Finance lease liabilities
Finance lease liabilities are payable as follows:
Minimum Minimum
lease lease
payments Interest Principal payments Interest Principal
2014 2014 2014 2013 2013 2013
GBP000 GBP000 GBP000 GBP000 GBP000 GBP000
--------------------- -------- -------- --------- -------- -------- ---------
Less than one year 795 (193) 602 314 (77) 237
Between one and five
years 3,538 (400) 3,138 1,717 (177) 1,540
More than five years 968 (19) 949 - - -
--------------------- -------- -------- --------- -------- -------- ---------
5,301 (612) 4,689 2,031 (254) 1,777
--------------------- -------- -------- --------- -------- -------- ---------
During the year two new finance leases were entered into for
GBP3,239,000 to fund new printing machines in the Group's
facilities in Wales. The interest rate on these leases is
3.88%.
21 Trade and other payables
2014 2013
GBP000 GBP000
-------------------------------------- ------ ------
Trade payables 25,031 28,291
Other payables including income taxes
and social security 787 704
-------------------------------------- ------ ------
25,818 28,995
-------------------------------------- ------ ------
22 Share capital
Authorised share capital at 31 March 2014 and 2013 was
GBP6,047,443 divided into 120,948,860 ordinary shares of 5p
each.
Ordinary shares
-----------------
In thousands of shares 2014 2013
---------------------------------- -------- -------
In issue at 1 April 56,768 55,007
Options exercised during the year 1,158 1,761
---------------------------------- -------- -------
In issue at 31 March - fully paid 57,926 56,768
---------------------------------- -------- -------
2014 2013
GBP000 GBP000
--------------------------------- ------- -------
Allotted, called up and fully
paid
Ordinary shares of GBP0.05 each 2,896 2,838
--------------------------------- ------- -------
Share options exercised during the year amounted to 1,158,000
(2013: 1,761,000) which generated cash proceeds of GBP176,000
(2013: GBP266,000).
The holders of ordinary shares are entitled to receive dividends
as declared from time to time and are entitled to one vote per
share at meetings of the Company.
23 Earnings per share
2014 2013
--------------- ---------------
Diluted Basic Diluted Basic
------------------------------- ------- ------ ------- ------
Adjusted earnings per share
excluding
exceptional items and LTIP
charges 8.4p 8.6p 7.8p 7.8p
Loss per share on LTIP charges (0.1p) (0.1p) - -
------------------------------- ------- ------ ------- ------
Adjusted earnings per share
excluding
exceptional items 8.3p 8.5p 7.8p 8.1p
Loss per share on exceptional
items (3.2p) (3.3p) (2.0p) (2.1p)
------------------------------- ------- ------ ------- ------
Earnings per share 5.1p 5.2p 5.8p 6.0p
------------------------------- ------- ------ ------- ------
The basic earnings per share is based on the profit attributable
to equity holders of the Company of GBP3,010,000 (2013:
GBP3,401,000) and the weighted average number of ordinary shares in
issue of 57,519,000 (2013: 56,245,000) calculated as follows:
Weighted average number of shares
in thousands of shares 2014 2013
--------------------------------------- ------ -------
Issued ordinary shares at 1 April 56,768 55,007
Shares issued in respect of exercising
of share options 751 1,238
--------------------------------------- ------ -------
Weighted average number of shares
at 31 March 57,519 56,245
--------------------------------------- ------ -------
Adjusted basic earnings per share excludes exceptional items
charged of GBP2,298,000 (2013: GBP1,376,000) and the tax relief
attributable to those items of GBP381,000 (2013: GBP221,000), to
give adjusted profit of GBP4,927,000 (2013: GBP4,556,000).
Diluted earnings per share
The average number of share options outstanding in the year is
2,281,351 (2013: 3,664,232), at an average exercise price of 19.6p
(2013: 19.6p). The diluted earnings per share is calculated
assuming all these options were exercised. At 31 March the diluted
number of shares was 59,098,460 (2013: 58,794,617).
24 Dividends
No dividends were paid in the year (2013: nil). The Directors do
not propose a final dividend for 2014.
25 Share-based payments
Options
Options to subscribe for ordinary shares have been granted,
pursuant to the Company's approved and unapproved Employee Share
Option Schemes, which are exercisable at dates ranging up to
January 2021. At 31 March 2014, outstanding options were as
follows:
Number of Exercise Exercise
ordinary shares price (p) dates
------------ --------------- --------- -------------------------------
Approved: 1,667,140 14 December 2011 - December 2018
38,000 31.25 July 2012 - July 2019
12,000 50 September 2012 - September 2019
48,387 62 January 2014 - January 2021
Unapproved: 107,145 14 December 2011 - December 2018
1,613 62 January 2014 - January 2021
------------ --------------- --------- -------------------------------
1,874,285
------------ --------------- --------- -------------------------------
All share-based payments are equity-settled.
There were no performance or profitability conditions attached
to the approved options (other than continued employment), except
for 48,387 shares issued at 62p, which relate to specific
performance targets related to sales of new product areas in the
US. Conditions related to profitability for the two years to March
2011 are attached to the unapproved options awarded to Executive
Directors and these conditions have now been fully met.
For the share options outstanding at 31 March 2014, the weighted
average remaining contract life was 4.7 years (2013: 5.8
years).
The numbers and weighted average exercise prices of share
options are as follows:
2014 2013
Weighted Weighted
average Number of average Number of
exercise Exercise
price options price options
----------------------------- -------- ----------- -------- -----------
Outstanding at the beginning
of the period 17p 3,141,956 18p 5,002,556
Approved options granted
during the period 0p - 0p -
Unapproved options granted
in the period 0p - 0p -
Lapsed during the year 58p (110,000) 0p (100,000)
Exercised during the period 15p (1,157,671) 15p (1,760,600)
----------------------------- -------- ----------- -------- -----------
Outstanding at the end of
the period 16p 1,874,285 17p 3,141,956
----------------------------- -------- ----------- -------- -----------
Exercisable at the end of
the period 16p 1,874,285 14p 2,991,956
----------------------------- -------- ----------- -------- -----------
The weighted average share price at the date of exercise of
share options exercised during the period was 47.4p (2013:
54.9p).
No share options were granted during the year or the previous
year.
Long Term incentive Plan (LTIP)
During the year the Group introduced a new Long Term Incentive
Plan.
The Company will issue up to 1,400,000 ordinary shares under the
LTIP to Anthony Lawrinson, a Director of the Company. The ordinary
shares are being issued as part of Anthony Lawrinson's remuneration
package agreed at the time of his appointment to the Board in
October 2011. Vesting is conditional upon and proportionate to the
cumulative average growth (CAGR) in fully diluted earnings per
share before exceptional items over a defined period from 1 April
2012 to 31 March 2015 with CAGR of 20% required for the whole
amount to vest. The cost to Anthony Lawrinson of the ordinary
shares to be issued under the LTIP if the performance criterion is
met, will be nil. Anthony Lawrinson has no other options over
ordinary shares.
The fair value of the LTIP granted during the year was based on
the share price on the date the scheme was approved and the
expected number of shares to vest.
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