최종 결과
Michelmersh 브릭 홀딩스 PLC
("MBH", "회사" 또는 "그룹")
31년 2023월 XNUMX일로 종료되는 회계연도의 잠정 결과
Positive performance - earnings ahead of market expectations
Michelmersh Brick Holdings Plc (AIM: MBH), the specialist brick manufacturer and brick-fabricator, reports its preliminary results for the year ended 31 December 2023.
재무 하이라이트 :
31 12 월 2023
| 31 12 월 2022
| 변화
| 유기적 변화 2 | ||
법적 결과 |
|
|
|
| |
수익 |
| £ 77.3m | £ 68.4m | 13.0% | 1.3% |
매출 총 이익 | 38.9% | 39.4% | (0.5의 %) | 0.6% | |
영업 이익 | £ 12.3m | £ 11.6m | 6.0% | 5.2% | |
과세 전 소득 | £ 12.5m | £ 11.4m | 8.8% | 8.1% | |
주당 기본 수입 | 10.44p | 9.41p | 10.9% | 10.2% | |
영업 현금 | £ 13.6m | £ 19.7m |
| ||
순 현금 | £ 11.0m | £ 10.6m | |||
주당 배당금 | 4.50p | 4.25p | 5.9% | - | |
조정된 결과* |
| ||||
조정 EBITDA1 | £ 17.8m | £ 16.7m | 6.6% | 4.8% | |
조정 된 영업 이익 | £ 13.7m | £ 12.7m | 7.9% | 7.1% | |
세전 조정 이익 | £ 13.8m | £ 12.5m | 10.4% | 9.6% | |
조정 된 주당 수익 | 11.91p | 10.61p | 12.3% | 11.6% |
하이라이트:
· Positive financial performance in 2023, with earnings for the year ahead of market expectations
· Revenue and profit growth driving 11% increase in Basic EPS
· Continued focus on pricing stability for customers to support 2024 demand outlook
· Full production capacity maintained throughout the year alongside focused cost management has led to strong profit performance
· Resilient operational cash generation supported investment in inventory and capital investment in solar at plants to supplement longer term energy requirement
· Launch of SustainableBrick.com, 광범위한 고객 기반에 점토 벽돌의 이점을 강조하는 새로운 웹사이트
· Group cash of £11m at 31 December 2023 and undrawn £20m borrowing facility underpin strong financial resources and strategic optionality
· Final dividend per share of 3.00p resulting in full year dividend of 4.50p, up 5.9% on 2022, demonstrating commitment to progressive dividend policy and confidence in a resilient outlook
시야:
· Focus on maintaining a well-balanced forward order book and pricing stability expected to support resilient order intake across our diverse end market customer base for 2024
· Energy price hedging in place with over 70% of our expected requirements secured for 2024 with the expectation of a more stable outlook expected to underpin forward prices
· The Group continues to focus on delivering both excellence in product and customer service and with the resilient qualities of our business model the Board remains confident in the strategic outlook of the business.
결과에 대해 Michelmersh Brick Holdings Plc의 Martin Warner 회장은 다음과 같이 말했습니다.
"I am very pleased to report on another positive year for the Group, with strong growth across our key financial metrics despite the decline in the broader construction industry.
"We enter 2024 watchful of the interest rate environment and inflation trends and how these affect the timing of the anticipated increase in construction activity levels. Whilst we continue to closely monitor the impact from these macro cycles, we believe in our business model, maintaining a broad customer base across multiple end markets, and continue to see robust levels of order intake as a result.
"As ever, the Group continues to focus on delivering both excellence in product and customer service and with the resilient qualities of our business model the Board remains confident in the strategic outlook of the business.
"As I step down from the business after 35 years of involvement with brick making I would like to thank all my colleagues who have supported me over the years, past and present. The growth from small beginnings has only been possible by their dedication, skill and support in good times and bad.
"I have no doubt that all that has been built in terms of plant and people will mean that the business will continue to prosper from a strong financial base for shareholders, customers and importantly for our employees who make it all happen. This business is truly unique in many ways.
"I would also like to add my personal thanks to Frank Hanna as he steps down for pastures new. We have worked together in the industry for many years, particularly since the acquisition of Freshfield Lane in 2010. He has been a valued colleague and I wish him every success in the future."
*이사들은 조정된 측정값이 비즈니스 추세와 성과를 더욱 유용하게 비교할 수 있다고 믿습니다. 조정된 결과에는 인수와 관련된 비용 및 인수한 무형 자산의 상각을 포함하는 예외 항목이 제외됩니다. 조정이라는 용어는 IFRS에서 정의되지 않으며 다른 회사에서 사용하는 비슷한 제목의 측정값과 비교할 수 없습니다. .조정된 성과 결과는 아래 표의 법정 결과와 조정됩니다.
1 EBITDA는 이자, 세금, 감가상각비, 상각비 차감 전 수익으로 정의됩니다.
2 Organic change presents a percentage comparison year on year excluding the impact of the results of FabSpeed which was acquired on 24 November 2022.
An analyst briefing will be held virtually at 11:30am today. To attend please email [이메일 보호].
The Company also notes that it will be hosting an online presentation to retail investors on Thursday 28 March at 10:00am. Those wishing to join the presentation are requested to register via the following link: 회의 등록
Michelmersh 브릭 홀딩스 PLC 피터 샤프, CEO Ryan Mahoney, 최고 재무 책임자 | 전화 : + 44 (0) 1825 430 412 |
Canaccord 제뉴이티 리미티드 (NOMAD와 조인트 Broker) 맥스 하틀리 바비 힐리엄 해리 팔도 | 전화 : + 44 (0) 20 7523 8000
|
Berenberg (관절 Broker) 리처드 부틀 데틀리르 엘리지 패트릭 돌라한 | 전화 : + 44 (0) 20 3207 7800 |
옐로우 저지 홍보 찰스 굿윈 애나벨 윌스 | 전화 : + 44 (0) 7747 788 221 전화 : + 44 (0)+ 7775 194 357 |
본 발표문에 포함된 정보는 영국 시장 남용 규정에 규정된 내부 정보로 간주됩니다. 이 발표가 발표되면 이 내부 정보는 이제 공개 도메인에 있는 것으로 간주됩니다.
Michelmersh Brick Holdings PLC 소개:
Michelmersh Brick Holdings PLC는 Blockleys, Carlton, FabSpeed, Freshfield Lane, Michelmersh, Floren.be 및 Hathern Terra Cotta의 XNUMX개 시장 선도 브랜드를 보유한 기업입니다. 이러한 사업부는 프리미엄 정밀 벽돌, 포장재, 특수 모양의 벽돌, 맞춤형 테라코타 제품 및 조립식 벽돌 구성 요소의 생산을 결합하는 완전히 통합된 비즈니스 내에서 운영됩니다. 또한 이 그룹은 매립지 운영업체인 New Acres Limited를 포함하고 있으며 보조 토지 자산에 대한 향후 매립 및 개발 기회를 개발하고자 합니다.
1997년에 설립된 회사는 인수 및 유기적 성장을 통해 수익성 있고 자산이 풍부한 사업으로 성장하여 연간 122억 XNUMX만 개 이상의 점토 벽돌과 포장 재료를 생산합니다. Michelmersh는 현재 대부분의 영국 프리미엄 제조 벽돌 브랜드를 소유하고 있으며 최고의 사양 벽돌 및 점토 포장 제조업체입니다.
Michelmersh는 잘 투자되고 장기적이며 지속 가능하며 환경적으로 책임 있는 사업을 위해 노력합니다. 이해 관계자의 요구를 충족하면서 모든 직원을 위한 기회, 교육 및 보안은 우리가 하는 모든 일의 최전선에 있습니다. 우리는 다음 세대를 위해 건축 경관에 가치를 더함으로써 영국의 고급 점토 제품을 생산하고 환경을 개선하는 데 앞장서는 것을 목표로 합니다.
우리는 Michelmersh Brick Holdings PLC입니다: 우리는 "영국의 벽돌 전문가"입니다.
다음 그룹 웹사이트를 방문하십시오: www.mbhplc.co.uk, www.bimbricks.com 와 www.sustainablebrick.com
Chief Executive Officers' Statement
We are pleased to report on another positive year of progress for the Michelmersh Group, which has been significantly influenced by all of our staff in the UK and Belgium and their ongoing support in continuing to provide the highest quality product and service to all of our loyal customers.
At the centre of our strategy is the belief that sustainable growth is best supported through maintaining a broad range of end customers who cover the fullest spectrum of applications and channels within the construction industry. Despite a 30% decline in new build construction activity over the last twelve months, and the associated impact on brick despatches, we have achieved these positive results this year due to this strategic approach. Focusing our portfolio on diverse end markets, each with different supply and demand fundamentals, has created a business that continues to deliver growth in more challenging conditions. We remain very grateful for the longevity and depth of our customer relationships, which support this approach and our focus on providing excellent products and services alongside balancing the needs of all our stakeholders.
Despite the uncertainty in the construction sector, the fundamentals in our end markets remain positive with a critical shortage of both new residential and social housing and a significant legacy housing inventory constructed with brick façades, underpinning future Repairs, Maintenance and Improvement ("RMI") demand with continued requirements for brick cladding remedial solutions. It is also clear that the two major political parties remain committed to reversing the decades long decline in house building with the certainty of meaningful population growth in 2024 and beyond exacerbating the need for new housing.
Our fundamental core competency remains our significant strength in the premium end of the brick market in the UK and Benelux regions. We view the long-term fundamentals of these markets as positive, with brick continuing to be the façade material of choice due to its longevity, sustainable and energy efficiency qualities, low-cost base and broad aesthetic appeal. Demand for bricks across the sector has declined over the last twelve months in line with the consumer environment. Consequently, brick inventory volumes for the sector are above the five year average at c.575 million. In response, across the industry, manufacturing capacity of approximately 25% has been mothballed or permanently closed in the UK with uncertainty at the point the market will return to 2022 levels. However, given this change in dynamics from 2021 and 2022, our ability to address the market's broad spectrum supports the resilience of our outlook.
As a complement to our core brick manufacturing business, we remain very pleased with our acquisition of FabSpeed, which we completed at the end of November 2022 and have had a successful first full year of ownership, focusing on its strategic integration into our commercial and operational teams. Subsequent to the acquisition, we have focused on the opportunities to combine FabSpeed with our existing clay product manufacturing business, as we aim to create a leading player in clay and associated pre-fabricated products, including brick cladding systems, brick clad chimneys and arches. We are excited about expanding the product offering, the enhanced routes to market, the complementary customer base and distribution channels that FabSpeed has now brought to the enlarged Group.
Following the decision to cease brick making operations at Charnwood in December 2022, we previously highlighted our intention to use the vacant factory space in the first phase of our growth strategy for FabSpeed, as we looked to repurpose the site and expand the operations and reach of our acquired prefabricated portfolio. The site renovation work was completed in March and FabSpeed began prefabricated operations, alongside the existing manufacturing of our bespoke Hathern Terra Cotta range, and will specifically focus on expanding the customer reach of our brick slip system portfolio. Later in the year we commenced remedial work on some vacant adjacent space at our Carlton plant with a view to further expanding our FabSpeed operations onto our owned sites and target further operational efficiency.
Our 2023 financial performance and strong balance sheet have allowed us to deliver on our core business priorities and equally ensure that we can continue to invest in the Group and continue to deliver against our sustainability initiatives. During the year we completed the new building to house the automated robot pallet mixing equipment in Florenand with the additional roof space added a further 25% of solar capacity on site to deliver 50% of our electricity requirement in Belgium on an annualised basis. Following the success at Floren, we obtained our licences to add solar panels at Blockleys, with installation completed in the second half of the financial year. As we look into 2024 and beyond, we will continue to add to the pipeline of sustainability and manufacturing initiatives to deliver incremental improvements to our processes.
Importantly, our year-end cash position of £11 million and the undrawn £20 million bank facility continues to provide us with both financial resilience and flexibility to continue pursuing and meeting our ongoing strategic objectives.
We remain fully committed to our progressive dividend policy with a full year dividend of 4.50 pence per share underlining our confidence in the resilient outlook for the business. All of this leaves us well-positioned to deliver further progress in our 2024 financial year and beyond.
보드 변경
We announced on 26 May 2023 that Frank Hanna had informed the Board of his decision to leave the Company to take up the position of CEO of the Brickability Group.
Frank and I were appointed Joint Chief Executive Officers ("JCEO") in January 2016 and since that time I am very proud of the significant growth and success the Company has achieved. Since 2016, the Group's' annual brick output has increased from 70 million to over 122 million, the portfolio has broadened to include brick fabricated products and the Company has entered the European market with Floren. Frank has been associated with the Group for 32 years, joining officially in 2010, when as a shareholder of Freshfield Lane it was acquired by Michelmersh. Frank has been an excellent JCEO of Michelmersh and a highly valued colleague and member of the Board and he is leaving with our sincere thanks for his immense contribution in building a business with strong fundamentals underpinned by the longevity and depth of our customer relationships.
We also announced on 1 August 2023 that Martin Warner had informed the Board of his decision to retire as Chair at the AGM in May 2024. Martin will be succeeded by Tony Morris who is currently a Non-Executive Director. Alongside, we also announced that Rob Fenwick had joined the Company as Non-Executive Director.
Martin was appointed Chair in 2016, having previously been joint founder and Chief Executive Officer. He has overseen transformational growth over that period supporting the Group on its progressive journey to becoming a leading premium brick manufacturer and brick prefabrication specialist across the UK and Belgium. On a personal note, I would like to thank Martin for his valued support and guidance over many years. I look forward to continuing working with Tony as we look to the future with confidence and the business being in a strong position to continue to deliver against our strategy.
Tony, who joined the Board in November 2020, has brought a wealth of experience in M&A and equity capital markets to the Group, and over the last three and a half years with Michelmersh has added significant construction industry and clay manufacturing sector knowledge, alongside his role as Chair of the Remuneration Committee.
Rob, who joined the Board in 2023, has extensive operational experience, having spent 20 years with Howden Joinery Group plc. Rob was Chief Operating Officer of the supply division at Howdens for 14 years before spending a year as Chief Governance Officer. Rob is also a Non-Executive Director of Andrew Marr International Ltd and Kronospan Holdings Ltd.
With these changes, we believe that the Board has the appropriate balance of skills and experience to support the Group as we continue to deliver against our strategic objectives.
지속 가능성
The Group continues to believe in the importance of being a senior representative of the clay brick manufacturing industry and to champion the carbon and broader sustainability benefits of utilising our product portfolio in the built environments of the UK and northern Europe. As we highlighted last year, for Michelmersh this will always be focused on incremental improvements as we look to our internal knowledge and the right external partnerships to both develop and adopt the technical solutions that will continue to deliver against the outlined targets in our 2021 Sustainability Report. As a result, we are very pleased that during the year we have already achieved a 24.2% reduction in carbon intensity ratio since our 2016 baseline, well ahead of our target which we have now increased from 5% to 25% by 2030 which represents significant progress.
With the recognised importance in championing the sustainability of our portfolio, we were delighted to launch SustainableBrick.com, 광범위한 최종 고객에게 점토 벽돌의 이점을 강조하는 새로운 웹사이트입니다. 이 정보 자원은 건축가에게 점토 벽돌의 지속 가능한 이점을 보여주는 동시에 혁신적인 지속 가능성 관련 개선을 향한 업계의 발전과 투자를 강화하는 것을 목표로 합니다. 이 사이트는 또한 건설 업계가 총체적으로나 협력적으로 순 제로(net zero)를 달성하는 데 도움이 되는 많은 탄소 계산 자원을 끌어내는 것을 목표로 하고 있습니다. 웹사이트 전반에 걸쳐 소개된 제품과 이니셔티브를 통해 우리는 지속 가능한 건축 관행을 선도하고 이것이 미래 세대에 어떻게 적용될 수 있는지 보여주기를 희망합니다.
수상 및 인정
We were delighted that our high-quality product portfolio was once again recognised in 2023 through our successes at the Brick Development Association ("BDA") industry awards. The 47th BDA awards saw the Group win five awards, alongside one commendation, which was almost a third of the awards presented during this year's event.
This year's awards showcased the ever-expanding utilisation of brick across the construction industry, with notable contributions in the Urban Regeneration, Innovation and Refurbishment categories as well as celebrating brick architecture across the wide spectrum of more traditional uses. These accolades are a testament to the pivotal role that our products play in housing developments, public buildings and commercial developments, underscoring the exceptional environmental and sustainability attributes of clay brick across the country.
Among our awards was recognition for Archio's Becontree Estate as part of a significant house-building initiative in the London Borough of Barking and Dagenham. Becontree Estate used Freshfield Lane's First Quality Multi which helped successfully blend this project into the area's historic London environment.
Further success came with MAST Architects winning the Urban Regeneration Award with a mixed-use project in Clydebank, Scotland, located on a former shipyard site. It represents the initial phase of a residential development plan to reintegrate the waterfront with the town, and utilised Blockley's Porcelain White Smooth and complementary products to harmonise the build with its nautical surroundings.
Winning the Commercial Award, Feilden Clegg Bradley Studios, designed a six-story office building with a focus on sustainability and community integration. Utilising Freshfield Lane's First Quality Multi, the building's brickwork demonstrated that energy-efficient features, beauty, functionality and sustainability can coexist.
The recognition of these influential projects and the wider success at the National RIBA awards on additional educational, urban regeneration and retrofit developments further highlights that as Britain's Brick Specialists, the Group aims to inspire beautiful, comfortable, safe and sustainable architecture for a future built environment we can be proud of.
자선
Our commitment to being a socially engaged and responsible employer did not change this year and we carried on from our charitable commitments in 2022 by increasing our donations and the provision of support to charities and community projects. As part of our decision-making process in selecting charities to support, we invite all staff to put forward nominations for the following financial year. We continued the process for this year and the charities we supported were all nominated by our people. The two main charities we selected from the nominations were The Lighthouse Construction Project and The Brain Tumour Centre.
The Lighthouse Construction charity carries out incredible work in the breadth of the support they provide to workers and their families in the construction industry. The Brain Tumour Centre not only invests heavily in scientific research but also looks at ways they can help improve the lives of all those who have been diagnosed with a brain tumour. In addition to the annual staff nominations, we also supported numerous community events local to our manufacturing facilities as well as donating to individual staff charity fundraisers throughout the year.
Supporting education
We have been proud supporters of colleges for many years, which was cemented by the Group with the official launch of 'Pledge 100' in 2020 to encourage youth training in skill-based occupations and those embarking on careers in the construction industry. The industry continues to face a very well-publicised shortage of skilled bricklayers, with gaps in funded support across all sectors of construction and we believe this additional assistance is vital to encourage the next generation to apply for construction-focused employment as the country faces the challenge of meeting the critical shortage of both new houses alongside the importance of well-maintained older housing stock.
We have once again supported this commitment to training the next generation of bricklayers by donating over 120,000 bricks through our "Pledge 100" initiative, ahead of the 100,000 we achieved annually since 2020. Supporting industry education and training, including bricklayers and architectural design courses, remains one of our core commitments.
Throughout 2023 we supported 14 institutions across the UK through the provision of bricks they need to ensure students can learn the appropriate skills necessary to fulfil their training as bricklayers of the future. With the additional bricks this year we also supported five community and charity led projects that support local communities surrounding our factories.
In addition to offering products for students to learn with in practical lessons, we also continued to supply hundreds of copies of the "Guide to Successful Brickwork" to vocational training courses.
그룹 결과
As a result of the strong trading performance across the business, the Group delivered positive growth for the 2023 financial year. The 2023 results include the positive impact of FabSpeed, our prefabricated building product acquisition in November 2022 and for comparison purposes, we include like-for-like narrative to remove the full year of benefit in 2023 and the one month contribution in 2022 for our key financial metrics.
재무 하이라이트
| 연말 31 12 월 2023 | 연말 31 12 월 2022 |
변화 | |
수익 |
| £ 77.3m | £ 68.4m | 13.0% |
매출 총 이익 |
| 38.9% | 39.4% | (0.5의 %) |
조정* EBITDA1 | £ 17.8m | £ 16.7m | 6.6% | |
조정* 영업 이익 | £ 13.7m | £ 12.7m | 7.9% | |
영업 이익 | £ 12.3m | £ 11.6m | 6.0% | |
세전 조정* 이익 | £ 13.8m | £ 12.5m | 10.4% | |
과세 전 소득 | £ 12.5m | £ 11.4m | 8.8% | |
조정* 기본주당순이익 | 11.91p | 10.61p | 12.3% | |
주당 기본 수입 | 10.44p | 9.41p | 10.9% | |
주당 배당금 | 4.50p | 4.25p | 5.9% |
*이사들은 조정된 측정값이 비즈니스 추세와 성과를 더욱 유용하게 비교할 수 있다고 믿습니다. 조정된 결과에는 인수와 관련된 비용 및 인수한 무형 자산의 상각을 포함하는 예외 항목이 제외됩니다. 조정이라는 용어는 IFRS에서 정의되지 않으며 다른 회사에서 사용하는 비슷한 제목의 측정값과 비교할 수 없습니다. 조정된 성과 결과는 아래 표의 법정 결과와 조정됩니다.
1 EBITDA는 이자, 세금, 감가상각비, 상각비 차감 전 수익으로 정의됩니다.
Revenue for the year increased by 13.0% to £77.3 million (2022: £68.4 million) over the equivalent period in 2022. Removing the impact of FabSpeed, revenue increased by 1.3% which was supported by a price increase implemented across the portfolio from the start of the year, as we continued to target mitigating the increase in our input costs, offset by a 10% reduction in despatches predominantly due to more challenging conditions in the final quarter. The Group revenue performance undoubtedly benefited from the broader reach of our portfolio across our diverse customer base with the construction sector activity declining year on year by around 30%. Despite the reduction in despatches in the fourth quarter, we took the decision to both, maintain normal production volumes as we targeted maximum operational leverage from our broader manufacturing base, and invest in the appropriate inventory levels to support our FY24 expectations and to provide our loyal customer base with a consistent supply of our product portfolio.
As a result of the positive revenue performance, operating profit of £12.3 million was up 6.0% on the comparative period (2022: £11.6 million) and profit before tax of £12.5 million was up 8.8% (2022: £11.4 million). On a like-for-like basis, removing FabSpeed, these increases were 5.3% and 8.1% respectively. The lower contribution from FabSpeed to our profit performance reflected our focus in our first full year of ownership on integration initiatives as we aligned our commercial teams and embedded our operational processes and procedures across the four acquired operational sites. Equally, at acquisition, FabSpeed's product portfolio was more aligned to the new build environment and as such our margins and profit were impacted more than the organic business by the broader decline in construction activity, particularly for the volume house builders.
Following over two years of significant cost base volatility we continued to closely manage our input costs through the year. As such, we benefited from the stability of securing the price for 90% of our energy requirements across 2023 and we have energy contracts in place for 70% of our expected requirements in 2024 with further contracts into 2025 and 2026 in line with this approach. Whilst remaining watchful of the impact of global macro factors, on balance we see utility pricing returning to a more consistent level in the medium term. The profit metrics and cost management strategy underline the Company's continuing success of managing our operational efficiency to maximise our financial returns, whilst importantly maintaining a close relationship with our loyal customers through our ability to deliver a greater degree of pricing visibility and inventory availability certainty.
On a reported basis, the results include the impact of the amortisation of acquired intangibles which increased by £0.2 million year on year as a result of beginning to amortise the intangible assets capitalised from our FabSpeed acquisition. On an adjusted basis, to remove the impact of these items, adjusted EBITDA of £17.8 million (2022: £16.7 million) is ahead by 6.6% against 2022 and 4.8% on a like-for-like basis. As we highlighted in our 2022 year-end results, this was at a slightly reduced adjusted EBITDA margin of 23.0% (2022: 24.4%), reflecting the importance of a balanced pricing strategy for our customers and earnings growth alongside the necessity to secure robust forward demand in our core markets with a significant decline in construction activity.
After a tax charge of £2.8 million (2022: £2.5 million), the Group recorded a profit for the year after tax of £9.7 million (2022: £8.9 million), an increase of 9.0%. The tax rate of 22.4% (2022: 22.1%) reflects our effective Group tax rate for the year, which is a small increase on 2022 and follows the change announced in the 2021 Budget and ratified by parliament which increased the standard rate of UK corporation tax from 19% to 25% effective from 1 April 2023.
Basic earnings per share increased by 10.9% to 10.44p (2022: 9.41p). This increase ahead of profit was due to the benefits of a balanced capital allocation strategy with our strong balance sheet supporting a buyback programme which ran from November 2022 to September 2023 and reduced the basic shares in issue by 2.25 million shares with our focus on continuing to return value to shareholders and also to reduce the impact of share dilution.
아래 표(조정된 성과 측정값)는 보고된 수치에 대한 조정된 성과의 명확한 조정을 제공합니다.
조정된 성능 측정 | 연말 | 연말 | 변화 |
31 12 월 2023 | 31 12 월 2022 | ||
£'000 | £'000 | ||
영업 이익 | 12,338 | 11,609 | 6.0% |
조정 : |
| ||
취득한 무형자산의 상각 | 1,370 | 1,133 | |
조정 된 영업 이익 a | 13,708 | 12,742 | 7.9% |
감가 상각 | 4,105 | 3,915 | |
조정 EBITDA a | 17,813 | 16,657 | 6.6% |
금융 비용 | 119 | (214) | |
감가 상각 | (4,105) | (3,915) | |
과세 전 조정 이익 a | 13,827 | 12,528 | 10.4% |
| |||
기본주당이익 | 10.44p | 9.41p | 10.9% |
조정된 기본 주당 순이익 a | 11.91p | 10.61p | 12.3% |
a Includes adjustments to exclude amortisation of acquired intangibles.
Net cash and working capital
Cash generated from operations for the year was £13.6 million, compared to £19.7 million in 2022 which was an exceptionally strong year for the Group, and was supported by our resilient trading through the year. Our operational cash flow was impacted by the decision to invest in our inventory position through increased raw material stocks and finished goods in support of our expectations for 2024. As a result, operating cash conversion from adjusted EBITDA was lower at 76.4% compared to 117.9% in 2022 although this is still seen as a very positive performance given the broader construction activity decline.
|
| 연말 31 12 월 2023 | 연말 31 12 월 2022 |
| ||||||
운영에서 창출 된 순 현금 |
|
| £ 13.6m | £ 19.7m |
|
|
| |||
납부한 세금 |
| (2.8만 파운드) | (1.7만 파운드) |
|
| |||||
이자 수령/(지급) |
| £ 0.1m | (0.2만 파운드) |
|
|
| ||||
부동산, 플랜트 및 장비 구매 |
| (3.1만 파운드) | (3.0만 파운드) |
|
| |||||
토지 매각 수익금 | £ 1.1m | - |
|
| ||||||
부채 상환 |
| - | (0.8만 파운드) |
|
|
| ||||
자사주 취득 |
| (1.9만 파운드) | (1.5만 파운드) |
|
|
| ||||
취소된 주식선택권에 대한 정산 |
| (1.8만 파운드) | - |
|
|
| ||||
Acquisition of FabSpeed (net of cash) |
| - | (6.1만 파운드) |
|
|
| ||||
리스 지불 |
| (0.9만 파운드) | (0.7만 파운드) |
|
|
| ||||
배당금 지급 |
| (4.0만 파운드) | (3.3만 파운드) |
|
|
| ||||
기타 |
| £ 0.1m | - |
|
|
| ||||
현금 및 현금 등가물의 순증가 |
| £ 0.4m | £ 2.4m |
|
|
| ||||
리스부채차감전순현금 |
| £ 11.0m | £ 10.6m |
|
|
| ||||
At the year end the Group had net cash before lease liabilities of £11.0 million (2022: £10.6 million). In addition to our growing cash position, our £20.0 million Sterling and Euro denominated bank facility remains undrawn (2022: £20 million and undrawn) and is committed to 22 December 2026, following the exercise in November of the second of our two one year extension options.
As we enter 2024, the cash generating fundamentals of the Group, net cash position and strong balance sheet provide us with the capacity to continue to invest in the business to support both capital initiatives and our commitment to maintaining our progressive dividend policy. Importantly, the strength of our balance sheet provides us with significant confidence in our financial stability as we continue to trade in an uncertain economic environment.
우리의 장기 정책은 강력한 재무 상태를 유지하고 순부채 대 조정 EBITDA 비율을 XNUMX배 미만으로 편안하게 유지하는 것입니다.
자사주 매입
We launched a share buyback programme at the end of November 2022, which continued to the end of September 2023, to reduce the share capital of the Group in order to return value to shareholders; as at 31 December 2023 the Group had purchased 2,225,000 shares (2022: 60,000) shares for a total consideration of £2 million (2022: £0.05 million). The shares continue to be held as treasury shares.
Alongside the buyback programme, we continue to prioritise the future expected returns of shareholders by focusing on the volume of our issued share capital. As a result, 2 million 2017 LTIP options were cancelled in November 2022 and converted to a cash settlement. The cash settlement value of £1.8 million was paid in the year which included all associated employment tax obligations.
재산, 식물 및 장비
The capital expenditure invested in the year highlights our continued broader focus on delivering technically feasible sustainability improvements. The principal expenditure was focused on Floren where we have completed the construction of a building to house automated robot pallet mixing equipment and utilised the roof to add additional solar capacity which now collectively provides over 50% of our electricity needs. Given the proven success in Floren, we applied for a G99 Connection through the National Grid to add solar panels to Blockleys, which we received during the first half and completed the addition of the solar panels in H2. Alongside, we continued our programme of planned roll-outs to electrify our fork-lift fleet which during the year was focused on Michelmersh.
Additionally, over the last few years, we have focused on preparing non-core land at Blockleys ahead of its release for alternative use. The sale of surplus investment land remains an important pillar of our lifetime revenue sources. During the year we received £1.1 million from the sale of this surplus land with the price agreed under the terms of a legacy option agreement. The land had previously been valued at the option price so the sale was released at our balance sheet carrying value with no one-off impact to the earnings statement.
피제수
The Board is pleased to continue to commit to our progressive dividend policy reflecting a balanced approach to generating and returning value to our shareholders, and as such, the Board is recommending a final dividend of 3.00 pence per share (2022: 2.95 pence per share), which, together with the 1.50 pence per share interim dividend (2022: 1.30 pence per share), gives a total dividend of 4.50 pence per share (2022: 4.25 pence per share), up 5.9% on last year. The proposed dividend will be paid on 10 July 2024 to members on the register on 7 June 2024 with shares being marked ex-div on 6 June 2024.
Outlook
We are proud to have maintained our track record of consistent delivery against our strategic and financial targets despite the steep decline in construction activity over the last financial year. Despite these challenges, our singular vision of well-maintained and efficient operations that manufacture the highest quality premium brick products for our customers remains the integral element to our success. We believe in the resilient fundamentals of our business which is underpinned by the quality of our product portfolio and the strength of our customer and distributor relationships.
Despite the lower consumer demand in our markets, we remain well placed at the premium end of the brick market in the UK and Benelux markets. The long-term fundamentals of these markets are positive, with brick continuing to be the façade material of choice due to its longevity, sustainability and energy efficient qualities in use, low cost and broad aesthetic appeal. Importantly, the ongoing strength of our balance sheet provides us with financial strength and also the flexibility to invest in our strategic capital allocation options.
As we enter 2024, whilst there are more positive inflation and interest rate indicators across the UK and Northern Europe, the landscape remains uncertain as does the inflection point for improved activity levels in the construction industry. In our cost base, given the high energy requirements for brick manufacturing, the outlook for energy pricing looks to be improving and we will continue to target the appropriate balance of fixed price certainty alongside the opportunity to access the potential for improved pricing. With this balance in mind, we are deliberately hedged at 70% for 2024 with further contracts into 2025 and 2026.
As ever, we remain focused on mitigating our cost risks alongside maintaining appropriate portfolio pricing to support our customers, and as such, we have held prices at the start of 2024. The Group continues to prioritise a quality and balanced forward order book derived from our diverse and broad loyal customer and distributor relationships, supported by demand from across the social and specification housing, RMI and commercial sectors. We believe the quality fundamentals in our business will provide resilience and we are well placed to continue our strategic progress through 2024 and beyond.
피터 샤프
최고 경영자(CEO)
연결 손익 계산서
31년 2023월 XNUMX일로 종료되는 회계연도
| 2023
£'000 | 2022
£'000 | |
수익 | 77,338 | 68,375 | |
매출원가 | (47,279) | (41,463) | |
매출 총 이익 | 30,059 | 26,912 | |
관리비 | (16,421) | (14,225) | |
무형자산의 상각 | (1,370) | (1,133) | |
(17,791) | (15,358) | ||
다른 수입 | 70 | 55 | |
영업 이익 | 12,338 | 11,609 | |
금융 수입/(비용) | 119 | (214) | |
과세 전 이익 | 12,457 | 11,395 | |
과세 | (2,795) | (2,518) | |
회계 연도의 이익 | 9,662 | 8,877 | |
회사의 주주에게 귀속되는 기본주당이익 | 10.44p | 9.41p | |
회사의 주주에게 귀속되는 희석주당이익 | 10.09p | 9.20p |
연결포괄손익계산서
31년 2023월 XNUMX일로 종료되는 회계연도
| 2023 £'000 | 2022 £'000 | |
회계 연도의 이익 | 9,662 | 8,877 | |
기타포괄손익/(비용) | |||
추후에 당기손익으로 재분류될 수 있는 항목 | |||
통화 이동 | 41 | (257) | |
추후에 당기손익으로 재분류되지 않는 항목 | |||
유형자산 재평가 부족액 | (2,692) | (1,115) | |
유형자산 재평가잉여금 | 1,199 | 2,716 | |
옵션 행사에 대한 세금 공제 | 26 | 18 | |
재평가 움직임에 대한 이연 법인세 | 383 | (466) | |
(1,043) | 896 | ||
당해 년도 총 포괄 이익 | 8,619 | 9,773 |
연결 대차대조표
31년 2023월 XNUMX일 현재
| 2023 £'000 | 2022 £'000 | |
자산 | |||
비유동 자산 | |||
무형 자산 | 23,951 | 25,291 | |
재산, 식물 및 장비 | 63,366 | 65,932 | |
87,317 | 91,223 | ||
유동 자산 | |||
재고 | 16,462 | 9,684 | |
매출 채권 및 기타 채권 | 9,241 | 11,801 | |
현금 및 현금성 자산 | 10,958 | 10,598 | |
총 유동 자산 | 36,661 | 32,083 | |
총자산 | 123,978 | 123,306 | |
부채 | |||
유동 부채 | |||
매입 채무 및 기타 채무 | 12,803 | 15,860 | |
리스 부채 | 698 | 761 | |
법인세 납부 | 1,528 | 1,159 | |
총 유동 부채 | 15,029 | 17,780 | |
비유동 부채 | |||
리스 부채 | 743 | 523 | |
이연 법인세 부채 | 15,362 | 16,034 | |
16,105 | 16,557 | ||
총 부채 | 31,134 | 34,337 | |
순자산 | 92,844 | 88,969 | |
주주 귀속 자본 | |||
주식 자본 | 19,181 | 19,181 | |
프리미엄 계정 공유 | 16,724 | 16,724 | |
보유 | 21,615 | 21,435 | |
이익 잉여금 | 35,324 | 31,629 | |
총 자본 | 92,844 | 88,969 |
연결 자본 변동표
31년 2023월 XNUMX일로 종료되는 회계연도
주식 자본 | 기타 준비금 | 프리미엄 공유 | 잉여금 | 금액 | |
£'000 | £'000 | £'000 | £'000 | £'000 | |
1년 2022월 XNUMX일 현재 | 19,127 | 21,763 | 16,536 | 27,698 | 85,124 |
올해의 이익 | - | - | - | 8,877 | 8,877 |
재평가 적자 | - | (1,115) | - | - | (1,115) |
재평가잉여금 | - | 2,716 | - | - | 2,716 |
옵션 행사에 대한 세금 공제 | - | 18 | - | - | 18 |
재평가에 대한 이연 법인세 | - | (466) | - | - | (466) |
통화 차이 | - | (257) | - | - | (257) |
총 포괄 손익 | - | (76) | - | 6,129 | 6,053 |
총 포괄 손익 | - | 896 | - | 8,877 | 9,773 |
오프닝 조정 | - | (10) | - | - | (10) |
공유 기반 지불 | - | 980 | - | - | 980 |
자사주 매입 | - | - | - | (1,540) | (1,540) |
옵션 만기일에 출시 | 16 | (1,661) | - | 65 | (1,580) |
주식선택권에 대한 이연법인세 | - | (533) | - | - | (533) |
해당 연도에 발행된 주식 | 8 | - | 23 | - | 31 |
31 년 2022 월 XNUMX 일 기준 | 19,181 | 21,435 | 16,724 | 31,629 | 88,969 |
올해의 이익 | - | - | - | 9,662 | 9,662 |
재평가 적자 | - | (2,692) | - | - | (2,692) |
재평가잉여금 | - | 1,199 | - | - | 1,199 |
옵션 행사에 대한 세금 공제 | - | 26 | - | - | 26 |
재평가에 대한 이연 법인세 | - | 383 | - | - | 383 |
통화 차이 | - | 41 | - | - | 41 |
총포괄손익/(비용) | - | (1,043) | - | 9,662 | 8,619 |
공유 기반 지불 | - | 1,258 | - | - | 1,258 |
자사주 매입 | - | - | - | (1,974) | (1,974) |
주식선택권에 대한 이연법인세 | - | (102) | - | - | (102) |
Shareplan purchase | - | 67 | - | - | 67 |
배당금 지급 | - | - | - | (3,993) | (3,993) |
31 년 2023 월 XNUMX 일 기준 | 19,181 | 21,615 | 16,724 | 35,324 | 92,844 |
연결 현금 흐름표
31년 2023월 XNUMX일로 종료되는 회계연도
| 2023 £'000 | 2022 £'000 | |
영업 활동으로 인한 현금 흐름 | |||
과세 전 이익 | 12,457 | 11,395 | |
고정자산 매각이익 | (15) | - | |
재정(수입)/경비 | (119) | 214 | |
감가 상각 | 4,105 | 3,915 | |
상각 | 1,370 | 1,133 | |
공유 기반 지불 요금 | 1,258 | 980 | |
운전자본 변경 전 영업현금흐름 | 19,056 | 17,637 | |
재고 감소/(증가) | (6,777) | 1,022 | |
채권의 감소/(증가) | 2,560 | 307 | |
(감소)/미지급금의 증가 | (1,219) | 683 | |
영업으로 창출된 순 현금 | 13,620 | 19,649 | |
납부한 세금 | (2,790) | (1,655) | |
영업활동으로 발생한 순현금 | 10,830 | 17,994 | |
투자 활동으로 인한 현금 흐름 | |||
부동산, 플랜트 및 장비 구매 | (3,085) | (3,028) | |
토지 매각 수익금 | 1,101 | - | |
무형 자산에 대한 투자 | (30) | - | |
획득 | - | (6,073) | |
투자 활동에 사용 된 순 현금 | (2,014) | (9,101) | |
금융 활동으로 인한 현금 흐름 | |||
리스 지불 | (885) | (721) | |
이자부채의 상환 | - | (785) | |
이자 수령/(지급) | 119 | (214) | |
주식 발행 대금 | - | 31 | |
Settlement of cancellation of options | (1,798) | ||
자사주 취득 | (1,941) | (1,540) | |
배당금 지급 | (3,993) | (3,276) | |
금융 활동에 사용 된 순 현금 | (8,498) | (6,505) | |
현금 및 현금 등가물의 순증가 | 319 | 2,388 | |
연초의 현금 및 현금성자산 | 10,598 | 8,467 | |
외환차이 | 41 | (257) | |
현금 및 현금성자산 연말정산 | 10,958 | 10,598 | |
현금 및 현금성 자산은 다음으로 구성됩니다. | |||
은행 및 수중에 현금 | 10,958 | 10,598 | |
은행 당좌 대월 | - | - | |
10,958 | 10,598 |
그룹 예비 진술에 대한 참고 사항
1. 회계 정책
The consolidated financial statements have been prepared in accordance with UK-adopted international accounting standards and with those parts of the Companies Act 2006 applicable to companies reporting under accounting standards as adopted for use in the UK.
통합 재무제표는 영국 파운드로 표시되며 달리 명시되지 않는 한 모든 값은 천 단위("£000")로 반올림됩니다.
2. 금융 정보
본 예비 공시에 명시된 재무 정보는 31년 2023월 2022일 또는 31년에 종료되는 그룹의 법정 재무제표를 구성하지 않습니다. 재무 정보는 2023년 2022월 498일과 2년에 종료되는 그룹의 법정 재무제표에서 추출되었습니다. 감사인은 해당 재무제표를 보고했습니다. 그들의 보고서는 적합하지 않았고, 감사인이 강조를 통해 주의를 끌었던 문제에 대한 언급을 포함하지 않았으며, 3년 회사법 2006(XNUMX) 또는 (XNUMX)항에 따른 진술을 포함하지 않았습니다.
31년 2023월 31일에 종료된 연도의 법정 계정은 회사의 연례 총회 이후 회사 등록 기관에 제출됩니다. 2022년 498월 2일에 종료된 연도의 법정 계정이 회사 등록부에 제출되었습니다. 해당 법정 계정에 대한 감사인의 보고서 역시 부적격했으며 법 3(XNUMX) 또는 (XNUMX)항에 따른 진술도 포함하지 않았습니다.
3. 주당순이익
Basic
계속 영업으로 인한 주당 이익은 £9,662,000(2022년: £8,877,000) 및 92,535,734(2022년: 94,467,688)의 연간 이익을 기준으로 가중 평균 보통주 수를 기준으로 계산되었습니다.
희석
£9,662,000(2022년: £8,877,000) 및 95,482,319(2022년: 96,444,459)의 연간 이익을 기준으로 계속 영업에서 희석 주당 이익을 계산한 가중 평균 보통주 수입니다.
4. 배당
이사회는 3.00년 10월 2024일 업무 종료 시 회원 등록부에 이름이 표시된 주주들에게 7년 2024월 XNUMX일에 지급될 주당 XNUMX펜스의 최종 배당금을 권고했습니다.
5. 연차보고서 및 결산
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RNS는 귀하의 IP 주소를 사용하여 약관 준수 여부를 확인하고, 귀하가 이 커뮤니케이션에 포함된 정보를 사용하는 방식을 분석하고, 그러한 분석을 익명으로 다른 사람과 상용 서비스의 일부로 공유할 수 있습니다. RNS와 런던 증권 거래소가 귀하가 제공한 개인 데이터를 사용하는 방법에 대한 자세한 내용은 개인 정보 보호 정책을 참조하십시오.