Highlights of the Year

 

Group Operating Profit* ($m)

FORWARD-LOOKING INFORMATION

Some statements in this Annual Report are or may be forward-looking statements. They represent expectations for the Group’s business, including statements that relate to the Group’s future prospects, developments and strategies, and involve risks and uncertainties both general and specific. The Group has based these forward-looking statements on assumptions regarding present and future strategies of the Group and the environment in which it will operate in the future. However, because they involve known and unknown risks, uncertainties and other factors including but not limited to general economic, political, financial and business factors, which in some cases are beyond the Group’s control, actual results, performance, operations or achievements expressed or implied by such forward-looking statements may differ materially from those expressed or implied by such forward-looking statements, and accordingly you should not rely on these forward looking statements in making investment decisions. Except as required by applicable law or regulation, neither the Group nor any other party intends to update or revise these forward-looking statements after the date these statements are published, whether as a result of new information, future events or otherwise.

 

Group operating profit*
$147.5m +14%
Profit before tax*
$138.8m +17%
Ashfield operating profit*
$98.4m +21%

 

Sharp operating profit*
$45.8m +11%
Aquilant operating profit*
$3.3m -49%
Diluted earnings per share* (EPS)
45.94c +24%

 

Proposed dividend
16.00c +20%
Net operating margin*
13.1% +49bps

* All references to ‘operating profit’ and ‘earnings per share’ included in the Strategic Report are stated excluding the amortisation of acquired intangible assets, transaction costs and exceptional items, and relate to the Group’s continuing operations. The Group reports certain financial measures that are not required under International Financial Reporting Standards (IFRS) which represent the generally accepted accounting principles (GAAP) under which the Group reports. 

Overview of Results for the year ended 30 September 2018

 

IFRS

based

$'m

Adjustments1

$'m

Adjusted

$'m

 

Increase

on 2017

%

Constant

currency

increase

on 2017

%

Continuing operations     
Revenue 1,315.2 - 1,315.2 8 5
Net revenue2  1,129.7 - 1,129.7 10 6
Operating profit 5.5 142.0 147.5 14 12
Profit before tax 8.4 130.4 138.8 17 15
Diluted earnings per share (EPS) (cent) 1.52 44.42 45.94 24 22
Dividend per share (cent) 16.00 - 16.00 20 20

 

1. Adjusted operating profit, profit before tax and diluted EPS are stated before the amortisation of acquired intangible assets ($31.0m, pre-tax), transaction costs ($2.4m, pre-tax) and exceptional charges (operating charge $108.6m, pre-tax $97.1m and post-tax $85.8m) relating to the disposal and impairment of Aquilant ($90.7m charge),the Group’s restructure of internal operating structures ($18.0m charge), deferred contingent consideration adjustments ($11.6m gain), net of tax effect of these items ($1.5m gain) and an exceptional credit to deferred tax liabilities ($9.7m).

2. Net revenue represents gross revenue adjusted for revenue associated with pass-through costs, for which the Group does not earn a margin.

 

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Group Income Statement for the year ended 30 September 2018

Group Income Statement 2018
Pre-exceptional
items
$’000
2018
Exceptional
items
$’000
2018
Total
$'000
2017
$'000
Revenue 1,315,186 - 1,315186 1,219,755
Cost of sales (927,877) (5,706) (933,583) (871,909)
         
Gross profit 387,309 (5,706) 381,603 347,846
Selling and distribution expenses (217,475) (11,042) (228,517) (192,536)
Administrative expenses (17,250) (1,214) (18,464) (23,313)
Other operating expenses (37,037) (99,550) (136,587) (25,450)
Other operating income - 8,882 8,882 -
Transaction costs (2,374) - (2,374) (4,028)
Share of joint ventures' profit after tax 958 - 958 667
         
Operating profit 114,131 (108,630) 5,501 103,186
Finance income 5,235 11,576 16,811 18,905
Finance expense (13,926) - (13,926) (29,257)
         
Profit before tax 105,440 (97,054) 8,386 92,834
Income tax expense (15,792) 11,263 (4,529) (20,976)
Profit for the financial year 89,648 (85,791) 3,857 71,858
         
Profit attributable to:        
Owners of the parent 89,586 (85,791) 3,795 71,858
Non-controlling interests 62 - 62 -
  89,648 (85,791) 3,857 71,858
Earnings per share        
Basic earnings per share – cent     1.53c 28.97c
Diluted earnings per share – cent     1.52c 28.83c

 

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Group Balance Sheet as at 30 September 2018

Group Balance sheet 2018
$'000
2017
$'000
ASSETS    
Non-current    
Property, plant and equipment 179,593 168,403
Goodwill 515,954 542,554
Intangible assets 241,538 227,617
Investment in joint ventures and associates 9,729 8,838
Derivative financial instruments 330 1,302
Deferred income tax assets 5,272 4,025
Employee benefits 12,935 12,379
Total non-current assets 965,351 965,118
     
Current    
Inventories 31,248 55,060
Trade and other receivables 347,192 307,388
Cash and cash equivalents 180,099 187,469
Current income tax assets 793 2,464
Derivative financial instruments 2,474 2,450
Total current assets 561,806 554,831
Total assets 1,527,157 1,519,949
     
EQUITY    
Equity share capital 14,643 14,620
Share premium 197,837 196,496
Other reserves (135,955) (166,656)
Retained earnings 808,647 836,087
Equity attributable to owners of the parent 885,172 880,547
Non-controlling interest 171 109
Total equity 885,343 880,656
     
LIABILITIES     
Non-current    
Interest-bearing loans and borrowings 243,099 244,077
Other payables 5,451 -
Provisions 68,900 58,470
Employee benefits - 3,162
Deferred income tax liabilities 45,225 54,279
Derivative financial instruments 319 352
Total non-current liabilities 362,994 360,340
     
Current    
Interest-bearing loans and borrowings 272 58
Trade and other payables 225,526 248,145
Current income tax liabilities  13,477 16,845
Provisions 39,545 13,905
Total current liabilities 278,820 278,953
Total liabilities 641,814 639,293
Total equity and liabilities  1,527,157 1,519,949

 

Download Financial Statements PDF

Profit before tax*
$XX.Xm +X%
Profit before tax*
$XX.Xm +X%
Profit before tax*
$XX.Xm +X%
Profit before tax*
$XX.Xm +X%
* All references to ‘operating profit’ and ‘earnings per share’ included in the Strategic Report are stated excluding the amortisation of acquired intangible assets, transaction costs and exceptional items and relate to the Group’s continuing operations. The Group reports certain financial measures that are not required under International Financial Reporting Standards (IFRS) which represent the generally accepted accounting principles (GAAP) under which the Group reports. Further information and definitions of these measures are detailed on pages [XX] to [XX].
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