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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Ensor Hldgs | LSE:ESR | London | Ordinary Share | GB0003186409 | ORD 10P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 55.50 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
TIDMESR 8 December 2015 Ensor Holdings PLC ("Ensor", the "Group" or the "Company") Interim results for the six months to 30 September 2015 Chairman's Statement * Sales up 16% * Earnings per share up 11% * Dividends up 25% Our half-year performance to the end of September 2015 has maintained the excellent results achieved during the same period last year. Trading profits of GBP1.50m (2014: GBP1.46m), before exceptional items, have been earned, despite a general climate of unsettled foreign exchange rates and a flat construction industry. This, I believe, demonstrates the strong controls and flexibility at our trading companies. Additionally, as previously reported, we have realised a profit of GBP793,000 on the sale of our freehold properties in Stockport and Woodville, resulting in an operating profit of GBP2.30m (2014: GBP1.46m). Ellard, suppliers of automation and controls for doors and gates, has achieved very satisfactory advances in market share. Despite foreign exchange rate volatility, particularly in relation to the US dollar, margins have largely been unaffected. OSA Door Parts, which manufactures insulated industrial and garage doors and operates in the same markets as Ellard, has had a similarly satisfactory half-year. Technocover supplies the utilities sector, particularly the water industry, which concluded its Asset Management Period (AMP 5) in March 2015. However, a large order book of work from AMP 5 was carried over to the current year. Some of this AMP 5 work has been slower to proceed than expected, but with orders for AMP 6 now being received, together with business developed in new areas, we expect the year to finish more strongly than the traditional slow start to a new AMP might otherwise imply. Excellent progress has again been made at Wood's Packaging. Having outgrown its current distribution facilities, new premises have been located and a move is imminent. At the last year-end I announced that discussions had taken place with the management of Ensor Building Products regarding the purchase by management of 100% of the shares of the business. This transaction was completed in October and the sale realised an appropriate value for goodwill. The profit, and substantially all of the cashflow to be generated, on the sale of this business will be reflected in our accounts for the year ended 31 March 2016. Our present positive cash position reflects the trading profits and disposals of the freehold properties during the period. At the end of May this year we announced that we had initiated a review of our strategic options to maximise shareholder value, including a potential sale of the Group. Accordingly, a process has been under way to find a buyer. Due to the varied nature of the markets within which our subsidiaries operate, we have determined that a series of trade sales, rather than seeking a buyer for the shares of Ensor Holdings PLC, is the best way forward. The response has been encouraging and discussions are currently taking place with potential buyers. Accordingly, the Company confirms it is no longer considered to be in an 'offer period' for the purposes of the Takeover Code. We will make further announcements in due course. Our balance sheet carries a gross liability of GBP2.0m in respect of retirement benefit obligations under the Ensor Group Pension Fund. This liability is currently financed by a schedule of contributions agreed with the scheme trustee, and paid by the Company to the scheme. Given the expected outcome of the Group sale process, we have now decided, in principle, to purchase an annuity which will secure all future liabilities of the Ensor Group Pension Fund, as a precursor to a buyout and wind-up of the scheme. The cost of this exercise, which will be payable in cash, is expected to be in the region of GBP 5.5m to GBP6m and will be financed through short-term borrowings, to bridge the shortfall until further asset sales are realised. We are proposing to pay an increased interim dividend of 0.75p per share (2014: 0.60p) - an increase of 25% on last year. The interim dividend will be payable in cash and will be paid on 29 January 2016 to shareholders on the register on 29 December 2015. The ex-dividend date will be 24 December 2015. As always at this time, I am delighted to be able to say thank you to all the people who work within the Ensor Group. Your efforts and contributions are greatly appreciated. K A Harrison TD Chairman 8 December 2015 Enquiries: Ensor Holdings PLC Roger Harrison / Marcus Chadwick 0161 945 5953 Westhouse Securities Limited Robert Finlay / Rose Ramsden 020 7601 6100 Consolidated Income Statement for the six months ended 30 September 2015 Note Unaudited Unaudited Audited 6 months 6 months 12 months 30/9/15 30/9/14 31/3/15 GBP'000 GBP'000 GBP'000 Continuing operations Revenue 19,669 17,011 36,136 Cost of sales (14,761) (12,664) (26,766) ----------- ----------- ----------- Gross profit 4,908 4,347 9,370 Administrative expenses (2,613) (2,884) (6,006) Operating profit before exceptional 1,502 1,463 3,364 administrative income Exceptional administrative income - 793 - - gain on disposal of assets classified as held for sale ----------- ----------- ----------- Operating profit 2,295 1,463 3,364 Finance costs (58) (118) (34) ----------- ----------- ----------- Profit before tax 2,237 1,345 3,330 Income tax expense 2 (286) (290) (654) ----------- ----------- ----------- Profit for the period attributable to 1,951 1,055 2,676 equity shareholders of the parent company ====== ====== ====== Earnings per share Before exceptional gain 3.9p 3.5p 9.0p Exceptional gain 2.6p 0.0p 0.0p ----------- ----------- ----------- 3 6.5p 3.5p 9.0p ====== ====== ====== Dividends per share Dividends paid 1.30p 1.00p 1.60p Dividends proposed 0.75p 0.60p 1.30p ====== ====== ====== Consolidated Statement of Comprehensive Income for the six months ended 30 September 2015 Profit for the period 1,951 1,055 2,676 Other comprehensive income: Actuarial loss and related deferred tax - (35) (343) ----------- ----------- ----------- Total comprehensive income attributable to equity 1,951 1,020 2,333 shareholders of the parent company ====== ====== ====== Consolidated Statement of Financial Position at 30 September 2015 Unaudited Unaudited Audited 30/9/15 30/9/14 31/3/15 GBP'000 GBP'000 GBP'000 ASSETS Non-current assets Property, plant & equipment 4,126 5,840 4,170 Intangible assets 2,655 2,688 2,671 Deferred tax asset 428 440 428 ----------- ----------- ----------- Total non-current assets 7,209 8,968 7,269 ----------- ----------- ----------- Current assets Assets classified as held for sale - 496 2,185 Assets of disposal group held for sale 2,242 - 1,975 Inventories 2,892 2,940 3,063 Trade and other receivables 8,505 7,928 8,381 Cash and cash equivalents 1,815 447 564 ----------- ----------- ----------- Total current assets 15,454 11,811 16,168 ----------- ----------- ----------- Total assets 22,663 20,779 23,437 ====== ====== ====== LIABILITIES Non-current liabilities
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December 08, 2015 02:00 ET (07:00 GMT)
Retirement benefit obligations (2,034) (2,098) (2,139) Borrowings (100) (394) (246) Other creditors (202) (1,029) (22) Deferred tax (182) (73) (182) ----------- ----------- ----------- Total non-current liabilities (2,518) (3,594) (2,589) ----------- ----------- ----------- Current liabilities Borrowings (289) (277) (1,863) Liabilities of disposal group held for sale (1,025) - (946) Current income tax liabilities (856) (668) (561) Trade and other payables (4,962) (5,924) (6,028) ----------- ----------- ----------- Total current liabilities (7,132) (6,869) (9,398) ----------- ----------- ----------- Total liabilities (9,650) (10,463) (11,987) ====== ====== ====== NET ASSETS 13,013 10,316 11,450 ====== ====== ====== EQUITY Share capital 3,082 3,082 3,082 Share premium 552 552 552 Revaluation reserve 23 140 140 Retained earnings 9,356 6,542 7,676 ----------- ----------- ----------- Total equity attributable to equity shareholders 13,013 10,316 11,450 of the parent company ====== ====== ====== Consolidated Statement of Changes in Equity for the six months ended 30 September 2015 Attributable to equity shareholders of the parent company Issued Share Revaluation Retained Total Capital Premium Reserve Earnings Equity GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 Balance at 1 April 2015 3,082 552 140 7,676 11,450 Total comprehensive - - - 1,951 1,951 income Dividend paid - - - (388) (388) Realisation of - - (117) 117 - revaluation surplus on disposal of properties ----------- ----------- ------------- ----------- ----------- Balance at 30 September 3,082 552 23 9,356 13,013 2015 ====== ====== ======= ====== ====== Balance at 1 April 2014 3,082 552 140 5,822 9,596 Total comprehensive - - - 1,020 1,020 income Dividend paid - - - (300) (300) ----------- ----------- ------------- ----------- ----------- Balance at 30 September 3,082 552 140 6,542 10,316 2014 ====== ====== ======= ====== ====== Balance at 1 April 2014 3,082 552 140 5,822 9,596 Total comprehensive - - - 2,333 2,333 income Dividends paid - - - (479) (479) ----------- ----------- ------------- ----------- ----------- Balance at 31 March 2015 3,082 552 140 7,676 11,450 ====== ====== ======= ====== ====== Consolidated Cash Flow Statement for the six months ended 30 September 2015 Unaudited Unaudited Audited 6 months 6 months 12 months 30/9/15 30/9/14 31/3/15 GBP'000 GBP'000 GBP'000 Cash flows from operating activities Profit for the period attributable to equity shareholders 1,951 1,055 2,676 Depreciation charge 352 288 599 Finance costs 58 118 34 Income tax expense 286 290 654 (Profit)/loss on disposal of property, plant & equipment 20 (46) (131) Gain on disposal of assets classified as held for sale (793) - - Amortisation of intangible asset 16 17 33 _______ _______ _______ Operating cash flow before changes in working 1,890 1,722 3,865 capital (Increase)/decrease in inventories 227 (295) (1,208) (Increase)/decrease in receivables (283) (1,413) (2,928) Increase/(decrease) in payables (1,411) 74 637 _______ _______ _______ Cash generated from operations 423 88 366 Interest (paid)/refunded (8) (110) 104 Income taxes (paid)/refunded 42 - (286) _______ _______ _______ Net cash generated from/(used in) operations 457 (22) 184 _______ _______ _______ Cash flows from investing activities Proceeds from disposal of property, plant & equipment 44 648 739 Proceeds from sale of assets held for sale 2,978 - - Acquisition of property, plant & equipment (348) (317) (746) _______ _______ _______ Net cash generated from/(used in) investing activities 2,674 331 (7) _______ _______ _______ Cash flows from financing activities Equity dividends paid (388) (300) (479) Funding received under new finance leases 238 - - Amounts repaid in respect of finance leases (10) (9) (20) Deferred consideration paid - - (1,000) Loan repayments (141) (138) (278) _______ _______ _______ Net cash used in financing activities (301) (447) (1,777) _______ _______ _______ Net increase/(decrease) in cash and cash equivalents 2,830 (138) (1,600) Cash and cash equivalents at beginning of period (1,015) 585 585 _______ _______ _______ Cash and cash equivalents at end of period 1,815 447 (1,015) ====== ====== ====== Notes to the Interim Report 1. Basis of preparation The unaudited results for the six months have been prepared in accordance with International Financial Reporting Standards ("IFRS") and do not constitute
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December 08, 2015 02:00 ET (07:00 GMT)
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