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.
26 September 2024
Touchstar
plc
Interim results for
the
Six months ended 30 June
2024
"Our outlook for 2024 remains
unchanged and we continue to trade in line with our
plan.
The Board has today announced
that Touchstar is conducting a strategic review of its business, a
sale of the Company is one of a number of possible outcomes of the
strategic review.
The long-term growth
strategy and prospects of the business remain positive, and we are
continuing to invest to support that growth.
A 50% increase in the interim
dividend reflects our confidence."
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 2024 ("H1 24"
and "Period").
2024 Interim
Results Highlights
·
H1 24 trading
is ahead of management expectations
·
As previously
indicated financial results this year will be second half
weighted
·
Full year
expectations broadly on track
Key
Financials
|
|
H1
24
|
H1
23
|
|
Revenue
|
£3,377,000
|
£3,726,000
|
|
Margin
|
59.1%
|
55.4%
|
|
EBITDA
|
£589,000
|
£657,000
|
|
Pre-tax profits
|
£254,000
|
£307,000
|
|
Basic earnings per share ("EPS")
|
2.82p
|
3.20p
|
|
Cash net of overdraft
|
£1,742,000
|
£2,761,000
|
|
Order book at end H1*
|
£2,275,733
|
£2,988,275
|
|
Recurring revenue
|
£1,496,000
|
£1,435,000
|
|
Proposed interim dividend
|
1.5p a share
|
1.0p per share
|
*
Includes recurring revenue
H1
24 Financial Highlights
·
Revenue declined 6.7% as petrochemical distribution projects are scheduled for H2
24
·
Recurring revenue growth continues
·
Margins increased substantially enabling Touchstar
to help offset the impact of reduced revenue
·
ATC, our access control business had a strong H1
24 which drove business outperformance to budget
·
Increase in the dividend, an indication of
confidence in the business.
·
Cash balance reduced due to stock levels
increasing ahead of expected H2 24 activity and increase in debtors
following strong June trading. Position expected to normalise by
year-end
Outlook for FY 24
As expected H1 24 was a quieter
period for the business, the prospects for FY24 remain the same,
with trading expected to achieve:
·
Growth in revenue year on year
·
Recurring revenue growth to continue to outpace
total revenue
·
Margins for FY 24 to remain at healthy
level
·
Progression of profitability and earnings per
share year on year
·
H2 cash generation to be strong as timing factors
in working capital unwind
Strategic Review
As announced earlier today, the
Board is conducting a strategic review of the Company to identify
the optimal path for future growth and value creation for its
Shareholders. This review will explore various options, including a
potential sale of the Company, its assets or other relevant
transactions.
The Company has over time been
approached by various parties about possible mergers, alliances or
sale of all or parts of the business. To date these have been
received and considered on an ad hoc basis. The Board now feels it
is in shareholders' interests to consider the Company's options
more formally and openly.
The objective of the strategic
review will be to ascertain the right path for the business, one
that enables shareholder value to be fully reflected, gives
opportunity to our employees, and serves our customers
well.
Zeus has been appointed to advise us
in this process. Our intention is to reach a conclusion to this
review this year.
We believe that Touchstar has
demonstrated a high quality of earnings, a proven record of good
growth and strong cash generation. Our question, "is remaining as a
small, listed company the appropriate structure to deliver value to
shareholders"?
Commenting today, Ian Martin, Chairman of Touchstar,
said:
"The Board remains confident in the long-term growth potential
of the business, and we are investing to support that growth.
Our strong financial position and underlying cash generation
allows us to continue to fund our organic growth plans, accelerate
investment, add resource and continue to return surplus cash to
shareholders. We will maintain the discipline that has delivered
profitable growth in recent years"
For further
information, please contact:
|
Touchstar
plc
Ian
Martin
Mark
Hardy
|
www.touchstarplc.com
0161 874
5050
0161 874
5050
|
|
Zeus -
Nominated Adviser &
Broker
Corporate Finance -
Mike Coe/Darshan
Patel/Sarah
Mather
|
www.zeuscapital.co.uk
0203 829
5000
|
Information on Touchstar plc can be
seen at: www.touchstarplc.com
CHAIRMAN'S INTERIM STATEMENT 2024
CHAIRMANS STATEMENT
I am pleased to report that in the
six months ended 30 June 2024 the Group performed ahead of
management expectations albeit the results are below H1 2023, as
unlike last year the larger contracts, as we expected, are to be
second half weighted. The results for the year are broadly on
track with expectations.
In the Period the Group has won new
customers, controlled its costs and margins and has invested in
improving our products. In addition, our access control business,
ATC, has had a strong six month performance benefitting from our
investment and the successful repositioning of the business as a
solutions provider.
While I have great confidence in the
business and its potential, I also hold high expectations for its
performance. While the first half of 2024 exceeded our
expectations, we can and should strive for even greater
achievements. By critically evaluating our performance, we can
identify areas for improvement, accelerate our positive momentum,
and overcome obstacles that may hinder our progress.
As we seem to be moving out of an
inflationary period, the differentiating factor of a quality
business will be how revenues can be built - not just the ability
to have pricing power. Touchstar needs to position itself
accordingly continuing to invest in people, training and
technology. In particular, it is clear we need more sales
fire power in the business especially to increase overseas sales -
we are taking proactive steps to address this through ongoing
recruitment efforts.
Capital Management - Dividend and Share
Buybacks
As a sign of continued confidence in
the longer-term future, the Board is declaring an increased interim
ordinary dividend of 1.5p per share (H1 23: 1.0p). As a guide we
would expect the dividend for the full year to be covered around
three times by underlying basic earnings per share and our aim is
to continue to increase the dividend in line with growth in
earnings per share.
The interim ordinary dividend of
1.5p per share will be paid on 21 November 2024 to shareholders on
the register on 25 October 2024. The ex-dividend date will be 24
October 2024.
No shares were bought back in the
Period and the Board will suspend any future purchase until at
least the end of the strategic review period.
The
Board
It is still the Board's and my
intention that I stand down as a director and chairman of the
Company. Due to several corporate developments the search for a
successor was paused, and the Board has now asked that I stay in
place until the conclusion of the strategic review - which I have
agreed to do.
Once the strategic review is
completed it is the Board's current intention that Mark Hardy will
replace me as Executive Chairman, the company will appoint at least
one independent non -executive director in 2025 and put in place a
plan to separate the roles of CEO and Chairman.
Business review
We have made some good progress in
new product developments, adding additional software modules to
strengthen the products appeal in the marketplace. The
development team has grown significantly over the past 12-18 months
and whilst we still plan to strengthen the team further, real
progress in product functionality for the customer is being
achieved.
As mentioned in the last 12 months
we have planned to expand further afield. We have a modest
footprint of international customers and whilst we know this is
more challenging aspect of sales, it is important for our expansion
plans. Recruitment of additional sales resource is in play
which will bolster this sales avenue further.
During the early part of 2024,
Touchstar was accredited with BAFE (British Approvals for Fire
Equipment), allowing us to broaden our reach within the access
control and security markets, and since then we have been
successful in securing our first fire system installation with an
Educational College and taken on the maintenance and future upgrade
of two well-known high street brands. In addition, ATC won
and installed their second large government contract in
June.
In the same period, Touchstar has
also achieved Cyber Essentials + accreditation, the UK standard for
security and safeguarding cyber-attacks on the business. This
is fast becoming a customer requirement for all technology
suppliers. It builds on Touchstar best practises and is a
powerful tick in the box for prospective customers going
forward.
Financial results
Touchstar has delivered satisfactory
results for the Period which we knew would be difficult in
comparison to the prior year.
|
|
H1
24
|
H1
23
|
Variance
|
|
Revenue
|
£3,377,000
|
£3,726,000
|
(9.3%)
|
|
Operating profit
|
£217,000
|
£273,000
|
(20.5%)
|
|
Interest and finance
costs
|
£37,000
|
£34,000
|
+£3,000
|
|
Profit before tax
|
£254,000
|
£307,000
|
(17.3%)
|
|
Tax
|
(£23,000)
|
(£36,000)
|
+£13,000
|
|
Profit after tax
|
£231,000
|
£271,000
|
(14.7%)
|
|
Basic earnings per share
|
2.82p
|
3.20p
|
(11.9%)
|
|
Dividend per share
|
1.5p
|
1.0p
|
+0.5p
|
Revenue decreased 9.3% to £3,377,000
(H1 23: £3,726,000). The main factor for this is that the larger
petrochemical distribution installations that were predominately
weighted in the first half of 2023 are now reverting to the
seasonal pattern of taking place in the second half of the year.
The company has also introduced a new service which allows
customers to spread the costs of their acquisition over a longer
period. This reduces revenue recognition, profitability and
cashflow in the short term but increases the future growth rate of
recurring revenue. This is more profitable in the longer term,
improves retention and acquisition of customers. In H1 2024
management estimates this reduced revenue by circa £100k and
profitability by £30,000-£40,000 (H1 23: nil).
Growth in recurring revenue, as
expected, softened the overall rate of decline in total sales.
For H1 24 recurring revenue represented 44% of total sales
(H1 23: 38%). The business strategy is still to build the level of
recurring revenues in both absolute terms and in relation to total
sales.
Gross margins maintained a healthy
level and improved by 370 basis points from the comparison period.
In H1 24 margins were 59.1% (H1 23: 55.4 %). It should be noted the
distorting effects of the low margin sale in H1 23, flattered
revenue but reduced overall margin in H1 23. H1 24 also benefitted
from the effect of recurring income being a higher proportion of
overall revenue.
As ever the business controlled the
expense base well, expenses were broadly unchanged at £1,753,000
(H1 2023: £1,763,000) despite the upward pressure on salaries
continuing.
Although controlled costs and
improved margins helped retain profitability in the business, these
factors could not completely compensate for the decrease in
revenue. In H1 24 pre-tax profits fell by 17.3% to £254,000 (H1 23:
£307,000).
A tax charge of £23,000 (H1 23:
£36,000) resulted in a more modest decline in H1 24 post-tax
profits of 14.7% to £231,000 (FY23: £271,000).
Earnings per share reduced by 11.9%
to 2.82p in H1 24 (H1 23: 3.20p). The Company did not buy back any
shares in the period (H1 23: nil). The total number of shares with
voting rights therefore remains at 8,200,277 (H1 23:
8,475,277).
EBITDA declined in H1 24 to £589,000
(H1 23: £657,000) as the decrease in operating profit of £56,000
was exacerbated slightly by the small decrease in depreciation and
amortisation.
|
|
H1
24
|
H1
23
|
Change
|
|
Operating profit before interest and
tax
|
£217,000
|
£273,000
|
(£56,000)
|
|
Amortisation
|
£261,000
|
£276,000
|
(£15,000)
|
|
Depreciation
|
£111,000
|
£108,000
|
£3,000
|
|
EBITDA
|
£589,000
|
£657,000
|
(£68,000)
|
Spending on R & D increased as
further investment was made into our technology and services. In H1
24 we invested £360,000 in R & D (H1 23: £283,000). We are
budgeted to spend £750,000 in R & D in FY 24 a 29% increase on
the 2023 level of investment.
The balance sheet remains strong.
Cash and cash per share were lower than the prior year most of
which is timing issues in working capital that is expected to
reverse by year end.
|
|
H1
24
|
H1
23
|
Change
|
|
Cash net of overdraft
|
£1,742,000
|
£2,761,000
|
(£1,019,000)
|
|
Cash per Share
|
21.2p
|
32.5 p
|
(11.3p)
|
Trade and other receivables were
higher at H1 24 at £1,974,000 (H1 23: £1,057,000). The business
experienced a high level of trading in June so those monies will
flow into the business over the next few weeks. Additionally,
inventories were built ahead of the expected level of activity in
H2 24, these stood at £1,364,000 at the Period end (H1 23:
£1,057,000). This should enable orders to be delivered and
installed in a timely manner.
The order book, which we now report
inclusive of recurring revenues due stood at £2,275,733 at the
Period end (H1 23: £2,988,275). As we noted in the last statement
customers have returned to more of a "just in time" behaviour
rather than a more aggressive order placement strategy seen in the
period of heightened supply chain concerns. By way of an example,
June was a near £1.0m revenue month with some of the larger orders
confirmed by customers only weeks ahead of installation. The
business was able to respond to this quicker turnaround.
People
None of the Group's achievements
would be possible without the dedication and enthusiasm of our
people within the business. Their energy, adaptability, and
commitment have been the driving force behind the success and
quality of the business we have built.
Current trading and outlook
The Board's expectation is for a
stronger second half and for the outturn of 2024 to be broadly in
line with expectations. To reiterate the goals and expectations we
have set the business it is encumbered on us all to
deliver.
o growth in revenue year on year;
o recurring revenue growth outpacing total revenue
growth;
o margins at a healthy level;
o cash
to be generated by the operations;
o continued investment in future growth prospects;
o preservation of a solid balance sheet; and
o Shareholder value creation.
The Board
remains confident in the long-term growth strategy, and we continue
to invest to support that growth. Our strong financial position and
underlying cash generation allows us to continue to fund our
organic growth plans, accelerate investment, add resource and
continue to return surplus cash to shareholders. We will maintain
the discipline that has delivered profitable growth over recent
years.
I
Martin
Executive Chairman
26
September 2024
Unaudited consolidated income statement for the six months
ended 30 June 2024
|
|
|
30 June
2024
|
30 June
2023
|
31
December
2023
|
|
|
|
£'000
|
£'000
|
£'000
|
|
|
|
|
|
|
|
Revenue
|
|
3,377
|
3,726
|
7,224
|
|
Cost of sales
|
|
(1,382)
|
(1,662)
|
(2,937)
|
|
Gross
profit
|
|
1,995
|
2,064
|
4,287
|
|
Distribution costs
|
|
(25)
|
(28)
|
(51)
|
|
Administrative expenses
|
|
(1,753)
|
(1,763)
|
(3,637)
|
|
Operating profit before share-based payment
provision
|
251
|
310
|
658
|
|
Share-based payment provision included in
administrative expenses
|
(34)
|
(37)
|
(59)
|
|
Operating
profit
|
|
217
|
273
|
599
|
|
Finance income
|
|
43
|
39
|
85
|
|
Finance costs
|
|
(6)
|
(5)
|
(9)
|
|
Profit before
income tax
|
|
254
|
307
|
675
|
|
Income tax (charge)/credit
|
|
(23)
|
(36)
|
(36)
|
|
|
|
|
|
|
|
Profit for the
year attributable to the owners of the parent
|
231
|
271
|
639
|
Earnings per ordinary share (pence)
attributable to owners of the parent during the period:
|
|
|
30 June
2024
|
30 June
2023
|
31 December
2023
|
|
|
|
|
|
|
|
Basic
|
|
2.82p
|
3.20p
|
7.63p
|
|
Diluted
|
|
2.79p
|
3.18p
|
7.58p
|
Unaudited consolidated statements of financial position at 30
June 2024
|
|
|
30
June
2024
|
30 June
2023
|
31 December 2023
|
|
|
|
£'000
|
£'000
|
£'000
|
|
Non-current assets
|
|
|
|
|
|
Intangible assets
|
|
1,236
|
1,093
|
1,137
|
|
Property, plant, and
equipment
|
|
113
|
76
|
66
|
|
Right of use asset
|
|
229
|
217
|
225
|
|
Deferred tax assets
|
|
20
|
46
|
20
|
|
|
|
1,598
|
1,432
|
1,448
|
|
Current assets
|
|
|
|
|
|
Inventories
|
|
1,364
|
1,063
|
1,153
|
|
Trade and other
receivables
|
|
1,974
|
1,057
|
1,199
|
|
Current tax recoverable
|
|
18
|
18
|
18
|
|
Cash and cash
equivalents
|
|
1,742
|
2,810
|
3,005
|
|
|
|
5,098
|
4,948
|
5,375
|
|
Total assets
|
|
6,696
|
6,380
|
6,823
|
|
Current liabilities
|
|
|
|
|
|
Trade and other payables
|
|
1,268
|
1,121
|
1,191
|
|
Contract liabilities
|
|
1,422
|
1,532
|
1,938
|
|
Borrowings
|
|
-
|
49
|
-
|
|
Lease liabilities
|
|
125
|
136
|
149
|
|
|
|
2,815
|
2,838
|
3,278
|
|
Non-current liabilities
|
|
|
|
|
|
Deferred tax liabilities
|
|
113
|
116
|
90
|
|
Contract liabilities
|
|
133
|
144
|
130
|
|
Lease liabilities
|
|
83
|
71
|
62
|
|
|
|
329
|
331
|
282
|
|
Total liabilities
|
|
3,144
|
3,169
|
3,560
|
|
|
|
|
|
|
Unaudited consolidated statements of financial position at 30
June 2024 (continued)
|
|
|
30 June
2024
|
30 June
2023
|
31 December 2023
|
|
|
|
£'000
|
£'000
|
£'000
|
|
Capital and reserves attributable
to owners of the parent
|
|
|
|
|
|
Share capital
|
|
424
|
424
|
424
|
|
Treasury shares
|
|
(252)
|
-
|
(252)
|
|
Share-based payment
reserve
|
|
151
|
95
|
117
|
|
Profit and loss account
|
|
3,229
|
2,692
|
2,974
|
|
Total equity
|
|
3,552
|
3,211
|
3,263
|
|
Total equity and liabilities
|
|
6,696
|
6,380
|
6,823
|
Unaudited consolidated cash flow
statement for the six months ended 30
June 2024
|
|
30 June
2024
£'000
|
30 June
2023 £'000
|
31
December 2023
£'000
|
|
Cash
flow from operating activities
|
|
|
|
|
Operating profit
|
217
|
273
|
599
|
|
Depreciation
|
111
|
108
|
205
|
|
Amortisation
|
261
|
276
|
532
|
|
Share-based payment
provision
|
34
|
37
|
59
|
|
Movement in:
|
|
|
|
|
Inventories
|
(211)
|
(96)
|
(187)
|
|
Trade and other
receivables
|
(774)
|
(82)
|
(224)
|
|
Trade and other payables
|
(436)
|
(860)
|
(398)
|
|
Cash
(used in)/ generated from operating activities
|
(798)
|
(344)
|
586
|
|
Interest received
|
43
|
39
|
85
|
|
Interest paid
|
(6)
|
(5)
|
(9)
|
|
Net
cash (used in)/ generated from operating
activities
|
(761)
|
(310)
|
662
|
|
|
|
|
|
|
Cash
flows from investing activities
|
|
|
|
|
Purchase of intangible
assets
|
(360)
|
(283)
|
(583)
|
|
Purchase of property, plant, and
equipment
|
(70)
|
(6)
|
(17)
|
|
Net
cash used in investing activities
|
(430)
|
(289)
|
(600)
|
|
|
|
|
|
|
Cash
flows from financing activities
|
|
|
|
|
Dividend paid
|
24
|
-
|
(82)
|
|
Purchase of own shares
|
-
|
-
|
(252)
|
|
Cost of capital reduction
|
-
|
(30)
|
(34)
|
|
Principal elements of lease
payments
|
(96)
|
(85)
|
(165)
|
|
Net
cash (used in)/ generated from financing
activities
|
(72)
|
(115)
|
(533)
|
|
Net
(decrease)/ increase in cash and cash equivalents
|
(1,263)
|
(714)
|
(471)
|
|
|
|
|
|
|
Cash and cash equivalents at start of
the year
|
3,005
|
3,475
|
3,476
|
|
Cash
and cash equivalents at end of the year
|
1,742
|
2,761
|
3,005
|
|
|
|
|
|
|
Cash
and cash equivalents
|
|
|
|
|
Cash at bank and in hand
|
1,742
|
2,810
|
3,005
|
|
Less: bank overdraft (included within
borrowings)
|
-
|
(49)
|
-
|
|
Net
cash
|
1,742
|
2,761
|
3,005
|
Notes to the interim report and
accounts for the six months ended 30 June 2024
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 2024, 30 June
2023 and the year ended 31 December 2023 along with related
consolidated interim statements of income and cash flows for the
six months to 30 June 2024 and 30 June 2023 and year ended 31
December 2023 of Touchstar plc (hereinafter referred to as
'financial information').
This financial information for the
half year ended 30 June 2024 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 25 September 2024.
The figures for the year ended 31
December 2023 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 ending 31 December 2024. These are
consistent with those included in the previously published annual
report and accounts for the year ended 31 December 2023, 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, 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 2024 (30 June 2023: nil)
(year ended 31 December 2023: 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 2024:
|
|
|
|
|
|
30 June
2024
Number
|
30 June
2023
Number
|
31
December 2023
Number
|
|
At 1 January
|
422,000
|
422,000
|
422,000
|
|
Granted during the period
|
210,000
|
-
|
-
|
|
At 30 June
|
632,000
|
422,000
|
422,000
|
Of which:
|
Vested
|
316,500
|
105,500
|
105,500
|
|
Unvested
|
315,500
|
316,500
|
316,500
|
6
Income tax credit
|
|
30 June 2024
£'000
|
30 June 2023
£'000
|
31 December 2023
£'000
|
|
Corporation tax
|
|
|
|
|
Deferred tax charge
|
23
|
36
|
36
|
|
Total current tax charge
|
23
|
36
|
36
|
The deferred tax charge release for
period ended 30 June 2024 and 30 June 2023 relates to brought
forward losses surrendered against the current period tax charge.
For the year ended 31 December 2023 available tax losses were
carried forward within deferred tax rather than surrendering
through R&D tax credit.
7
Earnings per share
|
|
|
30 June 2024
£'000
|
30 June
2023 £'000
|
31
December 2023
£'000
|
|
Profit after tax attributable to
the owners of Touchstar plc
|
|
231,000
|
271,000
|
639,000
|
|
Weighted average number of shares
used in calculating basic earnings per share
|
8,200,077
|
8,475,077
|
8,371,477
|
|
Number of considered dilutive
shares
|
72,356
|
44,758
|
54,108
|
|
Weighted average number of shares used in calculating dilutive
earnings per share
|
8,272,433
|
8,519,835
|
8,425,555
|
|
|
|
|
Earnings per ordinary share (pence) attributable to owners of the
parent during the period:
|
|
|
Earnings per share
|
|
30 June
2024
|
30 June
2023
|
31
December 2023
|
|
Basic
|
|
2.82p
|
3.20p
|
7.63p
|
|
Diluted
|
|
2.79p
|
3.18p
|
7.58p
|
|
|
|
|
|
|
|
|
| |
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 period 30 June 2024 the
Group issued 210,000 (30 June 2023: nil) (year ended 31 December
2023: nil) options with an exercise price of 87.5p (30 June 2023:
n/a) (year ended 31 December 2023: n/a).