Taps very solid brass bath shower taps with thermostatic mixing valve rrp £185.99 Appraisal: New/

Read article : Taps very solid brass bath shower taps with thermostatic mixing valve rrp £185.99 Appraisal: New/

GENERAL CONDITIONS OF SALE

1. Interpretation

1.1. In these General Conditions the following words and expressions shall have the meanings set opposite:

“Auction” any auction (whether a Live Auction or an Online Auction and whether conducted independently or simultaneously) conducted pursuant to these General Conditions and the Special Conditions;

“Auctioneer” the person conducting the Auction or to whom the conduct of the Auction is delegated under General Condition 4.9 below;

“Bidder” any person who offers to purchase any Lot whether by bidding at Auction or offering to purchase by private treaty or tender;

“Bid” an offer to purchase any Lot whether by bidding at Auction or offering to purchase by private treaty or tender, and “Bids” and “Bidding” shall be construed accordingly;

“Buyer” any person who agrees to purchase any Lot whether at Auction or by private treaty or tender and as determined under General condition 4.12 below;

"Buyer`s Premium" a commission payable by the Buyer on the completion of a Sale the amount of which is set out in the Special Conditions; The Auctioneer, when acting as Agent for the Seller, may also receive commission from the Seller.

“Catalogue” the catalogue incorporating these General Conditions and the Special Conditions;

"Clearance Date and Time" the date and time on which all Lots must be removed by the Buyer from the Location as specified in the Special Conditions;

“The Company” Boulton Vehicles Ltd T/A Bpi Associates Auctioneers & Valuers (company number 07279488 ) whose registered office is at Ripley House, Ripley Drive, Normanton Industrial Estate, Wakefield;

"Deposit" the sum payable by the Buyer to the Company as set out in the Special Conditions;

"Live Auction" any auction conducted at the Location or at such other location(s) as shall be notified by the Company in the Special Conditions or in the Catalogue;

“Location” the premises at which the Lots are located, details of which are set out in the Special Conditions;

“Lot” any Lot described in the Catalogue, on the Website or on the Company’s invoice;

"Online Auction" any auction conducted over the internet via the Website pursuant to these General Conditions and the Special Conditions;

"Sale" the sale of any Lot by Auction, private treaty or tender and as determined under General Condition 4.11 below;

“Seller” the person upon whose instructions the Company is conducting the Sale, details of whom are set out in the Special Conditions;

“Special Conditions” any additions to these General Conditions set out or referred to in the Catalogue, announced at Auction or otherwise specified by the Company;

"Website" the website at: www.bidspotter.co.uk;

"VAT" value added tax chargeable under English Law for the time being and any similar additional tax.

2. Application of these General Conditions

2.1. These General Conditions apply to every Sale of plant and machinery, chattels and trade stocks conducted by the Company.

2.2. These General Conditions, the Special Conditions and any terms set out in the Catalogue shall together comprise the "Conditions of Sale".

2.3. To the extent that these General Conditions are inconsistent with any Special Conditions, the General Conditions shall prevail.

2.4. Bidding for any Lot shall be deemed to be an acceptance by the Bidder of these General Conditions and the Special Conditions.

2.5. These General Conditions shall be governed construed and enforced in accordance with the laws of England and Wales unless the Location is in:-

2.5.1 Scotland in which case the laws of Scotland shall apply; or

2.5.2 Northern Ireland in which case the laws of Northern Ireland shall apply.

2.6. A reference to writing or written shall include e-mail.

2.7. Any word or phrase having a meaning defined in these General Conditions shall have the same meaning when used in the Special Conditions.

3. Identity of the Parties

3.1. The Company offers each Lot as agent of the Seller and not as principal unless otherwise indicated in the Catalogue.

3.2. The identity of the Seller is set out in the Special Conditions.

3.3. Unless the Company has previously acknowledged in writing that the Bidder Bids as agent on behalf of a named principal, every Bidder shall be taken to Bid on his own behalf as principal.

3.4. Any Bidder acting as agent on behalf of a named principal shall remain liable to the Seller and the Company for all obligations and liabilities of his principal jointly and severally with the principal. The Bidder warrants that he has the authority of his principal to make each Bid made.

3.5. Every Bidder is required to give his name and address and provide satisfactory proof of identity and such other information and documentation as is required to the Company before making any Bid and in the case of:

3.5.1. a Live Auction by the completion of a registration form;

3.5.2 an Online Auction by online registration at the Website; and

3.5.3 a private treaty or tender by prior registration or notification of details, as and when requested by the Company.

3.6 The Company reserves the right at any time to reject the registration of any persons and refuse access to the Auction at its sole discretion.

3.7 On registration for an Online Auction Bidders will be added to the Company`s mailing list for the purposes of notification of future sales by email. If a Bidder wishes to stop receiving such notifications they can unsubscribe at any time by clicking on the link provided at the bottom of each email.

3.8 On registration in accordance with General condition 3.5 the Bidder acknowledges that only adults aged 18 years and over are entitled to enter into a legally binding contract and as a result they are the only people entitled to register for the Auction. By registering the Bidder warrants that he is aged 18 years or older and is capable of forming a legally binding contract.

4. Conduct of Auctions

4.1 Any Lot may be subject to a minimum bid or reserve price. The Seller is entitled to change these at any time before the conclusion of the Sale.

4.2 The Seller, Auctioneer or any representative, agent or person acting on behalf of the Seller may Bid for any Lot. Persons entitled to Bid pursuant to this condition 4.2 shall be entitled to place Bids on any Lot up to the reserve price including by placing Bids in response to other Bidders.

4.3 Lot descriptions will be amended as appropriate as and when information becomes available to the Company. Prospective Bidders must read Lot descriptions before making a Bid so that they are fully aware of any amendments to the description appearing in the Special Conditions and/or on the Website or in the Catalogue in relation to a particular Lot.

4.4 The Auctioneer may at any time before the conclusion of the Sale withdraw or divide any Lot or combine any Lots.

4.5 The Company may sell any Lot by private treaty or tender before or after the Auction. The Auctioneer may reject any Bid at his sole discretion and without being required to give a reason.

4.6 No Bid shall be retracted without the consent of the Auctioneer.

4.7 The Auctioneer may where there is a dispute between Bidders, summarily determine the dispute or immediately again offer the Lot for sale, in each case without being required to give a reason.

4.8 The Auctioneer shall in every other respect decide how the Auction is to be conducted and without being required to give a reason.

4.9 The Auctioneer may in his sole discretion delegate to a person whom he believes to be competent the conduct of the Auction in accordance with these General Conditions.

4.10 The Auctioneer may from time to time act jointly with an associated Auctioneer who will be named in the Catalogue and/or in the Special Conditions.

4.11 A Sale is concluded (constituting acceptance of the Bidder`s offer, subject to General Condition 4.12 below) when:

4.11.1 in the case of a Live Auction, on the fall of the Auctioneer`s hammer; and/or,

4.11.2 in the case of an Online Auction, at the close of the timed Online Auction Sale as specified on the Website and as defined by General Condition 4.17.3 below or;

4.11.3 in the case of a private treaty or tender, when the Bidders Bid is accepted by the Company, such acceptance to be communicated to the Bidder in writing by way of receipt of the Company’s invoice.

4.12 The Buyer shall be the person who made the highest Bid before the conclusion of the Sale pursuant to General Condition 4.11 above subject to approval and acceptance by the Company, the Auctioneers and the Seller or such other Bidder as the Auctioneer and/ or the Company may declare to be the Buyer without being required to give a reason. The Auctioneer and/ or the Company and/ or the Seller is not bound to accept the highest Bid or any other Bid placed in the course of the Auction.

4.13 In the case of an Online Auction the Buyer, as determined under General Condition 4.12 above, shall within a reasonable time after the conclusion of the Sale receive by email an invoice in respect of the monies due for the Lot(s) purchased.

4.14 In the event that the reserve price is not met, the Company may consider the Bids received below the reserve price with the Seller who at its sole discretion may accept, reject or place a counteroffer.

4.15 On conclusion of the Sale and acceptance of the Bidders Bid pursuant to General Conditions 4.11 and 4.12 above, the Buyer acknowledges and agrees that he has entered into a contract with the Seller to buy the Lot and the Buyer must complete the transaction to purchase the Lot.

4.16 The Buyer may not remove any Lot he has bought until after the end of the Auction.

4.17 In relation to an Online Auction:

4.17.1 the Company cannot guarantee that the internet services will operate continuously or without interruptions and this could affect the conduct of the Online Auction and the Bidders ability to Bid online. The Company shall not be liable in any respect in the event of any dispute due to errors, omissions or disruptions to internet services or power failures or any other unforeseen circumstances which may occur during the Online Auction;

4.17.2 the Auctioneer may at any time, without notice, postpone or cancel an Online Auction or extend an Online Auction beyond the published closing time (including extension of the timed Online Auction in accordance with General Condition 4.17.3 below);

4.17.3 the timed Online Auction Sale is auto bid extension enabled meaning that where a Bid is placed within ten minutes of the original scheduled close of the timed Online Auction the scheduled close of the timed Online Auction will automatically be extended by an additional ten minutes. This continues with a new scheduled close time each time a Bid is placed until no-one places a Bid before the last scheduled close of the timed Online Auction. Every time a Bid is placed within ten minutes or less left in the Online Auction an additional ten minutes Bidding time is added until there are no more Bids. Such time shall then be deemed to be the close of the timed Online Auction.

4.18 In the event that the Auctioneer unknowingly sells a Lot that was not eligible for Sale (i.e. there is a third party interest that comes to light) then the Auctioneer shall be entitled to immediately rescind that Sale without any further liability to the Auctioneer and/or Company or the Seller.

4.19 Copies of the Auctions (Bidding Agreements) Act 1927 and 1969 are held at the Company’s and/or the Auctioneer’s principal place of business.

5. Sale and Payment

5.1 The Buyer shall pay the following sums to the Company in full and without set off:-

5.1.1 immediately upon the Sale of any Lot the Deposit, if requested by the Company; and

5.1.2 the balance of the price of the Lot purchased, together with the Buyer’s Premium by no later than 48 hours after conclusion of the Sale or, in the case of an Online Auction, after receipt of an invoice in respect of the purchased Lot(s) pursuant to General Condition 4.13 above, or such other time and date as may be specified in the Special Conditions; and

5.1.3 any other payment or amount due to the Seller and/or the Company pursuant to these General Conditions or the Special Conditions on demand.

5.2 In every case time for payment shall be of the essence.

5.3 In view of Money Laundering Regulations the Company reserves the right to refuse payment in cash. Payments in cash of more than £7,500 will not, in any circumstances, be accepted.

5.4 If the Buyer fails to make any payment on the due date for payment then, without limiting any other right or remedy available to the Seller, the Buyer shall pay to the Company interest (both before and after any judgment) on the amount unpaid at the rate of 1.5% above the bank base rate of Barclays Bank Plc per month or any part thereof until payment in full is made.

5.5 Until the Buyer has fully complied with its obligations in this General Condition 5:-

5.5.1 title to any Lot bought shall not pass to the Buyer;

5.5.2 the Seller shall have a lien over any Lot bought by the Buyer in the Auction;

5.5.3 if the Buyer effects or purports to effect a resale or any other disposition of all or part of the Lot, the Buyer shall hold the proceeds of resale or other disposition on trust for the Seller.

5.6 All sums payable under these General Conditions and the Special Conditions are exclusive of any applicable VAT for which the Buyer shall be additionally liable to pay to the Company. On written request by the Buyer the Company will provide a VAT invoice.

5.7 The Company will only accept payment under this General Condition 5 from the Buyer or its authorised agents.

6. Removal of Lots

6.1 Risk of damage to or loss of the Lot shall pass to the Buyer immediately upon the conclusion of the Sale.

6.2 The removal of Lots from the Location shall be undertaken by the Buyer entirely at its own risk and without any liability whatsoever to the Company.

6.3 Buyers are responsible for any and all costs and expenses incurred in relation to the removal of Lots and any other applicable charges, taxes and insurance costs.

6.4 The Buyer may not remove any Lot until the Buyer has:-

6.4.1 paid by cleared funds all amounts payable pursuant to General Condition 5 above in full; and

6.4.2 if requested by the Company produced satisfactory evidence to the Company that the Buyer has adequate public liability insurance in respect of the indemnity set out in General Condition 6.11 below and/or deposited with the Company, by way of security for the costs of making good any damage likely to occur, such sum as the Company may stipulate.

6.5 The Company will only permit the removal of Lots purchased by the Buyer or its authorised agents.

6.6 The Buyer must remove each Lot purchased by the Clearance Date and Time for which time shall be of the essence. Lots may only be removed during normal working hours or such hours as are specified in the Special Conditions. No clearance on Bank or Public Holidays.

6.7 Buyers should co-operate regarding order of removal of Lots in order to comply with the Clearance Date and Time. If it transpires that a Buyer makes no effort to commence dismantling and the particular Lot is preventing other buyers from removing purchased Lots, then the Auctioneer reserves the right to insist that removal take place immediately notwithstanding the specified Clearance Date and Time. In the event the Buyer does not comply with its obligations under this General Condition 6.7, then the Auctioneer reserves the right to arrange for the removal and/or storage of the Lot and charge any attendant costs to the Buyer.

6.8 If any Lot is unsold and has to be dismantled & lowered to allow the removal of any other lot, then such dismantling & lowering shall be the responsibility of the Buyer of the relevant Lot(s).

6.9 Title to computer software sold pursuant to the Sale of a Lot is not transferred under any Sale to the Buyer and use is subject to any licence or copyright restrictions and user conditions. The Sellers, Company and/or Auctioneers reserve the right to erase any private or sensitive information prior to the Sale or at any later date.

6.10 The Buyer and/or his removal contractor must liaise with the Company`s site representative prior to commencing dismantling/removal of a Lot from the Location and must at all times comply with its obligations under clause 6.11 below.

6.11 When removing any Lot from the Location the Buyer shall, or shall procure that its removal contractors shall:

6.11.1 carry out a full assessment of Lot, the Location and the land or buildings to which the Lot is fixed to assess the risks associated with detaching/removing the Lot and shall fully satisfy themselves that they can detach/remove the Lot in compliance with the Buyers obligations under this General Condition 6.11 prior to handling and/or commencing removal of a Lot;

6.11.2 obtain all relevant planning permissions (where required) in relation to the removal of building structures and plant housings;

6.11.3 buyers of Lots will be required to make good holes or voids exposed by the removal of Lots. Cladding taken off buildings for removal of plant & equipment will have to be replaced, unless otherwise specified by the Company;

6.11.4 when detaching any Lot fixed to land or buildings, do so safely and lawfully and must not use flame cutters, explosives or any other dangerous equipment or process without first obtaining written consent of the Company;

6.11.5 remove the Lot in compliance with all relevant legislation, regulations, codes of practice, guidance, orders, rules and other requirements of any relevant government or governmental agency or authority whether Parliamentary, statutory, parochial or local including (without limitation) in compliance with the Health and Safety at Work etc Act 1974, the Environmental Protection Act 1990, The Construction (Design and Management) Regulations 2007, Control of Substances Hazardous to Health Regulations 2002 (COSHH), and the Road Vehicle (Construction and Use) Regulations 1986 and any subsequent amendments thereof and all other health and safety and environmental legislation in existence at the time of the Sale. To the extent that such regulations are advisory rather than mandatory, the standard of compliance to be achieved by the Buyer shall be to the best industry practice;

In all cases arising under this General Condition 6.11 the costs of compliance shall be borne by the Buyer and the Buyer hereby indemnifies the Company and the Seller against all losses, costs, expenses, damages, liabilities, demands, claims, actions and proceedings which the Company and/or the Seller may incur arising directly or indirectly out of any breach by the Buyer to the provisions of this General Condition 6.11 and the Buyer shall make good any damage caused to (without limitation) other lots, the Location or to any property belonging to third parties, in removing any Lot under this General Condition 6.11.

6.12 The Company shall be entitled to halt the clearance of any Lot if in its absolute discretion the removal of a Lot is being carried out in an unsatisfactory manner. Where the clearance is halted by the Company, the Buyer must liaise with the Company`s site representative as to how the Lot should be removed from the Location provided that the Buyer shall at all times ensure that it complies with its obligations under General Condition 6.11 above and the Company shall have no liability in this regard.

6.13 The Buyer shall provide evidence as and when requested by the Company of the Buyer`s insurance policies in respect of the following insurances and at a minimum level of:

6.13.1. Public Liability Cover - limit Two Million Pounds (£ 2,000,000); and

6.13.2. Employers Liability Cover - limit Ten Million Pounds (£10,000,000);

the Company reserves the right to vary the level of insurance cover stated above at any time, as and when required.

6.14 The Buyer shall provide to the Company a Risk Assessment & Method Statement complying with The Construction (Design & Management) Regulations 2007, COSHH or with any subsequent amendments thereof or such other legislation as shall from time to time be in force.

6.15 Electric, gas, water, steam and waste disconnections are the responsibility of the Buyer and MUST be carried out by an approved contractor following consultation with the site representative.

6.16 It is expressly brought to the Buyer’s attention that certain Lots could contain blue or white asbestos, dangerous chemicals etc. which if not handled correctly during their removal could result in breach of Health & Safety at Work legislation and/or Control of Substances Hazardous to Health Regulations or other statutory requirements.

6.17 Any fluids, gases and/ or waste remaining in plant and machinery are the responsibility of the Buyer and MUST be removed from the Location strictly in accordance with any applicable statutory requirements.

6.18 The Buyer must use safe and lawful means of removing the Lot, must comply with all current statutory requirements and regulations including those relating to the disposal and removal if waste, and if required, satisfy the Company in relation to their removal procedures; in particular, the removal of waste materials must be undertaken by an approved and licensed contractor to an approved waste management site.

6.19 It is the purchaser’s or their removal contractors responsibility (i.e. Police, Ministry of Transport, Local Authority) to transport off site long/ wide loads, within sufficient time prior to the commencement of clearance period as stated in the Special Notes & Conditions.

6.20 The Buyer shall indemnify the Company and the Seller against any loss, damages, expenses, claims or liabilities arising directly or indirectly from the possession or use of the Lot after title to the Lot has passed to the Buyer but before it is removed from the Location.

6.21 All Lots are sold on the understanding that the Seller does not represent them as being in a condition which makes them suitable for domestic use. If any Lots are intended for domestic use the Buyer must ensure that they comply with the requirements of the Furniture & Furnishings (Fire) (Safety) Regulations 1988 and any subsequent amendments thereof or such other relevant statutory requirements or regulations as shall from time to time be in force.

6.22 The Buyer undertakes to comply with the provisions of the Data Protection Act 1998 in processing data held by them in connection with any Lot.

7. Default by the Buyer

7.1 If at any time the Buyer has failed to pay the sums specified in General Condition 5 above in full by the due date for payment, or to remove any Lot purchased by the Clearance Date and Time specified in the Special Conditions the Seller may rescind the Sale of that Lot, in which case any Deposit shall be forfeit, and that Lot may be resold.

7.2 If the Seller has rescinded the Sale but the Buyer has removed the Lot purchased, the Seller shall be entitled without previous notice to enter upon any premises where he believes the Lot to be and remove it.

7.3 If the Seller has rescinded the Sale and the Lot has been resold by the Auctioneer and/or the Company or by the Seller, the Buyer shall reimburse the Seller with any shortfall where:-

7.3.1 the resale price less the Sale price; and

7.3.2 the costs incurred by the Seller incidental to the resale.

7.4 If the Buyer fails to remove any Lot by the Clearance Date and Time specified:-

7.4.1 the Seller may remove the Lot from the Location and leave it outside at the Buyer’s risk in all respects;

7.4.2 the Seller may charge the Buyer for the reasonable costs of storage;

7.4.3 the Seller may charge the Buyer rent, taxes, men`s wages and expenses incurred as a result of the Lot(s) remaining at the Location; and

7.4.4 the Buyer shall indemnify the Seller against any loss, damages, expenses, claims or liabilities incurred by the Seller arising from the Buyer’s failure to remove the Lot from the Location.

8. Acknowledgements and Exclusion of Warranties

8.1 The Buyer acknowledges that in agreeing to purchase any Lot he is not relying on any warranties or representations made by the Seller or the Company or any of their employee’s agents or representatives. All representations, warranties and conditions, express or implied, statutory or otherwise in respect of all and any of the Lots are expressly excluded and without limitation any warranties and conditions as to title, quiet possession, satisfactory quality, fitness for purpose and description are excluded to the fullest extent as permitted by law.

8.2 The Buyer further acknowledges that neither the Sellers nor the Company shall in any circumstances be liable to or to compensate the Buyer nor shall the Buyer be entitled to rescind the Sale or reject any Lot for an error omission or misstatement contained in the Catalogue and/or in the Special Conditions.

8.3 The Buyer also acknowledges that:-

8.3.1 all the Lots are purchased on the basis that risk of good title to all or any of them passing to the Buyer is at the Buyer’s risk and without limitation the Lots are sold subject to any claims, liens, distraint and execution and subject to all leasing, hire or hire purchase agreements and reservation of title claims (if any) in respect of them;

8.3.2 if it shall be found that the Seller does not have title to all or any of the Lots the Buyer shall have no right to rescind, avoid or vary this agreement or to claim damages or a reduction in the price paid or payable;

8.3.3 anything found in, under, near or in any Lot which is not specifically included in the description of the Lot remains the property of the Seller;

8.3.4 any intellectual property rights or software subsisting in a Lot may be third party property and as such the Seller and/or the Company may be unable to effect transfer. The Buyer will not be authorised to use intellectual property rights or software and any such use or transfer shall be at the Buyers sole risk.

8.4 The Buyer undertakes that it shall ensure that any vehicle comprised in any Lot is in a roadworthy condition in accordance with the Road Vehicle (Construction and Use) Regulations 1986 and any subsequent amendments thereof or such other relevant regulations as shall from time to time be in force before using it on a public road. It is the Buyer’s responsibility to remove Company logos and lettering from vehicles. Odometer readings are not warranted.

8.5 The Buyer acknowledges that any item of plant, machinery or equipment contained in the Lot(s) may not necessarily comply with any statutory requirements or regulations governing the use of that plant, machinery or equipment in their working environment. Neither the Seller nor the Company shall incur any liability to the Buyer because of any default or defect in all or any of the Lots. Buyers are entirely responsible for ensuring that the use of any item of plant, machinery or equipment does not contravene any health and safety and environmental legislation in existence at the time of the Sale.

8.6 The Buyer acknowledges and agrees that the Company is acting only as agent of the Seller and it is expressly agreed and declared that no personal liability in connection with the Sale of any Lot or otherwise shall fall on the Company and the Buyer shall indemnify the Company against all and any liabilities arising under or in connection with the Sale of any Lot. Insolvency Practitioner(s), including Administrative Receiver(s), Administrator(s) and Liquidator(s) act as agent(s) for the Seller without personal liability and shall incur no personal liability whatsoever in relation to a Sale or pursuant to any document relating thereto.

8.7 The Buyer agrees that the General Conditions and the exclusions which they contain are fair and reasonable bearing in mind that:-

8.7.1 the Buyer must rely absolutely on the Buyer’s own opinion and/or professional advice concerning the quality, state, condition, performance and functionality of the Lots any right, title or interest which is sold under the terms of these General Conditions, their fitness and suitability for any particular or any purpose, the possibility that some or all of them may have defects not apparent on inspection and examination including, without limitation, the presence of contamination and the possibility that the Buyer may not acquire title and the fact that the Buyer would have no remedy under this Agreement should that happen;

8.7.2 the Buyer has available to it skilled professional advice and on that basis agrees to purchase a Lot for a consideration calculated to take into account amongst other things the risk to it represented by the fact that the parties believe that all the exclusions and limitations set out in these General Conditions would be recognised as being fully effective by the Courts and the Seller making it clear that it would not have agreed to sell any Lot on any other basis except for a higher consideration;

8.7.3 the Buyer has been given every opportunity which might reasonably be expected to examine and inspect the Lots.

8.8 Notwithstanding anything else in these General Conditions, the Seller’s and the Company’s total liability under or in connection with the Sale of any Lot, whether in respect of breach of contract, tort (including negligence), breach of statutory duty or otherwise, including consequential loss, shall be limited in aggregate to the price paid for the Lot or if no price has been paid then the higher of the market value or reserve price for the Lot. This General Condition 8.8 does not apply to liability for death or personal injury.

8.9 The Buyer acknowledges that a Sale by Auction is not a consumer sale for the purposes of the Sale of Goods Act 1979 (as amended by the Sale and Supply of Goods Act 1994) and the Unfair Contract Terms Act 1977 and the Buyer shall not seek to rely upon and conditions or warranties implied thereby or by any other legislation.

SPECIAL CONDITIONS OF SALE

Seller: As displayed on www.bidspotter.co.uk sale details page or in the catalogue

Location: As displayed on www.bidspotter.co.uk sale details page or in the catalogue

Directions: As displayed in the catalogue

Viewing: As displayed on www.bidspotter.co.uk sale details page or in the catalogue

Access to the Location is allowed on the understanding that all persons attend the Location entirely at their own risk and are responsible for and will indemnify the Seller and the Company against any losses damage or claims occasioned by their presence at the Location.

Children under the age of 16 will not be allowed access to the Location.

Registration:

All bidders must register their details with the Company and provide identification where required. In the case of Live Auctions by way of the registration form provided at the Live Auction or in the Catalogue and in the case of Online Auctions, online at the Website (www.bidspotter.co.uk).

Bidding:

The General Conditions and the Special Conditions apply to all Sales by way of Auction, private treaty and tender and in the case of any Bids placed by way of an Online Auction stress that all Bidders must read and understand Bidspotter’s terms and conditions of registration at www.bidspotter.co.uk.

At the close of the timed Online Auction Sale final Bid figures will be submitted to the Seller for its approval and any Bid shall be subject to approval and acceptance by the Company and/or the Seller. No Bid may be withdrawn and the Company/Seller does not bind himself to accept the highest Bid or any other Bid placed in the course of the Online Auction Sale.

Buyer`s Premium:

Buyers will pay a Buyer`s premium of 10% or 15% (as displayed on www.bidspotter.co.uk sale details page or in the catalogue) (plus VAT) of the purchase price for each Lot purchased whether by Auction or, private treaty or tender. The Buyer`s Premium is payable by the Buyer to the Company in accordance with the General Conditions and, for the avoidance of doubt is payable in addition to the purchase price for the Lot. The Buyer`s Premium is not negotiable and is payable by all Buyers.

Deposit:

Buyers shall pay a deposit of 25% (plus VAT) of the purchase price for each Lot purchased as requested by the Company pursuant to the General Conditions and these Special Conditions. The company reserve the right to take a deposit by way of a credit/ debit card payment from the card presented for registration if the payment terms below are not complied with.

Payment:

All Lots shall be paid for in full within 48 hours of the conclusion of the Sale and shall be at the Buyer`s risk immediately upon the conclusion of the sale.

Cash - In view of Money Laundering Regulations the Company reserves the right to refuse payment in cash. Payments in cash of more than £7,500 will not, in any circumstances, be accepted.

Bankers Draft/ Cheques: (made payable to Bpi & Associates Auctioneers & Valuers ) will only be accepted on the basis that any Lots are not removed until cleared funds are in the Company`s client account.

Debit Cards: The Company accepts debit cards for payment of invoices (subject to a surcharge of 2.5% - £5 minimum fee). Credit cards will only be accepted for deposit payments referred to under the ‘Deposit’ section above.

All sums payable under the General Conditions and these Special Conditions are exclusive of any applicable VAT for which the Buyer shall be additionally liable to pay to the Company.

Clearance:

All lots must be cleared without fail by the date as displayed on www.bidspotter.co.uk sale details page or in the catalogue, such date and time being the Clearance Date and Time as referred to in the General Conditions, REMOVAL OF ALL LOTS WILL BE STRICTLY BY APPOINTMENT, please see the Company`s invoice for contact details.

Collection from site is the Buyer’s responsibility, the Company/ Seller do not provide a packing/ delivery service.

Reserve Removal:

Lots sold subject to a reserve removal will either be indicated in the Catalogue with the date of availability or will be identified by the Auctioneer at the point of Sale. A Deposit will be payable as with other lots but in this instance payment in full can be left until five (5) working days prior to availability. Unless specified to the contrary such Lots must be removed from the Location not later than the Clearance Date and Time specified for final removal in these Special Conditions.

Fire Alarm:

In case of a fire alarm all visitors and contractors are to exit buildings and report to the Muster Point.

Smoking:

No smoking on site. Food and Drink is only to be consumed in designated areas.

Safety:

All persons including Buyers, their employees, agents, representatives and contractors are reminded that they are responsible for their own safety on site and enter at their own risk and should take the precaution of wearing protective clothing as appropriate.

Finance:

If Buyers wish to purchase Lots with the help of a finance company they should make arrangements well in advance of the Sale to ensure that they are able to make payment in accordance with the General Conditions.

Overseas Buyers:

Overseas Buyers should ensure that the country to which the items are destined:-

• holds no import restrictions on the goods to be purchased;

• has no import licence restrictions or a restriction on currency allocation;

• has no prolonged inspection procedure which might cause excess delay or refusal in allowing your goods to be imported.

Overseas Buyers will receive a fully descriptive invoice in order that they may arrange payment as soon as possible with the Company`s bank.

Overseas Buyers should employ a suitable freight forwarding organisation. Please note that many of the machinery removal companies in the United Kingdom are not necessarily freight forwarders. The [Seller and/or Company] will be pleased to advise accordingly.

The Company makes no representation and accepts no liability whatsoever to any Buyer in respect of the issuance or validity of any exportation or importation permits or the existence and exercise of exportation or importation regulations or any compulsory purchasing regimes.

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All overseas Buyers (EU and non EU) will be charged VAT at the current rate on each Lot purchased. This will be refunded to the overseas Buyer as soon as the Seller receives a copy of the bill of lading as proof of export, providing this documentation is received within 3 months of the sale date. The Seller is unable to refund the VAT on the Buyer’s Premium to non EU countries.

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Driving in the U.S.'s Only All-Female Endurance Road Race

Read article : Driving in the U.S.'s Only All-Female Endurance Road Race

It was 4 p.m. and 90 degrees when we finally decided to give up. For hours, Jaclyn and I had been inching our Jeep Rubicon along a dusty unmarked road in the Mojave National Preserve, eventually finding ourselves trapped in a high-walled canyon. We had no idea how far off course we were: Two miles? Twenty? We hadn't seen another human all afternoon. Soon it would be dusk, then nightfall.

We were lost. Not Can you pull up Google Maps?lost, or Do we still have a road atlas somewhere?lost. No, we were Are we in California or Nevada?lost; Thank god we have emergency supplieslost; This landscape would be gorgeous if it weren't so apocalyptic lost. The Jeep's GPS system had been disabled, and our phones and laptops were turned off and sealed in envelopes. We had a collection of specialized large-scale topographical maps, but to figure out where you are on a topo map (a relief map that shows a region's geographical features), you have to know how to read it. I was supposed to be the better topo reader in our pair, and I could barely pick out the most prominent landmarks. If coyotes or unfriendly strangers appeared, we'd be completely, royally screwed.

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Is that the road?

Nicole Dreon

We sat in the Jeep with the air conditioning on high, eating sugary energy chews and gulping down coconut water.

We'd signed up for this. Willingly. For fun.

---

That was day four of the inaugural Rebelle Rally, a female-only navigational road rally—the first of its kind. For seven days last fall, 72 women—36 teams of two—off-roaded over 1250 miles, through two national parks and five Bureau of Land Management areas (government-managed public lands). We started in Nevada's Lake Tahoe and ended in Glamis, California; in between, we rambled down dirt roads, clambered over dry riverbeds and mountain passes, and coasted over terrifyingly high sand dunes.

This all called for a set of navigation skills no one uses anymore—unless you're a sailor or a fifth grader prepping for a social studies test.

Throughout the course, 140 checkpoints were hidden behind broken-down mine shacks, just beyond hairpin turns, deep inside mountain crevices, and sometimes, blessedly, directly on the route. Large green flags marked the easiest-to-find checkpoints; smaller blue flags identified intermediate ones. Black checkpoints, the most difficult to find, weren't marked at all. Each was worth a certain number of points. The goal: Rack up as many as possible.

Every morning we were given a list of checkpoints to find that day (one day there'd be 12; another day, 22), defined solely by their latitudinal and longitudinal coordinates. We had to plot them on our topo maps, then use geometry to strategize how to get from one to the next. This all called for a set of navigation skills no one uses anymore—unless you're a sailor or a fifth grader prepping for a social studies test. We weren't allowed phones, GPS, or outside help. Kind of like an adult female Eagle Scouts on steroids, or Survivor meets The Amazing Race in the American West.

One of our topo maps; early morning plotting at camp.

Whitney Joiner; Nicole Dreon

The automotive world is notoriously male-dominated, making a women-only motorsports event revolutionary. (There are a few all-women rallies and races scattered across the globe, out of hundreds of annual motorsports events overall; the Rebelle is the only one in the U.S.) "I've been in races where I was the only woman driving," the Rebelle's founder, 50-year-old Emily Miller, told me. "I've had people recommend I wear a tight pink race suit."

Miller grew up between Arkansas and Colorado, skiing, biking, and reading her father's car magazines. In her 30s, she launched a sports marketing firm and started to race cars and teach at racing and off-roading schools. When creating the Rebelle—which took three years of planning, 40 Bureau of Land Management permits, and 60 staffers to pull off—Miller combined her favorite aspects of the rallies and races she'd participated in over the years.

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She was determined to create an event where women could test their mettle. "Most automotive events are designed from a man's perspective," Miller said, meaning that they're usually speed races, where the goal is to get from Point A to B as fast as possible. But the Rebelle isn't a race, she reminded us daily. It demanded endurance, accurate navigation, and communication. "Women excel in endurance events," she explained. "Women think about the rules and the challenge. They want to win, but they're not there to prove how fast they can go."

My team's combined experience was…limited. "Winning" never crossed our minds; we just hoped to finish without killing the Jeep—or one another. My teammate, Jaclyn Trop, is an auto reporter who reviews luxury cars, but we both quickly realized that her professional expertise didn't translate into real-world driving and car maintenance knowledge. While she knows her way around a racetrack, she didn't know how to read a map.

Naïve enthusiasm seemed like a perfectly legitimate qualification to enter a highly-detailed endurance event requiring a complex Venn diagram of skills I didn't possess.

Not that I know anything about cars. I can sort of drive a stick shift, and sort of change a tire. I'd signed up for the Rebelle Rally because tooling around isolated Southwestern back roads is one of my all-time favorite activities, something I discovered during the six years I lived in Far West Texas. (Aimless desert driving is terrible for the environment, but good for the soul.)

At first, my lack of experience didn't faze me. Naïve enthusiasm seemed like a perfectly legitimate qualification to enter a highly-detailed endurance event requiring a complex Venn diagram of skills I didn't possess. This blind optimism buoyed me for months: the Rebelle was just a crazy-sounding adventure, far off in the distance, something to think about later.

But six weeks before the rally, during a training weekend with a handful of other competitors in California's Borrego Springs, my optimism cratered into a black hole of fear and self-loathing. Surrounded by women far more experienced than me, all of whom could probably MacGuyver a tire blowout with a piece of gum, my lack of preparation smacked me in the face. Latitude and longitude felt like a maddening mathematical language I'd never master, and I didn't believe that Jaclyn or I would have the stamina and resilience to handle potential crises. (I live in Brooklyn! I don't even have a car!) Instead of bonding with the other participants, I disappeared into my tent, clutching my iPhone for comfort. Miller stopped by: "You okay?" she called from outside my tent. "Yeah," I squeaked. "Just tired." This is going to be a disaster, I told myself. You didn't think this through.

Mood for most of the week.

Rebelle Rally

I was certain the rally would bring out my worst self. I'd be a dehydrated raw bundle of neuroses, throwing my helmet in the dust and indulging in nonstop Carrie Mathison-like angry-crying. I spent the month before the rally nursing a never-ending migraine, holing up at home ruminating on my certain failure, and having bouts of ill-advised anxiety sex with a highly inappropriate partner I thought I'd successfully sworn off months before.

"It's only overwhelming because you've never done it before," my mother, always a voice of reason, said. "Once you're there, you'll get in the swing of it. You'll be fine. You always are."

---

The rally began on a Saturday morning in early October, but Jaclyn and I arrived in Lake Tahoe—bright and sunny and permeated with the smell of pine—on Tuesday night to prepare. Buying our required provisions took an entire day: We'd need a five-gallon jug of water, emergency blankets, a fire extinguisher, first aid kits, food to last at least five days (in case something went terribly awry), a laundry list of auto supplies, and helmets—required for safety's sake whenever we were on the Rebelle course—that squished our faces into chipmunk-cheek blobs. Thursday was "technical inspection," during which rally staffers ensured each vehicle was properly equipped. On Friday afternoon, all 36 teams caravanned out to our first base camp, a sprawling settlement a few hours east of Lake Tahoe, with a vehicle impound, a maintenance tent and gas refill area, a food truck manned by a Michelin-starred chef, and the main gathering space—a shelter filled with tables and butterfly chairs, decorated with gauzy curtains and wildflowers.

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Miller briefs competitors; a green checkpoint on the course; Rebelle cars on a dry lake bed in California.

Paolo Baraldi; Whitney Joiner; Nicole Dreon

I woke on Saturday at 4:30 a.m. and launched into what would become my daily routine: wiggling into my Rebelle uniform (sports bra, tank top, long-sleeved shirt, hiking pants, lace-up canvas boots), rushing to the portable bathrooms to brush my teeth and splash water on my face; running back to pack up camp. While I dragged our gear down to the Jeep, Jaclyn picked up the day's list of coordinates and started plotting. I joined her under the main tent, staring helplessly down at the table where she'd spread the coordinate list, colored pencils, and distance-measuring rulers.

We experienced the singular thrill of spotting a green checkpoint: a mix of relief, pride, and elation that never got old.

Jaclyn understood latitude and longitude in a way I didn't, so it was obvious that she'd be the navigator, while I'd drive. We crept up to the starting line, my heart beating wildly from nerves, and waited to be let loose into the desert. (To discourage blindly following other competitors, teams were given different sets of checkpoints, and cars set off at two-minute intervals.)

"Turn left," Jaclyn said once we set off. "Our first checkpoint should be in 13 miles." A few minutes later, we experienced the singular thrill of spotting a green checkpoint for the first time: a mix of relief, pride, and elation that never got old.

Jaclyn in a Nevada ghost town, planning our next move.

Nicole Dreon

Later that afternoon, after meandering through a maze of dirt roads, we turned into a wide canyon, shot through with dry washes (empty creek beds that can easily be mistaken for trails or roads). "Should we be in four-wheel drive?" Jaclyn asked. Four-wheel drive gives you extra traction; it's used for rougher, rockier terrain. I felt silly for still being in 2WD—the everyday, highway-driving gear—and jerked the gear shaft up. We slowly rambled through the canyon down to a lake, where we found our final green checkpoint of the day.

We hit our tracker—sending our coordinates to staff at base camp, who monitored each vehicle, just blinking blips, on a GPS system—then realized that we'd fallen behind the other competitors. We could only see one team, off in the distance in a huge pickup. We watched as they scaled an incline effortlessly, as if filming a car commercial.

"If they can do it, so can we," I said, hitting the accelerator and heading up the incline. Within 30 seconds, our tires started to spin. Day one, and we were already stuck. We grabbed shovels from the back of the Jeep and started clearing dirt from underneath the tires. Nearby, a rally staffer pulled up in a pickup.

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"Are you in four-wheel drive?" he asked.

"Of course," I answered.

"You sure?" he said. "I'm not supposed to help you, but…you might want to check."

We climbed back inside the Jeep: the gear shift looked likeit was in the right place. Jaclyn pulled the manual out of the glove compartment. "It says we should see a 4WD light on the dashboard. Do you see it?"

"Oh," I said. "No." Hours spent crawling over boulders and sharp rocks, and we'd been in the wrong gear the whole time, an embarrassingly amateur mistake. We pledged not to tell anyone back at base camp.

Day One: stuck. (I promise this was steep IRL.)

Paolo Baraldi

---

By day four, we'd improved dramatically. We knew when we were and weren't in four-wheel drive. We knew that our odometer was off, making precise calculations nearly impossible—a significant drawback. And we knew that spotting a particular road on our topo map didn't mean we could match it to one on the ground. What looked like a road on the map could be a dry wash; what looked like a dry wash on the ground could be a road. We constantly scouted the horizon for dust clouds, knowing they'd be from Rebelle cars, a sign that we were on the right track.

Then came our accidental vision quest in the Mojave, when we'd drifted so far off-course that we hadn't seen a friendly dust cloud for hours.

After mainlining the energy chews, we got out of the Jeep to scout. Jaclyn jumped on the hood to survey our surroundings; I took off by foot. A railroad crossed in front of us, with a steep drop-off underneath. We were definitely stuck.

Then I saw it: a campsite, off in the distance, across a weedy wash. Trucks! People! A dog! Life!

I found Mojave River Campgroundin miniscule print in the lower left-hand corner of the map. So that's where we were. "If we can get to that campground, we could find our way to the highway," I said. It wasn't our designated route back to base camp, but the sun was dropping by the minute.

The weedy wash was actually the Mojave River, according to the map. It wasn't a river so much as a morass of swampy vegetation with a lone, murky crossing. Back home in Brooklyn, in my haste to somewhat prepare, I'd watched a YouTube video of a Jeep wading through water. I knew it was possible; I just didn't know if I could do it. "No way," Jaclyn said. "We're not going to drown here."

"What if it's easier than it looks?" I argued.

Jaclyn thought for a minute. "What would Emily do?" she asked. Miller is a 5'1" blond powerhouse who gave decidedly non-cheesy pep talks every night that sometimes brought me to tears. I'd never met anyone who inspired such devotion and admiration, who made you want to succeed just to tell her you had. "If this was easy, everyone would do it," she told us repeatedly, and we felt like intrepid, ground-breaking explorers.

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Miller encouraged calculated risks. "Emily would try it," I said. "But I think she'd check the depth first."

I stripped off my boots, socks, and pants. In just a tank top and underwear, I splashed into the crossing, mud squishing beneath my toes. The water quickly came up past my knees. I pictured the Jeep filling up with contaminated river sludge while Jaclyn and I popped Klonopin and prayed that the satellite phone actually worked.

"If this was easy, everyone would do it," the Rebelle's founder told us repeatedly, and we felt like intrepid, ground-breaking explorers.

Okay, so we weren't going to ford the mighty Mojave. But at least now we knew where we were. (Another favorite Emily saying: "You're never as lost as you think you are.") From the map, the highway back to base camp was vaguely northeast; if we headed that direction, we'd surely find a way onto the road.

Two interminable hours later, we saw what we'd been looking for all afternoon: the day's final green flag, and behind it, the entrance to the highway. Our euphoric shouts were especially hard-earned this time. As we approached the highway, a car pulled up alongside us. "Thank God!" Shelley, a rally staffer, yelled out from the passenger seat of a broken-down '80s Jeep. "We found you!" Apparently, the staff back at base camp monitoring our blinking blip had become concerned: Where are they going?

"We thought we'd have to rescue you," her husband, Big Rich, called from the driver's seat. "But look: You rescued yourselves."

On the face of it, the day was a complete throwaway. Zero points. But we'd found our way out of the canyon, completely on our own.

---

My month-long pre-rally panic, while overblown and unsubstantiated in retrospect, served a purpose: It burned out all my anxiety, leaving none for the actual rally. The meltdowns never came. I never threw my helmet in frustration. I didn't angry-cry nonstop. Jaclyn and I each had one brief tearful moment after making a dumb mistake—hers on day five; mine on day six—but we immediately pulled it together.

Rebelle Rally

As usual, my mother was right. Once I was forced to practice my fledgling skills, my fear melted away, replaced by an unabashed excitement that at times bordered on euphoria. Every moment brought something new: a stunning vista, a mountain pass, an abandoned ghost town, an expansive mesa. The entire course was on government property; these same roads were open to anyone. But they're rarely used, and it felt like we were seeing an America many never do, one hidden in plain sight.

I started to trust the Jeep more, and Jaclyn, and myself. One day we were caravanning along a high ridge outside of Joshua Tree, with steep drop-offs and hairpin turns. Wait! I thought, halfway through. I should be scared. If I turn the steering wheel just slightly, we'll sail off.I felt my stomach drop and panic rise up in my chest. But just as quickly, I reeled it back in. Don't let fear take over, I coached myself. You can stop it."You're already way more confident," Jaclyn noted as we dipped and swerved. "If we'd been on this road the first day, you would've freaked out the whole time. Now you're just trucking along."

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We were too clueless to be embarrassed about how little we knew.

I'd been so intimidated by the other competitors' credentials before the rally began, but now our lack of experience felt almost freeing. The rally was so out of our league that I was constantly astonished we were doing it at all. How we looked to anyone else didn't matter. We'd ask other Rebelles basic car-maintenance questions, knowing our queries probably sounded elementary. (Only one woman looked at us in disdain after we'd asked for her help installing high neon flags required for dune driving: "You actually don't know how to do this?" she spat. "Why are you even here?") We were too clueless to be embarrassed about how little we knew.

Every night, when the scores for the day were posted, we'd land in the bottom four. But we thought we were champions.

All week, the experienced competitors were itching for the final day, when we'd be competing in sand dunes—notoriously difficult to navigate. We woke up that last morning in California's Imperial Sand Dunes (where Return of the Jedi was partially filmed) to a blazing sun, a high in the 90s, and a range of shimmering white sand mountains towering over base camp.

I didn't feel particularly ambitious about the dunes, but Jaclyn wanted to attempt some final point-collecting. We caravanned with a few competitors, helping each other find the safest routes, then ate lunch around a green checkpoint, sitting in the shade cast by our vehicles. It was our last green of the rally.

But when I stood up, I saw the top of a blue flag in the recess of a group of dunes to the south. I nudged Jaclyn: "Let's try it."

Dunes: gorgeous and terrifying.

Paolo Baraldi

We carefully coasted down into the dune's recess by circling the perimeter, as we'd been taught, and clicked our tracker for the last time. The incline we'd just descended looked much higher than I expected, but it was still the easiest way out. I backed up a few feet to give us a running start, then slammed down the accelerator. Halfway up the incline, we felt our wheels spin, digging us into the sand below. We frantically tried to dig out, but as soon as we cleared a space, new sand spilled in.

Two of the Rebelles we'd teamed up with, Sedona and Maria, flew down into the recess, clicked their tracker at the blue flag, and zipped up the incline past us with no trouble. They parked on the dune's crest, then ran down to help dig us out. Finally we had enough room behind our back tires to position our MaxTrax, a pair of ridged, snowshoe-shaped rescue tools, behind our back tires. Slowly, carefully, we eased off the sand and onto the MaxTrax.

Many of my pre-rally fears came true. But I found an intoxicating freedom in taking on a challenge just to take it on, without expecting conventional success.

Sedona pointed out the angle she'd taken: "Back up even more, then punch the accelerator harder," she suggested.

I'd driven for 90 percent of the rally, but I didn't want to attempt the incline again. "I'm scared," I told Jaclyn.

We switched places and she revved the accelerator. Miraculously, she caught enough power to follow Sedona's route. We landed on top of the dune, tumbled out of the Jeep, and grabbed Sedona and Maria for a hug, jumping up and down, triumphant.

In the end, we tied for 29th place, fourth-to-last. And many of my pre-rally fears came true: We made careless mistakes and incorrect calculations; we were lost more often than not; we didn't know what we were doing most of the time. I just didn't react the way I'd assumed I would. Instead, I found an intoxicating freedom in being a complete novice, taking on a challenge just to take it on, without expecting conventional success. I'd never been more exhilarated to fail.

Finish-line euphoria.

Nicole Dreon

The second annual Rebelle Rally will be held from October 12-21, 2017. If you're interested in competing, find more information here.

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 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)