Highlights of the Year

 

Continuing Group Operating Profit* ($m)

FORWARD-LOOKING INFORMATION

Some statements in this Annual Report are or may be forward-looking statements. They represent expectations for the Group’s business, including statements that relate to the Group’s future prospects, developments and strategies, and involve risks and uncertainties both general and specific. The Group has based these forward-looking statements on assumptions regarding present and future strategies of the Group and the environment in which it will operate in the future. However, because they involve known and unknown risks, uncertainties and other factors including but not limited to general economic, political, financial and business factors, which in some cases are beyond the Group’s control, actual results, performance, operations or achievements expressed or implied by such forward-looking statements may differ materially from those expressed or implied by such forward-looking statements, and accordingly you should not rely on these forward looking statements in making investment decisions. Except as required by applicable law or regulation, neither the Group nor any other party intends to update or revise these forward-looking statements after the date these statements are published, whether as a result of new information, future events or otherwise.

 

Continuing Group operating profit*
$129.3m +12%
Profit before tax*
$118.9m +17%
Ashfield operating profit*
$81.6m +16%

 

Sharp operating profit*
$41.3m +8%
Aquilant operating profit*
$6.4m -7%
Diluted earnings per share* (EPS)
37.12c +17%

 

Proposed dividend
13.30c +7%
Net operating margin*
12.6% -

* All references to ‘operating profit’ and ‘earnings per share’ included in the Strategic Report are stated excluding the amortisation of acquired intangible assets and transaction costs, and relate to the Group’s continuing operations. The Group reports certain financial measures that are not required under International Financial Reporting Standards (IFRS) which represent the generally accepted accounting principles (GAAP) under which the Group reports.

Overview of Results for the year ended 30 September 2017

 

IFRS

based

$'m

Adjustments1

$'m

Adjusted

$'m

 

Increase/
(decrease)

on 2016

%

Constant

currency

increase

on 2016

%

Continuing operations     
Revenue 1,219.8 - 1,219.8 13 17
Net revenue2  1,028.5 - 1,028.5 12 16
Operating profit 103.2 26.1 129.3 12 17
Profit before tax 92.8 26.1 118.9 17 23
Diluted earnings per share (EPS) (cent) 28.83 8.29 37.12 17 23
Discontinued operations3   
Diluted earnings per share (cent) - - - (100) (100)
Total diluted earnings per share (cent) 28.83 8.29 37.12 (5) (1)
Dividend per share (cent) 13.30 - 13.30 7 7

1. Adjusted operating profit, profit before tax and diluted EPS are stated before the amortisation of acquired intangible assets ($22.1m, pre-tax) and transaction costs ($4.0m, pre-tax).

2. Net revenue represents gross revenue adjusted for revenue associated with pass-through costs, for which the Group does not earn a margin.

3. The Group has classified its joint venture arrangement with Magir Limited as a discontinued operation and an asset held for sale. The discontinued operations in 2016 also included United Drug Supply Chain Services, United Drug Sangers, TCP Group and MASTA. The Group’s disposal of these operations was completed on 1 April 2016.

Group Income Statement for the year ended 30 September 2017

Group Income Statement Year ended 30 September 2017 As re-presented and restated
Year ended 30 September 2016
Continuing operations $'000 $'000
Revenue 1,219,755 1,083,439
Cost of sales (871,909) (767,833)
     
Gross profit 347,846 315,606
Selling and distribution expenses (192,536) (177,543)
Administrative expenses (23,313) (20,854)
Other operating expenses (25,450) (18,213)
Transaction costs (4,028) (2,214)
Share of joint ventures' profit after tax 667 798
     
Operating profit 103,186 97,580
Finance income 18,905 5,311
Finance expense (29,257) (19,349)
     
Profit before tax from continuing operations 92,834 83,542
Income tax expense (20,976) (15,428)
     
Profit for the year from continuing operations 71,858 68,114
Profit after tax for the year from discontinued operations - 150,409
     
Profit for the financial year 71,858 218,523
     
Profit attributable to:    
Continuing operations 71,858 68,114
Discontinued operations - 150,409
  71,858 218,523
Earnings per ordinary share    
Basic - continuing operations 28.97c 27.64c
Basic - discontinued operations - 61.04c
Basic 28.97c 88.68c 
Diluted - continuing operations 28.83c 27.53c
Diluted - discontinued operations - 60.79c
Diluted 28.83c 88.32c

 

Download Financial Statements PDF

Group Balance Sheet as at 30 September 2017

Group Balance sheet 2017
$'000
As represented
2016
$’000
As represented
2015
$’000
ASSETS      
Non-current      
Property, plant and equipment 168,403 136,877 132,087
Goodwill 542,554 384,520 401,306
Intangible assets 227,617 108,322 113,927
Investment in joint ventures and associates 8,838 9,067 25,855
Derivative financial instruments 1,302 13,185 24,700
Deferred income tax assets 4,025 4,296 4,463
Employee benefits 12,379 13,939 14,639
Total non-current assets 965,118 670,206 716,977
       
Current      
Inventories 55,060 54,941 61,636
Trade and other receivables 307,388 233,791 229,939
Cash and cash equivalents 187,469 428,729 239,832
Current income tax assets 2,464 4,532 1,806
Derivative financial instruments 2,450 8,239 5,321
Assets held for sale - - 530,821
Total current assets 554,831 730,232 1,069,355
Total assets 1,519,949 1,400,438 1,786,332
       
EQUITY      
Equity share capital 14,620 14,535 14,430
Share premium 196,496 187,355 183,000
Other reserves (166,656) (179,446) (116,219)
Retained earnings 836,087 784,432 600,793
Equity attributable to owners of the parent 880,547 806,876 682,004
Non-controlling interest 109 - -
Total equity 880,656 806,876 682,004
       
LIABILITIES       
Non-current      
Interest-bearing loans and borrowings 244,077 242,108 465,866
Provisions 58,470 6,084 8,411
Employee benefits 3,162 20,442 20,505
Deferred income tax liabilities 54,279 31,008 31,424
Derivative financial instruments 352 - -
Total non-current liabilities 360,340 299,642 526,206
       
Current      
Interest-bearing loans and borrowings 58 64,882 23,315
Trade and other payables 248,145 204,468 214,831
Current income tax liabilities  16,845 14,587 4,988
Provisions 13,905 9,983 20,931
Liabilities held for sale - - 314,057
Total current liabilities 278,953 293,920 578,122
Total liabilities 639,293 593,562 1,104,328
Total equity and liabilities  1,519,949 1,400,438 1,786,332

 

Download Financial Statements PDF

Profit before tax*
$XX.Xm +X%
Profit before tax*
$XX.Xm +X%
Profit before tax*
$XX.Xm +X%
Profit before tax*
$XX.Xm +X%
* All references to ‘operating profit’ and ‘earnings per share’ included in the Strategic Report are stated excluding the amortisation of acquired intangible assets, transaction costs and exceptional items and relate to the Group’s continuing operations. The Group reports certain financial measures that are not required under International Financial Reporting Standards (IFRS) which represent the generally accepted accounting principles (GAAP) under which the Group reports. Further information and definitions of these measures are detailed on pages [XX] to [XX].
Lorem ipsum dolor sit amet, consectetur adipisicing elit. Animi nobis architecto veniam aut illum, numquam maiores aspernatur tempora suscipit repellat.
Lorem ipsum dolor sit amet, consectetur adipisicing elit. Animi nobis architecto veniam aut illum, numquam maiores aspernatur tempora suscipit repellat.
Lorem ipsum dolor sit amet, consectetur adipisicing elit. Animi nobis architecto veniam aut illum, numquam maiores aspernatur tempora suscipit repellat.