Preliminary Results
Introduction
Martin Towers, Chairman
HCilgichkligthotsedit Master title style
FY20 Results
COVID-19, Liquidity and Current Trading
Resilient performance despite challenging markets and COVID-19
Eleventh consecutive year of revenue growth
Revenue reduced by £13.2m and underlying operating profit by £4.6m -estimated impact of COVID-19 in March
Underlying operating profit £32.3m (2019: £34.4m)
Decisive action taken to safeguard employees, reduce operating costs, minimise cash burn and maximise liquidity
Covenant waivers agreed at September 2020 and March 2021 replaced with a maximum net debt covenant of £95m. RCF committed to November 2022
Current trading gathering momentum and ahead of COVID-19 operating scenario
Underlying ROCE above hurdle rate at 16.8% (2019: 18.2%)
Strong cash generation maintained with net debt at 31 March 20 of £36.4m. Net Debt : EBITDA 0.9x
Year to date revenue to the end of May was 40% of last year, activity levels continue to improve with June month to date at c75% of last year
Net debt of £38.6m at 7 June 2020
Return to progressive dividend policy as soon as it is appropriate to do so
Strong balance sheet - Group well positioned to withstand COVID-19 impact and to continue to win market share
Financial Review
Shaun Smith, Group Finance Director
CInlcicokmteoSetadtietmMeanstter title style
Margin
Revenue
Underlying1operating profit
Finance charges - cash
Underlying1PBT Exceptional operating items2IAS19R admin expenses Acquisition related costs3Finance income - non cash4PBT
2020 £m Pre-IFRS16
2019 £m Pre-IFRS16
342.0331.0
31.834.4
9.3%10.4%
(1.6)(1.8)
(9.0)(4.0)
30.232.6
0.72.1
(1.5)(1.5)
(4.0)(3.8)
1 Underlying means before exceptional operating items, IAS19R admin costs, acquisition related costs and where relevant, non-cash finance costs
2 2020 Johnson Tiles COVID-19 related asset impairment. (2019 - see page 43 for details)
3 See page 43 for details
4 Includes £1.9m variance in income relating to "mark to market" on FX forward contracts. (FY20: £1.7m income, FY19: £3.6m income)
+/-reported
+3.3% -6.1%
-11.7%
-40.9%
+/-Constant Currency
+5.0%
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Norcros plc published this content on 24 June 2020 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 25 June 2020 09:38:05 UTC