REG - Dillistone Group PLC - Final Results <Origin Href="QuoteRef">DSG.L</Origin> - Part 2

DillistoneAnnouncement

26/04/2017 07:06

- Part 2: For the preceding part double click  ID:nRSZ3311Da 

     379      379    
 Additional amortisation on change of estimated useful life of platform technology      720      -      
                                                                                        1,051    316    
 Included within financial cost:                                                                        
 Unwinding of discount on contingent consideration                                      15       28     
                                                                                                        
                                                                                        1,066    344    
 
 
8.         Tax (income) / expense 
 
                                                                             2016          2015      
                                                                             £'000         £'000     
                                                                                                     
 Current tax                                                                 178           191       
 Prior year adjustment - current tax                                         (91)          (185)     
 Deferred tax                                                                (100)         22        
 Prior year adjustment - deferred tax                                        (50)          (31)      
 Deferred tax re acquisition intangibles                                     (68)          (68)      
 Prior year adjustment - deferred tax re acquisition intangibles      (3)           (69)           
 Tax (income) / expense for the year                                  (134)         (140)          
                                                                                                     
 Factors affecting the tax charge for the year                                                     
 Profit before tax                                                           392           1,072     
                                                                                                     
 UK rate of taxation                                                         20%           20.25%    
                                                                                                     
 Profit before tax multiplied by the UK rate of taxation          78         217                   
                                                                                                     
 Effects of:                                                                                         
 Overseas tax rates                                                          31            46        
 Impact of deferred tax not provided                                         13            (7)       
 Enhanced R&D relief                                                         (169)         (131)     
 Disallowed expenses                                              31         14                    
 Rate differences re current tax and deferred tax                            26            6         
 Prior year adjustments                                                      (144)         (285)     
                                                                                                     
 Tax (income) / expense                                                      (134)         (140)     
 
 
Deferred tax provided in the financial statements is as follows: 
 
                                                     Group            
                                                     2016   Movement  2015     
                                                     £'000  £'000     £'000    
 Internally generated intangible and fixed assets    315    (152)     467      
 Provisions                                          (9)    1         (10)     
 Acquisition intangibles                             478    (71)      549      
                                                     784    (222)     1,006    
                                                     Group            
                                                     2015   Movement  2014     
                                                     £'000  £'000     £'000    
 Internally generated intangible and fixed assets    467    (6)       473      
 Provisions                                          (10)   3         (7)      
 Acquisition intangibles                             549    (137)     686      
                                                     1,006  (146)     1,152    
 
 
The UK corporation tax rate throughout the year was 20%.  Deferred tax is
provided in relation to the UK at rates of between 17% to 19% depending on
when reversals are expected to occur. The tax credit is impacted by the higher
rates of corporation tax payable in the US and Australia offset by the R&D tax
credits available to both Dillistone Systems division and Voyager Software
division and the reduction in the long term rate of corporation tax to 17%
which has been used in the calculation of deferred tax.  The release of prior
year provisions relate in part to the agreement of the prior years' tax
positions of UK companies and the utilisation of tax losses not previously
recognised.  The Group has gross tax losses and temporary timing differences
of £369,000 (2015: £492,000) for which no deferred tax asset has been
recognised as the timing of their utilisation is uncertain. 
 
9.         Earnings per share 
 
                                                   2016                             2016        2015                             2015        
                                                   Using adjusted operating profit              Using adjusted operating profit              
                                                                                                                                             
 Profit attributable to ordinary shareholders      £1,395,000                       £526,0000   £1,419,000                       £1,212,000  
 Weighted average number of shares                 19,668,021                       19,668,021  19,547,754                       19,547,754  
 Basic earnings per share                          7.10 pence                       2.68 pence  7.26 pence                       6.20 pence  
                                                                                                                                             
 Weighted average number of shares after dilution  20,082,096                       20,082,096  20,209,339                       20,209,339  
 Fully diluted earnings per share                  6.95 pence                       2.62 pence  7.02 pence                       6.00 pence  
 
 
Reconciliation of basic to diluted average number of shares 
 
                                                                                    2016                    2015        
                                                                                                                        
 Weighted average number of shares (basic)                                          19,668,021              19,547,754  
 Effect of dilutive potential ordinary shares - employee share plans                414,075                 661,585     
 Weighted average number of shares after dilution                       20,082,096              20,209,339  
 
 
There are 638,257 (2015: 353,257) share options not included in the above
calculations 
 
This information is provided by RNS
The company news service from the London Stock Exchange