National Milk Records plc
LSE : NMRP

July 13, 2016 02:01 ET

Final Results

                                                                                                      13 July 2016                                                                                                                  
                                                                                                      GB00B5TWCQ18
                                                                                                                  
                                             National Milk Records plc                                                         
                                             ('NMR' or 'the Company')
                                                         
                                               Audited Final Results
                                                         

CHAIRMAN'S REPORT

National  Milk  Records  Plc (NMR), the ISDX quoted leading supplier of dairy and livestock  services,  is
pleased to announce its audited results for the year ended 31 March 2016.

Chairman's Statement

During  the  period  1 April 2015 to 31 March 2016 the overall UK and Irish dairy markets  were  extremely
challenging  for  our dairy farming and processor customers. We have seen these trading conditions  before
and  we expect the cycle to reverse. Despite the market conditions NMR revenue grew to GBP20,613,000 (2015
GBP20,159,000) although market related loses in our development business affected operating profit,  which
before adjustments to the pension scheme deficit, was GBP1,104,000 (2015 GBP1,915,000).

Considering  the market conditions, the NMR Group has continued to perform well and is positioning  itself
to  capture  value  as  the market conditions reverse. The challenging market conditions  do  create  some
opportunities as the market consolidates and farmers seek better value services.

From  our  Interim  Statement  issued  on 12 November 2015, shareholders  will  have  been  aware  of  the
challenging trading at Inimex caused by market conditions. The six-month period from 1 October 2015 to  31
March 2016 has been seen turnover increase to GBP721,000 from the previous six months of GBP373,000. There
is  some  seasonality  in this improved performance; however, we have impaired the total  Inimex  goodwill
(restated as a result of our transition to FRS 102 - see note 30) and reassessed the probability of Inimex
meeting  its  revenue  targets over the deferred contingent consideration period  and  have  released  the
provision booked at acquisition.

Our  cash  position remains strong at GBP2,405,000 at 31 March 2016 (2015: GBP1,974,000). During the  year
the  group  paid corporation tax of GBP439,000 and Recovery Plan Pension payments of GBP733,000.  NMR  has
also  continued  to invest in new services such as GENE TRACKER. The NMR Group is uniquely  positioned  to
capture  value  from  the  continued focus on national disease control programmes  such  as  Bovine  Viral
Diarrhoea  (BVD)  and Johne's as well as growing pressure to reduce the prophylactic use  of  antibiotics.
National  Milk Laboratories (NML) has continued the development of a number of exciting new product  lines
such  as  fatty  acid profiling. NMR Group will continue to invest in the coming years particularly  in  a
planned upgrade of our laboratory equipment and IT systems.

The  decision  taken by the Milk Pension Fund Trustee to use CPI (Consumer Prices Index) rather  than  RPI
(Retail  Prices  Index) to calculate pension increases has previously been announced  to  the  market  and
improved  the pension scheme deficit by GBP5,158,000. This decision has a positive effect on  our  balance
sheet  and has contributed to reducing the overall pension deficit by GBP6,200,000 to GBP3,500,000  (2015:
GBP9,700,000). The recalculation of the net defined benefit liability of GBP5,158,000 is reported  in  the
consolidated profit and loss account, and this one off event is shown separately to provide clarity in our
reporting to shareholders.  The final settlement of the tri-annual pension scheme valuation as at 31 March
2015  was  not  confirmed by the original deadline of 30 June 2016. The deficit in the Milk  Pension  Fund
remains  significant and NMR will continue to pay deficit recovery payments based on  a  10-year  recovery
plan.  I  am  pleased to see the effect of the CPI adoption as well as dividend payments  from  subsidiary
business means that both the consolidated and company balance sheets now show positive reserves.

I  would  like  to  thank  our staff for their hard work during the year and our  shareholders  for  their
continued support.


Philip Kirkham
Chairman
13 July 2016


STRATEGIC REPORT

To the members of National Milk Records Plc


CAUTIONARY STATEMENT

This  Strategic  Report  has been prepared to provide additional information to shareholders  to  assess  the
Group's strategies and the potential for those strategies to succeed.

The Strategic Report contains certain forward-looking statements.  These statements are made by the directors
in  good faith based on the information available to them up to the time of their approval of this report and
such  statements  should be treated with caution due to inherent uncertainties, including both  economic  and
business risk factors, underlying any such forward-looking information.


The directors, in preparing this Strategic Report, have complied with s414C of the Companies Act 2006.

This  Strategic  Report has been prepared for the Group as a whole and therefore gives  greater  emphasis  to
those  matters which are significant to National Milk Records Plc and its subsidiary undertakings when viewed
as a whole.

The business model
The  principal  activity of the Group in the year remains the provision of management  information  to  dairy
farmers via National Milk Records (NMR) and the provision of milk payment testing services to milk buyers via
National Milk Laboratories (NML).

The  milk  recording  services  provided  by  NMR  are the cornerstone  of  most  progressive  dairy  farming
enterprises. NMR has achieved organic growth by launching new services to existing customers such as  Johne's
testing   which   is   being   bolstered   by  the  launch  of  the  National   Action   Group   on   Johne's
(www.actionjohnesuk.org).  The advent of the national control programme for Bovine Viral Diarrhoea  (BVD)  in
England  follows  the  introduction  of  similar  schemes  in  Scotland  and  Northern  Ireland  and  creates
opportunities for NMR to introduce similar services in England. There are also still growth opportunities  in
core  milk  recording  services themselves. NMR still has a relatively lower market  share  in  Scotland  and
Northern  Ireland  as  well as specific areas in England where competitor presence is strong.  The  focus  on
antibiotic  resistance in the human population is putting pressure on antibiotic use in all food  chains.  In
the  dairy sector this translates to pressure on antibiotic use during the dry period of dairy cows. In  turn
this leads to demands for greater record keeping in herds that have previously not recorded its milk.

NML  is  the  sole  provider of payment testing services for GB dairy processors with longstanding  and  well
established  relationships  with all the principal milk processors.  During the year  the  business  achieved
growth  by  meeting  the demand for a 'step change' in test volumes for one of its key clients,  Arla  Foods.
Going  forward  the  business is working on the development of added value services for its  payment  testing
clients  by  integrating  more closely with milk purchaser Information Technology (IT)  systems.   This  will
further  strengthen client relationships and provide new revenue opportunities. Alongside the development  of
its  payment  testing  service,  NML  is  progressing to develop  disease  testing  capacity  and  technology
(particularly  Johne's  and BVD). NML also has innovative projects such as investigating  the  screening  for
adulterants in milk and services that will help determine the suitability of raw milk for different end uses.
Analysing individual cow milk samples to determine energy status is another area of development that has  the
scope to add significant value to the information that can be gained from the milk sample.


Inimex  Genetics acts principally as a reseller and agent of genetic products in the UK and mainland  Europe.
Inimex trades in the UK under the Bullsemen.com brand. The dairy genetics sector has many synergies with  the
core  milk  recording business of NMR as reflected in the common business model in other  global  markets  in
which  the milk recording businesses and genetics businesses are within the same overall group. In the  short
term  the  plan  is  to  run Inimex as a standalone business to ensure the core competence  of  Bullsemen.com
(encompassed  by  the strapline "Great Bulls at Fair Prices") is not lost. In the medium term  we  intend  to
explore  how the key values of both Inimex and NMR can be combined to launch new and innovative services  for
UK dairy farmers.

iML is a joint venture in The Republic of Ireland which replicates NML's payment testing services in a market
of comparable size to that of the UK. iML is cash positive and profitable. No dividend has been made from iML
to NMR as the business is investing in its business to take advantage of significant growth opportunities for
iML within its current financial resources.

Our  ear tag identification business which operates under the Nordic Star brand is reported in NLR along with
revenues from animal traceability database services. The Nordic Star brand continues to grow particularly  in
the  tissue  tag  sector  for BVD testing. As yet no new significant projects have  come  from  the  resource
deployed in the animal traceability database services sector.


Future developments and market conditions
The  directors  will  continue to focus on the core business of the Company and its subsidiary  undertakings,
whilst looking to take advantage of new opportunities as they arise. The directors believe development of the
current  business model can produce capital efficient growth. In the short term the cyclical nature of  price
received by our dairy farmer customers means that cash flow in the farming business is extremely tight and in
our planning we anticipate this adverse market environment will not ease during the 2016 calendar year.

In  the  medium  term  the  Board believes overall market dynamics in the UK  and  Irish  dairy  sectors  are
favourable  which  will  increase demand for its products. Global demand for dairy products  is  expected  to
regain  momentum driven principally by new consumer demand from developing markets such as China. This global
consumer  demand for dairy products is expected to help support the milk price in the UK which adds value  to
the  services  provided by the NMR Group. This value is further supported by an increased awareness  of  food
provenance in the UK following the horse meat scandal, a reawakening of the health benefits of dairy products
and increasing concerns over the use of antibiotics in the human food supply chain.

The NMR Group continues to build strategic relationships with food retailers, food suppliers and agricultural
bodies  to strengthen its value proposition within the food chain. The consolidation process in the UK  dairy
sector by which fewer dairy farmers tend to have larger, more professionally managed herds creates demand for
NMR's management information services. This same consolidation process also creates an opportunity for NMR to
broaden its product range as other suppliers find that a third party distribution channel is more efficient.


Key performance indicators
The directors monitor the Group's progress against its strategic objectives and the financial performance  of
the  Group's operations on a regular basis. Details of the most significant key performance indicators (KPIs)
used by the Group are as follows:

Turnover

NMR  views  change  in  the market as an opportunity to grow and to use its profits to  develop  and  produce
innovative  products, services and solutions that satisfy emerging customer needs. Growth comes  from  taking
considered risks, based on the state of the industry.

In  2016  the growth in turnover was predominately in additional testing services such as BVD and  Johnes  as
well as 12 months Inimex revenue.

Split of Group revenue by class of business

GBP'000                                 2015            2016
                                                        
Total                                   20,159          20,613
                                                        
Milk recording services                 10,698          10,468
                                                        
Disease testing services                2,636           3,000
                                                        
Software sales and support              804             759
                                                        
Payment testing services                4,115           4,216
                                                        
Livestock traceability and              1,244           1,076
surveillance                                            

Genetics                                662             1,094
                                                        
.

Profitability
In  order to be successful, the Group needs to achieve sufficient profit to finance growth, create value  for
the Group's shareholders and provide the resource needed to achieve any of the Group's other objectives.

In  2016 the reduction in operating and gross profit is largely as a result of market driven loses within the
Inimex  business  and the challenging conditions in the dairy market leading to limited price  increases  for
recording services in NMR. There have also been increased legal costs associated with the tri annual  pension
scheme valuation.

GBP'000           2015         2016
                               
Operating         1,915        6,262
profit                         

Gross profit      7,076        6,611
                               


Laboratory processing time
NMR  seeks to differentiate its products by improving service levels. An example of improving service is that
during  the  year  ended  31  March 2016 the average laboratory processing time for  milk  recording  samples
arriving in the laboratory was just 5.6 hours.

             2011          2012          2013          2014          2015         2016
                                                                                  
Hours        27.8          23.6          12.6          5.8           5.7          5.6
                                                                                  



Principal risks and uncertainties
The  Group operates a risk management system that evaluates and prioritises risks and uncertainties. This  is
principally a function of the Board of Directors led by the Executive team.

There is a range of risks and uncertainties facing the Group. The list below is not intended to be exhaustive
and  focuses  on those specific risks and uncertainties that the directors believe could have  a  significant
impact on the Group's performance, as analysed by its key performance indicators.

Market conditions and competitive pressures
The Group operates in a number of different markets that are influenced by economic cycles, the health of the
agricultural  market,  changes in government legislation and environmental factors. These  can  all  lead  to
changes  in  profitability of our customers and demand patterns for our products and services. The  UK  dairy
sector  is  protected  to some extent from the commodity nature of global markets by a proportion  of  retail
liquid milk contracts which are typically based on a cost plus pricing model. However, cash flow is extremely
tight  across all sectors in the UK and Irish dairy sectors due largely to higher supply and reduced  demand.
Global  demand  increases  incrementally in low single figures based on population growth  although  national
government buying patterns such as in China can skew the year to year numbers. The recovery in global  prices
is  expected to be led by reduced supply and some signs of this are already evident.  However, this  recovery
is not expected to gain traction until 2017.

Through  an  experienced  management team, board oversight and commitment to  developing  products  that  are
focused on customers' requirements, the Group aims to address the risks of the consolidating market. A  joint
venture  business  model  is preferred after careful selection of appropriate partners  to  reduce  the  risk
associated with entering the Irish dairy market.

Future  developments  in revenue will largely be based on integration and exploitation  of  current  business
areas.  Integrated  services based on genomics, heat detection and genetics services  are  offered  in  other
global dairy markets and NMR has the opportunity to replicate their success in the UK. Organic growth in each
of  business  areas  provides  opportunities  for capital efficient  development.  The  current  poor  market
conditions  are expected to begin to reverse during the April 2016 to March 2017 financial year although  the
trend of consolidation of UK dairy herds with few herds with more cows will continue.

Finance
The  Group is exposed, along with others, to the risk of failure of a third party member of the Milk  Pension
Fund  under  its  joint  and  several terms as well as exposure to costs that result  from  external  factors
impacting  the size of the pension deficit (e.g. mortality rates, investment values). This area  is  actively
managed at Board level with appropriate external advice and the agreement of actuarial valuations and deficit
reduction plans with the pension trustees.

The  final  settlement  of  the tri annual pension scheme valuation at 31 March  2015  process  will  not  be
confirmed  by the original deadline of 30 June 2016. The deficit in the Milk Pension Fund remains significant
and NMR will continue to pay deficit recovery payments based on a 10-year recovery plan.

The  Group's activities expose it to foreign currency exchange risks due to the use of European and  American
suppliers and its joint ventures based in Ireland and The Netherlands.

The  Group's  objective is to produce continuity of funding at a reasonable cost. To  do  this  it  seeks  to
arrange  committed funding that matches the assets or working capital it is designed to fund.  Funding  comes
from  a  limited number of providers. The Group finances its operations by a mixture of short term overdrafts
and finance leases. It manages its interest rate risk primarily through the use of fixed rate finance leases,
matched  against  the  assets being acquired. It does, however, have a floating rate  overdraft  facility  to
manage day to day working capital requirements.

The  Group's  principal financial assets are bank balances, trade and other receivables. The  Group's  credit
risk  is primarily attributable to its trade receivables. The amounts presented in the balance sheet are  net
of allowances for doubtful receivables. An allowance for impairment is made where there is an identified loss
event which, based on previous experience, is evidence of a reduction in the recoverability of cash flows.

The  credit  risk  on  liquid funds is limited because the counterparties are banks with high  credit-ratings
assigned by international credit-rating agencies.

The  Group  has  no  significant concentration of credit risk, with exposure spread over a  large  number  of
counterparties and customers.

Other risks
The  risk of failure to attract or retain skills and experience within the Executive and Management teams  is
managed  by  external  consultation on Executive and Senior Management pay levels  led  by  the  Remuneration
Committee that also monitors senior management performance.

Business  continuity plans are in place for IT systems and all key locations to address the risks  associated
with loss of capability in these areas.

Brexit
Britain's  historic  vote  on 23 June to leave the European Union means the UK must  now  decide  when  to
trigger  Article  50  of  the  Lisbon Treaty and trigger a statutory 2-year period  of  negotiations  with
Brussels  on  the terms of exit. 40 years of EU regulations and directives have to be unravelled  and  new
terms of trade negotiated. Single Farm Payments paid to UK farmers have been said by Brexit campaigners to
be  safe until 2020, however there will be inevitable uncertainty in the coming months. The NMR Board will
constantly review the situation both in the dairy sector and wider economic environment to ensure we  take
the correct decisions based on the best information available.

Approval
This report was approved by the Board of Directors on 13th July 2016 and signed on its behalf by:


Mr A J Warne
Director

13 July 2016

CONSOLIDATED PROFIT AND LOSS ACCOUNT
Year ended 31 March 2016

                                                                                             2016             2015
                                                                                          GBP'000          GBP'000

TURNOVER
Group and share of joint ventures - existing operations                                    21,402           20,218
Acquisitions                                                                                    -              662
                                                                                    _____________    _____________
                                                                                           21,402           20,880
Less: share of joint ventures' group turnover                                               (789)            (721)
                                                                                    _____________    _____________
                                                                                           20,613           20,159

Cost of sales                                                                            (14,002)         (13,083)
                                                                                    _____________    _____________
Gross profit                                                                                6,611            7,076

Administrative expenses                                                                   (5,507)          (5,161)
Remeasurement of net defined benefit liability                                              5,158                -
                                                                                    _____________    _____________
OPERATING PROFIT
Existing operations                                                                         6,262            1,759
Acquisitions                                                                                    -              156
                                                                                    _____________    _____________
                                                                                            6,262            1,915

Share of operating profit in joint ventures                                                    55              117
                                                                                    _____________    _____________
PROFIT ON ORDINARY ACTIVITIES BEFORE FINANCE INCOME                                         6,317            2,032

Net finance (cost)/income                                                                   (295)              383
                                                                                    _____________    _____________
PROFIT ON ORDINARY ACTIVITIES BEFORE TAXATION                                               6,022            2,415

Tax on profit on ordinary activities                                                      (1,185)            (588)
                                                                                    _____________    _____________
PROFIT FOR THE FINANCIAL YEAR                                                               4,837            1,827
                                                                                    _____________    _____________


Earnings per share expressed in pence per share (see note 4)
Basic                                                                                       67.48            25.61
Diluted                                                                                     65.03            24.67
                                                                                    _____________    _____________


The profit and loss account has been prepared on the basis that all operations are continuing operations.


CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

Year ended 31 March 2016

                                                                                             2016             2015
                                                                                          GBP'000          GBP'000

PROFIT FOR THE FINANCIAL YEAR                                                               4,837            1,827

Actuarial gains/(loss) on pension scheme                                                      800          (1,800)
Movement on deferred tax relating to pension scheme                                         (160)              360
                                                                                    _____________    _____________
TOTAL COMPREHENSIVE INCOME FOR THE YEAR                                                     5,477              387
                                                                                    _____________    _____________

CONSOLIDATED BALANCE SHEET
At 31 March 2016
                                                                           2016                          2015
                                                               GBP'000       GBP'000          GBP'000      GBP'000
FIXED ASSETS
Intangible assets                                                                772                         1,882
Tangible assets                                                                2,295                         2,599
Investments                                                                      488                           433
                                                                       _____________                 _____________
                                                                               3,555                         4,914

CURRENT ASSETS
Stock                                                              408                            497
Debtors - due within one year                                    2,625                          2,142
Debtors - due after one year                                       700                          1,940
Cash at bank and in hand                                         2,405                          1,974
                                                         _____________                  _____________
                                                                 6,138                          6,553
CREDITORS: AMOUNTS FALLING DUE
  WITHIN ONE YEAR                                              (3,537)                        (3,942)
                                                         _____________                  _____________
NET CURRENT ASSETS                                                             2,601                         2,611
                                                                       _____________                 _____________
TOTAL ASSETS LESS
CURRENT LIABILITIES                                                            6,156                         7,525

CREDITORS: AMOUNTS FALLING DUE
  AFTER MORE THAN ONE YEAR                                                     (388)                         (957)


POST EMPLOYMENT BENEFITS                                                     (3,500)                       (9,700)

PROVISIONS FOR LIABILITIES                                                     (220)                         (309)
                                                                       _____________                 _____________
NET ASSETS/(LIABILITIES)                                                       2,048                       (3,441)
                                                                       _____________                 _____________

CAPITAL AND RESERVES
Called up share capital                                                          754                           752
Share premium                                                                     76                            66
Share option reserve                                                              22                            22
Profit and loss account                                                        1,196                       (4,281)
                                                                       _____________                 _____________
SHAREHOLDERS' FUNDS/(DEFICIT)                                                  2,048                       (3,441)
                                                                       _____________                 _____________

CONSOLIDATED STATEMENT OF CASH FLOWS
Year ended 31 March 2016


                                                                           2016                          2015
                                                               GBP'000       GBP'000          GBP'000      GBP'000

Cash flows from operating activities
Operating profit                                                               6,262                         1,915
Adjustments for:
Amortisation of intangible assets                                  288                            208
Impairment of goodwill                                             240                              -
Depreciation of tangible assets                                    659                            979
Profits on disposal of tangible assets                            (29)                           (41)
Increase in trade and other debtors                              (483)                          (294)
Decrease/(increase) in stocks                                       89                          (253)
Decrease/(increase) in creditors                                 (111)                            929
Difference between pension credit and cash paid                (5,700)                        (1,040)
                                                         _____________                  _____________
Cash from operations                                                         (5,047)                           488
Income taxes paid                                                              (438)                         (347)
                                                                       _____________                 _____________
Net cash generated from operating activities                                     777                         2,056

Cash flows from investing activities
Proceeds from sale of tangible assets                                            118                            41
Purchases of tangible assets                                                   (270)                         (137)
Acquisition of subsidiary                                                          -                       (1,471)
Interest received                                                                  5                           231
                                                                       _____________                 _____________
Net cash used in investing activities                                          (147)                       (1,336)

Cash flows from financing activities
Share capital issued                                                              12                            51
Repayment of finance lease obligations                                         (211)                         (239)
                                                                       _____________                 _____________
Net cash used in financing activities                                          (199)                         (188)
                                                                       _____________                 _____________
Net increase in cash and cash equivalents                                        431                           531

Cash and cash equivalents at beginning of year                                 1,974                         1,443
                                                                       _____________                 _____________
Cash and cash equivalents at end of year                                       2,405                         1,974
                                                                       _____________                 _____________

Notes

1.      General Information

The basis of preparation of this preliminary announcement is set out below.

The financial information in this announcement, which was approved by the Board of Directors on 13 July 2016, does
not constitute the Company's statutory accounts for the years ended 31 March 2016 or 31 March 2015, but is derived
from these accounts.

Statutory  accounts for the year ended 31 March 2015 have been delivered to the Registrar of Companies  and  those
for  the  year ended 31 March 2016 will be delivered following the Company's Annual General Meeting.  The auditors
have  reported on those accounts; their reports were unqualified, did not draw attention to any matters by way  of
emphasis without qualifying their report and did not contain statements under S498 (2) or (3) of the Companies Act
2006.

Whilst  the financial information included in this preliminary announcement has been completed in accordance  with
United  Kingdom  Accounting  Standards  (United Kingdom Generally Accepted  Accounting  Practice  'UKGAAP'),  this
announcement itself does not contain sufficient information to comply with UKGAAP.

The financial information has been prepared on the historical cost basis.

Copies  of  the  announcement can be obtained from the Company's registered office at Fox Talbot House,  Bellinger
Close, Chippenham, SN15 1BN

It  is intended that the full financial statements which comply with UKGAAP, or summary financial statements where
the  shareholder has elected to receive Summary Financial statements will be posted to shareholders in due  course
and  will  be  available  to  members of the public at the registered office of the Company  from  that  date  and
available on the Company's website: www.nmr.co.uk

2. Going concern

The  Group's  business activities together with the factors likely to affect its future development,  cash  flows,
liquidity,  performance and position are set out in the Strategic report. The Group meets its  day-to-day  working
capital  requirements  through  GBP2,405,000 of cash at bank (2015: GBP1,974,000) and  an  overdraft  facility  of
GBP700,000 which is renewable on an annual basis in October.

The  pension  scheme  deficit of GBP3,500,000 (2015: GBP9,700,000) is a significant cash flow  commitment  to  the
group.  A  recovery  plan  was  agreed  in relation to the Milk Pension Fund which  confirms  the  future  pension
contributions  to  March 2017. The final settlement of the tri-annual pension scheme valuation at  31  March  2015
process will not be confirmed by the original deadline of 30 June 2016, but we expect to conclude negotiations  by
the  AGM on 25 August 2016. The cash flow forecasts have included the directors' best estimate of the payments  in
2017 over the going concern period.

The  Group's  forecasts and projections, which allow for reasonable possible changes in trading performance,  show
that  the  Group has adequate headroom against the committed overdraft facility across the forecast period.  As  a
consequence, the directors believe that the Group is well placed to manage its business risks successfully despite
the  current uncertain economic outlook. After making enquiries, the directors have a reasonable expectation  that
the Group and the Company have adequate resources to continue in operational existence for the foreseeable future.
Thus, they continue to adopt the going concern basis in preparing the financial statements.


3. Dividends
The  directors  do  not  recommend the payment of a dividend in relation to the year ended 31  March  2016  (2015:
GBPnil).
        
4. Earnings Per Share
        
Basic  earnings  per  share is calculated by dividing the earnings attributable to ordinary  shareholders  by  the
weighted average number of ordinary shares outstanding during the period.

Diluted  earnings  per  share is calculated using the weighted average number of shares  adjusted  to  assume  the
conversion of all dilutive potential ordinary shares.

The  shares  held  by the Employee Share Option Plan are deducted from total shares in arriving  at  the  weighted
average number of ordinary shares used in the earnings per share calculation.
        
Reconciliations are set out below.
                                                                                                 2016
                                                                                             Weighted
                                                                                              average     Earnings
                                                                            Earnings           number    per share
                                                                             GBP'000        of shares        pence
        Basic EPS
        Earnings attributable to ordinary shareholders                        4,837        7,167,803        67.48
        Effect of dilutive securities
        Options                                                                   -          270,000            -
                                                                       _____________    __________________________
        Diluted EPS
        Adjusted earnings                                                     4,837        7,437,803        65.03
                                                                       _____________    __________________________

                                                                                                 2015
                                                                                             Weighted
                                                                                              average     Earnings
                                                                            Earnings           number    per share
                                                                             GBP'000        of shares        pence
        Basic EPS
        Earnings attributable to ordinary shareholders                        1,827        7,134,903        25.61
        Effect of dilutive securities
        Options                                                                   -          270,000            -
                                                                       _____________    __________________________
        Diluted EPS
        Adjusted earnings                                                     1,827        7,404,903        24.67
                                                                       _____________    __________________________

There have been no other transactions involving ordinary shares or potential ordinary shares between the reporting
date and the date of completion of these financial statements.


    

Contact Information

  • National Milk Records plc