Preliminary results for the 52 weeks ended 28 March 2020
52 weeks ended 28 March 2020
52 weeks ended
Adjusted operating profit (excluding IAS19 impact)
Adjusted profit before tax (excluding IAS19 impact)
Impact of IAS19
Profit before tax
Earnings per share - basic and diluted
Dividend per share declared
Net borrowings (excluding IFRS 16 impact)
Equity shareholders' funds
Gearing % - before IAS 19 deficit
Gearing % - after IAS 19 deficit
· Record Group revenues of £105m.
· Record operating profits (excluding IAS 19 impact) at £7.2m
· Paper division return to profits with strong underlying growth.
· Colourform revenues up 800% at £2.6m.
· TFP growth in fuel cell and wind energy mitigating downturn in aerospace.
· Investment in research & development remains strong, supporting innovation.
· Capital investments for future growth started. Paused due to Covid 19 cash preservation, planned restart in Q4.
· No final dividend proposed as part of cash preservation exercise against the impact of Covid 19.
Mark Cropper, Chairman, commented:
"Against the dramatic background ushered in by Covid 19 towards the end of our financial year, I am especially pleased to report a record year for the Group. Group revenue once again set a new record at £105m while profit before tax more than doubled to £5.5m."
"The result was buoyed up by a £5.4m rebound in our Paper division operating profits, moving from a £2m loss to a £3.4m gain. Whilst operating profits were down 13% for TFP, the business experienced good growth in fuel cell and green energy markets which will continue. Colourform saw 800% revenue growth in the year and cut losses by 45% to £1.4m."
"Looking beyond the here and now, I believe there are now two additional questions to ask: can we grow our way out of the current economic environment and can we do so in a way that respects our environment, people and communities like never before? I would answer yes and yes."
"I have no doubt we will rise to the challenge just as we have in recent months. For the year ending March 2021, we expect a break-even profit at least, excluding any impact of pension charges under IAS 19. Looking out further, I have no doubt we will emerge stronger and more resilient than ever"