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Unaudited Interim Results for the six months ended 31 August 2014

Bloomsbury Publishing Plc today announces six month results for the period ended 31 August 2014.

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Financial highlights

  • Turnover £46.6 million (2013: £49.2 million), following the exceptional 2013 comparator year with its new hardcover release of Khaled Hosseini’s huge bestseller And The Mountains Echoed
  • Adjusted profit before taxation £1.7 million (2013: £2.3 million)
  • Profit before taxation  £0.5 million (2013: £1.1 million)
  • Interim dividend pence per share 1.02 pence (2013: 0.98 pence)
  • Adjusted Diluted earnings per share 1.97 pence (2013: 2.22 pence)
  • Diluted earnings per share 0.56 pence (2013: 1.17 pence)

Operating highlights

Traditionally, sales of trade titles peak for Christmas and sales of academic titles peak in the Autumn at the beginning of the academic year.  We expect our sales to therefore be significantly second half weighted.

  • Children’s & Educational
    • Revenue for the period increased by 8% to £11.2 million (2013: £10.4 million)
    • Star performers were  Marmaduke the Different Dragon by Rachel Valentine and Ed Eaves and Paper Towns by John Green
  • Harry Potter phenomenon grows  2014 - 2020
    • Trilogy of films based on Fantastic Beasts & Where to Find Them from Warner Bros, 2016, 2018 and 2020
    • More rich content from J.K. Rowling’s Pottermore website
    • Stage play of Harry Potter to be produced by Sonia Friedman
    • Bloomsbury edition of Harry Potter just released with stunning new jackets
    • Harry Potter Book Night on 5th February 2015
    • Fully illustrated edition of Harry Potter released from Autumn 2015
  • Adult division
    • Key titles this year included paperback release And The Mountains Echoed by Khaled Hosseini, Tom Kerridge’s Best Ever Dishes, Before We Met by Lucie Whitehouse, Can’t We Talk About Something More Pleasant? by Roz Chast
    • Winner of the IMPAC Dublin Literary Award, winner of the inaugural Folio Prize, Shortlisted for Baileys Women’s Prize for Fiction, finalist National Book Award
    • Three high profile TV series linked to our books - Grantchester; Jonathan Strange & Mr Norrell; and Tom Kerridge’s Best Ever Dishes.
  • Academic & Professional
    • Division generated 30% of Group revenue this period (2013: 28%)
    • Total revenues were up by 1% to £14.0 million (2013: £13.9m)
    • Digital revenues were up by 65% to £2.0 million representing 15% of total revenues in the division (2013: 9%)
    • Results significantly second half weighted, as in the past
    • Hart trading ahead of expectations
    • Successfully launched a new digital platform, Bloomsbury Collections
  • Strong list for the second half
    • Paul Hollywood’s British Baking
    • Tom Kerridge’s Best Ever Dishes
    • River Cottage Light & Easy by Hugh Fearnley-Whittingstall

Commenting on the results, Nigel Newton, Chief Executive, said:

“We have continued to make strong progress in developing Bloomsbury as a wholly integrated trade and academic publisher. In the period revenues were up in all our divisions except Adult, as expected, following the exceptional success of certain books last year. Particularly pleasing was the performance of our Children’s & Educational division which has benefitted from the success of investment in the area over the last three years, including the successful launch of new imprint Bloomsbury Activity Books and the Bloomsbury Picture Books list.

Not since the launch of the final Harry Potter book in 2007 has there been such a range of activities in support of the Harry Potter phenomenon. The year ahead will see a huge surge in public interest in Harry Potter with our launch of new children’s editions in this period, Warner Bros announcement of a trilogy of films of Fantastic Beasts & Where to Find Them, which is published by Bloomsbury, the creation of a stage play of Harry Potter for London’s West End, significant new material on J.K. Rowling’s highly successful Pottermore website and Harry Potter Book Night in February 2015, in which Bloomsbury Publishing will play a key role. In addition, Bloomsbury has commissioned artist Jim Kay to work on a new edition of Harry Potter with magnificent illustrations on every page which will be launched in Autumn 2015 and has the potential to create as much interest in the Harry Potter books as Tenniel’s illustrations of Alice’s Adventures In Wonderland did.

We have a strong publishing list for the second half including Paul Hollywood’s British Baking, Tom Kerridge’s Best Ever Dishes and River Cottage Light & Easy by Hugh Fearnley-Whittingstall.  We expect results to continue to be significantly second-half weighted, as in the past. October is the peak for academic book sales and Christmas is the peak season for the sale of general books.”

 

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Overview

For the six months ended 31 August 2014, revenues were up year on year in each of our divisions except for Adult, as anticipated, following the success of some exceptional books in that division last year. In total we generated revenues of £46.6 million, down by 5% on last year, but up by 7% compared to the six months ended 31 August 2012. Within this, revenues from rights and services were up by 15%. Adjusted profit before taxation for the six months ended 31 August 2014 was £1.7 million (2013: £2.3 million).

We expect our results to continue to be significantly second-half weighted, as in the past. October is the peak for academic book sales and Christmas is the peak season for the sales of general books, which this year include cookery titles such as the best-selling British Baking by Paul Hollywood, Tom Kerridge’s Best Ever Dishes and River Cottage Light & Easy by Hugh Fearnley-Whittingstall.

Not since the launch of the final Harry Potter book in 2007 has there been such a range of activities in support of the Harry Potter phenomenon. The year ahead will see a huge surge in public interest in Harry Potter with our launch of new children’s editions in this period, Warner Bros announcement of a trilogy of films based on Fantastic Beasts & Where to Find Them, which is published by Bloomsbury, the creation of a stage play of Harry Potter for London’s West End, significant new material on J.K. Rowling’s highly successful Pottermore website and Bloomsbury’s Harry Potter Book Night in February 2015. In addition, Bloomsbury has commissioned artist Jim Kay to work on the new edition of Harry Potter with magnificent illustrations on every page which will be launched in Autumn 2015 and has the potential to create as much interest in the Harry Potter books as Tenniel’s illustrations of Alice’s Adventures In Wonderland did.

Summary of results

Adjusted profit before tax for the six months ended 31 August 2014 was £1.7 million (2013: £2.3 million). Profit before tax was £0.5 million (2013: £1.1 million).  Revenue was £46.6 million (2013: £49.2 million). Within this, print sales were £36.6 million (2013: £39.6 million) and digital sales were £5.6 million (2013: 5.8 million), reflecting reductions of £3.1 million in print sales and £0.8 million in digital sales in the Adult division due to the exceptional nature of the comparator year’s books. Rights and services sales increased by 15% to £4.3 million (2013: £3.7 million).

An excellent sales performance in the Children’s & Educational division meant adjusted earnings before interest, tax, depreciation and amortisation (EBITDA) increased to £1.2 million from nil last year.  Similarly in the Information division sales rose 23%, increasing EBITDA from £0.5 million to £0.7 million. In the Adult division, a £3.9 million reduction in total sales meant that EBITDA reduced by £1.1m to £0.2 million.

In the Academic & Professional division sales rose by 1% year on year to £14.0 million, with the contribution from our new subsidiary, Hart Publishing.  We acquired Hart in September 2013. As an academic business, Hart’s results are heavily weighted to the second half of our financial year. In the six months ended 31 August 2014 Hart contributed £1.4 million to Group revenues and £0.1 million to adjusted profit before taxation. Total division EBITDA reduced by £0.7 million year on year to £0.6 million. 

Highlighted items of £1.2 million (2013: £1.2 million) include £0.9 million (2013: £0.8 million) of amortisation of acquired intangible assets. Other highlighted items in this period include restructuring costs (relating to acquisitions and the One Global Bloomsbury restructure) of £0.3 million. The effective rate of tax for the period was 19% (2013: 23%) reflecting the reduction in the rate of corporation tax and the recognition of further trading losses. Adjusted diluted earnings per share were 1.97 pence (2013: 2.22 pence). Diluted earnings per share for the period were 0.56 pence (2013: 1.17 pence).

The business had £2.8 million of cash at 31 August 2014 (31 August 2013: £10.0 million). Over the last twelve months £9.0 million in cash has been paid for acquisitions, including £1.9 million in the interim period for the final instalments for Fairchild Books and Applied Visual Arts Publishing.

In response to the evolving digital marketplace, the development of online knowledge hubs has become a core part of our business. In light of this, our investment in online platforms, which was previously relatively small, has been increasing. In our statement in July we announced that we had therefore decided to change the treatment in our financial statements of the amortisation of product and systems development assets, our internally generated intangibles. Previously this amortisation was included within highlighted items, it is now included within profit before taxation and highlighted items. The change has no effect on profit before taxation or cash. The prior period results for the six months ended 31 August 2013 have been restated accordingly, with profit before taxation and highlighted items reducing by £0.5 million (2012: £0.3 million).

Academic & Professional

Total revenues in the division were up by 1% to £14.0 million (2013: £13.9m). Using the prior period’s average exchange rates, to eliminate the effect of the appreciation of sterling this year, total revenues were up by 5%. The UK had good underlying growth, which was then enhanced by Hart Publishing (“Hart”) which was acquired in September 2013 and is performing ahead of our expectations. As an academic law publishing business, Hart’s results are heavily weighted into the second half of our financial year. In the six months ended 31 August 2014 Hart contributed £1.4 million to Group revenues and £0.1 million to adjusted profit before taxation. During the period, Hart was moved to Macmillan Distribution, the Group’s UK distributor.

In the US, sales for the division year on year were affected by the appreciation of sterling compared to the dollar and further eroded by a high level of Fairchild Books returns in the period. India showed good growth, contributing £0.3m of sales and £0.1m of profit.

Overall the division’s EBITDA was £0.6 million (2013: £1.3 million), reflecting Fairchild Books lower net sales and stock write offs.

With an increasing focus on digital publishing, the division’s digital revenues are growing quickly. Digital revenues were up by 65% to £2.0 million, boosted by a robust performance from online subscription revenue, and a large backlist digitisation programme.  Total subscription revenues were up by 16% in the period.  Revenues for the online Berg Fashion Library increased by 12% in the period. Digital revenues now represent 15% of total revenues in the division (2013: 9%).

The division has won two major awards reflecting its rapid development as an academic publisher.  In March, it was awarded Academic, Educational and Professional Publisher of the Year at the Bookseller Industry Awards.   This is the first time an academic publisher has won the award in two consecutive years.  In June, Drama Online received an Innovation Excellence Award from the Stationers’ Company.  This new award is designed to highlight “the very best of innovation by companies to adapt to the dramatic technological, economic and social changes currently disrupting traditional business models”. 

We have successfully launched a new digital platform, Bloomsbury Collections, which will deliver unique online collections of scholarly e-books for the institutional market on a subscription basis.  Since the official launch on September 22nd, we have seen strong interest in the service. The first orders are largely from outside the UK, demonstrating the potential to grow international digital revenues.  This new service will respond to the growing demand for e-books from academic libraries worldwide, and will offer new opportunities for scholars and students to discover and make the most of the full wealth of Bloomsbury’s academic publishing portfolio. The site will have approximately 4,000 titles on the platform by February 2015, bringing together innovative current research publications alongside more than a century’s worth of authoritative scholarship from the backlists of imprints such as Hart, T&T Clark, Bristol Classical Press, Continuum, Berg and the Arden Shakespeare. New collections in further subject areas will follow in future releases, and all newly published academic monographs will go directly on to the Bloomsbury Collections site in digital form.

In addition, work has commenced on an online Business Advice Compliance Service due to launch at the end of November 2014.

Adult

Revenue for the period was £19.3 million (2013: £23.2 million) resulting in EBITDA reducing to £0.2 million (2013: £1.3 million). This follows an exceptional result in the period to 31 August 2013 which included the release of And The Mountains Echoed by Khaled Hosseini.

Our key titles in this period were the paperback release of And The Mountains Echoed by Khaled Hosseini, Tom Kerridge’s Best Ever Dishes, Before We Met by Lucie Whitehouse and Roz Chast’s Can’t We Talk About Something More Pleasant? which has been in The New York Times graphic hardcover bestseller list for 17 weeks, with 8 weeks at number one and is a finalist for the 2014 National Book Award.

It has been a good first half for literary prizes; highlights include Tenth of December by George Saunders winning the inaugural Folio Prize, The Sound of Things Falling by Juan Gabriel Vasquez (translated by Anne McLean) winning the IMPAC Dublin Literary Award and The Lowland by Jhumpa Lahiri being shortlisted for the Baileys Women's Prize for Fiction. Two of our paperbacks, And the Mountains Echoed by Khaled Hosseini and Before We Met by Lucie Whitehouse, were chosen for the Richard & Judy Summer Book Club with And the Mountains Echoed being chosen by readers as their favourite of all the titles.

In India in September we have won five Excellence in Book Production awards announced by the Federation of Indian Publishers, in just our second year of publishing. This is the highest number of awards to any publisher in the English language publications category.

In September 2014, Bloomsbury acquired Conway, the maritime, naval and military history imprint with a list of over 200 titles which will be integrated into Bloomsbury’s existing Adlard Coles Nautical imprint and will consolidate Bloomsbury’s position as the global leader in the nautical publishing field.
Our Cookery list continues to flourish. Absolute Press, one of our cookery imprints, was awarded Specialist Consumer Publisher Of The Year 2014 at the Independent Publishing Guild Awards.

Children’s & Educational

The excellent result in this division reflects the success of our previous strategic investment. This has been a three year investment plan involving a reshaping of the team and a focusing of priorities on commercial global acquisitions for the consumer lists and targeted strategic marketing of our strong brands, together with the launch of new imprint Bloomsbury Activity Books and the Bloomsbury Picture Books list.

Revenue for the period was £11.2 million (2013: £10.4 million). EBITDA increased to £1.2 million from nil last year.   A star performer in the UK in picture books was Marmaduke the Different Dragon by Rachel Valentine and Ed Eaves and in fiction, Paper Towns by John Green. New print editions of the six Music Express titles from our A&C Black Music imprint, which published from March to June, have sold strongly and since June have been the bestselling titles on Bloomsbury.com.

We launched new children’s editions of our seven Harry Potter novels by J.K. Rowling, with jackets from Jonny Duddle and saw a 69% increase week on week in retail sales in the first week. The jackets have been well reviewed by fans and retailers – and in the first week of September Harry Potter and the Philosopher’s Stone was the third bestselling title at Waterstones, seventeen years after its launch. In October 2014 Warner Bros announced that the Fantastic Beasts film will be the first in a trilogy, to be launched in 2016, 2018 and 2020. J.K. Rowling is also collaborating with a writer to bring a Harry Potter stage play to London’s West End to be produced by Sonia Friedman. Harry Potter Book Night will take place on February 5th 2015. It is a moment in the book calendar to celebrate the Harry Potter books and to reawaken the excitement of the midnight openings which were such a mark of the original publications. Sign-ups for the Harry Potter Event Kit to participate in this event were at 1,148 just one week after the announcement.

In the US sales highlights include Heir Of Fire by Sarah J. Maas which went to number 4 on the New York Times bestseller list, following a huge global publication and marketing campaign. Key acquisitions in this period include new books from Louis Sachar, Fuzzy Mud, and a novel from Neil Gaiman.

Music Express Online launched on schedule on August 29th. It is a visually appealing subscription website enabling primary class teachers to teach the music curriculum even if they cannot read music or play instruments themselves. It has sold 500 subscriptions in the first two weeks. Our ambition is for this to be available in all primary schools in the UK.

We launched our first Andrew Brodie apps in March for Ages 6-7 and 10-11, both of which appeared in the New and Noteworthy section of the Apple app store for six weeks. To date each has sold over 2,100 copies. Four further apps for different age ranges will be launched in early October.

In the UK William Sutcliffe’s The Wall was shortlisted for the Carnegie Medal and Winter Damage by Natasha Carthew was shortlisted for the Brandford Boase award. What Makes You You? by Gill Arbothnot was shortlisted for the Royal Society's Young People's Book Prize.

Bloomsbury Information

Revenue for the Information division this period was £2.0 million (2013: £1.6 million). EBITDA was £0.7 million compared to £0.5 million in 2013.

This period saw the official launch of the IZA World of Labor knowledge hub (http://wol.iza.org), a multi-year project Bloomsbury manages on behalf of the IZA, a private independent economic research institute focused on the analysis of global labour markets. Our business list published Hugh Pym’s Inside the Banking Crisis: The Untold Story, and our partnership with the National Archives resulted in the publication of the second edition of Census: The Family Historian’s Guide. The division’s management services agreement with the Qatar Foundation for its book publishing business was extended on the same terms to December 2015, and the intention of the parties is to enter into a long term renewal.

Dividend

The Directors have declared an interim dividend of 1.02 pence per share which is a 4% increase on the dividend paid for the six months ended 31 August 2013 of 0.98 pence per share. The dividend will be paid on 4 December 2014 to shareholders on the register at close of business on 7 November 2014.

Outlook

Bloomsbury’s strong second half list includes Paul Hollywood’s British Baking, Tom Kerridge’s Best Ever Dishes and River Cottage Light & Easy by Hugh Fearnley-Whittingstall. In addition, there are three high profile TV series linked to our books - Grantchester; Jonathan Strange & Mr Norrell; and Tom Kerridge’s Best Ever Dishes.

As usual, the Group is targeting a number of new contracts from which we expect to deliver rights and services income in the second half of our financial year.

We continue to focus investment and development on digital publishing, including Bloomsbury Collections, Bloomsbury Fashion Central and Drama Online.  We expect to be making further announcements on new digital developments in the second half, as the result of our investment in this area of our publishing.

We expect our results to continue to be significantly second-half weighted, as in the past. October is the peak for academic book sales and Christmas is the peak season for the sales of general books.

Notes:
Adjusted results are calculated before deducting highlighted items.  Highlighted items comprise amortisation of acquired intangible assets, legal and other professional costs relating to acquisitions and restructuring costs.

EBITDA is adjusted profit before tax, interest, depreciation and amortisation.

 

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Condensed Consolidated Interim Income Statement
For the six months ended 31 August 2014

  Notes 6 months ended
31 August
2014
£’000
6 months ended
31 August
2013
£’000
Year
ended
28 February
2014
£’000
         

Revenue

3 46,580 49,173 109,496
Cost of sales   (20,499) (21,851) (47,183)
Gross profit   26,081 27,322 62,313
Marketing and distribution costs   (6,896) (7,378) (14,890)
Administrative expenses   (18,696) (18,826) (37,913)
Operating profit before highlighted items   1,689 2,292 11,985
Highlighted items* 4 (1,200) (1,174) (2,475)
Operating profit   489 1,118 9,510
Finance income   21 17 49
Finance costs   (1) (2) (80)
Profit before taxation and highlighted items   1,709 2,307 11,954
Highlighted items* 4 (1,200) (1,174) (2,475)
Profit before taxation 3 509 1,133 9,479
Taxation   (97) (256) (1,776)
Profit for the period attributable to owners of the Company   412 877 7,703
         
Earnings per share attributable to owners of the Company          
Basic earnings per share 6 0.56p 1.21p 10.57p
Diluted earnings per share 6 0.56p 1.17p 10.43p

*See note 2b)

The accompanying notes form an integral part of this condensed consolidated interim financial report.

 

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Condensed Consolidated Interim Statement of
Comprehensive Income
For the six months ended 31 August 2014

  6 months
ended
31 August
2014
£’000
6 months
ended
31 August
2013
£’000
Year
ended
28 February
2014
£’000
Profit for the period 412                   877 7,703
Other comprehensive income
Items that may be reclassified to the income statement:
     
Currency translation differences on foreign operations 228                 (900) (3,169)
Items that may not be reclassified to the income statement:      
Remeasurements on the defined benefit pension scheme (55) - (13)
Other comprehensive income/ (expense) for the
period
173                 (900) (3,182)
Total comprehensive income/ (expense) for the period attributable to owners of the Company  

585
              
(23)
 

4,521
       

 

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Condensed Consolidated Interim Statement of Financial Position
At 31 August 2014

  Notes 31 August
2014
£’000
31 August
2013
£’000
28 February
2014
£’000
Assets        
Goodwill   39,537 35,064 39,511
Other intangible assets   21,290       19,147 21,310
Property, plant and equipment   3,029 3,341 3,145
Deferred tax assets   2,053 2,341 2,095
Total non-current assets                  65,909 59,893 66,061
         
Inventories   29,510 29,920 25,203
Trade and other receivables 7 54,376 53,766 56,783
Cash and cash equivalents   2,752 10,011 10,037
Total current assets   86,638 93,697 92,023
Total assets   152,547 153,590 158,084
         
Liabilities        
Retirement benefit obligations   179            119 124
Deferred tax liabilities   3,165 2,925 3,177
Other payables   311 474 566
Provisions              420   450 420
Total non-current liabilities   4,075 3,968 4,287
         
Trade and other payables   31,015 32,887 35,226
Current tax liabilities   554 1,567 2,012
Provisions   23 23 523
Total current liabilities   31,592 34,477 37,761
Total liabilities   35,667 38,445 42,048
Net assets   116,880 115,145 116,036
         
Equity        
Share capital   924 924 924
Share premium   39,388 39,388 39,388
Translation reserve   2,103 4,144 1,875
Other reserves   3,708 3,130 3,402
Retained earnings   70,757 67,559 70,447
Total equity attributable to owners of the Company   116,880 115,145 116,036

 

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Condensed Consolidated Interim Statement of Changes in Equity
For the six months ended 31 August 2014

  Share capital Share premium Translation
reserve
Capital redemption reserve Share-based payment reserve Own shares held by the EBT Retained
earnings
Total equity
  £’000 £’000 £’000 £’000 £’000 £’000 £’000 £’000
At 1 March 2014 924 39,388 1,875 22 4,582 (1,202) 70,447 116,036
Profit for the period - - - - - -          412       412
Other comprehensive income                
Currency translation differences on foreign operations - -          228 - - -              -        228
Remeasurements on the defined benefit pension scheme - -          - - - -             (55)      (55)
Total comprehensive income for the period - -         228                -                 -                 -          357       585
                 
Transactions with owners                
Deferred tax on share-based payment transactions - - - - - - (47) (47)
Share-based payment transactions - - - - 306 - - 306
Total transactions with owners of the Company - - - - 306 - (47) 259
At 31 August 2014       924    39,388         2,103             22    4,888 (1,202)    70,757 116,880
                 
At 1 March 2013 924    39,388         5,044             22 3,985  (1,693)     67,138  114,808
Profit for the period - - - - - -          877         877
Other comprehensive income                
Currency translation differences on foreign operations - -          (900) - - -              -        (900)
Total comprehensive income for the period - -          (900)                -                 -                 -          877        (23)
                 
Transactions with owners                
Share options exercised - - - - - 491 (491) -
Deferred tax on share-based payment transactions - - - - - - 35 35
Share-based payment transactions - - - - 325 - - 325
Total transactions with owners of the Company - - - - 325 491 (456) 360
At 31 August 2013       924    39,388         4,144             22    4,310 (1,202)     67,559  115,145
                 
   
  Share capital Share premium Translation
reserve
Capital redemption reserve Share-based payment reserve Own shares held by the EBT Retained
earnings
Total equity
  £’000 £’000 £’000 £’000 £’000 £’000 £’000 £’000
At 1 March 2013 924    39,388         5,044             22 3,985  (1,693)     67,138  114,808
Profit for the year - - - - - - 7,703 7,703
Other comprehensive income                
Currency translation differences on foreign operations - - (3,169) - - - - (3,169)
Remeasurements on the defined benefit pension scheme - - - - - - (13) (13)
Total comprehensive income for the year - - (3,169) - - - 7,690 4,521
                 
Transactions with owners                
Dividend to equity holders of the Company - - - - - - (4,041) (4,041)
Share options exercised - - - - - 491 (491) -
Deferred tax on share-based payment transactions - - - - - - 151 151
Share-based payment transactions - - - - 597 - - 597
Total transactions with owners of the Company - - - - 597 491 (4,381) (3,293)
At 28 February 2014 924 39,388 1,875 22 4,582 (1,202) 70,447 116,036
                 

 

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Condensed Consolidated Interim Statement of Cash Flows
For the six months ended 31 August 2014

  6 months ended 6 months ended Year ended
  31 August 31 August 28 February
  2014 2013 2014
  £’000 £’000 £’000
Cash flows from operating activities      
     
Profit before taxation 509 1,133 9,479
Finance income (21) (17) (49)
Finance costs 1 2 80
Operating profit 489 1,118 9,510
Adjustments for:    
Depreciation of property, plant and equipment 329 300 624
Amortisation of intangible assets 1,526 1,317 2,764
Loss on sale of property, plant and equipment 4 30 39
Share-based payment charges 344 364 686
  2,692 3,129 13,623
Increase in inventories (4,141) (4,791) (303)
Decrease / (increase) in trade and other receivables 2,113 (583) (4,759)
(Decrease) / increase in trade and other payables (2,916) 1,899 4,815
Cash (used in) / generated from operating activities (2,252) (346) 13,376
Income taxes paid (983) (1,106) (2,264)
Net cash (used in) / generated from operating activities (3,235) (1,452) 11,112
Cash flows from investing activities    
Purchase of property, plant and equipment (225) (700) (839)
Proceeds from sale of property, plant and equipment 7 - -
Purchase of businesses, net of cash acquired (2,384) (2,001) (8,507)
Purchases of intangible assets (1,487) (382) (1,684)
Interest received 21 17 24
Net cash used in investing activities (4,068) (3,066) (11,006)
Cash flows from financing activities    
Equity dividends paid - - (4,041)
Interest paid (1) (2) (55)
Net cash used in financing activities (1) (2) (4,096)
Net decrease in cash and cash equivalents (7,304) (4,520) (3,990)
Cash and cash equivalents at beginning of period 10,037 14,625 14,625
Exchange gain / (loss) on cash and cash equivalents 19 (94) (598)
Cash and cash equivalents at end of period 2,752 10,011 10,037

 

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Notes

Notes to the Financial Statements are available in the printable PDF version