Embed Size (px)
Citation preview
Sprue drelated under ittechnoloLimited results f Financia
* Excep
Operatio
AUDI
esigns and sproducts ands own distinogy. Sprue i(“BRK Brandfor the year e
al highlights
Record year
Record oper£4.9m (2012
Basic EPS (pshare); repo
Recommend
As expecteddeclined slig
Benefit of oto (pre‐exce
Effective cas
Increased in
Balance shee
ptional bid-def
onal highligh
Signed exteApril 2015 sbrands of BR
Continental
Successful iagreement t
Nano‐905, ofinished CO bodies
CO sensor vo
Successful dsecured acce
North AmerNano‐905 an
Subsequent partners in G
(“Sp
TED FINAL R
sells innovatd accessoriect brands ofs also the exds”) namely ended 31 De
with turnov
rating profit 2: operating
pre‐exceptioorted basic EP
ded final divi
d, gross margghtly to 37.2%
perational leeptional)* 11
sh tax rate re
vestment in
et remains s
fence costs of
hts
nsion to thesecuring SpruRK Brands on
Europe and
inclusion onto supply UK
our miniaturalarms to be
olumes at Pa
defence of heptances of j
rican “UL” (nd Sprue’s G
to the yearGermany and
Sprprue”, the “C
RESULTS FOR
ive smoke as and is one f FireAngel, Axclusive EuroFirst Alert, Becember 201
ver up 28% to
(pre‐exceptiprofit £3.2m
nal)* up 83PS up 67% to
idend increa
gin (before t% (2012: 39.
everage com.1% (2012: 8
educed from
product dev
trong with n
f £0.4m incurre
e 2010 BRK ue’s exclusivn improved t
UK Retail bo
n all framewK Fire & Resc
re CO sensoe sold in 201
ace Sensors h
hostile bid bjust 1.26% a
(UnderwritinGen 1 CO sen
r end, distribd France
1
rue Aegis plcCompany” or
R THE YEAR E
and carbon mof Europe’s AngelEye andopean distribBRK and Dico3.
o £48.4m (20
ional)* up 64m)
3% to 11.87o 10.85 penc
sed by 50% t
the £4.2m B7%) principa
ming through8.7%)
17.2% to 10
velopment a
net cash of £5
ed in the year
Brands distrve European terms until a
oth performe
works that ue Services (
or now in m14, subject t
have signific
by BRK Brannd withdrew
ng Laboratorsor for use in
bution agree
c r the “Group
ENDED 31 DE
monoxide (“largest suppd Pace Sensobutor of theon. Sprue is
012: £37.8m
4% to £5.3m
pence per ce per share
to 6 pence p
RK Brands dally due to a
in 2.4% incr
0.3% followin
nd capex at
5.2m (2012:
ribution agredistributiont least 31 Ma
ed very stron
have repla(“UK F&RS”)
manufacture o approval f
antly increas
ds at 90p pw its offer on
ries) compon ten‐year se
ements were
p”)
ECEMBER 20
CO”) alarmspliers of suchors based onbrands of Bs pleased to
)
; reported o
share (2012(2012: 6.50
per share (20
istribution fechange in sa
rease in net
ng introducti
£1.4m (2014
£6.2m) and
eement to t rights over arch 2018
ngly aced the Fir and expectefrom the rele
sed compare
per Sprue sh 24 May 201
nent recognealed for life
e signed wit
14 Apri
013
s and other sh, selling pron its own in‐RK Brands Eannounce it
operating pro
2: 6.50 pencpence per sh
12: 4 pence)
ee (2012: £4ales mix
operating m
ion of Patent
4: £1.0m)
no debt
ake effect frthe product
rebuy frame
ed to be fittevant certific
ed to 2012
hare; BRK B13
nition securee products
h key distrib
l 2014
safety oducts house urope s final
ofit of
ce per hare)
)
4.2m))
margin
t Box
rom 1 ts and
ework
ted in cation
Brands
ed on
bution
Graham “Despiterecord s50% incbusinessclearly e In Marcdistributleast a fwith JarEuropea£3.5m, £reflects Nano‐90in full‐scsubject tover the With furconnect significaThermopcertificashare ov We are Companand the Sprue sh Subject seeking institutiocapital tdevelopm Sprue reyou to abeen an
Subsequent China to incmarket
Announced to AIM andapproximateand other in
m Whitworth,
e the distracsales, recordcrease in thes in Continenevident in ou
ch 2014, we te the brandsfurther threerden Corporaan home saf£3.0m and £the potentia
05, Sprue’s mcale productto approval fe current des
rther major Sprue’s wire
antly strengtptek technoation bodies. ver time.
also pleasedny’s listing frmove to AI
hares.
to admissionto raise aponal and othto support sament.
emains well all our emploother extrem
to the year rease supply
separately td, subject tely £8.0 millnvestors
, Chairman &
ctions of the d operating pe recommenntal Europe r results and
were extrems and produce years fromation. This fety product£2.9m in eacal economic b
miniaturised tion and is efrom the releign demonst
new produceless home sthen. Our nlogy and wi With a stren
d to announrom ISDX to AIM is expecte
n to AIM beproximately her investorsales growth a
placed to deoyees for themely busy yea
end, appoiny chain capac
oday that Spto admissioion by way o
& Group CEO
hostile BRK profit, recordded final diand the ben
d the busines
mely pleasedcts of BRK Br
m 1 April 201agreement ts market. h of the respbenefit Sprue
version of itexpected to evant certifictrates the hig
cts to be lauafety producnew productill be launchngthened pr
nce separateAIM. This ised to broade
coming effe£8.0 million
s. The placinacross Sprue
eliver shareheir contributar for the bu
2
ntment of a ncity ahead of
prue has servn to AIM bof a placing
O, commente
Brands bid d basic EPS ividend of 6 nefits of thess is well plac
d to announcrands throug15 which reinconsolidatesThe reductiopective threee anticipates
ts Gen 1 CO sbe fitted in
cation bodiesgh level of in
unched in 20cts over the it offering fohed this yearoduct line up
ely today thas an exciting en the share
ctive, the Bon by way ofng proceeds we’s markets, p
holder valuetion to makeusiness.”
new third paf the expecte
ved notice tobecoming eof new ordi
ed:
in early 201up 83%* to pence per s
e multi‐year ced for furthe
ce the extenghout Europenforces the ps Sprue’s poon in the dise years to 31s from the sa
sensor maden finished COs. The advantellectual pr
014 and beyinternet ‐ ouor the UK Trar, subject top, we expect
at we havetime in the eholder base
oard is pleasf a placing will be used particularly i
e and continue the busines
arty smoke aed uplift in s
o transfer itseffective, is inary shares
13, we are d11.87 penceshare. The contracts sier growth.
nsion to our e – on impropositive relaosition at thestribution fe1 December 2le of BRK Bra
e at Pace SenO detectors ncement of troperty in the
yond ‐ includr competitivrade sectoro approval ft to grow our
served noticdevelopmene and impro
sed to annouof new ordto provide ain France, an
ue to grow pss successfu
larm assembsales in the F
s listing fromseeking to with institu
elighted to re per share expansion oigned in 201
exclusive rigved terms – tionship we e forefront oee from £4.22017 more cands’ produc
nsors in Canafor sale in
the new CO se business.
ding the abilve offering is will use adfrom the relr UK Trade m
ce to transfent of the Comve the liquid
unce that Spinary sharesadditional wond to fund pr
profitably. Tl during wha
bler in French
m ISDX raise tional
report and a of our 12 are
ght to for at enjoy of the 2m to closely cts.
ada is 2014, sensor
lity to set to
dapted levant market
er the mpany dity of
prue is s with orking roduct
Thank at has
*Pre bid
For furthSprue AeGraham John Gah WesthouTom GrifPaul Gilla
Notes to EAbout SprSprue is oalarms anThe introdsmoke and Sprue maCompany manufact Sprue enjUK’s Utilitbut relativmainly sel Sprue willSafe2 prod The Compcompanie Sprue’s heproducts. warehous Patented Sprue hasplease vwww.brk. Company Sprue maalarms tha Sprue is sand reliab Our peopencourage
d defence cos
her informategis plc Whitworth, han, Group F
use Securitieffiths am
Editors rue Aegis plc one of the marnd CO alarms aduction of newd CO, continue
nufactures CO has no man
urers in China.
oys a leading fty and Leisure svely low markelling through a
be launching aducts over the
pany has won fes in the UK.
ead office is in C As part of the se, also in Glouc
technology s patented its tisit: www.spruco.uk.
ethos kes products tat achieve this
serious about Cble home safety
le work with pe our staff to “m
sts of £0.4m
tion, please
Chairman &Finance Direc
es Limited
rket leaders in nd accessories w safety producto drive sales.
sensors at its sufacturing and
footprint in UKsector which incet share of thenetwork of ind
a gateway devicinternet.
ive prestigious
Coventry and it2010 BRK distrcester.
technology in Eue.com or w
that save lives. objective.
CO and smoke y products from
assion and enjmake a differen
contact:
& Group CEOctor
the Europeanand the Compcts legislation
subsidiary, Paced instead outs
K Retail and thecludes customee UK Trade sectependently ow
ce later this ye
Sunday Times
t uses a third paribution deal, S
Europe, the US www.fireangel.c
It is a simple
detection and m a company wi
oy being part once” to our bus
3
home safety ppany has an extin Europe, and
e Sensors for usources assem
e UK’s Fire anders such as Brittor. Sprue haswned third party
ar which will en
Fast Track 100
arty logistics / wprue took over
and other seleco.uk or www
e philosophy. W
believes everyth brands you c
of a business thiness every day
024
020
products marketensive portfold increasing lev
se in all its CO mbly and man
d Rescue Servicish Gas and Scos a rapidly growy distributors.
nable connectio
0 Awards, which
warehouse pror the BRK Brand
ected territoriew.pacesensors.
We design and
yone should becan trust.
hat designs andy.
76 323 232
7601 6100
et. Its principaio of patented vels of awarene
alarms. Otherufacturing to
ces. The Compottish Gas and wing business i
on and monito
h recognises th
vider in Cambrds’ Gloucester o
es. For further .co.uk or ww
d sell market‐le
e properly prote
d sells product
l products are intellectual press of the dan
r than CO sensothird party c
pany also supplhas a well‐estain Continental
ring of its exist
e 100 fastest g
idge for its ownoffice and BRK B
product informww.firstalert.co
eading smoke a
ected with affo
ts that save live
smoke operty. gers of
ors, the ontract
lies the blished Europe
ing Wi‐
growing
n brand Brands’
mation, .uk or
and CO
ordable
es. We
OUR BRAN Sold underange of starget ma FireAngel A market‐ AngelEye Launched French marepresent Pace SensCO sensosubsidiaryand certai First AlertWith overselling appincludes a‘heritage’ BRK Targeted mains pow Dicon A BRK bra
NDS
er six complemesmoke alarms, rket segments.
‐leading and inn
in 2012 to selarket. AngelEyes approximatel
sors ors used withiny in Canada. Pain First Alert br
t r 40 years’ expproximately 14ancillary safety brand due to it
at wholesalers,wered smoke, h
nd targeted at
entary brands, CO alarms and
novative batter
l, market and de has become ay 90% of the Fr
n Sprue’s CO ce Sensors’ COanded CO dete
erience in man4 million smokeproducts, incluts long‐term pr
, specifiers andheat and CO ala
customers focu
Sprue’s range d associated ac
ry operated ala
distribute Spruea leading brand rench market b
products are O sensors are usectors.
nufacturing safee alarms annuauding fire extinresence in the f
d electrical instaarms.
used on value.
4
of products is cccessories it of
rms principally
e engineered stargeted at the
by value.
developed bysed within all F
ety products, Flly worldwide. nguishers, fire bire safety mark
allation profess
comprehensiveffers to suit the
targeted at UK
moke alarms ae DIY channel in
Sprue and PaFireAngel, Ange
First Alert is a kFirst Alert is a blankets and firket.
sionals, BRK off
e, allowing the Ce needs of eac
K Retail and UK
and CO detecton France, which
ace Sensors, SpelEye and Pace
known global bBRK Brands brare safes. First A
fers a compreh
Company to tah customer ac
F&RS customer
ors principally inh the Directors
prue’s wholly Sensors CO de
brand in home and and its ranAlert is markete
hensive range o
ilor the ross its
rs.
nto the believe
owned etectors
safety, ge also ed as a
of 230V
Introduc Sprue is serves bproductinvestmknow‐hothe intesafety p Financia Revenueproductyear concuts at t As expec39.7% in Operatinreflectinmanufacexceptio In Octobusinessto 2012. The 201the Grouwhich cotax on trate in 2extendecash tax Basic EPper shar Compar£3.2m, oWe expeimprovesales wi * Except
ction
building maby providings and accessent in prodow, and our rnet using aroducts supp
al review
e increased bs into Germantracts secuthe Brigades
cted, gross mn 2012 to 37
ng profit (preng the strocturing and onal)* as a pe
ber 2012, Ss was debt fr. The balance
13 tax chargeup to effectivontain compiming differe2013 reduceed from 60%x rate for the
PS (pre‐excepre); reported
ed to 2012, of which stocect cash gened credit terll require add
tional bid‐def
arket leadingg innovativesories sold uuct developability, due gateway deplier.
by 28% to £4any, the expred in 2012.introduced b
margin befor.2% principa
e‐exceptionaong operatiassembly
ercentage of
Sprue repaidree which ace sheet at th
e benefited fvely pay a reponents / deences which ed compared% to 70% frome Group and t
ptional)* incd basic EPS: 1
cash declineck accountedneration to grms from ouditional wor
efence costs o
MANAGEM
g positions ine, technologunder distincpment such to launch laevice are hel
48.4m (2012ansion of the. As anticipby the UK Go
re the annually due to ch
al)* increaseional leveramodel remaf sales were
d the outstaccounts for the year end r
from the inteduced rate osigns that reare expecte
d to 2012 at m 1 April 20thereby imp
reased 83% 10.85 pence
ed by £1.0md for £2.3m,gradually impur CO detectking capital a
of £0.4m inc
5
MENT COMM
each of the gically advactive brands as our propater this yeaping to posi
2: £37.8m) ree UK Retail bpated, UK F&overnment.
al BRK Brandhanges in sale
ed by 64% toage in theains highly significantly
anding £0.5mhe reductionremained str
troduction ofof corporatioelate to UK ped to reverse10.3% down014 which is rove cash flo
to 11.87 peper share (2
to £5.2m fo debtors £0.prove as invetor supplier as the 2013 r
urred in the
MENTARY
five home snced, cost into each oprietary wirear, to wirelestion the Gro
eflecting thebusiness and&RS sales de
s’ distributioes mix.
£5.3m (repoe business. scalable anreduced to
m loan noten in interest ong with £5.
f “Patent Boon tax on propatents. Exce in the shorn from 17.2%expected to
ow.
nce per ordi012: 6.50 pe
ollowing a n7m and a reentory levelstake effect.results have
year
afety produccompetitive
of these mareless technossly connectoup as Europ
increase in d the benefit eclined slight
on fee of £4.
orted operat The Grod administr16.5% (2012
e and throupayable in th.2m of cash a
ox” in April 2ofits generatcluding the imrt term, the %. Relief uno further red
inary share (ence per shar
et working ceduction in cs normalise a. However fborne out.
cts markets te smoke anrkets. Continology, CO set to productspe’s leading
sales of Fireof the new tly due to b
2m declined
ting profit: £oup’s outsorative costs 2: 18.5%).
ughout 2013he year comand no debt
2013 which ated from prompact of defeffective casnder Patent duce the eff
(2012: 6.50 pre).
capital increareditors of £and the impfurther grow
that it nd CO nuous ensing s over home
eAngel multi‐budget
d from
4.9m) ourced (pre‐
3, the pared .
allows oducts ferred sh tax Box is ective
pence
ase of £0.2m. act of wth in
The BRK We thanBrands bexcludedfundameshareho BRK BraSprue re ExtensioCorpora On 21 Mexclusiveimproveexpires.
Under thproductkey term
As part oTechnolassociat
Market ContineGermanconsum630 (inclife 10 yGerman
K Brands bid
nk all those bid at 90 ped Tom Russentally undeolders to do t
ands and Spremains the e
on of excluation (“Jarde
March 2014, Se distributioed terms, co
he terms of s and brandms of the agr
Annual distr£2.9m in cal
Minimum teeither partautomatical
of the negotogies Limiteed accessori
Improved cr
Right to souforeign exch
Fixed produ
update
ntal Europey where saer products luding the Wyear batterie market.
for Sprue
shareholdeence per Sprso and Ashlervalued the the same.
rue continuexclusive dist
usive Europen”)
Sprue annouon agreememes into eff
the new agrs of BRK Brareement are
ribution fee endar years
erm of threety to termly renews on
tiations, Sprud, a Jarden cies:
redit terms e
urce producthange rate ris
ct prices for
e. Sales weles of FireAtesting asso
Wi‐Safe 2 moes, sold well.
rs who suppue share. Aey SilvertonCompany a
e to co‐opertributor of BR
pean distrib
unced that it ent with BRfect from 1 A
reement, Spands, namelyas follows:
(£4.2m pay2015, 2016
e years to 31inate the n the same te
ue has also scompany, wh
equivalent to
ts at a fixed sk on these p
two years fr
ere up 71%Angel ST‐620ociation in Fodule) where We believe
6
ported the mAfter taking an) concludednd therefore
ate on a dayRK Brands’ b
bution agre
had enteredK Brands aApril 2015, w
rue has retay, First Alert,
yable currenand 2017 re
1 March 2018agreement. erms for furt
secured imprhich supplies
o two months
GBP / USD purchases w
rom 1 Januar
on 2012, l0 (which scebruary 201e all models oe that these
managementadvice, the Id that the oe unanimous
y to day basrands in Eur
eement wit
d into a threend Jarden. when the ex
ained the exc, BRK and Di
tly) to be respectively; a
8 with twelv Unless
ther periods
roved manufs Sprue’s bra
s’ purchases
exchange rawhich are curr
ry 2014.
largely due ored joint t13), FireAngeoffer diagnosproducts ar
t team and Independentoffer price osly rejected t
sis as supplieope.
h BRK Bra
e year extenThe extensxisting distrib
clusive rightscon, through
educed to £and
ve months’ nterminated, of twelve m
facturing ternded smoke
;
ate of US$1.6rently in USD
to a strongtop in Stiftuel ST‐630 anstics capabilre now well
rejected thet Directors (of 90p per the bid and
er/distributo
ands and Ja
sion to its exsion, which bution agree
s to distributhout Europe
£3.5m, £3.0m
notice requirthe agree
months.
rms from Dete alarms and
62 : £1, remD; and
g performanung Warentend FireAngel ity with sealeestablished
e BRK which share urged
or and
arden
xisting is on ement
te the e. The
m and
red by ement
tector other
moving
nce in est, a WST‐ed for in the
New leWürttemalarm tothroughcontactsGerman Shortly, replacemfurther Sachsenaddition In Francbelieve internal deadlinearound future. Kingfishmarket. In 2013approximset to inBenelux We contproduct UK Retabrandedcontain online pof the Governm Utilities largely dthe “noCsupply expectebrandedawarene UK F&Rdeclinedframewoto SprueSprue’s
gislation in mberg (the to be fitted in professionas and where customers.
the original ment cycle tdrive sales. (populationnal growth in
ce, we have represents oexpectatione to fit at lea25 million hFor exampler Group ar
3, sales of Smately two‐tncrease furth markets.
tinue to reces which are l
ail. Performd product saSprue’s CO
presence are danger of ment, the Ch
& Leisure due to CO pCO flues in vto the boiled but still red noCO (Baxiess of the pro
RS. As exped by 18% coorks that repe’s UK F&RS cbranded pro
Germany third largestn all domestial contractoe the diagno
ten‐year prohat we have In additionn: 4m), are yn sales in the
introduced over 90% of tns and are exast one smokomes and the, trials in 5re now unde
Sprue’s branthirds of saleher as Sprue
eive enquirielikely to gene
med very strles increasedsensor. Saprogressingsmoke and hief Fire Offic
(“U&L”). Sroducts soldvoids CO soluer thereby shpresented ac’s own branoduct impro
ected, followompared toplaced the Fcustomers cooducts.
is continuint state with ic homes by ors where Sstic capabili
oducts sold e seen in Bri, Berlin (popyet to enact near future
AngelEye asthe French mxpected to sike alarm in ehis market o50 stores witerway. This
nded produces into this sintroduces A
es from couerate furthe
ongly with ad by 52%, mles to B&Q,g well. RetaiCO with w
cers Associat
Sales into thd to British Gution”, whichhutting the ccretive saled) and sales oves.
wing the UK 2012. In irebuy frameontinue as b
7
ng to drive10.7m inhaDecember 2Sprue and ity of Sprue’
into Germanitain will compulation: 3.3smoke alarm.
s the brand market by vagnificantly ineach domestoffers significth a major Frepresents
cts in Contisector were oAngelEye an
ntries in Easr incrementa
a 24% incremainly due to Screwfix, Tl sector saleswidely publition and Gas
he Utilities &Gas and Scoth include a cboiler down
es in 2013. Bare expecte
K Governme2013, Sprueework agreebefore. Virtu
e sales whebitants), leg2014. The bts German s products i
ny in 2007 armmence in G3m), Brandenm legislation
of choice foalue. Sales inncrease as wtic property. cant growth French custoa new pote
inental Euroof Sprue’s brnd FireAngel
stern Europeal FireAngel b
ase in sales o growth in sTesco and As have beneficised safety Safety chari
& Leisure settish Gas undcontrol unit n when CO iBaxi productsed to gradua
nt’s budgete was succeement whichally all produ
ere for exagislation willulk of sales distributor s proving hi
re due to beGermany, whnburg (popuwhich is ex
or the DIY cnto France awe approach We estimatpotential foomer which ential custom
ope increaseranded prodproducts int
e and parts obranded bus
compared tsales of CO pmazon, all ofitted from gy campaignsities.
ector increasder contractthat will cuts detected, s using Spruelly gain mom
cuts, sales essfully appo expired in Huct sales in t
mple, in B require a sin this markhave estabighly appeal
e replaced anhich we expulation: 2.5mpected to pr
channel whicre in line witthe 8 Marchte that Francor the foreseis a subsidia
mer in the F
ed 3.5 timeducts. This rato the Frenc
of Scandinavsiness.
to 2012. Spproducts whof whom hagreater awars led by th
sed 55% on t. Sales to Bt off the elecwere slowere’s technologmentum as m
to the UK ointed on aH2 2012 andthis sector w
Baden‐smoke et are lished ing to
nd the ect to
m) and rovide
ch we th our h 2015 ce has eeable ary of French
s and atio is ch and
via for
prue’s ich all ve an reness he UK
2012 Baxi of ctrical r than gy are market
F&RS all the d sales ere of
UK Tradsales incproductBRK trad In Octobnew or increase Product Nano‐90in 2014.its existproductand the will cont Pace Sen DevelopAC rangproduct Except fof battethe expavery lowestablishFireAnge Wi‐safe incorpormeshedpad and UL appcomponAmericaEntry intto be un Launch functionevent ofhas been
de. Overall, cluding CO as is on trackde range, pro
ber 2013, it replacemente pressure fo
t developme
05. The Nan. Sprue has ing Gen 1 Cion line at itNano‐905 Ctinue to be u
nsors enjoye
pment of AC ge of producoffering in t
for one AC pery powered ansion of its w base, Sphed. Sprueel brand and
2 technolrates our te in a single strobe can c
roval on Panent recognia. The Gen to North Amnder review.
of FireAngen in the FireAf a low batten well receiv
while UK Tralarms, werek to be launcoviding enha
became lawt fixed combor similar legi
nt and prod
no‐905 sensospent a totaCO sensor ants Pace SensCO sensor onused in ten‐y
ed a significa
powered alcts in 2014 the sector.
owered prodalarms, so tThermoptekrue expectse will continud sales are pr
ogy. Our men‐year battewireless netconnect to a
ace Sensorstion on its 1 CO senso
merica would
el ST‐622. SAngel ST‐622ery warning. ved by the UK
ade sales dee maintainedched in the anced functio
w in Scotlandbustion appliislation in ot
uct innovati
or is expecteal of approxind has invessors facility i separate deyear CO varia
nt increase i
arms for thewith a mod
duct sold to this represenk technologys to gain mue to sell its rogressing w
market‐leadiery life Wi‐stwork. In adny Wi‐Safe 2
s Gen 1 COGen 1 CO sr could be id significantl
Sprue has u2 which allow This produK F&RS.
8
ecreased by d broadly at second halfonality and s
d for all homiance is instaher parts of
ion
ed to be inclumately £1.0msted a furthein Canada toedicated asseants which ar
n production
e UK Trade mdern design
B&Q in recents an impory into AC powmarket sharbattery operell.
ing FireAngsafe 2 technddition, Spru2 enabled ala
O sensor. sensor to sencorporatedy increase S
pdated its Sws the alarmct, which is b
7% comparethe same leof the year
significantly i
mes to be fitalled. We ethe UK.
uded in finism over the ler £0.1m in o enable theembly lines. re due to be
n volumes co
market. Sprwhich will
ent years, mortant step fowered produre gradually rated CO ala
el WST‐630nology and aue’s low freqarm.
Sprue has ell that comd into ten‐yeprue’s addre
ST‐620 modem to be silenbased on Spr
ed to 2012, evel. Our neand will repmproved pe
ted with a Cxpect this w
shed CO alarast three yecapex to in
e production The originaintroduced s
ompared to 2
ue is on tracdramatically
ost of Sprue’orward for thucts for the fonce its p
rms into this
0 Thermoptallows up toquency soun
secured Noponent in pear sealed foessable mark
el introducinnced a numbrue’s Thermo
FireAngel prew range of place much oerformance.
CO alarm whwill drive sale
rms manufacears to miniatroduce a sen of the Genl Gen 1 CO sshortly.
2012.
ck to launch ay improve Sp
’s sales havehe Companyfirst time. Fproducts bes sector unde
ek smoke o 50 alarms nder and vib
orth Americaproducts in or life CO alket and cont
ng a “Sleep ber of times optek techno
roduct Trade of the
here a es and
ctured turise econd 1 CO sensor
a new prue’s
e been y, with rom a ecome er the
alarm to be rating
an UL North larms. tinues
Easy” in the ology,
The “intLimited Wi‐Safe in H2 20 New proresourceMost ofcontinuemarketsinvestm Move to As part to seek Exchangannouncexpecte The Boaturnove
Recomm In line wand cash(2012: 4covered2014, thJuly 201
Outlook The Comquarter quarter of budgefirst quastrongly The Boaannouncbe anotoutlook GRA WhChairma
ternet of thto provide S2 home safe
014 and a tria
oduct develes to bring gf Sprue’s tece to fund ins where thent.
o AIM
of the defenshareholde
ge. Having ced today, Sd to be com
ard believes r and liquidit
mended fina
with its progh resources,4 pence per 1.7x by poshe record da4.
k
mpany has of 2014 haslast year. Coet, while UKarter was iny with a recor
ard remainscement releather significafor 2014 and
hitworth an and Grou
hings”. SpruSprue’s custoety productsal will comm
opment. Wgreater certachnical resounvestigative e Board be
nce of the BRr support toconsulted wSprue has spleted befor
that the moty in Sprue’s
l dividend
gressive divid, the Board share). Tht‐tax profit (ate will be 20
announced s been anotontinental EuK Retail had an line with trd sales orde
s highly opased today rant year in td of another
p CEO
ue has recenomers with ts over the intence shortly
We continue inty to the durces focus oresearch onelieves that
RK Brands bio move Spruwith major served noticere the end of
ove to AIM shares.
dend policy is pleased toe proposed 2012: 1.5x). 0 June 2014
record salesher record surope and Ua slow start the Board's er book.
timistic aboregarding thethe progressr successful y
Nic Ma
9
ntly announche ability to ternet. Revey.
to strengthdelivery of thon new prod new potent the poten
d in April 20ue’s listing tshareholderse to transfef April 2014.
should broa
and taking ao recommencost to the If approved
4 and the div
s for the yestart to the K F&RS markto the year expectation
out the Groe transfer ofs of the Groyear.
ck Rutteranaging Dire
ced an agreconnect to aenue from th
en our techhe product roducts for cuntial productntial market
013, the Indeto the AIM s and gaineder its listing
den the inv
account of tnd a final dive Group amod by sharehovidend will b
ear ended 3year for Sprket segmentcompared tons. The seco
oup’s prospef the Group’soup. The Boa
ector
ement with and remotelhis project is
nical team, oad map in 2rrent markets to broadet opportun
ependent Dirmarket of td support, afrom ISDX
estor base a
he Group’s fvidend of 6 ounts to £2.olders at the be paid to sh
31 Decemberue, buildingts have both o budget. Grond quarter
ects and ws listing to Aard remains
John G Group
Intamac Syy monitor Sps expected to
adding addi2014 and beets, but Spruen its addresity warrant
rectors undethe London and as sepato AIM, wh
and improve
future prosppence per s.4 million anAGM on 20 hareholders
er 2013. Theg on a strongperformed aross margin has started
with the sepAIM, 2014 is s confident o
Gahan p Finance Dir
stems prue’s o start
itional eyond. ue will ssable s the
ertook Stock rately hich is
e daily
pects hare nd is May on 4
e first g first ahead in the d very
parate set to of the
rector
The Directorss of the issuer a
10
‐ ENDS –
accept respons
sibility for this sstatement
CONSOLYEAR EN
Turnover Cost of sa
Gross pro
DistributioResearch Other adm
Operating
Interest reInterest p
Profit on oTax on pro
Profit for
Earnings pBasic Fully dilut
ContinuinNone of th
Notes Other adm
2012 salesto be on a
STATEMFOR THE
Profit for Currency tAdjustme
Total reco
LIDATED PRONDED 31 DEC
les
ofit
on costs and developmeministrative exp
g profit
eceivable and sayable and sim
ordinary activitofit on ordinary
the year
per share (penc
ed
ng operations he Group's acti
ministrative exp
s, cost of sales a consistent bas
MENT OF TOTE YEAR ENDE
the year translation diffnt in respect of
ognised gains fo
OFIT AND LOCEMBER 201
ent penses*
imilar income ilar charges
ties before taxay activities
ce)
vities are treate
penses* include
and other admsis with 2013.
TAL RECOGNED 31 DECEM
erences on foref share‐based p
or the year
OSS ACCOUN13
ation
ed as acquired
e £0.4m of bid d
ministrative cost
NISED GAINS MBER 2013
eign currency npayments
11
NT
or discontinued
defence costs (
ts have been re
& LOSSES
net investments
Note
2
3
4
5
d during the ab
2012: £nil).
estated to refle
s
20£0
48,3(34,51
13,8
(60(45
(7,92
4,8
4,8(63
4,2
10.10.
bove two financ
ect the reclassic
20£0
4,2(2
4,2
13 00
57 12)
45
02) 50) 26)
67
5 ‐
72 33)
39
85 20
cial years.
cation of certain
13 00
39 26) 15
28
Restated 2012 £000
37,806(26,977)
10,829
(613) (443)
(6,553)
3,220
‐ (43)
3,177 (814)
2,363
6.506.22
n items
2012£000
2,363 (10)19
2,372
CONSOLAS AT 31
Fixed asseIntangibleTangible f
Current asStocks Debtors Cash at ba
Creditors:
Net curre
Total asse Provisions
Net assets
Capital anCalled up Share preProfit and
Sharehold
*Creditorswarranty
LIDATED BAL1 DECEMBER
ets e fixed assets fixed assets
ssets
ank and in hand
: amounts fallin
nt assets
ets less current
s for liabilities
s
nd reserves share capital mium account d loss account
ders' funds
s falling due wprovisions of £0
LANCE SHEETR 2013
d
ng due within o
liabilities
within one yea0.5m which we
T
one year
r and Provisionere included wit
12
N
ns for liabilitiethin Creditors f
Note
8
es in 2012 havalling due with
20£0
3,05
3,5
7,610,35,2
23,2
(10,86
12,4
16,0
(1,42
14,5
84,19,6
14,5
e been restatein one year in t
13 00
49 27
76
70 93 27
90
60)
30
06
27)
79
01 23 55
79
ed to include sthat year.
Restated 2012 £000
2,266280
2,546
5,403 9,647 6,226
21,276
*(11,181)
10,095
12,641
*(1,048)
11,593
7713,8227,000
11,593
specific
CONSOLFOR THE
Net cash i
Return onTaxation Capital exEquity div
Cash flow
Financing
Decrease
Reconcilia Decrease Cash outflNon‐cash
Change inTranslatio
MovemenNet funds
Net funds
LIDATED CASE YEAR ENDE
inflow from op
n investment an
xpenditure and vidend paid
w before use of
in cash during
ation of net cas
in cash during tlow from decremovement in l
net funds resuon difference
nt in net funds at beginning o
s at end of year
SH FLOW STAED 31 DECEM
perating activiti
nd servicing of f
financial invest
liquid resource
the year
sh flow to mov
the year ease in debt oan and unamo
ulting from cash
in the year of year
r
ATEMENT MBER 2013
ies
finance
tment
es and financin
ement in net fu
ortised issue co
h flows
13
g
unds
osts
Note
6
7
20£0
2,2
(63(1,35(1,57
(1,33
3
(99
(99
(99
(996,2
5,2
13 00
24
5 31) 55) 73)
30)
31
99)
99) ‐ ‐
99) ‐
99) 26
27
2012 £000
2,394
(43) (726) (963) (720)
(58)
(72)
(130)
(130) 500 (6)
364(3)
361
5,865
6,226
Notes to 1. The prelimstatutory Basis of ac The prelimapplicable Basis of co The prelimundertakithe date oGroup com 2. The turnoturnover b
United KinContinent
3.
Interest o
the prelimina
Basis of prepar
minary financiafinancial statem
ccounting
minary financie United Kingdo
onsolidation
minary financiangs drawn up ton which contrmpanies are eli
Turnover
over, operatingby geographica
ngdom and Eiretal Europe and o
Interest payab
n loan notes
ary financial i
ration
l information hments for the y
al informationom accounting
al information to 31 Decembeol passed. All inminated on con
g profit and netl market for the
e other
ble and similar c
information
as been preparear ended 31 D
n is prepared standards and
consolidatesr 2013. The resntra‐Group trannsolidation.
t assets are whe two years end
charges
14
red on the basiDecember 2013
under the hison a going conc
the financial ssults of subsidinsactions, bala
holly derived fded 31 Decemb
s of the same a3.
storical cost cocern basis.
statements of aries acquired nces and unrea
from the Groupber 2013 is give
accounting poli
onvention and
Sprue Aegis pare consolidatealised gains on
p's principal acen below:
2013£000
26,466 21,891
48,357
2013 £000
‐
icies as detailed
d in accordanc
plc and its subed for the periotransactions be
ctivity. An ana
Res
21
3
d in the
ce with
bsidiary od from etween
lysis of
stated2012£000
5,576 2,230
7,806
2012 £000
(43)
4. Current taUK CorporForeign taAdjustme
Total curr
Deferred tOriginatio
Total defe
Total tax o
5.
Profit attr
WeightedDeemed is
Weighted
Earnings p ‐ basic ‐ fully dilu
Taxation
ax ration tax ax nts in respect o
ent tax charge
tax on and reversal
erred tax
on profit on or
Earnings per sh
ributable to sha
average numbssue of potenti
average numb
per share (penc
uted
of prior years
and tax on prof
of timing differ
rdinary activitie
hare
areholders bein
ber of shares in ally dilutive sha
ber of shares in
ce)
fit on ordinary
rences
es
g profit after ta
issue for basic ares (΄000)
issue for dilute
15
activities
axation
calculation (΄00
ed calculation (΄
00)
΄000)
2013£000
(456)(88)81
(463)
(170)
(170)
(633)
2013 £000
4,239
No.
39,087 2,452
41,539
10.85 10.20
3
3
2012 £000
(495) (50)
(108)
(653)
(161)
(161)
(814)
2012 £000
2,363
No.
36,367 1,706
38,073
6.50 6.22
6.
OperatingAmortisatDepreciatLoss / (proExchange Share‐basMovemenMovemenMovemenMovemen
Net cash i
7. Cash at ba
8.
As at 1 JanRestateme
As at 1 JanCharged tUtilised w
Balance at
Provisionsincluded w 9.
Jarden CoGroup folappointm2012. At t
Reconciliation
g profit tion of capitalision charges ofit) on disposadifferences sed payment exnt in debtors nt in stock nt in creditors nt in provisions
nflow from ope
Analysis of net
ank and in hand
Provisions for
nuary 2013 – asent
nuary 2013 – aso profit and los
within the year
t 31 December
s for liabilities within Creditors
Related party:
orporation and lowing Jarden’ent of a Jardethe year end, Ja
of operating p
ed developmen
al of fixed assets
xpense
– excluding de
erating activitie
t cash
d
liabilities
s previously sta
s restated ss account
2013
in 2012 have s falling due wit
Jarden Corpor
its subsidiaries’s purchase in n nominated narden’s interest
profit to net cas
nt costs and go
s
ferred tax
es
ated
been restatedthin one year in
ration
s and associate2010 of a 29.9non‐executive dt in the share ca
16
sh inflow from
odwill
At beginof
Deferre
d to include spn 2012, to ensu
es (collectively 9% interest in director, Tom Rapital of the Co
operating activ
nning f year£’000
6,226
ed tax
£’000
523 ‐
523 170
‐
693
pecific warranture comparabili
referred to as the ordinary sRusso, to the Smpany was 26.
vities
2013£000
4,867 205 119
1(26)15
(680) (2,267) (219) 209
2,224
Cash flows£’000
(999)
Warranty provisions
£’000 ‐
525
525 1,062 (853)
734
ty provisions oty.
“Jarden”) are hare capital ofSprue Aegis plc.6% (2012: 27.6
Resta
2£
3,
(2,6(42,
2
At of y£’
5,
T
£’
1,1,(8
1,
of £0.5m which
related partiesf Sprue Aegis ac board in Sep6%).
ated
012000
,220 168 83
(11)1219
620) 480) ,022 (19)
2,394
end year’000
,227
Total
’000
523 525
,048 ,232 853)
,427
h were
s of the and the ptember
Jarden, w 2013 net were £18(2012: £6. 10.
The final derived fr
The final ryear ende
The final r The statuCompanieDecemberaccounts w Copies of William Ly
hich includes B
purchases from.4m (including .1m).
Financial infor
results do not om the statuto
results have beed 31 Decembe
results were ap
utory financial es following ther 2012 for Spruwas unqualified
the statutory fyons Road, Cov
RK Brands, is th
m Jarden amouthe distributio
mation
constitute full ory financial sta
een prepared or 2013.
proved for issu
statements foe Company's Aue Aegis plc, hd and did not co
financial statementry, CV4 7EZ,
he largest supp
nted to £22.2mon fee of £4.16
accounts withtements for the
on the same ba
ue by the Board
or the year enAnnual Generalave been filedontain any stat
ments are also a, or via the web
17
lier by value to
m (including the6m). At the ye
in the meaninge years ended 3
sis as will be se
of Directors on
nded 31 Decem Meeting. Sta with the Regisement under S
available from bsites www.spr
the Group.
e distribution fear end, net Ja
g of section 4331 December 2
et out in the st
n 11 April 2014
mber 2013 witutory financiastrar of Compaection 498 (2) o
Sprue Aegis plcrue.com or www
fee of £4.16m).arden creditors
4 of the Comp013 and 31 Dec
tatutory financ
4.
ll be deliveredal statements foanies. The audior (3) of the Co
c's head office:w.sprueaegis.co
. 2012 net pus amounted to
panies Act 2006cember 2012.
ial statements
d to the Regisor the year enitors' report onompanies Act 20
: Vanguard Cenom.
rchases o £6.1m
6 but is
for the
strar of ded 31 n those 006.
ntre, Sir
