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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Sinclair Will. | LSE:SNCL | London | Ordinary Share | GB0009665661 | ORD 25P |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 9.375 | 0.00 | 01:00:00 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| 0 | 0 | N/A | 0 |
From Apr 2019 to Apr 2024
TIDMSNCL
RNS Number : 0363F
Sinclair (William) Holdings PLC
11 June 2012
11 June 2012
WILLIAM SINCLAIR HOLDINGS PLC
("William Sinclair", the "Company" or the "Group")
Unaudited Interim Results for the six months ended 31 March 2012
William Sinclair Holdings PLC is one of the UK's leading producers of commercial horticulture and branded garden products. William Sinclair's well established brands include J Arthur Bower's, Silvaperl and New Horizon - the leading brand in the fast growing peat free garden compost and organic plant foods sector. William Sinclair's customers include national accounts such as The Garden Centre Group, Sainsbury's, Wilkinson, Homebase and B&Q as well as an extensive range of independent garden centres.
Highlights
-- Profit before tax of GBP0.38 million (2011: GBP0.65 million) -- Revenue maintained at GBP26.2 million (2011: GBP26.1 million) -- Interim dividend increased to 1.9p per share (2011: 1.8p) -- Bolton Fell compensation claim referred to the Lands Tribunal -- Regeneration of peat bog at Bolton Fell underway -- Integration of YHS composting business complete
Bernard Burns, Chief Executive said:
"The Company's growth strategy remains on track via both organic and acquisition opportunities. With industry leading product quality and customer service levels, William Sinclair continues to set industry standards and increase its customer base.
"In light of the economic conditions management continues to take the necessary decisions to ensure costs remain tightly controlled and operational efficiencies are identified. As a consequence, the outlook for the business remains in line with market expectations."
For further information:
William Sinclair Holdings Plc Tel: 01522 537561
Bernard Burns, Chief Executive
Peter Williams, Finance Director
Westhouse Securities Tel: 0207 601 6100
Adam Lloyd
Paul Gillam
CHAIRMAN'S STATEMENT
For the 6 months ended 31 March 2012 (unaudited)
During the six months to 31 March 2012 William Sinclair performed in line with the Board's expectations. The interim dividend has been increased to 1.9p per share (2011: 1.8p) reflecting the Board's established policy of dividend progression.
Trading Review
Due to the seasonality of William Sinclair's operations, profits are heavily weighted to the second half of the year. The key selling season is the Spring months and this year we had a late start to the season. The warm, dry conditions finally arrived in the second half of March and this generated strong consumer demand. Because of the low levels of stock held by retailers, this led, in turn, to high despatch volumes towards the end of the period.
Turnover during the period was GBP26.2 million, in line with the previous year. The Board believes this to be a satisfactory performance during the current economic environment. Margins have been squeezed a little by the increase in oil prices which affects our transport and our packaging costs and also by the cost of harvesting peat last summer. We had to buy in small quantities of peat for our professional customers due to the restrictions agreed with Natural England on harvesting at our Bolton Fell bog. These factors combined to bring about a small reduction in pre-tax profits which are GBP0.38 million (2011: GBP0.65 million).
With transport accounting for approximately 25% of the Company's total cost base, the management team continues to focus on maximising efficiencies in this area.
Acquisitions
The acquisition in November 2011 of the business and certain assets of Yorkshire Horticulture Supplies, the composting operation based in Doncaster, has made a limited contribution to overall performance so far as activity for this business is also heavily weighted towards the summer months. The integration of the acquisition has progressed well and it is now fully operational within Freeland Horticulture.
In line with the Company's growth strategy additional acquisition opportunities continue to be considered.
Peat Policy
The various arguments associated with peat harvesting and replacement have been heavily covered in the media during the last six months with features on BBC1's "Countryfile" and Radio 4's "You and Yours", as well as almost all of the UK's national newspapers.
William Sinclair has taken a leading position in the debate and considers the government's current peat free policy, which is based on a voluntary approach, to be untenable. The Board believes that there can be no voluntary exit from peat by the horticultural industry when the government's own impact assessment evaluates the cost to the industry at GBP533 million (source: DEFRA).
Without compulsion (a ban or tax on peat) or incentives (subsidies on peat substitutes) the Board does not expect the volume of peat used in horticulture to reduce by any appreciable amount in the foreseeable future. With extensive peat reserves and also having the leading peat alternative product in the horticulture industry, William Sinclair is ideally positioned to compete in any event.
Bolton Fell
In December 2011 William Sinclair announced that it believed that its compensation claim for its interests at the Bolton Fell site in Cumbria would need to be referred to the Lands Tribunal. The referral took place in May 2012 and the Company will update shareholders on further progress in due course.
The Company has to date received a GBP9 million interim payment which remains on the balance sheet and has not been taken to the Consolidated Income Statement.
Outlook
Domestic gardening activity during April and most of May was severely held back by the cold, wet weather. However, some of this shortfall is being recovered as temperatures increase and demand for the Company's growing range of high quality products has strengthened during the last two weeks.
Inflationary pressures experienced earlier in the year have eased and, by achieving further improvements in operating efficiencies, combined with having the best delivery records and levels of service in the industry, the Board, at this early stage of the season, expects the Company will perform in line with market forecasts.
Bill Simpson
Chairman
Hot Features
Premium
Consolidated Income Statement Six months Six months Year
for the six months ended 31 March ended ended ended
2012 (unaudited) 31 March 31 March 30 Sept
2012 2011 2011
Notes GBP'000 GBP'000 GBP'000
Revenue 26,184 26,097 54,263
Operating expenses (25,673) (25,340) (50,894)
Group operating profit 511 757 3,369
Finance income 3 2 39
Finance costs (42) (46) (85)
Other finance costs - pensions (94) (66) (141)
Profit before taxation 378 647 3,182
Tax charge 1 (95) (182) (789)
Profit for the period 283 465 2,393
=========== =========== =========
Profit for the period is attributable
to:
Equity holders of the parent company 260 448 2,350
Minority interests 23 17 43
----------- ----------- ---------
283 465 2,393
=========== =========== =========
All results relate to continuing
operations.
Earnings per share (pence)
Basic EPS on profit for the period 3 1.5p 2.7p 13.9p
Diluted EPS on profit for the
period 1.5p 2.7p 13.4p
Dividend per share 2 1.9p 1.8p 6.2p
Consolidated Statement of Comprehensive Six months Six months Year
Income ended ended ended
for the six months ended 31 March 31 March 31 March 30 Sept
2012 (unaudited) 2012 2011 2011
GBP'000 GBP'000 GBP'000
Profit for the period 283 465 2,393
----------- ----------- ---------
Other comprehensive income
Actuarial (loss)/gain on defined
benefit pension scheme (2,734) 1,800 (1,107)
Tax on items taken directly to
or transferred from equity 684 (468) 476
----------- ----------- ---------
Other comprehensive income, net
of tax (2,050) 1,332 (631)
----------- ----------- ---------
Total comprehensive income for
the period (1,767) 1,797 1,762
=========== =========== =========
Attributable to:
Equity holders of the parent company (1,790) 1,780 1,719
Minority interests 23 17 43
(1,767) 1,797 1,762
=========== =========== =========
Consolidated Equity Share Capital
Statement share premium redemption Revaluation Other Retained Minority Total
of Changes in capital account reserve reserve reserves earnings Total interests equity
Group
Shareholders'
Equity
(Unaudited)
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
At 1 October
2011 4,256 150 1,523 7,841 176 3,905 17,851 281 18,132
--------- -------- ----------- ------------ ---------- --------- -------- ----------- --------
Profit for the
six months to
31
March 2012 - - - - - 260 260 23 283
Depreciation
transfer - - - (98) - 98 - - -
Actuarial
losses
on defined
benefit
pension
scheme - - - - - (2,734) (2,734) - (2,734)
Tax on items
taken
directly to
or
transferred
from
equity - - - - - 684 684 - 684
Total
comprehensive
income - - - (98) - (1,692) (1,790) 23 (1,767)
--------- -------- ----------- ------------ ---------- --------- -------- ----------- --------
Share based
payments - - - - - 191 191 - 191
Equity
dividends
paid - - - - - (749) (749) - (749)
Transactions
with
owners - - - - - (558) (558) - (558)
At 31 March
2012 4,256 150 1,523 7,743 176 1,655 15,503 304 15,807
At 1 October
2010 4,139 - 1,523 7,822 176 2,806 16,466 248 16,714
--------- -------- ----------- ------------ ---------- --------- -------- ----------- --------
Profit for the
six months to
31
March 2012 - - - - - 448 448 17 465
Depreciation
transfer - - - (95) - 95 - - -
Actuarial
gains
on defined
benefit
pension
scheme - - - - - 1,800 1,800 - 1,800
Tax on items
taken
directly to
or
transferred
from
equity - - - - - (468) (468) - (468)
Total
comprehensive
income - - - (95) - 1,875 1,780 17 1,797
--------- -------- ----------- ------------ ---------- --------- -------- ----------- --------
Share based
payments - - - - - 140 140 - 140
Equity shares
issued 117 150 - - - - 267 - 267
Equity
dividends
paid - - - - - (596) (596) - (596)
Transactions
with
owners 117 150 - - - (456) (189) - (189)
At 31 March
2011 4,256 150 1,523 7,727 176 4,225 18,057 265 18,322
At 1 October
2010 4,139 - 1,523 7,822 176 2,806 16,466 248 16,714
--------- -------- ----------- ------------ ---------- --------- -------- ----------- --------
Profit for the
year to 30
September
2011 - - - - - 2,350 2,350 43 2,393
Depreciation
transfer - - - (195) - 195 - - -
Actuarial
losses
on defined
benefit
pension
scheme - - - - - (1,107) (1,107) - (1,107)
Tax on items
taken
directly to
or
transferred
from
equity - - - 214 - 262 476 - 476
Total
comprehensive
income - - - 19 - 1,700 1,719 43 1,762
--------- -------- ----------- ------------ ---------- --------- -------- ----------- --------
Equity shares
issued 117 150 - - - - 267 - 267
Share based
payments - - - - - 263 263 - 263
Deferred tax - - - - - 38 38 - 38
Equity
dividends
paid - - - - - (902) (902) (10) (902)
--------- -------- ----------- ------------ ---------- --------- -------- ----------- --------
Transactions
with
owners 117 150 - - - (601) (334) (10) (344)
At 30
September
2011 4,256 150 1,523 7,841 176 3,905 17,851 281 18,132
Consolidated Statement of Financial
Position As at As at As at
as at 31 March 2012 (unaudited) 31 March 31 March 30 Sept
2012 2011 2011
Notes GBP'000 GBP'000 GBP'000
Non-current assets
Property, plant and equipment 19,561 19,969 19,607
Intangible assets 1,948 2,031 1,998
21,509 22,000 21,605
--------- --------- --------
Current assets
Inventories 13,091 13,958 13,083
Trade and other receivables 24,557 24,117 8,409
Deferred tax asset 453 - -
Cash and cash equivalents 849 596 3,448
38,950 38,671 24,940
--------- --------
Assets held for sale 1,645 1,651 1,645
--------- --------- --------
Total assets 62,104 62,322 48,190
========= ========= ========
Current liabilities
Trade and other payables (14,519) (16,225) (9,249)
Financial liabilities - borrowings (10,300) (9,618) (641)
Corporation tax payable (194) (383) (490)
--------- --------- --------
(25,013) (26,226) (10,380)
--------- --------- --------
Non-current liabilities
Financial liabilities - borrowings - (513) (162)
Deferred tax liabilities - (851) (231)
Provisions (131) (242) (121)
Defined benefit pension plan
deficit (12,153) (7,168) (10,164)
Receipt from Natural England 6 (9,000) (9,000) (9,000)
--------- --------- --------
(21,284) (17,774) (19,678)
Total liabilities (46,297) (44,000) (30,058)
========= ========= ========
Net assets 15,807 18,322 18,132
========= ========= ========
Capital and reserves
Equity share capital 4,256 4,256 4,256
Share premium account 150 150 150
Capital redemption reserve 1,523 1,523 1,523
Revaluation reserve 7,743 7,727 7,841
Other reserves 176 176 176
Retained earnings 1,655 4,225 3,905
--------- --------- --------
Group shareholders' equity 15,503 18,057 17,851
Minority interests 304 265 281
--------- --------- --------
Total equity 15,807 18,322 18,132
========= ========= ========
Consolidated Cash Flow Statement
for the six months ended 31 March 2012 (unaudited)
Six months Six months Year
ended ended ended
31 March 31 March 30 Sept
2012 2011 2011
GBP'000 GBP'000 GBP'000
Net cash flow from operating activities (10,352) (9,389) 3,611
Net cash flow from investing activities (953) (1,578) (2,047)
Net cash flow from financing activities (1,110) (1,078) (1,745)
(Decrease) / increase in cash in the
period (12,415) (12,045) (181)
========== ========== ========
Opening cash and cash equivalents 3,448 3,629 3,629
(Decrease) / increase in cash and cash
equivalents (12,415) (12,045) (181)
---------- ---------- --------
Closing cash and cash equivalents (8,967) (8,416) 3,448
========== ========== ========
Notes to the consolidated Cash Flow Statement
Cash flow from operating activities
Group operating profit 511 757 3,369
Amortisation of intangible assets 50 76 199
Depreciation of property, plant and equipment 1,002 930 1,866
Negative goodwill on acquisition - (31) (60)
Impairment of assets held for sale - - 6
Profit on disposal of property, plant
and equipment - - (51)
Share based payments 191 140 263
Difference between pension contributions
paid and amounts recognised in the income
statement (839) (699) (685)
Increase in inventories (8) (2,621) (1,824)
Increase in trade and other receivables (16,148) (14,793) 915
Increase in trade and other payables 5,270 6,969 (7)
Increase in provisions 10 10 (115)
---------- ---------- --------
Cash generated from operations (9,961) (9,262) 3,876
Income taxes paid (391) (127) (265)
---------- ---------- --------
(10,352) (9,389) 3,611
========== ========== ========
Six months Six months Year
ended ended ended
31 March 31 March 30 Sept
2012 2011 2011
GBP'000 GBP'000 GBP'000
Cash flow from investing activities
Interest received 3 2 39
Sale of property, plant and equipment - 1 52
Purchase of property, plant and equipment (579) (667) (1,241)
Payments to acquire intangible fixed
assets - - (50)
Acquisitions in the period (Note 4) (377) (914) (847)
(953) (1,578) (2,047)
========== ========== ========
Cash flow from financing activities
Interest paid (42) (46) (81)
Dividends paid to minority interests - - (10)
Dividends paid to equity shareholders (749) (596) (902)
Repayment of borrowings (319) (703) (1,019)
Issue of new shares - 267 267
(1,110) (1,078) (1,745)
========== ========== ========
Reconciliation of net cash flow to movement in net debt
Six months Six months Year
ended ended ended
31 March 31 March 30 Sept
2012 2011 2011
GBP'000 GBP'000 GBP'000
(Decrease) / increase in cash and short
term deposits (12,415) (3,054) (181)
Cash (outflow) / inflow from change in
borrowings 319 (8,288) 1,019
---------- ---------- --------
Movement in net debt in the period (12,096) (11,342) 838
Net cash at 1 October 2,645 1,807 1,807
Net (debt)/cash at period end (9,451) (9,535) 2,645
========== ========== ========
Notes to the financial information
1. Taxation
The taxation charge on ordinary activities is calculated by applying the Directors' best estimate of the full year effective tax rate to the profit before taxation.
2. Dividend
A final dividend of 4.4p per share (2011: 3.5p) was paid on 15 March 2012 to shareholders on the register on 17 February 2012. An interim dividend of 1.9p per share (2011: 1.8p) will be paid on 7 August 2012 to shareholders on the register on 13 July 2012.
3. Earnings per share
Basic earnings per share have been calculated by reference to a weighted average of 17,024,046 (2011: 16,825,200) shares in issue during the period.
4. Acquisitions in the period
In November 2011 the Group acquired the business and certain assets of Yorkshire Horticultural Supplies. These assets have been included in the balance sheet within tangible fixed assets, intangible fixed assets and inventories as appropriate. The fair value of the consideration paid is under GBP400,000.
5. Basis of preparation
The financial information set out in the interim report has been prepared in accordance with accounting policies under International Financial Reporting Standards as adopted by the European Union ('IFRS') as detailed in the financial statements for the year ended 30 September 2011. These policies are expected to be followed in the financial statements for the year ending 30 September 2012.
The interim report has been approved by the Board of Directors and is neither audited nor reviewed. The interim financial information does not constitute statutory accounts within the meaning of section 434 of the Companies Act 2006.
The financial information for the year ended 30 September 2011 is extracted from the audited accounts for that period. Those accounts have been delivered to the Registrar of Companies. The auditors' report on them was unqualified and did not contain a statement under either section 498(2) or section 498(3) of the Companies Act 2006.
The Group does not consider that any standards or interpretations issued by the International Accounting Standards Board (IASB), but not yet applicable, will have a significant impact on the financial statements for the year ending 30 September 2012.
A copy of this interim report will be posted to shareholders shortly and will be available to view on the Company's website at www.william-sinclair.co.uk.
6. Bolton Fell
In accordance with the agreement signed in March 2010 between Natural England and William Sinclair, the Group submitted a formal claim for its interests at Bolton Fell in Cumbria in October 2010. Natural England submitted a detailed but incomplete response in June 2011 and subsequently made a settlement offer of GBP12 million. This offer was rejected by the Board.
No subsequent agreement has been reached with Natural England over the level of compensation and as a consequence the matter has now been referred to the Upper Chamber of the Lands Tribunal.
William Sinclair's professional advisors have prepared a revised claim for submission to the Tribunal. The value of the compensation claim is substantially greater than the GBP12 million offer. The Lands Tribunal is expected to set a timetable for resolution of the difference but it is anticipated that the whole process will take more than a year to complete.
Under the agreement William Sinclair has implemented a phased withdrawal of peat harvesting from Bolton Fell and is accelerating its programme of regeneration. William Sinclair's own team is working closely with environmental experts from Natural England and other agencies to set out new plans to regenerate the peat bog in a practical and structured way. The 2011 peat harvest from the site was adversely affected by the restrictions and the 2012 harvest will be further restricted.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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