Restatement of interest paid

29 / 09 / 23  |  Group

Zenith has identified that the cash interest paid for FY23 shown as “interest paid” in the Consolidated cash flow statement and the Glossary section of the Group’s FY23 Annual Report (Pages 130, 152 and 153) has been overstated.

The figure shown for the amount of interest paid was £38.2m. However, Zenith paid £6.1m less than this so the number listed should instead be £32.1m. The difference relates to prepaid financing costs being incorrectly treated in the financial statements as cash paid. As a result, the working capital movement is correspondingly £6.1m lower than initially shown.

This adjustment also has an impact on the Operating cash flow figure, which will become £63.1m and correspondingly the Cash Conversion figure, which should now read 79.4%. The updated FY23 figures will be included in the Q2 FY24 results to be released at the end of November