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RNS Number : 6159Z
APC Technology Group PLC
21 May 2019
 

21 May 2019       

 

APC Technology Group PLC

("APC", the "Company" or the "Group")

 

Unaudited Interim Results for the half year ended 28 February 2019

 

APC Technology Group PLC (AIM: APC), the provider of design-in, specification and distribution services for specialist electronic components and systems, lighting technologies and connectivity products, is pleased to  

 

Adjusted results (continuing operations before exceptional costs and share based payments)

Half year ended 28 February 2019

Half year ended 28 February 2018

 

 

£000

£000

% increase

Revenue

10,662

8,616

23.7%

EBITDA (Earnings before interest, tax, depreciation and amortisation)

851

581

46.5%

Adjusted operating profit

844

557

51.5%

Adjusted profit before tax

657

384

71.1%

Earnings per share (pence)

0.4p

0.3p

31.0%

 

Statutory results

Half year ended 28 February 2019

Half year ended 28 February 2018

 

 

£000

£000

% increase

Revenue

10,662

8,616

23.7%

Operating profit

657

526

24.9%

Profit before tax

470

353

33.1%

Basic earnings per share (pence)

0.3p

0.3p

 

 

 

 

 

A reconciliation between the statutory and adjusted results shown above is contained in note 5 to the interim financial statements.

 

Financial and operational highlights

 

·      Revenue increased to £10.6m (H1 2018: £8.6m), up 24% from the £8.5m posted in H2 2018.

·      Adjusted profit before tax increased by 71% to £0.66m (H1 2018: £0.38m) with adjusted earnings per share increasing by 31% compared with H1 2018.

·      Operating profit from continuing operations before exceptional costs and share based payments increased 51% to £0.84m (H1 2018: £0.56m).

 

·      Operating profit margin increased by 21.5% from 6.5% in H1 2018 to 7.9% in the current period

 

·      Pre-tax profit for the period increased to £0.47m (H1 2018: £0.35m), compared with £0.6m for the whole  year ended 31 August 2018.

 

·      Period-end cash balances increased by £0.5m to £0.8m (H1 2018: £0.3m).

 

·      Net debt decreased further by £1.3m to £2.7m (H1 2018: £4.0m) with all high interest-bearing loan notes now repaid.

 

·      Further reduction in trade and other creditors since last financial year, as the Group continues to invest in strengthening supplier relationships.

 

·      Group now concentrating on proven business model of the technical sales of specialist electronic components, products and systems.

·      Acquisition of Wavelength Electronics Limited in November 2018, which adds further complementary lines to the Group offering.

 

·      Robust pipeline of further bolt-on acquisition opportunities identified to aid this strategy.

 

·      Group processes being streamlined to realise synergies and establish robust back-office platform to absorb further acquisitions.

 

"These results show a further increase in the Group's profitability and demonstrate the continuing success of the strategy of concentrating on the technical sales of specialist electronic components, products and systems. We are achieving this growth through our stated strategy of increased revenue from our existing technologies, signing new product lines and carefully targeted bolt-on acquisitions.

 

We have also strengthened our balance sheet, with positive cash flow during the period and a decrease in debt, whilst achieving a reduced fixed cost base and a centralised support structure that is capable of absorbing further acquisitions.

 

Once again I would like to thank our staff for the wholehearted way in which they have embraced this strategy and for the positive additional contribution that staff of our acquired companies have brought to the Group's team spirit and energy."

 

APC Technology Group PLC                                                                           +44 (0) 330 313 3220

 

Richard Hodgson, Chief Executive                                                                    www.apcplc.com

 

 

 

Stockdale Securities Limited (Nominated Adviser and Broker)                 +44 (0)20 7601 6100

 

Mark Brown / Antonio Bossi

The Board is pleased to report unaudited interim financial results for the half year ended 28 February 2019.  

 

The period has seen further increases in turnover and profit compared with the equivalent period in 2018. These encouraging results stem from the decision we took in 2017 to concentrate on our core business, the technical sales of specialist electronic components, products and systems. These results are a vindication of our simple strategy of: selling more of our existing technologies; signing-up new technologies; and completing strategic bolt-on acquisitions

 

The period also saw a significant further reduction in our debt, with all of the high interest bearing convertible loans paid off by the end of November 2018 and with cash balances increasing.

 

Acquisitions update

 

In November 2018, the Group completed its third acquisition in twelve months: Wavelength Electronics Limited ("Wavelength") was acquired for a total consideration of £494,000. Details of this acquisition are set out in note 6 of the interim financial statements. In the year to 31 December 2018 Wavelength had a gross profit of £472,000.

 

Wavelength has more than 25 years' experience as a representative of electronic component manufacturers. Operating in similar market sectors to the core APC and Aspen components businesses, Wavelength represents a group of well-known manufacturers of components and systems for applications including high reliability, power control and conversion, RF and microwave interconnect, man-machine interfaces and sensing. These manufacturers include industry-leading brands such as Q-Tech, Corning Dubilier, State of the Art, Astrodyne, Presidio and Vanguard. These additional product lines will enhance the Group's ability to sell into the UK's high reliability industries, including Space.

 

The Board is pleased with the integration and performance of all three acquisitions done so far. They are all trading at a run rate higher than acquired levels and in all cases have added to the Group's product and service offering. These businesses have also brought with them additional sales and technical expertise. The Group is also on track to deliver the targeted synergies in these transactions with the associated profit margin enhancement.

 

Operations update

 

Wavelength's representation business complements the Group's design-in distribution business, which is now concentrated on five focused technology portfolios, each managed by specialist business teams with specific technical expertise combined with in-depth industry and product knowledge, supported by a shared service framework of marketing, sales, logistics and administration.

 

High Reliability Electronics (trading as APC Hi-Rel) - the technical sale of high-reliability, high temperature and high voltage electronic components, semiconductors and power solutions, selling primarily into the aerospace and defence industries. Over the period this team has added to its product lines and is very focussed on the growing UK space market. This market access has been enhanced by the acquisition of Wavelength, which brings with it further expertise in this area;

 

Component services and sourcing solutions

 

Radio Frequency and Microwave (trading as APC RF & Microwave) - distributes high performance connectors, passive and active devices and related electronic components, selling primarily into the defence, telecoms, wireless and broadband markets. This business was boosted by the acquisition of Aspen Electronics Limited ("Aspen") in July 2018. This enlarged team is now one of the largest independent groups servicing RF & Microwave in the UK. The team has had great success in the period with products sold into counter IED systems;

 

Time and Frequency Synchronisation

 

Property Technology: This business combines the expertise of our Lighting Technologies business (trading as APC Lighting) and our connectivity, sensing and Internet of Things business (trading as APC Smartwave) to form a bespoke provider of high-end technology solutions to facility management companies. We have achieved further growth in our core Lighting customer base, but in addition we have added to the products that we are selling with an increase in solutons for smart building systems. EEVS Performance Management sits alongside these two, to provide energy verification services in connection with energy performance contracts by facilities management companies or energy-saving measures funded by public sector organisations.

 

Summary of financial performance

 

Revenue for the period was £10.7m (H1 2018: £8.6m), representing an increase of 24% over the corresponding period in 2018. The increase included the effect of a full six months' trading of Aspen (acquired in July 2018) and three months trading of Wavelength.

 

Gross profit increased by 20% from £2.9m to £3.5m based on the higher turnover. Overall gross profit margin for the period was 32.4% (H1 2018: 34.2%), reflecting the current mix of products in the enlarged Group. The recent restructuring has achieved a lower overhead base that mitigates this effect.

 

Operating profit before exceptional and non-recurring expenses, share based payments, interest and tax was £844k (H1 2018: £557k), representing a 51% increase. Operating profit margin increased by 21.5% from 6.5% in H1 2018 to 7.9% in the current period. This is a key indicator of the successful strategy of folding incremental gross profit into a controlled cost base. Overheads on continuing operations were £2.61m (H1 2018: £2.39m); tight cost control limited the increase to 9.3% despite the acquisitions of Aspen and Wavelength.

 

Adjusted profit (before exceptional and non-recurring costs), as calculated in note 5 to the interim financial statements, was £657k (H1 2018: £384k), an increase of 71%, as a result of which earnings per share calculated on this basis improved 31% from 0.3p to 0.4p.

 

Exceptional and non-recurring expenses increased from £5k in H1 2018 to £158k in the period due to the Group's acquisitive strategy. These costs are predominantly the result of restructuring to achieve synergies in later periods.

 

After exceptional and non-recurring expenses, share based payments, interest and tax, the Group is reporting a £510k post-tax profit for the period, an increase of 28% compared to £398k in H1 2018, resulting in a basic and diluted EPS of 0.3p (H1 2018: 0.3p).

 

Balance sheet and cash flow

 

Working capital (excluding net debt) moved from a surplus of £0.73m at 31 August 2018 to a surplus of £0.75m at 28 February 2019, despite the acquisitions referred to above.

 

Net debt at the end of the period was £2.7m, including £0.8m of cash, £2.9m drawn on the ABN invoice finance facility and £0.6m from the Pay4 trade payment facility. This compares with net debt of £4.0m at 28 February 2018 and £3.1m at 31 August 2018, including the loan notes, which were fully paid off during the period.

 

 

Cash flow for the period resulted in an overall increase in net cash of £0.5m from February 2018 and £0.1m from 31 August 2018. This was driven by a strong surplus of £0.5m from operations, which facilitated a net decrease of £0.4m in borrowings compared with 31 August 2018..

 

The Board's strategy has been to invest cash from operations, together with surplus funds from the equity raise, into reducing net debt, whilst maintaining strong supplier relationships.

 

No new shares were issued during the half-year, but approximately 2.7m shares have been issued since the period-end, partly in lieu of directors' and professional fees and partly through the exercise of share options.

 

Board changes

 

Following the successful completion of the Group's turnaround, Michael Thompson decided to leave the business in March 2019 to pursue other challenges. The Board would like to thank him for his efforts and service and he has our every best wish for the future. The Board are not looking to replace Michael, as the Group has a strong financial control function supported by other Group services.

 

 This growth is largely being driven by market or compliance requirements and is being achieved through reorganised and incentivised sales teams, strengthened by staff from our new acquisitions.

. Further signings took place during the period and we are continuing to target other complementary technologies.

. The targets are established companies, with gross profit of £0.5m or more, that can provide additional revenue consistent with APC's strategic profile, together with a bank of existing customers. The acquisition of Wavelength is the latest example of this strategy.

21 May 2019

CONDENSED CONSOLIDATED STATEMENT OF INCOME

for the half year ended 28 February 2019

 

 

 

 

 

 

Results from

operations

 

 

 

Exceptional and non-recurring expenses

 

 

Half year ended

28 February 2019

 

Half year ended

28 February 2018

 

Year ended

31 August 2018

 

 

(unaudited)

 

(unaudited)

 

(unaudited)

 

(unaudited)

 

(audited)

 

 

£000

 

£000

 

£000

 

£000

 

£000

 

Note

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Revenue

3

 

10,662

 

-

 

          10,662

 

          8,616

 

      

 17,149

Cost of sales

 

 

(7,206)

 

-

 

         (7,206)

 

         (5,670)

 

      

(11,468)

Gross profit 

 

 

3,456

 

 

-

 

          3,456

 

          2,946

 

          5,681

Administration expenses

 

 

(2,612)

 

 

-

 

         (2,612)

 

         (2,389)

 

        (4,571)

Operating profit before exceptional and non-recurring expenses

 

 

 

844

 

 

 

-

 

            

844

 

             

557

 

         

  1,110

 

Exceptional and non-recurring expenses

 

4

 

-

 

 

(158)

 

(158)

 

(5)

 

       

(128)

 

Share based payments

 

 

(29)

 

 

-

 

              (29)

 

              (26)

 

             

(32)

 

Operating profit

 

 

815

 

 

(158)

 

           

 657

 

           

 526

 

            

950

Finance costs (net)

 

 

(187)

 

 

-

 

 (187)

 

            (173)

 

           

(395)

Profit before taxation

 

 

628

 

 

(158)

 

           470

 

           353

 

             555

Taxation credit

 

40

 

-

 

              40

 

               45

 

               78

Profit for the period

 

 

668

 

 

(158)

 

 

510

 

               398

 

         633

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic earnings per share

5

 

 

 

 

         0.3p

 

           0.3p

 

0.5p

Diluted earnings per share

5

 

 

 

 

           0.3p

 

           0.3p

 

0.5p

Adjusted basic earnings per share

5

 

 

 

 

0.4p

 

0.3p

 

0.5p

Adjusted diluted earnings per share

5

 

 

 

 

0.4p

 

0.3p

 

0.5p

                       

 

There were no other items of comprehensive income. Accordingly no consolidated statement of comprehensive income has been prepared.

CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION

for the half year ended 28 February 2019

 

 

 

28 February 2019

 

28 February 2018

 

31 August 2018

 

 

(unaudited)

 

(unaudited)

 

(audited)

 

 

£000

 

£000

 

£000

 

 

 

 

 

 

 

Non-current assets

 

 

 

 

 

 

Intangible assets

 

        9,842

 

         7,856

 

         9,126

Property, plant and equipment

 

             560

 

              29

 

              564

 

 

        10,402

 

         7,885

 

         9,690

Current assets

 

 

 

 

 

 

Inventories

 

        1,323

 

         1,089

 

           1,330

Trade and other receivables

 

        3,797

 

         3,671

 

         4,133

Current tax asset

 

40

 

-

 

73

Cash and cash equivalents

 

           845

 

            277

 

            777

 

 

        6,005

 

        5,037

 

         6,313

Total assets

 

 

      16,407

 

 

       12,922

 

       16,003

Current liabilities

 

 

 

 

 

 

 

Trade and other payables

 

        (4,392)

 

         (4,102)

 

         (4,375)

Borrowings

 

        (3,595)

 

         (4,272)

 

         (3,820)

Current tax liability

 

(73)

 

-

 

-

 

 

        (8,060)

 

       (8,374)

 

       (8,195)

Total assets less current liabilities

 

 

       8,347

 

 

       4,548

 

 

         7,808

Non-current liabilities

 

 

 

 

 

 

   

Deferred tax

 

               (110)

 

           -

 

            (110)

Net assets

 

 

        8,237

 

 

       4,548

 

 

         7,698

Equity attributable to equity holders of the company

 

 

 

 

 

 

Called up share capital

 

        3,597

 

         2,698

 

         3,597

Share premium account

 

      14,890

 

       13,232

 

       14,890

Share option valuation reserve

 

           337

 

            323

 

            308

Merger reserve

 

         4,987

 

         4,635

 

         4,987

Retained earnings

 

(15,574)

 

       (16,340)

 

(16,084)

Total equity

 

          8,237

 

4,548

 

7,698

 

 

 

CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

 

 

 

 

 

 

 

 

 

Attributable to the equity holders of the parent

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Share

 

Share option

 

 

 

 

 

 

 

 

 

Share

 

premium

 

valuation

 

Merger

 

Retained

 

 

 

 

 

capital

 

account

 

reserve

 

reserve

 

earnings

 

Total

 

 

 

£000

 

£000

 

£000

 

£000

 

£000

 

£000

 

 

For the half year ended 28 February 2019

 

 

 

 

 

 

 

 

 

 

 

 

 

At 1 September 2018

3,597

 

  14,890

 

308

 

4,987

 

(16.084)

 

      7,698

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Profit for the period

-

 

-

 

-

 

-

 

           510

 

           510

 

 

Other comprehensive income

-

 

-

 

-

 

-

 

             -

 

            -

 

 

Total comprehensive income

-

 

-

 

-

 

-

 

           510

 

           510

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Transactions with equity holders of the parent

 

 

 

 

 

 

 

 

 

 

 

 

 

Share option charge

-

 

           -

 

29

 

-

 

-

 

          29

 

 

 

-

 

       -

 

29

 

-

 

-

 

          29

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

At 28 February 2019 (unaudited)

3,597

 

  14,890

 

337

 

4,987

 

(15,574)

 

     8,237

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

For the half year ended 28 February 2018

 

 

 

 

 

 

 

 

 

 

 

 

 

At 1 September 2017

2,698

 

  13,232

 

297

 

4,635

 

(16,738)

 

     4,124

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Profit for the period

-

 

-

 

-

 

-

 

398

 

398

 

 

Other comprehensive income

-

 

-

 

-

 

-

 

-

 

-

 

 

Total comprehensive income

-

 

-

 

-

 

-

 

398

 

398

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Transactions with equity holders of the parent

 

 

 

 

 

 

 

 

 

 

 

 

 

Share option charge

-

 

           -

 

26

 

-

 

-

 

            26

 

 

 

-

 

       -

 

26

 

-

 

-

 

       26

 

 

At 28 February 2018 (unaudited)

2,698

 

  13,232

 

323

 

4,635

 

(16,340)

 

4,548

 

 

                                   

 

For the year ended 31 August 2018

 

 

 

 

 

 

 

 

 

 

 

 

 

At 1 September 2017 (audited)

2,698

 

   13,232

 

297

 

4,635

 

(16,738)

 

        4,124

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Profit for the year

                 -

 

             -

 

-

 

-

 

    633

 

 633

 

 

Other comprehensive income

-

 

             -

 

-

 

-

 

-

 

-

 

 

Total comprehensive income

-

 

            -

 

-

 

-

 

633

 

633

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Transactions with equity holders of the parent

 

 

 

 

 

 

 

 

 

 

 

 

 

Issue of new shares

899

 

     1,784

 

-

 

352

 

-

 

           3,035

 

 

Costs associated with share issue

-

 

(126)

 

-

 

-

 

-

 

(126)

 

 

Share option charge

-

 

            -

 

11

 

-

 

21

 

             32

 

 

 

899

 

1,658

 

11

 

352

 

21

 

           2,941

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

At 31 August 2018 (audited)

3,597

 

   14,890

 

308

 

4,987

 

(16,084)

 

     7.698

 

 

CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS

for the half year ended 28 February 2019

 

 

 

Half year

 

Half year

 

Year

 

 

ended

 

ended

 

ended

 

 

 

28 February 2019

 

28 February 2018

 

31 August 2018

 

 

(unaudited)

 

(unaudited)

 

(audited)

 

Note

£000

 

£000

 

£000

 

 

 

 

 

 

 

Reconciliation of cash flows from operating activities

 

 

 

 

 

 

Profit before taxation including discontinued operations for the period

 

            470

 

        353

 

554

Finance costs (net)

 

            187

 

            173

 

            395

Taxation receipts

 

              40

 

              45

 

              111

Depreciation of property, plant and equipment

 

              7

 

              24

 

              43

Increase in inventories

 

            (49)

 

            (257)

 

            (76)

Decrease/(increase) in trade and other receivables

 

            438

 

            (686)

 

            (136)

Decrease in trade and other payables

 

            (542)

 

         (229)

 

         (1,211)

Share-based payments charge

 

              29

 

              26

 

              32

Net cash from/(used in) operating activities

 

     580

 

     (551)

 

        (288)

 

 

 

 

 

 

 

Cash flows from investing activities

 

 

 

 

 

 

Acquisition of property, plant and equipment

 

              -

 

              -

 

              (5)

Acquisition of subsidiary company, net of cash acquired

6

           (100)

 

(478)

 

      (1,971)

Sale of other investment

 

            -

 

             307

 

            307

Net cash used in investing activities

 

           (100)

 

(171)

 

        (1,669)

 

 

 

 

 

 

 

Cash flows from financing activities

 

 

 

 

 

 

Finance costs (net)

 

           (187)

 

       (173)

 

            (395)

Proceeds of share issue (net of associated costs)

 

              -

 

                  -

 

           2,409

Finance leases

 

             -

 

              -

 

             (4)

Increase in short-term borrowings

 

           230

 

            695

 

              447

Loan notes (repaid)/issued

 

(455)

 

100

 

(100)

Net cash (used in) /from financing activities

 

           (412)

 

622

 

2,357

Increase/(decrease) in net cash

 

            68

 

            (100)

 

             400

 

 

 

 

 

 

 

Cash and cash equivalents at start of period

 

            777

 

            377

 

           377

Increase/(decrease) in net cash

 

            68

 

            (100)

 

             400

Cash and cash equivalents at end of period

 

            845

 

            277

 

           777

NOTES TO THE INTERIM REPORT

for the half year ended 28 February 2019

 

1.      General information

 

APC Technology Group PLC is a public limited company ("the Company") incorporated in the United Kingdom under the Companies Act 2006 (registration number 01635609).

 

The Company is domiciled in the United Kingdom and its registered address is 6 Stirling Park, Laker Road, Rochester, Kent, ME1 3QR. The Company's Ordinary Shares are traded on the Alternative Investment Market ("AIM") of the London Stock Exchange.  The principal activity of the Company and its subsidiary undertakings (together "the Group") is the design, specification and distribution of specialist electronic components and systems.

 

 

2.      Basis of preparation

 

This unaudited consolidated interim financial information has been prepared in accordance with IFRS as adopted by the European Union. The principal accounting policies used in preparing the interim results are those it expects to apply in its financial statements for the year ended 31 August 2019 and are unchanged from those disclosed in the Company's Annual Report for the year ended 31 August 2018.

 

The financial information does not contain all of the information that is required to be disclosed in a full set of IFRS financial statements. The financial information for the six months ended 28 February 2019 and 28 February 2018 is unreviewed and unaudited and does not constitute the Company's statutory financial statements for those periods. The comparative financial information for the full year ended 31 August 2018 has, however, been derived from the audited statutory financial statements for that period. A copy of those statutory financial statements has been delivered to the Registrar of Companies. The auditor's report on those accounts was unqualified, did not include references to any matters to which the auditor drew attention by way of emphasis without qualifying its report and did not contain a statement under section 498(2)-(3) of the Companies Act 2006.

 

The financial information in the interim report is presented in UK pounds sterling and all values are rounded to the nearest thousand pounds (£000), except where otherwise indicated.

 

 

3.      Segmental information

 

Operating Segments

 

IFRS 8 "Operating Segments", requires consideration of the chief operating decision maker ('CODM') within the Company.   In line with the Company's internal reporting framework and management structure, the key strategic and operating decisions are made by the CEO, who reviews internal monthly management reports, budget and forecast information as part of this process.  Accordingly, the CEO is deemed to be the CODM.

 

The Company operates within a single reportable segment, being the provision of design-in distribution services for specialist electronic components, products and systems. 

 

 

 

Half year

 

Half year

 

Year

 

 

ended

 

ended

 

ended

 

 

 

28 February 2019

 

28 February 2018

 

31 August 2018

 

 

(unaudited)

 

(unaudited)

 

(audited)

 

 

£000

 

£000

 

£000

 

 

       

 

 

 

       

Revenue by geographic location

 

       

 

      

 

       

UK

 

10,294

 

        8,397

 

        16,685

North America

 

78 

 

           74

 

            140

Europe and Asia

 

290

 

           145

 

         324

 

 

     10,662

 

     8,616

 

      17,149

 

 

       

 

      

 

       

 

 

4.      Exceptional and non-recurring expenses

 

 

 

Half year

 

Half year

 

Year

 

 

ended

 

ended

 

ended

 

 

 

28 February 2019

 

28 February 2018

 

31 August 2018

 

 

(unaudited)

 

(unaudited)

 

(audited)

Corporate re-organisation costs, as follows:

 

£000

 

£000

 

£000

Compromise agreements and redundancy costs

 

           158

 

            -

 

             37

Dilapidations and onerous lease provisions

 

              -

 

            5

 

             -

Professional fees

 

              -

 

       -

 

         91

 

 

              158

 

           5

 

         128

 

 

5.      Earnings per share

 

The calculation of basic earnings per share is based on the profit after taxation attributable to equity holders of the parent company for the period and the weighted average number of shares in issue during the period.

 

Diluted earnings per share is calculated by adjusting the weighted average number of shares outstanding by the dilutive effect of shares that the Company may potentially issue relating to its share option scheme.

 

The result for the year and the weighted average number of shares used in the calculations are set out below:

 

 

Half year

 

Half year

 

Year

 

ended

 

ended

 

ended

 

28 February 2019

 

28 February 2018

 

31 August 2018

 

(unaudited)

 

(unaudited)

 

(audited)

 

£000

 

£000

 

£000

Net profit after tax for the period

         510   

 

         398  

 

       633

Weighted average number of shares (000's)

       179,884

 

       134,913

 

      139,472

Basic earnings per share

0.3p

 

0.3p

 

0.5p

Dilutive/free shares (000's)

              917

 

               945

 

             917

Diluted number of shares (000's)

       180,801

 

       135,858

 

       140,389

Diluted earnings per share

0.3p

 

0.3p

 

0.5p

 

 

The Directors believe that a more realistic view of the Group's underlying performance is provided by utilising a calculation of adjusted earnings per share, based on operating profit before exceptional costs and share based payments. The adjusted calculation is shown below:

 

 

Half year

 

Half year

 

Year

 

ended

 

ended

 

ended

 

28 February 2019

 

28 February 2018

 

31 August

2018

 

(unaudited)

 

(unaudited)

 

(audited)

 

£000

 

£000

 

£000

Profit before tax for the period

470

 

353

 

555

Adjustments:

 

 

 

 

 

Exceptional costs

158

 

5

 

128

Share based payments

29

 

26

 

32

Adjusted profit before tax for the period

657

 

384

 

715

Finance costs (net)

187

 

173

 

395

Adjusted operating profit

844

 

557

 

1,110

Depreciation and amortisation

7

 

24

 

43

Earnings before interest, tax, depreciation and amortisation (EBITDA)

 

851

 

 

 

581

 

 

 

1,153

 

 

The adjusted earnings per share, based on the weighted number of shares in issue during the period, are calculated below:

 

 

Half year

 

Half year

 

Year

 

ended

 

ended

 

ended

 

28 February 2019

 

28 February 2018

 

31 August

2018

 

(unaudited)

 

(unaudited)

 

(audited)

 

£000

 

£000

 

£000

Adjusted profit before tax

657

 

384

 

715

Taxation credit

40

 

45

 

78

Adjusted profit after tax

697

 

429

 

793

Adjusted basic earnings per share

0.4p

 

0.3p

 

0.5p

Adjusted fully diluted earnings per share

0.4p

 

0.3p

 

0.5p

 

 

 

 

 

 

 

 

6.      Acquisition of subsidiary company

 

On 22 November 2018 the Group completed the acquisition of Wavelength Electronics Limited ("Wavelength"), an independent premium distributor and representative of electronic components.  The net consideration consisted of £494,000, to be satisfied in cash, payable one third on completion, one third in 12 monthly instalments and the balance 12 months from completion. In the year to 31 December 2018 Wavelength had a gross profit of £472,000.

 

 

7.      Copies of Interim report

 

The interim report is available to view and download from the Company's website at www.apcplc.com. If shareholders would like a hard copy of the interim report, they should contact the Company Secretary,

APC Technology Group PLC, 6 Stirling Park, Laker Road, Rochester, Kent, ME1 3QR. Alternatively shareholders may request copies by e-mailing: [email protected].


This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact [email protected] or visit www.rns.com.
 
END
 
 
IR SESFMSFUSEII

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