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*
$158.4m +7%
Adjusted profit before tax*
$150.3m +8%
Adjusted net operating margin*
14.2% +110bps

 

Adjusted diluted earnings per share*
48.44c +5%
Revenue
$1,298.5m -1%
Operating profit
$78.3m (2018: $5.5m)

 

Diluted earnings per share
22.92c (2018: 1.52c)

 

* Alternative performance measures (‘APMs’) are financial measurements that are not required under International Financial Reporting Standards (‘IFRS’) which represent the generally accepted accounting principles (‘GAAP’) under which the Group reports. APMs are presented to provide readers with additional financial information that is regularly reviewed by management. The Group believes that the presentation of these non-IFRS measurements provides useful supplemental information which, when viewed in conjunction with IFRS financial information, provides stakeholders with a more meaningful understanding of the underlying financial and operating performance of the Group and its divisions. APMs are presented on an IAS 18 basis to enable like-for-like analysis with the comparative period. APMs should not be considered in isolation or as a substitute for an analysis of results as reported under IFRS. See “Additional Information” on page 182 for definitions and reconciliations to the closest respective equivalent GAAP measure. 

IFRS 15 was adopted on 1 October 2018 for our statutory reporting, without restating prior year figures. As a result, the discussion of our operating results is primarily on an IAS 18 basis for all periods presented. The impact of IFRS 15 which is outlined in Note 34 of the Group financial statements was not significant for the Group.

Overview of Results for the year ended 30 September 2019

 IFRS based

30 September
2019

$'m

30 September
2018

$'m

 Increase/ (decrease)

%

Revenue 1,298.5 1,315.2 (1)
Operating profit 78.3 5.5 n/m
Profit before tax 74.3 8.4 n/m
Diluted earnings 
per share ("EPS") (cent)
22.92 1.52 n/m
Dividend per share (cent) 16.80 16.00 5
  30 September 2019 30 September 2018  
Net debt ($'m) 80.5 60.8  
Net debt/annualised EBITDA (times) 0.4 0.3  

 

Alternative performance measures(IAS 18) 30 September 2019 
$'m
30 September 2018 
$'m
Increase/ (decrease)

%

Constant

currency

increase/ (decrease)
%

Revenue 1,309.5 1,315.2 - 2
Net Revenue 1,114.2 1,129.7 (1) 1
Adjusted operating profit 158.4 147.5 7 9
Adjusted profit before tax 150.3 138.8 8 10
Adjusted diluted earnings per share ("EPS") (cent) 48.44 45.94 5 7

 

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Group Income Statement for the year ended 30 September 2019

Group Income Statement 2019
Pre-exceptional
items
$’000
2019
Exceptional
items
$’000
2019
Total
$'000
2018
Total
$'000
Revenue 1,298,523 - 1,298,523 1,315,186
Cost of sales (920,010) (7,372) (927,382) (933,583)
         
Gross profit 378,513 (7,372) 371,141 381,603
Selling and distribution expenses (193,856) - (193,856) (228,517)
Administrative expenses (21,840) (1,050) (22,890) (18,464)
Other operating expenses (40,414) (33,631) (74,045) (136,587)
Other operating income - - - 8,882
Transaction costs (2,136) - (2,136) (2,374)
Share of joint ventures' profit after tax 50 - 50 958
         
Operating profit 120,317 (42,053) 78,264 5,501
Finance income 16,171 4,143 20,314 16,811
Finance expense (24,301) - (24,301) (13,926)
         
Profit before tax 112,187 (37,910) 74,277 8,386
Income tax expense (20,951) 4,165 (16,786) (4,529)
Profit for the financial year 91,236 (33,745) 57,491 3,857
         
Profit attributable to:        
Owners of the parent 91,196 (33,745) 57,451 3,795
Non-controlling interests 40 - 40 62
  91,236 (33,745) 57,491 3,857
Earnings per share        
Basic earnings per share – cent     23.06c 1.53c
Diluted earnings per share – cent     22.92c 1.52c

 

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Group Balance Sheet as at 30 September 2019

Group Balance sheet 2019
$'000
2018
$'000
ASSETS    
Non-current    
Property, plant and equipment 175,305 179,593
Goodwill 547,520 515,954
Intangible assets 241,615 241,538
Investment in joint ventures  10,216 9,729
Contract fulfilment assets 5,327 -
Derivative financial instruments 15,395 330
Deferred income tax assets 5,178 5,272
Employee benefits 7,636 12,935
Total non-current assets 1,009,192 965,351
     
Current    
Inventories 25,253 31,248
Trade and other receivables 370,350 347,192
Contract fulfilment assets 5,315 -
Cash and cash equivalents 135,228 180,099
Current income tax assets 4,385 793
Derivative financial instruments 8,878 2,474
Total current assets 549,409 561,806
Total assets 1,558,601 1,527,157
     
EQUITY    
Equity share capital 14,678 14,643
Share premium 198,978 197,837
Other reserves (142,759) (135,955)
Retained earnings 829,459 808,647
Equity attributable to owners of the parent 900,356 885,172
Non-controlling interest 207 171
Total equity 900,563 885,343
     
LIABILITIES     
Non-current    
Interest-bearing loans and borrowings 174,734 243,099
Other payables 23,853 5,451
Provisions 74,193 68,900
Deferred income tax liabilities 39,263 45,225
Derivative financial instruments - 319
Total non-current liabilities 312,043 362,994
     
Current    
Interest-bearing loans and borrowings 65,297 272
Trade and other payables 246,685 225,526
Current income tax liabilities  14,380 13,477
Provisions 19,633 39,545
Total current liabilities 345,995 278,820
Total liabilities 658,038 641,814
Total equity and liabilities  1,558,601 1,527,157

 

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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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