Slide 1: Results for the full year ended 31 March 2020
Results for the full year ended 31 March 2020
Slide 2: Antony Collins, Chief Executive Officer
Antony Collins Chief Executive Officer 2
Slide 3: Summary
Summary Group revenue* Underlying Op Profit* Net Debt ROCE(%) +4.9% +14.4% -28.9% +810bps £110.5m £7.3m £27.4m 10.1% On 20 Dec 19 the Group disposed of the loss-making LED division. On 14 Aug 20, the Group signed the tripartite agreement which concluded the restructuring of its main creditors, H
Slide 4: Matt Durkin-Jones, Chief Financial Officer
Matt Durkin-Jones Chief Financial Officer 4
Slide 5: Full year results
Year ended 31 March 20 Year ended 31 March 19 Full year results £'000 £'000 Continuing operations * Revenue 110,506 105,338 Revenue from continuing operations increased Underlying operating profit 7,313 6,390 by 4.9% to £110.5m. Exceptional items (5,470) (4,507) Operating profit 1,843 1,883 Unde
Slide 6: Underlying operating profit bridge
Underlying operating profit bridge +c.£1.5m Underlying profit increased by £0.9m to £7.3m. Trading divisions delivered £1.5m of additional operating profit which was offset by £0.6m of additional central costs. Both Divisions saw improvement on underlying Operating profits. Central costs incre
Slide 7: Divisional analysis
Divisional analysis Carclo Technical Plastics Aerospace +4.5% +10.9% +14.7% +27.3% * Underlying operating profit * Underlying operating profit Increased revenue as the business continued to secure Revenues grew due to spares orders, increasing Airbus new programmes in its core medical market. bu
Slide 8: LED exit
LED exit In FY20 the LED division generated revenues and underlying operating losses of £35.8m and £2.9m respectively Wipac Czech s.r.o was sold on 20 November 2019 to Magna Automotive Europe GmbH for €1.1m (€0.8m in cash and the assumption of €0.3m of outstanding liabilities) On 20 December 2
Slide 9: Exceptional costs
Exceptional costs Continuing Discontinued Group Exceptional costs in the year were £11.7m £m operations 3.4 Operations 1.0 4.4 (continuing: £5.5m and discontinuing: £6.2m). Professional advisors’ fees for restructuring* Consultants fees for restructuring* 0.3 - 0.3 53% of costs are attributable
Slide 10: Group net debt
Group net debt +£12.5m Net debt has reduced by £11.1m (28.9%) to £27.4m. Underlying continuing operations were +£12.5m cash generative before capital expenditures. £14.4m cash inflows from discontinued operations arose from a £16.9m unwind of contract assets and £1.1m on realisations from the
Slide 11: Antony Collins, Group Chief Executive Officer
Antony Collins Group Chief Executive Officer 11
Slide 12: Tripartite agreement
Tripartite agreement On 14 August 20 the Group signed the tripartite agreement which concluded the restructuring of its main creditors, HSBC and the Pension scheme, to secure their continued support through to July 2023. The new HSBC banking facilities comprise of a term loan of £34.5m and a Rev
Slide 13: Market conditions in FY20
Market conditions in FY 20 Carclo Technical Plastics Aerospace Revenue increased due to increased volume as Experienced healthy demand for spares orders. the division won a number of new programme orders in core medical market. Airbus production build-rates increased. Particularly strong gro
Slide 14: COVID 19 Impact Actions
COVID 19 Impact Actions Disruption more extensive in Q1(FY21). Followed government advice to maintain wellbeing and safety of staff. Reduction in Q1(FY21) revenue of 12% compared with Q1(FY20). Accessed government support programmes where possible. Activity levels in July were broadly in l
Slide 15: Strategy
Strategy Focus on growing in core markets, in particular building on strengths in the medical diagnostic sectors. Focus on operational efficiency and utilisation. Actively manage central and divisional overheads. Create shareholder value by reducing the scale of the defined benefit pension d
Slide 16: Summary and Outlook
Summary and Outlook After a very challenging period, the Group now has a more stable platform from which to develop the business. Significantly reduced the net debt position and will make enhanced contributions to the defined benefit pension scheme. Near-term performance is uncertain as the im
Slide 17: End
End Forward looking statements - Certain statements made in this presentation are forward looking statements. Such statements are based on current expectations and are subject to a number of risks and uncertainties that could cause actual events to differ materially from any expected future events o