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Saturday, November 18, 2017

2014 The Italian Sea Group Admiral Sail - Silent 76, Carrara Italy

Read article : 2014 The Italian Sea Group Admiral Sail - Silent 76, Carrara Italy

Features:

1. Construction

Hull Construction:

The hull is moulded in GRP from female moulds; it uses a high properties gelcoat and the internal side of the hull is vacuum infused with isoftalic polyester resin while the skincoat features a further application of vi-nylester resin in order to avoid and limit osmosis. Additional reinforce-ments are included to the keel area, the keel longitudinal, mast bulkhead, structural P-brackets, engine room basement, forestay and hull stringers. Limber holes which penetrate structural areas and/or tubes are installed at appropriate points on stringers, bulkhead – landings and floors.

Hull Finishes:

Grey metal hull and with light grey superstructure; red waterline and black antifouling;

Deck Construction:

Moulded in GRP with a PVC foam cored structure for strength and insula-tion. In load bearing areas the core is replaced with plywood for additional strength, and all load bearing fittings have backing plates.

The hull to deck connection is achieved by bonding the deck onto the return flange of the hull and using the glue approved by Class rules in or-der to create a structural junction.

Deck Finishes:

The weather deck, cockpit seats, sole areas and part of the coachroof area are finished with teak planking (10mm). This is laid using epoxy ad-hesive, with no visible fastenings.

The areas either side of the main companionway are finished with teak planking, with open stowage areas and stainless steel rails.

All lockers drain outside and their hinges and catches are recessed or hid-den into Teak planking, as appropriate.

Keel System:

The keel is a high performance bulb design.

The ballast keel is made of lead casting bolted to the GRP hull with stain-less steel bolts. Ballast weight is approximately 14,800 kgs. .

The keel is designed to combine moderate draft with good sailing perfor-mance due to its efficient shape and side winglets. The centre of gravity is very low due to the fact that the centerboard is made of cast iron while the actual keel is made of lead.

Mast and Boom:

Max Spar conventional alloy mast (made of two parts) with Ronstan track for in-boom furling mainsail with top tapered (last 3 meters). Triple spread-er rig with tapered aerofoil spreaders (21° angle).

Custom carbon boom – deep and trapezoidal section incorporating Bamar furling system and electric motor for in-boom furling mainsail.

Mast & Boom and Mast & Vang connections are custom made in alumi-num and feature a special, custom made concealing cover, made of car-bon, which gives a unique design. Also the vang itself feature a custom made concealing cover, made of two carbon conical blocks.

Deck Fittings:

Stainless steel opening pulpit;

Port and starboard navigational lights;

Stainless steel pushpit with gate for boarding;

Custom stainless steel and teak made engine bracket;

650mm stainless steel custom stanchions and bases with double stainless steel rod guardrails;

Pair of gateway stanchions for side access;

Stainless steel telescopic and retractile steamhead fitting with single roller designed to stow a 63kg Delta anchor. The chain flows into the steamhead arm itself, without the need of having an external chainplate;

Pair of custom stainless steel, leather upholstered backrest seats fitted at the helm positions;
6 x pairs of 400mm stainless steel “pop-up” mooring cleats with chafe strips to deck edges;
4 x pairs of aft “pop-up” fairleads and cleats in proximity of the transom bulwark;
Deck fillers – 2 x fuel, 2 x water and 1 x waste;
1000W Sanguinetti Chiavari retractile capstan for mooring lines at bow;

Cockpit:

The cockpit is split into separate guest and steering/crew areas, although they are both on the same level.
The main companionway features a double large horizontal sliding hatchway with stainless steel frames and grab rail. The sliding mechanism is manually powered.
The guest cockpit is over 3m long and self-draining as it’s on the same level of the main deck. There are also cockpit drains which ease the water to drain away while at sea and going upwind. There is a clear walkway giving excellent access from the companionway to the helm positions and side decks, all on the same level.
The cockpit features two teak-topped opening, sliding and telescopic tables.
The tables are permanently installed and have seats on three sides due to the cockpit design. The table is provided with a cover. Under one of the cockpit seats a top opening fridge finds place.
Three pairs of flush mounted waterproof loud speakers are mounted in the guest cockpit with their own cockpit mounted remote control unit for the dedicated ‘cockpit’ CD/Tuner head unit (head unit installed below decks).
Two of those speakers are used by the vhf system, as external loud speakers.
The helm position has twin custom GRP and aluminium steering pedestals
incorporating all the standard controls and instruments with plenty of room for additional equipment, if required. Each pedestal has a flush-mounted compass with internal lighting. There is a double lever engine control fitted at the starboard pedestal. The wheels are fitted in a reverse position, giving easy and safe access to the instruments mounted on both pedestals.
At the helm position an aluminium roll-bar finds place. This is the base where the two fixed points for the mainsheet system are fitted.
Aft the helm positions is a clear flat deck area, which can be filled with cushions, creating a sunbathing area. This area also includes two big lockers with flush-to-deck lids, teak covered; they are designed to host two liferafts or alternatively one can be dedicated to a liferaft and the other one to store lines. A custom flush hatch is fitted with twin gas struts, drain channels, rubber seal and against the wind closing to give access to the large dinghy garage.

Garage & Bathing Platform:

The yacht is built with a flap-down full beam transom, raised and lowered hydraulically, which also gives the main access to the toys garage. The garage can host a good number of toys and actually it fitted to host 3 seabobs.
The bathing platform created by the transom once it’s open it is provided with a demountable stainless steel bathing ladder and it’s covered by teak planking.
A removable ladder also connects the main deck to the transom when open. Alternatively also the gangway can be used for this purpose.
There is a hot and cold freshwater deck shower located in the dinghy garage which can be used on the bathing platform thanks to a flexible hose.
The garage door is also provided with an emergency system for opening the garage, which is placed close to the waterline, protected by a stainless steel screwed in cap and which can be operated by a person in the water.

Hard Top:

The yacht features a custom cockpit hard top, which gives a very good protection to the all cockpit and helm positions. This feature is unique on yachts of this size and contributes to the overall design of the yacht.

The hard has an aluminium structure, attached to the aluminium roll-bar which is placed aft. The practical functions of this will be both sprayhood and bimini.
The hard top has a glass cover and an opening area which is covered with acrylic material (Sunbrella), with battens.
The hard top also features side glasses which deliver complete protection to the forward end of the cockpit seats.


Anchoring:

A Quick 3000w electric anchor windlass is installed below deck and within the anchor chain locker. The windlass, which is two-way and operated by adjacent foot switch controls is well over specified for the size of the vessel.
The 63kg (approximately) Delta anchor stows into the retractable stemhead fitting.
120 metres of 12mm calibrated, galvanized chain is fitted to match the
windlass. The chain is fastened at its 'bitter end' to a through-bolted stainless
steel attachment with substantial lanyard.

Haatches, Windows and Portholes:

1 x Lewmar over forward crew cabin;
1 x Lewmar over forward VIP cabin;
1 x Lewmar over main saloon;
1 x Lewmar over garage (with teak planked lid);
Custom main companionway with double sliding and balanced hatch system,
stainless frames and grab rails (by SeaSmart);
1 x custom GRP hatch to cover anchor steamhead locker;
Custom direct bonded, curved and flat, non-opening frameless deck saloon
windows, smoked glass made (by Viraver);
8 x custom direct bonded non-opening frameless hull windows, smoked glass made (by Viraver);


Whinches:

2 x Harken 1000.3 ST three speed, electric drive, self-tailing primary
winches;
2 x Harken 74.2 ST two speed electric drive, self-tailing halyard winches;


4. Rigging and Sails


Standing Rigging:

The vessel is fitted with discontinuous Maxspar rod rigging for the 3- spreader rig. The standing rigging includes a split backstay which is made of high performance steel and Dynema for the backstay legs, with plates below deck;
Discontinuous rod rigging for tip-cups;
Enclosed rod rigging for tip-cups;
Stainless steel rod, which incorporates high strength, low stretch and high corrosion resistance;
Stemball spreader links and stemball tang fittings used throughout;
Total weight of standing rigging is: 340kg;


Running Rigging:

1 x 16mm dyneema main halyard;
2 x 16/14mm dyneema/dynaone headsail/blade halyard;
1 x 14mm dyneema storm/jib halyard;
1 x 16mm dyneema boom topping lift;

2 x 16mm dyneema asymmetric halyard;
1 x 16mm dyneema mainsheet;
2 x 16mm dyneema blade jib sheets;
2 x 14mm dyneema storm jib sheets;
2 x 16mm dyneema reef lines;
2 x 18mm dyneema checkstay runner tails;

Backstay and Vang Hydraulics:

1 x Cariboni hydraulic backstay tensioners with mechanical lock-off;
1 x Cariboni hydraulic vang with carbon cover;
Operation of these rig hydraulics is powered via a push button console fitted
on pedestal and with a manual backup control unit close to port pedestal;


Blocks:

Spinlock;
2 x stand up single block on bulwark;
2 x pad eyes;


Mainsheet System:

The system is managed by a magic trim system which is installed below deck at mast level. This allows to have a double point mainsheet on the rollbar and therefore the cockpit and deck remain as clear as possible;

Headsail System:

The system uses an auto/tacking jib with single track and single car;

The car can be also used for the removable staysail;

There is a single jib sheet, going from the traveller up to the mast and then down concealed under the coachroof and back to one of the aft winches;


Headsail System:

Bamar electric headsail furling which gives push-button reefing and furling
of the jib;
Unit finished in black anodizing and stainless steel and concealed below
deck to create a flushed bow area;
Manual backup;
Dual controls are provided for each headsail furling function, so the sail may be furled from either side of the cockpit;


Storm Staysail System:

Removable storm jib stay;
Storm jib halyard;
Cariboni hydraulic tensioner;

Rigging Hardware:

Fittings, tip-cups, etc., for discontinuous rod rigging;
Deck ring fabricated in spartite (composite) x 2 kits;
Conduit for masthead instrument wiring;
Spinlock ZS rope jammers for storm jib and blade jib halyards;
Spinlock ZS rope jammers for mainsail halyard and topping lift;
Mast jacking system;
SAILS (by North Sails) Mainsail – SRP 105 – 5 x full-length carbon battens, loose foot, two rows
of reefing points each with custom leech reef block;
Mainsail boom cover in acrylic;
Furling and Selftacking Jib – SRP 105, including a foam luff pad and UV
stripes;
All sails feature a custom graphic design;


5. Electronic Systems

Navigation Instruments:

2 x Raymarine i70, supported data views include: Wind, Speed, Depth,
Tri-data and navigation integrated with the Chart Plotter. The instruments
are installed on each pedestal;
Raymarine SPX-30 SmartPilot autopilot with T3 hydraulic linear drive unit;
2 x Raymarine p70 autopilot remote control located at pedestal and chart
table;
2 x Raymarine e125 Chart Plotter at both pedestals with integrated Digital
Radar and built-in 50 Channel Global Positioning System (GPS), interfaced
with the autopilot;
Raymarine 4kW Radome radar antenna mounted on mast;
Raymarine Ray 240E, Class D-DSC VHF radio-telephone with antenna at
masthead and second station at pedestal;
Magnetic compass;

Entertainment:

Stereo FM Radio/CD Player with iPod and iPhone connectivity. One is fitted with four loudspeakers in the cockpit and has a remote control with twin loudspeakers to the foredeck. Inside the yacht every cabin has a separate stereo system while the master suite and main saloon feature a proper home theatre system which includes stereo and iPod connection.
The stereo system can be also controlled via wifi by an iPad;
8 x OX-Home mirror TV’s are fitted throughout the yacht including bathrooms;

6. Engine Room Equipment

General:

The engine room surfaces are faced with white painted sound absorbing aluminium panels. The engine room access is below the ladder which connects the main saloon to the forward cabin, all other access panels are extra ordinary service panels into the salon floor. The engine room has 24v lighting and is fitted with extractor fans ducted to the exterior through concealed into coachroof grids. An automatic fire extinguisher is fitted with remote indicator light;

Propulsion:

2 x Yanmar Common Rail 4BY2-150 diesel engines, 150hp @ 4,000rpm
ZF reduction gear, which gives a reduction of 2.45:1;
2 x 22” 3 fixed pitch and blades propellers;
2 x 40mm stainless steel shafts lines;
2 x Bronze P-bracket and a PSS water-lubricated lip seal stern gland system;
1 x 15kW SP240 TCi Side Power electric bowthruster with speed control PPC 800;


7. Electrical System


12/24 Volt:

Domestic bank batteries are 24V AGM type, deep cycle series, with a total capacity of 2000 Ah @ 20Ah rate. This battery bank also serves the bowthruster load;
Engine starting batteries are 12V AGM type, heavy duty type (one battery for each engine);
Generator starting battery 12V AGM type, heavy duty type;
2 x 24V/100 Ah alternators (one for each engine);
24V/12V converter, used to charge the engine batteries bank through the alternators;
100A/24V Skylla-TG battery charger;
24V/5000W Phoenix inverter;
12V/30A Phoenix Charger for engines and generator;
24V/12V Blue Power IP20 battery charger for emergency battery bank;
Circuit breaker system;
Victron Easy Control Panel acting as a voltmeter and ammeter for monitoring the vessel’s batteries status;
Batteries isolators;

220 Volt:

1 x 20kW (50Hz) Kohler 4-cylinder diesel generator running @ 1,500rpm installed within manufacturer’s sound shield, located into the fully – insulated engine room. An exhaust water separator and waterlock are installed.

The unit has a remote Start/Stop and instruments mounted on the AC electrical panel at chart table.
220V AC circuit with outlet sockets located as appropriate within the layout;
1 x 63Amp dockside power cable, 3-core double insulated PVC; socket
located on the aft deck;
1 x 100A/24V Victron Battery Chargers;


9. Bilge System


General:

8 x Rule electric bilge pumps;
High level bilge alarm with double level sensor;
Manual bilge pump operated from the side of the cockpit and fitted with a metal deck plate;
Emergency electric bilge pump by Gianneschi, with manual clutch, rated to pump approx. 125lt/min;


10. Fuel System

General:

2 x aluminium tanks providing a total capacity of 1,900 litres, including the
return tank;
Tank inspection cover, one for each;
Tank deck fillers;
Tank gauge system;
Duplex Racor fuel filter and water separator unit is installed with warning lights at the electrical panel. With this system each filter can be isolated whilst maintaining the all machinery up and running, allowing in-use filter replacement and cleaning;

11. Water System


Fresh Water System:

2 x structural tanks totalling 1,360 litres. The GRP tanks are treated with inert gelcoat, fitted with baffles and provided with multiple inspection covers;
1 x 80lt Quick B3 80 water heater; the water is heated by the engine’s heat exchanger or by a thermostatically-controlled 220V, 1.2kW immersion heater element;
180lt/h Idromar MSK 18 watermaker;
Tank deck fillers;
Tank gauge system;

Grey Water:

3 x Sanisplit pressure lines which serve two grey-water aluminium tanks (totalling 220lt) located in the engine room, fitted with a float switch and a Gulper pump, giving automatic evacuation of all showers, washbasins and galley sinks;


Black Water:

5 x Tecma macerator toilets;
1 x 110lt aluminium black water holding tank;
Tank gauge system;
The tank is configured for discharge below water with additional ability to be pumped out from deck via flush-mounted deck fittings.


12. Other Options


General:

60,000 BTU Condaria reverse cycle 220V air conditioning, 8 units;
Barazza Microwave;
Miele electric oven;
Miele Dishwasher;
Miele Washing machine;
Bora 4-plates electric hob;
Bora extractor fan;
Waeco Coolmatic HDC 150 liter 24V fridge, front opening, fitted into the
galley;
Waeco Coolmatic CB 40 Liter 24V fridge, top opening, fitted into the galley;
Third fridge, top opening, fitted into the cockpit, below the seats;
2 x LED underwater lights;
Lopolight tri-wihite light at masthead;
Windex type Wind indicator at masthead with dedicated light;

2 x boom lights over cockpit;
Pair of down and up spreader courtesy lights;
Master gaiter cover in waterproof fabric;

13. Accomodation


General:

The layout allows for a maximum of eight guest berths and two crew, in five cabins, with five heads and separate shower compartments. Owners', guests' and skipper's cabins will have hanging lockers with auto light. All cabins have a mirror fitted.


Deck Saloon:

Access to the Saloon from the cockpit is via a set of teak covered steps, backlighted on the bottom side, with stainless steel handrails on side. The ladder structure is made of aluminium. A custom double sliding, smoked glazed access system is installed at the companionway. This system has a mechanically balanced and assisted operation. The access ladder continues aft, in order to give access to the guest area, and features a Plexiglas divider between the steps going outside and the ones which give access
to the guest area. Below the ladder, in the foyer, a little settee or alternatively a little storage or oilskin locker find place, while below the steps going down into the foyer, which can be removed, there is an access to the main electric switch panel.
Going into the saloon there is a large table to starboard which serves an ‘L’ shape large settee, leather upholstered. The table has a veneered top panel with stainless steel details and it features a sliding mechanism.
There may be also additional stools in order to create more sitting area.
Alternative custom tables are available on request.
To the aft side of the sitting areas, on the bulkhead, a good size mirror TV finds place. A custom drinks locker is fitted forward, surrounding the mast area.
To port side there is a bar area which also works as a kitchen island and which can be provided with tall stools. The island is covered with ‘slatelite onice classico’ on the saloon side which is also backlighted. On the port side, the galley and the chart table find place.
The material used within the saloon are ‘Eucalypt fumé’ for the joinery, white leather and stainless steel strips for the floors and white leather and sand nabuk leather for the headlining. The hull sides, hullports and hatches recesses are upholstered with brown leather, while the venetian blinds are made of wood and leather. The sofa is white leather upholstered.

The Deck Saloon is extremely light and airy, with four bonded to coachroof windows and two opening deck hatches. There are also two long nonopening hullports, one per each side. These hullports contribute to the great feeling of light and space, giving a panoramic view whilst at anchor.

Galley:

The galley has a single, long surface taking the most of the length of the deck saloon. The worktop is covered with ‘Callisto slatelite’ stone with all the appliances being flushed to worktop. The same slatelite material is also used on the floor.
The appliances include a double electric hob for a total of four hot plates by Bora which also feature a particular extractor fan in the middle, again by Bora, fitted on the worktop and assuring a good smoke and odour extraction with the minimum noise. Beside the hob is a sub-counter top mounted ceramic and custom made single sink, which is served by a retractile tap by Barazza. The galley also features an electric oven by Miele
and a microwave by Barazza, together with a front-opening fridge and a top-opening one, better described in the refrigeration chapter. The galley also has a front-opening slim line dishwasher by Miele, for up to nine covers.
Both the refrigerator and freezer have an automatic door light fitted and are provided with their own compressors.


Nav Station:

On this yacht the chart table area is located in order to be a natural continuation of the galley worktop, forward of the galley, and it’s provided with two front-facing panels which accommodate the all electronics, a substantial chart table and a stool which can be removed when not in use.
A small stainless steel support stay is fitted on the chart table lid. There is provision for the stowage of charts. Stowage will be provided also for navigational books, almanacs, etc.


Master Cabin:

The aft cabin is configured with a double berth which is centerlined, one pouf which serves a dressing table and an office desk, plus two large hanging lockers, with drawer and locker space. There is access to the ensuite aft bathroom which is split in two parts, located forward to both sides, one for the shower and the other one for wc, both served by a washbasin.
This cabin is also provided with a safe, flush fitted with digital keypad.

Master Head:

This bathroom is split in two separate areas, on port and starboard side.
The starboard side one includes a separate shower by Bianchi e Fontana and a washbasin; the shower walls and floor as well as the bathroom floor, walls and washbasin counter top are all covered with San Laurant marble with part of the shower corners to be backlighted. Also the washbasin is hollow into the same material and has taps by Fantini and plumbing by Paffoni.
The port side bathroom features a washbasin and a Tecma electric wc (black colour) and the same material as per the starboard one but has Alpilignum joinery instead of marble which is fitted on the floor and on washbasin counter top and stowage doors only. This bathroom also has a mirror TV’ which is hidden behind the mirror.
Headlining for both bathrooms are made of white LED backlighted panels.
Quality large type mixer taps, thermostatic shower controls and fittings are by Fantini and Inda.
Lockers for wash bags, cleaning materials and linen stowage are provided.

Guest Cabins (STB and PRT):

Forward of the master cabin are a pair of guest double cabins, one either side of the corridor.
One of those cabins is configured to be an upper/lower berthed cabin, while the other is a double berth one. Each has en-suite WCs and showers and a hanging locker. The beds also feature a big storage space under the slats net which can be lifted up.


Guest Head:

The two aft guest’s bathrooms serve the two aft cabins and are almost specular. They are both fitted with a separate shower by Bianchi e Fontana and they feature walls, floors and washbasin counter top in “Slatelite Selene”. The headlining is made of “Dani Boxland” leather and of varnished panels. The wc’s are Tecma electric (colour black). Both the bathrooms feature quality mixer taps and thermostatic shower control by Fantini
and fittings by Inda. In particular the taps are fizzed to floor and have a cylinder design.
The washbasins are mounted on the slatelite counter top and are by “Glassdesign” (colour black); the port side one is a gum type (flexible).
In both bathroom there are rollaway stainless steel wirings fitted in the shower which can be used to hang wet clothes; in this way the shower cubicle can be used as an oilskin locker.


VIP Cabin:

Forward from the saloon, which also include the galley on the port side, there is a VIP double berth cabin which uses the all beam of the yacht and has an en-suite good size bathroom on the starboard side. This cabin is also provided with a safe, flush fitted with digital keypad.

VIP Head:

The VIP bathroom takes the all length of the VIP cabin and is placed on starboard side. The shower walls and washbasin top are made of “Slatelite Elios”, while the other walls feature an “Alpilignum” joinery. The floors are made of “Calacatta Oro” marble which is also backlighted into the shower.
The headlining are made of “Dani Boxland” leather. Hidden behind the mirror, a TV finds place too.
The wc is an electric Tecma (Black colour) and the quality mixer taps and thermostatic shower control are by Fantini, while the bathroom’s fitting are by Inda. The washbasin is a ceramic type, squared, over counter top mounted, by “GSG Ceramica” (glossy white colour).


Crew Cabin:

Forward of this cabin is a double crew cabin with en-suite head and integral shower. This cabin is also fitted with a laundry corner which includes a washer-dryer; the access to this cabin is through a generous size deck hatch only.

Crew Head:

The Crew head which is accessible from the crew cabin only, features a Corian type floor with integrated grate for shower drain. The bathroom has an integrated shower and for this reason all the wall, lockers and other surfaces are made of easy to clean material. The bathroom has taps and shower fittings by Paffoni and a Tecma electric toilet (white colour).
In the bathroom as well as in the cabin itself there are rollaway stainless steel wirings fitted which can be used to hang wet clothes; in this way the bathroom can be used as an oilskin locker, while the cabin area can be used as a drying area.

Disclaimer

This offering is subject, but not limited to, errors, omissions, price fluctuation, and prior
sale or withdrawal without notice. All details disclosed are without guarantee and solely
based on the information received by the seller, intended as a general guide to the Yacht.
Engel & Völkers cannot be held liable for any lack of completeness, inaccuracy, or ambiguities
and/or errors contained in the information disclosed. It is the buyer’s responsibility
to disclose the details of any concern(s) to the seller, by the request of a survey, inspection and/or enquiry. The buyer must ensure that the purchase contract properly reflects his
concern(s) and that it sets out any representations and/or details on upon which he may
rely. Engel & Völkers always advises the buyer to conduct an independent survey
prior to the purchase. We are at your disposal for any further information about the
Yacht. Upon receipt of notice, the Yacht is available for viewing at any time, accompanied
by our Yacht Broker. The Seller is responsible for the payment of Commission

Sunday, March 5, 2017

How to Remodel a Bathroom and Save Money

Read article : How to Remodel a Bathroom and Save Money

A full-scale bathroom remodel—even a midrange one—recoups only about 55% to 65% of its cost at resale, so it pays to keep your spending in check. Limit your budget to 5% of your home's value for a powder room or guest bath and 10% for a master bathroom, says Omaha appraiser John Bredemeyer, a spokesman for the Appraisal Institute.

Nationally, a midrange remodel averages about $18,000, while an upscale job comes in at around $57,000. Use these tips to stay sane and keep your renovation from blowing your budget.

To Save the Most, Don't Move the Pipes

Keep costs down by installing a new sink, tub, or toilet in the same location as the old one. In a second-floor bathroom, that could save $200 to $500 on each fixture, says design-build contractor Mark Mackmiller of Eden Prairie, Minn., because you won't have to pay to run new supply lines and drainpipes.

One caveat: On a first floor, the savings aren't as big, provided you have a crawl space or basement access.

Know Which Splurges Are Worth It ...

There are three features that add luxury and efficiency to a master bath, Mackmiller says. Dual sinks allow you and your spouse to get ready for work or play at the same time. (Figure an added $500 to $2,500, depending on whether you need to steal space from adjacent closets or rooms by moving walls.)

A separate walk-in shower and soaking tub are more comfortable than a tub-shower combo ($2,000 to $8,000, again depending on available space). And a toilet room creates privacy while allowing the overall bathroom to be a truly shared space ($1,000 to $5,000).

... And Which Aren't

You'll likely fall in love with all sorts of natural-stone tile options for floors and shower walls. But you can save $500 to $1,500 on the average job by going with a stone-look porcelain tile instead. You'll get nearly the same variety of color and texture but with less cost, easy upkeep, and no sealing required.

You'll Never Regret a Heated Floor

Anyone who has ever set a bare foot on cold tile will appreciate a radiant floor, which is heated by an electric element installed under the finished tile. Set it on a programmable thermostat, and you'll have warm tootsies when you wake up.

Radiant heat adds about $500 to $1,000 to the bill, but it will make you feel warm all over.

Sunday, December 31, 2017

Mira Element SLT EV (Exposed Valve) Thermostatic Mixer Shower Chrome 1.1656.011 « Buyaparcel

Read article : Mira Element SLT EV (Exposed Valve) Thermostatic Mixer Shower Chrome 1.1656.011 « Buyaparcel

The perfect fit no matter what the job.
This extraordinary shower comes with 4 mode shower spray with rub clean nozzle.
The maximum temperature stop feature offers you a safe showering.

Features of the Mira Element SLT EV Shower:

Stunning chrome finish.
Thermostatic control.
Supplied with ‘Lift and Twist' technology - one lever control for flow and temperature.
Approved to TMV2 - for the ultimate in comfortable showering.
Uses up to 30% less water with the eco flow function (override able).
Comes with a 5 spray 11 cm shower head with rub clean nozzles.

<a href=Mira Element SLT EV Thermostatic Mixer Valve 1.1656.011" width="300" height="202" />

Specification for the Mira Element SLT Exposed Valve Mixer:

High performance: Magni-Flo gives up to 3x more flow.

Temperature control: Thermostatic temperature stability.

Easy to service: Large, long-life filters and replaceable cartridge.

Easy to fit: Quickly and easily fits onto reversed inlet supplies.

WRAS and TMV2 approved.

Works at all pressures and on all plumbing systems.

Plumbing System Compatibility:

Fully modulating combi boilers and instantaneous gas water heaters.
Gravity-fed hot and cold water supply.
Mains pressure hot and cold - unvented.
Mains pressure thermal store.

Mira Warranty

Mira Showers  guarantee products against defects in materials or workmanship from the date of purchase.

Within the guarantee period we will resolve defects, free of charge, by repairing or replacing parts or modules. To be free of charge, service work must only be undertaken by Mira Showers or our approved agents in Northern Ireland and Republic of Ireland.

Mira

The guarantee applies solely to the original installation and to the original purchaser only.

Mira Electric Showers

2 Year Guarantee

Mira Mixer Showers

3 or 5 Year Guarantees - Please Check your specific product as this does vary depending on the type of mixer shower

Mira Power Showers

1 Year Guarantee

Mira Shower Pumps

3 or 5 Year Guarantees - Please Check your specific product as this does vary depending on the type of pump

Should you have a problem with your Mira product in the above time frames then please leave it installed and contact Mira on 0844 571 5000.

Delivery Details

Buyaparcel offer delivery throughout the United Kingdom, including Northern Ireland, Scottish Highlands and other Islands of the UK. In addition we can now also deliver through Europe.

UK Delivery Prices

£2.95 - Royal Mail Second Class (2-5 Days Approx - selected products only)
£3.95 - Standard UK Delivery (2-3 Days Approx)
£5.95 - Next Day UK Delivery (Orders placed before 4pm Monday - Friday)
£5.95 - Saturday Delivery (Orders placed before 4pm Friday)
£36.00 - Pallet Delivery (2-3 Days Approx - selected products only)

International Delivery Prices

In addition we now deliver through Europe on a 48 Hour Delivery Service as Standard

Zone 1 – £9.99
Belgium, Germany, Luxembourg, France, Netherlands, Rep Ireland.

Zone 2- £14.99
Austria, Denmark, Czech Republic, Poland, Lithuania, Hungary.

Zone 3 – £19.99
Estonia, Spain, Sweden, Italy, Portugal, Latvia.

Zone 4 – £29.99
Bulgaria, Finland, Romania.

Zone 5 – £49.99
Bosnia, Croatia, Switzerland.

Zone 6 – £59.99
Norway, Serbia, Iceland.

Choose a Delivery Date to Suit You

You also now have the facility to choose a day you wish to have your order delivered on if your order is being delivered via courier or pallet. This can be done at the checkout stage where you will be shown a calendar if you select the book in option. You will have the option of booking in your delivery for a day that is convenient for you. Should you require the order the following day please select the next day option.

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Is My Item Available for Next Day Delivery?

If your item is stocked in our immediate picking location it will available for you to choose a next day delivery. This will be highlighted by a green tick and a 1 day dispatch time on the item information.

nextdayavailable

 

 

 

You will have the option to choose this service if you are purchasing your item for delivery to mainland UK.

What courier will my item be delivered with?

If your item is being delivered in the UK or Ireland, it will be delivered by UK Mail or Royal Mail, with the exception of pallet items. The courier type is displayed on each item but will be confirmed at the checkout stage when you have completed your shopping.

If you are an international customer, your goods will initially be sent via UK Mail, and then exported to either Eurodis or DHL. The appropriate tracking can be provided when necessary.

Details of each courier service we offer are detailed in our Delivery Guide.

How do I track my delivery?

To track your order online, go to 'Your Account' and click on 'Purchase History' for an update on your order.

Our team work extremely hard to get your parcels to your door in the shortest possible time but please note that we recommend you do not book a plumber etc until you have received and checked your goods.

Please note:

  • Delivery addresses cannot be changed once the order is placed except in the case of an error, which we will do our best to change, but orders are often shipped quickly after being processed.
  • The couriers we use do not deliver to PO boxes or building sites.

Monday, August 7, 2017

7 stunning bathroom trends for 2017 revealed

Read article : 7 stunning bathroom trends for 2017 revealed

The bathroom is first and foremost a functional space, but it is also a space that can be beautifully designed to make it a standout feature visually as well.

Aside from the usual practical aspects of this space, Kyle Turner from Luximo, the local distributor for the luxurious ROCA sanitaryware brand, offers some insights into the main trends influencing bathroom design going forward:

1. Organic is back

imageKyle says organic elements can add warmth, uniqueness, and a rich tactile sensation to the overall composition. As such, materials such as wood, stone, metal and ceramics remain popular.

It is understandable why designers and homeowners alike admire Mother Nature as the ultimate source of design inspiration - organic elements can add warmth, uniqueness, and a rich tactile sensation to the overall composition. As such, materials such as wood, stone, metal and ceramics remain popular.

“Natural materials are being used to great effect to bring nature back into our homes. To stay within budgets, and to ensure easy maintenance and longevity, lots of indistinguishable imitative products are gaining popularity,” says Kyle.

“These warm organically-inspired or natural materials are used to great effect when juxtaposed with modern materials and super clean, streamlined design lines that offer practical and simple arrangement of spaces.”

2. Leading colourways

Darker more moody tones are making a huge comeback throughout the home, as well as in the bathroom.

“Darker tones, especially the rich palette of grey hues, are proving to be enormously popular. In the bathroom, they can be used on the walls and floor, and juxtaposed against brilliant white sanitaryware for maximum visual impact,” says Kyle.

He says can also integrate other popular colours.

“Matte, nude and neutral colours offer the perfect combination when paired with darker greys and blacks, and offer a great way of introducing some contrast to the overall colour palette,” says Kyle.

“Combinations of pastel tonalities in blue, green, salmon and ash are also on the rise, but only when used as accent tones. And of course, the classic all-white monochromatic bathroom never seems to go out of fashion.”

3. Metal and marble mania

image“These warm organically-inspired or natural materials are used to great effect when juxtaposed with modern materials and super clean, streamlined design lines that offer practical and simple arrangement of spaces,” says Kyle.

“Marble cladding on the walls and metal accessories in gold or copper are bang on trend,” says Kyle.

“There has been a stylish revival of this 70s aesthetic - brass has really become that most fashionable metal for the bathroom, and when paired with the nobility of marble, it makes a truly irresistible combination.”

4. Play with geometry

A variation of geometric shapes inspired by the strong lines of architectural and structural elements has really come to the fore with regards to tiling and ceramic cladding.

“Hints of the Orient and the Mediterranean are being introduced in a modern and dynamic way in new trendy bathroom tile ranges,” says Kyle.

“An example of this is the rising popularity of the hexagonal tiles used for wall and floor coverings - it is proving to be a very popular design combination with multiple variations that can interpreted in many ways.”

5. Water efficiency rules

Water has always been a very precious commodity, but it is becoming a very high priority, especially in light of the severe water shortages we have been living through of late.

Kyle says awareness of water shortages has made choosing sanitaryware that is water efficient a must.

“You use more water in the bathroom than every other room in your home combined. Choosing water-efficient options is the right thing to do, and it can save thousands of litres and lots of money in the long run,” he says.

image“Matte, nude and neutral colours offer the perfect combination when paired with darker greys and blacks, and offer a great way of introducing some contrast to the overall colour palette,” says Kyle.

“Water-efficient taps, double-flush cisterns, and low-flow showerheads all make a big impact on reducing your water consumption in the bathroom. However, there are other really clever and innovative products - one of them being the exclusive ROCA W+W, which reuses the water from the basin to fill the cistern after filtering it, further reducing water consumption by up to 25%.”

6. Smart storage

Adequate storage is essential in any bathroom space, and today, it takes on the role of being both functional and visually pleasing.

“Bathroom storage needs to provide you with easy access to all your items - it prevents the items from getting lost inside the furniture unit. ROCA’s range of bathroom furniture, for example, boasts drawers with full extraction systems that display all their contents so that you may access even the farthest corner,” says Kyle.

“Some models also include a concealed drawer to facilitate the tidiness of?the smaller objects.

However, he says that modern bathroom furniture has also become smart.

ROCAs Statum-N Base Unit, for example, allows you to connect your smartphone to the Bluetooth speakers of the furniture unit and enjoy your music while you shower or get ready to go out. It also offers a built-in socket in its drawer so that you can use to plug your hairdryer, electric shaver, or straightening iron in.”

image“Combinations of pastel tonalities in blue, green, salmon and ash are also on the rise, but only when used as accent tones," says Kyle.

7. Deluxe showers

The bath has always taken centre stage in bathroom design, however, there is a trend to replace the bath with a super-luxurious and grand shower instead.

“Showering is water efficient, it is quick and easy, and it provides one of the few occasions in which we are relaxed, calm and away from the stress caused by our everyday lifestyle,” says Kyle.

“It is no wonder that it is really starting to take centre stage in modern bathroom design. From the shower walls, shower heads and faucets, you can customise your shower according to your budget and needs.

He says another important element to consider is the shower floor or tray.

“Gone are the days when acrylic shower floors were your only option, as ROCA now also provides shower trays in STONEX, steel and vitreous china. Shower trays manufactured in STONEX, a resistant and long-lasting material, may be installed levelled to the floor, and thanks to their textured surface, offer a high anti-slip feature,” says Kyle.

“They are also available?in different natural finishes to meet the needs of all kinds of bathroom environments, providing a very modern look - Helios, wooden texture, Terran, stone texture.”

imageAdequate storage is essential in any bathroom space, and today, it takes on the role of being both functional and visually pleasing, says Kyle.

Kyle says steel shower trays are functional, long lasting and extra slim so that they are perfectly integrated in the shower space, and it is only necessary to clean them with a wet cloth and soap.

“For greater comfort, ROCA’s In-Floor or Blues XL collections include an anti-slip base,” says Kyle.

“If you are searching for an economic shower tray that is easy to clean and resistant to chemical agents, those manufactured in vitreous china - such as ROCA’s Malta shower tray for example - are a good option.”

All ROCA products are currently available at Bathroom Bizarre outlets countrywide.

 

Sunday, July 30, 2017

Norcros PLC Interim Results - ADVFN

Read article : Norcros PLC Interim Results - ADVFN
Norcros (LSE:NXR)
Historical Stock Chart 2 Years : From Oct 2015 to Oct 2017 Click Here for more Norcros Charts. TIDMNXR RNS Number : 4598F Norcros PLC 12 November 2015 12 November 2015 Norcros plc Results for the six months ended 30 September 2015 'Strong momentum within our businesses' Norcros, the market leading supplier of innovative branded showers, taps, bathroom accessories, tiles and adhesives, today announces its results for the six months ended 30 September 2015. Financial Summary 2015 2014 % change % change as reported at constant currency ----------------------- ---------- ---------- ------------- ------------- Revenue GBP118.7m GBP108.6m +9.3% +12.0% ----------------------- ---------- ---------- ------------- ------------- Underlying* operating profit GBP9.9m GBP7.4m +34% ----------------------- ---------- ---------- ------------- ------------- Underlying* profit before tax GBP9.4m GBP6.7m +40% ----------------------- ---------- ---------- ------------- ------------- Profit before tax GBP7.0m GBP6.3m +11% ----------------------- ---------- ---------- ------------- ------------- Underlying operating cash flow** GBP13.3m GBP11.6m +15% ----------------------- ---------- ---------- ------------- ------------- Diluted underlying EPS * 11.8p 8.1p +46% ----------------------- ---------- ---------- ------------- ------------- Net debt GBP29.2m GBP20.0m ----------------------- ---------- ---------- ------------- ------------- Interim dividend per share 2.2p 1.85p +19% ----------------------- ---------- ---------- ------------- ------------- * Underlying is before IAS 19R administrative expenses, acquisition related costs and exceptional operating items and, where relevant, before non-cash finance costs ** Underlying operating cash flow means cash generated from continuing operations before exceptional cash flows and pension fund deficit recovery contributions Restated for the 10:1 share consolidation completed on 29 September 2015 Highlights -- Strong first half performance -- Revenue increased by 12.0% on a constant currency basis -- Underlying operating profit increased by 34% to GBP9.9m -- Underlying profit before tax increased by 40% to GBP9.4m -- Profit before tax increased by 11% to GBP7.0m -- Continued strong underlying operating cash generation: 104% of underlying EBITDA -- Acquisition of Croydex completed on 25 June 2015 -- Diluted underlying earnings per share 46% higher at 11.8p -- Interim dividend increased by 19% to 2.2p per share Martin Towers, Chairman, commented: "I am pleased to announce a strong set of results for the six months ended 30 September 2015. Not only has the Group continued to make excellent progress in its existing businesses, but it has continued to advance towards its strategic targets with the acquisition of Croydex at the end of June 2015. With our strong brands, leading market positions and continued self-help initiatives focused on market share gain the Group is well positioned to make further progress. Given the strong first half performance and momentum within our businesses, the Board now expects the Group to achieve underlying operating profit marginally ahead of market expectations for the year to 31 March 2016." There will be a presentation today at 9.30 am for analysts at the offices of Hudson Sandler, 29 Cloth Fair, London, EC1A 7NN. The supporting slides will be available on the Norcros website at http://www.norcros.com later in the day. ENQUIRIES Norcros plc Tel: 01625 547700 Nick Kelsall, Group Chief Executive Martin Payne, Group Finance Director Hudson Sandler Tel: 0207 796 4133 Nick Lyon Charlie Jack Katie Matthews Notes to Editors -- Norcros is a leading supplier of high quality and innovative showers, taps, bathroom accessories, ceramic wall and floor tiles and adhesive products with operations primarily in the UK and South Africa. -- Based in the UK, Norcros operates under five brands: - Triton Showers - Market leader in the manufacture and marketing of showers in the UK - Vado - A leading manufacturer and supplier of taps, mixer showers, bathroom accessories and valves - Croydex - A market-leading, innovative designer, manufacturer and distributor of high quality bathroom furnishings and accessories - Johnson Tiles - A leading manufacturer and supplier of ceramic tiles in the UK - Norcros Adhesives - Manufacturer of tile & stone adhesives, grouts and related products -- Based in South Africa, Norcros operates under three brands: - Tile Africa - Chain of retail stores focused on ceramic and porcelain tiles, and associated products such as sanitary ware, showers and adhesives - Johnson Tiles South Africa - Manufacturer of ceramic and porcelain tiles - TAL - The leading manufacturer of ceramic and building adhesives -- Norcros is headquartered in Wilmslow, Cheshire and employs around 1800 people. The Company is listed on the London Stock Exchange. For further information please visit the Company website: http://www.norcros.com/ Chairman's statement I am pleased to announce a strong set of results for the six months ended 30 September 2015. Not only has the Group continued to make excellent progress in its existing businesses, but it has continued to advance towards its strategic targets with the acquisition of Croydex at the end of June 2015. Market conditions in the UK continue to be mixed, with the trade sector continuing to perform well driven by new house build and commercial specifications, although RMI driven demand is muted and retail markets generally remain challenging. In South Africa, market conditions have been impacted by the recent slow-down in China affecting the commodity sector which is a significant part of the South African economy. However, the strong self-help culture evident in all our businesses has continued to offset these challenges and has been a key factor in delivering these strong results. Underlying operating profit rose by 34% to GBP9.9m (2014: GBP7.4m) representing an improved margin of 8.3% (2014: 6.8%). UK performance benefitted from the return to profitability of Johnson Tiles UK following its manufacturing inefficiencies in the prior year and the three month contribution from Croydex. South Africa nearly doubled its underlying operating profit despite a weaker Rand, driven by strong constant currency revenue growth and an improvement in underlying profit performance in all three businesses including a return to profitability at Johnson Tiles South Africa. Through a combination of strong underlying EBITDA and continued prudent management of working capital, underlying operating cash generation was GBP13.3m (2014: GBP11.6m), representing 104% of underlying EBITDA (2014: 112%). This performance and a cash outflow of GBP20.1m relating to the acquisition of Croydex left net debt at GBP29.2m compared to GBP14.2m at 31 March 2015 and represents leverage of 1.1 times underlying proforma EBITDA. Acquisition of Croydex As previously announced, the Group acquired 100% of the ordinary share capital of Croydex Group Limited ("Croydex"), a market leading, innovative designer, manufacturer and distributor of high quality bathroom furnishings and accessories, on 25 June 2015. The acquisition of Croydex is an important next step in the Group's growth strategy to increase revenue to GBP420m by 2018 and follows on from the very successful integration of the Vado business which Norcros acquired in March 2013. The addition of the Croydex business to the Group's existing portfolio has increased the breadth of our product range in the bathroom segment and has enabled the Group to offer an even broader array of complementary bathroom products to our customers. Croydex will also benefit from the global distribution channels, sourcing skills and strong financial position of the enlarged Group. I am excited by the prospects for Croydex within the Norcros Group and have been impressed by the energy and enthusiasm of its management and employees. Results Revenue for the six month period to 30 September 2015 at GBP118.7m (2014: GBP108.6m) was 12.0% higher on a constant currency basis compared to the prior year, and 9.3% on a Sterling reported basis. Of this growth, 5.5% was attributable to a three month contribution from Croydex. On a like for like basis excluding Croydex, constant currency growth was 6.5% and 4.0% on a Sterling reported basis. Underlying operating profit rose by 34% to GBP9.9m (2014: GBP7.4m) reflecting improvements in both the UK and South Africa together with a three month contribution from Croydex. Underlying profit before taxation increased by 40% to GBP9.4m (2014: GBP6.7m) reflecting the higher underlying operating profit and lower interest costs driven by improved margins offset by increased borrowings due to the acquisition of Croydex in June 2015. Profit before taxation for the period was GBP7.0m (2014: GBP6.3m), reflecting increased underlying profit before taxation, higher exceptional operating income of GBP2.3m (2014: GBP0.3m) primarily as a result of settlement in the period of a contractual dispute with Morrisons relating to a previous agreement to sell them freehold land in Tunstall, Stoke on Trent, offset by higher non-underlying interest of GBP1.3m (2014: income of GBP0.6m) and higher acquisition related costs of GBP2.6m (2014: GBP0.5m) relating to the final year of the Vado earn out mechanism of GBP1.3m and the costs of acquiring Croydex of GBP0.8m. (MORE TO FOLLOW) Dow Jones Newswires November 12, 2015 02:01 ET (07:01 GMT) Diluted underlying earnings per share were 46% higher at 11.8p (2014: 8.1p restated for the 10:1 share consolidation), reflecting improved underlying earnings. Financial We have continued to demonstrate strong cash conversion with underlying operating cash generated in the period at GBP13.3m (2014: GBP11.6m), representing 104% of underlying EBITDA for the period (2014: 112%). There was a working capital outflow of GBP0.2m in the period which compared to a GBP0.6m inflow in the prior period. A pension deficit recovery payment of GBP1.1m (2014: GBP1.0m) in the period (as part of the GBP2.0m plus CPI per annum contribution agreed with the Trustee in 2013) and cash inflows relating to exceptional items of GBP0.7m (2014: outflows of GBP0.7m) resulted in net cash generated from continuing operations at GBP12.9m (2014: GBP9.9m). Investment in capital expenditure in the period amounted to GBP3.2m (2014: GBP3.4m) and has remained consistent at 1.1 times depreciation. Net debt increased in the six months to 30 September 2015 by GBP15.0m to GBP29.2m principally as a result of the acquisition of Croydex, which, including costs related to the acquisition of GBP0.8m, resulted in a net cash outflow in the period of GBP20.1m. The gross deficit relating to our UK defined benefit pension scheme as calculated under IAS 19R has improved slightly from a deficit of GBP44.3m at 31 March 2015 to a deficit of GBP42.4m at 30 September 2015. The reduction in the deficit principally reflects an increase in the discount rate to 3.8% net of a lower return on scheme assets. During the previous year the plan undertook a number of liability management exercises which resulted in the recognition of a net settlement gain of GBP1.7m. A further gain of GBP0.4m has been recognised in the period as a result of these exercises which has been included within exceptional operating items. Property As highlighted in the Group's 2015 Annual Report, the contractual dispute arising from the conditional sale of part of the surplus land in Tunstall to a subsidiary of Wm Morrison Supermarkets plc was settled on 15 May 2015. The Company has recognised exceptional operating income of GBP1.9m in relation to this settlement. Dividend The Board is declaring an interim dividend of 2.20p per share reflecting the strong first half performance and its confidence in the Group's future prospects. Taking into account the 10:1 share consolidation which took place on 29 September 2015, this represents an increase of 19% over the restated interim dividend from the previous year of 1.85p per ordinary share. The dividend is payable on 7 January 2016 to shareholders on the register on 4 December 2015. The shares will be quoted as ex-dividend on 3 December 2015. Operating review UK For the six months ended 30 September 2015 total revenue in our UK businesses was 9.8% ahead of the prior period at GBP79.9m (2014: GBP72.8m). On a like for like basis excluding Croydex revenue of GBP5.8m, total revenue increased by 1.8%. Underlying operating profit at GBP8.0m was 25% higher than last year at GBP6.4m and represents an improved return on sales of 10.0% (2014: 8.8%). The trends in our UK markets seen in the prior year have continued into the first half of this year, with good growth in the trade sector, but a challenging retail sector. Triton Our market leading shower operation, Triton Showers, recorded revenue growth of 3.1% for the six month period to 30 September 2015 to GBP26.2m (2014: GBP25.4m). UK revenue for Triton was 1.9% higher than the prior year. Revenue from the UK trade sector increased by 3.3% compared to the prior year, with strong trading across major national merchants and electrical wholesale customers and a much improved performance in the specification sector, which has been a key area of focus for the business. The retail sector however remains challenging, principally due to weak consumer demand and the impact of product range changes at some of the major DIY accounts. Notwithstanding this, Triton still delivered marginally higher retail revenue compared to the previous year. Triton has continued to invest significantly in new product development and in product innovation with the recent launch of the T80ZFF thermostatic electric shower range which further strengthens our offer in the growing thermostatic shower market. Export markets account for 17% of Triton's overall revenue and have continued to grow, increasing by 10.0% compared to the prior year. The principal export market for Triton is Ireland, where a revitalised new build and RMI sector has helped drive revenue growth. Markets further afield, principally Latin America, continue to be developed. We have invested in both new product development and marketing including representation at a number of major trade fairs in the region. Triton has continued to generate strong cashflows and delivered underlying operating profits which were marginally ahead of last year. Vado Our leading manufacturer of taps, mixer showers, bathroom accessories and valves, Vado, recorded revenue of GBP15.9m for the period (2014: GBP14.8m), 7.4% higher than the prior year. UK revenue was 16.7% higher than the prior year, with growth in both the retail and trade segments. In the trade sector, we continue to make strong progress in both residential and commercial specifications, benefitting particularly from increased new private housing programmes. In retail, we are beginning to see the benefits of investing in the expansion of the sales team and were recently recognised as tap brand of the year by BKU magazine in its inaugural awards. Export revenue, which accounts for approximately 30% of Vado revenue, was 9.6% lower than the same period last year. This performance reflects a mixed picture with lower revenue outside of our major Middle East market held back by credit issues with a number of sub-Saharan customers and a number of larger projects last year not being repeated this year. However, in the Middle East we grew revenue strongly in the first half of this year reflecting more buoyant construction activity. We have recently increased our presence in this market and established a directly employed resource in the region to strengthen the Vado brand in the important specification sector. Underlying operating profits were ahead of the same period last year driven largely by revenue growth. Croydex Croydex, our market-leading, innovative designer, manufacturer and distributor of high quality bathroom furnishings and accessories, which was acquired on 25 June 2015, recorded revenue of GBP5.8m for the three month period since acquisition to 30 September 2015, in line with our expectations. Whilst it was not under Group ownership for the full period, revenue for the six months ended 30 September 2015 was GBP10.9m, 3.7% higher than the prior year. UK sales at GBP10.3m were in line with the prior year with the challenging retail environment being offset by growth in the trade sector. Export sales of GBP0.6m were GBP0.4m higher than the prior period, reflecting the additional focus employed to target growth outside the UK, with particular success being achieved in Germany. Operationally, Croydex has been integrated into the Norcros group seamlessly, and the performance of the business since acquisition has been highly encouraging, with the business generating an underlying profit performance in line with the Board's expectations. Johnson Tiles Our UK market leading ceramic tile manufacturer and a market leader in the supply of both own manufactured and imported tiles, Johnson Tiles, recorded revenue 4.5% lower than the same period last year at GBP27.9m (2014: GBP29.2m). UK revenue was 2.7% lower than the comparative period last year. Excellent progress continues to be made in the trade segment with revenue 5.0% higher, notwithstanding that last year included the one-off benefit of the supply of ceramic poppies which formed the main part of the World War I commemorations at the Tower of London. Again, good progress has been made in the specification sector, with projects completed in the period for Holiday Inn and Total Fitness. In the retail sector, subdued demand in the DIY sector generally combined with the withdrawal from some unprofitable ranges resulted in revenues 9.6% lower than the prior year. Export revenue was also 16.7% lower than the prior year principally reflecting the combined impact of weak market conditions in France and credit issues in the Middle East. Operationally, the excellent progress made at the end of the last financial year has been sustained throughout this first half period. As a result of management actions manufacturing efficiencies have significantly improved compared to the prior period. This, together with the continued trade revenue growth, have been key factors in delivering a solid underlying operating profit performance for the period, a marked improvement over the small operating loss recorded in the prior period. Norcros Adhesives Norcros Adhesives, our manufacturer and supplier of tile and stone adhesives and ancillary products, once again demonstrated excellent growth with revenue 20.6% higher at GBP4.1m (2014: GBP3.4m). This performance principally reflects further development of our distribution channels in the trade segment, as well as some initial success in the retail DIY sector. The business continues to develop innovative new products to address the technical issues in fixing tiles to different types of substrate, for example the launch of the Ultima8 B+ range, which solves the problem of fixing tiles to bituminous surfaces. Additionally, the business has continued to invest in future growth, achieving the ISO 14001 accreditation for environmental management, commencing the construction of a new training centre and laboratory in the UK and establishing a local presence in the Middle East to better capitalise on the opportunities in the significant specification market in this region. (MORE TO FOLLOW) Dow Jones Newswires November 12, 2015 02:01 ET (07:01 GMT) This continued strong growth has delivered an underlying operating profit performance ahead of the same period last year. South Africa Once again our South African businesses reported another period of double digit constant currency growth resulting in revenue 16.9% higher than prior year on a constant currency basis. Reported Sterling revenue was 8.4% higher at GBP38.8m (2014: GBP35.8m), reflecting an 8% weaker Rand. Underlying operating profit at GBP1.9m was 90% higher than the previous period (2014: GBP1.0m) despite the weaker Rand adversely impacting reported profits by GBP0.1m. This represents a significantly improved return on sales of 4.9% (2014: 2.7%). All three businesses delivered an improvement in local currency underlying operating profit performance. Our South African operations have made further progress in the first half of the year with all three businesses growing ahead of the market as we continue to implement our strategy of growing our brands through geographic expansion and range diversification. Gross margins improved against the previous year, with the benefits in our supply chain and production efficiencies delivering tangible benefits over the period. Johnson Tiles South Africa Our tile manufacturing business, Johnson Tiles South Africa, achieved independent sector revenue of GBP5.4m (2014: GBP5.2m), 12.5% higher than prior year on a constant currency basis, and 3.8% higher on a reported Sterling basis. Following the investment in two inkjet printers over the last two years we have successfully enriched our product offer with the launch of a number of additional inkjet ranges and a new rectangular product format in response to market trends. An improved product offer and a consistent manufacturing performance have resulted in a marked improvement in performance. As reported in our last annual report, Johnson Tiles South Africa experienced some manufacturing disruption as a result of the national electricity load-shedding programme. Consequently a new standby diesel generator has been successfully installed in the period which will significantly reduce the impact of being unable to operate the manufacturing facility in the event of a power outage. Notwithstanding the disruption from load shedding prior to the generator being installed, the business delivered an underlying operating profit compared to a small underlying operating loss in the prior period. TAL Our market leading adhesive business, TAL, delivered constant currency independent sector revenue growth of 20.5% in the period, or an 11.9% increase on a Sterling reported basis to GBP9.4m (2014: GBP8.4m). This growth was achieved through market share gain in domestic markets and through continued focus on growing sub-Saharan export markets, as well as product range extensions, such as a new 2kg bag to its grout range and a new powdered bond range, both of which have received a favourable market reaction. In addition to the considerable growth in revenue, we have continued to drive profitability through further improvements in plant and procurement efficiencies. This has been reflected in a stronger underlying operating profit performance than the prior year. Tile Africa Revenue at our leading retailer of wall and floor tiles, adhesives, showers, sanitaryware and bathroom fittings, Tile Africa, increased by 16.5% on a constant currency basis compared to the prior year, and by 8.1% on a Sterling reported basis to GBP24.0m (2014: GBP22.2m). Tile Africa currently operates from 29 stores and four franchises, with a new store in Boksburg, Gauteng, expected to open by the end of this financial year. The new CX format stores that we developed to improve the overall retail customer experience, and were showcased in the last Annual Report, have continued to perform strongly, and consequently there are plans to retrofit this format into further stores. The store at Lenasia has recently been refitted as a factory outlet aimed at the emerging consumer segments following on from the positive results achieved at the existing store of this type in Silverton. The improved CX store layout, together with benefits from our increased focus on in-stock and on-display offering has been reflected in market share gain and revenue growth, and in an improved underlying operating profit compared to the prior year. Share consolidation On 29 September 2015 the Company undertook an exercise to consolidate its existing 1p ordinary shares into new 10p ordinary shares, and the new shares began to be traded on the London Stock Exchange on 30 September. The resolution permitting the Board to effect the consolidation had been passed at the Company's AGM on 22 July. The Board considered it was important to reduce the number of shares in issue to a level more appropriate for a company of Norcros's size, and to make the shares more attractive to investors, whilst having no effect on the relative holdings of individual shareholders. Full details of the share consolidation are provided on the Company's website www.norcros.com. Summary and outlook The Group has made a very pleasing start to the year, with each of our businesses delivering an improvement in underlying operating profit performance. As I have already highlighted, we took decisive management action in our tiles businesses in both the UK and South Africa to address the operational challenges of recent years and now have a much stronger base from which to develop our medium term growth plans. Whilst conditions in our UK retail and export markets remain testing, we continue to capitalise on the demand opportunities in the more positive trade sector where we continue to perform strongly. The acquisition of the Croydex business is a further step in realising our strategic target of generating revenues of GBP420m by 2018 and importantly the business has already been smoothly integrated into the Group. With our strong brands, leading market positions and continued self-help initiatives focused on market share gain the Group is well positioned to make further progress. Given the strong first half performance and momentum within our businesses, the Board now expects the Group to achieve underlying operating profit marginally ahead of market expectations for the year to 31 March 2016. M. G. Towers Chairman 12 November 2015 Condensed consolidated income statement Six months to 30 September 2015 6 months to 6 months to Year ended 30 September 30 September 31 March 2015 2014* 2015* (unaudited) (unaudited) (audited) Notes GBPm GBPm GBPm ----------------------------------------------------------------------- ----- ------------ ------------ ---------- Continuing operations Revenue 118.7 108.6 222.1 ----------------------------------------------------------------------- ----- ------------ ------------ ---------- Underlying operating profit 9.9 7.4 17.0 IAS 19R administrative expenses (0.8) (0.8) (1.7) Acquisition related costs 4 (2.6) (0.5) (2.2) Exceptional operating items 4 2.3 0.3 (2.5) ----------------------------------------------------------------------- ----- ------------ ------------ ---------- Operating profit 8.8 6.4 10.6 ----------------------------------------------------------------------- ----- ------------ ------------ ---------- Finance costs 7 (1.1) (0.8) (1.4) Exceptional finance costs 7 - (0.4) (0.4) ----------------------------------------------------------------------- ----- ------------ ------------ ---------- Total finance costs 7 (1.1) (1.2) (1.8) Finance income 7 - 1.6 3.3 IAS 19R finance cost (0.7) (0.5) (1.1) ----------------------------------------------------------------------- ----- ------------ ------------ ---------- Profit before taxation 7.0 6.3 11.0 Taxation 6 (1.6) (1.6) (2.9) ----------------------------------------------------------------------- ----- ------------ ------------ ---------- Profit for the period from continuing operations 5.4 4.7 8.1 ----------------------------------------------------------------------- ----- ------------ ------------ ---------- Profit for the period from discontinued operations - 0.1 0.1 ----------------------------------------------------------------------- ----- ------------ ------------ ---------- Profit for the period 5.4 4.8 8.2 (MORE TO FOLLOW) Dow Jones Newswires November 12, 2015 02:01 ET (07:01 GMT) ----------------------------------------------------------------------- ----- ------------ ------------ ---------- Earnings per share attributable to the owners of the Company Basic earnings per share: From continuing operations 5 9.0p 8.0p 13.6p From discontinued operations 5 - 0.2p 0.2p ----------------------------------------------------------------------- ----- ------------ ------------ ---------- From profit for the period 5 9.0p 8.2p 13.8p ----------------------------------------------------------------------- ----- ------------ ------------ ---------- Diluted earnings per share: From continuing operations 5 8.7p 7.7p 13.1p From discontinued operations 5 - 0.2p 0.2p ----------------------------------------------------------------------- ----- ------------ ------------ ---------- From profit for the period 5 8.7p 7.9p 13.3p ----------------------------------------------------------------------- ----- ------------ ------------ ---------- Weighted average number of shares for basic earnings per share (millions) 5 60.1 59.0 59.2 ----------------------------------------------------------------------- ----- ------------ ------------ ---------- Non-GAAP measures Underlying profit before taxation (GBPm) 3 9.4 6.7 15.8 Underlying earnings (GBPm) 3 7.3 5.0 13.0 Basic underlying earnings per share 5 12.2p 8.4p 21.9p Diluted underlying earnings per share 5 11.8p 8.1p 21.1p ----------------------------------------------------------------------- ----- ------------ ------------ ---------- * The results of previous periods have been restated where required to reflect the revised presentation of acquisition related costs and the 10:1 share consolidation completed on 29 September 2015. Condensed consolidated statement of comprehensive income Six months to 30 September 2015 6 months to 6 months to Year ended 30 September 30 September 31 March 2015 2014 2015 (unaudited) (unaudited) (audited) GBPm GBPm GBPm ------------------------------------------------------------------------- ------------ ------------ ---------- Profit for the period 5.4 4.8 8.2 -------------------------------------------------------------------------- ------------ ------------ ---------- Other comprehensive income and expense: Items that will not subsequently be reclassified to the income statement Actuarial gains/(losses) on retirement benefit obligations 1.6 (14.8) (18.8) Items that may be subsequently reclassified to the income statement Foreign currency translation adjustments (6.0) (1.2) (0.6) -------------------------------------------------------------------------- ------------ ------------ ---------- Other comprehensive expense for the period (4.4) (16.0) (19.4) -------------------------------------------------------------------------- ------------ ------------ ---------- Total comprehensive income/(expense) for the period 1.0 (11.2) (11.2) -------------------------------------------------------------------------- ------------ ------------ ---------- Attributable to equity shareholders arising from Continuing operations 1.0 (11.4) (11.4) Discontinued operations - 0.2 0.2 -------------------------------------------------------------------------- ------------ ------------ ---------- 1.0 (11.2) (11.2) ------------------------------------------------------------------------- ------------ ------------ ---------- Items in the statement are disclosed net of tax. Condensed consolidated balance sheet At 30 September 2015 At At At 30 September 30 September 31 March 2015 2014 2015 (unaudited) (unaudited) (audited) Notes GBPm GBPm GBPm -------------------------------------- ----- ------------ ------------ --------- Non-current assets Goodwill 29.5 22.0 22.2 Intangible assets 12.2 4.8 4.7 Property, plant and equipment 37.5 36.8 37.6 Investment properties - 4.3 - Derivative financial instruments 15 - 0.2 - Deferred tax assets 6 11.2 14.1 13.8 -------------------------------------- ----- ------------ ------------ --------- 90.4 82.2 78.3 -------------------------------------- ----- ------------ ------------ --------- Current assets Inventories 56.3 51.0 52.2 Trade and other receivables 43.6 42.1 40.5 Derivative financial instruments 15 1.0 - 2.1 Cash and cash equivalents 7.8 4.5 5.6 108.7 97.6 100.4 -------------------------------------- ----- ------------ ------------ --------- Current liabilities Trade and other liabilities (60.5) (54.1) (54.9) Derivative financial instruments 15 (0.3) (0.8) (1.0) Current tax liabilities (1.4) (1.7) (1.3) Financial liabilities - borrowings 8 (4.5) (4.1) (1.4) (66.7) (60.7) (58.6) -------------------------------------- ----- ------------ ------------ --------- Net current assets 42.0 36.9 41.8 -------------------------------------- ----- ------------ ------------ --------- Total assets less current liabilities 132.4 119.1 120.1 -------------------------------------- ----- ------------ ------------ --------- Non-current liabilities Financial liabilities - borrowings 8 (32.5) (20.4) (18.4) Pension scheme liability 12 (42.4) (40.6) (44.3) Other non-current liabilities (2.1) (1.5) (1.4) Provisions (3.2) (3.7) (3.3) -------------------------------------- ----- ------------ ------------ --------- (80.2) (66.2) (67.4) -------------------------------------- ----- ------------ ------------ --------- Net assets 52.2 52.9 52.7 -------------------------------------- ----- ------------ ------------ --------- Financed by: Ordinary share capital 9 6.1 5.9 6.0 Share premium 1.0 0.9 1.0 Retained earnings and other reserves 45.1 46.1 45.7 -------------------------------------- ----- ------------ ------------ --------- Total equity 52.2 52.9 52.7 -------------------------------------- ----- ------------ ------------ --------- Condensed consolidated statement of cash flow (MORE TO FOLLOW) Dow Jones Newswires November 12, 2015 02:01 ET (07:01 GMT) Six months to 30 September 2015 6 months to 6 months to Year ended 30 September 30 September 31 March 2015 2014 2015 (unaudited) (unaudited) (audited) Notes GBPm GBPm GBPm ----------------------------------------------------------------------- ----- ------------ ------------ ---------- Cash generated from operations 10 12.9 10.0 16.2 Income taxes paid (0.6) (0.2) (0.5) Interest paid (0.5) (0.7) (1.3) ----------------------------------------------------------------------- ----- ------------ ------------ ---------- Net cash generated from operating activities 11.8 9.1 14.4 ----------------------------------------------------------------------- ----- ------------ ------------ ---------- Cash flows from investing activities Proceeds from sale of investment property - - 6.1 Proceeds from sale of property, plant and equipment - 0.4 0.4 Purchase of investment property - - (0.9) Purchase of property, plant and equipment (3.2) (3.4) (7.0) Acquisition of subsidiary undertakings net of cash acquired (20.5) (0.3) (0.5) Disposal of subsidiary undertakings net of cash divested - 3.8 3.8 ----------------------------------------------------------------------- ----- ------------ ------------ ---------- Net cash (used in)/generated from investing activities (23.7) 0.5 1.9 ----------------------------------------------------------------------- ----- ------------ ------------ ---------- Cash flows from financing activities Net proceeds from issue of ordinary share capital - - 0.2 Drawdown/(repayment) of borrowings 14.0 (10.1) (12.1) Costs of raising debt finance - (0.7) (0.7) Dividends paid to equity shareholders (2.2) (2.0) (3.1) ----------------------------------------------------------------------- ----- ------------ ------------ ---------- Net cash generated from/(used in) financing activities 11.8 (12.8) (15.7) ----------------------------------------------------------------------- ----- ------------ ------------ ---------- Net (decrease)/increase in cash at bank and in hand and bank overdrafts (0.1) (3.2) 0.6 Cash at bank and in hand and bank overdrafts at beginning of the period 4.2 3.7 3.7 Exchange movements on cash and bank overdrafts (0.8) (0.1) (0.1) ----------------------------------------------------------------------- ----- ------------ ------------ ---------- Cash at bank and in hand and bank overdrafts at end of the period 3.3 0.4 4.2 ------------------------------------------------------------------------------ ------------ ------------ ---------- Non-GAAP measures Underlying operating cash flow 3 13.3 11.6 22.9 ----------------------------------------------------------------------- ----- ------------ ------------ ---------- Condensed consolidated statements of changes in equity Six months to 30 September 2015 (unaudited) Ordinary Retained share Share Treasury Translation earnings/ capital premium reserve reserve (losses) Total GBPm GBPm GBPm GBPm GBPm GBPm ------------------------------------------------- -------- ------- -------- ----------- --------- ----- At 31 March 2015 6.0 1.0 (0.1) (9.1) 54.9 52.7 Comprehensive income: Profit for the period - - - - 5.4 5.4 Actuarial gain on retirement benefit obligations - - - - 1.6 1.6 Other comprehensive expense: Foreign currency translation adjustments - - - (6.0) - (6.0) Total other comprehensive (expense)/ income - - - (6.0) 7.0 1.0 ------------------------------------------------- -------- ------- -------- ----------- --------- ----- Transactions with owners: Dividends paid - - - - (2.2) (2.2) Share option schemes and warrants 0.1 - (0.1) - 0.7 0.7 ------------------------------------------------- -------- ------- -------- ----------- --------- ----- At 30 September 2015 6.1 1.0 (0.2) (15.1) 60.4 52.2 ------------------------------------------------- -------- ------- -------- ----------- --------- ----- Six months to 30 September 2014 (unaudited) Ordinary Retained share Share Treasury Translation earnings/ capital premium reserve reserve (losses) Total GBPm GBPm GBPm GBPm GBPm GBPm ------------------------------------------------- -------- ------- -------- ----------- --------- ------ At 31 March 2014 5.8 0.9 - (8.5) 67.3 65.5 Comprehensive income: Profit for the period - - - - 4.8 4.8 Other comprehensive expense: Actuarial loss on retirement benefit obligations - - - - (14.8) (14.8) Foreign currency translation adjustments - - - (1.2) - (1.2) ------------------------------------------------- -------- ------- -------- ----------- --------- ------ Total other comprehensive expense - - - (1.2) (14.8) (16.0) ------------------------------------------------- -------- ------- -------- ----------- --------- ------ Transactions with owners: Dividends paid - - - - (2.0) (2.0) Share option schemes and warrants 0.1 - (0.1) - 0.6 0.6 ------------------------------------------------- -------- ------- -------- ----------- --------- ------ At 30 September 2014 5.9 0.9 (0.1) (9.7) 55.9 52.9 ------------------------------------------------- -------- ------- -------- ----------- --------- ------ Year ended 31 March 2015 (audited) Ordinary Retained share Share Treasury Translation earnings/ capital premium reserve reserve (losses) Total GBPm GBPm GBPm GBPm GBPm GBPm ------------------------------------------------- -------- ------- -------- ----------- --------- ------ At 31 March 2014 5.8 0.9 - (8.5) 67.3 65.5 Comprehensive income: Profit for the year - - - - 8.2 8.2 Other comprehensive expense: Actuarial loss on retirement benefit obligations - - - - (18.8) (18.8) Foreign currency translation adjustments - - - (0.6) - (0.6) ------------------------------------------------- -------- ------- -------- ----------- --------- ------ Total other comprehensive expense - - - (0.6) (18.8) (19.4) ------------------------------------------------- -------- ------- -------- ----------- --------- ------ Transactions with owners: Shares issued 0.2 0.1 (0.1) - - 0.2 Dividends paid - - - - (3.1) (3.1) (MORE TO FOLLOW) Dow Jones Newswires November 12, 2015 02:01 ET (07:01 GMT) Share option schemes and warrants - - - - 1.3 1.3 ------------------------------------------------- -------- ------- -------- ----------- --------- ------ At 31 March 2015 6.0 1.0 (0.1) (9.1) 54.9 52.7 ------------------------------------------------- -------- ------- -------- ----------- --------- ------ Notes to the accounts Six months to 30 September 2015 1. Accounting policies General information The Company is a public limited company which is listed on the London Stock Exchange and incorporated and domiciled in the UK. This condensed consolidated interim financial information was approved for issue on 12 November 2015. This condensed consolidated financial information does not comprise statutory accounts within the meaning of Section 434 of the Companies Act 2006. This condensed consolidated interim financial information has been neither audited nor reviewed. Basis of preparation This condensed consolidated interim financial information for the six months to 30 September 2015 has been prepared in accordance with the Disclosure and Transparency Rules of the Financial Conduct Authority and with IAS 34, 'Interim financial reporting', as adopted by the European Union. The Directors consider, after making appropriate enquiries at the time of approving the condensed consolidated interim financial information, that the Company and the Group have adequate resources to continue in operational existence and, accordingly, that it is appropriate to adopt the going concern basis in the preparation of the condensed consolidated interim financial information. The condensed consolidated interim financial information should be read in conjunction with the Annual Report and Accounts for the year ended 31 March 2015, which has been prepared in accordance with IFRS as adopted by the European Union. The Annual Report and Accounts was approved by the Board on 18 June 2015 and delivered to the Registrar of Companies. The report of the external auditor on the financial statements was unqualified. Accounting policies The principal accounting policies applied in the preparation of this condensed consolidated interim financial information are included in the financial report for the year ended 31 March 2015. These policies have been applied consistently to all periods presented. Taxes on income in the interim periods are accrued using the tax rate that would be applicable to the expected total annual profits or losses. New standards, amendments to standards and interpretations The following new standards, amendments to standards or interpretations are mandatory for the first time for the financial year beginning 1 April 2015. The Group has adopted the following new standards, amendments and interpretations now applicable. None of these standards and interpretations has had any material effect on the Group's results or net assets. Applicable for financial years Standard or interpretation Content beginning on or after -------------------------------------- ----------------- --------------------- Amendment to IAS 19 (revised) Employee benefits 1 April 2015 Annual improvements to IFRSs 2010-2012 Various 1 April 2015 Annual improvements to IFRSs 2011-2013 Various 1 April 2015 -------------------------------------- ----------------- --------------------- The following standards, amendments and interpretations are not yet effective and have not been adopted early by the Group: Applicable for financial years Standard or interpretation Content beginning on or after --------------------------------- ----------------------------------------------------- --------------------- Amendment to IFRS 10 Consolidated financial statements 1 April 2016 Amendment to IFRS 11 Joint arrangements 1 April 2016 Amendment to IFRS 12 Disclosure of interests in other entities 1 April 2016 IFRS 14 Regulatory deferral accounts 1 April 2016 Amendment to IAS 1 Presentation of financial statements 1 April 2016 Amendment to IAS 16 Property, plant and equipment 1 April 2016 Amendment to IAS 27 Separate financial statements 1 April 2016 Amendment to IAS 28 Investments in associates and joint ventures 1 April 2016 Amendment to IAS 38 Intangible assets 1 April 2016 Amendment to IAS 41 Agriculture 1 April 2016 Annual improvements to IFRSs 2014 Various 1 April 2016 IFRS 15 Revenue from contracts with customers 1 April 2018 IFRS 9 Financial instruments: classification and measurement 1 April 2018 --------------------------------- ----------------------------------------------------- --------------------- None of these standards or interpretations is expected to have a material impact on the Group. Risks and uncertainties The principal strategic level risks and uncertainties affecting the Group, together with the approach to their mitigation, remain as set out on pages 24 to 27 in the 2015 Annual Report, which is available on the Group's website (www.norcros.com). In summary the Group's principal risks and uncertainties are: -- key commercial relationships; -- accounting for customer rebates and other trade promotional spend; -- competition; -- reliance on production facilities; -- staff retention and recruitment; -- foreign currency exchange risk; -- interest rate risk; -- pension scheme management; -- energy price risk; -- additional capital requirements to fund ongoing operations; -- performance against banking covenants; -- changing consumer preferences; -- overseas operations; and -- acquisition risk. The Chairman's Statement in this condensed consolidated interim financial information includes comments on the outlook for the remaining six months of the financial year. Forward-looking statements This condensed consolidated interim financial information contains forward-looking statements. Although the Group believes that the expectations reflected in these forward-looking statements are reasonable, it can give no assurance that these expectations will prove to be correct. Due to the inherent uncertainties, including both economic and business risk factors underlying such forward-looking information, actual results may differ materially from those expressed or implied by these forward-looking statements. The Group undertakes no obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise. Accounting estimates and judgments The preparation of condensed consolidated interim financial information requires management to make judgments, estimates and assumptions that affect the application of accounting policies and the reported amount of assets and liabilities, income and expense. Actual results may differ from these estimates. In preparing the condensed consolidated interim financial information, the significant judgments made by management in applying the Group's accounting policies and the key sources of estimation uncertainty were the same as those applied to the consolidated financial statements for the year ended 31 March 2015. 2. Segmental reporting The Group operates in two main geographical areas: the UK and South Africa. All inter-segment transactions are made on an arm's length basis. The chief operating decision maker, which is considered to be the Board, assesses performance and allocates resources based on geography as each segment has similar economic characteristics, complementary products, distribution channels and regulatory environments. Continuing operations - 6 months to 30 September 2015 (unaudited) --------------------------------------------- South UK Africa Group Notes GBPm GBPm GBPm ---------------------------------- ----- ------------- -------------- -------------- Revenue 79.9 38.8 118.7 ---------------------------------- ----- ------------- -------------- -------------- Underlying operating profit 8.0 1.9 9.9 IAS 19R administrative expenses (0.8) - (0.8) Acquisition related costs 4 (2.6) - (2.6) Exceptional operating items 4 2.3 - 2.3 ---------------------------------- ----- ------------- -------------- -------------- (MORE TO FOLLOW) Dow Jones Newswires November 12, 2015 02:01 ET (07:01 GMT) Operating profit 6.9 1.9 8.8 ---------------------------------- ----- ------------- -------------- -------------- Finance costs (net) (1.8) ---------------------------------- ----- ------------- -------------- -------------- Profit before taxation 7.0 Taxation 6 (1.6) ---------------------------------- ----- ------------- -------------- -------------- Profit from continuing operations 5.4 ---------------------------------- ----- ------------- -------------- -------------- Net debt 10 (29.2) ---------------------------------- ----- ------------- -------------- -------------- Continuing operations - 6 months to 30 September 2014 (unaudited)* ---------------------------------------------- South UK Africa Group Notes GBPm GBPm GBPm ---------------------------------- ----- ------------- --------------- -------------- Revenue 72.8 35.8 108.6 ---------------------------------- ----- ------------- --------------- -------------- Underlying operating profit 6.4 1.0 7.4 IAS 19R administrative expenses (0.8) - (0.8) Acquisition related costs 4 (0.5) - (0.5) Exceptional operating items 4 0.3 - 0.3 ---------------------------------- ----- ------------- --------------- -------------- Operating profit 5.4 1.0 6.4 ---------------------------------- ----- ------------- --------------- -------------- Finance costs (net) (0.1) ---------------------------------- ----- ------------- --------------- -------------- Profit before taxation 6.3 Taxation 6 (1.6) ---------------------------------- ----- ------------- --------------- -------------- Profit from continuing operations 4.7 ---------------------------------- ----- ------------- --------------- -------------- Net debt 10 (20.0) ---------------------------------- ----- ------------- --------------- -------------- * The results have been restated to reflect the revised presentation of acquisition related costs. Continuing operations - Year ended 31 March 2015 (audited) --------------------------------------- South UK Africa Group Notes GBPm GBPm GBPm ------------------------------------------------ ------ ----------- ------------ ------------ Revenue 149.1 73.0 222.1 ------------------------------------------------ ------ ----------- ------------ ------------ Underlying operating profit 13.8 3.2 17.0 IAS 19R administrative expenses (1.7) - (1.7) Acquisition related costs 4 (2.2) - (2.2) Exceptional operating items 4 (2.3) (0.2) (2.5) ------------------------------------------------ ------ ----------- ------------ ------------ Operating profit 7.6 3.0 10.6 ------------------------------------------------ ------ ----------- ------------ ------------ Finance income (net) 0.4 ------------------------------------------------ ------ ----------- ------------ ------------ Profit before taxation 11.0 Taxation 6 (2.9) ------------------------------------------------ ------ ----------- ------------ ------------ Profit for the year from continuing operations 8.1 ------------------------------------------------ ------ ----------- ------------ ------------ Net debt 10 (14.2) ------------------------------------------------ ------ ----------- ------------ ------------ There are no differences from the last Annual Report in the basis of segmentation or in the basis of measurement of segment profit or loss. 3. Non-GAAP measures Condensed Consolidated Income Statement 6 months to 6 months to Year ended 30 September 30 September 31 March 2015 2014 2015 (unaudited) (unaudited) (audited) GBPm GBPm GBPm --------------------------------------------------------------- ------------ ------------ ---------- Profit before taxation from continuing operations 7.0 6.3 11.0 Adjusted for: IAS 19R administrative expenses 0.8 0.8 1.7 Acquisition related costs 2.6 0.5 2.2 Exceptional operating items (2.3) (0.3) 2.5 Amortisation of costs of raising debt finance 0.1 0.1 0.1 Amortisation of costs of raising debt finance - exceptional - 0.4 0.4 Net movement on fair value of derivative financial instruments 0.5 (1.6) (3.3) Discount on property lease provisions - - 0.1 IAS 19R finance cost 0.7 0.5 1.1 --------------------------------------------------------------- ------------ ------------ ---------- Underlying profit before taxation 9.4 6.7 15.8 Taxation attributable to underlying profit before taxation (2.1) (1.7) (2.8) --------------------------------------------------------------- ------------ ------------ ---------- Underlying earnings 7.3 5.0 13.0 --------------------------------------------------------------- ------------ ------------ ---------- The Directors believe that underlying profit before taxation and underlying earnings provide shareholders with additional useful information on the underlying performance of the Group. Underlying profit before taxation is defined as profit before taxation, IAS 19R administrative expenses, acquisition related costs, exceptional operating items, exceptional finance costs, amortisation of costs of raising finance, net movement on fair value of derivative financial instruments, discounting of property lease provisions and finance costs relating to pension schemes. 6 months to 6 months to Year ended 30 September 30 September 31 March 2015 2014 2015 (unaudited) (unaudited) (audited) GBPm GBPm GBPm -------------------------------------------- ------------ ------------ ---------- Operating profit from continuing operations 8.8 6.4 10.6 Adjusted for: Depreciation 2.9 3.0 6.0 IAS 19R administrative expenses 0.8 0.8 1.7 Acquisition related costs 2.6 0.5 2.2 Exceptional operating items (2.3) (0.3) 2.5 -------------------------------------------- ------------ ------------ ---------- Underlying EBITDA 12.8 10.4 23.0 -------------------------------------------- ------------ ------------ ---------- (MORE TO FOLLOW) Dow Jones Newswires November 12, 2015 02:01 ET (07:01 GMT) EBITDA is a measure commonly used by investors and financiers to assess business performance. Underlying EBITDA has been provided which reflects EBITDA as adjusted for IAS 19R administrative expenses, acquisition related costs and exceptional operating items. The Directors consider that these measures provide shareholders with additional useful information on the performance of the Group. Condensed Consolidated Statement of Cash Flow 6 months to 6 months to Year ended 30 September 30 September 31 March 2015 2014 2015 (unaudited) (unaudited) (audited) GBPm GBPm GBPm ----------------------------------------------------------------------------- ------------ ------------ ---------- Cash generated from continuing operations (note 10) 12.9 9.9 16.1 Adjusted for: Cash (inflows)/outflows from exceptional items and acquisition related costs (0.7) 0.7 4.7 Pension fund deficit recovery contributions 1.1 1.0 2.1 ----------------------------------------------------------------------------- ------------ ------------ ---------- Underlying operating cash flow 13.3 11.6 22.9 ----------------------------------------------------------------------------- ------------ ------------ ---------- Underlying operating cash flow is defined as cash generated from continuing operations before cash outflows from exceptional items and pension fund deficit recovery contributions. The Directors believe that underlying operating cash flow provides shareholders with additional useful information on the underlying cash generation of the Group. 4. Acquisition related costs and exceptional operating items An analysis of acquisition related costs and exceptional operating items is shown below. 6 months to 6 months to Year ended 30 September 30 September 31 March 2015 2014 2015 (unaudited) (unaudited) (audited) GBPm GBPm GBPm --------------------------------- ------------ ------------ ---------- Acquisition related costs Deferred remuneration(1) 1.2 0.3 1.1 Intangible asset amortisation(2) 0.3 0.2 0.3 Staff costs and advisory fees(3) 1.1 - 0.8 --------------------------------- ------------ ------------ ---------- 2.6 0.5 2.2 --------------------------------- ------------ ------------ ---------- 1 Consideration payable to the former shareholders of Vado and Croydex which is required to be treated as remuneration and, accordingly, is expensed to the income statement as incurred. 2 Non-cash amortisation charges in respect of intangible assets recognised following the acquisitions of Vado and Croydex. 3 Costs of maintaining an in-house acquisitions department and professional advisory fees incurred in connection with the Group's business combination activities. In the 6 months to 30 September 2015 this included GBP0.8m in connection with the acquisition of Croydex. 6 months to 6 months to Year ended 30 September 30 September 31 March 2015 2014 2015 (unaudited) (unaudited) (audited) GBPm GBPm GBPm ------------------------------------------ ------------ ------------ ---------- Exceptional operating items Legal claim(1) (1.9) 0.1 0.3 Pension scheme settlement gain(2) (0.4) - (1.7) Profit on disposal of surplus property(3) - (0.4) (0.4) Sheffield lease surrender(4) - - 2.5 Loss on disposal of property portfolio(5) - - 1.5 Restructuring costs(6) - - 0.3 (2.3) (0.3) 2.5 ------------------------------------------ ------------ ------------ ---------- 1 The legal claim relating to the land at the Highgate site in Tunstall, UK was settled in the period. Under the terms of the settlement with Wm Morrison Supermarkets plc the Group received a payment of GBP2.0m. Costs in connection with the claim of GBP0.1m were incurred in the period (2014: GBP0.1m). 2 The Group implemented a liability management exercise in the previous year in connection with its principal UK defined benefit pension scheme. This resulted in a further settlement gain of GBP0.4m being recognised in the period in addition to the GBP1.7m gain in the previous year. 3 A profit of GBP0.4m was generated in the previous year following the sale of a small parcel of land in Braintree, UK. 4 In the previous year the Group exited its onerous lease in connection with the Orgreave Drive, Sheffield property at a cost of GBP2.5m. 5 The Group's remaining surplus freehold property portfolio was sold to Clowes Developments (UK) Ltd in March 2015 for net proceeds of GBP6.1m, leading to a loss on disposal of GBP1.5m. 6 Restructuring costs related to redundancies and asset write-downs as a result of restructuring initiatives throughout the Group's business units. 5. Earnings per share Basic and diluted earnings per share Basic earnings per share (EPS) is calculated by dividing the profit attributable to shareholders by the weighted average number of ordinary shares in issue during the year, excluding those held in the Norcros Employee Benefit Trust. For diluted EPS, the weighted average number of ordinary shares in issue is adjusted to assume conversion of all potential dilutive ordinary shares. As described in note 9, on 29 September 2015 the Company consolidated its existing ordinary shares of 1p each into new ordinary shares of 10p each. In order to effect fair comparison, the comparative figures for share numbers and earnings per share have been restated to reflect the impact of the share consolidation. The calculation of EPS is based on the following profits and numbers of shares: 6 months to 6 months to Year ended 30 September 30 September 31 March 2015 2014 2015 (unaudited) (unaudited) (audited) GBPm GBPm GBPm --------------------------------------------------- ------------ ------------ ---------- Profit for the period from continuing operations 5.4 4.7 8.1 Profit for the period from discontinued operations - 0.1 0.1 --------------------------------------------------- ------------ ------------ ---------- Profit for the period 5.4 4.8 8.2 --------------------------------------------------- ------------ ------------ ---------- 6 months to 6 months to Year ended 30 September 30 September 31 March 2015 2014 2015 (unaudited) (unaudited) (audited) Number Number Number (restated) (restated) ----------------------------------------------------------------- ------------ ------------ ----------- Weighted average number of shares for basic earnings per share 60,126,284 58,959,370 59,223,135 Share options and warrants 1,902,048 2,159,547 2,303,299 Weighted average number of shares for diluted earnings per share 62,028,332 61,118,917 61,526,434 ----------------------------------------------------------------- ------------ ------------ ----------- 6 months to 6 months to Year ended 30 September 30 September 31 March 2015 2014 2015 (unaudited) (audited) (unaudited) (restated) (restated) ----------------------------- ------------ ------------ ----------- Basic earnings per share: From continuing operations 9.0p 8.0p 13.6p From discontinued operations - 0.2p 0.2p ----------------------------- ------------ ------------ ----------- From profit for the period 9.0p 8.2p 13.8p (MORE TO FOLLOW) Dow Jones Newswires November 12, 2015 02:01 ET (07:01 GMT) ----------------------------- ------------ ------------ ----------- Diluted earnings per share: From continuing operations 8.7p 7.7p 13.1p From discontinued operations - 0.2p 0.2p ----------------------------- ------------ ------------ ----------- From profit for the period 8.7p 7.9p 13.3p ----------------------------- ------------ ------------ ----------- Basic and diluted underlying earnings per share Basic and diluted underlying earnings per share have also been provided which reflect underlying earnings from continuing operations divided by the weighted average number of shares set out above. 6 months to 6 months to Year ended 30 September 30 September 31 March 2015 2014 2015 (unaudited) (unaudited) (audited) GBPm GBPm GBPm -------------------------------------------- ------------ ------------ ---------- Underlying earnings for the period (note 3) 7.3 5.0 13.0 -------------------------------------------- ------------ ------------ ---------- 6 months to 6 months to Year ended 30 September 30 September 31 March 2015 2014 2015 (unaudited) (unaudited) (audited) -------------------------------------- ------------ ------------ ---------- Basic underlying earnings per share 12.2p 8.4p 21.9p Diluted underlying earnings per share 11.8p 8.1p 21.1p -------------------------------------- ------------ ------------ ---------- 6. Taxation Taxation comprises: 6 months to 6 months to Year ended 30 September 30 September 31 March 2015 2014 2015 (unaudited) (unaudited) (audited) GBPm GBPm GBPm -------------------------------------------------- ------------ ------------ ---------- Current UK taxation 0.5 0.5 0.4 Deferred Origination and reversal of temporary differences 1.1 1.1 2.5 -------------------------------------------------- ------------ ------------ ---------- Taxation 1.6 1.6 2.9 -------------------------------------------------- ------------ ------------ ---------- Current tax expense is recognised based on management's estimate of the weighted average annual income tax rate expected for the full financial year. Deferred tax assets and liabilities are offset when there is a legally enforceable right to offset current tax assets against current tax liabilities and when the deferred income taxes relate to the same fiscal authority. Deferred tax is calculated in full on temporary differences under the liability method. The movement on the deferred tax account is as shown below: 6 months to 6 months to Year ended 30 September 30 September 31 March 2015 2014 2015 (unaudited) (unaudited) (audited) GBPm GBPm GBPm -------------------------------------------------------- ------------ ------------ ---------- Deferred tax asset at the beginning of the period 13.8 11.6 11.6 Charged to the income statement (1.1) (1.1) (2.5) (Charged)/credited to statement of comprehensive income (0.4) 3.7 4.7 Acquisitions (see note 13) (0.8) - - Exchange movement (0.3) (0.1) - -------------------------------------------------------- ------------ ------------ ---------- Deferred tax asset at the end of the period 11.2 14.1 13.8 -------------------------------------------------------- ------------ ------------ ---------- At At At 30 September 30 September 31 March 2015 2014 2015 (unaudited) (unaudited) (audited) GBPm GBPm GBPm ----------------------------------------------- ------------ ------------ --------- Accelerated capital allowances 2.6 2.9 2.7 Tax losses 2.5 3.8 3.3 Other timing differences (2.4) (0.7) (1.1) Deferred tax asset relating to pension deficit 8.5 8.1 8.9 ----------------------------------------------- ------------ ------------ --------- 11.2 14.1 13.8 ----------------------------------------------- ------------ ------------ --------- 7. Finance income and costs 6 months to 6 months to Year ended 30 September 30 September 31 March 2015 2014 2015 (unaudited) (unaudited) (audited) GBPm GBPm GBPm ----------------------------------------------------------- ------------ ------------ ---------- Finance costs Interest payable on bank borrowings 0.5 0.7 1.2 Amortisation of costs of raising debt finance 0.1 0.1 0.1 Movement on fair value of derivative financial instruments 0.5 - - Unwind of discount on property lease provisions - - 0.1 ----------------------------------------------------------- ------------ ------------ ---------- Finance costs 1.1 0.8 1.4 ----------------------------------------------------------- ------------ ------------ ---------- Exceptional finance costs(1) - 0.4 0.4 ----------------------------------------------------------- ------------ ------------ ---------- Total finance costs 1.1 1.2 1.8 ----------------------------------------------------------- ------------ ------------ ---------- Finance income Movement on fair value of derivative financial instruments - (1.6) (3.3) ----------------------------------------------------------- ------------ ------------ ---------- Total finance income - (1.6) (3.3) ----------------------------------------------------------- ------------ ------------ ---------- 1 Following the refinancing of the Group's banking facilities in July 2014, the unamortised costs relating to the previous facility were written off in full. 8. Borrowings At At At 30 September 30 September 31 March 2015 2014 2015 (unaudited) (unaudited) (audited) GBPm GBPm GBPm --------------------------------- ------------ ------------ --------- Non-current Bank borrowings (unsecured): - bank loans 33.0 21.0 19.0 - less: costs of raising finance (0.5) (0.6) (0.6) --------------------------------- ------------ ------------ --------- Total non-current 32.5 20.4 18.4 --------------------------------- ------------ ------------ --------- Current Bank borrowings (unsecured): - bank overdrafts 4.5 4.1 1.4 --------------------------------- ------------ ------------ --------- Total borrowings 37.0 24.5 19.8 --------------------------------- ------------ ------------ --------- The fair value of bank loans equals their carrying amount as they bear interest at floating rates. (MORE TO FOLLOW) Dow Jones Newswires November 12, 2015 02:01 ET (07:01 GMT) The repayment terms of borrowings are as follows: At At At 30 September 30 September 31 March 2015 2014 2015 (unaudited) (unaudited) (audited) GBPm GBPm GBPm ----------------------------------------------------- ------------ ------------ --------- Not later than one year 4.5 4.1 1.4 ----------------------------------------------------- ------------ ------------ --------- After more than one year: - between one and two years - - - - later than two years and not later than five years 33.0 21.0 19.0 - costs of raising finance (0.5) (0.6) (0.6) ----------------------------------------------------- ------------ ------------ --------- 32.5 20.4 18.4 ----------------------------------------------------- ------------ ------------ --------- Total borrowings 37.0 24.5 19.8 ----------------------------------------------------- ------------ ------------ --------- In July 2014 the Group agreed an unsecured GBP70m revolving credit facility with a GBP30m accordion facility with Lloyds Bank plc, Barclays Bank plc and HSBC Bank plc. The banking facility is in force for five years to July 2019. Net debt The Group's net debt is calculated as follows: At At At 30 September 30 September 31 March 2015 2014 2015 (unaudited) (unaudited) (audited) GBPm GBPm GBPm -------------------------- ------------ ------------ --------- Cash and cash equivalents (7.8) (4.5) (5.6) Total borrowings 37.0 24.5 19.8 -------------------------- ------------ ------------ --------- Net debt 29.2 20.0 14.2 -------------------------- ------------ ------------ --------- 9. Called up share capital At At At 30 September 30 September 31 March 2015 2014 2015 (unaudited) (unaudited) (audited) GBPm GBPm GBPm --------------------------------------- ------------ ------------ --------- Issued and fully paid 60,995,930 ordinary shares of 10p each 6.1 - - 594,917,377 ordinary shares of 1p each - 5.9 6.0 --------------------------------------- ------------ ------------ --------- Total 6.1 5.9 6.0 --------------------------------------- ------------ ------------ --------- Following the approval by shareholders of the consolidation of 1p ordinary shares into ordinary shares of 10p at the Annual General Meeting of the Company held on 22 July 2015, the Company duly completed the share capital consolidation with a record date of 29 September 2015. As a result of the consolidation, the ordinary shares of 1p each were amended to new ordinary shares of 10p each. The share consolidation had no impact on the value of the Company's issued and fully paid share capital. 10. Consolidated Cash Flow Statements (a) Cash generated from continuing operations 6 months to 6 months to Year ended 30 September 30 September 31 March 2015 2014 2015 (unaudited) (unaudited) (audited) GBPm GBPm GBPm ------------------------------------------------------------------------------ ------------ ------------ ---------- Profit before taxation 7.0 6.3 11.0 Adjustments for: - IAS 19R administrative expenses included in the above 0.8 0.8 1.7 - acquisition related costs included in the above 2.6 0.5 2.2 - exceptional operating items included in the above (2.3) (0.3) 2.5 - cash inflows/(outflows) from exceptional items and acquisition related costs 0.7 (0.7) (4.7) - depreciation 2.9 3.0 6.0 - pension fund deficit recovery plan contributions (1.1) (1.0) (2.1) - loss on disposal of property, plant and equipment - - 0.1 - total finance costs 1.1 1.2 1.8 - finance income - (1.6) (3.3) - IAS 19R finance cost 0.7 0.5 1.1 - share-based payments 0.7 0.6 1.3 ------------------------------------------------------------------------------ ------------ ------------ ---------- Operating cash flows before movements in working capital 13.1 9.3 17.6 Changes in working capital: - increase in inventories (4.4) (1.4) (2.0) - increase in trade and other receivables (1.0) (0.8) (1.4) - increase in payables 5.2 2.8 1.9 ------------------------------------------------------------------------------ ------------ ------------ ---------- Cash generated from continuing operations 12.9 9.9 16.1 ------------------------------------------------------------------------------ ------------ ------------ ---------- Cash flows from exceptional items includes expenditure charged to exceptional provisions relating to onerous lease costs, acquisition related costs (excluding deferred remuneration) and other business rationalisation and restructuring costs. (b) Cash generated from discontinued operations 6 months to 6 months to Year ended 30 September 30 September 31 March 2015 2014 2015 (unaudited) (unaudited) (audited) GBPm GBPm GBPm --------------------------------------------------------- ------------ ------------ ---------- Profit before taxation - - - Adjustments for: - depreciation - - - --------------------------------------------------------- ------------ ------------ ---------- Operating cash flows before movements in working capital - - - Changes in working capital: - decrease in inventories - 0.4 0.4 - increase in trade and other receivables - (0.1) (0.1) - decrease in payables - (0.2) (0.2) --------------------------------------------------------- ------------ ------------ ---------- Cash generated from discontinued operations - 0.1 0.1 --------------------------------------------------------- ------------ ------------ ---------- Cash generated from operations 12.9 10.0 16.2 --------------------------------------------------------- ------------ ------------ ---------- (MORE TO FOLLOW) Dow Jones Newswires November 12, 2015 02:01 ET (07:01 GMT) (c) Analysis of net debt Cash included within Cash and assets held-for-sale overdrafts Debt Total GBPm GBPm GBPm GBPm ------------------------- -------------------- ---------- ------ ------ At 1 April 2014 0.5 3.2 (30.6) (26.9) Cash flow (0.5) 1.1 12.1 12.7 Other non-cash movements - - 0.1 0.1 Exchange movement - (0.1) - (0.1) ------------------------- -------------------- ---------- ------ ------ At 31 March 2015 - 4.2 (18.4) (14.2) ------------------------- -------------------- ---------- ------ ------ At 1 April 2014 0.5 3.2 (30.6) (26.9) Cash flow (0.5) (2.7) 10.1 6.9 Other non-cash movements - - 0.1 0.1 Exchange movement - (0.1) - (0.1) ------------------------- -------------------- ---------- ------ ------ At 30 September 2014 - 0.4 (20.4) (20.0) ------------------------- -------------------- ---------- ------ ------ At 1 April 2015 - 4.2 (18.4) (14.2) Cash flow - (0.1) (14.0) (14.1) Other non-cash movements - - (0.1) (0.1) Exchange movement - (0.8) - (0.8) ------------------------- -------------------- ---------- ------ ------ At 30 September 2015 - 3.3 (32.5) (29.2) ------------------------- -------------------- ---------- ------ ------ 11. Dividends A final dividend in respect of the year ended 31 March 2015 of GBP2.2m (0.375p per 1p ordinary share) was paid on 29 July 2015. On 12 November 2015 the Board declared an interim dividend in respect of the year ended 31 March 2016 of GBP1.3m (2.2p per 10p ordinary share). This dividend will be paid on 7 January 2016 and is not reflected in this condensed consolidated interim financial information. 12. Retirement benefit obligations (a) Pension costs Norcros Security Plan The Norcros Security Plan (the "Plan"), the principal UK pension scheme of Norcros plc subsidiaries, is funded by a separate trust fund which operates under UK trust law and is a separate legal entity from the Company. The Plan is governed by a Trustee board which is required by law to act in the best interests of the Plan members and is responsible for setting policies together with the Company. It is predominantly a defined benefit scheme with a modest element of defined contribution benefits. The valuation used for IAS 19R disclosures has been produced by KPMG, a firm of qualified actuaries, to take account of the requirements of IAS 19R in order to assess the liabilities of the scheme at 30 September 2015. Scheme assets are stated at their market value at 30 September 2015. (b) IAS 19R, 'Retirement benefit obligations' The principal assumptions used to calculate the scheme liabilities of the Norcros Security Plan under IAS 19R are: At At At 30 September 30 September 31 March 2015 2014 2015 --------------------- ------------ ------------ -------- Discount rate 3.80% 3.90% 3.30% Inflation rate (RPI) 3.00% 3.05% 2.90% Inflation (CPI) 2.00% 2.05% 1.90% Salary increases 2.25% 3.30% 2.15% --------------------- ------------ ------------ -------- The amounts recognised in the Condensed Consolidated Balance Sheet are determined as follows: At At At 30 September 30 September 31 March 2015 2014 2015 (unaudited) (unaudited) (audited) GBPm GBPm GBPm ------------------------------------ ------------ ------------ --------- Total market value of scheme assets 367.8 385.0 397.0 Present value of scheme liabilities (410.2) (425.6) (441.3) ------------------------------------ ------------ ------------ --------- Pension deficit (42.4) (40.6) (44.3) ------------------------------------ ------------ ------------ --------- 13. Business combinations On 25 June 2015, the Group acquired 100% of the ordinary share capital of Croydex Group Limited ("Croydex"), a market leading, innovative designer, manufacturer and distributor of high quality bathroom furnishings and accessories. The acquisition of Croydex is an important next step in the Group's growth strategy to increase revenue to GBP420m by 2018 and follows on from the very successful integration of the Vado business, which Norcros acquired in March 2013. Adding the Croydex business to the Group's existing portfolio will increase the breadth of our product range in the bathroom segment and enable the Group to offer an even broader range of complementary bathroom products to our customers. Croydex will also benefit from the global distribution channels, sourcing skills and strong financial position of the enlarged Group. Croydex is incorporated in England and is based in Andover, Hampshire. The following table summarises the consideration paid for Croydex and the provisional fair value of the assets acquired and the liabilities assumed: GBPm ------------------------- ----- Consideration Cash 20.8 Deferred consideration 1.1 ------------------------- ----- 21.9 ------------------------ ----- GBPm --------------------------------------------------- --------- Recognised amounts of identifiable assets and liabilities Intangible assets 7.9 Property, plant and equipment 1.6 Inventories 2.8 Trade and other receivables 5.0 Cash 3.5 Trade and other payables (5.7) Current tax liabilities (0.2) Deferred tax liability (0.8) Total identifiable net assets 14.1 --------------------------------------------------- --------- Goodwill 7.8 Total 21.9 --------------------------------------------------- --------- Due to the proximity of the acquisition date to the date of this interim statement it has not been possible for the Group to finalise the fair values of Croydex's assets and liabilities. The provisional fair value adjustments reflect the preliminary assessment of the value of acquired intangible assets of GBP7.9m, the revaluation of the leasehold property of GBP0.9m, and a deferred tax liability of GBP1.0m mainly arising from the recognition of acquired intangible assets. A full review of the fair values of the identifiable assets and liabilities will take place over the coming months with the expectation that a revised position will be presented in the Group's Annual Report for the year ended 31 March 2016. In most business combinations there is an element of cost which cannot be allocated against the individual assets and liabilities acquired. This residual amount is recognised as goodwill and is supported by a number of factors which do not meet the criteria required for them to be treated as intangible assets. In this case the most significant elements relate to Croydex's unique product portfolio and its knowledgeable workforce. It is not expected at this stage that any of the goodwill will be deductible for tax purposes. The fair value of trade and other receivables is GBP5.0m, which includes trade receivables with a fair value of GBP4.6m. The gross contractual amount for trade receivables due is GBP4.8m, of which GBP0.2m is expected to be uncollectible. Costs relating to the transaction of GBP0.8m have been expensed to the Consolidated Income Statement and included within acquisition related costs. The deferred consideration of GBP1.1m is unconditional and will be paid in the year ended 31 March 2019. As part of the transaction, a long-term incentive scheme has been put in place for the Croydex Managing Director which is dependent on the financial performance of Croydex over the next three years. The maximum amount and current expectation is that GBP0.9m will be payable under this scheme which will be treated as deferred remuneration and included within acquisition related costs in the Consolidated Income Statement. The revenue included in the Condensed Consolidated Statement of Comprehensive Income since 25 June 2015 contributed by Croydex was GBP5.8m. Over the same period, Croydex contributed profit after tax of GBP0.6m. Had Croydex been consolidated from the beginning of the period, the Condensed Consolidated Statement of Income would have shown pro-forma revenue of GBP123.7m and pro-forma profit after tax of GBP5.6m. (MORE TO FOLLOW) Dow Jones Newswires November 12, 2015 02:01 ET (07:01 GMT)