TIDMTST
RNS Number : 6255L
Touchstar PLC
07 September 2023
This announcement contains inside information for the purposes
of Article 7 of the UK version of Regulation (EU) No 596/2014 which
is part of UK law by virtue of the European Union (Withdrawal) Act
2018, as amended ("MAR"). Upon the publication of this announcement
via a Regulatory Information Service, this inside information is
now considered to be in the public domain.
7 September 2023
Touchstar plc
Interim results for the
Six months ended 30 June 2023
Positive trends continue, confidence in 2023 outcome with
dividend introduced and share buyback commenced
The Board of Touchstar plc ((AIM:TST) "Touchstar", the "Company"
or the "Group"), suppliers of mobile data computing solutions and
managed services to a variety of industrial sectors, is pleased to
announce its interim results for the six months ended 30 June 2023
("H1 23" and "Period").
Key Financials
H1 23 H1 22 % increase
----------------------- -------------- ------------- ------------
Revenue GBP3,726,000 GBP3,102,000 up 20.1%
Margin 55.4% 59.8% Down 440bps
EBITDA GBP657,000 GBP560,000 up 17.3%
Pre-tax profits GBP307,000 GBP104,000 up 195.2%
Profit after tax GBP271,000 GBP164,000 up 65.2%
Basic earnings
per share ("EPS") 3.20p 1.93p Up 65.8%
Cash net of overdraft GBP2,761,000 GBP1,602,000 up 72.3%
and CIBLs *
Order book at end GBP1,313,000 GBP1,061,000 up 23.8%
H1
Recurring revenue GBP1,435,000 GBP1,311,000 up 9.5%
Proposed interim 1.0p a share nil +1.0p
dividend
* CIBLs Coronavirus Business Interruption Loan fully repaid in
July 2022
H1 23 financial highlights
-- Total revenue up 20% to GBP3,726,000 (H1 22: GBP3,102,000)
-- Recurring revenue up 9.5% to GBP1,435,000 (H1 22: GBP1,311,000)
-- Margins declined 440 basis points in H1:23 to 55.4% (H1 22:
59.8%) predominately due to product mix and investment
variation
-- Higher revenues drove continued improvement in profitability
o Profits before tax up 195.2% to GBP307,000 (H1 22:
GBP104,000)
o After tax profit growth of 65.2% to GBP271,000 (H1 22:
GBP164,000)
o EPS rose by 65.8% to 3.20p (H1 22: 1.93p)
o EBITDA increase of 17.3% to GBP657,000 (H1 22: GBP560,000)
o Net cash of GBP2,761,000 at 30 June 2023 (H1 22:
GBP1,602,000)
o Cash per share of 32.6p (H1 22: 18.9p)
-- New order intake remains solid with the order book standing
at GBP1,313,000 (H1 22: GBP1,061,000)
-- Board's confidence in the future highlighted by the
introduction of an interim dividend of 1p per share
Outlook and strategic progress
o Business continued to invest in improving products and
ensuring excellent service to our customers
o The buoyant order book and trading momentum underpins the
prospects for 2023
o Solid H1 performance has continued, setting up another year of
improved financial performance
o The Boards expectations remain unchanged for the full year
outcome
o Further growth in total revenue
o Recurring revenue growth continues
o Margins to normalise in H2 23
o Strong cash generation for the year as a whole
o Begun investment in enhancing the long-term organic growth
potential of the business creating a platform for expansion and
further sustainable growth
o Sales and marketing commenced in several overseas territories
and the initial response from these markets has been
encouraging
o Local relationships and distribution partnerships identified,
and discussion commenced.
o Management has identified opportunity to enhance products and
enter new markets by potential bolt-on acquisitions again these are
at an early stage of development
o Capital reduction process was approved by the courts on 19
April 2023, the Board's current intention to return excess cash by
way of the dividends and through share buyback
o Post the Period-end, the Company purchased 225,000 shares
which are held in treasury at a cost of GBP203,836. The budget
plans for a buyback of GBP300,000 of shares per year, this should
be accretive to EPS
o Company confirmed the introduced of a proposed interim
dividend of 1p a share
Commenting today, Ian Martin, Chairman of Touchstar, said:
"Touchstar has traded well in 2023 to date. Revenue growth has
translated into another period of improved financial performance.
It is perhaps testament to how far we have come that the business
has achieved revenue growth of 20% and profits and earnings
increases of over 65%.
The order book remains strong, sales prospects encouraging,
providing confidence that 2023 will be another constructive year
and puts in place the foundations for that trend to continue
through into subsequent years. "
For further information, please contact:
Touchstar plc www.touchstarplc.com
Ian Martin 0161 874 5050
Mark Hardy 0161 874 5050
WH Ireland - Nominated Adviser & Broker www.whirelandcb.com
Corporate Finance - Mike Coe/Sarah Mather 020 7220 1666
Information on Touchstar plc can be seen at:
www.touchstarplc.com
CHAIRMAN'S INTERIM STATEMENT 2023
Overview
Touchstar continued to trade well in H1 2023. Revenue growth has
translated into another period of improved financial
performance.
As we continue our evolution the standards and benchmarks we set
ourselves have been raised. Although by many metrics the
performance in H1 2023 was positive I would characterise it as
solid.
It is perhaps testament to how far we have come that the
business has achieved revenue growth of 20% and profits and
earnings increases of over 65% on the same period of 2022.
The order book remains strong, sales prospects encouraging,
providing confidence that 2023 as a whole will be another
constructive year, firming the foundations for that trend to
continue through into subsequent years.
Business Review
The activities within the areas of our business on the whole
remain largely buoyant. Whilst the general business landscape is a
little uncertain, Touchstar continues to secure new customers as
well as building further sales through existing customer expansion
and upgrades. We have seen some positive signs in successfully
cross selling recent product additions into existing customers'
businesses. In addition to this the prospects of both new customers
and existing customer business remains healthy, and margins remain
consistent with our forecasts.
We have been active in recruitment of additional technical staff
to improve delivery timescales and maximise revenue opportunities.
Although impacting the gross margin, this is having a positive
effect on the business and provides greater security for product
development and support going forward.
We are making good progress in spreading the Touchstar word to
new regions and have a number of export opportunities lined up for
2024. Establishing oneself in a new region does take time, however
we are encouraged with the positive reception we are
experiencing.
Financial results
H1 2023 H1 2022 % Change
-------------------------- ------------- ------------- ------------------
Revenue GBP3,726,000 GBP3,102,000 +20.1%
Gross margin 55.4% 59.8% -440 basis points
Pre-tax profit GBP307,000 GBP104,000 +195.2%
Post tax profit GBP271,000 GBP164,000 +65.2%
Earnings per share (EPS) 3.20p 1.93p +65.8%
Revenue grew 20% in H1 23 to GBP3,726,000 as we convert the
order book into actual revenue and cash.
Gross margins were impacted in the period by sales mix and the
acceleration of investment in growth. These factors are detailed
below and caused a temporary decline of 440 basis points in gross
margins to 55.4%.
The growth in revenue resulted in improved operating returns
with pre-tax profits up by 195.2% to GBP307,000.
After a long period of receiving the benefit of tax credits we
have become a tax paying entity, with a tax charge of GBP36,000 (H1
22: tax credit GBP60,000).
Even allowing for this, both post tax profits and basic earnings
per share rose by over 65% to GBP271,000 and 3.20p
respectively.
H1 2023 H1 2022 % Change
------------------- -------------- -------------- ---------
Recurring revenue GBP1,435,000 GBP1,311,000 +9.5%
Recurring revenue grew a respectable 9.5% to GBP1,435,000 - we
expect this trend to continue in H2 as we complete projects
originally timetabled for H1 23. This increases our quality of
earnings, makes for a more predictable outcome, and underpins
future performance.
H1 2023 H1 2022 % Change
-------------- -------- -------- -----------
-440 Basis
Gross margin 55.4% 59.8% Points
Gross margins fell 440 basis points to 55.4% as mentioned
previously. This was due to three main factors.
The H1 23 general sales mix was more weighted to installation
and hardware than the prior year - purely a result of timing
issues.
The second included a low margin media sale for a large
customer; the supply of Access Control cards that would normally be
placed in lesser amounts across several quarters. We expect margins
to normalised by year end.
The last factor was we were more successful than budgeted in
recruiting open positions in engineering and development resource
as we put in place the infrastructure and talent to effectively
manage the anticipated level of future growth.
Combined with salary increases to existing employees this led to
step change in cost of sales that will take a period for revenue to
build and eliminate this short term drag.
Based on the implementations scheduled for H2 2023 we expect a
return to the underlying trend of improving margins.
The modest increase in administrative expenses show we remain
focused on costs, productivity improvement and profitability. The
overall cost base of the Group increased by 15% being less than the
growth in revenue of 20%.
H1 2023 H1 2022 % Change
--------------------- ------------ ------------ ---------
EBITDA GBP657,000 GBP560,000 +17.3%
Spend on Research &
Development (R&D)* GBP503,500 GBP495,800 + 1.6%
R & D Capitalised GBP283,300 GBP280,600 +1.0%
(* inclusive of amounts capitalised)
EBITDA increased by 17.3 % driven by higher revenue and
profitability. Investment continued in the business with spend in
R&D rising to GBP503,500 which represents 13.5% of revenue
(2021: 16%). Capitalisation and research and development spend
moved in line with each other.
H1 2023 H1 2022 Change
----------------------- ------------- ------------- ------------------
Cash net of overdraft GBP2,761,000 GBP1,602,000 +GBP1,159,000
and CIBLs *
Free cash generation GBP(714,000) GBP(778,000) +8.0% Improvement
+13.6p per
Cash per share 32.6p 18.9p share
* CIBLs Coronavirus Business Interruption Loan fully repaid in
July 2022
The balance sheet remains strong with net cash of GBP2,761,000
at 30 June 2023, equivalent to 32.6 p per share.
The cash generation of the business is seasonal, with the second
half of the year historically very strong, and we expect
substantial positive cash flow overall in 2023.
The order book ended the period at GBP1,313,000 (30 June 2022:
GBP1,061,000) an increase of 23.8% over the prior year. This
reflects the normalisation of trading across our markets, and the
elimination of the last effects of the pandemic.
Dividend
The Board has proposed an interim dividend of 1.0 pence per
share (2022: nil), consistent with the first-half increase in
earnings per share.
The interim dividend is expected to be paid on 8 December 2023
to those shareholders on the register at the close of business on
10 November 2023. The ex dividend date will be 9 November 2023.
Capital Management
With the level of cash and the cash generation of the business
becoming more predictable the Board feel it is appropriate not only
to invest in the long-term organic growth potential of the
business, but to also to consider bolt on acquisitions and develop
a clear route for the enhancing of shareholder value.
The confirmation by the Court in Scotland ("Court") on 19 April
2023 of the reduction in the share premium account now gives the
Company the ability to consider returning value to shareholders,
either by via payment of a dividend or via share buybacks.
The Company's policy will be to pay an interim and final
dividend each year. Thereafter the intention is that dividends will
be progressive, linked to profitability and at least 2.5 times
covered by adjusted earnings.
As announced the Company has (post the period close) begun a
share buyback program. A total of 225,000 shares have been
purchased to date at a total cost of GBP203,836. The budget is to
buy back GBP300,000 worth of shares in 2023.
The Board
The Company has formed a Nomination Committee chaired by John
Christmas (the independent non-executive) and Mark Hardy (CEO) to
find my replacement, progress is being made to identify and recruit
the right person and to ensure a seamless transition.
Current trading and outlook
As ever uncertainties in the economic outlook remain, but
nothing that changes the Board's expectations for the full year
outcome. We continue to trade in line with our plan and make good
progress against our longer-term objective to build a bigger, high
quality and predictable business.
The level of demand we are seeing, our order book and the
planned activity of our customer base underpins our confidence that
the trends in place will continue and result in another good year
for the business and create momentum into 2024.
We are positive in the short, medium, and more importantly
long-term fundamentals of our business.
I Martin
Executive Chairman
6 September 2023
Unaudited consolidated income statement for the six months ended
30 June 2023
30-Jun-23 30-Jun-22 31-Dec-22
GBP'000 GBP'000 GBP'000
-------------------------------------- ------ ---------- ---------- ---------------
Revenue 3,726 3,102 6,743
Cost of sales (1,662) (1,246) (2,583)
---------------------------------------------- ---------- --------------- ----------
Gross profit 2,064 1,856 4,160
Distribution costs (28) (21) (46)
Administrative expenses (1,763) (1,721) (3,676)
---------------------------------------------- ---------- --------------- ----------
Operating profit before share-based
payment provision 310 135 490
Share-based payment provision
included in administrative expenses (37) (21) (52)
---------------------------------------------- --------- ---------------- ----------
Operating profit 273 114 438
--------- ----------
Finance income 39 - -
Finance costs (5) (10) (16)
---------------------------------------------- --------- ---------------- ----------
Profit before income tax 307 104 422
Note
Income tax (charge)/credit 6 (36) 60 136
-------------------------------------- ------ --------- ---------------- ----------
Profit for the period attributable
to the owners of the parent 271 164 558
--------- ---------------- ----------
Profit per ordinary share (pence) attributable to owners of
the parent during the period:
---------------------------------------------------------------------------------------
Pence Pence per Pence per
per share share
share
-------------------------------------- ------ --------- ------------ --------------
Earnings per share (note 7)
Basic 3.20p 1.93p 6.58p
Diluted 3.18p n/a n/a
Unaudited consolidated statement of changes in equity for the
six months ended 30 June 2023
Share based
Share Share premium payment Retained
capital account reserves earnings Total equity
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
---------------------- ---------------------- -------------- ------------ ---------- -------------
For the six months ended 30 June 2023
Balance at 1 January
2023 424 1,119 58 1,332 2,933
Capital reduction - (1,119) - 1,119 -
Cost of capital
reduction - - - (30) (30)
Profit for the
period - - 37 271 308
---------------------- ---------------------- -------------- ------------ ---------- -------------
Balance at 30
June 2023 424 - 95 2,692 3,211
---------------------- ---------------------- -------------- ------------ ---------- -------------
For the six months ended 30 June 2022
Balance at 1 January
2022 424 1,119 6 776 2,325
Profit for the
period - - 21 164 185
---------------------- ------- ------- -------- -------- --------------
Balance at 30 June
2022 424 1,119 27 940 2,510
---------------------- ------- ------- -------- -------- --------------
For the year ended 31 December 2022
Balance at 1 January
2022 424 1,119 6 776 2,325
Cost of capital
reduction in subsidiary - - - (2) (2)
Profit for the year - - 52 558 610
-------------------------- ------ ------- -------- -------- --------------
Balance at 31 December
2022 424 1,119 58 1,332 2,933
-------------------------- ------ ------- -------- -------- --------------
Unaudited consolidated statement of financial position at 30
June 2023
30 June 2023 30 June 31 December
2022 2022
GBP'000 GBP'000 GBP'000
-------------------------------- ------------- -------- ------------
Non-current assets
Intangible assets 1,093 1,143 1,087
Property, plant, and equipment 76 113 94
Right of use asset 217 320 299
Deferred tax assets 46 81 46
--------------------------------- ------------- -------- ------------
1,432 1,657 1,526
-------------------------------- ------------- -------- ------------
Current assets
Inventories 1,063 815 967
Trade and other receivables 1,057 1,410 975
Current tax recoverable 18 226 18
Cash and cash equivalents 2,810 2,831 4,461
--------------------------------- ------------- -------- ------------
4,948 5,282 6,421
-------------------------------- ------------- -------- ------------
Total assets 6,380 6,939 7,947
--------------------------------- ------------- -------- ------------
Current liabilities
Trade and other payables 1,121 1,091 1,491
Contract liabilities 1,532 1,363 2,022
Borrowings 49 1,229 985
Lease liabilities 136 158 157
--------------------------------- ------------- -------- ------------
2,838 3,841 4,655
-------------------------------- ------------- -------- ------------
Non-current liabilities
Deferred tax liabilities 116 251 80
Contract liabilities 144 174 144
Lease liabilities 71 163 135
--------------------------------- ------------- -------- ------------
331 588 359
-------------------------------- ------------- -------- ------------
Total liabilities 3,169 4,429 5,014
--------------------------------- ------------- -------- ------------
Unaudited consolidated statement of financial position 30 June
2023 (continued)
30 June 30 June 31 December
2023 2022 2022
GBP'000 GBP'000 GBP'000
Capital and reserves attributable
to owners of the parent
Share capital 424 424 424
Share premium account - 1,119 1,119
Share-based payment reserve 95 27 58
Profit and loss account 2,692 940 1,332
------------------------------------ -------- -------------- ------------
Total equity 3,211 2,510 2,933
------------------------------------ -------- -------------- ------------
Total equity and liabilities 6,380 6,939 7,947
------------------------------------ -------- -------------- ------------
Unaudited consolidated cash flow statement for the six months
ended 30 June 2023
30-Jun-23 30-Jun-22 31-Dec-22
GBP'000 GBP'000 GBP'000
-------------------------------- ---------- ----------------- ----------
Cash flows from operating
activities
Operating profit 273 114 438
Depreciation 108 110 218
Amortisation 276 336 677
Share-based payment provision 37 21 52
Movement in:
Inventories (96) 50 (92)
Trade and other receivables (82) (339) 86
Trade and other payables (60) (638) 390
--------------------------------- ---------- ----------------- ----------
Cash (used in)/ generated
from operating activities (344) (346) 1,769
--------------------------------- ----------------- ----------
Interest received 39 - -
Interest paid (5) (10) (16)
Corporation tax received - - 148
--------------------------------- ---------- ----------------- ----------
Net cash (used in)/ generated
from operating activities (310 (356) 1,901
--------------------------------- ---------- ----------------- ----------
Cash flows from investing
activities
Purchase of intangible assets (283) (281) (565)
Purchase of property, plant,
and equipment (6) (50) (60)
--------------------------------- ----------------- ----------
Net cash used in investing
activities (289) (331) (625)
--------------------------------- ---------- ----------------- ----------
Cash flows from financing
activities
--------------------------------- ---------- ----------------- ----------
Cost of capital reduction (30) - (2)
Principal elements of lease
payments (85) (91) (178)
Business loan repayments - (15) (135)
--------------------------------- ---------- ----------------- ----------
Net cash (used in)/ generated
from financing activities (115) (106) (315)
--------------------------------- ---------- ----------------- ----------
Net (decrease)/ increase in
cash and cash equivalents (714) (793) 961
Cash and cash equivalents at
start of the year 3,475 2,515 2,515
--------------------------------- ---------- ----------------- ----------
Cash and cash equivalents
at end of the year 2,761 1,722 3,476
--------------------------------- ---------- ----------------- ----------
Cash and cash equivalents
Cash at bank and in hand 2,810 2,831 4,461
Less: bank overdraft (included
within borrowings) (49) (1,109) (985)
--------------------------------- ----------------- ----------
Net cash 2,761 1,722 3,476
--------------------------------- ---------- ----------------- ----------
Notes to the interim report and accounts for the six months
ended 30 June 2023
1. General information
Touchstar plc is a public company limited by share capital
incorporated and domiciled in the United Kingdom. The Company has
its listing on AIM. The address of its registered office is 1
George Square, Glasgow, G2 1AL.
2. Status of interim report and accounts
The financial information comprises the consolidated interim
balance sheet as of 30 June 2023, 30 June 2022 and the year ended
31 December 2022 along with related consolidated interim statements
of income and cash flows for the six months to 30 June 2023 and 30
June 2022 and year ended 31 December 2022 of Touchstar plc
(hereinafter referred to as 'financial information').
This financial information for the half year ended 30 June 2023
has neither been audited nor reviewed and does not comprise
statutory accounts within the meaning of section 434 of the
Companies Act 2006. This financial information was approved by the
Board on 6 September 2023.
The figures for the year ended 31 December 2022 have been
extracted from the audited annual report and accounts that have
been delivered to the Registrar of Companies. The auditors,
Haysmacintyre LLP, reported on those accounts under section 495 of
the Companies Act 2006. Their report was unqualified and did not
contain a statement under section 498 of that Act.
3. Basis of preparation
The interim report and accounts have been prepared, in
accordance with IAS 34 Interim Financial Reporting, using
accounting policies to be applied in the annual report and accounts
for the year endingd 31 December 2023. These are consistent with
those included in the previously published annual report and
accounts for the year ended 31 December 2022, which have been
prepared in accordance with IFRS as adopted by the European
Union.
Going concern
The directors have a reasonable expectation that the Group has
adequate resources to continue operating for the foreseeable
future, and for this reason they have adopted the going concern
basis of preparation in the consolidated interim financial
statements. The financial statements may be obtained from Touchstar
plc, 7 Commerce Way, Trafford Park, Manchester, M17 1HW or online
at www.touchstarplc.com .
4. Critical accounting estimates and assumptions
The Group and Company makes estimates and assumptions concerning
the future. The resulting accounting estimates will, by definition,
seldom equal the related actual results. The estimates and
assumptions that have a significant risk of causing a material
adjustment to the carrying amounts of assets and liabilities within
the next financial year are discussed below.
(a) Development expenditure
The Group recognises costs incurred on development projects as
an intangible asset which satisfies the requirements of IAS 38. The
calculation of the costs incurred includes the percentage of time
spent by certain employees on the development project. The decision
whether to capitalise and how to determine the period of economic
benefit of a development project requires an assessment of the
commercial viability of the project and the prospect of selling the
project to new or existing customers.
(b) Impairment of intangibles
Judgement is required in determining both the useful economic
life of the asset along with any impairment, notably intangible
software development costs. Useful economic life is based on the
life expectancy of software licences and recoverable amounts are
based on a calculation of expected future cash flows, which require
assumptions and estimates of future performance to be made. Cash
flows are discounted to their present value using pre-tax discount
rates based on the Directors market assessment of risks specific to
the asset.
(c) Stock provisions
Judgement is required in relation to the appropriate provision
to be made for the write down of slow moving or obsolete inventory.
Such provisions are made based on the assessment of the Group's
prospective sale of inventories and their net realisable value,
which are subject to estimation uncertainty.
(d) Allowance for expected credit losses
The allowance for expected credit losses assessment requires a
degree of estimation and judgement. It is based on the lifetime
expected credit loss, grouped based on days overdue, and makes
assumptions to allocate an overall expected credit loss rate for
each group. These assumptions include recent sales experience,
historical collection rates, the impact of the Coronavirus
(COVID-19) pandemic and forward-looking information that is
available.
After due consideration of the assumptions detailed above, no
credit loss provision was considered necessary for the period ended
30 June 2023 (30 June 2022: nil) (year ended 31 December 2022:
nil).
5 Share-based employee remuneration
The Touchstar plc EMI Share Option Plan (Plan) was approved by
the shareholders at the Annual 2021 AGM on 23 June 2021. It is a
share-based payment scheme for employee remuneration which will be
settled in equity.
The Plan is part of the remuneration package for Group employees
as selected by the Group's Remuneration Committee. Options under
this Plan will vest if performance conditions are met pertaining to
profit after tax and recurring revenue growth as defined in the
Plan. Participants in this Plan must be employed until the end of
the agreed vesting period unless deemed as 'good employees' by the
Group's Remuneration Committee on leaving. Upon vesting, each
option allows the holder to purchase each allocated share at the
market price determined at the grant date.
The number of options granted during the period and outstanding
at 30 June 2023:
30 June 30 June 2022 31 December
2023 Number 2022
Number Number
--------------------------- -------- ------------- ------------
At 1 January 422,000 211,000 211,000
Granted during the period - - 211,000
At 30 June 422,000 211,000 422,000
--------------------------- -------- ------------- ------------
Of which:
Vested 105,500 - -
Unvested 316,500 105,500 422,000
6 Income tax credit
30 June 2023 30 June 2022 31 December 2022
GBP'000 GBP'000 GBP'000
----------------------------------- --------------- --------------- -------------------
Corporation tax
Current tax - (60) -
Deferred tax charge released 36 - (136)
Total current tax charge/(credit) 36 (60) (136)
----------------------------------- --------------- --------------- -------------------
The deferred tax charge release for period ended 30 June 2023
relates to brought forward losses surrendered against the current
period tax charge. The tax credit for period ended 30 June 2022
related to losses expected to have been surrendered through R&D
tax credit. For the year ended 31 December 2022 available tax
losses were carried forward within deferred tax rather than
surrendering through R&D tax credit.
7 Earnings per share
30 June 2023 GBP'000 30 June 2022 GBP'000 31 December 2022
GBP'000
------------------------------------------ ------------------------- ----------------------- -------------------
Profit after tax attributable to the
owners of Touchstar plc 271,000 164,000 558,000
Weighted average number of shares used in
calculating basic earnings per share 8,475,077 8,475,077 8,475,077
Number of considered dilutive shares 44,758 nil nil
Weighted average number of shares used in
calculating dilutive earnings per share 8,519,835 8,475,077 8,475,077
---------------------------------------------------- ----------------- --------------- ----------------------
Earnings per ordinary share (pence) attributable to owners of the parent during the period:
Earnings per share 30 June 2023 30 June 2022 31 December 2022
---------------------------------------------------- ----------------- --------------- ----------------------
Basic 3.20p 1.93p 6.58p
Diluted 3.18p n/a n/a
---------------------------------------------------- ----------------- --------------- ----------------------
Basic earnings per share is calculated by dividing the earnings
attributable to ordinary shareholders by the weighted average
number of ordinary shares in issue during the year.
Diluted earnings per share adjusts the figures used in the
determination of basic earnings per share to take into account the
after-tax effect of interest and other financial costs associated
with the dilutive potential ordinary shares and the weighted
average number of shares assumed to have been issued for no
consideration in relation to dilutive potential ordinary
shares.
During the year 31 December 2022 the Group issued 211,000 (2021:
211,000) options with an exercise price of 77.5p (2021: 85p).
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