RESULTS FOR THE 26 WEEKS ENDED 29 September 2024

 

Overview

 

The continuing positive momentum for the Group reflects its role as a critical manufacturing partner for its global blue-chip customers, providing complex and safety-critical solutions. The Group continues to perform well across multiple sectors, serving a diverse range of customers, achieving strong organic growth and attractive returns.

 

During the period, total revenue, including acquisitions, grew 30.4% compared to the prior period. At constant exchange rates, organic revenue growth was 9.7%.

 

Demand for our power products amongst Electric Vehicles and Consumer Electricals customers has recovered strongly, rebounding from the destocking seen in the prior year. In Medical and Complex Industrial Technology, improved component availability resulted in some one-off catch up in the previous year with revenue from certain customer accounts down year-on-year. The performance in Data Centres has remained strong given continued demand for high-speed cables to support data-intensive artificial intelligence applications.

 

Volex's diverse end-market exposure is a fundamental strength, significantly reducing dependency on individual sectors or customers. In recent years, we have extended this diversity, establishing leading positions in critical markets characterised by long-term structural drivers, such as Electric Vehicles, Medical, Complex Industrial Technology and Off-Highway.

 

The company's ability to serve a broad customer base and add value to vital production processes has resulted in strong overall growth, even in a challenging manufacturing environment. Despite some short-term shifts in demand, profitability has been maintained through careful cost control and agile resource management. This is supported by strong procurement practices and an active, continuous improvement programme across all sites.

 

The underlying operating margin for the first half of the year was 9.2%. This is the fifth consecutive year in which margins have been maintained within the 9% to 10% target range, demonstrating the consistency and flexibility of the operating model and the Group's ability to manage and pass through inflationary cost challenges in a dynamic market, whilst continuing to invest in future growth.

 

Trading performance overview

 

The half year to 29 September 2024 has seen the Group continue to grow whilst maintaining margins within the target range and investing in growth.

 

$m	26 weeks ended 29 September 2024 Total	26 weeks ended 1 October 2023 Total
Revenue	518.2	397.5
Cost of Sales	(405.1)	(306.3)
Gross profit*	113.1	91.2
Gross margin	21.8%	22.9%
Underlying operating costs*	(65.5)	(53.8)
Underlying operating profit*	47.6	37.4
Underlying operating margin	9.2%	9.4%
Underlying EBITDA*	61.3	46.8
* Before adjusting items and share-based payment charges

 

Revenue for the first half of the year rose by 30.4% including six months revenue from Murat Ticaret, with organic growth of 9.7%. Organic growth includes some new customer projects in addition to improved demand from customers who were destocking during the prior year. Gross margins declined year-on-year due to the product mix effect of the Murat Ticaret acquisition, though overall gross margin aligns with the second half of FY2024.

 

The underlying operating margin was 9.2%, slightly below the 9.4% reported for the same period last year and includes the costs of strategic capacity and capability enhancement to support growth. Underlying profit before tax increased by 11.6% to $37.5 million, and underlying basic earnings per share rose by 2.0% to 15.2 cents. Statutory profit before tax, which includes the impact of adjusting items and share-based payment expenses, was $26.5 million, an increase of 20.5% on the prior period. The underlying effective tax rate for the period was 23.7% (H1 FY2024: 22.9%), with the increase primarily attributable to the recognition of deferred tax assets in the comparative period that did not repeat in H1 FY2025, an increase in non-deductible expenses, and a lower impact from investment tax incentives.

Underlying free cash flow for the first half of the year was an outflow of $11.5 million (H1 FY2024: $11.9 million inflow) which includes capital investments and working capital increases to support future growth and interest and tax payments. Net debt excluding operating leases increased by $33.2 million from the year end, predominantly due to both the operational and capital investment to support the long-term growth of the Group. Covenant leverage, expressed as the ratio of net debt excluding operating leases to covenant EBITDA, was 1.3x (H1 FY2024: 1.3x). This provides headroom for future investment and acquisitions.

 

Interim dividend

 

The Board has declared an interim dividend of 1.5 pence, an increase of 7.1% on the previous year, and remains committed to a progressive dividend policy, striking a balance between delivering growth through investment and returning cash to shareholders.

 

The interim dividend will be paid on 9 January 2025 to those shareholders on the register on 29 November 2024.  The ex-dividend date will be 28 November 2024.

 

Realising our strategy

 

The Group has a clear strategy to capitalise on its strong position within specialised manufacturing markets where it supplies critical power and data connectivity solutions to its customers. The strategy is achieved through a clear focus on core capabilities, key markets, operational excellence, investment in growth and talent.

 

Through exceptional quality, production engineering and state of the art manufacturing facilities, we have become a trusted manufacturing partner to our global customers. Investment in key facilities and our global footprint enables us to support customers navigating the challenges of global trade tariffs. Specifically, we offer several cost-effective manufacturing solutions for those seeking to relocate production from China.

 

Research and development activity has allowed us to broaden our product range, working closely with customers to understand their specific needs while making strategic investments to expand our capacity and capabilities in order to better support them. We are particularly focused on continuing to develop a range of innovative products for Electric Vehicle and Data Centre customers. These products are designed and marketed to address the specific technical challenges our customers face.

 

We are always guided by customer needs when making these investments, which typically have a two-year payback period. We also assess potential acquisition opportunities and identify a pipeline of future acquisition targets. Although we have not made any acquisitions in the period, we have made good progress integrating Murat Ticaret, the off-highway harness business we acquired last year.

 

Our success relies on exceptional people. We continue to strengthen our team by hiring talented leaders and fostering development opportunities for employees. Effective communication is essential, and we leverage various channels to enhance employee engagement.

 

 

By continuing to focus on our strategy, our markets and our customers, we are delivering strong growth. This momentum underpins our confidence in delivering the five-year plan of securing revenues of $1.2 billion by the end of FY2027 at an underlying operating margin of 9-10%.

 

Revenue by reportable segment

 

Volex is a global, interconnected, and integrated business. There is an increasing and accelerating requirement from customers to have manufacturing in multiple locations, reducing the risk of supply chain disruption from any single country. Our global footprint, with manufacturing capabilities in multiple locations, is a significant differentiator in supporting the objectives of our blue-chip customers.

We operate with a regional focus to meet this need and therefore analyse our customer revenue geographically on this basis, with classification depending on where the customer relationship is held, reflecting our customer-centric nature.

North America is our largest customer region at 42.4% of overall revenue (H1 FY2024: 44.6%), where we collaborate with some of the world's major technology companies. Revenue in this market grew by 24.1% to $219.8 million (H1 FY2024: $177.1 million). This reflects the strong growth that we experienced from Electric Vehicle and Data Centre customers in the period and the impact of the prior year acquisition of Murat Ticaret.

Asia revenue increased by 14.4% to $96.9 million (H1 FY2024 $84.7 million) and comprises 18.7% of Group revenue (H1 FY2024: 21.3%). The growth was largely due to inYantra, which benefits from exposure to the rapidly expanding Indian market, whilst the end of the destocking cycle in Consumer Electricals was a positive factor.

 

Revenues in Europe grew by 48.5% to $201.5 million (H1 FY2024: $135.7 million) and now make up 38.9% of Group revenue (H1 FY2024: 34.1%). The majority of this increase results from the impact of the acquisition of Murat Ticaret, which completed last year. In Europe, the markets experienced variable demand as the destocking cycle had a positive impact on Consumer Electricals products, but year-on-year demand was lower for some Medical and Complex Industrial Technology customers.

 

Revenue by customer sector

 

Electric Vehicles

 

Electric Vehicles revenues increased to $79.5 million (H1 FY2024: $57.4 million), representing organic growth of 39.5% against a weaker comparative period in which customers were undergoing destocking. Revenue in the first half also benefited from a major new programme with a leading global North American automotive manufacturer. This involves the supply of complex high-voltage connectors from our newly expanded, highly automated production facility in Mexico. Annualised revenues are expected to exceed $30 million as this project scales up.

 

Following the announcement in the prior period that Volex had become a licensed partner of Tesla for the North American Charging Standard ("NACS") EV Charging system, several new projects have been secured utilising our expertise in this field. This underlines Volex's position as a trusted manufacturing partner to the world's leading EV manufacturing companies and suppliers. 

 

Medium-term demand for electric vehicles is expected to continue to experience growth, with legislative support in key markets encouraging continued adoption of this technology. The Group is positioned to grow, not only due to higher vehicle volumes, but also by identifying additional specialist manufacturing opportunities within the EV supply chain.

 

Consumer Electricals

 

Consumer Electricals revenues increased to $131.7 million (H1 FY2024: $122.8 million), representing organic growth of 7.5%. The majority of this growth was due to higher volumes, with a lesser element due to pass through of higher raw material costs, such as copper.

 

Last year, Consumer Electricals demand declined to reflect a normalisation in consumer spending patterns and customer destocking. Demand picked up in the final quarter of FY2024 and continued to increase through the first half of the year, demonstrating that destocking, in this segment, is largely over.

 

Volex's competitive manufacturing base, achieved through a strategic mix of geographic reach, automation, continuous improvement and vertical integration, provides significant value to customers. This combination ensures competitive pricing and effective support across diverse markets. As a result, we are securing new customer projects and are well-positioned for sustained growth as customer inventory levels have stabilised.

 

Medical

 

As anticipated, Medical demand was down slightly in the period, against a strong comparative period, when improved component availability allowed customers to address significant backlogs. In addition, some customers are currently focusing on inventory management to align production schedules with end consumer demand, resulting in revenue decreasing to $82.3 million (H1 FY2024: $86.1 million), reflecting an organic decline of 4.2%.

 

Longer term, growth levels are expected to normalise once customer inventories have stabilised. For some customers, this stabilisation is likely to occur in the next financial year. The Group supports numerous advanced medical technology customers and has recently onboarded some significant global names. With its extensive global footprint and medical-grade manufacturing facilities, Volex is well-positioned to support its customers and capitalise on developing market trends.

 

Complex Industrial Technology

 

Sales to Complex Industrial Technology customers grew organically by 4.1% to $104.7 million (H1 FY2024: $100.6 million). Sales to Data Centre customers were up significantly, driven by growing global investment in artificial intelligence, and now represents 46% of revenues in this sector.

 

Demand was lower for other industrial customers, with some programmes running down as customer technology platforms went end of life. On the positive side, new projects, particularly with HVAC customers, were secured and either began production in the first half or are expected to commence in the second half, which will help offset this decline as they ramp up.

 

This sector benefits from significant diversification, both in terms of customer end-markets and capabilities. A wide range of solutions, combined with a presence in key strategic locations, provides a strong competitive edge. This breadth not only enhances the company's ability to win new customer projects but also creates valuable cross-selling opportunities across different markets.

 

Off-Highway

 

Total Off-Highway revenue was $120.0 million (H1 FY2024: $30.6million) with organic growth of 20.5%. The acquisition of Murat Ticaret at the end of August last year contributed an additional $84.8 million revenue in the first five months of H1 FY2025. Organic growth for the Murat Ticaret business was 6.8%.

 

Off-Highway focuses on supplying complex wire harnesses, power connectivity components and connectors to manufacturers serving specialised vehicle markets. These markets include agricultural machinery, passenger transport vehicles such as coaches, construction equipment, material handling vehicles, such as forklifts, and specialised defence vehicles.

 

We continue to invest in and focus on the significant cross-selling opportunities within this market that were opened up through the acquisition of Murat Ticaret, particularly in the large, highly fragmented North American market.

 

Gross margin

 

The gross margin in the first half of the year was 21.8% (H1 FY2024: 22.9%), consistent with the 21.8% achieved in the second half of FY2024. There are a number of factors which affect gross margin. There was an adverse impact due to labour inflation in Türkiye which is not currently being offset by a devaluation of the local currency. For our domestic Türkiye-based customers we have contractual rights to pass on the cost impact of inflation. For export customers, negotiations are underway regarding price increases. We are also accelerating our planned productivity and efficiency initiatives in Murat Ticaret, as well as hedging foreign exchange movements to manage the impact.

 

Gross margin improvements due to product mix (including strong demand for Data Centre products) and productivity improvements broadly offset the adverse impacts on margin from labour inflation in Türkiye.

 

Underlying operating profit

 

Underlying operating costs increased by $11.7 million to $65.5 million (H1 FY2024: $53.8 million). $4.8 million of the increase was attributable to the acquisition of Murat Ticaret at the end of August last year. Foreign exchange rate changes had a negative impact of $1.2 million, and inflationary pressures also contributed to increased labour costs year-on-year. The remaining increase reflects business growth and investments in expanding capabilities and capacity. Underlying operating costs as a percentage of revenue improved to 12.6% (H1 FY2024: 13.5%), due to the lower cost base of Murat Ticaret.

 

Underlying operating profit rose by 27.3% to $47.6 million (H1 FY2024: $37.4 million), benefiting from both organic growth and the acquisition of Murat Ticaret. The underlying operating margin for the first half was 9.2%, slightly below the 9.4% reported in H1 FY2024. Productivity and cost optimisation improved operating margins by 0.9%, while improvements in product mix contributed a further 0.4%. Offsetting this were adverse impacts from inflation of 0.1%, foreign exchange rates of 0.3% and the impact of investment in capacity and growth of 1.2% which arose from additional facility and people costs required to deliver growth.

Adjusting items and share-based payments

 

The Group presents some significant items separately to provide clarity on the underlying performance of the business. This includes significant one-off costs such as restructuring and acquisition-related costs, the non-cash amortisation of intangible assets acquired as part of business combinations, and share-based payments, as well as associated tax.

Adjusting items and share-based payments totalled $11.0 million in the period (H1 FY2024: $11.6 million). These costs are made up of $6.7 million (H1 FY2024: $5.8 million) of amortisation of acquired intangible assets, $2.6 million (H1 FY2024: $3.0 million) of share-based payments expense, $1.5 million (H1 FY2024: $2.8 million) of acquisition related costs and $0.2 million related to the prior year cyber-security incident.

Net finance costs

 

Net finance costs increased to $12.0 million (H1 FY2024: $5.4 million). Average net debt over the period was higher than in the previous year due to the acquisition of Murat Ticaret in August 2023, resulting in higher net interest on bank loans, overdrafts and deposits of $6.1 million (H1 FY2024: $3.6 million). The financing element for leases for the period was $2.1 million (H1 FY2024: $1.2 million), which increased due to the acquisition of Murat Ticaret in the prior year and the site expansion in Mexico.

 

Finance costs also included $1.2 million for the unwinding of the discount on deferred consideration for the Murat Ticaret acquisition (H1 FY2024: $0.2 million). Following the refinancing of the Group's banking facilities in June 2024, debt issuance costs from the previous facility were written off, resulting in a $1.3 million charge.

 

In September 2022, the Group entered into an interest rate swap in respect of $50 million of drawn debt. This fixes the interest on this element of the debt to provide stability should there be variability in interest rates over a three-year period.

 

Taxation

 

The underlying tax charge of $8.9 million (H1 FY2024: $7.7 million) represents an underlying ETR of 23.7% (H1 FY2024: 22.9%). The increase in underlying ETR is primarily attributable to the recognition of deferred tax assets in H1 FY2024 that did not repeat in H1 FY2025, an increase in non-deductible expenses including the unwinding of the discount on acquisition contingent consideration, and a lower impact from investment tax incentives. This was partially offset by the net favourable effect of foreign exchange and inflation adjustments for tax purposes in entities where the tax and functional currencies are different, primarily in Türkiye.

 

Cash tax paid during the period was $8.4m (H1 FY2024: $6.6m), representing an underlying cash ETR of 22.4% (H1 FY2024: 19.6%). The increase is mainly driven by Murat Ticaret which was only part of the Group for 1 month of H1 FY2024.

 

Net debt and cash flows

 

Underlying EBITDA increased by 31.0% to $61.3 million (H1 FY2024: $46.8 million). Underlying free cash flow was an outflow of $11.5 million (H1 FY2024: inflow of $11.9 million). This included a working capital outflow of $32.2 million, as well as net capital expenditure of $26.4 million and tax and net interest paid of $14.2 million. In previous periods, the Group has been more cash generative in the second half of the year.

 

The working capital outflow was driven by several factors, including a $6.9 million investment in working capital to support normal business growth in H1 FY2025. An additional $7.4 million was allocated to inventory in the Murat Ticaret business to address supply chain bottlenecks following the acquisition. A further $8.4 million was used to increase buffer stock to support production relocation and prepare for new projects launching in the second half of the year.

 

The remainder of the outflow was linked to normal seasonality including certain significant payments that are made annually. Working capital is closely monitored at both the factory and regional levels, with ongoing initiatives to ensure it is optimised effectively. Total working capital is expected to remain broadly at these levels in the remainder of the year supporting an improvement in cash generation in the second half.

 

Interest payments increased compared to H1 FY2024 due to higher debt levels, and following particularly low levels of net debt from June to August last year supported when the proceeds of the equity raise were held on deposit prior to the completion of the Murat Ticaret acquisition. There was also an increase in cash tax payments, mainly due to taxes related to Murat Ticaret, acquired at the end of the corresponding period.

 

Net debt (before operating lease liabilities) increased to $154.3 million (from $121.1 million at 31 March 2024), primarily due to investment in capital expenditure and working capital. Operating lease liabilities stood at $50.2 million ($32.9 million at 31 March 2024), resulting in a statutory net debt position of $204.5 million (FY2024: $154.0 million).

 

Acquisition strategy

 

Acquiring high-quality businesses at compelling valuations remains central to our strategic approach. Our focus is on identifying acquisition targets in sectors where we have extensive expertise, particularly those with strong customer relationships and established capabilities.

 

Our acquisition pipeline is rigorously managed to prioritise opportunities that enhance the Group's value proposition and expand our reach in existing or related markets. Given evolving global supply chain dynamics, we also consider the strategic geographic locations of potential acquisitions. We only pursue acquisitions requiring significant integration or restructuring where we are confident we have the managerial resources needed.

 

Since restarting acquisitions in FY2019, we have successfully completed twelve, representing a total investment of approximately $400 million, refining a structured approach and demonstrating a strong track record in execution.

 

The integration of our largest acquisition to date, Murat Ticaret, is progressing well. The business has a robust operating culture focused on delivering high-quality production on time to a diverse customer base with complex needs and we have identified several areas for improvement in back-office functions. Further targeted investments and support from our team will ensure that Murat Ticaret is well-positioned to adopt best-in-class manufacturing and reporting practices already implemented across our Group.

 

Investing in our business

 

With a focus on delivering profitable organic growth, we continue to make strategic operational and capital investments that enhance our capabilities. Investment decisions are made with careful consideration, placing customer demand and project payback at the centre of the approval process. During the first half of the year, our global manufacturing footprint increased by 15% due to facility expansions in Indonesia, India and Mexico. These investments were delivered in good time to support the requirements of customers who are localising production. Further expansions are due for completion in Türkiye in the second half of the year and in Mexico in FY2026.

 

Net capital expenditure for the first half of the year was $26.4 million (H1 FY2024: $16.0 million), approximately 5% of revenue (H1 FY2024: 4%). In H1 FY2025, we made $5.0 million of incremental operational investment, which encompasses additional facility costs, increased deprecation from incremental capital investment and costs associated with scaling our operations, such as recruiting additional sales and engineering employees. These essential and targeted expenditures position us for sustainable long-term success. We also expanded our research and development activities, allowing us to deliver new and innovative products aimed at the Electric Vehicles and Data Centre markets. The investments we make in our business continue to deliver strong returns with return on capital employed of 19.6% (H1 FY2024: 20.5%) in the twelve months to 29 September 2024.

 

Risks and uncertainties

 

Volex proactively anticipates and assesses risks, enhancing internal controls where necessary to mitigate them. Key risks that could materially impact the Group's financial performance include competitive threats, legal and regulatory issues, dependency on key suppliers or customers, fluctuations in commodity prices or exchange rates, and quality issues. These risks and the relevant risk-mitigation activities are set out in the FY2024 Annual Report and Accounts on pages 49 to 55, a copy of which is available on the website at www.volex.com.

 

Outlook

 

Volex is well-positioned to maintain positive momentum and seize new opportunities. Our success in securing new projects highlights the strength of our global capabilities and extensive manufacturing footprint, reinforcing our competitive edge across diverse markets. Broad market exposure not only enhances operational resilience but also enables us to drive growth through different economic cycles.

 

Early trading in the first month of the second half of FY2025 has been encouraging, continuing the momentum seen in the first half, while being mindful of strong second half comparatives.

 

Our ongoing investment program, set to continue through the remainder of the year, underlines our commitment to long-term growth by enhancing operational capabilities and supporting future expansion.

 

The Board remains confident in the Group's ability to meet full-year expectations, driven by our strategic direction and operational strength. With these solid foundations, we are also on track to achieve our ambitious five-year plan, positioning Volex for sustained success and value creation.

 

Nat Rothschild                                                                                        Jon Boaden

Executive Chairman                                                                               Chief Financial Officer

14 November 2024                                                                               14 November 2024

 

Unaudited Consolidated Income Statement                                                                        

For the 26 weeks ended 29 September 2024 (26 weeks ended 1 October 2023)

 

 

		26 weeks ended 29 September 2024			26 weeks ended 1 October 2023
		Before adjusting items and share based payments	Adjusting items and share-based payments (note 3)	Total	Before adjusting items and share based payments	Adjusting items and share-based payments (note 3)	Total
	Notes	m	##PRELOADED_STATE## ##REACT_QUERY_STATE## ##CHUNKS## m	##PRELOADED_STATE## ##REACT_QUERY_STATE## ##CHUNKS## m	##PRELOADED_STATE## ##REACT_QUERY_STATE## ##CHUNKS## m	##PRELOADED_STATE## ##REACT_QUERY_STATE## ##CHUNKS## m	##PRELOADED_STATE## ##REACT_QUERY_STATE## ##CHUNKS## m
Revenue	2	518.2	-	518.2	397.5	-	397.5
Cost of sales		(405.1)	-	(405.1)	(306.3)	-	(306.3)
Gross profit		113.1	-	113.1	91.2	-	91.2
Operating expenses		(65.5)	(11.0)	(76.5)	(53.8)	(11.6)	(65.4)
Operating profit	2	47.6	(11.0)	36.6	37.4	(11.6)	25.8
Share of net profit from associates		1.9	-	1.9	1.6	-	1.6
Finance income		0.5	-	0.5	0.3	-	0.3
Finance costs	4	(12.5)	-	(12.5)	(5.7)	-	(5.7)
Profit on ordinary activities before taxation		37.5	(11.0)	26.5	33.6	(11.6)	22.0
Taxation	5	(8.9)	2.2	(6.7)	(7.7)	1.2	(6.5)
Profit for the period		28.6	(8.8)	19.8	25.9	(10.4)	15.5
Profit is attributable to:
Owners of the parent		28.1	(8.8)	19.3	25.4	(10.3)	15.1
Non-controlling interests		0.5	-	0.5	0.5	(0.1)	0.4
		28.6	(8.8)	19.8	25.9	(10.4)	15.5
Earnings per share (cents)
Basic	6	15.2		10.4	14.9		8.8
Diluted	6	15.1		10.4	14.2		8.4

 

 

 

 

Audited Consolidated Income Statement                                                         

For the 52 weeks ended 31 March 2024

 

					52 weeks ended 31 March 2024
					Before Adjusting items and share based payments	Adjusting items and share-based payments (note 3)	Total
	Notes				##PRELOADED_STATE## ##REACT_QUERY_STATE## ##CHUNKS## m	##PRELOADED_STATE## ##REACT_QUERY_STATE## ##CHUNKS## m	##PRELOADED_STATE## ##REACT_QUERY_STATE## ##CHUNKS## m
Revenue	2				912.8	-	912.8
Cost of sales					(710.0)	-	(710.0)
Gross profit					202.8	-	202.8
Operating expenses					(113.1)	(25.8)	(138.9)
Operating profit	2				89.7	(25.8)	63.9
Share of net profit from associates					3.2	-	3.2
Finance income					1.3	-	1.3
Finance costs	4				(16.8)	-	(16.8)
Profit on ordinary activities before taxation					77.4	(25.8)	51.6
Taxation	5				(15.9)	4.5	(11.4)
Profit is attributable to:
Owners of the parent					60.5	(21.2)	39.3
Non-controlling interests					1.0	(0.1)	0.9
					61.5	(21.3)	40.2
Earnings per share (cents)
Basic	6				33.7		21.8
Diluted	6				33.0		21.4

Unaudited Consolidated Statement of Comprehensive Income

For the 26 weeks ended 29 September 2024 (26 weeks ended 1 October 2023)

 

	26 weeks to  29 September 2024	26 weeks to  1 October 2023	(Audited) 52 weeks to  31 March 2024
	##PRELOADED_STATE## ##REACT_QUERY_STATE## ##CHUNKS## m	##PRELOADED_STATE## ##REACT_QUERY_STATE## ##CHUNKS## m	##PRELOADED_STATE## ##REACT_QUERY_STATE## ##CHUNKS## m
Profit for the period	19.8	15.5	40.2
Items that will not be reclassified subsequently to profit or loss:
Actuarial loss on defined benefit pension schemes	(0.6)	(0.2)	(0.2)
Tax relating to items that will not be reclassified	0.2	-	0.1
	(0.4)	(0.2)	(0.1)
Items that may be reclassified subsequently to profit or loss:
(Loss)/gain arising on cash flow hedges during the period	(1.6)	(1.7)	0.1
Exchange gain/(loss) on translation of foreign operations	7.8	(5.4)	0.7
Tax relating to items that may be reclassified	-	1.0	(0.2)
	6.2	(6.1)	0.6
Other comprehensive income/(expense) for the period	5.8	(6.3)	0.5
Total comprehensive income for the period is attributable to:
Owners of the parent	25.2	8.9	39.9
Non-controlling interests	0.4	0.3	0.8
	25.6	9.2	40.7

 

 

 

 

 

Unaudited Consolidated Statement of Financial Position                                                  

As at 29 September 2024 (1 October 2023)	Note	29 September 2024 ##PRELOADED_STATE## ##REACT_QUERY_STATE## ##CHUNKS## m	RESTATED1 1 October 2023 ##PRELOADED_STATE## ##REACT_QUERY_STATE## ##CHUNKS## m	(Audited) 31 March 2024 ##PRELOADED_STATE## ##REACT_QUERY_STATE## ##CHUNKS## m
Non-current assets
Goodwill		125.0	119.2	121.4
Other intangible assets		129.5	136.2	131.7
Property, plant and equipment		110.5	85.1	91.8
Right of use assets		52.1	39.4	38.4
Interests in associates		10.0	6.5	8.1
Other receivables		1.5	1.4	2.0
Derivative financial instruments		0.3	2.1	1.5
Retirement benefit assets		1.3	-	0.4
Deferred tax assets		26.5	25.5	25.9
Long term financial assets		1.0	-	-
		457.7	415.4	421.2
Current assets
Inventories		209.4	182.5	174.3
Trade receivables		205.0	182.7	187.6
Other receivables		25.0	14.6	23.4
Current tax assets		1.3	0.5	1.8
Derivative financial instruments		0.8	0.3	1.0
Cash and bank balances	9	18.4	47.2	29.8
		459.9	427.8	417.9
Total assets		917.6	843.2	839.1
Current liabilities
Borrowings	9	4.0	0.5	3.3
Lease liabilities		22.7	17.5	21.3
Trade payables		137.3	118.6	133.1
Other payables		114.8	125.2	101.4
Current tax liabilities		16.8	17.3	18.3
Retirement benefit obligation		-	0.4	-
Provisions		3.6	3.2	2.9
Derivative financial instruments		1.3	2.2	0.4
		300.5	284.9	280.7
Net current assets		159.4	142.9	137.2
Non-current liabilities
Borrowings	9	165.6	181.4	143.1
Non-current lease liabilities		30.6	21.5	16.1
Other payables		29.7	1.5	26.9
Deferred tax liabilities		28.4	31.8	28.2
Retirement benefit obligation		9.7	9.8	7.5
Provisions		0.5	0.4	1.0
		264.5	246.4	222.8
Total liabilities		565.0	531.3	503.5
Net assets		352.6	311.9	335.6
Equity attributable to owners of the parent
Share capital	7	69.6	69.5	69.6
Share premium account		62.0	62.1	62.0
Non-distributable reserve		2.5	2.5	2.5
Hedging and translation reserve		(7.6)	(20.6)	(13.9)
Own shares	8	(3.2)	(1.0)	(4.3)
Retained earnings		220.5	191.5	211.3
Total attributable to owners of the parent		343.8	304.0	327.2
Non-controlling interests		8.8	7.9	8.4
Total equity		352.6	311.9	335.6

¹ The interim results for the 26 weeks ended 1 October 2023 have been restated to incorporate measurement period adjustments arising under IFRS 3 Business Combinations following the acquisition of Murat Ticaret in August 2023. See note 11 for further details.

Unaudited Consolidated Statement of Changes in Equity

For the 26 weeks ended 29 September 2024 (26 weeks ended 1 October 2023)

 

	Share capital	Share premium account	Non-distribut-able reserves	Hedging and trans-lation reserve	Own shares	Retained earnings	Equity attribut-able to owners	Non-cont-rolling interests	Total equity
	##PRELOADED_STATE## ##REACT_QUERY_STATE## ##CHUNKS## m	##PRELOADED_STATE## ##REACT_QUERY_STATE## ##CHUNKS## m	##PRELOADED_STATE## ##REACT_QUERY_STATE## ##CHUNKS## m	##PRELOADED_STATE## ##REACT_QUERY_STATE## ##CHUNKS## m	##PRELOADED_STATE## ##REACT_QUERY_STATE## ##CHUNKS## m	##PRELOADED_STATE## ##REACT_QUERY_STATE## ##CHUNKS## m	##PRELOADED_STATE## ##REACT_QUERY_STATE## ##CHUNKS## m	##PRELOADED_STATE## ##REACT_QUERY_STATE## ##CHUNKS## m	##PRELOADED_STATE## ##REACT_QUERY_STATE## ##CHUNKS## m
Balance 31 March 2024	69.6	62.0	2.5	(13.9)	(4.3)	211.3	327.2	8.4	335.6
Profit for the period	-	-	-	-	-	19.3	19.3	0.5	19.8
Other comprehensive income/(expense) for the period	-	-	-	6.3	-	(0.4)	5.9	(0.1)	5.8
Total comprehensive income for the period	-	-	-	6.3	-	18.9	25.2	0.4	25.6
Own shares sold/(utilised) in the period	-	-	-	-	5.6	(5.6)	-	-	-
Own shares purchased in the period	-	-	-	-	(4.5)	-	(4.5)	-	(4.5)
Dividend	-	-	-	-	-	(6.5)	(6.5)	-	(6.5)
Scrip dividend related share issue	-	-	-	-	-	0.2	0.2	-	0.2
Reserve entry for share option charges	-	-	-	-	-	1.8	1.8	-	1.8
Tax effect of share options	-	-	-	-	-	0.4	0.4	-	0.4
Balance at 29 September 2024	69.6	62.0	2.5	(7.6)	(3.2)	220.5	343.8	8.8	352.6

 

 

Unaudited Consolidated Statement of Changes in Equity (continued)

For the 26 weeks ended 29 September 2024 (26 weeks ended 1 October 2023)

	Share capital		Share premium account		Non-distribut-able reserves		Hedging and trans-lation reserve		Own shares		Retained earnings		Equity attribut-able to owners	Non-controll-ing interests	Total equity
	##PRELOADED_STATE## ##REACT_QUERY_STATE## ##CHUNKS## m		##PRELOADED_STATE## ##REACT_QUERY_STATE## ##CHUNKS## m		##PRELOADED_STATE## ##REACT_QUERY_STATE## ##CHUNKS## m		##PRELOADED_STATE## ##REACT_QUERY_STATE## ##CHUNKS## m		##PRELOADED_STATE## ##REACT_QUERY_STATE## ##CHUNKS## m		##PRELOADED_STATE## ##REACT_QUERY_STATE## ##CHUNKS## m		##PRELOADED_STATE## ##REACT_QUERY_STATE## ##CHUNKS## m	##PRELOADED_STATE## ##REACT_QUERY_STATE## ##CHUNKS## m	##PRELOADED_STATE## ##REACT_QUERY_STATE## ##CHUNKS## m
Balance 2 April 2023	62.7		60.7		2.5		(14.6)		(1.0)		115.0		225.3	7.4	232.7
Profit for the period	-		-		-		-		-		15.1		15.1	0.4	15.5
Other comprehensive (expense)/income for the period	-		-		-		(6.0)		-		(0.2)		(6.2)	(0.1)	(6.3)
Total comprehensive (expense)/income for the period	-		-		-		(6.0)		-		14.9		8.9	0.3	9.2
Business combination	-		-		-		-		-		-		-	0.2	0.2
Own shares sold/(utilised) in the period	-		-		-		-		1.2		(1.2)		-	-	-
Own shares purchased in the period	-		-		-		-		(1.2)		-		(1.2)	-	(1.2)
Dividend	-		-		-		-		-		(6.1)		(6.1)	-	(6.1)
Scrip dividend related share issue	0.1		(0.1)		-		-		-		1.8		1.8	-	1.8
Shares issued	6.7		1.5		-		-		-		64.1		72.3	-	72.3
Reserve entry for share option charges	-		-		-		-		-		2.5		2.5	-	2.5
Tax effect of share options	-		-		-		-		-		0.5		0.5	-	0.5
Balance at 1 October 2023	69.5		62.1		2.5		(20.6)		(1.0)		191.5		304.0	7.9	311.9