailed on pages 16 to 21 of the Annual Report and Accounts 2017, and relate to the following areas: business environment; retention of existing client relationships; poor execution and mobilisation of new contracts; labour laws and unions; implementation of efficiency programmes; changing client behaviours; expansion into new markets; senior management capability and retention; intensified competition; impact of Brexit; insufficient business development capability and investment; compliance risk; execution of outsourcing programmes; maintenance/development of brand portfolio; cyber threats; and tax strategy. 14
15 Alternative Performance Measures The Directors use alternative performance measures for analysis as they believe these measures provide additional useful information on the underlying trends, performance and position of the Group. The alternative performance measures are not defined by IFRS and therefore may not be directly comparable with other companies' performance measures and are not intended to be a substitute for IFRS measures. Revenue growth As the Group operates in over 30 countries, it is exposed to translation risk on fluctuations in foreign exchange rates, and as such the Group's reported revenue and operating profit will be impacted by movements in actual exchange rates. The Group presents its financial results on a constant currency basis in order to eliminate the effect of foreign exchange rates and to evaluate the underlying performance of the Group's businesses. The table below reconciles reported revenue to constant currency sales growth, like-for-like sales growth, net contract gains/(losses) and impact of acquisitions where appropriate. () UK Continental Europe North America H Revenue at actual rates by segment ,177.8 Impact of foreign exchange 0.1 (0.8) H Revenue at constant currency ,197.0 RoW Total H Revenue at constant currency ,069.8 Constant currency sales growth 1.2% 6.8% 34.2% 30.4% 11.9% Which is made up of: Like-for-like sales growth 2 0.7% 2.2% 3.1% 10.3% 2.8% Net contact gains/(losses) 3 0.5% 2.9% 31.1% 9.5% 7.1% Impact of acquisitions 4-1.7% % 2.0% 1.2% 6.8% 34.2% 30.4% 11.9% 1 Constant currency is based on average 2017 exchange rates weighted over the financial year by 2017 results. 2 Like-for-like sales represent revenues generated in an equivalent period in each financial period in outlets which have been open for a minimum of 12 months. Like-for-like sales are presented on a constant currency basis. 3 Net contract gains/(losses) represent the net year-on-year revenue impact from new outlets opened and existing units closed in the past 12 months. Net contract gains/(losses) are presented on a constant currency basis. 4 Acquisition impact represents the revenue impact from acquired outlets owned for less than 12 months. Acquisition impact is presented on a constant currency basis. Once the acquisition annualises revenue is included in like-for-like sales or net contract gains where appropriate. Underlying profit measures The Group presents underlying profit measures, including operating profit, profit before tax and earnings per share, which excludes the amortisation of intangible assets arising on the acquisition of the SSP business in 2006 and the revaluation of the obligation to acquire an additional 16% ownership share of TFS by the end of calendar year A reconciliation from the underlying to the statutory reported basis is presented below. H H Underlying Adjustments Total Underlying Adjustments Total Operating profit () 55.2 (1.0) (1.0) 41.8 Operating margin 4.7% (0.1)% 4.6% 4.0% (0.1)% 3.9% Profit before tax () 48.7 (0.3) (1.7) 33.0 Earnings per share (p) 5.6 (0.0) (0.4)
16 Responsibility statement of the Directors in respect of the half-yearly report We confirm that to the best of our knowledge: The condensed set of financial statements has been prepared in accordance with IAS 34 Interim Financial Reporting as adopted by the EU; The interim management report includes a fair review of the information required by: - DTR 4.2.7R of the Disclosure and Transparency Rules, being an indication of important events that have occurred during the first six months of the financial year and their impact on the condensed set of financial statements; and a description of the principal risks and uncertainties for the remaining six months of the year; and - DTR 4.2.8R of the Disclosure and Transparency Rules, being related party transactions that have taken place in the first six months of the current 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. On behalf of the Board Kate Swann Jonathan Davies Chief Executive Officer Chief Financial Officer 15 May May
17 Independent review report to SSP Group plc Conclusion We have been engaged by the company to review the condensed set of financial statements in the halfyearly financial report for the six months ended 31 March 2018 which comprises the condensed consolidated income statement, the condensed consolidated statement of other comprehensive income, the condensed consolidated balance sheet, the condensed consolidated statement of changes in equity, the condensed consolidated statement of cash flows, and the related explanatory notes. Based on our review, nothing has come to our attention that causes us to believe that the condensed set of financial statements in the half-yearly financial report for the six months ended 31 March 2018 is not prepared, in all material respects, in accordance with IAS 34 Interim Financial Reporting as adopted by the EU and the Disclosure Guidance and Transparency Rules (the DTR) of the UK s Financial Conduct Authority (the UK FCA). Scope of review We conducted our review in accordance with International Standard on Review Engagements (UK and Ireland) 2410 Review of Interim Financial Information Performed by the Independent Auditor of the Entity issued by the Auditing Practices Board for use in the UK. A review of interim financial information consists of making enquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. We read the other information contained in the half-yearly financial report and consider whether it contains any apparent misstatements or material inconsistencies with the information in the condensed set of financial statements. A review is substantially less in scope than an audit conducted in accordance with International Standards on Auditing (UK) and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion. Directors responsibilities The half-yearly financial report is the responsibility of, and has been approved by, the directors. The directors are responsible for preparing the half-yearly financial report in accordance with the DTR of the UK FCA. The annual financial statements of the company are prepared in accordance with International Financial Reporting Standards as adopted by the EU. The directors are responsible for preparing the condensed set of financial statements included in the half-yearly financial report in accordance with IAS 34 as adopted by the EU. Our responsibilities Our responsibility is to express to the company a conclusion on the condensed set of financial statements in the half-yearly financial report based on our review. The purpose of our review work and to whom we owe our responsibilities This report is made solely to the company in accordance with the terms of our engagement to assist the company in meeting the requirements of the DTR of the UK FCA. Our review has been undertaken so that we might state to the company those matters we are required to state to it in this report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company for our review work, for this report, or for the conclusions we have reached. John Cain for and on behalf of KPMG LLP Chartered Accountants - 15 Canada Square, London, E14 5GL 15 May
18 Condensed consolidated income statement for the six months ended 31 March 2018 Six months ended 31 March 2018 Six months ended 31 March 2017 Notes Underlying* Adjustment Total Underlying* Adjustment Total Revenue 2 1, , , ,072.5 Operating costs 4 (1,122.6) (1.0) (1,123.6) (1,029.7) (1.0) (1,030.7) Operating profit 55.2 (1.0) (1.0) 41.8 Share of profit of associates Finance income Finance expense 5 (7.8) - (7.8) (9.4) (0.7) (10.1) Profit before tax 48.7 (0.3) (1.7) 33.0 Taxation (10.7) 0.2 (10.5) (7.6) 0.2 (7.4) Profit for the period 38.0 (0.1) (1.5) 25.6 Profit attributable to: Equity holders of the parent 26.9 (0.1) (1.5) 18.3 Non-controlling interests Profit for the period 38.0 (0.1) (1.5) 25.6 Earnings per share (p): - Basic Diluted *Presented on an underlying basis, refer to page 15 for details 18
19 Condensed consolidated statement of other comprehensive income for the six months ended 31 March 2018 Six months Six months ended 31 ended 31 March 2018 March 2017 Other comprehensive income/(expense) Items that will never be reclassified to the income statement Remeasurements on defined benefit pension schemes (0.6) 2.7 Income tax credit/(charge) relating to items that will not be reclassified 1.7 (0.4) Items that are or may be reclassified subsequently to the income statement Net gain on hedge of net investment in foreign operations Other foreign exchange translation differences (22.1) (18.9) Effective portion of changes in fair value of cash flow hedges Cash flow hedges - reclassified to the income statement Income tax credit relating to items that are or may be reclassified Other comprehensive expense for the period (11.2) (8.0) Profit for the period Total comprehensive income for the period Total comprehensive income attributable to: Equity shareholders Non-controlling interests Total comprehensive income for the period
20 Condensed consolidated balance sheet as at 31 March 2018 Notes 31 March September 2017 Non-current assets Property, plant and equipment Goodwill and intangible assets Investments in associates Deferred tax assets Other receivables Other financial assets , ,097.6 Current assets Inventories Tax receivable Trade and other receivables Cash and cash equivalents Total assets 1, ,443.8 Current liabilities Short term borrowings 8 (27.0) (31.4) Trade and other payables (428.7) (419.9) Tax payable (16.0) (22.1) Provisions (10.7) (3.7) Obligation to acquire additional share of subsidiary undertaking (20.2) - (502.6) (477.1) Non-current liabilities Long term borrowings 8 (415.1) (419.2) Post-employment benefit obligations (14.7) (13.9) Other payables (2.0) - Provisions (24.5) (26.4) Derivative financial liabilities 8 (4.7) (9.0) Obligation to acquire additional share of subsidiary undertaking - (20.9) Deferred tax liabilities (11.5) (12.3) (472.5) (501.7) Total liabilities (975.1) (978.8) Net assets Equity Share capital Share premium Capital redemption reserve Other reserves (19.5) (11.5) Retained earnings (47.2) (55.3) Total equity shareholders funds Non-controlling interests Total equity
21 Condensed consolidated statement of changes in equity for the six months ended 31 March 2018 Share capital Share premium Other reserves 1 Retained earnings Total parent equity NCI Total equity At 1 October (138.0) Profit for the period Other comprehensive - - (11.9) 2.3 (9.6) 1.6 (8.0) income/(expense) for the period NCI arising on acquisition Obligation to acquire additional - - (18.9) - (18.9) - (18.9) share of joint venture Capital contributions from NCI Dividends paid to equity (13.8) (13.8) - (13.8) shareholders Dividends paid to NCI (7.2) (7.2) Share-based payments Deferred tax on share schemes At 31 March (8.1) (126.5) At 1 October (10.3) (55.3) Profit for the period Other comprehensive expense for the period - - (8.0) (0.6) (8.6) (2.6) (11.2) Issue of ordinary shares under share option schemes Capital contributions from NCI Dividends paid to equity shareholders (23.5) (23.5) - (23.5) Dividends paid to NCI (11.5) (11.5) Share-based payments Current and deferred tax on share schemes At 31 March (18.3) (47.2) The other reserves includes the capital redemption reserve, translation reserve, cash flow hedging reserve and the obligation to acquire an additional share of a joint venture. The decrease of 8.0m in other reserves (H1 2017: decrease of 30.8m) comprises an increase to the translation reserve of 12.5m (H1 2017: decrease of 15.3m), a decrease to the cash flow hedging reserve of 4.5m (H1 2017: increase of 3.4m) and no movement in the obligation to acquire an additional share of a non-controlling interest in TFS (H1 2017: creation of the obligation to acquire an additional share of a non-controlling interest in TFS of 18.9m). 21
22 Condensed consolidated cash flow statement for the six months ended 31 March 2018 Notes Six months ended 31 March 2018 Six months ended 31 March 2017 Cash flows from operating activities Cash flow from operations Tax paid (17.6) (14.4) Net cash flows from operating activities Cash flows from investing activities Investment in associate (1.0) - Dividends received from associates Interest received Purchase of property, plant and equipment (55.0) (59.1) Purchase of other intangible assets (3.6) (3.9) Acquisition of subsidiary, net of cash and cash equivalents acquired (18.8) (27.5) Net cash flows from investing activities (76.5) (88.2) Cash flows from financing activities (Repayment)/drawdown of finance lease and other loans (1.8) 12.9 Refinancing fee paid (2.0) - Investment in/(sale of) other financial assets 3.4 (6.3) Interest paid (6.9) (8.5) Dividends paid to equity shareholders (23.5) (13.8) Dividends paid to non-controlling interests (11.6) (7.2) Capital contribution from non-controlling interests Net cash flows from financing activities (39.8) (21.3) Net decrease in cash and cash equivalents (30.0) (52.7) Cash and cash equivalents at beginning of the period Effect of exchange rate fluctuations on cash and cash equivalents (2.6) 1.2 Cash and cash equivalents at end of the period Reconciliation of net cash flow to movement in net debt Net decrease in cash in the period (30.0) (52.7) Cash outflow/(inflow) from change in debt and finance leases 1.8 (12.9) Refinancing fee paid Cash (inflow)/outflow from investment in other financial assets (3.4) 6.3 Change in net debt resulting from cash flows (29.6) (59.3) Translation differences Other non-cash changes (0.6) (0.7) Acquisition of loans and other financial assets - (7.5) Increase in net debt in the period (27.9) (61.4) Net debt at beginning of the period (262.2) (317.4) Net debt at end of the period (290.1) (378.8) 22
LEI:213800QGNIWTXFMENJ November 2017 SSP GROUP PLC Results for year ended 30 September 2017
22 November 2017 SSP GROUP PLC Results for year ended 30 September 2017 LEI:213800QGNIWTXFMENJ24 SSP Group, a leading operator of food and beverage outlets in travel locations worldwide, announces its
More informationFinal Results. Released : 29 Nov :00. RNS Number : 3604Q SSP Group PLC 29 November November 2016
Final Results Released : 29 Nov 07:00 RNS Number : 3604Q SSP Group PLC 29 November 29 November SSP GROUP PLC Results for year ended 30 September SSP Group, a leading operator of food and beverage outlets
More informationThe Food Travel Experts.
The Food Travel Experts www.foodtravelexperts.com Presentation structure 1. Group highlights Kate Swann 2. Financial review Jonathan Davies 3. Business review Kate Swann 4. Q&A All 2 Group highlights Strong
More informationThe Food Travel Experts.
The Food Travel Experts www.foodtravelexperts.com Presentation structure 1. Group highlights Kate Swann 2. Financial review Jonathan Davies 3. Business review Kate Swann 4. Q&A All 2 Group highlights Good
More informationThe Food Travel Experts.
The Food Travel Experts www.foodtravelexperts.com SSP Group plc Annual Results 2016 29 November 2016 Presentation structure 1. Group highlights Kate Swann 2. Financial review Jonathan Davies 3. Business
More informationThe Food Travel Experts SSP GROUP PLC. Annual Report & Accounts 2016
The Food Travel Experts SSP GROUP PLC Annual Report & Accounts 2016 SSP AT A GLANCE SSP is a leading operator of food and beverage outlets in travel locations in over 30 countries in the United Kingdom,
More informationGood performance across the Group with profits in line with expectations, EPS up 14% and interim dividend up 15%
19 April 2012 WH SMITH PLC INTERIM RESULTS ANNOUNCEMENT FOR THE SIX MONTHS ENDED 29 FEBRUARY 2012 Good performance across the Group with profits in line with expectations, EPS up 14% and interim dividend
More informationUnaudited results for the half year and second quarter ended 31 October 2012
11 December 2012 Unaudited results for the half year and second quarter ended 31 October 2012 Second quarter First half 2012 2011 Growth 1 2012 2011 Growth 1 m m % m m % Underlying results 2 Revenue 355.4
More informationHALF-YEARLY FINANCIAL RESULTS 2017 ROBERT WALTERS PLC
HALF-YEARLY FINANCIAL RESULTS ROBERT WALTERS PLC SPECIALISTS IN RECRUITMENT Robert Walters is a market-leading specialist professional recruitment group spanning 28 countries. Our specialist solutions
More informationRM plc Interim Results for the period ending 31 May 2018
3 July 2018 RM plc Interim Results for the period ending 31 May 2018 RM plc ( RM ), a leading supplier of technology and resources to the education sector, reports its interim results for the period ending
More informationSSP Group plc. Preliminary Results November foodtravelexperts.com
SSP Group plc Preliminary Results 2014 27 November 2014 foodtravelexperts.com SSP Group plc Group Overview Kate Swann Financial Review Jonathan Davies Business Review Kate Swann 3 SSP The Food Travel Experts
More informationHALF-YEARLY FINANCIAL RESULTS 2018 ROBERT WALTERS PLC
HALF-YEARLY FINANCIAL RESULTS ROBERT WALTERS PLC INTRODUCTION PEOPLE ARE THE MOST IMPORTANT COMPONENTS OF OUR BUSINESS. FROM THE JOB SEEKER, TO THE HIRING MANAGER, TO THOSE WHO BRING THEM TOGETHER. SO
More informationFrench Connection Group PLC
21 September French Connection Group PLC Interim Results for the 6 month period ended French Connection Group PLC ("French Connection", "the Group") today announces results for the 6 month period ended.
More informationROBERT WALTERS PLC (the Company, or the Group ) Half-yearly financial results for the six months ended 30 June 2018 RECORD PROFITS, DIVIDEND UP 45%
26 July 2018 ROBERT WALTERS PLC (the Company, or the Group ) Half-yearly financial results for the six months ended 30 June 2018 RECORD PROFITS, DIVIDEND UP 45% Robert Walters plc (LSE: RWA), the leading
More informationCondensed consolidated income statement For the half-year ended June 30, 2009
Condensed consolidated income statement For the half-year ended June Restated* December Notes Revenue 2 5,142 4,049 9,082 Cost of sales (4,054) (3,214) (7,278) Gross profit 1,088 835 1,804 Other operating
More informationJOURNEY GROUP PLC Interim Report 2016
JOURNEY GROUP PLC Interim Report 2016 CONTENTS 1 Executive Chairman s Letter to Shareholders 5 Unaudited Condensed Consolidated Income Statement 6 Unaudited Condensed Consolidated Statement of Comprehensive
More informationINTERIM REPORT. FDM Group (Holdings) plc. For the six months ended 30 June Creating and inspiring exciting careers that shape our digital future
INTERIM REPORT For the six months ended 30 June 2016 Creating and inspiring exciting careers that shape our digital future Contents 1 About FDM 3 Highlights 6 Interim Management Review 14 Condensed Consolidated
More informationFRENCH CONNECTION GROUP PLC
20 September FRENCH CONNECTION GROUP PLC Interim Results for the six month period ending French Connection Group PLC ("French Connection" or "the Group") today announces results for the six month period
More informationRevolution Bars Group plc (LSE: RBG) Interim results for the six months ended 31 December 2016
28 February 2017 Revolution Bars Group plc (LSE: RBG) Interim results for the six months ended 31 2016 Revolution Bars Group plc ( the Group ), a leading UK operator of premium bars, trading under the
More informationThe Equipment Rental Specialist
INTERIM REPORT 2018/19 www.vpplc.com Chairman s Statement I am very pleased to report on a period of further significant growth for the Group in the six month period to 30 September 2018. Profit before
More informationNORTHGATE PLC INTERIM RESULTS FOR THE SIX MONTHS ENDED 31 OCTOBER 2011
6 December 2011 NORTHGATE PLC INTERIM RESULTS FOR THE SIX MONTHS ENDED 31 OCTOBER 2011 Northgate plc ( Northgate, the Company or the Group ), the UK and Spain s leading specialist in light commercial vehicle
More informationFRENCH CONNECTION GROUP PLC
19 September FRENCH CONNECTION GROUP PLC Interim Results for the six month period ending Improved performance across all divisions French Connection Group PLC ("French Connection" or "the Group") today
More informationCondensed Interim Financial Statements 2018 Tarsus Group plc. Six months ended 30 June quickening the pace SCALE & MOMENTUM
Condensed Interim Financial Statements 2018 Tarsus Group plc Six months ended 30 June 2018 quickening the pace SCALE & MOMENTUM Condensed Interim Financial Statements 2018 Tarsus Group plc Six months
More informationindex 3 ABOUT CARCLO 4 HIGHLIGHTS 6 CHAIRMAN S STATEMENT 9 CONDENSED CONSOLIDATED INCOME STATEMENT
Interim 2017 index 3 ABOUT CARCLO 4 HIGHLIGHTS 6 CHAIRMAN S STATEMENT 9 CONDENSED CONSOLIDATED INCOME STATEMENT 10 CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME 11 CONDENSED CONSOLIDATED STATEMENT
More informationManagement Consulting Group PLC Half-year report 2016
provides professional services across a wide range of industries and sectors. Strategic report 01 Highlights 02 Chairman s statement 03 Operating and financial review Financials 08 Directors responsibility
More informationquickening the pace Condensed Interim Financial Statements 2015 Tarsus Group plc
quickening the pace Condensed Interim Financial Statements 2015 Tarsus Group plc Six months ended 30 June 2015 Condensed Interim Financial Statements 2015 Tarsus Group plc Six months ended 30 June 2015
More informationThe specialist international retail meat packing business
1 The specialist international retail meat packing business 21 Business overview Group overview Financial highlights 1 Group business review Financial review 2 Review of operations 4 Governance Statement
More informationINTERIM REPORT FOR THE SIX MONTHS ENDED 30 JUNE FDM Group (Holdings) plc
INTERIM REPORT FOR THE SIX MONTHS ENDED 30 JUNE Highlights Financial 30 June 30 June % change Revenue 117.1m 86.5m +35.4% Mountie revenue 100.8m 76.7m +31.4% Adjusted operating profit 1 22.4m 16.6m +34.9%
More informationHalf year results. Delivering better nutrition for every step of life s journey. Wednesday, 17 August Glanbia plc 2013 half year results
2016 results Delivering better nutrition for every step of life s journey Wednesday, 17 August 2016 1 Glanbia plc 2013 half year results Strong performance in first half driven by Glanbia Performance Nutrition
More informationRM plc announces interim results for the six months ended 31 March 2011
16 May 2011 RM plc announces interim results for the six months ended 31 March 2011 Overview RM s sole focus is Education. Our strategy in recent years has been to diversify within the sector, giving us
More informationindex 3 About Carclo 4 Highlights 6 Chairman s statement 9 Condensed consolidated income statement
Interim 2016 index 3 About Carclo 4 Highlights 6 Chairman s statement 9 Condensed consolidated income statement 10 Condensed consolidated statement of comprehensive income 11 Condensed consolidated statement
More informationSavills plc. ( Savills or the Group ) RESULTS FOR THE HALF YEAR ENDED 30 JUNE 2013
8 August 2013 Savills plc ( Savills or the Group ) RESULTS FOR THE HALF YEAR ENDED 30 JUNE 2013 Savills plc, the international real estate advisor, today announces its unaudited results for the six months
More informationThe Restaurant Group plc
The Restaurant Group plc Interim results for the 26 weeks ending 29 June 2014 The Restaurant Group plc ( TRG or the Group ) operates over 450 restaurants and pub restaurants. Its principal trading brands
More informationRM plc announces interim results for the 6 months ended 31 May 2015
6 July 2015 RM plc announces interim results for the 6 months ended 31 May 2015 RM plc, the educational ICT and resources group, announces its interim results for the 6 months ended 31 May 2015. Results
More informationFINANCIAL HIGHLIGHTS March 2015 March 2014 Net revenue 605.2m 503.5m Underlying results: before amortisation and acquisitionrelated
ABERDEEN ASSET MANAGEMENT PLC Interim Results for six months to Highlights Revenue 605.2 million (+20%) Underlying profit before tax 270.2 million (+25%) Operating margin rises to 44.7 % (: 43.0%) Underlying
More informationMARSTON S PLC INTERIM RESULTS FOR THE 26 WEEKS ENDED 2 APRIL 2011
MARSTON S PLC 19 May 2011 INTERIM RESULTS FOR THE 26 WEEKS ENDED 2 APRIL 2011 FINANCIAL HIGHLIGHTS Group revenue up 2.8% to 317.9 million (2010: 309.2 million) Underlying profit before tax up 5.0% to 29.2
More informationEmbargoed until November Telecom plus PLC. Interim results for the six months ended 30 September 2007
Embargoed until 0700 29 November Telecom plus PLC Interim results for the six months Telecom plus PLC, the UK's leading low-cost multi-utility supplier (gas, electricity, telephony, internet), announces
More informationGAMES WORKSHOP GROUP PLC
PRESS ANNOUNCEMENT GAMES WORKSHOP GROUP PLC 8 January 2016 HALF-YEARLY REPORT AND TRADING UPDATE Games Workshop Group PLC ( Games Workshop or the Group ) announces its half-yearly results for the six months
More informationFIRST HALF HIGHLIGHTS
FIRST HALF HIGHLIGHTS Revenue at 54.6m (2006: 54.6m) Pre-exceptional gross margin at 69.9% (2006: 70.9%) Exceptional items cost reduction programme (0.6)m (2006: nil) Pre-exceptional operating profit up
More informationLAURA ASHLEY HOLDINGS PLC. Interim Report 2017
LAURA ASHLEY HOLDINGS PLC Interim Report 2017 Contents 2 Summary 3 Chairman s Statement 7 Responsibility Statement 8 Condensed Group Statement of Comprehensive Income 9 Condensed Group Balance Sheet 10
More informationSavills plc. ( Savills or the Group ) RESULTS FOR THE HALF YEAR ENDED 30 JUNE 2015
Savills plc ( Savills or the Group ) RESULTS FOR THE HALF YEAR ENDED 30 JUNE 2015 Savills plc, the international real estate advisor, today announces its unaudited results for the six months ended 30 June
More informationVICTREX plc Half-yearly Financial Report 2010
VICTREX plc Half-yearly Financial Report 2010 With over 30 years experience, Victrex is a global manufacturer of innovative, high performance thermoplastic polymers. We work with customers and end users
More informationLAURA ASHLEY HOLDINGS PLC. Interim Report 2019
LAURA ASHLEY HOLDINGS PLC Interim Report 2019 Contents 2 Summary 3 Chairman s Statement 8 Responsibility Statement 11 Condensed Group Statement of Comprehensive Income 12 Condensed Group Statement of Financial
More informationNotes. 1 General information
Notes 1 General information Kingfisher plc ( the Company ), its subsidiaries, joint ventures and associates (together the Group ) supply home improvement products and services through a network of retail
More informationAEGIS GROUP PLC 2008 ANNUAL RESULTS. 19 March 2009
AEGIS GROUP PLC 2008 ANNUAL RESULTS 19 March 2009 AGENDA OVERVIEW OF RESULTS John Napier FINANCIAL REVIEW Alicja Lesniak OUTLOOK John Napier Q&A Aegis Group plc Page 2 OVERVIEW OF RESULTS John Napier,
More informationQuickening the pace Condensed Interim Financial Statements 2014 Tarsus Group plc
R+A_Interim_14_FC_A5_v2_CMYK_Layout 1 18/08/2014 12:36 Page 4 Quickening the pace Condensed Interim Financial Statements 2014 Tarsus Group plc Six months ended 30 June 2014 Condensed Interim Financial
More informationTarsus Group plc ( Tarsus, the Company or the Group ) Interim results for six months to 30 June 2017
Tarsus Group plc ( Tarsus, the Company or the Group ) Interim results for six months to 30 June 2017 Tarsus, the international business-to-business media group, reports significant progress. The Quickening
More informationThe Sage Group plc Interim Report Six Months Ended 31 March 2007
The Sage Group plc Interim Report Six Months Ended 31 March 2007 Bringing business management software and services together for 5.4 million customers worldwide Highlights Financial Highlights Geographical
More informationHALF YEAR REPORT SIX MONTHS ENDED 31 DECEMBER February 2015
HALF YEAR REPORT SIX MONTHS ENDED 31 DECEMBER 2014 25 February 2015 EXCELLENT OPERATING LEVERAGE DRIVES 30% (1) PROFIT GROWTH FROM STRONG 10% (1) NET FEE GROWTH Six months ended 31 December (In s million)
More informationBroader diversification, the road to full service
Broader diversification, the road to full service Aberdeen Asset Management PLC Interim Report and Accounts 2017 Highlights Dividend per share 7.5p 10.0 11.25 12.0 12.0 6.0 6.75 7.5 7.5 7.5 2013 2014
More informationThe specialist international retail meat packing business. Half year report 2015
The specialist international retail meat packing business Half year report 2015 Business overview Group overview Financial highlights 01 Group business review Financial review 02 Review of operations 04
More informationDP WORLD ANNOUNCES STRONG FINANCIAL RESULTS Earnings grow 50% in First Half of 2016
DP WORLD ANNOUNCES STRONG FINANCIAL RESULTS Earnings grow 50% in First Half of Dubai, United Arab Emirates, 18 August,. Global trade enabler DP World today announces strong financial results for the six
More informationPress Schro. oders. 2 August Half-year. results to. Contacts: Net inflows. 2.7 billion. Schroders. ions. William Clutterbuck
Press s Releasee Schro oders plc Half-year results to 2012 (unaudited) 2 August 2012 Profit before tax 177..4 million (H1 : 215.7 million) Earnings per share 50.7 pence per share (H1 : 60.7 pence per share)
More informationMorse plc Interim Results Six months ended 31 December On track to achieve performance objectives and confident of performance for the full year
Wednesday 13 February 2008 Morse plc Interim Results Six months ended 31 December 2007 On track to achieve performance objectives and confident of performance for the full year Morse plc ( Morse or the
More informationIdox plc Interim Results for the six months ended 30 April Interim Report & Accounts 2015
Idox plc Interim Results for the six months ended D Interim Report & Accounts 2015 Idox plc Interim Results for the six months ended 01 Page About Title Idox Financial and Operational Highlights Idox plc
More informationMurgitroyd Group PLC ("the Group") Unaudited Interim Results for the six months ended 30 November 2014
2 February 2015 Murgitroyd Group PLC ("the Group") Unaudited Interim Results for the six months The Group (AIM: MUR) is pleased to announce its unaudited interim results for the six months. Highlights
More informationFrench Connection Group PLC
17 March French Connection Group PLC Preliminary Results for the year ended 31 January French Connection Group PLC ("French Connection", "the Group") today announces results for its financial year ended
More informationPolypipe Group plc. Interim financial statements for the six months ended 30 June 2015
Polypipe Group plc Interim financial statements for the six months ended 2015 20 August 2015 Polypipe Group plc Interim Results for the Six Months Ended 2015 Polypipe Group plc ( Polypipe or the Group
More informationInterim Management Report
Interim Management Report Your Board is pleased to update shareholders on the solid progress that the Group is making. During the period under review the Group has made excellent progress in building sales
More informationHOGG ROBINSON GROUP PLC Half-Year Report and Financial Statements 2008/09
HOGG ROBINSON GROUP PLC Half-Year Report and Financial Statements 2008/09 Contents Half-year Results for the Six Months Ended 30 September 2008... 3 Management Review... 4 Additional Financial Disclosures...
More informationInterim Results for the 26 weeks ended 28 September 2014 STRONG FIRST HALF RESULTS
27 November 2014 Interim Results for the 26 weeks ended 28 September 2014 STRONG FIRST HALF RESULTS Financial Highlights Underlying Results for the 26 weeks ended 28 September 2014 Total sales +15.0% to
More informationZEGONA COMMUNICATIONS PLC ( Zegona ) Interim report for the six months ended 30 June 2018
ZEGONA COMMUNICATIONS PLC ( Zegona ) Interim report for the six months ended 30 June 2018 LEI: 213800ASI1VZL2ED4S65 28 September 2018 Zegona announces its interim results for the six months ended 30 June
More informationRM plc announces interim results for the 6 months ended 31 May 2013
8 July 2013 RM plc announces interim results for the 6 months ended 31 May 2013 RM plc, the educational ICT and resources group, today announces its interim results for the 6 months ended 31 May 2013.
More informationRevenue 167.5m 177.2m EBITDA 18.1m 22.9m Operating profit 9.5m 13.7m Profit before tax 7.6m 12.2m
HALF-YEARLY REPORT 2012 Financial Highlights Continuing operations before operational restructuring costs and asset impairments: Half year ended Half year ended 30 June 2012 30 June 2011 Revenue 167.5m
More informationParity Group PLC Half Yearly Financial Report for the six months ended 30 June 2012
RNS Number : 4109K Parity Group PLC 21 August 2012 Parity Group PLC Half Yearly Financial Report for the six months ended 30 June 2012 Parity Group plc ("Parity", the "Company" or the "Group"), the UK
More informationJames Fisher and Sons plc
Half Year Financial Report 2017 is a leading service provider to all sectors of the global marine industry and a specialist supplier of engineering services to the energy industry. We employ 2,700 people
More informationTVL FINANCE PLC PERIOD ENDED 27 JUNE 2018 REPORT TO NOTEHOLDERS 232,000, % SENIOR SECURED NOTES DUE 2023
TVL FINANCE PLC PERIOD ENDED 27 JUNE 2018 REPORT TO NOTEHOLDERS 232,000,000 8.5% SENIOR SECURED NOTES DUE 2023 195,000,000 SENIOR SECURED FLOATING RATE NOTES DUE 2023 (the Notes ) CONTENTS Highlights 2
More informationFRENCH CONNECTION GROUP PLC
13 March FRENCH CONNECTION GROUP PLC Preliminary Results for the year ended 31 January French Connection Group PLC ("French Connection" or "the Group") today announces results for its financial year ended
More informationApplegreen plc Results for the six months ended 30 June 2017
Results for the six months ended 30 June 2017 Dublin, London, 12 September 2017: Applegreen plc ( Applegreen or the Group ), a major petrol forecourt retailer with operations in the Republic of Ireland,
More informationTVL FINANCE PLC PERIOD ENDED 28 MARCH 2018 REPORT TO NOTEHOLDERS 232,000, % SENIOR SECURED NOTES DUE 2023
TVL FINANCE PLC PERIOD ENDED 28 MARCH 2018 REPORT TO NOTEHOLDERS 232,000,000 8.5% SENIOR SECURED NOTES DUE 2023 195,000,000 SENIOR SECURED FLOATING RATE NOTES DUE 2023 (the Notes ) CONTENTS Highlights
More informationInterim Financial Report
Interim Financial Report 2014 CHIEF EXECUTIVE INTRODUCTION I am pleased to introduce a strong set of Interim Results. During the first half of 2014, we increased our membership, mortgage lending and market
More informationNORTHGATE PLC INTERIM RESULTS FOR THE SIX MONTHS ENDED 31 OCTOBER 2008
9 December 2008 NORTHGATE PLC INTERIM RESULTS FOR THE SIX MONTHS ENDED 31 OCTOBER 2008 Northgate plc ( Northgate, the Company or the Group ), the UK and Spain s leading specialist in light commercial vehicle
More informationManagement Consulting Group PLC Interim Results
18 August 2017 10 Fleet Place London EC4M 7RB Tel: +44 (0)20 7710 5000 Fax: +44 (0)20 7710 5001 The information contained within this announcement is deemed by the Group to constitute inside information
More informationINTERIM REPORT& ACCOUNTS
INTERIM REPORT& ACCOUNTS 2008 PRINTING.COM PLC INTERIM REPORT AND ACCOUNT 2008 CHAIRMAN S & CHIEF EXECUTIVE S STATEMENT TRADING RESULTS, CASH AND DIVIDEND We are pleased to announce that, for the Interim
More informationBREWIN DOLPHIN HOLDINGS PLC
BREWIN DOLPHIN HOLDINGS PLC Interim Financial Report Contents Highlights 01 Condensed Consolidated Balance Sheet 11 Interim Management Report 02 Condensed Consolidated Cash Flow Statement 12 Condensed
More informationMILLENNIUM & COPTHORNE HOTELS PLC INTERIM RESULTS FOR THE HALF YEAR TO 30 JUNE 2006
4 August MILLENNIUM & COPTHORNE HOTELS PLC INTERIM RESULTS FOR THE HALF YEAR TO 30 JUNE Millennium & Copthorne Hotels plc today announces half year results to.the Group has a portfolio of 105 hotels located
More informationTVL FINANCE PLC FY 2017 PERIOD ENDED 28 JUNE 2017 REPORT TO NOTEHOLDERS 261,000, % SENIOR SECURED NOTES DUE 2023
TVL FINANCE PLC FY 2017 PERIOD ENDED 28 JUNE 2017 REPORT TO NOTEHOLDERS 261,000,000 8.5% SENIOR SECURED NOTES DUE 2023 165,000,000 SENIOR SECURED FLOATING RATE NOTES DUE 2023 (the Notes ) CONTENTS Highlights
More informationInterim Financial Report
Interim Financial Report for the 6 months ended 27 July Bradford & Bingley plc Interim financial report for the 6 months ended Highlights Underlying profit before tax up 9% to 164.2m (1H : 150.2m) Statutory
More informationInterContinental Hotels Group PLC First Quarter Results to 31 March 2010
InterContinental Hotels Group PLC First Quarter Results to Financial results % change % change CER Total Excluding LDs 1 Total Excluding LDs 1 Revenue 2 $362m $351m 3% 4% 0% 1% Operating profit 2 $83m
More informationAGGREKO plc INTERIM RESULTS FOR THE SIX MONTHS TO 30 JUNE 2004
AGGREKO plc Thursday 16 September INTERIM RESULTS FOR THE SIX MONTHS TO 30 JUNE 2004 Aggreko plc, the world leader in the supply of temporary power, temperature control and oil-free compressed air services,
More informationKCOM GROUP PLC (KCOM.L) Unaudited Interim Results for the six months ended 30 September 2017
28 November 2017 KCOM GROUP PLC (KCOM.L) Interim Results for the 30 September 2017 KCOM Group PLC (KCOM.L) announces its unaudited interim results for the 30 September 2017. Key points Hull & East Yorkshire
More informationGroup revenue of 17.0 billion, an increase of 9.0%, with organic growth of 4.4%
news release VODAFONE GROUP PLC HALF-YEARLY FINANCIAL REPORT FOR THE SIX MONTHS ENDED 30 SEPTEMBER Embargo: Not for publication before 07:00 hours 13 November Key highlights (1) : Group revenue of 17.0
More informationThames Water (Kemble) Finance Plc. Interim report and financial statements. For the six months period ended 30 September 2013
Registered no: 07516930 (England and Wales) Thames Water (Kemble) Finance Plc Interim report and financial statements For the six months period ended 30 September 2013 Contents Pages Directors and advisors
More informationManagement Consulting Group PLC interim report 2006 contents
Management Consulting Group PLC interim report 2006 contents 3 management statement 7 independent review report 8 consolidated income statement 9 consolidated statement of recognised income and expense
More informationHalf year report. plc. The specialist international retail meat packing business
Half year report 2016 plc The specialist international retail meat packing business Business overview, the specialist retail meat packing business supplying major international food retailers in Europe
More informationBUILDING ON FOUNDATIONS GROWTH FOR. Half year report 2017/18
BUILDING ON FOUNDATIONS GROWTH FOR Half year report 2017/18 is focused on the principal activities of Agriculture and Engineering Carr s is an international leader in manufacturing value added products
More informationNotes to the Group Financial Statements
Notes to the Group Financial Statements 1. Exchange rates The results of operations have been translated into US dollars at the average rates of exchange for the year. In the case of sterling, the translation
More informationRotork plc 2018 Half Year Results
Rotork plc 2018 Half Year Results OCC 2 % HY 2018 HY 2017 % change change Order intake 3 364.7m 334.2m +9.1% +13.3% Revenue 331.0m 299.7m +10.4% +14.8% Adjusted 1 operating profit 65.4m 54.4m +20.2% +25.1%
More informationPremier Farnell plc 13 September Results for the Second Quarter and First Half of the 53 week financial year ending 3 February 2013.
Premier Farnell plc 13 September 2012 Results for the Second Quarter and First Half of the 53 week financial year ending 3 February 2013 Key Financials Continuing operations (unaudited) Q2 12/13 Q2 11/12
More informationFor Immediate Release 31 July Devro plc INTERIM RESULTS FOR THE SIX MONTHS ENDED 30 JUNE 2012
For Immediate Release 31 July Devro plc INTERIM RESULTS FOR THE SIX MONTHS ENDED 30 JUNE Strong sales growth follows capacity expansion investments Devro plc ( Devro or the group ), one of the world s
More informationH Interim Results. 18 May 2017
H1 2017 Interim Results 18 May 2017 Agenda Highlights - Peter Fankhauser CEO Financial results Strategic progress Current trading and outlook Page 2 Strategic actions leading to improved performance Growing
More information31 July 2018 ELEMENTIS plc INTERIM RESULTS FOR THE SIX MONTHS ENDED 30 JUNE 2018
31 July ELEMENTIS plc INTERIM RESULTS FOR THE SIX MONTHS ENDED 30 JUNE Good H1 performance and outlook unchanged Reignite Growth strategy delivering a higher quality Elementis with attractive growth potential
More informationIMI plc Press Release
IMI plc Press Release 29 July 2016 Interim results, six months ended 30 June 2016 Reported 1 Statutory Continuing 2016 H1 H1 Change Organic 4 2016 H1 H1 Change operations: Revenue 759m 765m -1% -5% 763m
More informationSenior plc Interim Results 2016
Senior plc Interim Results Senior plc Interim Results for the half-year FINANCIAL HIGHLIGHTS to % change % change (constant currency) REVENUE 450.5m 434.5m +4% -1% OPERATING PROFIT 37.5m 49.1m -24% -28%
More informationSSP Group plc Annual Report and Accounts 2015
SSP Group plc Annual Report and Accounts foodtravelexperts.com Strategic report Contents SSP at a glance Strategic report 1 About us 2 Chairman s statement 3 Chief Executive s statement 4 Our marketplace
More informationUTV Media plc. Interim Report
Interim Report for the 6 months to 30 June 2015 ( UTV or the Group ) Interim Results for the six months ended 30 June 2015 Financial highlights * Group revenue of 58.3m (2014: 57.8m) Pre-tax profit of
More informationHALF YEAR REPORT SIX MONTHS ENDED 31 DECEMBER February 2010
HALF YEAR REPORT SIX MONTHS ENDED 31 DECEMBER 25 February 2010 Press Release DIVIDEND MAINTAINED IN DIFFICULT MARKETS 6 months ended Unaudited 2008 Actual growth LFL* growth Net fees 264.8 383.7 (31)%
More informationLENDINVEST LIMITED Interim unaudited consolidated report for the 6 month period ended 30 September 2017
Interim unaudited consolidated report for the 6 month period ended 30 September 2017 Company registration number: 08146929 Contents Officers and professional advisors 3 Directors report 4-6 Responsibility
More informationCONTINUED GOOD PERFORMANCE
31 July 2013 BRITISH AMERICAN TOBACCO p.l.c. HALF-YEARLY REPORT TO 30 JUNE 2013 CONTINUED GOOD PERFORMANCE KEY FINANCIALS 2013 2012 Change Six Months Results - unaudited Current Constant Restated** Current
More information2013 update on half-yearly financial reporting Illustrative report and disclosure checklist
2013 update on half-yearly financial reporting Illustrative report and disclosure checklist May 2013 Contents Introduction 1 Appendix 1: Illustrative half-yearly financial report 4 Appendix 2: Half-yearly
More information