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Strategic Report
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Whistl Annual Report 2016
CFO Financial Review
Financial position
Focus on profitable and cash generative core activities
has put the Group in a strong financial position, with the
resources to invest and grow. Net cash at the end of the
year was £22.9m (2015: £14.4m) and net assets were £13.7m
(2015: £6.4m).
Cash flow from operating activities was £12.7m (2015:
(£0.4m)). The increase in cash flow compared to the prior
year, was due to profitable trading in 2016 and the adverse
impact from closure of Whistl’s final mile delivery activities
in 2015. The net increase in cash during the year was £8.5m.
In addition to cash at bank, the Group can draw on
a £65m fully committed credit facility from Royal Bank
of Scotland, for a further four years to support investment
and working capital.
Group structure
On 13 February 2017, Whistl NN1 Limited changed its name
to Whistl Limited.
The Whistl Limited (formerly Whistl NN1 Limited) Group
is comprised of ten companies. As at 31 December 2016
there are two main trading companies and eight holding or
dormant companies. Whistl UK Limited is the trading entity
of the Mail and Parcels business units and Whistl (Doordrop
Media) Ltd is the trading entity of Doordrop Media. On 6
March 2016, the Group’s trading structure was simplified
when four companies transferred their entire business
and assets into Whistl UK Limited at net book value, and
subsequently became dormant.
The ultimate holding company of the Group, Whistl Group
Holdings Limited, was incorporated on 16 September 2015
and was the vehicle used to execute the MBO.
Group revenues of £591.7m (2015: £605.6m) reduced by 2.3%
Downstream
Access Mail
and Parcels
Doordrop Media
Total Revenue
2016
£m
528.4
63.3
591.7
2015
£m
552.7
52.9
605.6
Change
(4.4)%
19.7%
(2.3)%
Revenue
Manoj Parmar
Chief Financial Officer
Segment