|
$000s |
|
2020 |
2021 |
2022e |
2023e |
2024e |
Year end 31 December |
|
|
IFRS |
IFRS |
IFRS |
IFRS |
IFRS |
PROFIT & LOSS |
|
|
|
|
|
|
|
Revenue |
|
|
560,040 |
787,322 |
1,140,000 |
1,250,000 |
1,375,000 |
Cost of Sales |
|
|
(402,100) |
(561,306) |
(814,090) |
(893,750) |
(983,125) |
Gross Profit |
|
|
157,940 |
226,016 |
325,910 |
356,250 |
391,875 |
EBITDA |
|
|
8,905 |
35,660 |
105,900 |
111,300 |
122,000 |
Operating profit (before amort. and excepts.) |
|
|
3,972 |
30,646 |
100,400 |
105,700 |
116,400 |
Intangible Amortisation |
|
|
0 |
0 |
0 |
0 |
0 |
Exceptionals |
|
|
0 |
0 |
0 |
0 |
0 |
Operating Profit |
|
|
3,972 |
30,646 |
100,400 |
105,700 |
116,400 |
Net Interest |
|
|
(129) |
(417) |
300 |
300 |
300 |
Profit Before Tax (norm) |
|
|
3,843 |
30,229 |
100,700 |
106,000 |
116,700 |
Profit Before Tax (IFRS) |
|
|
3,843 |
30,229 |
100,700 |
106,000 |
116,700 |
Tax |
|
|
(753) |
(7,643) |
(24,168) |
(25,440) |
(28,008) |
Profit After Tax (norm) |
|
|
3,090 |
22,586 |
76,532 |
80,560 |
88,692 |
Profit After Tax (IFRS) |
|
|
3,090 |
22,586 |
76,532 |
80,560 |
88,692 |
Discontinued businesses |
|
|
0 |
0 |
0 |
0 |
0 |
Net income (norm) |
|
|
3,090 |
22,586 |
76,532 |
80,560 |
88,692 |
Net income (IFRS) |
|
|
3,090 |
22,586 |
76,532 |
80,560 |
88,692 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average Number of Shares Outstanding (m) |
|
|
28.0 |
28.1 |
28.1 |
28.1 |
28.1 |
EPS - normalised fully diluted (c) |
|
|
11.0 |
80.3 |
272.0 |
286.0 |
314.8 |
EPS - (IFRS) (c) |
|
|
11.0 |
80.5 |
272.6 |
286.7 |
315.6 |
Dividend per share (c) |
|
|
0.0 |
45.0 |
150.0 |
160.0 |
175.0 |
Special dividend per share (c) |
|
|
0.0 |
0.0 |
100.0 |
0.0 |
0.0 |
|
|
|
|
|
|
|
|
Gross Margin (%) |
|
|
28.2 |
28.7 |
28.6 |
28.5 |
28.5 |
EBITDA Margin (%) |
|
|
1.6 |
4.5 |
9.3 |
8.9 |
8.9 |
Operating Margin (before GW and except.) (%) |
|
|
0.7 |
3.9 |
8.8 |
8.5 |
8.5 |
|
|
|
|
|
|
|
|
BALANCE SHEET |
|
|
|
|
|
|
|
Fixed Assets |
|
|
43,269 |
40,011 |
47,296 |
49,856 |
52,416 |
Intangible Assets |
|
|
0 |
0 |
1,010 |
1,010 |
1,010 |
Other intangible assets |
|
|
1,100 |
1,045 |
1,045 |
1,045 |
1,045 |
Tangible Assets |
|
|
24,832 |
24,667 |
28,167 |
28,067 |
27,967 |
Right of use assets |
|
|
13,065 |
11,725 |
10,500 |
9,160 |
7,820 |
Deferred tax assets |
|
|
4,272 |
600 |
600 |
600 |
600 |
Retirement benefit asset |
|
|
0 |
1974 |
5974 |
9974 |
13974 |
Current Assets |
|
|
89,812 |
127,771 |
201,438 |
214,848 |
255,164 |
Stocks |
|
|
11,271 |
20,559 |
27,536 |
30,495 |
31,028 |
Debtors |
|
|
38,775 |
63,589 |
85,168 |
94,320 |
103,752 |
Cash |
|
|
39,766 |
41,589 |
86,700 |
88,000 |
118,350 |
Other |
|
|
0 |
2,034 |
2,034 |
2,034 |
2,034 |
Current Liabilities |
|
|
(51,118) |
(73,027) |
(107,826) |
(118,119) |
(129,816) |
Creditors |
|
|
(50,001) |
(71,877) |
(106,676) |
(116,969) |
(128,666) |
Short term borrowings |
|
|
0 |
0 |
0 |
0 |
0 |
Lease liabilities |
|
|
(1,117) |
(1,150) |
(1,150) |
(1,150) |
(1,150) |
Long Term Liabilities |
|
|
(16,592) |
(11,789) |
(10,911) |
(9,828) |
(8,628) |
Long term borrowings |
|
|
0 |
0 |
0 |
0 |
0 |
Lease liabilities |
|
|
(12,089) |
(10,939) |
(10,061) |
(8,861) |
(7,661) |
Other long term liabilities |
|
|
(4,503) |
(850) |
(850) |
(967) |
(967) |
Net Assets |
|
|
65,371 |
82,966 |
129,997 |
136,757 |
169,136 |
|
|
|
|
|
|
|
|
CASH FLOW |
|
|
|
|
|
|
|
Operating Cash Flow |
|
|
16,462 |
22,846 |
104,475 |
106,700 |
113,500 |
Net Interest |
|
|
(13) |
(409) |
300 |
300 |
300 |
Tax |
|
|
(507) |
(6,414) |
(20,568) |
(22,940) |
(25,508) |
Capex |
|
|
(3,724) |
(3,465) |
(9,000) |
(5,500) |
(5,500) |
Acquisitions/disposals |
|
|
0 |
0 |
(1,700) |
0 |
0 |
Pension contributions |
|
|
(13,278) |
(4,589) |
(4,000) |
(4,000) |
(4,000) |
Financing |
|
|
941 |
(843) |
(900) |
(900) |
(900) |
Dividends, including special dividends |
|
|
0 |
(4,134) |
(22,366) |
(71,127) |
(46,318) |
Other/ Capital portion of lease repayments |
|
|
(1,418) |
(1,117) |
(1,100) |
(1,200) |
(1,200) |
Net Cash Flow |
|
|
(1,537) |
1,875 |
45,141 |
1,333 |
30,374 |
Opening net debt/(cash) |
|
|
(41,136) |
(39,766) |
(41,589) |
(86,700) |
(88,000) |
Net impact of disposals etc |
|
|
0 |
0 |
0 |
0 |
0 |
Other |
|
|
167 |
(53) |
(30) |
(34) |
(25) |
Closing net debt/(cash) |
|
|
(39,766) |
(41,589) |
(86,700) |
(88,000) |
(118,350) |
|