CFO Financial Review
Manoj Parmar Chief Financial Officer
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.
Revenue
Segment
2016 £m
2015 £m
Change
Downstream Access Mail and Parcels Doordrop Media Total Revenue
528.4 63.3 591.7
552.7 52.9 605.6
(4.4)% 19.7% (2.3)%
Group revenues of £591.7m (2015: £605.6m) reduced by 2.3%
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Strategic Report | Whistl Annual Report 2016
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