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Showing posts sorted by relevance for query additional information. Sort by date Show all posts

Monday, December 11, 2017

2 bedroom 2 bathroom apartment for 6 in the centre of Lisbon in the Baixa, fully equipped with all mod-cons including wi-fi internet.

Read article : 2 bedroom 2 bathroom apartment for 6 in the centre of Lisbon in the Baixa, fully equipped with all mod-cons including wi-fi internet.

Detailed description

The apartment is located on the 3rd floor of an historic building in the heart of Lisbon in the Baixa. Full of natural light and and charm from the traditional features. The apartment has been well renovated and kitted out with all mod cons for a relaxing and comfortable stay in the historic centre.

The living area is large and comfortable with a large corner sofa and another large comfortable sofa that turns out into a double bed if needed. To one side there is a large dining table with plenty of space for six guests. The living area has been equipped with a TV with international channels, a DVD player and Wi-Fi internet.

There are two good sized bedrooms both bright and homely. There is one master room with a large comfortable double bed and a en-suite bathroom. The second bedroom has 2 single beds. There is also a smaller bathroom with a shower unit.

The kitchen is large and modern with all necessary cooking and cleaning equipment including an oven, microwave, fridge, dishwasher and washing machine.

"Alojamento Local" Registration number: 41255/AL

Facility description

Double bed, 2 single beds, sofa, double sofa bed, Satellite TV, DVD, CD player, dishwasher, washing machine, dryer, microwave, oven and stove, fridge-freezer, one shower room, one bathroom with bath tub, wi-fi internet.

Location and Surroundings

The Baixa is the true center of Lisbon, not far from the riverfront and the large central squares of the city such as the Praça do Comercio square and Rossio square. Just 5 minutes walk from here is the famous shopping district of Chiado, with its designer shops and trendy cafés. Just 10 or 15 minutes walk further on and you will find the famous nightlife of the Bairro Alto, with lots of restaurants, bar, clubs and cafés.

From here you are will within walking distance of major sights and attractions of Lisbon such as the Cathedral, Castle, the Old Town Alfama district and many museums and antique churche. You'll certainly never be at a loss for somewhere to have lunch or dinner as there many of small restaurants in the surrounding streets.

The apartment is close to to Metro stations Baixa/Chaido and Rossio. From here you are well connected on two of the metro lines. Just a short walk away and you can catch the famous nº28 tram that will lift you up the hills of Lisbon's oldest and most hilly neighbourhoods. For those wishing to day trip out of the city the train stations are all very accessible from this very central location.

Additional information

Check-in is after 4PM and check-out before 11AM
Monday to Friday from 4PM to 9:30PM is free of charge, except on Portuguese public holidays
Particular situations:
additional 30€ for check-in from 9:30 PM to 00:00 AM everyday
additional 45€ for check-in from 00:00 AM to 8:30 AM everyday
additional 25€ for check-in on Week-ends and on Portuguese public holidays till 9:30 PM

-Welcome bottle of wine provided
-Sheets and towels included
- Please note that from the 1st of January 2016, Lisbon City Council will be charging a city tax of EUR 1 per person per night which is not included in the total price and should be paid during check-in. This tax is charged to guests aged 13 and older. It is subject to a maximum amount of EUR 7 per guest.

Saturday, November 4, 2017

What's New in Truck Campers

Read article : What's New in Truck Campers


It’s also an economical approach, with campers starting at under $15,000 and extending upward to $40,000 or more. At the low end, you’ll find basic sleeping accommodations. Spend more and you can get many of the luxury features that would be found in a small motorhome, with good kitchens, full bathrooms, queen-size beds and entertainment centers.

The size of the camper is necessarily limited by the size of the pickup hauling it, but there are lots of options to choose from. And with new materials enabling manufacturers to reduce the weight of their campers, it’s possible to pack more amenities inside a camper without overloading the truck.

Here is a sampling of new campers offered by leading manufacturers:

Adventurer
The Adventurer 93FDS, a 2007 floor plan available in June, will add to a wide array of camper models designed to fit everything from small imports to big one-ton trucks.

The new 93FDS has a full-wall slideout that extends the dinette and refrigerator area. The dinette converts into a bed, enabling the camper to sleep four. The bathroom is given extra spaciousness with a huge skylight.

The suggested base retail price of about $24,000 includes numerous standard features, such as solar reflective windows, a Dometic two-door refrigerator-freezer, a fiberglass shower inside, an outside shower, a slide awning, an exterior yard light, and Happijac electric remote jacks to simplify loading and unloading. The holding tanks are heated and enclosed.

Adventurer campers are lighter in weight than many competitors because of their design and construction, including an aluminum frame and fully laminated walls. The Model 93FDS has a box length of 9 feet, two inches, and an estimated dry weight of 2,850 pounds.

For information, contact Adventurer Manufacturing Ltd, 33541 Maclure Road, Abbotsford, British Columbia V2S 7W1. Phone (604) 852-5731 or visit www.amlrv.com

Alpenlite
Alpenlite made its reputation in the truck camper field by pioneering aluminum frame construction and vacuum bonded walls. That emphasis on technology continues today with features such as block foam insulation, a laminated, vacuum-bonded crowned roof and a gelcoated exterior surface.

Now in its 34th year of building truck campers, Alpenlite offers eight floor plans in a range of sizes. One of its best sellers is the top-of-the-line Santa Fe 1150, which is Alpenlite’s biggest and roomiest model.

The Santa Fe 1150 includes a full queen-size bed, a center dry bath with a tub and shower seat area, Karadon solid surface countertops, and a basement storage area. The fresh water and other fluid tanks are all large-capacity, enclosed, and insulated so that the camper can be used in all seasons. Among the options is a dinette skylight with a retractable shade.

The dinette area slides out for extra room and can be converted to a bed for an additional sleeping area. The suggested retail price on the Santa Fe 1150 is $26,592. If you don’t want a slideout, you can choose the Santa Fe 1100, which offers much the same floor plan as the 1150, and also offers the option of a dinette with a fold-away table and two Flexsteel swivel chairs.

For information on Alpenlite Limited truck campers, contact Western Recreational Vehicles, P. O. Box 9547 Yakima, WA 98909. Phone (800) 777-4133 or visit www.wrv.com.

Arctic Fox
Arctic Fox truck campers, such as the new model 990 Silver Fox edition, are durable and rugged enough to endure cross-country and off-road travel because of innovations in camper engineering.

The Silver Fox edition features an aircraft-style superstructure, transverse floor, and a full-wall slide room that is 26 inches deep. The transverse floor design increases the width of the floor inside, creating a feeling of spaciousness. By using a dual rack and pinion slide mechanism and a strong aluminum superstructure, Northwood Manufacturing builds its Arctic Fox campers so that the slideout can be extended even while people are sitting in the slideout area. Heavy-duty rollers move the slideout smoothly and quietly, while five separate seals guard against water intrusion during wet weather.

With the extra depth of its slideouts, Arctic Fox is able to offer several options. For example, in the overhead bunk option, a hinged interior panel folds down from the upper wall and ceiling of the slideout and converts into an additional bunk bed over the dinette. Another option is a lounge instead of a dinette, with an optional “roll-over” lounge that converts into an extra sleeping area. All standard dinettes also convert to beds.

The bedroom suite in the Arctic Fox features a deluxe queen-size mattress with coordinated bedspread and window valence accents. A folding wall between the main cabin and sleeping area provides privacy.

Arctic Fox campers come in three interior color schemes. The interiors include solid oak hardwood features, textured wallboards on the interior walls and Ozite finished ceilings. Vinyl floor coverings are commercial grade, and there is also a carpeting option. The company offers campers in a range of floor plans, all with full-wall slideouts. The wet bath version of the Silver Fox Model 990 carries a suggested base retail price of $23,929.

For information on Arctic Fox campers, contact Northwood Manufacturing, 59948 Downs Road, La Grande, OR 97850. Phone (541) 962-6274 or visit www.northwoodmfg.com.

Bigfoot
New for 2006 from Bigfoot Industries in British Columbia is a long box version of the short box 25C9.4 camper that was introduced last year. These models are part of the Bigfoot 2500 camper series.

The model offers a spacious layout, with an aft galley with a three-burner cooktop, stainless steel double sink, 6-cubic-foot refrigerator and dinette with face-to-face seating.

All of the models in the 2500 series are constructed from two molded fiberglass shells and insulated with 1 1/2-inch high-density polystyrene block foam insulation. The fresh and wastewater holding tanks are enclosed, insulated and heated by a 30,000 BTU high-output furnace. There is an abundance of interior storage as well a large exterior basement storage compartment. The suggested base retail price is $21,870.

Bigfoot Industries, which also builds trailers and motorhomes, is in its 28th year as an RV company. For information about Bigfoot campers and to order a brochure, contact Bigfoot Industries, 4114 Crozier Road, Armstrong, British Columbia V0E lB6. Phone (250) 546-2177 or visit www.bigfootrv.com.

Citation Supreme
Built in British Columbia by General Coach, Citation Supreme truck campers are designed for all-season comfort. The company’s Polar Pak includes such standard features as high-density foam insulation, two-inch thick vacuum bonded walls with 3/4-inch thermal break, and a fully insulated basement with tanks and valves heated directly by the furnace.

New for 2006 is the Model 1050 slideout for long box trucks. The 1050 is a 100-inch wide body design that includes a queen-size bed, a bathroom with a separate sit/stand shower, and an expansive dinette area that slides out. The bedroom has more headroom than most other campers. Options include dual pane skylights with condensation control and Stormtite thermopane windows that eliminate condensation and filter out UV rays, reducing summer heat buildup.

New on the 1050 and other models is a redesigned optional bumper with three steps, making it easy to enter and exit the camper. A ladder provides access to the roof, and an optional awning over the entrance door extends eight feet. Suggested retail price on the base model 1050 is $25,380.

General Coach, which is part of Thor Industries, backs the Citation with a six-year limited structural and two-year component warranty.

For information, contact General Coach, P. O. Box 700, Oliver, British Columbia VOH 1T0. Phone (250) 498-3471 or visit www.generalcoach.bc.ca

Eagle Cap
The Eagle Cap 1050 offers a new design that includes a forward bath and a large rear kitchen/dining area, with a dinette slideout for extra room. Despite its many amenities, the 1050 has a comparatively low dry weight of 2,950 pounds.

Eagle Cap builds its campers with a welded aluminum superstructure, 100 percent vacuum laminated components and marine-grade fiberglass exterior. The materials and design keep the weight low, giving buyers flexibility in choosing a truck to carry the camper.

The manufacturer’s suggested base price on the Eagle Cap 1050 is $23,275, but popular options can push it above $30,000.

Eagle Cap is now owned by West Coast Leisure Homes, the Canadian builder of Okanagan campers. Intermountain RV, which built Eagle Cap campers, ceased operations in October of 2005, and its assets were purchased by West Coast Leisure Homes.

With new management and a staff of 42 at its plant in La Grande, Oregon, Eagle Cap has resumed production of its most popular models, with a dinette slideout available on most floor plans. Brian Tolley, Eagle Cap sales manager, said Eagle Cap is making improvements to what was already “a sound and innovative product line” by increasing the sidewall gelcoat thickness, for example, and adding other steps to add to the fit and finish quality.

For information, contact Eagle Cap Campers, 59999 Smith Loop, La Grande, OR 97850. Phone (541) 663-1607 or visit www.eaglecapcampers.com.

Host
If one truck camper slideout is good, Host Industries figured two should be even better, and so it has pioneered double slideouts, building campers that are known for their spacious interiors.
With two slideouts extended, the new Host Tahoe 10’6” has 10 feet, six inches of interior width, with the dinette area sliding out on one side and the kitchen on the other. The result is a wide, unobstructed floor area that offers room to maneuver. When one person is cooking at the stove, for example, another person can walk by easily, instead of having to squeeze by.

Host Co-owner Dave Hogue said slideouts on both sides of the camper also add to the balance of the unit. Other design measures, such as putting holding tanks forward in the unit, also enable Host to build a truck camper that handles very well on the road. Host campers are built light, using a vacuum lamination process, an aluminum frame, a fiberglass exterior and a one-piece roof of thermoplastic polyolefin (TPO)

The Tahoe has a powerful 34,000 BTU forced-air furnace and large holding tanks: 60 gallons for fresh water, 45 gallons for gray water and 35 gallons for black water.

Double slideouts are available on three of Host’s models; single slideouts are either standard or an option on all models. The Tahoe carries a suggested base retail price of $27,370 with the standard single slideout; a second slideout adds $1,400.

Host Industries was started by Hogue and Mark Storch, whose fathers created Beaver campers and motorhomes. For information about Host campers, contact Host Industries, 300 SE Scott St., Bend, OR 97702. Phone (541) 330-2328 or visit www.hostcampers.com

Lance
By adding four new floor plans for 2006, Lance gives buyers a choice of 15 models—one to fit just about any size or need. As the nation’s largest truck camper manufacturer, Lance groups its models into four product lines: Lance Lite, Lance Sports Camper, Lance and Lance Max.

The low-priced Lance Lite series has six models tailored to people’s budgets. The new Sports Camper series was developed for serious outdoor enthusiasts. The “value-added” Lance series is for RVers seeking more features and comes with increased cabover headroom, more floor space and larger tank capacities.

All Lance Max models come with full-wall slideouts, greatly increasing the interior room and adding to the overall comfort. That feeling of spaciousness is carried through in the Lance Max 981 with a huge skylight above the bed in the cabover area and another large skylight in the bathroom.

Even larger and more luxurious is the Lance Max 1191, which has the advantage of a side entry, an extra convenience for anyone who wants to tow a boat or trailer. The 1191 includes a large bathroom with separate shower, additional storage space and very large holding tanks (42 gallons fresh, 35 gray and 38 black).

New this year in all Lance and Lance Max models is a full-size mirrored wardrobe in the cabover. The wardrobe is deep enough to handle storage bins. Another new design this year is a wraparound sofa/bed in Ultra Leather. It has a removable table, and a center section that pulls out for lounging or sleeping.

Lance builds its campers with welded aluminum and bonded lamination technologies, TPO (thermoplastic polyolefin) roofs and solid high-density, rigid block foam insulation for year-round use. Suggested retail prices of Lance Max models range from $29,848 to $35,987. Other models start as low as $13,454.

For information, contact Lance Camper Manufacturing Corp., 43120 Venture Street, Lancaster, CA 93535-4510. Phone (661) 949-3322 or visit www.lancecamper.com.

Northern Lite
New for 2006 from Northern Lite is the 9’6” Queen Classic SE, which offers lots of extra features and still maintains a surprisingly low weight—2,150 pounds with standard equipment and under 2,400 pounds even with a number of options.

Northern Lite builds its campers with a process that uses two pieces of molded fiberglass and is similar to construction of a fiberglass boat. Owner Mac Donkin said the weight is kept low by the use of materials such as Nidacore flooring, which is half the weight of plywood, and Dometic acrylic thermal pane windows, which are half the weight of conventional thermal pane windows.

The 9’6”Queen Classic SE includes a face-to-face dinette, a full queen-size mattress, heated and insulated tanks, an extra-large dual battery box, stainless steel sink, and a 6.3-cubic-foot refrigerator. The model carries a suggested retail price of $24,070.

Northern Lite uses oak veneer paneling, builds drawers with Russian birch and metal guides, and never uses particle board. Careful attention to quality has earned the company a five-star rating from the RV Consumer Group for eight straight years.

For information, contact Northern Lite Manufacturing, 322 Totom Court, Kelowna, British Columbia V1X 5W6. Phone (800) 887-5342 or visit www.northern-lite.com.

Okanagan
You can warm yourself by the electric fireplace while you are watching a DVD on a flat-screen TV in the new 116ULT camper, part of the Ultimate Suite Series from Okanagan.

The 116ULT is a double-slideout model with a U-shaped dinette extending outward on one side and an entire kitchen extending outward on the other to create a roomy interior. In addition to an electric fireplace, this model also offers many other options, such as an 8- or 10-cubic-foot refrigerator in place of the standard 6-cubic-foot version, a Step-N-Stow storage bumper with a fold-down step, and a large rear awning.

The 116ULT is designed for extended camping with large heated and enclosed holding tanks, including a 63-gallon fresh water tank. Okanagan says its bathroom is the largest seen in a truck camper, with a full-height fiberglass neo-angle shower with a skylight, a large linen closet and a spacious vanity. The camper has 40 cubic feet of exterior storage to handle camping gear and other items.

Construction features include welded steel framing that is laminated into the floor and attached around the perimeter of the slideout openings for superior structural integrity. The peaked laminated roof is 3 1/2 inches thick at the center, creating a ducted roof air conditioner option. Suggested retail price of the Okanagan 116 ULT ranges from $36,000 to $42,000, depending on how it is equipped.

Okanagan campers are built by West Coast Leisure Homes, which also produces fifth wheels, travel trailers and van conversions. For information, contact West Coast Leisure Homes, 316 Dawson Avenue, Penticton, British Columbia V2A 3N6. Phone (250) 493-1535 or visit www.okanaganrv.com.

S&S
S&S has introduced a new truck camper, the Ponderosa 8.5 FBSC, billed as the only non-slideout camper with a full-booth dinette and a sliding step. The camper has a set of steps that can be hidden away under a booth seat and then pulled out to provide easy access to the queen-size bed over the cab.

S&S Owner Doug Sieler said many camper buyers are older people who find it awkward and difficult to climb into a high bed. The innovative step system solves that problem, and when not in use, the steps can be stored away to create more floor space.

The new model is a self-contained unit that is 8.5 feet long and 8 feet wide. It comes with an insulated and heated basement, a double stainless steel sink with cutting board, a three-burner range with oven, double-door refrigerator, a 20,000 BTU forced-air furnace, and a one-piece TP0 (thermoplastic polyolefin) roof. Other standard amenities include a mirrored headboard, AM/FM/CD stereo system, and a Montana gun drawer.

Another unique advantage for a camper of this size for both long and short box trucks is that it has room to add an optional Onan generator. Suggested retail price is about $18,000.

For information, contact S&S Campers, 2740 Highway 93 South, Kalispell, MT 59901. Phone (800) 735-6909 or visit www.s-scampers.com

Sunday, June 4, 2017

6 Kid-friendly Craft Ideas To Fill Rainy Vacation Days

Read article : 6 Kid-friendly Craft Ideas To Fill Rainy Vacation Days

By: Embassy Suites by Hilton |  0 Shares     18 Reads

August 22, 2017 // Franchising.com // MCLEAN, Va. - You've picked the perfect location, booked your hotel suite, lined up attraction tickets and done everything you could to make sure your last vacation before the official end-of-summer will be a success for kids and parents alike. However, what will you do if the weather doesn't cooperate?

One of the top travel mistakes is relying on the weather forecast to dictate your plans, which is why it is essential to have a back-up plan. Unfortunately, rain is a distinct possibility in many destinations during late summer. A little creativity and planning can help parents keep kids entertained on rainy vacation days.

Simply pack a few simple craft supplies, and try these six ideas inspired by DIY mommy experts and the All Suites brands by Hilton (Embassy Suites, Homewood Suites and Home 2 Suites) for fun, kid-friendly crafts you can easily do in your hotel suite:

  1. Fun with felt finger puppets
    Add several small squares of felt in multiple bright colors, glue, scissors and a variety of trimmings like sequins to your vacation packing. When it rains, break out your craft supplies and make felt finger puppets, just like Joy Cho from Oh Joy! All-suite hotels like Embassy Suites, Homewood Suites and Home 2 Suites, all by Hilton, provide plenty of work space for simple crafts. Once the project is complete, kids and parents can stage their own puppet show. The All Suites brands by Hilton not only provide plenty of room for these projects, but plenty of different "sets" to perform the show.
  2. Suite, suite spa day
    When rain postpones outdoor activities, get creative like Oh Happy Day! and try some indoor enjoyment instead. Packing bathrobes, nail polish, bath bombs, scented lotions and plush flip-flops sets the stage for an in-suite spa day. Fill up the tub, add a bath bomb, soak kids' feet, and pamper them with kid-friendly manicures and pedicures.
  3. Funneling some fun
    If your hotel suite comes with a fully equipped kitchen, like at Homewood Suites, take advantage to recreate a vacation food favorite as shown in another example by Oh Joy! Use the complimentary grocery shopping service available at select properties to order simple ingredients like flour, sugar and cooking oil that you'll need to whip up a batch of easy, yummy funnel cakes.
  4. Sweet and sticky
    Need a spur-of-the-moment idea with supplies that are easy to find? Drop by any grocery or convenience store, grab a bag of marshmallows and a box of toothpicks. Let kids use these simple ingredients to build whatever sparks their imagination by poking the ends of the toothpicks into the marshmallows. It's a yummy, convenient alternative to carrying traditional building toys in your luggage!
  5. Unbottling their energy
    Turn an empty water bottle into a treasured souvenir. Simply use a kitchen funnel to pour dry rice or sand into a plastic water bottle, and add tiny memorabilia, such as shells collected from the beach, and other vacation-related bits. Kids will have fun turning the bottle to discover what's inside - just make sure that lid is on tight!
  6. Roadmap to fun
    Hotels often have colorful and helpful vacation maps of the destination. Another example by Oh Happy Day can spark inspiration to make your own map. Unfold a destination map, gather accumulated ticket stubs, brochures, admission stickers and wristbands - and tape them to their corresponding points on the map. Glue sequins or attach stickers to the remaining spots to visit when the rain stops.

Rain doesn't have to ruin your last vacation of the summer. When you stay at any All Suites brands by Hilton, you'll have all the room you need to fill rainy days with fun crafts. Visit www.hiltonbringit.com to learn more and book your suite.

About Embassy Suites Hotels

Embassy Suites by Hilton, one of Hilton's 14 market-leading brands, is dedicated to delivering what matters most to travelers. The full service, upscale brand offers two-room suites, free made-to-order breakfast and a nightly two-hour reception with complimentary drinks and snacks. Both leisure and business travelers looking for a relaxed, yet sophisticated experience will feel right at home with brand-standard amenities like inviting atriums and complimentary 24-hour business and fitness centers. Embassy Suites by Hilton has 235 hotels with 50 in the pipeline. Hilton Honors members who book directly through preferred Hilton channels have access to instant benefits, including a flexible payment slider that allows members to choose nearly any combination of Points and money to book a stay, an exclusive member discount that can't be found anywhere else, free standard Wi-Fi and digital amenities like digital check-in with room selection and Digital Key (select locations) available exclusively through the industry-leading Hilton Honors app.. For more information, visit embassysuites.com or news.embassysuites.com. Connect online with Embassy Suites by Hilton at Facebook, Twitter and Instagram.

About Homewood Suites by Hilton

Homewood Suites by Hilton, Hilton's upscale, all-suite, extended-stay hotel brand with more than 430 locations in the United States, Mexico and Canada, is an award-winning leader. The first choice for guests seeking comfortable accommodations when traveling for an extended or quick overnight stay, Homewood Suites offers inviting, generous suites, featuring separate living and sleeping areas, and fully-equipped kitchens with full-size refrigerators. Additional value-driven essentials include: complimentary Internet, a daily full-hot breakfast and complimentary evening social every Monday-Thursday. Hilton Honors members who book directly through preferred Hilton channels have access to instant benefits, including a flexible payment slider that allows members to choose nearly any combination of Points and money to book a stay, an exclusive member discount that can't be found anywhere else, free standard Wi-Fi and digital amenities like digital check-in with room selection and Digital Key (select locations) available exclusively through the industry-leading Hilton Honors app. Homewood Suites is focused on guest satisfaction and stands behind each stay with its 100% Suite Assurance® guarantee.For more information on the extended-stay advantage, visit www.homewoodsuites.com or news.homewoodsuites.com.

About Home2 Suites by Hilton

Home2 Suites by Hilton, one of the fastest-growing brands in the history of Hilton, is a mid-tier, all-suite award-winning extended-stay hotel concept designed to offer stylish accommodations with flexible guest room configurations and inspired amenities for the cost-conscious guest. With a commitment to environmentally friendly products and hotel operations, Home2 Suites offers complimentary breakfast selections with hundreds of combinations; innovative and customizable guest room design; laundry and fitness area; complimentary Wi-Fi Internet access; multiple outdoor spaces; 24-hour business center; expansive community spaces; and a pet-friendly environment. Hilton Honors members who book directly through preferred Hilton channels have access to instant benefits, including a flexible payment slider that allows members to choose nearly any combination of Points and money to book a stay, an exclusive member discount that can't be found anywhere else, free standard Wi-Fi and digital amenities like digital check-in with room selection and Digital Key (select locations), available exclusively through the industry-leading Hilton Honors app.Visit http://www.home2suites.com for additional information or www.home2franchise.com for franchising opportunities.

About Hilton

Hilton (NYSE: HLT) is a leading global hospitality company, with a portfolio of 14 world-class brands comprising more than 5,000 properties with more than 825,000 rooms in 103 countries and territories. Hilton is dedicated to fulfilling its mission to be the world's most hospitable company by delivering exceptional experiences - every hotel, every guest, every time. The company's portfolio includes Hilton Hotels & Resorts, Waldorf Astoria Hotels & Resorts, Conrad Hotels & Resorts, Canopy by Hilton, Curio Collection by HiltonTM, DoubleTree by Hilton, Tapestry Collection by HiltonTM, Embassy Suites by Hilton, Hilton Garden Inn, Hampton by Hilton, Tru by Hilton, Homewood Suites by Hilton, Home2 Suites by Hilton and Hilton Grand Vacations. The company also manages an award-winning customer loyalty program, Hilton Honors. Hilton Honors members who book directly through preferred Hilton channels have access to instant benefits, including a flexible payment slider that allows members to choose exactly how many Points to combine with money, an exclusive member discount that can't be found anywhere else and free standard Wi-Fi.Visit newsroom.hilton.com for more information and connect with Hilton on Facebook, Twitter, LinkedIn, Instagram and YouTube.

SOURCE Hilton

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Monday, February 5, 2018

Gower Self Catering Accommodation - Penrice Castle Cottages

Read article : Gower Self Catering Accommodation - Penrice Castle Cottages

The origins of the Penrice Estate can be traced back to the twelfth century when a Norman knight took the name of de Penrice and was gifted the land that became the Estate. A mile from the coast, Penrice Castle has panoramic views over Oxwich Bay.

On the Estate are fifteen lovely self catering Gower holiday cottages, sleeping between three and eight. Bookings are from Friday to Friday. A few are described below: For full details on each cottage please go to our main address.

Bayview Cottage Prices from £455pw to £1025pw in high season.

Situated in Penrice Village. Sleeps 6-7. Private parking. Gas central heating. A typical detached Gower cottage overlooking the village green. It has a lovely enclosed garden with wonderful sea views. Beamed ceilings and an open fireplace, flat screen tv and DVD.

One double bedroom, one twin bedded room, one single room and a single room with a pull out bed.

The stable outside has a ping pong table and darts board and there is an outside additional toilet.

Church Cottage Penrice Village prices from £355pw to £870pw in high season. Sleeps 4. Gas central heating.

Church Cottage is the oldest of all the Penrice cottages. It is on the green facing the church. The village clockmaker used to live here. It has a lot of old fashioned charm and atmosphere with a lovely enclosed cottage garden and large grounds.

One double bedded room and a twin bedded room with a downstairs bathroom with shower over bath. Open fire the dining hall and a cosy sitting room with beams and a flat screen tv and DVD.

Penrice Old Farmhouse Prices from £580 to £1320 in high season.

Sleeps 8. Gas-fired central heating. An imposing detached large farmhouse with extensive lawns and attractive outbuildings, including a listed Granary on staddle stones. A good holiday home for families who like plenty of space. This house also has the added advantage of an additional second sitting room and a games room where table tennis, darts are available.

Two king size bedded rooms and two twin bedded rooms. One bathroom and one shower room.

Back Field - Prices from £525 to £1195 in high season. Three bedrooms, sleeps up to 6.

Originally Back Field belonged to the adjoining Penrice Old Farmhouse as the animal sheds. During 2008 the property has been lovingly converted into top quality holiday accommodation. It is an 'L' shaped property with a very interesting exposed vaulted ceiling. There is a large kitchen/dining room and a good sized sitting room with a log burner and a flat screen television. The bedrooms have en-suites, two with baths with showers above and one of the doubles has a shower room. Both the doubles have king size beds. The house is light and bright with a mix of old and modern. Outside there is a large lawned area, a small patio with seating and a barbecue. There is a separate driveway to that of Penrice Old Farmhouse and a fence between the two properties. The garden is quite private with seasonal views across Penrice Top Park. Short breaks are available form October to Easter but not school holidays. Ideal property for children and the elderly as it is all on one level.

Garden House - Penrice Park Prices from £575 to £1320 in high season.

Sleeps 8. Gas central heating.

An enchanting detached house set in the park with its own private enclosed garden. Garden House was originally the head gardener's house. The old walled kitchen garden lies behind.

Two double bedded rooms and two twin bedded rooms. One bathroom and one shower room.

Hillside Cottage - Penrice Village. Prices from £365pw to £840pw in high season. Sleeps 4. Gas central heating.

One of the original Gower Cottages built by the Penrice Estate at the end of the eighteenth century. Hillside is a small cottage with two bedrooms and lots of charm. It has a small garden at the front and a larger raised lawn at the back with a lovely view of the countryside.

One double bedded room and one twin bedded room. Shower over the bath and additional downstairs cloak-room. Very traditional, cosy cottage.

Marsh View - Penrice Village. Prices from £450pw to £1020pw in high season.

Sleeps 5plus1. Gas central heating. The Estate's head carpenter used to live here. The views overlooking Oxwich Bay are wonderful and there is a large enclosed garden.

One double bedded room, 1 twin bedded room and one single bedded room with a pull out full size guest bed. Bathroom with shower over bath. Cosy sitting room with open fire, flat screen tv and dvd. Farmhouse kitchen with log burner.

Pitt Soggs Cottage- outskirts of Penrice Village. Prices from £395pw to £895pw in high season.

A recent conversion of an old building with a traditional exterior but a more modern interior.

Sleeps 4. Underfloor gas central heating.

Open plan layout downstairs. One double and one twin bedded room upstairs. one bathroom and one shower room. Very pretty traditional cottage outside with a modern twist inside.

The Kittles Prices from £395pw to £895pw in high season.

A recently renovated cottage built in the twentieth century with beautiful views over Penrice Park and Oxwich Bay in the distance. Sleeps 4. Gas central heating. One double and one twin bedded room upstairs with a bathroom with shower over the bath. Additional cloakroom downstairs.

Rose Cottage Penrice Village. Prices from £500pw to £1150pw in high season.

Beautiful views of Oxwich bay. Formerly the village inn called The Rising Sun where Dylan Thomas spent many school holidays.

Sleeps 6. Gas central heating.

One double bedroom, one bedroom with a king size bed and one twin bedded room. Bathroom with shower over bath. Additional downstairs cloakroom.

Sea View Cottage Penrice Village. Prices from £370pw to £860pw in high season.

A typical detached Gower cottage that was once thatched. Overlooking Penrice Village Green.

Sleeps5. Gas central heating One double bedded room, one twin bedded room and one single bedded room. Downstairs bathroom with shower over bath.

Estate Office Cottage Prices from £375pw to £855pw in high season.

A one storey two bedroom cottage, overlooking Penrice Park. Originally the Estate Office where tenants would come to pay their rent.

Sleeps 3. Gas central heating. Suitable for poor mobility.

One double bedroom with twin beds and one single bedroom with a 3ft 6 inch adjustamatic bed. Large bathroom with bath and separate shower.

Martha's Cottage Hayes Lane. Prices from £350pw to £815pw in high season.

One of a pair of semi-detached cottages up a little lane surrounded by fields and woods.

Sleeps 5. Gas central heating and an open fire, flat screen tv and DVD. Shared enclosed garden.

One double bedroom, one twin bedded room and one single bedded room. Downstairs bathroom with shower over bath. Very pretty cottage recently updated.

Shepherd's Cottage Hayes Lane. Prices from £350pw to £800pw in high season.

The second of a pair of semi-detached cottages up a little lane overlooking fields and a wood.

Sleeps 4. Gas central heating and an open fire, flat screen tv and dvd. Shared enclosed garden.

One double bedroom and one twin bedded room. Upstairs bathroom and additional downstairs toilet.

The Towers- New for 2010 is a one bedroom gatehouse that looks like a mini- norman castle. Both the bedroom and sitting-room are round as they are located in the tower itself. The Towers has just undergones extensive restoration to a very high standard and would be ideal as a honeymoon or romantic break location. Sleeps 2

Local Area:

Oxwich Bay, which lies in front of Penrice Castle, has a beautiful enclosed sandy beach that stretches east for about two miles from the village of Oxwich.

Cottage visitors have free parking for the beach, which is owned by the Penrice Estate and is ideal for swimming, fishing, waterskiing and windsurfing. Oxwich beach is the only bay in South Gower that allows dogs during the summer months. The secluded church on the rocks by the bay is one of the most romantic spots in the whole of Gower. There are tennis courts available within the grounds of the Estate for visitors use and fishing and a small rowing boat is available on the lake by prior arrangement with the owner.

Between the beach and Penrice Castle is Oxwich Marsh, a National Nature Reserve which is interesting for bird-watchers and nature lovers. Recent sightings have included the extremely rare Dartford Warbler.

Other attractions in the area include several golf courses, many other nature reserves and some wonderful castles and gardens. There are also numerous attractions for children in and around Swansea. Good pubs and restaurants are all nearby.

Area information

Gower was the first Area of Oustanding Natural Beauty, and has hardly changed since. There are beautiful beaches all within a short distance. Some fanatstic moorland and woods suitable for long walks. What could be better than at the end of your walking enjoying lunch in one of the local country pubs we have to offer. If you are into watersports there are beaches for surfing, wind surfing, swimming and boating plus lots more. Oxwich also has a company called Euphoria which hires out specialist water equipment, and Oxwich Beach was voted Best Beach in Britan by the Travel Magazine in 2007. Boat rides around the peninsula are always very popular and there is plenty of wildlife to see. Birdwatching, horse riding and golf are also very popular in the area. On a rainy day then just 30 mins away is Swansea itself, with art galleries, museums, a new leisure centre, marina,ten pin bowling, cinemas and of course one of the biggest indoor markets in Britain plus all of the usual department stores and lots of smaller shops.

Mumbles, a few miles from Swansea, is also great for individual shopping with lots of boutiques and restaurants plus the famous Joe's icecream parlour.

Local attractions

Penrice Estate owns Oxwich Bay which was voted the best beach in Britain 2007. We have a lovely sandy beach which is safe for children. There is a large car park which is free to our guests. Euphoria watersports work from the beach providing boat trips, wind surfing, water skiing and many more activities. Ideal for families there are two beach shops supplying snacks etc and toilets available. There is also a hotel on the beach offering bar meals.

At Perriswood just 5 minutes away there is an Archery centre that also has a number of birds.

Parkmill Heritage centre has plenty to offer for the younger members of the family and is no more than 10 minutes drive.

Catering

We have an in-house chef who will prepare meals which can be delivered to your cottage and be waiting for you in the fridge on your arrival. A menu can be supplied on request of the delicious dishes Julie can prepare. Food is available on a Tuesday and a Friday.

Payment information

Gas and the electricity are included in the price, as are the logs for the fires. We also supply all bed linen except cot linen. A travel cot and high chair are included in the cost. Additional cot and high chair sets are £10 extra. Dogs, a maximum of two, are £10 each per week. Towels are not supplied normally but are available to overseas visitors at a cost of £5 per set (one bath and one hand towel). Full use of the park and gardens at Penrice Estate and free entry to Oxwich Beach car park is also included. If more than 6 weeks before arrival a one third deposit is taken on a debit card. If less than 6 weeks before we take full payment.

Monday, February 26, 2018

4 bedroom terraced house for sale in Harold Road, Leytonstone, E11, E11

Read article : 4 bedroom terraced house for sale in Harold Road, Leytonstone, E11, E11

Full description

A unique opportunity to acquire this large 3/4 bedroom house that is currently divided into two self contained apartments, situated in a superb location within easy walking distance of Leytonstone Central line tube station and main shopping area with an array of popular bars restaurants and cafes.

Ground Floor:

Entrance Hall: Via main entrance, door to first floor additional door to;

Inner Hall: Built in storage cupboard, wood laminate flooring, ceiling cornicing, radiator. door to;

Large Cellar: Power & lighting, radiator.

Front Reception / Bedroom: Double glazed bay window to front, venetian blinds, wood laminate flooring, alcove to chimney breast, ceiling coving, picture rail, radiator.

Middle Reception / Bedroom: Double glazed window to rear, venetian blind, sky light to ceiling, wood laminate flooring, ceiling coving, spot lighting, radiator.

Tiled Bathroom Suite: Built in storage cupboard, fitted bath with mixer taps, shower attachment, WC, wash hand basin, bidet, extractor fan, radiator.

Rear Reception: Double glazed window & door to side, venetian blinds, ceiling cornicing, wood laminate flooring, alcove to chimney breast, radiator, internal double doors to;

Fitted Kitchen / Diner: Double glazed window & door to rear, venetian blinds, fitted base and wall units, work surface with tiled surround, oven & hob with extractor hood above, ceiling coving, spot lighting, plumbing for washing machine, wood laminate flooring, radiator.

WC: Double glazed window, venetian blind, wash hand basin, WC, wood laminate flooring, radiator.

First Floor:

Front Bedroom / Lounge: Double glazed bay window to front, additional double glazed window, venetian blinds, wood laminate flooring, chimney breast alcove, picture rail, ceiling coving, radiator.

Middle Bedroom: Double glazed window to rear, venetian blind, wood laminate flooring, ceiling coving, picture rail, radiator.

Bathroom Suite: Part tiled, opaque double glazed window to side, fitted corner bath with mixer taps, shower attachment, wash hand basin, extractor, WC, radiator.

Bedroom / Fitted Kitchen: Double glazed bay window to rear, additional double glazed window to side, venetian blinds, fitted base and wall units, electric oven & gas hob, plumbing for washing machine, one and half bowl sink & drainer, ceiling coving, wood laminate flooring, extractor fan, radiator.

Landing: Loft hatch, fitted storage cupboard, banister and spindles, wood laminate flooring, radiator.

Externally: Paved front garden, good size paved rear garden with established shrub border, outside water tap.

Second & third reception to ground floor

Ground floor tiled bathroom suite

Additional WC off kitchen

Bay fronted bedroom / lounge to first floor

Large bedroom / fitted kitchen to first floor with rear bay window

Good size middle bedroom

Part tiled first floor bathroom suite

EPC Rating D

Viewing by appointment via Theydons of Leytonstone 020 8539 2009

(All measurements are approximate sizes and are given as a guide only as obstacles may have prevented accuracy)

All photographs are reproduced for general information and it cannot be inferred that any items shown are included in the sale.

Planning & building regulations details for any works carried out on the property should be specifically verified by the purchasers' solicitor before proceeding with the purchase.

"These sales particulars have been prepared by Theydons upon the instruction of the vendor(s) and they shall not constitute an offer or the basis of any contract. Our inspection of the property was purely to prepare these particulars and no form of survey, structural or otherwise was carried out. Services, fittings and equipment referred to within the sales particulars have not been tested (unless otherwise stated) and no warranties can be given. Accordingly the prospective buyers(s) must make their own enquiries regarding such matters"

Tuesday, November 28, 2017

1700 x 850mm Acrylic Square P Shaped Shower Bath

Read article : 1700 x 850mm Acrylic Square P Shaped Shower Bath

Pallet Delivery Service

Large items and/or expensive orders are delivered on a pallet to ensure it arrives to you safely and securely.

All items delivered using this service require a valid daytime contact number in order for us to arrange delivery.

For larger items: Delivery to the kerbside of your property only. The courier company will contact you to book in a delivery date once the order has reached your local depot.

Important shipping info:

Please note the additional charge for Non Standard Post Codes below. Please call for more information.

PostcodeCharge
E, EC, N, NW, SE, SW, W, WCAdditional delivery charge £15.00
EH, FK, G, KY, ML, PA1-19, SA, TRAdditional delivery charge £15.00
DG, KA1-30, TD, DD, IV1-39, KW1-14, PH1-18Additional delivery charge £30.00
Contact us for postcodes AB, PA and PH, non UK mainland, Islands, Northern and Southern Ireland and non UK.

Please inspect your goods carefully upon delivery. If you suspect any damage, sign the delivery note as 'Goods Damaged' or reject the delivery. We are not responsible or unable to arrange replacement for damaged goods that have not been signed for as damaged.

Friday, July 28, 2017

OLIVIA Swivel Twin Handles Monobloc Kitchen Sink Mixer Tap

Read article : OLIVIA Swivel Twin Handles Monobloc Kitchen Sink Mixer Tap

Pallet Delivery Service

Large items and/or expensive orders are delivered on a pallet to ensure it arrives to you safely and securely.

All items delivered using this service require a valid daytime contact number in order for us to arrange delivery.

For larger items: Delivery to the kerbside of your property only. The courier company will contact you to book in a delivery date once the order has reached your local depot.

Important shipping info:

Please note the additional charge for Non Standard Post Codes below. Please call for more information.

PostcodeCharge
E, EC, N, NW, SE, SW, W, WCAdditional delivery charge £15.00
EH, FK, G, KY, ML, PA1-19, SA, TRAdditional delivery charge £15.00
DG, KA1-30, TD, DD, IV1-39, KW1-14, PH1-18Additional delivery charge £30.00
Contact us for postcodes AB, PA and PH, non UK mainland, Islands, Northern and Southern Ireland and non UK.

Please inspect your goods carefully upon delivery. If you suspect any damage, sign the delivery note as 'Goods Damaged' or reject the delivery. We are not responsible or unable to arrange replacement for damaged goods that have not been signed for as damaged.

Sunday, July 30, 2017

Norcros PLC Interim Results - ADVFN

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