07:00 Wed 30 Sep 2020
Pittards PLC - Interim Results
Pittards plc
("Pittards", the "Group" or the "Company" )
Interim results for the six months ended
Pittards plc, the specialist producer of technically advanced leather and luxury leather goods for retailers, manufacturers and distributors, today announces its results for the six months ended
Key financials
· Revenue for the first half
· EBITDA negative
· Loss before tax amounted to
· Net assets were
· Gross margin was 17.1% (
· Group cash facilities headroom of
"Despite the disruption of the first half, we enter the second half with renewed confidence and stability and with positive and improving cash flows. Our strategy to enlarge our portfolio of markets, products, improve quality of margin and lower our cost base, is showing clear signs of delivering benefits to the business. Over 14% of sales in the first half compared to 1.5% in H1 2019 were from our new target markets, and overall sales have consistently risen from May through to August. We are well positioned to deliver positive operational cashflow in the second half together with a reduction in net debt compared to the half year."
Further enquiries:
Pittards plc |
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01527 830 630 |
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WH Ireland (Nominated Adviser and Broker) |
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0207 220 1666 |
CEO report
The impact of the global pandemic had a material effect on our business in the first half, adversely affecting our short-term sales revenue across our entire business. Over 90% of our sales are exported, which exposes us to global demand, logistics and supply chain effects. In response to this challenging environment we put together a programme of change which prioritised the safety of our people, customers, and cash. Our cash strategy has delivered improvements in the areas of inventory, working capital and cost control.
Key financials
· Revenue for the first half
· EBITDA negative
· Loss before tax amounted to
· Net assets were
· Gross margin was 17.1% (
· Group cash facilities headroom of
Operational and strategic update
The global nature of our business with over 90% of Group sales outside of
The lockdowns that followed around the world impacted on consumer confidence and had a significant effect on first half operations. The peak of our lockdown period was during April when we furloughed 122 out of 175 total
Sales in the first half to our core customers were 62% down on the equivalent period last year, with the US market particularly hard hit as the first half unfolded. Our factories, both in
The easing of lockdown restrictions between June and August created a period of greater stability which resulted in a significant increase in sales into our growth customers, in particular automotive, shoe and speciality consumer goods. With a more diversified portfolio, the shape of the business continues to improve despite the impact of the COVID19 lockdown, which has obscured the progress the Group is making.
In our markets the aviation market has been hardest hit with sales yet to recover. We are making progress in the automotive market and although some customers closed temporarily in the first half, we have seen sales growth in the second half to date. Military and support services sales also showed some recovery leading into the second half.
Between June and August sales into our new target markets accounted for 26% of sales, compared to 14% in the first half. We have also seen some positive order trends in golf, defence, cycling and speciality endurance gloves and indeed sports in general, as our core existing customers show signs of recovery, with sales orders up since the half year.
We have continued to work on developing our innovation product portfolio, including our new Tri Protex antimicrobial leather and a further product line for fire-retardant leather in to Rail applications, for which trials are ongoing.
Financial update
Severe disruption due to COVID19 dominated the first half, with significantly reduced activity and production volumes falling far below normal levels. In response, we have been recalibrating our business, including a re-shaping of the cost base which is expected to be finalised before the end of the year.
The loss before tax in the first half amounted to
Gross margins fell to 17.1% (H1 2019: 29.7%). However, pure variable material margins continued to improve due to a better mix of business and lower input costs. We have recalibrated our capacity for new volumes and aim to achieve improved reported margins in the second half of 2020, this has already been visible in both July and August, with gross variable margins also improving.
We have reduced Group headcount from 1740 at the beginning of 2019, to 1052 as at
Administrative costs fell during the period helped by all Directors and senior staff participating in a salary sacrifice arrangement. We continue to hedge the US dollar to balance currency risks. Currency losses in the period were
At the period end net assets fell to
During the first half the Group refinanced the
Overall stock has been reduced by
During the
Outlook
There are clear signs of a modest recovery in our sales revenue during Q3, along with a progressively improving order book. We are cautiously optimistic that the positive trend since May will continue for the remainder of the year, however, it remains too early to judge the sustainability and scale of further recovery.
Our management of cash in the first half and our success in putting in place a new working model, which is sustainable at much reduced volumes, will benefit the second half. Both July and August have traded with positive cashflow and EBITDA.
Our Ethiopian business shows increased activity in the finished product side and has recovered some ground from earlier in the year, with an encouraging order bank to fulfil in the second half. We have been changing our approach to our traditional tanning business, however because the restrictions of COVID19 were applied much later in the year, there remains work to recalibrate our Ethiopian tanning business to profitability, and good progress has been made.
We are mindful of the continued threat of COVID19 restrictions to business operations. In response to the evolving uncertainty in March, a going concern statement was issued in our 2019 annual report. Given the performance this year, and following a recovery in performance as restrictions eased, the Directors do not believe there are any new circumstances that cast any further doubt on the Group's ability to continue as a going concern.
We currently see more opportunity than risk in the new normal that is emerging. We are encouraged by the cash generation since the half year and the corresponding reduction in net debt. We anticipate a more agile, cash generative business model, as we head towards the end of the year.
Consolidated Income Statement |
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Six months ended |
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Six months ended |
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Year ended |
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for the six months ended |
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Unaudited |
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Unaudited |
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Audited |
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Note |
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£'000 |
|
£'000 |
|
£'000 |
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|
|
|
|
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Revenue |
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|
|
|
6,627 |
|
12,132 |
|
22,301 |
|
Cost of sales |
|
|
|
|
|
|
(5,495) |
|
(8,528) |
|
(15,404) |
|
Gross profit |
|
|
|
|
|
|
1,132 |
|
3,604 |
|
6,897 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Distribution costs |
|
|
|
|
|
|
(882) |
|
(1,119) |
|
(2,264) |
|
Currency (losses) / gains |
|
|
|
|
|
|
(356) |
|
9 |
|
92 |
|
Administrative expenses |
|
|
|
|
|
|
(1,884) |
|
(1,984) |
|
(3,548) |
|
(Loss)/profit before operations and finance costs |
|
|
|
|
(1,990) |
|
510 |
|
1,177 |
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
Finance costs |
|
|
|
|
|
|
(262) |
|
(286) |
|
(598) |
|
(Loss)/profit before taxation |
|
|
|
|
|
|
(2,252) |
|
224 |
|
579 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Taxation |
|
|
|
|
3 |
|
(114) |
|
(53) |
|
(173) |
|
(Loss)/profit after taxation |
|
|
|
|
|
|
(2,366) |
|
171 |
|
406 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per share |
|
|
|
|
2 |
|
|
|
|
|
|
|
Basic |
|
|
|
|
|
|
(17.06p) |
|
1.23p |
|
2.93p |
|
Diluted |
|
|
|
|
|
|
(17.06p) |
|
1.22p |
|
2.90p |
Consolidated Statement of Comprehensive Income |
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|
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|
|
|
|
|
|||
for the six months ended |
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Six months ended |
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Six months ended |
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Year ended |
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|
|
|
|
|
Unaudited |
|
Unaudited |
|
Audited |
|
|
|
|
|
|
|
£'000 |
|
£'000 |
|
£'000 |
|
|
|
|
|
|
|
|
|
|
|
|
(Loss)/profit for the period after taxation |
|
|
|
|
|
|
(2,366) |
|
171 |
|
406 |
|
|
|
|
|
|
|
|
|
|
|
|
Other comprehensive (expense)/income |
|
|
|
|
|
|
|
|
|
|
|
Revaluation of land and buildings |
|
|
|
|
|
|
- |
|
- |
|
139 |
Revaluation of land and buildings - unrealised exchange (loss) |
|
|
|
(58) |
|
(47) |
|
(406) |
|||
|
|
|
|
|
|
|
(58) |
|
(47) |
|
(267) |
|
|
|
|
|
|
|
|
|
|
|
|
Unrealised exchange (loss) on translation of overseas subsidiaries |
|
|
|
(96) |
|
(164) |
|
(931) |
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Fair value (losses) on foreign currency cash flow hedges |
|
|
|
|
(481) |
|
(19) |
|
339 |
||
|
|
|
|
|
|
|
(577) |
|
(183) |
|
(592) |
|
|
|
|
|
|
|
|
|
|
|
|
Other comprehensive (loss) |
|
|
|
|
|
|
(635) |
|
(230) |
|
(859) |
|
|
|
|
|
|
|
|
|
|
|
|
Total comprehensive (loss) for the period |
|
|
|
|
(3,001) |
|
(59) |
|
(453) |
Consolidated balance sheet |
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Six months ended |
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Six months ended |
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Year ended |
as at |
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|
|
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|
|
|
|
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|
|
|
|
|
|
|
|
Unaudited |
|
Unaudited |
|
Audited |
|
|
|
|
|
Note |
|
£'000 |
|
£'000 |
|
£'000 |
|
|
|
|
|
|
|
|
|
|
|
|
Assets |
|
|
|
|
|
|
|
|
|
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Non-current assets |
|
|
|
|
|
|
|
|
|
|
|
Property, plant and equipment |
|
|
|
|
|
|
9,929 |
|
10,970 |
|
10,240 |
Intangible assets |
|
|
|
|
|
|
81 |
|
121 |
|
114 |
Deferred income tax asset |
|
|
|
|
3 |
|
100 |
|
- |
|
100 |
Total non-current assets |
|
|
|
|
|
|
10,110 |
|
11,091 |
|
10,454 |
|
|
|
|
|
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|
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|
Current assets |
|
|
|
|
|
|
|
|
|
|
|
Inventories |
|
|
|
|
|
|
16,877 |
|
16,749 |
|
17,341 |
Trade and other receivables |
|
|
|
|
|
|
2,843 |
|
4,695 |
|
3,462 |
Cash and cash equivalents |
|
|
|
|
|
|
99 |
|
367 |
|
180 |
Total current assets |
|
|
|
|
|
|
19,819 |
|
21,811 |
|
20,983 |
|
|
|
|
|
|
|
|
|
|
|
|
Total assets |
|
|
|
|
|
|
29,929 |
|
32,902 |
|
31,437 |
|
|
|
|
|
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|
|
|
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|
|
Liabilities |
|
|
|
|
|
|
|
|
|
|
|
Current liabilities |
|
|
|
|
|
|
|
|
|
|
|
Trade and other payables |
|
|
|
|
|
|
3,302 |
|
4,069 |
|
3,430 |
Interest bearing loans, borrowings and overdrafts |
|
|
|
|
|
|
9,345 |
|
8,491 |
|
9,381 |
Total current liabilities |
|
|
|
|
|
|
12,647 |
|
12,560 |
|
12,811 |
|
|
|
|
|
|
|
|
|
|
|
|
Non-current liabilities |
|
|
|
|
|
|
|
|
|
|
|
Deferred income tax liability |
|
|
|
|
3 |
|
709 |
|
697 |
|
730 |
Interest bearing loans, borrowings and overdrafts |
|
|
|
|
|
|
2,015 |
|
1,781 |
|
376 |
Total non-current liabilities |
|
|
|
|
|
|
2,724 |
|
2,478 |
|
1,106 |
|
|
|
|
|
|
|
|
|
|
|
|
Total liabilities |
|
|
|
|
|
|
15,371 |
|
15,038 |
|
13,917 |
|
|
|
|
|
|
|
|
|
|
|
|
Net assets |
|
|
|
|
|
|
14,558 |
|
17,864 |
|
17,520 |
|
|
|
|
|
|
|
|
|
|
|
|
Equity |
|
|
|
|
|
|
|
|
|
|
|
Share capital |
|
|
|
|
|
|
6,944 |
|
6,944 |
|
6,944 |
Share premium |
|
|
|
|
|
|
2,984 |
|
2,984 |
|
2,984 |
Capital reserve |
|
|
|
|
|
|
6,475 |
|
6,475 |
|
6,475 |
Shares held by ESOP |
|
|
|
|
|
|
(495) |
|
(495) |
|
(495) |
Share based payment reserve |
|
|
|
|
|
|
334 |
|
245 |
|
295 |
Cash flow hedge reserve |
|
|
|
|
|
|
(194) |
|
(71) |
|
287 |
Translation reserve |
|
|
|
|
|
|
(4,158) |
|
(3,295) |
|
(4,062) |
Revaluation reserve |
|
|
|
|
|
|
1,108 |
|
1,386 |
|
1,166 |
Retained earnings |
|
|
|
|
|
|
1,560 |
|
3,691 |
|
3,926 |
Total equity |
|
|
|
|
|
|
14,558 |
|
17,864 |
|
17,520 |
Consolidated Statement of Changes in Equity |
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|
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|
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|
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for the six months ended |
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|
Note |
Share capital |
Share premium |
Capital Reserve |
Shares held by ESOP |
Share based payment reserve |
Cash flow hedge reserve |
Translation reserve |
Revaluation reserve |
Retained Earnings |
Total Equity |
|
|
£'000 |
£'000 |
£'000 |
£'000 |
£'000 |
£'000 |
£'000 |
£'000 |
£'000 |
£'000 |
|
|
|
|
|
|
|
|
|
|
|
|
As at |
6 |
6,944 |
2,984 |
6,475 |
(495) |
203 |
(52) |
(3,131) |
1,433 |
3,520 |
17,881 |
|
|
|
|
|
|
|
|
|
|
|
|
Comprehensive income/(loss) for the period: |
|||||||||||
Profit for the period after taxation |
|
- |
- |
- |
- |
- |
- |
- |
- |
171 |
171 |
Other comprehensive income/(loss): |
|||||||||||
Unrealised exchange gain/(loss) on translation of foreign subsidiaries |
|
- |
- |
- |
- |
- |
- |
(164) |
(47) |
- |
(211) |
Fair value losses on foreign currency cash flow hedges |
|
- |
- |
- |
- |
- |
(19) |
- |
- |
- |
(19) |
Total other comprehensive income/(loss) |
|
- |
- |
- |
- |
- |
(19) |
(164) |
(47) |
- |
(230) |
Total comprehensive income/(loss) for the year |
|
- |
- |
- |
- |
- |
(19) |
(164) |
(47) |
171 |
(59) |
Share-based payment expense |
|
- |
- |
- |
- |
42 |
- |
- |
- |
- |
42 |
As at 30 June 2019 |
|
6,944 |
2,984 |
6,475 |
(495) |
245 |
(71) |
(3,295) |
1,386 |
3,691 |
17,864 |
|
|
|
|
|
|
|
|
|
|
|
|
Comprehensive income/(loss) for the period: |
|||||||||||
Profit for the period after taxation |
|
- |
- |
- |
- |
- |
- |
- |
- |
235 |
235 |
|
|
|
|
|
|
|
|
|
|
|
|
Other comprehensive income/(loss): |
|
|
|
|
|
|
|
|
|
|
|
Gain on the revaluation of buildings |
|
- |
- |
- |
- |
- |
- |
- |
139 |
- |
139 |
Unrealised exchange gain/(loss) on translation of foreign subsidiaries |
|
- |
- |
- |
- |
- |
- |
(767) |
(359) |
- |
(1,126) |
Fair value losses on foreign currency cash flow hedges |
|
- |
- |
- |
- |
- |
358 |
- |
- |
- |
358 |
Total other comprehensive income/(loss) |
|
- |
- |
- |
- |
- |
358 |
(767) |
(220) |
- |
(629) |
Total comprehensive (loss) for the year |
|
- |
- |
- |
- |
- |
358 |
(767) |
(220) |
235 |
(394) |
Share-based payment expense |
|
- |
- |
- |
- |
50 |
- |
- |
- |
- |
50 |
|
|
|
|
|
|
|
|
|
|
|
|
As at 31 December 2019 |
|
6,944 |
2,984 |
6,475 |
(495) |
295 |
287 |
(4,062) |
1,166 |
3,926 |
17,520 |
|
|
|
|
|
|
|
|
|
|
|
|
Comprehensive income/(loss) for the year: |
|||||||||||
Loss for the period after taxation |
|
- |
- |
- |
- |
- |
- |
- |
- |
(2,366) |
(2,366) |
Other comprehensive income/(loss): |
|
|
|
|
|
|
|
|
|
|
|
Gain on the revaluation of buildings |
|
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
Unrealised exchange gain/(loss) on translation of foreign subsidiaries |
|
- |
- |
- |
- |
- |
- |
(96) |
(58) |
- |
(154) |
Fair value losses on foreign currency cash flow hedges |
|
- |
- |
- |
- |
- |
(481) |
- |
- |
- |
(481) |
Total other comprehensive income/(loss) |
|
- |
- |
- |
- |
- |
(481) |
(96) |
(58) |
- |
(635) |
Total comprehensive income/(loss) for the period |
|
- |
- |
- |
- |
- |
(481) |
(96) |
(58) |
(2,366) |
(3,001) |
Share-based payment expense |
|
- |
- |
- |
- |
39 |
- |
- |
- |
- |
39 |
As at 30 June 2020 |
|
6,944 |
2,984 |
6,475 |
(495) |
334 |
(194) |
(4,158) |
1,108 |
1,560 |
14,558 |
Statement of cashflows |
|
|
|
|
|
|
Six months ended |
|
Six months ended |
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Year ended |
for the period ended 30 June 2020 |
|
|
|
|
|
30/06/2020 |
|
30/06/2019 |
|
31/12/2019 |
|
|
|
|
|
|
|
|
Unaudited |
|
Unaudited |
|
Audited |
|
|
|
|
|
Note |
|
£'000 |
|
£'000 |
|
£'000 |
|
|
|
|
|
|
|
|
|
|
|
|
Cash flows from operating activities |
|
|
|
|
|
|
|
|
|
|
|
Cash (used in)/generated from operations |
|
|
|
5 |
|
(558) |
|
(814) |
|
(492) |
|
Tax (paid) |
|
|
|
|
|
|
(154) |
|
(350) |
|
(466) |
Interest (paid) |
|
|
|
|
|
|
(238) |
|
(254) |
|
(566) |
Net cash (used in) / generated from operating activities |
|
|
|
(950) |
|
(1,418) |
|
(1,524) |
|||
|
|
|
|
|
|
|
|
|
|
|
|
Cash flows from investing activities |
|
|
|
|
|
|
|
|
|
|
|
Purchases of property, plant and equipment |
|
|
|
|
|
(141) |
|
(491) |
|
(635) |
|
Purchases of intangible assets |
|
|
|
|
|
|
- |
|
- |
|
(30) |
Net cash (used) in investing activities |
|
|
|
|
|
(141) |
|
(491) |
|
(665) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash flows from financing activities |
|
|
|
|
|
|
|
|
|
|
|
Proceeds from borrowings |
|
|
|
|
|
|
1,750 |
|
809 |
|
804 |
Repayment of bank loans |
|
|
|
|
|
|
(1,170) |
|
(472) |
|
(1,061) |
New finance lease obligations |
|
|
|
|
|
|
- |
|
200 |
|
200 |
Repayment of obligations under finance leases |
|
|
|
|
(65) |
|
(90) |
|
(171) |
||
Net cash generated / (used) in financing activities |
|
|
|
|
515 |
|
447 |
|
(228) |
||
(Decrease) in cash and cash equivalents |
|
|
|
|
|
(576) |
|
(1,462) |
|
(2,417) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents at beginning of period |
|
|
|
|
(6,131) |
|
(3,695) |
|
(3,695) |
||
Exchange gains on cash and cash equivalents |
|
|
|
|
106 |
|
(3) |
|
(19) |
||
Cash and cash equivalents at end of period |
|
|
|
|
(6,601) |
|
(5,160) |
|
(6,131) |
Note 1 - Basis of preparation
The financial information set out in the interim statements for the six months ended 30 June 2020 and the comparative figures are unaudited and do not constitute statutory accounts as defined in section 434 of the Companies Act 2006. As permitted, this interim report has been prepared in accordance with
The financial information for the full preceding year is extracted from the statutory accounts for the financial year ended 31 December 2019. Those accounts, upon which the auditor issued an unqualified opinion, have been delivered to the Registrar of Companies. The auditor’s report did not contain a statement under section 498(2) or (3) of the Companies Act 2006.
These financial statements are presented in sterling, being the functional currency of the primary economic environment in which the Group operates.
Note 2 - Earnings per share |
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic earnings per share is calculated by dividing the profit attributable to equity holders of the company by the weighted average number of ordinary shares in issue during the year excluding the shares owned by the Pittards employee share ownership trust. |
|
||||||||||||
|
|||||||||||||
|
a) Basic earnings per share |
|
|
|
|
|
|
Six months ended |
|
Six months ended |
|
Year ended |
|
|
|
|
|
|
|
30/06/20 |
|
30/06/19 |
|
31/12/19 |
Earnings per share |
|
|
|
|
|
|
Unaudited |
|
Unaudited |
|
Audited |
Basic |
|
|
|
|
|
|
(17.06p) |
|
1.23p |
|
2.93p |
Weighted average number of ordinary shares in issue |
|
|
|
|
|
|
13,870,000 |
|
13,870,000 |
|
13,870,000 |
|
|
|
|
|
|
|
|
|
|
|
|
b) Diluted earnings per share |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Six months ended |
|
Six months ended |
|
Year ended |
|
|
|
|
|
|
|
30/06/20 |
|
30/06/19 |
|
31/12/19 |
Earnings per share |
|
|
|
|
|
|
Unaudited |
|
Unaudited |
|
Audited |
Diluted |
|
|
|
|
|
|
(17.06p) |
|
1.22p |
|
2.89p |
Weighted average number of ordinary shares in issue |
|
|
|
|
|
|
14,001,000 |
|
14,025,000 |
|
14,025,000 |
Note 3 - Taxation |
|
|
|
|
|
|
Six months ended |
|
Six months ended |
|
Year ended |
|
|
|
|
|
|
|
30/06/20 |
|
30/06/19 |
|
31/12/19 |
|
|
|
|
|
|
|
Unaudited |
|
Unaudited |
|
Audited |
|
|
|
|
|
|
|
|
|
|
|
|
Analysis of the charge in the period |
|
|
|
|
|
|
|
|
|
|
|
The charge based on the profit for the period comprises: |
|
|
|
|
|
|
|
|
|
||
Corporation tax on profit for the year |
|
|
|
|
|
|
- |
|
- |
|
200 |
Foreign tax on profit for the period |
|
|
|
|
|
|
114 |
|
90 |
|
41 |
Foreign tax related to prior years |
|
|
|
|
|
|
- |
|
75 |
|
144 |
Total current tax |
|
|
|
|
|
|
114 |
|
165 |
|
385 |
|
|
|
|
|
|
|
|
|
|
|
|
Deferred tax |
|
|
|
|
|
|
|
|
|
|
|
Origination and reversal of temporary differences |
|
|
|
|
|
|
- |
|
(112) |
|
(212) |
Total deferred tax |
|
|
|
|
|
|
- |
|
(112) |
|
(212) |
|
|
|
|
|
|
|
|
|
|
|
|
Income tax charge |
|
|
|
|
|
|
114 |
|
53 |
|
173 |
|
|
|
|
|
|
|
|
|
|
|
|
Note 4 - Deferred taxation |
|
|
|
|
|
|
Six months ended |
|
Six months ended |
|
Year ended |
|
|
|
|
|
|
|
30/06/20 |
|
30/06/19 |
|
31/12/19 |
|
|
|
|
|
|
|
Unaudited |
|
Unaudited |
|
Audited |
|
|
|
|
|
|
|
|
|
|
|
|
Deferred tax asset |
|
|
|
|
|
|
100 |
|
- |
|
100 |
Deferred tax (liabilities) |
|
|
|
|
|
|
(709) |
|
(697) |
|
(730) |
Deferred tax (liabilities) - net |
|
|
|
|
|
|
(609) |
|
(697) |
|
(630) |
|
|
|
|
|
|
|
|
|
|
|
|
Note 5 - (Cash Used) / Generated in operations |
|
|
|
|
|
Six months ended |
|
Six months ended |
|
Year ended |
|
|
|
|
|
|
|
|
30/06/2020 |
|
30/06/2019 |
|
31/12/2019 |
|
|
|
|
|
|
|
Unaudited |
|
Unaudited |
|
Audited |
|
|
|
|
|
|
|
£'000 |
|
£'000 |
|
£'000 |
(Loss)/ profit before taxation |
|
|
|
|
|
|
(2,252) |
|
224 |
|
579 |
Adjustments for: |
|
|
|
|
|
|
|
|
|
|
|
Depreciation of property, plant and equipment |
|
|
|
|
|
|
337 |
|
357 |
|
780 |
Amortisation of intangibles |
|
|
|
|
|
|
38 |
|
26 |
|
63 |
Bank and other interest charges |
|
|
|
|
|
|
262 |
|
286 |
|
596 |
Share based payment expense |
|
|
|
|
|
|
39 |
|
42 |
|
92 |
Other non-cash items in Income Statement |
|
|
|
|
|
|
319 |
|
165 |
|
(275) |
Operating cash flows before movement in working capital |
|
|
|
|
(1,257) |
|
1,100 |
|
1,835 |
||
Movements in working capital (excluding exchange differences on consolidation): |
|
|
|
|
|
|
- |
||||
Decrease / (Increase) in inventories |
|
|
|
|
|
|
240 |
|
(581) |
|
(1,980) |
Reduction / (Increase) in receivables |
|
|
|
|
|
|
784 |
|
(1,377) |
|
(383) |
(Reduction) / Increase in payables |
|
|
|
|
|
|
(325) |
|
44 |
|
36 |
Cash (used) in operations |
|
|
|
|
|
|
(558) |
|
(814) |
|
(492) |
Note 6 - Prior year restatement reported in 2019 accounts
Deferred tax, amounting to £0.648m, in relation to the temporary timing difference caused by the revaluation of buildings in
Note 7 - Availability of interim report |
|
|
|
|
|
|
|
|
|
|
|
|
The interim report will be available at the Groups website, at www.pittards.com, in accordance with AIM rule 20. |
|
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