배당금 관련 설명 - REPLACE
설명: The following clarification is being made to the "2023 Unaudited Annual Results" announcement released on 26 March 2023 at 07:16 under RNS No 3016I .
Note 6 to the accounts has been clarifed that the final dividend of 2.1p in respect of FY22's performance was paid on 21 July 2023. The final dividend of 2.2p in respect of FY23's performance will be paid on 19 July 2024 to Members on the Register as at 21 June 2024, subject to shareholder approval at the Annual General Meeting on 2024 June. The ex-dividend date is 20 June 2024.
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전체 텍스트는 아래에 나와 있습니다.
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보도 자료 대신 발급 플로우테크 유체동력 PLC
즉시 릴리스 화요일, 26 월 2024
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이 발표에 포함된 정보는 시장 남용(개정)(EU 출구)에 따라 영국 국내법의 일부를 구성하므로 시장 남용 규정(EU) No. 596/2014 4에 규정된 내부 정보를 구성하는 것으로 회사에서 간주합니다. 규정(SI 2019/310)("MAR")에 따라 공개되며 MAR 17조에 따른 회사의 의무에 따라 공개됩니다. Regulatory Information Service를 통해 이 발표가 게시되면 이 내부 정보는 이제 공개 영역에 있는 것으로 간주됩니다.
플로우테크 유체동력 PLC
("Flowtech" 또는 "회사")
2023 Unaudited Annual Results
AIM 나열됨 Flowtech Fluidpower PLC (LSE: symbol FLO), today releases unaudited preliminary results for the year ended 31 December 2023 and extracts from the 2023 Annual report and financial statements which will be published in due course.
재무 하이라이트 | FY2023 감사하지 않은 | FY2022 감사 |
· 수익 | £ 112.1m | £ 114.8m |
· 총 이익 비율 | 36.8% | 35.7% |
· 기본 EBITDA* | £ 9.4m | £ 11.6m |
· 기초영업이익* | £ 6.0m | £ 8.6m |
· 운영 손실 (after separately disclosed items) | 10.4만 파운드 | 4.4만 파운드 |
· 영업 활동에서 발생한 순 현금 | £ 8.2m | £ 5.0m |
· 순 부채** | £ 14.7m | £ 16.0m |
· 최종 배당금 | 2.1p | 2.0p |
2023 년 운영 하이라이트 |
· Simplified operating model to build platform to unlock full margin potential of the Group |
· New leadership team in place, tightly managed overheads with 7.5% headcount reduction in H2 |
· Focus on commercial excellence delivered 111bps of gross margin improvement |
· Continued focus on working capital management delivering £1.8m improvement |
· 9%-point improvement in product distribution stock availability, fast moving products now at 97% |
· Restructured sales and marketing, new catalogue prepared and reset of the digital growth strategy |
· Improved customer experience, complaints down by >50%, customer satisfaction 73.1 (aiming higher) |
· Fulfilment centre efficiency gains, 22% increase in operator capacity and 35% headcount reduction |
Roger McDowell, Non-executive Chair said:
"We have addressed what we believe to be the root causes of underperformance in our GB Product Distribution business and are confident that 2024 will see the beginnings of a return to historic EBITDA margins in this side of our business. We are pleased with the progress that has been made in other areas of our business, most notably in Ireland where we have achieved significant growth."
"As we look ahead to 2024 and beyond, despite the continued challenging external market, I am enthusiastic and optimistic. We have a new and energised Leadership Team, with a Performance Improvement Plan now beginning to deliver measurable results and clarity of our strategy which serves to unlock the full potential of the Group across six defined EBITDA growth engines."
"We are well positioned to capitalise on the opportunities available to us. We have much work to do, but we have a strong team in place and an unwavering determination to provide a solid foundation for sustained growth and value creation in the years to come."
Commenting on the development of the business, Mike England, CEO added:
"Many of the foundations needed to recover performance and scale have been put in place and we are confident that 2024 will be an important turning point for Flowtech."
"Our outlook is positive and optimistic. Despite a challenging market, with the ongoing focus on the Performance Improvement Plan initiatives, we expect continued improvement in gross margins and further efficiencies, a positive recovery in our product distribution channel with the benefits of the improved service levels, launch of our new catalogue and enhancements to the website experience. We are focussed on many self-help opportunities and with the rebranding to 'One Flowtech' in Q2 '24, this unlocks further synergies including cross selling and upselling the combined product and solutions proposition to our customers."
추가 문의: |
플로우테크 유체동력 PLC 전화 : + 44 (0) 1695 52759 마이크 잉글랜드, CEO Russell Cash, 최고재무책임자 겸 회사 총무 이메일 : [이메일 보호] |
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리베룸 (지명된 고문 및 단독 Broker) 전화 : + 44 (0) 20 3100 2000 리차드 린들리 / 벤 크라이어 / 윌 킹 |
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TooleyStreet 커뮤니케이션 (IR 및 미디어 관계) Fiona Tooley; 전화 : + 44 (0) 7785 703523 또는 이메일: [이메일 보호] |
참고 사항 :
*Underlying operating profit is used as an alternative performance measure to assess the trading performance of the business and is operating profit before separately disclosed items which are amortisation and impairment of acquired intangibles, impairment of goodwill, impairment of right of use assets, share based payments, and restructuring costs.
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** Net Debt is Bank Debt less the value of cash and cash equivalents. It excludes lease liabilities under IFRS16. Bank Debt is the value of the Barclays Revolving Credit Facility of £20m and any utilised value of the £5m overdraft facility, less any unamortised value of loan arrangement fee
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2023 webcast presentation: 회사는 '라이브' 프레젠테이션을 개최합니다 via the Investor Meet Company the following day on Wednesday, 27 March at 11.30am. Those wishing to join the session can do so via the platform link:
https://www.investormeetcompany.com/flowtech-fluidpower-plc/register-investor
A copy of this report can be viewed here: http://www.rns-pdf.londonstockexchange.com/rns/5637I_1-2024-3-27.pdf
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연례 총회(AGM) 정기 주주총회가 다음에서 개최될 예정입니다. 10.00am 11 월 2024 일 화요일 at the Group's Headquarters, Flowtech Fluidpower plc, Bollin House, Bollin Walk, Wilmslow SK9 1DP. 회사의 2024년 연례 주주총회 소집 통지는 회사 웹사이트에 게시되고 적절한 시기에 우편 사본을 선택한 주주들에게 게시됩니다.
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뉴스 업데이트, 규제 뉴스 및 재무제표는 그룹 웹사이트에서 보고 다운로드할 수 있습니다. www.flowtechfluidpower.com . 또한 사본을 요청할 수 있습니다: The Company Secretary, Flowtech Fluidpower plc, Bollin House, Bollin Walk, Wilmslow, SK9 1DP. 이메일: [이메일 보호].
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앞으로보고있는 진술 This document contains certain forward-looking statements which reflect the knowledge and information available to the Company during the preparation and up to the publication of this document. By their very nature, these statements depend upon circumstances and relate to events that may occur in the future thereby involving a degree of uncertainty. Therefore, nothing in this document should be construed as a profit forecast by the Company.
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Statement by Roger McDowell, Non-executive Chair
Our year
2023 was a year of important change at Flowtech, with the arrival of our new CEO Mike England in April. I would like to take this opportunity to thank our former CEO Bryce Brooks for his valued contribution and commitment to the business during his 13-year tenure.
I am pleased with the positive progress made since Mike's arrival, the renewed energy that he has brought across the Company, the refocus of our strategic direction and the implementation of the Performance Improvement Plan including assembling a new and highly motivated leadership team.
Revenue was weaker than originally expected at the beginning of the year. In part this was due to service disruption resulting from the business integration within product distribution that was implemented in 2022, but also due to the ever-increasing market headwinds experienced from Q2 onwards, including a slowing of demand from a small number of larger original equipment manufacturer customers. Our year end net debt was higher than originally expected at £14.7m, due in part to over £1m of investment in high running products to recover service levels.
Despite lower revenues, I am happy to report that we have achieved £9.4m, very slightly ahead of revised underlying EBITDA expectations, and the Board is therefore recommending a final dividend of 2.2p, which also reflects our confidence in our future strategy.
Returning to a customer first business
We have spent more time listening to our customers, ensuring they are truly at the heart of our business, which is something I believe we had unfortunately lost sight of. By putting customers first and leaning into the feedback they have given us, we have clearer insights into where we are doing well and where we need to focus. The Performance Improvement Plan we implemented in Q3 2023 focused on those areas and I am encouraged with the early results that this has had.
With this renewed focus on performance improvement, getting back to doing the basics well, I have been particularly encouraged by the overall service level recovery, the emphasis on optimising gross margins and also, the actions taken to control and manage costs. These areas of focus all gathered positive momentum throughout the second half of the year.
With near-term improvements in place, we are continuing to listen to our customers to understand their needs both now and for the future and have turned our attention as a Board to longer term thinking and our renewed strategic plan. Our strategy is simple, focusing around three pillars:
고객 우선 | Our customers will always be at the heart of what we do. We know our customers' needs are changing and we are evolving as a business to meet and exceed expectations enabled more by digital and data. |
하나의 힘 | Unlocking the full value proposition across the Group in bringing together all of our businesses under the Flowtech brand. |
World of Motion | Expanding our product & service offer to increase our reach to further meet the needs of our customers across the wider power, motion and control market. |
Our commitment to a safer and more sustainable world
Our refreshed purpose-led culture and strategy underpins our ESG commitment, and I am pleased to report that we have continued to build on the good progress already made with our objective to launch our 2030 ESG plans later in 2024. In terms of progress, over the past year we have:
Ø Implemented a new senior leadership team of which half of the team are female. At the next tier, we have also increased our female leadership population by 50% |
Ø Increased focus and leadership attention on the health, safety and wellbeing of our people, customers, suppliers and stakeholders. We have had zero Reporting of Injuries, Diseases and Dangerous Occurrences (RIDDORs) and due to improved reporting, have increased near miss reporting by over 100% |
Ø Continued to make progress in reducing our overall environmental impact as a company, 23% reduction in like for like carbon emissions, recycling over 52,000kg of general and non-hazardous waste along with 13,000 litres of hazardous waste diverted away from landfill and increased the number of electric or hybrid vehicles in our fleet to over 50% of the total |
투자자
It is vital that we maintain an active and open dialogue with our investors. In conjunction with Mike, we have reinvigorated our focus to increase our investor facing activity and I have been encouraged that we have hosted a number of investor visits to Flowtech to demonstrate the progress and improvements we are making first hand underpinned by the Performance Improvement Plan and our refreshed and refocused strategy. We look forward to speaking with many of our investors during the forthcoming roadshows.
Our People and the Board
I am delighted with both the response to our new leadership and the energy demonstrated by our people during a period of rapid change and I would thank them all for their efforts, their contribution is invaluable. I am also pleased with the positive progress made in embedding an excellent Board with a varied and relevant experience combined with a positive but challenging approach to strive for the high performance expected by our customers. Welcoming Mike England, alongside his other senior leadership hires, brings a new depth of relevant industry and leadership knowledge and experience to complement our existing team. I would like to sincerely thank the Board members for their continued commitment and positive contributions.
앞서 찾고
As we look ahead to 2024 and beyond, despite the continued challenging external market, I am enthusiastic and optimistic. We have a new and energised Leadership Team with a Performance Improvement Plan now beginning to deliver measurable results and clarity of our strategy which serves to unlock the full potential of the Group across six defined EBITDA growth engines:
1. 고객 성장 |
2. 상업적 우수성 |
3. Product and service expansion |
4. 자체 브랜드 |
5. Operating for less, and |
6. Building talent and capabilities |
We are well positioned to capitalise on the opportunities available to us. We have much work to do, but we have a strong team in place and an unwavering determination to provide a solid foundation for sustained growth and value creation in the years to come.
월 25 2024
Statement by Mike England, CEO
"2023 focus has been on fixing the basics and unlocking near-term self-help opportunities whilst building the stronger foundations needed to scale and deliver accelerated growth in earnings."
Reflections of the year
When joining the business in April 2023, I saw an exciting opportunity to transform and grow Flowtech to unlock the full potential across the Group and improve shareholder value.
Flowtech has over 40 years as a leader and specialist product distributor of Fluid Power products. In the past decade, the Group has acquired several product distribution and engineering solutions businesses, delivering a number of benefits including expansion of its geographical footprint into Island of Ireland ("Ireland") and Benelux.
The Company has a unique customer value proposition which has significant further potential. Competitive advantage comes from being a 'specialist' in the power, motion and control sector, combining the strength of the product distribution offering which includes an excellent 'own brand' range, with a broad and highly technical engineering systems and solutions capability across the UK, Ireland, and Benelux. There are future growth opportunities in broadening out this product and service offer and geographical reach over time.
Since joining in April, I have certainly been energised and motivated by the passionate and knowledgeable people that we have across the businesses. It has been a priority to engage with a broad spectrum of customers to listen carefully to their feedback and meet with a wide cross section of our strategic supplier partners to identify opportunities to strengthen our partnerships. In doing so, we are building a deeper understanding of the market and the current position, assessing what is working well, where there are key areas for improvement and how we can unlock the value and exciting opportunity ahead of us.
This has resulted in the implementation of the Performance Improvement Plan in Q2, and we have overlayed this with the clarity of the Strategic Plan initiated in Q3. There has also been a restructure and simplification of the operating model, including establishing and embedding a newly formed Group Leadership Team. This work has built the platform for mid-term growth, setting in motion the plan to unlock the many EBITDA growth opportunities within the Group into 2024 and beyond, creating increased value for our shareholders.
It is our people that make the difference, with their dedication and passion in helping our customers to keep industry moving across a wide range of technical power, motion and control products and services.
We thank our people, new and existing, who have embraced the important changes being implemented.
Whilst not without challenge, we are proud of the strong progress that has been made in the past year to initiate the required change to set our business up for near and mid-term success.
Reviewing 2023
While overall revenue reduced by 2.3%, the highlight within this was Ireland growing at 11.9% with strong market share gains. We saw moderate growth in Benelux with underperformance in Great Britain reflective of both a weaker market from Q2 onwards, with increased slowdown in some OEM volume and ongoing customer service issues within product distribution (a legacy from the 2022 business integration) which we largely resolved in H2.
From Q2, leadership attention concentrated on implementing the Performance Improvement Plan designed to fix many of the core basics required to improve near-term customer service and performance and to lay the foundations needed to transition the business to a more customer-centric, lean, and scalable platform for growth.
This is broadly structured under three headings:
1. A new, simplified operating model - To unlock the full potential of our people and capabilities across the Group
From August, we initiated the transition away from a complex, fragmented multi-brand divisional structure to a simple functional, country-led structure and one brand model. In doing so, we created a newly structured leadership team with a strong mix of existing and new high potential talent to power up our capabilities. This team was fully in place from October powering up the functional capabilities needed to scale. In Q4, we completed a full organisational re-structure across all functions to ensure that we have the right people in the right roles with the right capability to do the right things better. |
2. Customer centric - Winning back customer confidence, powering up our growth capabilities to increase the quality and frequency of customer interactions underpinned by improved customer service
From Q3, we have accelerated changes needed to fire up our growth engines including restructuring the GB sales organisation underpinned by a sales development programme and the introduction of professional sales processes. We have made strong progress improving our customer service levels introducing key performance indicators for service and in Q4, we initiated for the first time a customer satisfaction measurement so that we use customer feedback to guide our decision making and priorities.
Digital and data enablement is critical to our future success. In Q3 we completed a full audit and review of our digital, data and technology platforms and conducted extensive customer research to inform our digital strategy. Our roadmap is now implemented. We have ensured stability of the existing platform with improvements ongoing whilst we transition to a new and improved scalable platform during 2024, powering up digital leadership and talent across the Group. Phase one is the launch of a new white label web platform in Q3 '24 to underpin our growth ambitions across our Distributor Partner channel.
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3. Getting back to doing the brilliant basics - Delivering operational and service excellence
In H2, our focus in Product Distribution has been to increase the service levels from the fulfilment centre and in particular, increasing the stock availability on our fastest running products from 88% in July to more than 97% in December, putting in place new processes to ensure consistent availability and optimising working capital. In doing so, we have reduced overall customer complaints by more than 50%, increased capacity per operator by 22% and reduced overall headcount in the fulfillment centre by 35%.
We have initiated the plans and actions to introduce automation and control to drive greater efficiency within the Fulfilment Centre which will be fully implemented during 2024. We plan to further consolidate our supply chain to ensure greater supplier collaboration and brand partnerships which we see as a key enabler for growth over the coming years. |
Setting our strategy for the future
We have implemented a simple strategic framework consisting of three pillars underpinned by six defined EBITDA growth engines where we have identified opportunities for increased value creation.
1. Customer First |
2. The Power of One |
3. A World of Motion |
We have powered up leadership capability in strategic delivery and implemented our plan "WOLF", which defines as, - "우승팀""운영 우수성"-"Love our customers"-"Fabulous performance".This is to make sure everyone across the Company understands the strategy, the part they play and the milestones and deliverables we need to achieve. All of which underpins our six EBITDA growth engines with a new standardised Group-wide set of key performance indicators.
Our commitment to a safer and more sustainable world
We have increased focus of the new leadership onto ESG, concentrating on three immediate areas whilst we build out our 2030 plans to be launched later in 2024:
· Our environment and becoming more sustainable We have an increased passion and focus to become the leading distributor in our market with a sustainability focused end-to-end supply chain. We continue to make good progress in reducing our environmental impact across our fleet, in our efforts towards reducing waste to landfill and in our overall carbon emissions
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· Our culture and the health, safety, and wellbeing of our people A key change in the business is a shift to become a customer-first, purpose-led company. I am particularly pleased with the progress made on a 50/50 gender diversity split within the new leadership team. Diversity remains a key focus for the business and our future growth
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· Our governance and policies as we make the shift to a One Flowtech As a new leadership team, we are adopting a One Flowtech approach and have initiated strategic review of all of our policies and processes across the organisation |
결론
Our outlook is positive and optimistic. Despite a challenging market, with the ongoing focus on the Performance Improvement Plan initiatives, we expect continued improvement in gross margins and further efficiencies, a positive recovery in our product distribution channel with the benefits of the improved service levels, launch of our new catalogue and enhancements to the website experience. We are focussed on many self-help opportunities and with the rebranding to 'One Flowtech' in Q2 '24, this unlocks further synergies including cross selling and upselling the combined product and solutions proposition to our customers.
We have an energised, and motivated team with a culture that has shifted to being customer centric with leadership attention focused on delivering the highest operating standards and performance. Many of the foundations needed to recover performance and scale have been put in place and, while the market remains challenging, we are confident that 2024 will be an important turning point for Flowtech.
월 25 2024
Our Performance Improvement Plan
In the summer of 2023 we identified a number of areas that needed some urgent attention and swiftly implemented our Performance Improvement Plan to drive immediate change. Our objective was to deliver a more customer centric, lean and scalable platform for growth. Our Performance Improvement Plan is underpinned by three key principles:
We have been pleased to see some excellent results because of this plan. By implementing some simple improvements, in line with the needs of our customers we have seen a number of positive results:
· Tightly managed overheads with 7.5% headcount reduction in H2. |
· Focus on commercial excellence delivered 111bps of gross margin improvement. |
· Continued focus on working capital management delivering £1.8m improvement. |
· 9%-point improvement in product distribution stock availability, fast moving products now at 97%. |
· Restructured sales and marketing, new catalogue prepared and reset of digital growth strategy. |
· Improved customer experience, complaints down by >50%, customer satisfaction 73.1 (aiming higher) |
· Fulfilment centre efficiency gains, 22% increase in operator capacity and 35% headcount reduction |
We were proud to partner with the Institute of Customer Service (ICS) in 2023. We have adopted the UK Customer Satisfaction Index to understand how our customers feel about our business and to benchmark the service we provide our customers. Our customers scored us at 73.1, - with the UK all-sector average of 76.6. We have used this feedback to build our Strategic Plan and are focusing on improving this result to be in the top quartile.
In 2023 we started to track our Net Promoter Score. Our activity so far has helped us establish our baseline and we will develop our approach to this in 2024, to encompass all areas of our business and enable us to respond to timely, in the moment feedback from our customers.
Introducing our Strategic Plan 2023-2026
We have set out our refreshed strategy to deliver mid-term market growth and value creation.
고객 우선
Our customers' needs are changing with increased digitisation across products and services. The need to operate machines and operations more sustainably drives increased adoption of electrification and opens up new opportunities such as one of industry's megatrends, hydrogen. There is increased market consolidation happening and supply chains becoming more regionalised meaning strategic supplier partnerships are a critical enabler to drive customer satisfaction. With a shortage of skilled engineers in industry, this increases the demand on suppliers to move up the value chain to deliver complete systems and solutions not only the supply of products.
하나의 힘
Unlocking this potential is made possible by simplifying the operating model under one brand, Flowtech. In doing so, shifting from a fragmented house of brands to a leveraged and integrated branded house. This includes rebranding over ten 'own brand' product ranges into one, FT Pro, then to increase brand building activity around a simple and compelling customer value proposition. We have put the building blocks in place in H2 2023 to enable this rebranding and transition to One Flowtech in H1 2024 including the launch of a new catalogue in April 2024 and the new and improved next generation Flowtech website, starting with a white label digital offering for Distribution Partners, ready for launch in Q3 2024.
A World of Motion
The fluid power market is changing and we need to evolve to meet our customer needs and accelerate our commercial advantage. Expanding our product and service offering across the power, motion and control sectors increases our addressable market opportunity in Europe from £10bn to more than £30bn helping us to increase customer penetration and future proofing our business. Bringing together our full capabilities and potential under one brand, one simple operating model and one value proposition.
Flowtech is well positioned to create competitive advantage by unlocking the full Group potential with a broad technical product offering and engineering service capability across our indirect distributor network and our direct channels. This includes a mature own brand product portfolio with the opportunity to continue to expand and grow its share. The mid-term opportunity is to expand our product and service offering into the wider 'World of Motion' to better support our collective customers and their evolving needs.
전략 실행
Underpinning our strategic pillars is a comprehensive strategy delivery framework consisting of six EBITDA growth engines and clearly defined deliverables which will be phased in over the coming three years. Supporting this is an increased focus on performance management and the introduction of a standard set of financial and non-financial key performance indicators that we will report on to track and monitor our progress.
Within our strategic delivery plan, there are a small number of larger projects that we are initiating in 2024 to deliver core foundations that we need to scale and to deliver increased efficiency and margin growth. Below are two examples of projects that are already in flight.
i) Increasing Throughput
Following a review of our fulfilment centre in Skelmersdale during H2 2023, we identified a number of critical operational improvements that were needed to improve efficiency and ultimately ensure a high level of service for our customers. We started by getting the basics right, encouraging collaboration across teams, improving stock availability, reducing inefficient working practices, and introducing continual improvement principles. As a result of this, stock availability on fast moving stock lines has increased from 88% to 97% over 6 months and customer complaints have reduced by over 50%.
In the next phase during 2024, we will introduce a level of automation with a conveyor system to support product put away, picking and packing processes to reduce walking time and accuracy of the operation. There will be an integration of a new Warehouse Management System (WMS) with our ERP system to manage customer orders being picked and packed more efficiently whilst improving the overall customer service. Additionally, with expansion of the fulfilment centre capacity by over 10,000 pick locations, we remove the need for outside storage.
ii) Our Digital approach
Having a clear digital approach is necessary to thrive in the digital age. It provides a structured approach to leveraging digital technologies to achieve business goals, stay relevant, maintain a competitive position in the market, and avoid being left behind.
Being "digital" is more than having a fantastic website. Digital is how we interact with our customers across all sales channels and service touchpoints to provide a seamless, consistent, personalised experience to maximise value and drive conversion-an "Omni Channel" experience. Digital will be a differentiator in selling and applying our engineering solutions.
In 2024 we will be focusing on:
Ø Growing our customer base by improving and increasing uptake in the digital channels (White Label, Punchout, EDI) - with the emphasis being on launching a new white label web offering for Distributor Partners in Q3 '24.
Ø Increasing average order value by employing data-driven upsells and cross-selling
Ø Increasing the frequency of customer purchases with intelligent omnichannel marketing (right time, right place and right price)
Ø Optimising the customer experience of our website to drive conversion, giving our sales team the opportunity to convert engineering services and product distribution leads and sell more
Ø Building out self-service and automation to reduce the cost to serve, lowering our overhead needs in sales and customer service as we scale
iii) Integrating our business
Today, the Flowtech Fluidpower group consists of 17 different brands, split across our product distribution and engineering services businesses. These businesses were acquired between 2012-2018 but never fully integrated and the true value and synergy opportunity not realised. This has created confusion in the marketplace, with our customers unaware of the size of our business and the breadth of our offer. We have had no clear value proposition to convey our full offering to our customers, which has resulted in value being left off the table.
One Flowtech
In 2023, we took the decision to bring our organisation together with the introduction of a simple operating model, releasing the full potential of our people and our capabilities. We have adopted a country-led approach, with our three geographies in Great Britain, the Ireland and the Benelux, with a functional structure supporting those areas, in a matrix style.
This will enable us to truly put our customers at the heart of our business, with a unique value proposition that encapsulates our full product distribution and engineering service offer.
We will offer customers:
Ø Easy access to the widest technical product range. Ø Expert engineered systems and solutions. Ø A market leading distributor partner programme.
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We now have a clear understanding of how we best go to market, either through our distributor partner programme or direct to customers. With this approach we will transition to a targeted go-to-market approach.
This also helps to simplify our business and as we transition to One Flowtech, we move away from being a series of unconnected smaller companies to one professional single integrated company.
Practically, this will mean we reduce 10 cash generating units to three. 60 statements of operations down to three. We will standardise on how we work by introducing professional procurement, introducing an integrated digital and marketing, aligning consistent processes and procedures and to simplification and alignment of our human resource activities.
Statement by Russell Cash CFO
"The business has undergone significant change in the last 12 months - the new leadership team is buoyed by the range and depth of performance improvement opportunities we have identified. We remain focused on managing all aspects of our working capital and reducing our net debt "
The Group trading performance at a glance
| 2023 £ m 감사하지 않은 | 2022 £ m 감사 | 변화 £m/% |
그룹 수익 | 112.1 | 114.8 | -2.3 % |
매출 총 이익 | 41.3 | 41.0 | 0.7% |
총 이익 % | 36.8% | 35.7% | 111bps |
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유통비용 | (4.5) | (4.4) | (0.1) |
별도 공시 항목 이전의 관리비 (참고 2 참조) | (30.7) | (28.0) | (2.8) |
Underlying operating overheads | (35.3) | (32.4) | (2.9) |
적게 중앙 비용 (refer note 3) | (5.3) | (4.5) | (0.9) |
Underlying segment operating overheads | (30.0) | (27.9) | (2.0) |
| |||
기초부문 영업이익 | 11.4 | 13.1 | (1.7) |
| |||
기초영업이익* | 6.0 | 8.6 | (2.6) |
적게 별도공개항목 | (16.4) | (13.0) | (3.4) |
운영 손실 | (10.4) | (4.4) | (6.0) |
자금 조달 비용 | (1.7) | (1.2) | (0.5) |
세전 손실 | (12.1) | (5.6) | (6.5) |
부가세 | (0.9) | (0.7) | (0.2) |
Loss after tax | (13.0) | (6.3) | (6.7) |
| |||
기본 EBITDA* | 9.4 | 11.6 | (2.2) |
(*) Underlying operating profit is used as an alternative performance measure to assess the trading performance of the business and is operating profit before separately disclosed items which are amortisation and impairment of acquired intangibles, impairment of goodwill, impairment of right of use assets, share based payments, and restructuring costs. The £3.4m differential between underlying operating profit and underlying EBITDA relates to £3.2m in respect of depreciation charges (£1.4m relating to fixed assts and £1.8m in respect of right of use assets) together with £0.2m relating to website amortisation.
Our geographical segments at a glance
Great Britain ("GB") | 베네룩스 | 아일랜드 | |||||||
2023 감사하지 않은 | 2022 감사 | 변화 | 2023 감사하지 않은 | 2022 감사 | 변화 | 2023 감사하지 않은 | 2022 감사 | 변화 | |
수익(백만 파운드) | 79.5 | 84.9 | (5.4) | 10.6 | 10.4 | 0.2 | 22.0 | 19.6 | 2.4 |
기본 영업 이익(백만 파운드) | 7.2 | 9.8 | (2.6) | 1.6 | 1.3 | 0.3 | 2.5 | 1.9 | 0.6 |
기본 영업 마진 | 9.3% | 11.5% | (2.2) | 15.0% | 13.0% | 2.0 | 11.4% | 9.9% | 1.5 |
세전 기본 이익(£m) | 7.0 | 9.6 | (2.6) | 1.6 | 1.3 | 0.3 | 2.5 | 1.9 | 0.6 |
수익
Overall revenue reduced by 2.3% with very different performances across each of our three segments:
Ø In GB our revenue fell by 6.2%. With new leadership onboarded, we have identified the reasons for that and are confident the position can be recovered and we can build from this position. There are a significant number of plans now in place to support a return to the growth agenda as outlined in the CEO year in review section of this report. |
Ø In Ireland we were pleased with the 11.9% growth; this builds on successful prior year trading periods following the integration of the Nelson and Hi-Power businesses in February 2021. We are confident this trend can continue, not least when we see the expected benefits attached to going to market as " one "Flowtech" coming through. |
Ø In Benelux our revenue increased by a modest 2.0%. With the GB and Benelux product distribution businesses beginning to work more closely together, and with our plans to deliver a greater breadth of opportunities to our customer base, we are confident we can achieve more significant growth in coming years. |
매출 총 이익
The 111bps improvement in our gross profit margin is pleasing, with gross profit increasing by £0.3m despite the 2.3% reduction in Group revenue. We have plans to maintain and build on this position.
운영 간접비
Administrative expenses increased by £2.8m (9.8%). Approximately two thirds of our cost base relates to payroll and one third the aggregation of all other operating overheads. With regards to people costs a reduction in our average headcount has mitigated the impact of inflationary pay pressures and the investment we have made in our new leadership team. Nevertheless, taking account of inflationary related pay increases and the impact of the incremental cost attached to the new leadership team our overall salary costs have increased by £0.8m (3.5%) Other contributing factors include depreciation (£0.3m higher), utility costs (£0.3m higher), professional and banking costs (£0.3m higher) and project & IT costs (£0.2m higher) with the balance of the increase reflecting inflationary pressures.
중앙 비용
중앙 비용에 대한 요약은 다음과 같습니다.
2023 £000 감사하지 않은 | 2022 £000 감사 | |
Management salaries | 2,271 | 2,083 |
회계 및 재무 | 935 | 864 |
Project & IT costs | 723 | 572 |
PLC 비용 | 589 | 532 |
Other central operating costs | 784 | 458 |
5,302 | 4,509 |
Management costs include the employment costs of the Executive Officers, Group Leadership Team members excluding those that have specific segment responsibilities. Accounting and finance covers the salary costs of the central finance and internal audit function. PLC costs capture the salaries of Non-Executive Directors and professional fees associated with our PLC status. 다른 비용 영역은 주로 프로젝트 관리 및 중앙 건강 및 안전 팀과 관련이 있습니다.
별도로 공개된 항목
참고 2 참조 | 2023 £000 감사하지 않은 | 2022 £000 감사 |
관리비 중 별도 공시 항목은 다음과 같습니다. |
| |
-Amortisation of acquired intangibles | 906 | 943 |
-Impairment of acquired intangibles | - | 168 |
-Impairment of goodwill | 13,026 | 10,072 |
-Impairment of right of use assets | 456 | - |
-Share-based payment costs | 462 | 372 |
- Release of lease liability | (412) | - |
-Restructuring | 1,918 | 1,411 |
별도공시항목 합계 | 16,356 | 12,966 |
Impairment of goodwill and right of use assets
The impairment of goodwill relates to two cash generating units: Flowtechnology UK ("FTUK") (£12,821k) and Primary Systems (£205k). Details relating to this are provided in Note 8. Both of these cash generating units have been, and are expected to remain, profitable parts of our business.
The performance of FTUK has not been as strong as we had hoped but plans are now in place, under the direction of new management, to restore the business to previous levels of profitability. The reduction in profitability, combined with an increase in the pre-tax discount rate from 13.1% used in 2022 to 17.5% has had a significant impact on the net present value of future cash flows.
The impairment of right of use assets of £456k relates to the Hi-Power Transport cash generating unit. Given that the associated goodwill and intangibles were previously fully impaired, the current year impairment has been to the right of use assets. Hi-Power Transport remains a profitable part of our business; again the use of a higher discount rate in part explains the need to impair.
구조 조정 비용
The key components of restructuring costs are £0.8m relating to the exit of former members of the senior management team including payment for notice periods and £0.6m in relation to the closure of the Leicester warehouse. The balance of the charges relate to costs associated with a broad range of restructuring projects.
과세
The underlying profit before tax for 2023 was £4.3m; a variety of factors convert this to a figure subject to corporation tax. The 2023 charge includes a prior period charge relating to deferred tax of £217k. It has also been impacted by the fact that FY22 Company tax returns were filed after the reporting of the Group accounts; the actual calculation indicated that the FY22 liability was understated and an adjusting entry of £184k has been made in 2023.
순 부채
Our Net Debt position (excluding lease liabilities) reduced by £1.3m from £16.0m to £14.7m; for clarity £14.7m is the net of our £20m revolving credit facility (RCF) and the £5.3m cash at bank we held at year end. If IFRS16 lease liabilities are included the position reduced by £2.5m (from £22.7m to £20.2m).
Net cash generated from operating activities totalled £8.2m (2022: £5.0m); this is the aggregation of operating cash inflow before working capital movements of £7.5m, favourable working capital movements totalling £1.8m and tax paid of £1.1m. After cash outflows of £2.1m associated with investing activities, £3.6m relating to financing activities and the dividend payment of £1.3m this left £1.3m available for Debt reduction.
This is summarised in the graph below:
(*) Opening and closing figures exclude IFRS 16 related liabilities. IFRS16 debt reduced by £1.2m in 2023. In the second half of the year we invested £1.3m in increasing the inventory levels of our faster moving lines to improve stock availability considerably.
은행 시설
Our £20m revolving credit facility provided by Barclays Bank was extended to May 2027. Covenant terms under the new agreement are consistent with before, and the base charge for the credit facilities are Sterling Overnight Index Average (SONIA)+2.40% and are subject to a non-utilisation fee of 0.84%.
The Group also has a £5m overdraft facility which was reviewed in February 2023 and on-going support was approved.
요약
2023 has been a year in which the business has undergone significant change, not least in the make-up of the new Leadership Team. Under Mike England's leadership, the business has identified significant scope for profit improvement, and we expect that over time each of our identified profit growth engines will deliver significant incremental profit. We have addressed what we believe to be the root causes of underperformance in our GB Product Distribution business and are confident that 2024 will see the beginnings of a return to historic EBITDA margins in this side of our business. We are pleased with the progress that has been made in other areas of our business, most notably in Ireland where we have achieved significant growth.
Our Net Debt position remains well under control; the extent of our Net Debt reduction in the second half of 2023 was impacted by our decision to invest in certain items of faster moving inventory to improve on the availability of our core product ranges.
We look forward to the rest of 2024 and beyond, buoyed by the range of profit improvement initiatives which are available to us.
월 25 2024
연결 손익 계산서
31 월 XNUMX 일 종료 연도
주의 사항 | 2023 감사하지 않은 | 2022 감사 | |
지속적인 운영 |
| ||
수익 | 3 | 112,095 | 114,766 |
매출원가 | (70,832) | (73,792) | |
매출 총 이익 | 41,263 | 40,974 | |
유통비용 | (4,534) | (4,428) | |
별도공시항목 전 관리비 : | (30,740) | (27,960) | |
- 별도로 공개되는 항목 | 2 | (16,356) | (12,966) |
총 관리비 | (47,096) | (40,926) | |
운영 손실 | 4 | (10,367) | (4,380) |
재정 비용 | (1,735) | (1,192) | |
세전 계속영업손실 | 2 | (12,102) | (5,572) |
과세 | 5 | (875) | (680) |
지속적인 운영 손실 | (12,977) | (6,252) | |
다음으로 인한 연도 손실: |
| ||
부모의 소유자 | (12,977) | (6,252) | |
(12,977) | (6,252) | ||
주당 순이익 |
| ||
기본주당이익 - 계속영업 | 7 | (21.10p) | (10.17p) |
연결포괄손익계산서
31 월 XNUMX 일 종료 연도
2023 감사하지 않은 | 2022 감사 | |
(손실) / 연간 이익 | (12,977) | (6,252) |
기타 포괄 손익 |
| |
차후 당기손익으로 재분류되는 항목 |
| |
- 해외사업 환산에 따른 환율차이 | (136) | 318 |
해당 연도의 총 포괄 손실 | (13,113) | (5,934) |
다음으로 인한 연도의 총 종합 손실: |
| |
부모의 소유자 | (13,113) | (5,934) |
(13,113) | (5,934) |
연결 재무 상태 표
31월 XNUMX일
주의 사항 | 2023 감사하지 않은 | 2022 감사 | |
자산 | |||
비유동 자산 | |||
친선 | 8 | 40,066 | 53,092 |
기타 무형 자산 | 9 | 2,529 | 3,523 |
사용권 자산 | 4,829 | 6,091 | |
재산, 식물 및 장비 | 7,822 | 7,234 | |
비유동 자산 | 55,246 | 69,940 | |
유동 자산 | |||
재고 | 32,009 | 31,486 | |
매출 채권 및 기타 채권 | 23,725 | 24,620 | |
선불 | 856 | 387 | |
현금 및 현금성 자산 | 5,184 | 3,972 | |
총 유동 자산 | 61,774 | 60,465 | |
부채 | |||
유동 부채 | |||
이자부 차입금 | - | 19,967 | |
임대 책임 | 1,695 | 1,705 | |
매입 채무 및 기타 채무 | 21,558 | 19,569 | |
납세 의무 | 767 | 1,219 | |
총 유동 부채 | 24,020 | 42,460 | |
순유동 자산 | 37,754 | 18,005 | |
비유동 부채 | |||
이자부 차입금 | 19,915 | - | |
임대 책임 | 3,822 | 5,008 | |
식량 | 330 | 317 | |
이연 법인세 부채 | 1,534 | 1,281 | |
비유동 부채 | 25,601 | 6,606 | |
순자산 | 67,399 | 81,339 | |
지배기업의 소유주에게 직접 귀속되는 지분 | |||
주식 자본 | 30,746 | 30,746 | |
프리미엄 공유 | 60,959 | 60,959 | |
기타 준비금 | 187 | 187 | |
Employee Benefit Trust가 소유한 주식 | (124) | (124) | |
합병준비금 | 293 | 293 | |
합병 구제준비금 | 3,646 | 3,646 | |
통화 환산 준비금 | 23 | 159 | |
유지 손실 | (28,331) | (14,527) | |
지배기업의 소유주에게 귀속되는 총 자본 | 67,399 | 81,339 |
연결 자본 변동표
31 월 XNUMX 일 종료 연도
자본금 £000 공유 | 공유 | 기타 | 공유 | 합병 | 합병 | 환율 번역 | 잉여금 | 금액 | |
1년 2022월 XNUMX일 잔액 감사 | 30,746 | 60,959 | 187 | (276) | 293 | 3,646 | (286) | (7,267) | 88,002 |
올해의 손실 | - | - | - | - | - | - | - | (6,252) | (6,252) |
기타 포괄 손익 | - | - | - | - | - | - | 318 | - | 318 |
종합 종합 올해의 수입 | - | - | - | - | - | - | 318 | (6,252) | (5,934) |
거래 내역 | |||||||||
주식선택권 결산 | - | - | - | 152 | - | - | - | (25) | 127 |
주식기준보상수수료 | -
| -
| -
| -
| -
| -
| -
| 372
| 372
|
배당금 지급 | - | - | - | - | - | - | - | (1,228) | (1,228) |
준비금 간 이체 | - | - | - | - | - | - | 127 | (127) | - |
소유자와의 총 거래 | - | - | - | 152 | - | - | 127 | (1,008) | (729) |
31 년 2022 월 XNUMX 일 잔액 | 30,746 | 60,959 | 187 | (124) | 293 | 3,646 | 159 | (14,527) | 81,339 |
1년 2023월 XNUMX일 잔액 감사하지 않은 | 30,746 | 60,959 | 187 | (124) | 293 | 3,646 | 159 | (14,527) | 81,339 |
올해의 손실 | - | - | - | - | - | - | - | (12,977) | (12,977) |
기타 포괄 손익 | - | - | - | - | - | - | (136) | - | (136) |
종합 종합 올해의 수입 | - | - | - | - | - | - | (136) | (12,977) | (13,113) |
거래 내역 | |||||||||
주식기준보상수수료 | -
| -
| -
| -
| -
| -
| -
| 462
| 462
|
배당금 지급 | - | - | - | - | - | - | - | (1,289) | (1,289) |
소유자와의 총 거래 | - | - | - | - | - | - | - | (827) | (827) |
31 년 2023 월 XNUMX 일 잔액 | 30,746 | 60,959 | 187 | (124) | 293 | 3,646 | 23 | (28,331) | 67,399 |
연결 현금 흐름표
31 월 XNUMX 일 종료 연도
주의 사항 | 2023 감사하지 않은 | 2022 감사 | |
영업 활동으로 인한 현금 흐름 | |||
영업 활동으로 인한 순 현금 | 10 | 8,202 | 5,014 |
투자 활동으로 인한 현금 흐름 | |||
유형자산의 취득 | (2,092) | (1,645) | |
무형자산의 취득 | (121) | (212) | |
자산, 플랜트 및 장비 판매 수익 | 135 | 65 | |
투자 활동에 사용 된 순 현금 | (2,078) | (1,792) | |
금융 활동으로 인한 현금 흐름 | |||
리스 부채 상환 | (1,818) | (1,673) | |
리스부채에 대한 이자 | (221) | (227) | |
기타 관심 | (1,567) | (925) | |
EBT가 보유한 주식 매각 수익금 | - | 172 | |
배당금 지급 | 6 | (1,289) | (1,228) |
금융 활동에 사용 된 순 현금 | (4,895) | (3,881) | |
현금 및 현금성 자산의 순 변동 | 1,229 | (659) | |
연초 현금 및 현금성자산 | 3,972 | 4,562 | |
현금 및 현금 등가물에 대한 교환 차이 | (17) | 69 | |
연말 현금 및 현금 등가물 | 5,184 | 3,972 |
재무활동으로 인한 부채의 조정
재무활동으로 인해 발생하는 연결실체 부채의 변동은 다음과 같이 분류됩니다.
장기 차입금 | 단기 차입금 | 리스 부채 | 금액 | |
1년 2022월 XNUMX일 감사 | 19,927 | - | 7,147 | 27,074 |
현금 흐름: |
| |||
반환 | - | - | (1,673) | (1,673) |
기타 움직임 | 40 | - | - | 40 |
현금 없음: |
| |||
추가 | - | - | 1,369 | 1,369 |
부채의 재분류 | (19,967) | 19,967 | - | - |
기타 임대 이동 | - | - | (190) | (190) |
외환차이 | - | - | 60 | 60 |
31년 2022월 XNUMX일 | - | 19,967 | 6,713 | 26,680 |
1년 2023월 XNUMX일 감사하지 않은 | 19,967 | 6,713 | 26,680 | |
| ||||
현금 흐름: |
| |||
반환 | - | - | (1,819) | (1,819) |
기타 움직임 | (52) | - | (52) | |
현금 없음: |
| |||
추가 | - | - | 1,068 | 1,068 |
폐기 | - | - | (425) | (425) |
부채의 재분류 | 19,915 | (19,915) | - | - |
기타 임대 이동 | - | - | - | - |
외환차이 | - | - | (21) | (21) |
31년 2023월 XNUMX일 | 19,915 | - | 5,516 | 25,431 |
기타 임대 이동은 조기 종료 조항의 행사 또는 집주인과의 계약에 따른 임대 부채의 가치 감소에 대한 조정입니다.
예비 진술에 대한 참고 사항
1. 일반 정보
Flowtech Fluidpower plc('회사')와 그 자회사('그룹'으로 통칭)의 주요 활동은 유체 동력 산업에 집중하는 엔지니어링 부품 및 어셈블리의 유통입니다. 회사는 영국에 설립되고 주소를 둔 공개 유한 회사입니다. 등록된 사무실의 주소는 Bollin House, Bollin Walk, Wilmslow, SK9 1DP입니다. 등록번호는 09010518입니다.
준비의 기초
이 요약된 미감사 연결 재무제표는 해당 연도에 채택된 새로운 기준을 제외하고 31년 2022월 XNUMX일로 종료되는 연도의 연차 보고서에 명시된 회계 정책에 따라 작성되었습니다.
본 예비공시에 포함된 재무정보는 회사법 2006의 요구사항에 따라 영국에서 채택된 국제회계기준에 따라 작성되었지만, 본 공시 자체에는 영국에서 채택된 국제회계기준을 준수하기에 충분한 정보가 포함되어 있지 않습니다. .
이 예비 발표에 명시된 재무 정보는 회사법 31(CA 2023)의 2022조에 정의된 대로 435년 또는 2006년 2006월 31일에 종료된 연도에 대한 그룹의 법정 재무제표를 구성하지 않습니다. 2023년 2022월 498일 마감 연도의 재무 정보는 그룹의 미감사 재무제표에서 추출되었습니다. 2년 법정 재무제표가 회사 등록관에게 전달되었습니다. 감사인은 해당 계정에 대해 보고했습니다. 그들의 보고서는 적합하지 않았으며 498년 회사법 3(2006)항 또는 XNUMX(XNUMX)항에 따른 진술을 포함하지 않았습니다.
2. 세그먼트 보고
During 2023 , Management reviews the operations of the business based on three geographical segments - Great Britain, Ireland and Benelux:
대 브리튼 섬: Supply of both hydraulic and pneumatic consumables, along with the delivery of specialist engineering solutions, services and systems. We operate through a network of distributors and resellers as well as working directly with a broad range of original equipment manufacturers across all industry sectors |
아일랜드: Supply of specialist technical hydraulic components and systems predominantly into original equipment manufacturers and end-user channels to all industry sectors and supported by supply agreements direct to a broad range of manufacturer brands. |
베네룩스 : Supply of bespoke hydraulic and pneumatic component and systems to manufacturers of specialised industrial and mobile hydraulic original equipment manufacturers and a wide range of industrial end users. |
In previous periods management reviewed the operation of the business based on three segments - Flowtech, Fluidpower Group Solutions and Fluidpower Group Services. This change was implemented to better reflect the management structure of the Group and decision making going forward. These operating segments are monitored by the Group's Chief Operating Decision Maker and strategic decisions are made on the basis of adjusted segment operating results. Inter-segment revenue arises on the sale of goods between Group undertakings.
이사들은 기본 영업 이익이 주주에게 기본 추세에 대한 추가 유용한 정보를 제공한다고 믿습니다. '기본'이라는 용어는 IFRS에서 정의된 용어가 아니며 다른 회사에서 보고한 유사한 제목의 이익 측정치와 비교할 수 없습니다. 계속 운영의 운영 결과에 대한 기본 운영 결과의 조정은 아래와 같습니다. 주요 조정은 이 주석의 뒷부분에 자세히 설명된 대로 별도로 공시된 항목과 관련됩니다. 이사들은 이러한 사항이 부문의 성과와 관련이 없으므로 별도로 보고되어야 한다고 생각합니다.
보고 기간에 대한 세그먼트 정보는 다음과 같습니다.
31년 2023월 XNUMX일로 종료되는 연도에 대해 감사하지 않은 | 영국 £000 | 베네룩스 £000 | 아일랜드 £000 | 부문 간 거래 | 중앙 비용 | 총계속영업 |
손익계산서 - 계속 영업: |
| |||||
외부 고객으로부터의 수익 | 79,512 | 10,583 | 22,000 | - | - | 112,095 |
세그먼트 간 수익 | 3,141 | 652 | 585 | (4,378) | - | - |
총 수익 | 82,653 | 11,235 | 22,585 | (4,378) | - | 112,095 |
기초영업실적(*) | 7,200 | 1,585 | 2,506 | - | (5,302) | 5,989 |
순 금융 비용 | (172) | (8) | (30) | - | (1,525) | (1,735) |
기본 세그먼트 결과 | 7,028 | 1,577 | 2,476 | - | (6,827) | 4,254 |
별도로 공개된 항목 | (13,925) | (98) | (588) | - | (1,745) | (16,356) |
세전 이익/(손실) | (6,898) | 1,479 | 1,888 | - | (8,571)
| (12,102) |
특정 공개 항목 |
| |||||
소유 식물, 자산 및 장비에 대한 감가상각 및 손상 | 1,208 | 71 | 83 | - | 1 | 1,363 |
자산사용권 감가상각 | 1,065 | 262 | 344 | - | 139 | 1,810 |
사용권 자산의 손상 | - | - | 456 | - | - | 456 |
영업권의 손상 | 13,026 | - | - | - | - | 13,026 |
취득한 무형자산의 손상 | - | - | - | - | - | - |
상각 | 900 | 98 | 118 | - | - | 1,116 |
기본 운영 결과의 조정 |
| |||||
기초영업실적(*) | 7,200 | 1,585 | 2,506 | - | (5,302) | 5,989 |
별도로 공개된 항목 | (13,925) | (98) | (588) | - | (1,745) | (16,356) |
운영 (손실) / 이익 | (6,725) | 1,487 | 1,918 | - | (7,047) | (10,367) |
(*) 기본 영업 결과는 이 주석의 뒷부분에 자세히 설명된 별도 공시 항목 이전의 계속 영업 영업 이익입니다.
31년 2022월 XNUMX일로 종료되는 연도에 대해 (다시 말함) 감사 | 영국 £000 | 베네룩스 £000 | 의 섬 아일랜드 £000 | 부문 간 거래 | 중앙 비용 | 총계속영업 |
손익계산서 - 계속 영업: | ||||||
외부 고객으로부터의 수익 | 84,724 | 10,378 | 19,664 | - | 114,766 | |
세그먼트 간 수익 | 2,349 | 746 | 488 | (3,583) | - | |
총 수익 | 87,073 | 11,124 | 20,152 | (3,583) | 114,766 | |
기초영업실적(*) | 9,801 | 1,349 | 1,946 | (4,510) | 8,586 | |
순 금융 비용 | (176) | (16) | (22) | - | (978) | (1,192) |
기본 세그먼트 결과 | 9,626 | 1,332 | 1,924 | - | (5,488) | 7,394 |
별도로 공개된 항목 | (11,748) | (98) | (508) | (612) | (12,966) | |
세전 이익/(손실) | (2,124) | 1,234 | 1,416 | - | (6,100) | (5,572) |
특정 공개 항목 | ||||||
소유 식물, 자산 및 장비에 대한 감가상각 및 손상 |
1,067 |
64 |
72 |
2 |
1,205 | |
자산사용권 감가상각 | 981 | 267 | 228 | - | 194 | 1,670 |
영업권의 손상 | 9,898 | - | 174 | - | - | 10,072 |
취득한 무형자산의 손상 | - | - | 168 | - | - | 168 |
상각 | 784 | 98 | 155 | - | 1,037 | |
기본 운영 결과의 조정 | ||||||
기초영업실적(*) | 9,801 | 1,349 | 1,946 | - | (4,510) | 8,586 |
별도로 공개된 항목 | (11,748) | (98) | (508) | (612) | (12,966) | |
영업이익/(손실) | (1,947) | 1,251 | 1,438 | - | (5,122) | (4,380) |
(*) 기본 영업 결과는 아래에 설명된 별도 공시 항목 이전의 계속 영업 영업 이익입니다.
2023 감사하지 않은 | 2022 감사 | |
별도로 공개된 항목 | ||
관리비 내 별도 공시항목 : | ||
- 취득한 무형자산의 상각 | 906 | 943 |
- Impairment of acquired intangibles | - | 168 |
- 영업권 손상 | 13,026 | 10,072 |
- Impairment of right of use asset | 456 | - |
- 주식기준보상비용 | 462 | 372 |
- Release of lease liability of property closed in FY23 | (412) | - |
- 구조조정 | 1,919 | 1,411 |
별도공시항목 합계 | 16,356 | 12,966 |
인수 비용은 인지세, 실사, 법률 수수료, 금융 수수료 및 기업 인수 시 발생하는 기타 전문 비용과 관련됩니다.
주식기준보상원가는 종업원에 대한 주식선택권 발행에 따른 IFRS 2 '주식기준보상'에 따라 부과되는 비용과 관련됩니다.
Restructuring costs relate to restructuring activities of an operational nature following acquisition of business units and other restructuring activities in established businesses. In 2023 restructuring costs included £841K relating to the exit of members of the previous leadership team and £197K related to the decommissioning of the distribution centre. Also included is a credit of £412k which relates to the write off of a lease for a property closed during the year, the corresponding asset was impaired during FY22.
3. Geographical and category analysis of revenue
The Group operates primarily in the UK, The Netherlands, Belgium and the Ireland. Revenue generated from distribution of hydraulic and pneumatic consumables, bespoke manufacture, commissioning and installation of equipment are categorised as sale of goods. Income from on-site services and revenue arising from contracts is disclosed separately.
31 12월 2023 감사하지 않은 | 상품 판매 £000 | 계약 £000 | 현장 서비스 £000 | 총 수익 £000 | 비유동 자산 £000 |
영국 | 83,178 | 3,041 | 1,087 | 87,306 | 64,979 |
유럽 | 23,148 | - | - | 23,148 | 3,749 |
세계의 나머지 | 1,641 | - | - | 1,641 | - |
금액 | 107,967 | 3,041 | 1,087 | 112,095 | 68,728 |
31 12월 2022 감사 | 상품 판매 £000 | 계약 £000 | 현장 서비스 £000 | 총 수익 £000 | 비유동 자산 £000 |
영국 | 87,326 | 2,176 | 1,289 | 90,791 | 72,914 |
유럽 | 21,136 | - | - | 21,136 | 4,492 |
세계의 나머지 | 2,839 | - | - | 2,839 | - |
금액 | 111,301 | 2,176 | 1,289 | 114,766 | 77,406 |
No customers of the Group account for 10% or more of the Group's revenue for either of the years ended 31 December 2023 or 2023. Non-current assets are allocated based on their physical location. Revenue recognised at a point in time was £109,953k (2022: £113,207k) and revenue recognised over time was £2,142k (2022: £1,559K).
Some contract works begun during the year were still in progress at the end of the year. For 2023, revenue includes £174K (2022: £580k) included in the contract liability balance at the beginning of the reporting period.
계약 잔액 | 31 12월 2023 £000 감사하지 않은 | 31 12월 2022 £000 감사 | 1월 1 2022 £000 |
매출 채권 | 946 | 1,216 | 253 |
| |||
Advances received for contract works | - | 174 | 193 |
Deferred service revenue | - | - | 495 |
총 계약 부채 | 946 | 174 | 688 |
4. Operating loss/profit
The following items have been included in arriving at the operating loss/profit for continuing operations:
2023 £000 감사하지 않은 | 2022 감사 | |
사용권 자산에 따른 유형자산의 감가상각 | 1,810 | 1,670 |
유형 자산의 감가 상각 및 손상 | 1,363 | 1,205 |
무형 자산 상각 - 웹사이트 | 210 | 94 |
무형 자산 상각 - 고객 관계 및 브랜드 | 906 | 943 |
Impairment of intangible assets - customer relationships and brands | - | 168 |
영업권 손상(주2) | 13,026 | 10,072 |
자산사용권의 침해 | 456 | - |
매출채권 및 선급금의 손상차손/(차익) | 10 | 29 |
외환거래손실 | (9) | 23 |
플랜트 및 장비에 대한 수리 및 유지 비용 | 292 | 113 |
그룹 감사가 제공하는 서비스 | 2023 감사하지 않은 | 2022 감사 |
법정 연결 및 회사 재무 제표 감사 Flowtech Fluidpower PLC | 95 | 78 |
다음과 관련하여 회사의 감사인 및 그 동료가 받을 수 있는 금액: | 226 | 182 |
그룹의 감사인이 회사 및 자회사에 다른 서비스를 제공하지 않았습니다. 서비스는 위원회가 적절하다고 간주하는 다른 전문 고문이 제공합니다.
5. 과세
손익계산서에 인식
계속 작업: | 2023 £000 감사하지 않은 | 2022 감사 |
현재 세금 비용 | ||
영국 법인세 | 146 | 734 |
해외 세금 | 292 | 185 |
이전 기간에 대한 조정 | 184 | 9 |
현재 세금 비용 | 622 | 928 |
이연 법인세 | ||
일시적 차이의 발생과 반전 | 49 | 21 |
이전 기간에 대한 조정 | 217 | (183) |
세율 변경 | (13) | (86) |
이연법인세(신용)/요금 | 253 | (248) |
총 세금 - 계속 운영 | 875 | 680 |
실효세율의 조정 | 2023 £000 감사하지 않은 | 2022 £000 감사 |
올해 손실 이익 | (12,977) | (6252) |
총 세금(경비) | (875) | (680) |
과세를 제외한 손실 | (12,102) | (5,572) |
영국 법인세율 23.5%를 사용한 세금(2022년: 19.00%) | (2,846) | (1,058) |
Deferred tax movements not recognised | - | (1) |
이연 법인세 잔액에 대한 세율 변경의 영향 | 1 | (86) |
공제되지 않는 금액 | 3,412 | 2,045 |
이전 기간에 대한 조정 | 401 | (174) |
기타 조정 | 37
| (60) |
Other tax reliefs and transfers | (130) | 14 |
손익계산서의 총 세금 비용 - 계속 운영 | 875 | 680 |
법인세율 변경.
An increase in the UK corporation tax rate from 19% to 25% (effective 1 April 2023) was substantively enacted on 24 May 2021, and the UK deferred tax position for the Group as at 31 December 2023 has been calculated based on this rate.
6. 배당금
2023 £000 감사하지 않은 | 2022 감사 | |
주당 최종 배당금 2.1p(2022년: 2.0p) | 1,289 | 1,228 |
총 배당금 | 1,289 | 1,228 |
The final dividend of 2.1p in respect of FY22's performance was paid on 21 July 2023. The final dividend of 2.2p in respect of FY23's performance will be paid on 19 July 2024 to Members on the Register as at 21 June 2024, subject to shareholder approval at the Annual General Meeting on 2024 June. The ex-dividend date is 20 June 2024.
7. 주당순이익
기본주당이익은 보통주에 귀속되는 당기순이익을 가중평균보통주식수로 나누어 산정합니다.
희석주당이익의 경우 발행된 가중평균보통주식수는 모든 희석성 잠재적보통주의 전환을 가정하기 위해 조정됩니다. 희석성주식이란 종업원에게 부여한 주식선택권으로서 행사가격이 당해연도중 회사보통주의 평균시장가격보다 낮은 주식선택권을 말합니다. 희석주당손실의 경우 가중평균 발행보통주식수는 반희석 효과가 있으므로 조정하지 않습니다.
31년 2023월 XNUMX일 종료 감사하지 않은 | 31년 2022월 XNUMX일 종료 감사 | |||||
손실 | 가중평균주식수 | 손실 | 이익 | 가중평균주식수 | 수입 | |
주당 기본 수입 | ||||||
지속적인 운영 | (12,977) | 61,493 | (21.10p) | (6,252) | 61,493 | (10.17p) |
2023 £000 감사하지 않은 | 2022 감사 | |
기본주당이익과 희석주당이익의 가중평균보통주식수 | 61,493 | 61,493 |
주식 옵션의 영향 | 97 | 277 |
희석주당이익에 대한 가중평균보통주수 | 61,590 | 61,894 |
8. 영업권
2023 £000 감사하지 않은 | 2022 감사 | |
비용 | ||
1월 XNUMX일 잔액 | 63,164 | 63,164 |
31월 XNUMX일 잔액 | 63,164 | 63,164 |
손상 | ||
1월 XNUMX일 | 10,072 | - |
손상 요금 | 13,026 | 10,072 |
31월 XNUMX일 | 23,098 | 10,072 |
31월 XNUMX일 현재 장부금액 | 40,066 | 63,164 |
배경
Goodwill has been allocated for impairment testing purposes to 10 cash-generating units ("CGU") across the 3 geographical segments. These CGUs represent the lowest level within the Group at which goodwill is monitored for internal management purposes.
The carrying amounts of goodwill allocated now stands as at 31 December 2023 are:
현금창출단위 | £000 감사하지 않은 |
FTUK | 29,220 |
기본 시스템 | 546 |
HTL | 3,938 |
HES | 1,204 |
Hydroflex-Hydraulics Oud | 2,050 |
Flowtechnology 베네룩스 BV | 1,015 |
넬슨 하이파워 | 1,869 |
데릭 레인 | 224 |
오렌지 카운티 | - |
하이파워 트랜스포트 | - |
금액 | 40,066 |
손상 테스트
The carrying amount of each CGU was determined by calculating the sum of the carrying amounts of all intangible assets (including goodwill) and tangible assets attributable to that unit. These were then compared with the value in use calculations for each CGU based on discounted cash flows of future period forecasts. Management prepared forecasts for each CGU for a five year period and all forecasts have been approved by the Board.
각 현금창출단위에 대해 경영진이 예측한 기간을 초과하는 현금 흐름은 예상되는 장기 성장률 2%로 외삽되었습니다. 이 성장률은 그룹이 운영하는 시장의 장기 평균 성장률을 초과하지 않습니다.
2023년 영업권 손상 비용
In total an impairment charge of £13,482 has been taken in 2023, of which £13,026k was taken against Goodwill and £456k was taken against right of use assets. The split of impairment charge by CGU and asset is shown below:
Ø FTUK - £12,821k (Goodwill)
Ø Primary Systems - £205k (Goodwill)
Ø Hi-Power Transport - £456k (Right of Use Assets)
FTUK
An impairment charge of £12,821k has been taken leaving a balance of goodwill of £29,220k. As with other CGUs the value in use calculation is sensitive to a number of assumptions. In arriving at the impairment charge the forecasts assumed a pre-tax discount rate of 17.5% (2022:13.1%) and revenue growth rates of 11% in 2024, 21% in 2025, 4% in 2026 and 2027 and 2% in 2028. The calculation is extremely sensitive to any movement in these assumptions. With regards to discount rates a 1% reduction would lead to a £5.8m increase in the carrying value, whilst a 1% increase leads to a £4.9m reduction in the carrying value. With regards to movements in revenue growth assumptions, the impact of a 1% movement is approximately £1.8m. Movements in revenue and discount rates are considered the factors to which the value in use calculation is most sensitive.
Following the appointment of Mike England as CEO in April 2023 and the subsequent material changes made to the senior management team, we have identified a significant number of opportunities to improve the profitability of this business; we believe a combination of returning to do certain basic things brilliantly and growth opportunities we have identified will lead to a material improvement in profitability. We would hope that discount rates return to more traditional, i.e. lower, levels.
기본 시스템
An impairment charge of £205k has been taken leaving a balance of goodwill of £546k. As with other CGUs the value in use calculation is sensitive to a number of assumptions. In arriving at the impairment charge the forecasts assumed a pre-tax discount rate of 16.2% (2022:13.78%) and revenue growth rates of 5% in 2024, 13% in 2025, 4% in 2026 and 2027 and 2% in 2028. The calculation is extremely sensitive to any movement in these assumptions. It should be noted that each 1% movement in the discount rate has an impact of approximately £0.4m on the calculation and each 1% movement in revenue an impact of approximately £0.1m. Movements in revenue and discount rates are considered the factors to which the value in use calculation is most sensitive.
하이파워 트랜스포트
An impairment charge of £456k has been taken to eliminate the carrying value of right of use assets.
사용가치 계산에 사용된 주요 가정
The Group has determined that the recoverable amount calculations are most sensitive to changes in revenue growth rates and discount rates. The growth rates and gross margins assumed in the calculations are consistent with recent historic trends and approved budget level, and where appropriate, these are adjusted for expected changes.
Discount rates have increased substantially over prior year due to increase in cost of borrowing and risk-free rates. This has had a significant impact on the VIU calculations for all CGUs and was a key factor in the need to impair.
주요 가정의 변화에 대한 민감도
The calculations to assess the value in use of each CGU are naturally based on a series of assumptions; of particular note are those relating to revenue and discount rates. The calculations are obviously sensitive to deviations, in either direction, to these assumptions; the comments below seek to provide some analysis and commentary around the most sensitive areas.
9. 기타 무형자산
2023 -unaudited 2022-audited | 획득한 고객 관계 | 인수한 브랜드 | 건설 중인 자산 | 웹 사이트
| 금액 |
| |||||
2023 | 2022 | 2023 | 2022 | 2023 | 2022 | 2023 | 2022 | 2023 | 2022 |
| |
1월 XNUMX일 잔액 | 9,371 | 9,371 | 1,173 | 1,173 | - | 761 | 973 | - | 11,517 | 11,305 |
|
자산 범주 간 이전 | - | - | - | - | - | (761) | - | 761 | - | - |
|
추가 | - | - | - | - | - | - | 121 | 212 | 121 | 212 |
|
31월 XNUMX일 잔액 | 9,371 | 9,371 | 1,173 | 1,173 | - | - | 1,094 | 973 | 11,638 | 11,517 |
|
상각 및 손상 |
|
| |||||||||
1월 XNUMX일 잔액 | 6,726 | 5,657 | 1,173 | 1,131 | - | - | 94 | - | 7,993 | 6,788 |
|
상각 | 906 | 901 | - | 42 | - | - | 210 | 94 | 1,116 | 1,037 |
|
손상 | - | 168 | - | - | - | - | - | - | - | 168 |
|
31월 XNUMX일 잔액 | 7,632 | 6,726 | 1,173 | 1,173 | - | - | 304 | 94 | 9,109 | 7,993 |
|
31월 XNUMX일 현재 장부금액 | 1,739 | 2,645 | - | - | - | - | 790 | 879 | 2,529 | 3,523 |
The impairment charge in 2022 relates to the intangible assets associated with the Hi-Power Transport business. In 2023 there is no impairment charge on other intangible assets. Amortisation is charged to administration costs in the Consolidated Income Statement. The amortisation of customer relationships and brands of £906K (2022; £943k) is a separately disclosed item and is referred to as the amortisation of acquired intangibles.
10. Net cash from operating activities
2023 £000 감사하지 않은 | 2022 £000 감사 | |
Reconciliation of (loss)/profit before taxation to net cash flows from operations | ||
세전 계속영업손실 | (12,102) | (5,572) |
유형자산의 감가상각 및 손상 | 1,363 | 1,205 |
사용권 자산의 감가상각(IFRS 16) | 1,810 | 1,670 |
사용권 자산의 손상(IFRS 16) | 456 | 388 |
Write off of right-of-use liability (IFRS 16) | (387) | |
금융 비용 | 1,737 | 1,192 |
공장 및 장비 매각 손실 | 1 | 57 |
기타 움직임 | - | - |
무형 자산의 상각 | 1,116 | 1,037 |
무형 자산의 손상 | - | 168 |
영업권 손상(주8) | 13,026 | 10,072 |
현금결제형 주식옵션 | - | (42) |
주식결제형 주식기준보상수수료 | 462 | 372 |
비현금 잔액의 외환 차액 | (15) | 65 |
운전자본 및 충당금 변동 전 영업현금 유입 | 7,467 | 10,612 |
매출채권 및 기타채권의 변동 | 347 | (2,945) |
주식의 변화 | (619) | (738) |
거래 및 기타 미지급금의 변경 | 2,086 | (1,702) |
조항 변경 | 15 | 7 |
운영에서 발생하는 현금 | 9,296 | 5,234 |
납부한 세금 | (1,094) | (220) |
영업활동으로 발생한 순현금(사용) | 8,202 | 5,014 |
소개 플로우테크 유체동력 PLC | ||||||
Founded as Flowtech in 1983, we provide customers with power, motion & control solutions, from a single component to integrated engineering systems, in the most cost-effective way, harnessing the best global brands & products, services and engineers in the market. We operate across three regions in Great Britain (70%), Ireland (20%), and The Benelux (10%) as well as serving customers around the world. Flowtech joined the AIM market in 2014.
The value we create for our customers Flowtech works across all industry sectors serving the needs of customers who are designing, building, maintaining and improving industrial plant, equipment and operations. We add value by being a technical specialist and trusted adviser to Maintenance, Repair & Operations (MRO) customers, Original Equipment Manufacturers (OEMs) and through our long-standing Distributor Partner channels. We provide essential technical products 결합 된 broad range of specialist engineering services across the world of Power, Motion & Control.
Easy access to the widest Technical Product range We stock over 75,000 Power, Motion & Control products including hydraulic and pneumatic consumables and trade through our channels including E-commerce Websites, Central Sales, Technical and Customer Support teams and through our localised Engineering Centres across GB, Ireland and Benelux. We partner and distribute for the world's largest power, motion and control brands and have access to over 0.5 million technical products through over 2,000 leading suppliers. We provide a market leading quality own brand offering complementing our branded supplier portfolio.
Market Leading Distributor Partner Programme We operate a leading Distributor Partners Programme supplying our wide range of Products and Engineering Services through our strategic network of Distributors and Service Providers giving them the support they need to service their end-customers. This is enabled by our tried and tested white label catalogue, E-commerce and fulfilment business model. Engineered Systems and Solutions We supply specialist technical Power, Motion & Control components & systems with our core being centred around pneumatics and hydraulic industrial and mobile applications. This includes bespoke design, manufacturing, commissioning, installation, and servicing of systems to manufacturers of specialised industrial and mobile OEMs, and additionally a wide range of industrial end users. From a simple technical system build such as a Hydraulic Power Pack to the repair of pumps, values and cylinders through to site-based diagnostics and services to fully integrated turn-key solutions, we have a strong engineering pedigree at our core making us the trusted adviser and solutions partner for our customers.
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Our six engines towards mid-teens operating profit percentage Today, we are a strong market leader in a highly fragmented £30bn European market. We have a clear strategy and plan to accelerate value creation for our stakeholders. We are transforming our Company and have plenty of room for improvement and growth
1. Customer growth 2. Commercial excellence 3. Range expansion 4. Own brand 5. Operate for less 6. Building talent and capabilities.
To read more about the Group please visit: www.flowtechfluidpower.com |
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