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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 |
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TIDMESR
22 July 2016
ENSOR HOLDINGS PLC
Preliminary results for the year ended 31 March 2016
Chairman's Statement
_________________________________________________________________________________________
This has been a very active period for the Ensor Group. We have successfully
sold three of our businesses, profitably disposed of land and property assets
and dealt with our pension obligations. This is in addition to making progress
in our remaining businesses where overall margins have improved despite
unsettled trading conditions.
Excluding Ensor Building Products, which contributed only six months' trading
to our Group results this year, against a full twelve months last year, the
Ensor Group has increased annual sales by 6% (2016: GBP16.0million, 2015: GBP
15.1million). Gross margins have also increased from 28.3% in 2015 to 28.8%
this year.
Ellard, our subsidiary which supplies electric motors and controls for the
automation of doors and gates, has continued to gain market share, increasing
sales by 15% during the year. The company sources a large proportion of its
products from the Far East and pays for them in US dollars. Despite unsettled
currency markets, margins have been largely unaffected. New products have been
successfully launched by Ellard during the year and we have constructed
additional production space at the company's Manchester warehouse and
distribution centre.
OSA Door Parts supplies the same markets as Ellard. The Company manufactures
bespoke insulated industrial and garage doors. These are supplied to installers
and dealers throughout the UK and Eire. Margins have increased at OSA during
the year and, although the construction market during the second half of the
year was flat, we are now seeing a growing order book.
Wood's Packaging continues to make progress and gain increased market share.
Margins have been robust but US dollar exchange rates are a challenge due to
the increasing levels of goods purchased from the Far East.
A year ago we announced that, following a strategic review of our business, we
had decided to look for a buyer for the Group. At the half-year, I said that we
had concluded that a series of trade sales of our subsidiary businesses was
preferred to seeking a buyer for the shares of Ensor Holdings PLC.
During the year to 31 March 2016 we sold Ensor Building Products to the
management of that business for GBP1.44million, realising a profit on the sale of
GBP168,000. The freehold property occupied by Ensor Building Products has also
been sold at a premium of GBP147,000 against the book value.
As previously reported, we have also sold our land holdings in Woodville and
Stockport during the year, these have realised a profit of GBP785,000 on
disposal.
When I last reported to you on the half year, I said that we intended to
purchase an annuity to secure all future liabilities of the Ensor Group Pension
Fund, as a precursor to a buyout and winding up of the scheme. An annuity was
purchased in December 2015 at a cost of GBP5.4million in addition to the scheme
assets and the process to wind up the scheme has been started.
After financing this annuity purchase, the Group remained financially strong
with net borrowings of only GBP819,000 at the year-end.
Earlier in July we disposed of a further two of our subsidiaries, OSA Door
Parts and Technocover. The Technocover consideration was GBP10million, paid in
cash, with an amount of GBP250,000 held in retention for a period of eighteen
months from completion. An additional GBP1.1million of cash was transferred to
Ensor prior to completion of the sale, in a debt-free, cash-free transaction.
We originally purchased 90% of the shares in Technocover in 2012, for a nominal
sum. The remaining 10% of the shares were acquired in 2014 for GBP1million.
We also disposed of OSA Door Parts in July this year for GBP2.5million, paid in
cash, with an additional GBP520,000 of cash transferred to Ensor prior to
completion of its sale. This transaction was, again, debt-free and cash-free.
OSA had been a business start-up for Ensor in 2001.
Our remaining businesses are being actively marketed, and we are speaking to a
number of interested potential buyers. It is not our intention, however, to
sacrifice shareholder value for the sake of an early sale.
I can again report that we are proposing to pay an increased net final dividend
of 1.55p per share, making a total dividend paid and proposed of 2.3p per share
for the year. This is an increase of 21% against a total dividend of 1.9p per
share last year. The dividend will be paid in cash only, on 22 September 2016,
to shareholders registered on 12 August 2016. The ex-dividend date will be 11
August 2016.
May I finally thank all the men and women around the Group for your continued
hard work during the year. I can assure you that we have everybody's interests
in mind. Also, my thanks to our shareholders for continuing to support the
company.
K A Harrison TD
Chairman
22 July 2016
Strategic Report
_____________________________________________________________________________________________
Operating results and future developments
The results for Continuing Operations comprise those of Ensor Holdings PLC,
Ellard Limited ("Ellard"), OSA Door Parts Limited ("OSA"), Wood's Packaging
Limited ("Wood's") and Ensor Building Products Limited ("EBP"). EBP was sold in
October 2015, but its scale did not warrant treatment as discontinued. OSA has
not been treated as discontinued because the requirements to do so were not
fulfilled at the year-end.
Discontinued operations comprise the results of Technocover Limited, which was
disposed of on 13 July 2016.
Continuing operations
Sales of GBP19.2million include GBP16.0million in respect of the three businesses
which were subsidiaries of the group throughout the year and GBP3.2million in
respect of EBP. The former saw sales increase by GBP897,000, or 5.9%
year-on-year.
Operating profit has been sub-analysed in the Consolidated Income Statement to
highlight the exceptional elements associated with the program of disposals
which have taken place during the report year and are addressed later in this
report.
Operating profit before exceptional gains reduced by GBP242,000 to GBP1,701,000,
due to:
· the absence of EBP from the consolidated figures after September 2015;
· the allocation of central costs increased by a reduction in rental
income, which had previously been deducted from central costs, following
property disposals; and
· the disposal of the waste transfer business which constituted the
'Other' operating segment.
Before the allocation of central costs, the operating profits of the continuing
Building Products and Packaging businesses increased by GBP22,000 year-on-year
despite less favourable US dollar and euro exchange rates during the second
half of the year.
Ellard continued to increase market share, growing sales by 15% to GBP8.5million,
representing a 3-year compound annual growth rate of 14%.
Although contribution levels were diluted by strategic product decisions and
exchange rate movements towards the end of the previous year, they strengthened
through the current year; the strong sales growth ensuring that gross margins
were maintained.
Increased overheads reflect the investment made in people and premises, in
particular, which underpins the established past, and expected future, growth
in sales and profits.
Operating profit of GBP890,000 represented a 10% increase over the preceding
year.
OSA's sales growth has been more modest over the last three years, with
turnover amounting to GBP4.1million for the report year. Nevertheless, the
business continued to perform strongly, posting an operating profit of GBP
498,000.
Gross margins were strong throughout the year, reinforced by relative euro
weakness for most of the period, and overheads were contained at prior-year
levels, reflecting a measured performance.
Whilst the strengthening euro presented a challenge to maintaining margins, the
business has developed opportunities in its product portfolio to counter that
challenge.
Our Packaging segment, represented by Wood's, again reported healthy sales and
achieved 3-year compound annual growth in excess of 17%.
Sales of GBP3.6million, coupled with maintained, robust margins and controlled
overheads, yielded an operating profit of GBP628,000.
The business was relocated to larger premises during the year, an event which
was successfully managed to ensure negligible disruption, and now has ample
capacity to sustain further growth.
The group-wide programme of business and asset disposals diminishes the overall
income generation potential of the group, but the constituent businesses remain
strong.
Exceptional gains
The reported operating profit of GBP2,861,000 includes exceptional gains of GBP
1,160,000 relating to the various categories of asset disposals completed
during the year:
· the disposals, for gross proceeds of GBP3,034,000, of the Woodville and
Stockport freeholds, which were classified as held-for-sale in 2015, created a
gain of GBP785,000 net of disposal costs;
· the disposals of the Woodville waste transfer business and Blackburn
freehold used by EBP for GBP935,000 represented a net gain of GBP207,000; and
· the disposal of the EBP shareholding for GBP1,441,000 realised a net gain
of GBP168,000.
Finance costs
Finance costs principally comprise bank loan and overdraft interest and the
financing cost on the defined benefit pension scheme.
Last year we recognised a credit of GBP198,000 in respect of an interest hedge on
a bank loan, which had been the subject of a mis-selling claim. This credit
countered the majority of the normal charge.
This year, the interest cost of the pension fund has reduced, from GBP89,000 to
nil, following the purchase of an annuity to secure the liabilities of the
pension scheme.
Income tax
The tax charge of GBP383,000 represents 13.6% of profit before tax, varying from
the main UK corporation tax rate of 20% principally as a consequence of the
utilisation of brought forward capital losses and the tax exempt status of the
disposal of the EBP shareholding.
The tax benefit of the pension transaction debit is reflected in the
Consolidated Statement of Comprehensive Income along with the charge to which
it relates.
Discontinued operation
The composition of the profit derived from the discontinued operation, is
detailed in note 2 to the financial statements.
As reported last year, Technocover's current year trading benefitted from a
carry-over of AMP5 orders which resulted in an unusually strong order book at
the beginning of the year. This enabled an expected result to be returned
despite the new AMP6 programme of the water industry being slower than expected
to get underway.
Although sales were maintained at GBP14.7million, the trading result was
moderated by the inefficient, end-of-contract nature of elements of the carried
over work. Additional costs were incurred to strengthen the technical
subcontracting capabilities of the business, which will benefit the future, and
increased depreciation charges, attributable to significant capital investment
since 2014, also constrained profits.
Statement of Comprehensive Income
In addition to the retained profit for the year, the Statement of Comprehensive
Income includes a net debit of GBP2.9million in respect of the securing of the
group's pension deficit. This broadly represents the excess of the actual
buyout cost over and above the deficit recorded on an ongoing accounting basis,
net of taxation.
Essentially, it cost the company GBP5.6million to secure the brought forward
deficit of GBP2.1million, crystallising a loss of GBP3.5million, against which we
expect to recover tax of GBP0.6million.
Cash flow and financial position
The group's cash flow is dominated by the realisation of significant assets and
the cost of securing uncertain pension obligations.
The exceptional disposals of businesses and freehold properties generated cash
of GBP5.3million, which essentially matched the exceptional payments of GBP
5.4million required to finance benefit transfers and the purchase of an annuity
to secure the obligations of the defined benefit pension scheme for which Ensor
is responsible.
Otherwise, operating cash flow of GBP3.3million made possible a GBP762,000
reduction in net debt and year-end gearing of 7.1%.
A term loan of GBP2million replaced a corresponding part of the established
overdraft facility, reflecting the expectation that it will be repaid out of
further asset disposals.
Significant changes to the composition of the group Statement of Financial
Position are attributable to the past and anticipated business and asset
disposals, and to the hedging of the pension deficit.
After accounting for profits, dividend payments and the pension fund
transaction, net assets have reduced marginally to GBP11.3million.
Disposals after the year end
On 11 July 2016 the entire issued share capital of OSA Door Parts Limited was
sold to Argent Industrial Limited for consideration of GBP2,500,000.
The consideration was payable in cash on completion. In addition, net cash of GBP
520,000 was retained by Ensor. The value of assets disposed of was
approximately GBP879,000.
On 13 July 2016 the entire issued share capital of Technocover Limited was sold
to Lionweld Kennedy Flooring Limited, a subsidiary of Hill & Smith Holdings
PLC, for a total cash consideration of GBP10,000,000 on a debt and cash free
basis.
Out of the consideration, which was payable in cash on completion, an amount of
GBP250,000 has been retained in escrow for up to 18 months. In addition, net
cash of GBP1,100,000 was retained by Ensor. The value of assets disposed of was GBP
3,695,000, subject to any balancing receipt or payment in respect of completion
accounts in due course.
Dividend
The directors propose to pay a final dividend of 1.55p per share in respect of
the financial year ended 31 March 2016 (2015: 1.3p). Dividends of GBP613,000,
being the final dividend of 1.3p and interim dividend of 0.75p, were paid on
ordinary shares during the year ended 31 March 2016 (2015: GBP479,000).
Dividends paid and proposed
In respect of the year ended 31 March: 2016 2015
Interim dividend paid 0.75p 0.6p
Final dividend proposed 1.55p 1.3p
______ ______
2.30p 1.9p
______ ______
Consolidated Income Statement
for the year ended 31 March 2016
_________________________________________________________________________________________
2016 2015
Restated
GBP'000 GBP'000
Continuing operations
Revenue 19,170 21,452
Cost of sales (13,989) (16,034)
______ ______
Gross profit 5,181 5,418
Administrative expenses (2,320) (3,475)
______ ______
Operating profit before exceptional gains 1,701 1,943
Exceptional administrative gains:
Gain on disposal of assets classified as 785 -
held-for-sale
Gain on disposal of fixed assets 207 -
Gain on disposal of subsidiary company 168 -
Operating profit 2,861 1,943
Finance costs (42) (34)
______ ______
Profit before tax 2,819 1,909
Income tax expense (383) (397)
______ ______
Profit for the year on continuing operations 2,436 1,512
Discontinued operation 792 1,164
______ ______
Profit for the year attributable to equity 3,228 2,676
shareholders of the parent company
______ ______
Earnings per share - basic and diluted
On ordinary activities excluding exceptional 4.3p 5.1p
gains and discontinued operations
On exceptional gains including taxation 3.9p -
______ ______
Continuing operations including taxation 8.2p 5.1p
Discontinued operation including taxation 2.6p 3.9p
______ ______
Earnings per share 10.8p 9.0p
______ ______
Consolidated Statement of Comprehensive Income
GBP'000 GBP'000
Profit for the year 3,228 2,676
_____ _____
Items which will not be reclassified to profit
or loss:
Actuarial loss (3,462) (403)
Income tax relating to components of other 579 60
comprehensive income
_____ _____
Total of other comprehensive income for the (2,883) (343)
year
_____ _____
Total comprehensive income attributable to 345 2,333
equity shareholders of the parent company
___ __ ___ __
The results for the year ended 31 March 2015 have been restated for the
discontinued operation (note 4).
Consolidated Statement of Financial Position
at 31 March 2016
______________________________________________________________________________________
2016 2015
GBP'000 GBP'000
ASSETS
Non-current assets
Property, plant & equipment 520 4,170
Intangible assets 1,074 2,671
Deferred tax asset 590 428
______ ______
Total non-current assets 2,184 7,269
______ ______
Current assets
Assets held for sale 530 2,185
Assets of disposal group held for sale 7,252 1,975
Inventories 2,382 3,063
Trade and other receivables 4,359 8,381
Cash and cash equivalents 1,536 564
______ ______
Total current assets 16,059 16,168
______ ______
Total assets 18,243 23,437
______ ______
LIABILITIES
Non-current liabilities
Retirement benefit obligations - (2,139)
Borrowings (1,065) (246)
Other creditors - (22)
Deferred tax - (182)
______ ______
Total non-current liabilities (1,065) (2,589)
______ ______
Current liabilities
Borrowings (795) (1,863)
Liabilities of disposal group held for sale (2,803) (946)
Current income tax liabilities (73) (561)
Trade and other payables (2,325) (6,028)
______ ______
Total current liabilities (5,996) (9,398)
______ ______
Total liabilities (7,061) (11,987)
______ ______
NET ASSETS 11,182 11,450
______ ______
EQUITY
Share capital 3,082 3,082
Share premium 552 552
Revaluation reserve - 140
Retained earnings 7,548 7,676
______ ______
Total equity attributable to equity shareholders 11,182 11,450
of the parent company
______ ______
The financial statements were approved by the board and were authorised for
issue on 22 July 2016. They were signed on its behalf by:
Directors
A R Harrison )
M A Chadwick )
Consolidated Statement of Changes in Equity
for the year ended 31 March 2016
_______________________________________________________________________________________
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 as at 1 April 3,082 552 140 5,822 9,596
2014
_____ _____ _____ _____ _____
Profit for the year - - - 2,676 2,676
Other comprehensive
income:
Actuarial loss - - - (403) (403)
Related deferred tax - - - 60 60
_____ _____ _____ _____ _____
Total comprehensive - - - 2,333 2,333
income for the year
_____ _____ _____ _____ _____
Dividends paid - - - (479) (479)
_____ _____ _____ _____ _____
Total transactions - - - (479) (479)
recognised directly in
equity
_____ _____ _____ _____ _____
Balance at 31 March 3,082 552 140 7,676 11,450
2015
_____ _____ _____ _____ _____
Balance as at 1 April 3,082 552 140 7,676 11,450
2015
_____ _____ _____ _____ _____
Profit for the year - - - 3,228 3,228
Other comprehensive
income:
Actuarial loss - - - (3,462) (3,462)
Related deferred tax - - - 579 579
_____ _____ _____ _____ _____
Total comprehensive - - - 345 345
income for the year
_____ _____ _____ _____ _____
Dividends paid - - - (613) (613)
Transfer or surplus to - - (140) 140 -
retained earnings on
disposal of properties
_____ _____ _____ _____ _____
Total transactions - - (140) (473) (613)
recognised directly in
equity
_____ _____ _____ _____ _____
Balance at 31 March 3,082 552 - 7,548 11,182
2016
_____ _____ _____ _____ _____
Share premium
The share premium account represents the consideration that has been received
in excess of the nominal value of shares on issue of new ordinary share
capital, less permitted expenses.
Revaluation reserve
The revaluation reserve represents the unrealised surplus arising on the
revaluation of certain of the group's freehold properties.
Retained earnings
The retained earnings reserve represents profits and losses retained in the
current and previous periods.
Consolidated Cash Flow Statement
for the year ended 31 March 2016
_________________________________________________________________________________________
2016 2015
GBP'000 GBP'000
Net cash generated from ordinary operations 2,498 184
Payment in excess of liability to clear (5,601) -
pension fund deficit
_______ _______
Net cash generated from/(used in) operations (3,103) 184
_______ _______
Cash flows from investing activities
Net proceeds from sale of property, plant and 926 739
equipment
Net proceeds from sale of assets held for sale 2,968 -
Net proceeds from sale of subsidiary 1,275 -
Purchase of property, plant and equipment (674) (746)
_______ _______
Net cash generated from/(used in) investing 4,495 (7)
activities
_______ _______
Cash flows from financing activities
Equity dividends paid (613) (479)
New finance leases 241 -
Amounts repaid in respect of finance leases (44) (20)
Deferred consideration paid - (1,000)
New bank loans 2,000 -
Loan repayments (472) (278)
_______ _______
Net cash generated from/(used in) financing 1,112 (1,777)
activities
_______ _______
Net increase/(decrease) in cash and cash 2,504 (1,600)
equivalents
Opening cash and cash equivalents (1,015) 585
_______ _______
Closing cash and cash equivalents 1,489 (1,015)
_______ _______
Accounting Policies and Notes to the Financial Statements
for the year ended 31 March 2016
1. Basis of preparation
The consolidated financial statements of Ensor Holdings PLC have been prepared
in accordance with the Companies Act 2006 and International Financial Reporting
Standards (IFRS) as adopted by the European Union in accordance with the rules
of the London Stock Exchange for companies trading securities on the
Alternative Investment Market. The group financial statements have been
prepared under the historical cost convention, as modified by the revaluation
of land and buildings, and derivative financial instruments at fair value
through profit or loss. The principal accounting policies adopted by the group
are set out below.
2. Basis of consolidation
Where the company has control over an investee, it is classified as a
subsidiary. The company controls an investee if all three of the following
elements are present:
· power over the investee
· exposure to variable returns from the investee, and
· the ability of the investor to use its power to affect those variable
returns.
Control is reassessed whenever facts and circumstances indicate that there may
be a change in any of these elements of control.
The consolidated financial statements present the results of the company and
its subsidiaries as if they formed a single entity. Intercompany transactions
and balances between group companies are therefore eliminated in full.
The consolidated financial statements incorporate the results of business
combinations using the acquisition method. In the statement of financial
position, the acquiree's identifiable assets, liabilities and contingent
liabilities are initially recognised at their fair values at the acquisition
date. The results of acquired operations are included in the consolidated
statement of comprehensive income from the date on which control is obtained.
They are deconsolidated from the date on which control ceases.
3. Segmental analysis
The principal subsidiaries of the group, together with brief descriptions of
their activities, are as follows:
· Ellard Limited - Design, manufacture and distribution of electric drives
for industrial, commercial and domestic doors and gates
· Ensor Building Products Limited (sold October 2015) - Marketing and
distribution of roofing, drainage and specialist building products.
· OSA Door Parts Limited - Manufacture and distribution of industrial
doors and door components for the trade.
· Technocover Limited - Manufacture and installation of high-security
steel access products for the utilities market.
· Wood's Packaging Limited - Marketing and distribution of packaging
materials and furniture protectors.
For management purposes, the group's business activities are organised into
business units based on their products and services and have three primary
operating segments as follows:
· Building and Security Products - manufacture, marketing, supply and
distribution of building materials, security access products and access control
equipment;
· Packaging - marketing and distribution of packaging materials;
· Other - waste recycling. The waste recycling operation was disposed of
on 1 April 2015.
These segments are the basis on which information is reported to the group
board. The segment result is the measure used for the purposes of resource
allocation and assessment and represents the operating profit of each segment
before exceptional operating costs, amortisation and impairment charges, other
gains and losses, net finance costs and taxation.
Details of the types of products and services from which each segment derives
its revenues are given above.
The accounting policies applied in preparing the management information for
each of the reportable segments are the same as the group's accounting
policies.
The group's revenues and results by reportable segment for the year ended 31
March 2016 are shown in the following table.
Building Packaging Other Unallocated Total Total Total
& continuing dis-continued
Security
Products
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
External 15,578 3,592 - - 19,170 14,711 33,881
revenue
_____ _____ _____ _____ _____ _____ _____
Depreciation 129 23 - 49 201 461 662
_____ _____ _____ _____ _____ _____ _____
Operating 1,187 514 - 1,160 2,861 993 3,854
profit
_____ _____ _____ _____
Finance costs (42) - (42)
Income tax (383) (201) (584)
expense
_____ _____ _____
Profit for the 2,436 792 3,228
year
_____ _____ _____
Total assets 8,735 2,143 - 113 10,991 7,252 18,243
_____ _____ _____ _____ _____ _____ _____
Total (1,782) (687) - (1,789) (4,258) (2,803) (7,061)
liabilities
_____ _____ _____ _____ _____ _____ _____
Capital 94 60 - - 154 520 674
expenditure
_____ _____ _____ _____ _____ _____ _____
The group's revenues and results by reportable segment for the year ended 31
March 2015 are shown in the following table.
Building Packaging Other Unall-ocated Total Total Total
& continuing dis-continued
Security
Products
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
External 17,951 3,336 165 - 21,452 14,684 36,136
revenue
_____ _____ _____ _____ _____ _____ _____
Depreciation 241 28 14 - 283 316 599
_____ _____ _____ _____ _____ _____ _____
Operating 1,360 530 53 - 1,943 1,421 3,364
profit
_____ _____ _____ _____
Finance costs (34) - (34)
Income tax (397) (257) (654)
expense
_____ _____ _____
Profit for the 1,512 1,164 2,676
year
_____ _____ _____
Total assets 12,161 2,249 55 1,757 16,222 7,215 23,437
_____ _____ _____ _____ _____ _____ _____
Total (3,026) (672) (5) (4,208) (7,911) (4,076) (11,987)
liabilities
_____ _____ _____ _____ _____ _____ _____
Capital 135 18 1 108 262 484 746
expenditure
_____ _____ _____ _____ _____ _____ _____
Head office costs are apportioned to the segments on the basis of earnings.
Inter-segment sales are charges at prevailing market prices.
The group operates almost exclusively in one geographical segment, being the
United Kingdom. Turnover to customers located outside the United Kingdom
accounted for less than 10% of total group turnover and has therefore not been
separately disclosed.
Revenue from a single customer did not exceed more than 10% of turnover during
the current or prior reporting periods.
4. Discontinued operation
The profits of Technocover Limited have been classified as a discontinued
operation and the company's assets and liabilities are classified in the
balance sheet as being held for sale. Negotiations commenced in March 2016 for
the sale of the whole of the share capital of Technocover and the sale was
completed on 13 July 2016 for a total consideration of GBP10,000,000 on a debt
and cash free basis. The prior year income statement has been restated to
reflect the discontinued operation.
The results of the discontinued operation were as follows:
2016 2015
GBP'000 GBP'000
Revenue 14,711 14,684
Expenses (13,718) (13,263)
______ ______
Operating profit 993 1,421
Income tax expense (201) (257)
______ ______
792 1,164
______ ______
The sale of OSA Door Parts Limited was completed on 11 July 2016 for a
consideration of GBP2,500,000, together with net cash of GBP520,000 retained by
Ensor. The profits were not classified as discontinued as the disposal of the
entity did not meet the conditions for classification as held for sale at the
year end.
The sale of Ensor Building Products Limited on 1 October 2015 has not been
treated as a discontinued operation as it did not represent a separate major
line of business or geographical area of operations.
The cash flows of the discontinued operation were as follows:
2016 2015
GBP'000 GBP'000
Operating 1,576 1,317
Investing (515) (483)
Financing (89) (298)
______ ______
Total cash flow 972 536
______ ______
5. Earnings per share
The calculation of earnings per share for the period is based on the profit for
the period divided by the weighted average number of ordinary shares in issue,
being 29,895,976 (2015: 29,895,976), which excluded treasury shares. There are
no dilutive instruments in place.
6. Cash flow generated from operations
2016 2015
GBP'000 GBP'000
Cash flows from operating activities
Profit for the year attributable to equity 3,228 2,676
shareholders
Depreciation charge 662 599
Finance costs 42 34
Income tax expense 584 654
Profit on disposal of held for sale subsidiary (168) -
Profit on disposal of assets held for sale (785) -
Profit on disposal of property, plant & equipment (191) (131)
Amortisation of intangible asset 33 33
_______ _______
Operating cash flow before changes in working 3,405 3,865
capital
(Increase)/decrease in inventories 424 (1,208)
(Increase)/decrease in receivables 1,179 (2,928)
Increase/(decrease) in payables (1,907) 637
_______ _______
Cash generated from operations 3,101 366
Net interest (paid)/refunded (42) 104
Income taxes paid (561) (286)
_______ _______
Net cash generated from ordinary operations 2,498 184
_______ _______
7. Other information
The financial information set out in this preliminary announcement of results
does not constitute the company's statutory accounts for the years ended 31
March 2016 or 31 March 2015 but is derived from those accounts. Statutory
accounts for 2015 have been delivered to the Registrar and those for 2016 will
be delivered following the company's Annual General Meeting. The Independent
Auditors have reported on these accounts. Their reports were unqualified and
did not contain a statement under section 498 of the Companies Act 2006.
The Annual General Meeting of the company will be held at the company's
registered office, Ellard House, Floats Road, Manchester M23 9WB at 10.00 a.m.
on 15 September 2016.
The Report and Accounts will be sent to shareholders and be available from the
company's website at http://www.ensor.co.uk/ shortly. Additional copies of the
Annual Report and of this statement will be available at the company's
registered office.
Enquiries:
Ensor Holdings PLC: Roger Harrison / Marcus Chadwick - 0161 945 5953
Stockdale Securities Limited: Robert Finlay / Rose Ramsden - 020 7601 6100
END
(END) Dow Jones Newswires
July 22, 2016 10:09 ET (14:09 GMT)
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