TIDMECEL
RNS Number : 3446L
Eurocell plc
05 September 2023
5 September 2023
EUROCELL PLC (Symbol: ECEL)
HALF YEAR REPORT FOR THE SIX MONTHSED 30 JUNE 2023
Actions taken position the business well for when markets
recover
Eurocell plc, the market leading, vertically integrated UK
manufacturer, distributor and recycler of innovative window, door
and roofline PVC products, today announces its half year results
for the six months ending 30 June 2023.
Summary
-- Challenging market backdrop, with particularly severe decline in new build housing
-- First half profits down as expected
-- Further deterioration in market conditions since July Trading
Update means full year performance now anticipated to be below our
previous expectations
-- Early and decisive action on cost taken in response to lower
volumes and to position the business well for when markets
recover
-- Efficient inventory management driving good cash flow
performance, maintaining strong balance sheet and liquidity
Key financial performance measures H1 2023 H1 2022 Change
(1)
Revenue (GBP million) 184.4 188.8 (2)%
Underlying measures (2)
Adjusted operating profit (GBP
million) 7.6 17.1 (9.5)
Adjusted profit before tax (GBP
million) 6.0 15.7 (9.7)
Adjusted basic earnings per share
(pence) 4.3 11.6 (7.3)
Reported measures
Operating profit (GBP million) 5.1 17.1 (12.0)
Profit before tax (GBP million) 3.5 15.7 (12.2)
Basic earnings per share (pence) 2.6 11.6 (9.0)
Capital investment (GBP million) 3.8 6.4 (2.6)
Net cash generated from operating
activities (GBP million) 20.9 18.1 2.8
Net debt (GBP million) (3) 75.8 71.9 (3.9)
Net debt, pre-IFRS 16 (GBP million)
(3) 15.2 15.0 (0.2)
Interim dividend per share (pence) 2.0 3.5 (1.5)
-------- -------- -------
Financial headlines
-- Group sales down 2% vs H1 2022, including:
- Profiles down 1%: reduced RMI(4) and weaker new build
activity, partially offset by benefit of market share gains
- Building Plastics down 3%: RMI volume in our branches steady but subdued
- Price remains a significant component of sales, with overall Group volumes down 6%
-- Increased competition for limited demand leading to pressure on margins in the branch network
-- Continue to offset input cost inflation with selling price increases where possible
- Particularly labour and electricity, where we operate a
rolling 12-month forward hedging policy
- PVC resin prices fell back slightly in H1 and anticipate some
easing on input cost pricing in H2
-- Recycling feedstock prices 66% higher than H1 2022
-- Adjusted profit before tax from continuing operations down 62% vs H1 2022
- Lower sales volumes, margin pressure in the branches and higher recycling feedstock prices
-- Net cash generated from operating activities up 15% vs H1 2022
- Efficient stock management driving a net working capital
inflow of GBP4.2 million (H1 2022: net outflow GBP9.6 million)
-- Strong balance sheet and liquidity, with pre-IFRS 16 net debt
of GBP15.2 million (31 December 2022: GBP14.4 million)
- Average pre-IFRS 16 net debt of GBP16.2 million in H1 (H1 2022: GBP16.5 million)
-- Interim dividend of 2.0 pence per share
Operational and sustainability headlines
-- Early and decisive action taken on operating costs in response to lower volumes
- Q4 2022 restructuring reduced operating costs by GBP5 million
per annum from the start of 2023
- Further headcount reduction in Q2 2023 to deliver savings of
c.GBP2 million in the second half and c.GBP4 million per annum
thereafter, with the related redundancy costs (GBP1.8 million)
included as a non-underlying item in H1
-- Strong on sustainability as the leading UK-based recycler of
PVC windows, with the proportion of recycled material used
improving to 32% (H1 2022: 28%)
Darren Waters, Chief Executive of Eurocell plc said:
"Market conditions in H1 2023 became more challenging than we
had anticipated, on the back of a sluggish new build housing market
and lower RMI activity, with the CPA(5) July update forecasting
declines of 19% and 11% respectively in these sectors. Against this
backdrop and an exceptionally strong comparative period, we
delivered some resilience in the Group's sales performance in the
first half, with volumes down 6%, and improved cash flow.
"As expected, H1 profits were down on the prior period. Lower
market volumes have resulted in an increasingly competitive
environment and margin pressure in the branch network. First half
profits were further impacted by recycling feedstock prices, which
were significantly higher than H1 2022.
"With the decline in market volumes and a tough outlook for the
balance of 2023 and 2024, we acted quickly to lower operating costs
and focused on efficient working capital management. In addition,
we continue to seek operational efficiencies, for profit and cash
flow improvement, the benefits of which we should start to see next
year.
"We anticipate that profits in H2 will benefit from lower input
prices as well as the operational cost savings already secured.
However, with another base rate increase implemented and the
prospect of more to come further impacting upon consumer
confidence, market conditions have deteriorated since the beginning
of August, meaning that we now anticipate full year performance
will be below our previous expectations.
"On becoming CEO in May, I initiated a review of our strategy,
including the future size and shape of the branch network, customer
proposition and other business structures, and I expect this will
identify more opportunities for growth and efficiencies. In
addition, our pipeline for new fabricator account wins remains
positive, supported by a net reduction in UK capacity following the
announcement that Duraflex intends to exit the market in
September.
"Looking further ahead, the UK construction market continues to
have attractive medium and long-term growth prospects, driven by
the structural deficit in new build housing and an ageing housing
stock that requires increased repair and maintenance. Overall, I
believe the actions we are now taking leave the business well
positioned to benefit from a recovery in our markets which will,
over the medium-term, drive sustainable growth in shareholder value
."
Notes
(1) Stated on a continuing basis i.e. excluding discontinued operations.
(2) Non-underlying items of GBP2.5 million in 2023 include
restructuring costs of GBP1.8 million and GBP0.7 million of costs
relating to a new HR information system which are classified as an
expense as it uses cloud computing. There were no non-underlying
items in H1 2022.
(3) Net debt is bank overdrafts, borrowings and lease
liabilities less cash and cash equivalents and deferred
consideration. Pre-IFRS 16 net debt excludes lease liabilities and
is provided as our financial covenants are measured on this
basis.
(4) RMI is repair, maintenance and improvement.
(5) Construction Products Association Forecasts 2023-25,
published July 2023, predicting declines in the RMI and new build
markets of 11% and 19% respectively for 2023.
This announcement contains inside information for the purposes
of Article 7 of EU Regulation 596/2014.
Analyst presentation
There will be an audiocast presentation for analysts and
investors at 10am today. The presentation can be accessed remotely
via a live audiocast link as follows:
https://streamstudio.world-television.com/782-2007-36856/en
Alternatively, you can join via conference call as follows:
+44 (0) 33 0551
United Kingdom 0200
United Kingdom (toll free) 0808 109 0700
----------------
Participant access code Eurocell
----------------
A copy of the presentation will be made available from 7am on 5
September on the Group's web site:
https://investors.eurocell.co.uk/investors/
Following the presentation, a recording of the audiocast will
also be made available on the Group's web site (link above).
CHIEF EXECUTIVE'S REVIEW
INTRODUCTION
With demand softening towards the end of last year, we completed
a restructuring programme in Q4 to lower our cost base and
therefore entered 2023 prepared for tougher market conditions.
However, so far this year our markets have been weaker than
anticipated, with the Construction Products Association (CPA) July
update predicting declines in the repair, maintenance and
improvement (RMI) market of 11% and new build market of 19% for
2023, before both begin to recover in 2024.
In the Profiles division, reduced RMI activity and a weaker new
build housing market resulted in lower sales volumes, partially
offset by the benefit of recent market share gains. We have
continued to acquire new fabricator accounts, and our pipeline of
potential new fabricator customers remains positive, supported by a
net reduction in UK capacity following the announcement by UK
Windows & Doors Group that it intends to shut its Duraflex
extrusion business in September.
In Building Plastics, RMI volumes in the branch network remained
steady but subdued, with increased competition for limited demand
leading to pressure on margins.
We have experienced persistent input cost inflation,
particularly for labour and electricity (where we operate a rolling
12-month forward hedging policy), but we continue to offset this
with selling price increases where possible. PVC resin prices fell
back slightly in the first half, and while we anticipate some
easing of input cost pricing in H2, recycling feedstock prices
remain significantly higher than the comparative period in
2022.
With end markets further weakening in H1, we have focused on
efficient cash and working capital management. In addition, given
the more challenging outlook for the remainder of the year, we
completed a further headcount reduction in Q2, to lower operating
costs from July.
FINANCIAL RESULTS
Against this very challenging backdrop and an exceptionally
strong 2022 comparative period, we delivered some resilience in the
Group's sales performance in the first half. Sales for H1 were
GBP184.4 million, down 2% on H1 2022, with volume 6% lower.
As expected, adjusted profit before tax for H1 was GBP6.0
million, down 62% on H1 2022, with the reduction on a net basis
driven by lower volumes, margin pressure in the branches and higher
recycling feedstock prices.
Reflecting our focus on cash management, we delivered improved
net cash generated from operations of GBP20.9 million, up 15% on H1
2022, including an inflow from working capital of GBP4.2 million,
compared to an outflow of GBP9.6 million in the first half of last
year.
Further information on our financial performance is included in
the Divisional and Chief Financial Officer's Reviews.
SUSTAINABILITY
We have a defined suite of environmental and social targets and
KPIs against which to measure our progress, with the results set
out in our Annual Reports. We are also in the process of
transitioning to reporting further information under the
Sustainability Accounting Standards Board (SASB) standards, with
performance in respect of a selected number of relevant metrics
included for the first time in our 2022 Annual Report.
Towards the end of 2022, our Social Values and ESG Committee was
formed to provide formal and transparent oversight of the Group's
ESG programme. This includes sustainability, employee welfare and
responsible business practices, as well as our contribution to the
societies we operate in. The committee also monitors progress
against our sustainability KPIs. It is comprised of four
independent Non-executive Directors; Alison Littley (Chair), Kate
Allum, Iraj Amiri and Will Truman, as well as the Group's
Sustainability Manager, Simon Drury, and Human Resources Director,
Bruce Stephen.
Looking forward, we expect the committee to drive the
development and strengthening of our sustainability related KPIs,
with the work focused on four key themes as follows:
-- Carbon, energy and water - defining our pathway to carbon
neutrality and net zero, which will be driven primarily by reducing
Scope 1 and 2 emissions in extrusion and recycling.
-- Waste minimisation and circularity - further strengthening
materials recovery and process optimisation.
-- People and places - becoming a regional employer of choice
and stepping up community engagement.
-- Governance - reporting progress against published ESG targets
and aligning with sustainability indices.
As a measure of commitment to achieving our goals, our GBP75
million sustainable Revolving Credit Facility contains annual
recycling, emissions and waste reduction targets, with modest
adjustments to the margin based upon performance.
OPERATIONAL PERFORMANCE
Production
Overall Equipment Effectiveness ('OEE', a measure which takes
into account machine availability, performance and yield) was 78%
in H1 2023, a significant improvement on the 71% reported for FY
2022, and ahead of our target of 75%, reflecting the benefit of
improving manufacturing efficiencies and a tighter conformance to
production planning. As a result, having built inventories to
mitigate the impact of supply chain disruption in 2021, we
delivered reductions of c.GBP5 million in the second half of 2022
and a further c.GBP6 million in H1 2023, including benefit from
lower input costs.
Recycling
We are the leading UK-based recycler of PVC windows, now saving
the equivalent of c.3 million window frames from landfill each
year. We have made further progress in H1 2023, with usage
increasing to 32% (9.1k tonnes) of materials consumed in
production, compared to 28% (8.3k tonnes) in H1 2022, driving lower
carbon emissions and cost savings compared to the use of virgin
material.
A weaker RMI market and less window replacements has restricted
feedstock availability for our recycling business, resulting in a
significant increase in purchase prices (66%) compared to H1 2022.
However, we are making good progress securing additional sources of
feedstock, which alongside reduced demand and lower virgin resin
prices, may push feedstock prices down in the future. So far in H2,
we have seen signs that prices are beginning to ease.
Furthermore, we are finding more ways of using all the waste
product generated by our plants and expect to progressively reduce
waste sent to landfill to less than 5% in the near term.
Health & safety
The safety and well-being of our employees and contractors is
our first priority. Our Lost Time Injury Rate ('LTIR') was 0.7 in
H1 2023, compared to 1.0 in 2022 (full year). Our RIDDOR (Reporting
of Injuries, Diseases and Dangerous Occurrences Regulations 2013)
performance remains better than the industry average. There were no
major injuries and 6 minor injuries reported under RIDDOR in the
period (full year 2022: no major injuries and 23 minor injuries).
We have enhanced the reporting of near misses and unsafe acts and
conditions, as part of a proactive approach to risk management,
with the aim of reducing the likelihood of future workplace
injuries. This, when combined with the effective and timely
implementation of corrective and preventive action, supports our
positive and improving safety culture.
PROFILES DIVISION REVIEW
Overview
In 2018 we became the leading supplier of rigid PVC profile to
the UK market. We continue to consolidate our position and expect
to further reinforce it over the medium term.
The demand created by our specification and marketing teams,
together with continuing new product introductions, have supported
growth for our existing fabricator customers over the last few
years. Our pipeline of potential new fabricator customers remains
positive , supported by the announcement by UK Windows & Doors
Group that it intends to shut its Duraflex extrusion business in
September.
Looking forward, there is an opportunity to capitalise on our
recent investments in warehousing and production plant, to exploit
spare operational capacity and continue to grow market share in
Profiles. Our plans to achieve this are sector-led, with
initiatives focused primarily on the trade / retail and new build
sectors, which together represent c.90% of Profiles sales (c.55%
for trade and c.35% for new build).
The case for larger trade fabricators switching to Eurocell
includes a strong product range and continued product development,
including better aesthetics (such as flush windows), a more
contemporary look to roofing and door products and improved
environmental characteristics. In addition, the benefits of
pull-through profile specifications and opportunities to supply our
branches, all delivered via excellent service, remain attractive to
prospective fabricator accounts.
Expanding our share of the new build market has been key to
recent growth, driven by sales of cavity closures where we are the
market leader. Looking forward, building regulations for windows
are becoming increasingly complicated and our technical teams are
working with our larger customers to enable them to conform,
including development of new product applications to meet changing
requirements.
This includes the Future Homes Standard, which will complement
the existing Building Regulations to ensure new homes built from
2025 produce 75-80% less carbon emissions than homes delivered
under the old regulations. The housebuilders have already taken
significant steps to reduce emissions through walls, floors and
roofs. However, to comply with the proposed new regulations,
solutions to reduce emissions through windows and doors are likely
to be required. This plays well to Eurocell's technical expertise
and we are working with the housebuilders and our customers to
design a fit-for-purpose solution.
Summary income statement
H1 2023 H1 2022 Change
GBPm GBPm %
----------------------------- ------- ------- ------
Third-party revenue 79.5 80.1 (1)%
Inter-segmental revenue 34.9 37.9 (8)%
--------------------------------- ------- ------- ------
Total revenue 114.4 118.0 (3)%
--------------------------------- ------- ------- ------
Adjusted(1) operating profit 4.9 12.2 (60)%
--------------------------------- ------- ------- ------
Operating profit 3.4 12.2 (72)%
--------------------------------- ------- ------- ------
(1) Adjusted performance measures are stated before non-underlying items.
Third-party revenue for H1 was GBP79.5 million, 1% lower than H1
2022, with volumes down 5% reflecting subdued RMI activity and
weaker new build markets, partially offset by the benefit of recent
market share gains.
Cost of living pressures, successive interest rate increases and
house prices beginning to fall have all had a significant adverse
impact on demand for our products. However, we have continued to
take market share. Since 2017 we have won over 100 new Profiles
accounts. A futher 18 smaller accounts were added in H1 2023, which
we expect to come on line progressively over the next 6-12
months.
Adjusted operating profit for H1 was GBP4.9 million, compared to
GBP12.2 million in H1 2022, reflecting lower sales volumes and
significantly higher recycling feedstock and other input costs.
Reported operating profit of GBP3.4 million is stated after
non-underlying restructuring costs totalling GBP1.5 million.
Further information on non-underlying items is included in the
Chief Financial Officer's Review.
BUILDING PLASTICS (BRANCH NETWORK) DIVISION REVIEW
Overview
Our objective for Building Plastics is to achieve sector-leading
operations from our UK-wide branch network. Our aim is to be the
number one choice for relevant trades across the UK, by creating
the market-leading proposition and being recognised as first for
service to the tradesperson.
A review is underway to determine the future size and shape of
the network and customer proposition, including optimisation of the
current estate. This review includes a deep dive to better
understand the key characteristics of our best performing branches,
with a view to replicating these across the network and improving
returns on invested capital. This includes consideration of branch
format, scale and infrastructure costs (including rent), product
range and new product development, labour turnover (and other
people metrics), value added services and operational
efficiencies.
We have two branch formats: standard (204 branches), and large
(10 branches), the latter with bigger display areas and a wider
product range available. We believe there is an opportunity to sell
more high-value items, such as windows and doors, through the
existing network. Both current and potential future formats are
part of the review.
Customer-centric new product development is fundamental to
growing revenues in the branch network. Over the last 18 months, we
have developed our conservatory and roofs proposition, launched a
new flat roof lantern and expanded our outdoor living product range
to include pergolas and verandas. We are also excited to be
launching our new "Extension-in-a-box" product in H2 2023, which
provides an alternative and affordable method for homeowners to add
space at a fraction of the cost, time and inconvenience when
compared to traditional extensions or moving house.
Our best performing branches are generally those with the lowest
rates of labour turnover. Our initiatives to reduce labour
attrition across the network are focused on four key drivers:
systems and processes; environment and engagement; pay and reward;
and training.
We also believe we can drive further growth in the network by
developing value added services for our customers. For example, we
expect our recently established Select Installer scheme for
conservatory roofs to create a nationwide network of Eurocell
advocates, as we channel customer leads through the installer
community.
Overall, we expect growth of the network will come mostly by
taking market share from independent operators, who currently have
more than 60% market share (measured by number of sites).
Summary income statement
H1 2023 H1 2022 Change
GBPm GBPm %
----------------------------- ------- ------- ------
Third-party revenue 104.9 108.7 (3)%
Inter-segmental revenue 0.2 0.1 100%
--------------------------------- ------- ------- ------
Total revenue 105.1 108.8 (3)%
--------------------------------- ------- ------- ------
Adjusted(1) operating profit 3.4 7.1 (52)%
--------------------------------- ------- ------- ------
Operating profit 2.4 7.1 (66)%
--------------------------------- ------- ------- ------
(1) Adjusted performance measures are stated before non-underlying items.
Third-party revenue for H1 was GBP104.9 million, 3% lower than
H1 2022, with volume down 6%. Demand in the branches has been
steady but subdued, as home owners have pulled back on
discretionary expenditure, most likely in response to higher costs
of living and interest rates. However, we still see reasonable
volumes of high-value project work (such as our roof lanterns,
conservatory roofs, windows and bi-fold doors) and sales in our
outdoor living range (fencing, decking and garden rooms) of GBP6.1
million remain broadly consistent with H1 2022.
Our total of 214 branches provides national coverage across the
UK, which offers a significant competitive advantage. We are also
making progress reducing the time taken to reach break-even in new
stores. The 12 new branches opened in 2021 continue to mature and
added sales of GBP4.4 million in H1 2023 (H1 2022: GBP3.6
million).
Adjusted operating profit for H1 was GBP3.4 million, compared to
GBP7.1 million in H1 2022. I ncreased competition for limited
demand has led to pressure on margins in the network. Reported
operating profit of GBP2.4 million is stated after non-underlying
restructuring costs totalling GBP1.0 million.
BOARD CHANGES
As previously announced, following our AGM in May, I assumed the
position of Chief Executive Officer and Mark Kelly retired. In
addition, Martyn Coffey stood down from the Board and Will Truman
was appointed as an independent Non-executive Director and member
of the Audit and Risk, Nomination and ESG and Social Values
Committees.
SUMMARY AND OUTLOOK
Market conditions in H1 2023 became more challenging than we had
anticipated, on the back of a sluggish new build housing market and
lower RMI activity, with the CPA July update forecasting declines
of 19% and 11% respectively in these sectors. Against this backdrop
and an exceptionally strong comparative period, we delivered some
resilience in the Group's sales performance in the first half, with
volumes down 6%, and improved cash flow.
As expected, H1 profits were down on the prior period. Lower
market volumes have resulted in an increasingly competitive
environment and margin pressure in the branch network. First half
profits were further impacted by recycling feedstock prices, which
were significantly higher than H1 2022.
With the decline in market volumes and a tough outlook for the
balance of 2023 and 2024, we acted quickly to lower operating costs
and focused on efficient working capital management. In addition,
we continue to seek operational efficiencies, for profit and cash
flow improvement, the benefits of which we should start to see next
year.
We anticipate that profits in H2 will benefit from lower input
prices as well as the operational cost savings already secured.
However, with another base rate increase implemented and the
prospect of more to come further impacting upon consumer
confidence, market conditions have deteriorated since the beginning
of August, meaning that we now anticipate full year performance
will be below our previous expectations.
On becoming CEO in May, I initiated a review of our strategy,
including the future size and shape of the branch network, customer
proposition and other business structures, and I expect this will
identify more opportunities for growth and efficiencies. In
addition, our pipeline for new fabricator account wins remains
positive, supported by a net reduction in UK capacity following the
announcement that Duraflex intends to exit the market in September
.
Looking further ahead, the UK construction market continues to
have attractive medium and long-term growth prospects, driven by
the structural deficit in new build housing and an ageing housing
stock that requires increased repair and maintenance. Overall, I
believe the actions we are now taking leave the business well
positioned to benefit from a recovery in our markets which will,
over the medium-term, drive sustainable growth in shareholder
value.
Darren Waters
Chief Executive Officer
CHIEF FINANCIAL OFFICER'S REVIEW
H1 2023 H1 2022
GBPm GBPm
--------------------------------------------- ------- -------
Revenue 184.4 188.8
Gross profit 84.8 95.8
Gross margin % 46.0% 50.7%
Overheads (65.1) (66.8)
Adjusted(2) EBITDA 19.7 29.0
Depreciation and amortisation (12.1) (11.9)
---------------------------------------------- ------- -------
Adjusted(2) operating profit 7.6 17.1
Finance costs (1.6) (1.4)
---------------------------------------------- ------- -------
Adjusted(2) profit before tax 6.0 15.7
Taxation (1.2) (2.8)
---------------------------------------------- ------- -------
Adjusted(2) profit after tax 4.8 12.9
Adjusted(2) basic earnings per share (pence) 4.3 11.6
---------------------------------------------- ------- -------
Non-underlying items (2.5) -
Tax on non-underlying items 0.6 -
---------------------------------------------- ------- -------
Reported operating profit 5.1 17.1
---------------------------------------------- ------- -------
Reported profit before tax 3.5 15.7
---------------------------------------------- ------- -------
Reported profit after tax 2.9 12.9
---------------------------------------------- ------- -------
Loss after tax from discontinued operations - (0.4)
---------------------------------------------- ------- -------
Reported basic earnings per share (pence) 2.6 11.6
---------------------------------------------- ------- -------
Profit for the year 2.9 12.5
---------------------------------------------- ------- -------
(1) Results are stated on a continuing basis i.e. excluding the
impact of Security Hardware, which was sold in December 2022.
(2) See alternative performance measures.
INTRODUCTION
Market conditions deteriorated progressively through the first
half of the year, driven by on-going cost inflation, successive
base rate increases and falling real wages, all of which put
unprecedented pressure on household budgets, resulting in lower
levels of activity in the private housing RMI market and reduced
demand for new build housing. These challenges in our two key end
markets impacted the financial performance of the business in
H1.
As expected, profits were down compared to the first half of
2022, driven on a net basis by lower volumes, margin pressure in
the branches and higher recycling feedstock prices.
In the face of declining volumes, we acted quickly to reduce our
cost base, securing savings of GBP7 million for the full year of
2023. We also focused on working capital management to drive a good
improvement in cash flow generation.
We believe that the medium and long-term prospects for our
markets remain attractive and that the actions we are taking leave
us well placed to benefit from a recovery when it comes.
REVENUE
Revenue for H1 was GBP184.4 million, 2% down on H1 2022
(GBP188.8 million). Sales include the significant impact of selling
price increases to offset persistent input cost inflation (see
below) , with volumes down 6% against an exceptionally strong
comparative period in 2022, reflecting weak market condions.
GROSS MARGIN
Gross margin was 46.0% in H1, down from 50.7% in H1 2022, which
includes the impact of lower volumes. In the branch network,
increased competition for limited demand has led to pressure on
margins.
We also experienced ongoing input cost inflation, particularly
for electricity (where we operate a rolling 12-month forward
hedging policy, so were paying rates locked in during H1 2022, when
wholesale energy prices peaked). Where possible we have recovered
higher electricity costs with selling price increases, but there is
a dilutive impact upon gross margin percentage.
However, recycling feedstock prices were significantly higher
(66%) than H1 2022. As described in the Chief Executive's Review,
we are making good progress securing additional sources of
feedstock, which alongside reduced demand and lower virgin prices,
may push feedstock prices down in the future.
PVC resin prices fell back slightly in the first half, and we do
anticipate some easing of input cost pricing in H2.
DISTRIBUTION AND ADMINISTRATIVE EXPENSES (OVERHEADS)
Underlying overheads for H1 were GBP65.1 million, 3% lower than
H1 2022 (GBP66.8 million), reflecting our cost reduction
initiatives.
As demand has softened, we acted quickly to lower our cost base.
We completed a restructuring programme in Q4 2022 which reduced
operating costs by GBP5 million per annum from the start of 2023.
With end markets continuing to weaken in H1, and given the more
challenging outlook for the remainder of the year, we completed a
further headcount reduction in Q2 2023, which will lower operating
costs by c.GBP2 million in H2 and by c.GBP4 million per annum
thereafter. Costs associated with this restructuring have been
presented as non-underlying items (see below).
We experienced general overhead and wage inflation in H1 2023,
but this was also recovered via selling prices increases, as
described above.
DEPRECIATION AND AMORTISATION (D&A)
D&A for H1 was GBP12.1 million, compared to GBP11.9 million
in H1 2022.
ALTERNATIVE PERFORMANCE MEASURES
Alternative performance measures are used alongside statutory
measures to facilitate a better understanding of financial
performance and comparison with prior periods, and in order to
provide audited financial information against which the Group's
bank covenants, which are all measured on a pre-IFRS 16 basis, can
be assessed.
Adjusted EBITDA, adjusted operating profit and adjusted profit
before tax all exclude non-underlying items. Adjusted profit after
tax and adjusted earnings per share exclude non-underlying items
and the related tax effect. Pre-IFRS 16 EBITDA is stated inclusive
of operating lease rentals under IAS 17 Leases. Pre-IFRS 16 net
debt is defined as total borrowings and lease liabilities less cash
and cash equivalents, excluding the impact of IFRS 16 Leases.
We classify some material items of income and expense as
non-underlying when the nature and infrequency merit separate
presentation. Alongside statutory measures, this facilitates a
better understanding of financial performance and comparison with
prior periods.
NON-UNDERLYING ITEMS
Non-underlying items for 2023 of GBP2.5 million included
restructuring costs of GBP1.8 million, comprising redundancy
payments and related employee benefit termination costs. Also
included are GBP0.7 million of cloud computing costs incurred on
strategic IT projects involving 'Software as a Service'
arrangements, which are expensed as incurred rather than being
capitalised as intangible assets. Such items are considered to be
non-underlying in nature because they relate to multi-year
programmes to deliver strategic IT implementations which are
material in size, with overall spend estimated to be in the region
GBP7-9 million over the next three years. Our strategic IT projects
comprise a new customer-facing website, an employee management
system and, most significantly, the upgrade or replacement of our
Enterprise Resource Planning (ERP) system.
No non-underlying items were recognised in H1 2022.
FINANCE COSTS AND TAXATION
Finance costs for H1 were GBP1.6 million (H1 2022: GBP1.4
million).
The underlying tax charge for H1 2023 was GBP1.2 million (H1
2022: GBP2.8 million). The effective tax rate on underlying profit
before tax for H1 2023 of 19% (H1 2022: 18%) is lower than the
blended standard corporation tax rate of 23.5% for the period due
to the benefit of Patent Box relief.
PROFIT BEFORE TAX AND EARNINGS PER SHARE
Adjusted profit before tax for H1 was GBP6.0 million, compared
to profit before tax of GBP15.7 million in H1 2022, with the
reduction driven on a net basis substantially by lower volumes,
margin pressure in the branches and higher recycling feedstock
prices . Reported profit before tax was GBP3.5 million. Adjusted
basic earnings per share for H1 2023 were 4.3 pence (H1 2022: 11.6
pence). Adjusted diluted earnings per share were 4.3 pence (H1
2022: 11.5 pence). Total basic earnings per share were 2.6 pence
(H1 2022: 11.6 pence), and total diluted earnings per share were
2.6 pence (H1 2022: 11.5 pence).
DIVIDS
On 4 September 2023, the Board approved an interim dividend for
the six months ended 30 June 2023 of 2.0 pence per share (GBP2.2
million), representing a decrease of 43% compared to H1 2022. The
interim dividend will be paid on 6 October 2023 to shareholders on
the register at the close of business at 15 September 2023 and
shares will be marked ex-dividend on 14 September 2023.
CAPITAL EXPITURE
Capital expenditure for H1 2023 was GBP3.8 million (H1 2022:
GBP6.4 million). 2023 includes GBP0.7 million to improve staff
welfare facilities across the branch network. Other capital
expenditure in the period is largely maintenance capex.
CASH FLOW
Net cash generated from operating activities was GBP20.9 million
for the period, compared to GBP18.1 million in H1 2022, reflecting
our focus on efficient working capital management.
This includes a net inflow from working capital for H1 2023 of
GBP4.2 million, comprised of a decrease in stocks (GBP6.4 million),
an increase in trade and other receivables (GBP4.5 million) and an
increase in trade and other payables (GBP2.3 million). This
compares to a net outflow from working capital of GBP9.6 million in
H1 2022, which reflected the significant impact of inflation and
the final stages of a stock build to protect the business from
supply chain disruption. In H2 2022, with supply chain security
restored, we commenced a stock optimisation programme, delivering a
reduction of GBP5 million in that period, and we have continued to
drive down inventories through the first half of 2023. The increase
in receivables and payables since December 2022 reflects a seasonal
uplift in volumes and higher prices.
Net cash generated from operating activities also includes net
tax paid of GBP1.4 million (H1 2022: GBP1.7 million).
Other cash flow items comprise payments for capital investments
of GBP4.1 million, including the net movement in our capital
creditor of GBP0.3 million (H1 2022: GBP7.4 million) and financing
costs of GBP1.7 million (H1 2022: GBP1.2 million), including GBP0.7
million for Eurocell shares purchased to settle employee share
options and GBP0.2m of arrangement fees and other costs incurred to
extend the Group's Revolving Credit Facility. The principal
elements of lease payments of GBP7.0 million (H1 2022: GBP6.3
million) are presented within cash flows arising from financing
activities. The finance elements of lease payments were GBP0.8
million (H1 2022: GBP0.6 million).
Dividends of GBP8.1 million were paid to shareholders during the
period (H1 2022: GBP7.2 million).
NET DEBT
Net debt on a pre-IFRS 16 basis at 30 June 2023 was GBP15.2
million (30 June 2022: GBP15.0 million, 31 December 2022: GBP14.4
million). Reported net debt on a post-IFRS 16 basis at 30 June 2023
was GBP75.8 million (30 June 2022: GBP71.9 million, 31 December
2022: GBP78.1 million).
BANK FACILITIES
In May, we completed a one-year extension to our GBP75 million
unsecured, sustainable Revolving Credit Facility, which now matures
in 2027. The facility is provided by Barclays, NatWest and Bank of
Ireland, and is competitively priced with the key terms remaining
unchanged. In terms of sustainability, modest adjustments to the
margin are applied based on our achievement against annual targets
for usage of recycled material in our products, waste recycled and
carbon emissions. We operate comfortably within the terms of the
facility and in compliance with our financial covenants, which are
measured on a pre-IFRS 16 basis.
PRINCIPAL RISKS AND UNCERTAINTIES
The principal risks and uncertainties faced by the Group are set
out in the 2022 Annual Report (pages 70-77). These risks remain
unchanged and are as follows:
-- Macroeconomic conditions
-- Cyber security
-- Regulatory risks, including health & safety
-- Raw material, traded goods and recycling feedstock supply and pricing
-- Customer credit risk
-- Sustainability, climate change and natural disaster
-- Manufacturing, warehousing and distribution capacity constraints
-- Unplanned plant downtime
-- Ability to attract and retain key personnel and highly skilled individuals
-- Shortages or increased costs of appropriately skilled labour
-- Failure to develop new products
-- Competitor activity
-- Failure to identify, complete and integrate acquisitions
-- Digital and IT systems development
-- Fraud
Michael Scott
Chief Financial Officer
RESPONSIBILITY STATEMENT OF THE DIRECTORS IN RESPECT OF THE HALF
YEAR REPORT
We confirm that to the best of the Directors' knowledge:
-- The condensed set of financial statements has been prepared
in accordance with UK-adopted International Accounting Standard 34
and;
-- The interim management report includes a fair review of the information required by:
(a) DTR 4.2.7R of the Disclosure and Transparency Rules, being
an indication of important events that have occurred during the
first six months of the financial year and their impact on the
condensed set of financial statements; and a description of the
principal risks and uncertainties for the remaining six months of
the year; and
(b) DTR 4.2.8R of the Disclosure and Transparency Rules, being
related party transactions that have taken place in the first six
months of the current financial year and that have materially
affected the financial position or performance of the entity during
that period; and any changes in the related party transactions
described in the last Annual Report that could do so.
By Order of the Board
Darren Waters Michael Scott
Chief Executive Officer Chief Financial Officer
4 September 2023 4 September 2023
CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
For the six months ended 30 June 2023
Six months ended 30 June Six months ended 30 June Year ended 31 December
2023 2022 2022
(Unaudited) (Unaudited) (Audited)
(1) (1) (1)
Underlying Non-underlying Total Underlying Non-underlying Total Underlying Non-underlying Total
Note GBPm GBPm GBPm GBPm GBPm GBPm GBPm GBPm GBPm
---------------- ----- ----------- --------------- ------- ----------- --------------- ------- ----------- --------------- --------
Revenue 6 184.4 - 184.4 188.8 - 188.8 381.2 - 381.2
Cost of sales (99.6) - (99.6) (93.0) - (93.0) (196.7) - (196.7)
Gross profit 84.8 - 84.8 95.8 - 95.8 184.5 - 184.5
Distribution
costs (12.6) - (12.6) (12.0) - (12.0) (23.9) (0.4) (24.3)
Administrative
expenses (64.9) (2.5) (67.4) (66.7) - (66.7) (130.4) (1.8) (132.2)
Other income
(2) 0.3 - 0.3 - - - 1.1 - 1.1
Operating
profit 6 7.6 (2.5) 5.1 17.1 - 17.1 31.3 (2.2) 29.1
Finance expense (1.6) - (1.6) (1.4) - (1.4) (2.6) (0.3) (2.9)
Profit before
tax from
continuing
operations 6.0 (2.5) 3.5 15.7 - 15.7 28.7 (2.5) 26.2
Taxation 7 (1.2) 0.6 (0.6) (2.8) - (2.8) (4.7) 0.5 (4.2)
Profit after
tax from
continuing
operations 4.8 (1.9) 2.9 12.9 - 12.9 24.0 (2.0) 22.0
---------------- ----- ----------- --------------- ------- ----------- --------------- ------- ----------- --------------- --------
Discontinued
operations
Loss after tax
from
discontinued
operations - (0.4) (2.3)
Profit for the
period
and total
comprehensive
income 2.9 12.5 19.7
---------------- ----- ----------- --------------- ------- ----------- --------------- ------- ----------- --------------- --------
Basic earnings
per share
from
continuing
operations 8 4.3p 2.6p 11.6p 11.6p 21.4p 19.6p
Diluted
earnings per
share from
continuing
operations 8 4.3p 2.6p 11.5p 11.5p 21.3p 19.5p
---------------- ----- ----------- --------------- ------- ----------- --------------- ------- ----------- --------------- --------
(1) Non-underlying items are detailed in Note 5.
(2) Other income is amounts received under the Group's cyber
insurance policy, net of excess paid, in respect of business
interruption to the Group's continuing trading activities as a
result of a cyber incident in July and August 2022.
(3) The prior year comparatives have been re-presented to remove
the results of Security Hardware, which have been presented as
discontinued operations following the sale of the business in
December 2022.
CONDENSED COnsolidated Statement of Financial Position
As at 30 June 2023
30 June 2023 30 June 2022 31 December 2022
(Unaudited) (Unaudited) (Audited)
Note GBPm GBPm GBPm
------------------------------------------------------ ---- ------------ ------------ ----------------
Assets
Non-current assets
Property, plant and equipment 9 60.5 61.0 61.7
Right-of-use assets 9 56.8 52.8 59.7
Intangible assets 9 16.0 17.9 16.9
Total non-current assets 133.3 131.7 138.3
------------------------------------------------------ ---- ------------ ------------ ----------------
Current assets
Inventories 53.5 66.0 59.9
Trade and other receivables 54.5 55.2 50.0
Corporation tax 1.0 0.3 0.2
Deferred consideration - - 0.8
Cash and cash equivalents 2.1 9.0 5.1
Total current assets 111.1 130.5 116.0
------------------------------------------------------ ---- ------------ ------------ ----------------
Total assets 244.4 262.2 254.3
------------------------------------------------------ ---- ------------ ------------ ----------------
Liabilities
Current liabilities
Trade and other payables (49.2) (59.0) (47.4)
Lease liabilities (13.2) (11.8) (13.0)
Bank overdrafts - (2.7) -
Provisions (0.2) (0.5) (0.2)
Total current liabilities (62.6) (74.0) (60.6)
------------------------------------------------------ ---- ------------ ------------ ----------------
Non-current liabilities
Borrowings (17.3) (21.3) (20.3)
Trade and other payables - (0.3) -
Lease liabilities (47.4) (45.1) (50.7)
Provisions (1.0) (1.1) (1.0)
Deferred tax (6.8) (7.9) (6.8)
Total non-current liabilities (72.5) (75.7) (78.8)
------------------------------------------------------ ---- ------------ ------------ ----------------
Total liabilities (135.1) (149.7) (139.4)
------------------------------------------------------ ---- ------------ ------------ ----------------
Net assets 109.3 112.5 114.9
------------------------------------------------------ ---- ------------ ------------ ----------------
Equity attributable to equity holders of the Parent
Share capital 0.1 0.1 0.1
Share premium account 22.2 22.1 22.2
Treasury shares (0.7) - -
Share-based payment reserve 1.2 1.8 0.9
Retained earnings 86.5 88.5 91.7
Total equity 109.3 112.5 114.9
------------------------------------------------------ ---- ------------ ------------ ----------------
CONDENSED Consolidated Cash Flow Statement
For the period ended 30 June 2023
Six months ended 30 June Six months ended 30 June Year
2023 2022 ended 31 December 2022
(Unaudited) (Unaudited) (Audited)
Note GBPm GBPm GBPm
---------------------------- ---- --------------------------- ---------------------------- -----------------------
Cash generated from
operations 11 22.3 19.8 38.7
Income taxes paid (1.4) (1.7) (3.6)
Net cash generated from
operating activities 20.9 18.1 35.1
Investing activities
Purchase of property, plant
and equipment (4.0) (7.2) (11.9)
Purchase of intangible
assets (0.1) (0.2) (0.5)
Net cash flow arising on
sale of business 0.8 - 0.3
Net cash used in investing
activities (3.3) (7.4) (12.1)
Financing activities
Proceeds from issue of
ordinary share capital - 0.2 0.2
Purchase of own shares held
as treasury shares (0.7) - -
Repayment of bank borrowings (3.0) (22.0) (22.0)
Proceeds from bank
borrowings - 32.0 31.0
Bank borrowings arrangement
costs (0.2) (0.7) (0.8)
Principal elements of lease
payments (7.0) (6.3) (13.3)
Finance elements of lease
payments (0.8) (0.6) (1.4)
Finance expense paid (0.8) (0.5) (1.2)
Dividends paid to equity
Shareholders (8.1) (7.2) (11.1)
Net cash used in financing
activities (20.6) (5.1) (18.6)
Net (decrease)/increase in
cash and cash equivalents (3.0) 5.6 4.4
---------------------------- ---- --------------------------- ---------------------------- -----------------------
Cash and cash equivalents at
beginning of period 5.1 0.7 0.7
Cash and cash equivalents at
end of period 2.1 6.3 5.1
---------------------------- ---- --------------------------- ---------------------------- -----------------------
CONDENSED Consolidated Statement of Changes in Equity
Share Share-based
For the six months ended 30 June 2023 (Unaudited) Share premium Treasury payment Retained Total
capital account shares reserve earnings equity
GBPm GBPm GBPm GBPm GBPm GBPm
----------------------------------------------------------- ------- ------- -------- ----------- -------- ------
Balance at 1 January 2023 0.1 22.2 - 0.9 91.7 114.9
Comprehensive income for the period
Profit for the period - - - - 2.9 2.9
Total comprehensive income for the period - - - - 2.9 2.9
Contributions by and distributions to owners
Share-based payments - - - 0.3 - 0.3
Purchase of own shares - - (0.7) - - (0.7)
Dividends paid - - - - (8.1) (8.1)
Total transactions with owners recognised directly in
equity - - (0.7) 0.3 (8.1) (8.5)
----------------------------------------------------------- ------- ------- -------- ----------- -------- ------
Balance at 30 June 2023 0.1 22.2 (0.7) 1.2 86.5 109.3
----------------------------------------------------------- ------- ------- -------- ----------- -------- ------
Share Share-based
For the six months ended 30 June 2022 (Unaudited) Share premium Treasury payment Retained Total
capital account shares reserve earnings equity
GBPm GBPm GBPm GBPm GBPm GBPm
----------------------------------------------------------- ------- ------- -------- ----------- -------- ------
Balance at 1 January 2022 0.1 21.9 - 1.1 83.1 106.2
Comprehensive income for the period
Profit for the period - - - - 12.5 12.5
Total comprehensive income for the period - - - - 12.5 12.5
Contributions by and distributions to owners
Share-based payments - - - 0.8 - 0.8
Exercise of share options - 0.2 - (0.1) 0.1 0.2
Dividends paid - - - - (7.2) (7.2)
Total transactions with owners recognised directly in
equity - 0.2 - 0.7 (7.1) (6.2)
----------------------------------------------------------- ------- ------- -------- ----------- -------- ------
Balance at 30 June 2022 0.1 22.1 - 1.8 88.5 112.5
----------------------------------------------------------- ------- ------- -------- ----------- -------- ------
For the year ended 31 December 2022 (Audited) Share Share-based
Share premium Treasury payment Retained Total
capital account shares reserve earnings equity
GBPm GBPm GBPm GBPm GBPm GBPm
----------------------------------------------------------- ------- ------- -------- ----------- -------- ------
Balance at 1 January 2022 0.1 21.9 - 1.1 83.1 106.2
Comprehensive income for the year
Profit for the year - - - - 19.7 19.7
Total comprehensive income for the year - - - - 19.7 19.7
Contributions by and distributions to owners
Exercise of share options - 0.3 - - - 0.3
Share-based payments - - - (0.2) - (0.2)
Dividends paid - - - - (11.1) (11.1)
Total transactions with owners recognised directly in
equity - 0.3 - (0.2) (11.1) (11.0)
----------------------------------------------------------- ------- ------- -------- ----------- -------- ------
Balance at 31 December 2022 0.1 22.2 - 0.9 91.7 114.9
----------------------------------------------------------- ------- ------- -------- ----------- -------- ------
EXPLANATORY NOTES
1 GENERAL INFORMATION AND BASIS OF PREPARATION
Eurocell plc (the 'Company') and its subsidiaries (together the
'Group') is a publicly listed company incorporated and domiciled in
England, United Kingdom. The registered office is Eurocell Head
Office and Distribution Centre, High View Road, South Normanton,
Alfreton, Derbyshire, DE55 2DT.
The Group is principally engaged in the extrusion of PVC window
and building products to the new and replacement window market and
the sale of building materials across the UK.
The half year report for the six months ended 30 June 2023
reflects the results of the Company and its subsidiaries. It has
been prepared in accordance with UK-adopted IAS 34 Interim
Financial Reporting and the Disclosure and Transparency rules of
the United Kingdom's Financial Conduct Authority, and includes the
condensed consolidated interim financial statements (the 'interim
financial statements').
The interim financial statements do not constitute statutory
accounts as defined in Section 434 of the Companies Act 2006. They
do not include all the information required for full financial
statements and should be read in conjunction with the 2022 Annual
Report, which was prepared in accordance with UK-adopted
international accounting standards and with the requirements of the
Companies Act 2006.
The comparative figures for the year ended 31 December 2022 have
been extracted from the Group's audited financial statements for
that year. Those financial statements are included in the 2022
Annual Report and have been delivered to the Registrar of
Companies. The auditor's report was (i) unqualified, (ii) did not
include a reference to any matters to which the auditors drew
attention by way of emphasis without qualifying their audit report,
and (iii) did not contain a statement under Section 498 (2) or (3)
of the Companies Act 2006.
The interim financial statements are unaudited, but have been
reviewed by the auditors in accordance with the Auditing Practices
Board guidance on Review of Interim Financial Information.
The Group is affected by seasonality. Demand in the second half
of the year is usually higher than in the first half, with
September to November typically representing the peak sales period
for the Group in the RMI market. In addition, the Group's sales to
the new build market are usually slower during the first quarter of
the year. In 2022 increasing macroeconomic uncertainties, driven by
high inflation and the events in Ukraine, meant that demand was
more evenly balanced. In 2023 seasonality is expected to follow a
similar pattern due to the decline in new build activity.
The half year report was approved by the Board of Directors on 4
September 2023.
2 GOING CONCERN
The interim financial statements have been prepared on a going
concern basis.
The Group funds its activities through a GBP75 million Revolving
Credit Facility, provided by Barclays, NatWest and Bank of Ireland,
which matures in May 2027. The facility includes two key financial
covenants, which are tested at 30 June and 31 December on a
pre-IFRS 16 basis. These are that net debt should not exceed 3
times adjusted EBITDA (Leverage), and that adjusted EBITDA should
be at least 4 times the interest charge on the debt (Interest
Cover).
At 30 June 2023 the Group has complied with all of its
covenants, and it expects to do so for the next measurement period,
being 31 December 2023, and going forward.
In assessing going concern, the Directors have considered
financial projections for the period to December 2025, which is
consistent with the Board's strategic planning horizon and reflects
a period of at least 12 months from the date of approval of these
interim financial statements. These forecasts have been compiled
based on the best estimates of our commercial and operational
teams. The various scenarios take into consideration a wide range
of severe but plausible downside risk factors, such as a sustained
period of lower sales and severe cost price inflation that cannot
be recovered in the form of price increases. In all scenarios
tested, the Group operates with significant headroom on its
Revolving Credit Facility and remains compliant with its
covenants.
After reviewing the Group's projected financial performance and
financing arrangements, the Directors consider that the Group has
adequate resources to continue operating and that it is therefore
appropriate to continue to adopt the going concern basis in
preparing this half year report.
3 ACCOUNTING POLICIES AND ESTIMATES
The interim financial statements have been prepared in
accordance with the accounting policies and presentation that were
applied in the Group's audited financial statements for the year
ended 31 December 2022.
A number of new or amended accounting standards became
applicable for the current reporting period. The adoption of these
standards did not lead the Group to change its accounting policies
or make retrospective adjustments. The Group does not intend to
adopt any standard, revision or amendment before the required
implementation date.
Critical accounting estimates and judgements
The preparation of the interim financial statements requires
management to make judgements, estimates and assumptions that
affect the application of accounting policies and the reported
amounts of assets and liabilities, income and expenses. The
significant judgements, estimates and assumptions relevant to the
preparation of the interim financial statements are consistent with
those described on page 143 of the 2022 Annual Report.
4 FINANCIAL INSTRUMENTS
The Group is exposed to financial risks through its use of the
following financial instruments:
-- Trade and other receivables;
-- Cash and cash equivalents;
-- Deferred consideration;
-- Trade and other payables;
-- Bank overdrafts;
-- Floating-rate bank loans; and
-- Lease liabilities
The relevant financial risks are: credit risk, market risk,
foreign exchange risk and liquidity risk.
The Group estimates that the fair value of these financial
assets and liabilities is approximate to their carrying amount.
Further information in relation to the Group's exposure to
financial risks is included on pages 143 to 146 of the 2022 Annual
Report.
5 NON-UNDERLYING ITEMS
Amounts included in the Consolidated Statement of Comprehensive
Income are as follows:
Six months Six months Year
ended ended ended
30 June 30 June
2023 2022 31 December 2022
(Unaudited) (Unaudited) (Audited)
GBPm GBPm GBPm
---------------------------------- ----------- ----------- ----------------
Restructuring costs 1.8 - 1.6
Asset impairment charges - - 0.6
Cloud computing expenses 0.7 - -
Non-underlying operating expenses 2.5 - 2.2
Finance expense - - 0.3
Total non-underlying expenses 2.5 - 2.5
Taxation (0.6) - (0.5)
Impact on profit after tax 1.9 - 2.0
---------------------------------- ----------- ----------- ----------------
Restructuring costs
Restructuring costs relate to redundancies, with approximately
100 roles impacted at a one-off cost of GBP2.0 million. These costs
are classified as non-underlying as they relate to roles that no
longer exist within the organisation and therefore would not
re-occur in future reporting periods. Also included is a credit of
GBP0.2 million in respect of the release of a provision relating to
a restructuring exercise announced in 2022 and completed in early
2023.
Cloud computing expenses
Cloud computing expenses relate to costs incurred on strategic
IT projects involving 'Software as a Service' arrangements which
are expensed as incurred rather than being capitalised as
intangible assets .
Such items are considered to be non-underlying in nature because
they relate to multi-year programmes to deliver strategic IT
implementations which are material in size, with overall spend
estimated to be in the region GBP7-9 million over the next three
years. Our strategic IT projects comprise a new customer-facing
website, an employee management system and, most significantly, the
upgrade or replacement of the Group's Enterprise Resource Planning
(ERP) system.
Prior year non-underlying items
There were no non-underlying items during the first half of
2022.
In the second half of 2022 the Group recognised non-underlying
items amounting to GBP2.5 million, which included restructuring
costs of GBP2.2 million, comprising GBP1.6 million of redundancy
payments and GBP0.6 million of asset impairment charges. Also,
following a refinancing of the Group's Revolving Credit Facility,
GBP0.3 million of unamortised arrangement fees relating to the old
facility were expensed to the Consolidated Income Statement.
Impact on cash flow
Of the GBP2.5 million non-underlying expenses recognised in H1
2023, GBP1.3 million was settled in cash at 30 June 2023, and
GBP1.1 million will be settled within 12 months of the balance
sheet date. The remaining GBP0.1 million relates to non-cash asset
impairment charges.
Of the GBP2.5 million non-underlying expenses recognised in the
second half of 2022, GBP1.4 million had been settled in cash at 30
June 2023, and GBP0.2 million had been credited to the income
statement. The remaining GBP0.9 million relates to non-cash asset
impairment charges.
6 SEGMENTAL INFORMATION
The Group organises itself into a number of operating segments
that offer different products and services. They are managed
separately because each business requires different technology and
marketing strategies. Internal reporting provided to the chief
operating decision-maker, which has been identified as the
executive management team including the Chief Executive Officer and
the Chief Financial Officer, reflects this structure.
The Group has aggregated its operating segments into three
reported segments, as these business units have similar products,
production processes, types of customer, methods of distribution,
regulatory environments and economic characteristics:
-- Profiles - extrusion and sale of PVC window and building
products to the new and replacement window market across the UK.
This segment includes Vista Panels, S&S Plastics and Eurocell
Recycle North.
-- Building Plastics - sale of building plastic materials across
the UK. This segment includes Kent Building Plastics and
Trimseal.
-- Corporate - represents costs relating to the ultimate parent
company and includes the assets and related amortisation in respect
of acquired intangible assets.
Inter-segmental sales, which are eliminated on consolidation,
are transacted on an arm's-length basis and relate to manufactured
products distributed by the Building Plastics division.
Six months ended 30 June 2023 (Unaudited) Building
Profiles Plastics Corporate Total
GBPm GBPm GBPm GBPm
---------------------------------------------- -------- -------- --------- -------
Revenue
Total revenue 114.4 105.1 - 219.5
Inter-segmental revenue (34.9) (0.2) - (35.1)
Total revenue from external customers 79.5 104.9 - 184.4
---------------------------------------------- -------- -------- --------- -------
Adjusted EBITDA 11.5 7.6 0.6 19.7
Amortisation of intangible assets - - (0.8) (0.8)
Depreciation of property, plant and equipment (3.6) (0.6) (0.4) (4.6)
Depreciation of right-of-use assets (3.0) (3.6) (0.1) (6.7)
Adjusted operating profit/(loss) 4.9 3.4 (0.7) 7.6
---------------------------------------------- -------- -------- --------- -------
Non-underlying operating expenses (1.5) (1.0) - (2.5)
Operating profit/(loss) 3.4 2.4 (0.7) 5.1
Finance expense (1.6)
Profit before tax from continuing operations 3.5
---------------------------------------------- -------- -------- --------- -------
Six months ended 30 June 2022 (Unaudited) Building
Profiles Plastics Corporate Total
GBPm GBPm GBPm GBPm
---------------------------------------------- -------- -------- --------- -------
Revenue
Total revenue 118.0 108.8 - 226.8
Inter-segmental revenue (37.9) (0.1) - (38.0)
Total revenue from external customers 80.1 108.7 - 188.8
---------------------------------------------- -------- -------- --------- -------
EBITDA 18.2 11.6 (0.8) 29.0
Amortisation of intangible assets - - (0.9) (0.9)
Depreciation of property, plant and equipment (3.4) (0.6) (0.4) (4.4)
Depreciation of right-of-use assets (2.6) (3.9) (0.1) (6.6)
Operating profit/(loss) 12.2 7.1 (2.2) 17.1
---------------------------------------------- -------- -------- --------- -------
Finance expense (1.4)
Profit before tax from continuing operations 15.7
---------------------------------------------- -------- -------- --------- -------
Year ended 31 December 2022 (Audited) Profiles Building Plastics Corporate Total
GBPm GBPm GBPm GBPm
---------------------------------------------- -------- ----------------- --------- ------
Revenue
Total revenue 234.0 219.8 - 453.8
Inter-segmental revenue (72.3) (0.3) - (72.6)
Total revenue from external customers 161.7 219.5 - 381.2
---------------------------------------------- -------- ----------------- --------- ------
Adjusted EBITDA 32.7 21.0 1.5 55.2
Amortisation of intangible assets - - (1.8) (1.8)
Depreciation of property, plant and equipment (7.0) (1.1) (0.7) (8.8)
Depreciation of right-of-use assets (5.5) (7.7) (0.1) (13.3)
Adjusted operating profit/(loss) 20.2 12.2 (1.1) 31.3
---------------------------------------------- -------- ----------------- --------- ------
Non-underlying operating expenses (0.9) (1.3) - (2.2)
Operating profit/(loss) 19.3 10.9 (1.1) 29.1
Finance expense (2.9)
Profit before tax from continuing operations 26.2
---------------------------------------------- -------- ----------------- --------- ------
Building
As at 30 June 2023 (Unaudited) Profiles Plastics Corporate Total
GBPm GBPm GBPm GBPm
------------------------------- -------- -------- --------- -------
Segment assets 139.2 87.4 17.8 244.4
Segment liabilities (59.9) (48.1) (3.0) (111.0)
Borrowings (17.3)
Deferred tax (6.8)
Total liabilities (135.1)
------------------------------- -------- -------- --------- -------
Total net assets 109.3
------------------------------- -------- -------- --------- -------
As at 30 June 2022 (Unaudited) Building
Profiles Plastics Corporate Total
GBPm GBPm GBPm GBPm
------------------------------- -------- -------- --------- -------
Segment assets 146.3 101.5 14.4 262.2
Segment liabilities (63.7) (47.3) (9.5) (120.5)
Borrowings (21.3)
Deferred tax (7.9)
Total liabilities (149.7)
------------------------------- -------- -------- --------- -------
Total net assets 112.5
------------------------------- -------- -------- --------- -------
Building
As at 31 December 2022 (Audited) Profiles Plastics Corporate Total
GBPm GBPm GBPm GBPm
--------------------------------- -------- --------- --------- -------
Segment assets 145.1 89.4 19.8 254.3
Segment liabilities (61.3) (43.2) (7.8) (112.3)
Borrowings (20.3)
Deferred tax liability (6.8)
Total liabilities (139.4)
--------------------------------- -------- --------- --------- -------
Total net assets 114.9
--------------------------------- -------- --------- --------- -------
Geographical information
Six months ended Six months ended Year ended
30 June 2023 30 June 2022 31 December 2022
(Unaudited) (Unaudited) (Audited)
Non-current Non-current Non-current
Revenue assets Revenue assets Revenue assets
GBPm GBPm GBPm GBPm GBPm GBPm
--------------------- -------- ------------ -------- ------------ -------- ------------
United Kingdom 183.5 133.3 187.8 131.7 379.3 138.3
Republic of Ireland 0.9 - 1.0 - 1.9 -
Total 184.4 133.3 188.8 131.7 381.2 138.3
--------------------- -------- ------------ -------- ------------ -------- ------------
As at 30 June 2023 the Group employed 1,951 people in the UK,
and 8 people in the Republic of Ireland.
7 TAXATION
Six months Six months Year
ended ended ended
30 June 30 June 31 December
2023 2022 2022
(Unaudited) (Unaudited) (Audited)
GBPm GBPm GBPm
--------------------------------------- ------------ ------------ ------------
Current tax
Current tax on profit for the period 0.6 1.4 3.2
Adjustments in respect of prior years - - 0.3
Total current tax 0.6 1.4 3.5
--------------------------------------- ------------ ------------ ------------
Deferred tax
Origination and reversal of temporary
differences 0.2 1.2 0.7
Adjustment in respect of change in
rates - 0.1 0.2
Adjustment in respect of prior years (0.2) - (0.7)
Total deferred tax - 1.3 0.2
--------------------------------------- ------------ ------------ ------------
Total tax expense 0.6 2.7 3.7
--------------------------------------- ------------ ------------ ------------
Six months Six months Year
ended ended ended
30 June 30 June 31 December
2023 2022 2022
(Unaudited) (Unaudited) (Audited)
GBPm GBPm GBPm
------------------------- ------------ ------------ ------------
Continuing operations 0.6 2.8 4.2
Discontinued operations - (0.1) (0.5)
Total current tax 0.6 2.7 3.7
------------------------- ------------ ------------ ------------
The reasons for the difference between the actual tax charge for
the period and the standard rate of corporation tax in the United
Kingdom applied to profits for the period are as follows:
Six months Six months Year
ended ended ended
30 June 30 June 31 December
2023 2022 2022
(Unaudited) (Unaudited) (Audited)
GBPm GBPm GBPm
------------------------------------------ ------------ ------------ ------------
Profit before tax from continuing
operations 3.5 15.7 26.2
Loss before tax from discontinued
operations - (0.5) (2.8)
------------------------------------------ ------------ ------------ ------------
Profit before tax 3.5 15.2 23.4
Expected tax expense based on the
standard rate of corporation tax in
the UK of 23.5% (2022: 19%) 0.8 2.9 4.4
Expenses not deductible for tax purposes 0.2 - 0.2
Capital allowance super-deduction
utilised - (0.4) (0.3)
Patent Box claim (0.2) (0.2) (0.4)
Adjustments to tax charge in respect
of prior years (0.2) - (0.4)
Impact of change in rate on deferred
tax in prior year - 0.4 0.2
Total tax expense 0.6 2.7 3.7
------------------------------------------ ------------ ------------ ------------
Changes in tax rates and factors affecting the future tax
charge
The mainstream rate of UK corporation tax was increased from 19%
to 25% in April 2023.
In calculating the half year tax charge, the expected effective
tax rate for the full year has been applied to the half year
underlying profit, with the exception of the remeasurement of
deferred tax liabilities, which has been applied in full.
There are no material uncertain tax provisions.
Tax included in Other Comprehensive Income
The tax credit arising on share-based payments within Other
Comprehensive Income is GBPnil (2022: GBPnil).
Based on the current investment plans of the Group, and assuming
the rates of capital allowances on capital expenditure continue
into the future, there is little prospect of any significant part
of the deferred tax liability becoming payable over the next three
years.
Tax residency
Eurocell plc and its subsidiaries are all registered in the
United Kingdom and are resident in the UK for tax purposes. The
Group has two branches in the Republic of Ireland, with combined
annual revenues of c.GBP2.0 million (2022: GBP1.9 million), total
assets of less than GBP50,000 (2022: less than GBP50,000) and eight
(2022: eight) full time employees. For tax purposes these two
trading locations form a single branch within Eurocell Building
Plastics Limited, and therefore any profits generated are subject
to tax in the Republic of Ireland.
The tax charge in relation to the Group's Republic of Ireland
operations in 2022 was EURnil and no tax payments were made during
the year. This is due to utilisation of losses brought forward. No
deferred tax assets are recognised on unutilised losses due to the
uncertainty of future profits in the Republic of Ireland.
8 EARNINGS PER SHARE
Basic earnings per share is calculated by dividing the net
profit for the period attributable to ordinary shareholders by the
weighted average number of ordinary shares outstanding during the
period. Adjusted earnings per share excludes the impact of
non-underlying items. Earnings per share from continuing operations
excludes the impact of discontinued operations.
Diluted earnings per share is calculated by adjusting the
earnings and number of shares for the effects of dilutive options.
In the event that a loss is recorded for the period, share options
are not considered to have a dilutive effect.
Six months Six months Year
ended ended ended
30 June 30 June 31 December
2023 2022 2022
(Unaudited) (Unaudited) (Audited)
GBPm GBPm GBPm
---------------------------------------- ------------ ------------ ------------
Profit from continuing operations
attributable to ordinary shareholders
excluding non-underlying items 4.8 12.9 24.0
Profit from continuing operations
attributable to ordinary shareholders 2.9 12.9 22.0
Loss from discontinued operations - (0.4) (2.3)
Profit attributable to ordinary
shareholders 2.9 12.5 19.7
---------------------------------------- ------------ ------------ ------------
Number Number Number
---------------------------------------- ------------ ------------ ------------
Weighted average number of shares
- basic 112,059,272 112,030,859 112,036,668
Dilutive impact of share options
granted 101,200 740,529 747,137
Weighted average number of shares
- diluted 112,160,472 112,771,388 112,783,805
---------------------------------------- ------------ ------------ ------------
Six months Six months Year
ended ended ended
30 June 30 June 31 December
2023 2022 2022
(Unaudited) (Unaudited) (Audited)
Pence Pence Pence
---------------------------------------- ------------ ------------ ------------
Continuing operations
Basic earnings per share 2.6 11.6 19.6
Adjusted basic earnings per share 4.3 11.6 21.4
Diluted earnings per share 2.6 11.5 19.5
Adjusted diluted earnings per share 4.3 11.5 21.3
---------------------------------------- ------------ ------------ ------------
Discontinued operations
Basic earnings per share - (0.4) (2.0)
Diluted earnings per share - (0.4) (2.0)
Total
Basic earnings per share 2.6 11.2 17.6
Diluted earnings per share 2.6 11.1 17.5
---------------------------------------- ------------ ------------ ------------
9 NON-CURRENT ASSETS (Unaudited)
Property,
plant and Right-of-use Intangible
equipment assets assets
GBPm GBPm GBPm
------------------------------- ----------- ------------- -----------
At 31 December 2022 61.7 59.7 16.9
Additions 3.7 3.9 0.1
Disposals (0.3) - (0.2)
Depreciation and amortisation (4.6) (6.7) (0.8)
Impairment charges - (0.1) -
At 30 June 2023 60.5 56.8 16.0
------------------------------- ----------- ------------- -----------
10 DIVIDS
Six months Six months Year
ended ended ended
30 June 30 June 31 December
2023 2022 2022
(Unaudited) (Unaudited) (Audited)
GBPm GBPm GBPm
------------------------------------------- ------------ ------------ ------------
Dividends paid during the period
Interim dividend for 2022 of 3.5p per
share - - 3.9
Final dividend for 2022 of 7.2p per share
(2021: 6.4p per share) 8.1 7.2 7.2
8.1 7.2 11.1
Dividends proposed
Interim dividend for H1 2023 of 2.0p
per share
(H1 2022: 3.5p per share) 2.2 3.9 -
Final dividend for 2022 of 7.2p per share - - 8.1
2.2 3.9 8.1
------------------------------------------- ------------ ------------ ------------
11 RECONCILIATION OF PROFIT AFTER TAX TO CASH GENERATED FROM
OPERATIONS
Six months Six months Year
ended ended ended
30 June 30 June 31 December
2023 2022 2022
(Unaudited) (Unaudited) (Audited)
GBPm GBPm GBPm
--------------------------------------------- ------------ ------------ ------------
Profit after tax from continuing operations 2.9 12.9 22.0
Loss after tax from discontinued operations - (0.4) (2.3)
Profit after tax 2.9 12.5 19.7
--------------------------------------------- ------------ ------------ ------------
Taxation 0.6 2.7 3.7
Finance expense 1.6 1.4 2.9
Operating profit 5.1 16.6 26.3
Adjustments for:
Depreciation of property, plant and
equipment 4.6 4.4 8.8
Depreciation of right-of-use assets 6.7 6.6 13.3
Amortisation of intangible assets 0.8 0.9 1.8
Impairment of tangible and right-of-use
assets 0.1 - 0.6
Prepaid cloud computing costs now
expensed 0.5 - -
Loss on disposal of business - - 1.5
Share-based payments 0.3 0.8 (0.2)
Decrease/(increase) in inventories 6.4 (10.1) (5.7)
Increase in trade and other receivables (4.5) (10.7) (5.6)
Increase/(decrease) in trade and other
payables 2.3 11.2 (1.8)
Increase/(decrease) in provisions - 0.1 (0.3)
Cash generated from operations 22.3 19.8 38.7
--------------------------------------------- ------------ ------------ ------------
12 LOSS AFTER TAX FROM DISCONTINUED OPERATIONS
As part of a restructuring exercise, on 2 December 2022 the
Group completed the sale of the trade and assets of its Security
Hardware business for a total consideration of GBP1.2 million.
Security Hardware was a separate operating segment which had
previously been aggregated and presented as part of the Building
Plastics reported segment.
Six months Year
ended ended
30 June 31 December
2022 2022
(Unaudited) (Audited)
GBPm GBPm
--------------------------------------------- ----------- -----------
Revenue 1.7 2.9
Cost of sales (1.0) (2.2)
Gross profit 0.7 0.7
Distribution costs (0.5) (0.8)
Administrative expenses (0.7) (1.2)
Operating loss (0.5) (1.3)
Finance expense - -
Loss before tax from discontinued operations (0.5) (1.3)
Taxation 0.1 0.2
Loss after tax from discontinued operations (0.4) (1.1)
Loss on sale of trade and assets after tax - (1.2)
Loss from discontinued operations (0.4) (2.3)
--------------------------------------------- ----------- -----------
The loss on sale of GBP1.2 million is comprised of the
following:
2022
GBPm
---------------------------------- -----
Consideration received
Cash 0.4
Deferred consideration 0.8
Total consideration 1.2
Carrying value of net assets sold (2.6)
Transaction costs (0.1)
Loss on sale before tax (1.5)
Taxation 0.3
Loss on sale after tax (1.2)
----------------------------------- -----
The carrying values of assets and liabilities as at 2 December
2022 were as follows:
GBPm
---------------------------------- -----
Property, plant and equipment 0.4
Right-of-use assets 0.3
Intangible assets 0.3
Inventories 1.9
Lease liabilities (0.3)
Carrying value of net assets sold 2.6
----------------------------------- -----
The net cash flows arising were as follows: Six months Year
ended ended
30 June 31 December
2022 2022
(Unaudited) (Audited)
GBPm GBPm
---------------------------------------------------------- ----------- -----------
Net cash outflow from operating activities (0.3) (0.2)
Net cash inflow from investing activities - 0.1
Net cash outflow from financing activities - -
Net decrease in cash generated by discontinued operations (0.3) (0.1)
---------------------------------------------------------- ----------- -----------
Losses per share were as follows:
Six months Year
ended ended
30 June 31 December
2022 2022
(Unaudited) (Audited)
Pence Pence
------------------------------------------------------ ----------- -----------
Basic losses per share from discontinued operations (0.4) (2.0)
Diluted losses per share from discontinued operations (0.4) (2.0)
------------------------------------------------------ ----------- -----------
13 RELATED PARTY TRANSACTIONS
The remuneration of Executive and Non-executive Directors is
disclosed in the 2022 Annual Report.
Transactions with key management personnel
Kellmann Recruitment Limited is controlled by T Kelly, a close
family member of M Kelly who was a Director of Eurocell plc until
11 May 2023. The fees paid to Kellman Recruitment Limited relate to
recruitment services, and are agreed on an arms' length basis, at
rates that are consistent with other similar suppliers of
recruitment services to the Group.
The following amounts were paid to Kellman Recruitment for
services provided during the periods below, up to 11 May 2023:
Six months Six months Year
ended ended ended
30 June 30 June 31 December
2023 2022 2022
(Unaudited) (Unaudited) (Audited)
GBP000 GBP000 GBP000
-------------------------------------------- ------------ ------------ ------------
Kellmann Recruitment Limited - recruitment
services 109 121 211
-------------------------------------------- ------------ ------------ ------------
Amounts outstanding at the period end were GBPnil (H1 2022:
GBPnil; 31 December 2022: GBPnil).
14 CAPITAL COMMITMENTS
The Group is committed to a further c.GBP4 million of capital
investment in 2023.
15 EVENTS AFTER THE BALANCE SHEET DATE
The Directors are not aware of any material events that have
occurred after 30 June 2023 which would require disclosure under
IAS 10.
Independent Review Report to Eurocell plc
Report on the Condensed Consolidated Interim Financial
Statements
Our conclusion
We have reviewed Eurocell plc's condensed consolidated interim
financial statements (the "interim financial statements") in the
Half Year Report of Eurocell plc for the 6 month period ended 30
June 2023 (the "period").
Based on our review, nothing has come to our attention that
causes us to believe that the interim financial statements are not
prepared, in all material respects, in accordance with UK adopted
International Accounting Standard 34, 'Interim Financial Reporting'
and the Disclosure Guidance and Transparency Rules sourcebook of
the United Kingdom's Financial Conduct Authority.
The interim financial statements comprise:
-- The condensed consolidated statement of financial position as at 30 June 2023;
-- The condensed consolidated statement of comprehensive income for the period then ended;
-- The condensed consolidated cash flow statement for the period then ended;
-- The condensed consolidated statement of changes in equity for the period then ended; and
-- The explanatory notes to the interim financial statements.
The interim financial statements included in the Half Year
Report of Eurocell plc have been prepared in accordance with UK
adopted International Accounting Standard 34, 'Interim Financial
Reporting' and the Disclosure Guidance and Transparency Rules
sourcebook of the United Kingdom's Financial Conduct Authority.
Basis for conclusion
We conducted our review in accordance with International
Standard on Review Engagements (UK) 2410, 'Review of Interim
Financial Information Performed by the Independent Auditor of the
Entity' issued by the Financial Reporting Council for use in the
United Kingdom ("ISRE (UK) 2410"). A review of interim financial
information consists of making enquiries, primarily of persons
responsible for financial and accounting matters, and applying
analytical and other review procedures.
A review is substantially less in scope than an audit conducted
in accordance with International Standards on Auditing (UK) and,
consequently, does not enable us to obtain assurance that we would
become aware of all significant matters that might be identified in
an audit. Accordingly, we do not express an audit opinion.
We have read the other information contained in the Half Year
Report and considered whether it contains any apparent
misstatements or material inconsistencies with the information in
the interim financial statements.
Conclusions relating to going concern
Based on our review procedures, which are less extensive than
those performed in an audit as described in the Basis for
conclusion section of this report, nothing has come to our
attention to suggest that the directors have inappropriately
adopted the going concern basis of accounting or that the directors
have identified material uncertainties relating to going concern
that are not appropriately disclosed. This conclusion is based on
the review procedures performed in accordance with ISRE (UK) 2410.
However, future events or conditions may cause the group to cease
to continue as a going concern.
Responsibilities for the interim financial statements and the
review
Our responsibilities and those of the Directors
The Half Year Report, including the interim financial
statements, is the responsibility of, and has been approved by the
directors. The directors are responsible for preparing the Half
Year Report in accordance with the Disclosure Guidance and
Transparency Rules sourcebook of the United Kingdom's Financial
Conduct Authority. In preparing the Half Year Report, including the
interim financial statements, the directors are responsible for
assessing the group's ability to continue as a going concern,
disclosing, as applicable, matters related to going concern and
using the going concern basis of accounting unless the directors
either intend to liquidate the group or to cease operations, or
have no realistic alternative but to do so.
Our responsibility is to express a conclusion on the interim
financial statements in the Half Year Report based on our review.
Our conclusion, including our Conclusions relating to going
concern, is based on procedures that are less extensive than audit
procedures, as described in the Basis for conclusion paragraph of
this report. This report, including the conclusion, has been
prepared for and only for the company for the purpose of complying
with the Disclosure Guidance and Transparency Rules sourcebook of
the United Kingdom's Financial Conduct Authority and for no other
purpose. We do not, in giving this conclusion, accept or assume
responsibility for any other purpose or to any other person to whom
this report is shown or into whose hands it may come save where
expressly agreed by our prior consent in writing.
PricewaterhouseCoopers LLP
Chartered Accountants
Birmingham
4 September 2023
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END
IR EAENLESPDEAA
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