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Half Year Results 2021
Overview
Kevin Lyons‐Tarr, CEO
Half Year Results 2021 |
1 |
Results Summary
Revenue |
Underlying* profit |
Underlying* |
||
before tax |
basic EPS |
|||
$326.81m |
$3.55m |
9.65c |
23% |
2020 HY: $0.25m |
2020 HY: 0.73c |
CashInterim dividend
$52.80m |
15.00 cents |
2020 FY: $37.49m |
2020 HY: Nil |
*Underlying is before defined benefit pension charges
Half Year Results 2021 |
2 |
Financial Review
David Seekings, CFO
Half Year Results 2021 |
3 |
Group Income Statement
H1 2021 |
H1 2020 |
FY 2020 |
• |
Revenue +23% |
||||
o Strong recovery from pandemic |
||||||||
$'000 |
$'000 |
% |
$'000 |
|||||
o US $321.7m; UK $5.1m |
||||||||
Revenue |
326,808 |
265,808 |
23% |
560,040 |
||||
• |
Gross profit +24% |
|||||||
Gross profit |
95,606 |
77,284 |
24% |
157,936 |
||||
Gross profit % |
29.25% |
29.08% |
28.20% |
o |
Margin % steady YOY |
|||
Marketing costs |
(59,889) |
(47,157) |
27% |
(92,880) |
o ~ 3% lower than pre‐pandemic |
|||
level in H1 2019 |
||||||||
Selling costs |
(15,427) |
(15,211) |
1% |
(30,784) |
||||
Admin & central costs |
(16,196) |
(14,362) |
13% |
(29,246) |
• |
Marketing costs +27% |
||
Share option related charges |
(327) |
(422) |
-23% |
(634) |
o |
Recalibrated marketing portfolio |
||
taking shape |
||||||||
Underlying operating profit |
3,767 |
132 |
4,392 |
|||||
Operating margin |
1.15% |
0.05% |
0.78% |
o |
2020 comparative reflects |
|||
Interest |
(213) |
121 |
(25) |
substantial spend reduction |
||||
• |
Overheads +7% |
|||||||
Underlying profit before tax |
3,554 |
253 |
4,367 |
|||||
o Selling costs flat YOY |
||||||||
Defined benefit pension admin |
||||||||
(172) |
(165) |
(420) |
o Admin 2020 cost includes |
|||||
costs |
benefit of job retention credits |
|||||||
Pension finance charges |
(15) |
(62) |
(104) |
under US CARES Act ~ $3.6m |
||||
o |
Central costs $1.9m (2020: |
|||||||
Profit before tax |
3,367 |
26 |
3,843 |
|||||
$1.7m) |
||||||||
Tax |
(808) |
(5) |
(753) |
|||||
Profit after tax |
2,559 |
21 |
3,090 |
Underlying basic EPS |
9.65c |
0.73c |
12.55c |
Basic EPS |
9.12c |
0.07c |
11.03c |
- Operating margin and EPS reflect improving financial results
- Effective tax rate 24%
Half Year Results 2021 |
4 |
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4imprint Group plc published this content on 11 August 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 11 August 2021 06:16:20 UTC.