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HDT Holders Technology Plc

50.50
0.00 (0.00%)
28 Mar 2024 - Closed
Delayed by 15 minutes
Share Name Share Symbol Market Type Share ISIN Share Description
Holders Technology Plc LSE:HDT London Ordinary Share GB0004312350 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% 50.50 1.00 100.00 0.00 00:00:00
Industry Sector Turnover Profit EPS - Basic PE Ratio Market Cap
0 0 N/A 0

Holders Technology PLC Audited Results for year ended 30 November 2016 (1351X)

17/02/2017 7:00am

UK Regulatory


Holders Technology (LSE:HDT)
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RNS Number : 1351X

Holders Technology PLC

17 February 2017

Holders Technology plc

Specialised PCB Materials, LED Components and Lighting Solutions

Audited results for the year ended 30 November 2016

Holders Technology plc ("Holders Technology" or "the Group") announces its audited results for the year ended 30 November 2016. Holders Technology supplies specialty laminates and materials for printed circuit board manufacture ("PCB"), and operates as an LED solutions provider to the lighting and industrial markets.

PCB and LED segments achieved modest revenue growth in the year, and margins were maintained. PCB overheads were reduced, while LED overheads increased due to additional sales recruitment. The result before restructuring and impairment costs was somewhat behind 2015.

During the year, PCB divisions were restructured and costs reduced, and the LED Opteon Germany division was closed. The restructuring costs are shown below.

The directors propose to pay a final dividend of 0.25p per share on 23 May 2017.

Highlights included:

   --     Results compared to 2015: 
   Group revenue                                            1.7% higher 
   PCB revenue                                                0.4% higher 
   LED revenue                                                5.3% higher 
   Group margins                                            Unchanged 
   --     Operating loss before impairment 
   and restructuring costs                                                  GBP191,000 
   --     Operating loss                                                                 GBP374,000 

-- Cash balances GBP781,000 (GBP338,000 higher than 2015)

Chairman's statement

In my statement accompanying the 2015 Annual Report and Accounts I stated that the board was evaluating various options to return Holders Technology Group ("The Group") to profitability. As a result of this review some changes to our management team were made, coupled with a significant restructuring programme and the closure of an unprofitable division. A number of sales staff have been changed and investments made to enhance our plant and machinery.

Inevitably changes of this nature impose a major short term cost but we believe they are essential to achieving our goal of restored profitability.

The overall Group result, excluding restructuring costs, was broadly similar to the preceding year with revenue increasing by 1.7% from GBP11.2 to GBP11.4m. The 2016 year did not include any revenue from our former Indian joint venture which we exited in 2015 but the impact of the stronger Euro following the EU referendum in June had a significant offsetting impact on the 2016 result.

The Group operating result before impairment and restructuring costs was a loss of GBP191,000 (2015: operating loss GBP126,000). Impairment and restructuring costs increased the operating loss to GBP374,000 (2015: GBP151,000).

The PCB divisions together had revenues of GBP8.3m (2015: GBP8.3m) and achieved an operating profit of GBP115,000 (2015: loss GBP3,000) before restructuring costs of GBP116,000. Including restructuring and impairment costs, the PCB divisions made an operating loss of GBP1,000 (2015: loss GBP28,000).

Our German operations remain the predominant element of the Group's PCB sales, the second half of the year saw some benefit from the restructuring programme and the operations were profitable. The UK PCB operations, as anticipated, saw a reduction in revenue but the major changes made within this entity enabled it to achieve a small positive contribution for the year.

Total LED revenues amounted to GBP3.0m (2015: GBP2.9m). Combined operating losses before restructuring costs of GBP67,000 totalled GBP275,000 (2015: loss of GBP26,000). The LED divisions made an operating loss after restructuring costs of GBP342,000 (2015: GBP26,000).

The various LED elements of our business had very mixed results but taken together they were behind our expectations. While the UK division, Holders Components, achieved growth in both revenue and profitability and Holders Germany maintained its position, NRGstar saw a marked decline as did Opteon Germany. Action has been taken to change the sales teams in a number of these entities and Opteon Germany has been closed.

Last year I reported that the Group faced a potential EU Cross Border Group Relief claim totalling GBP192,000 and that we had fully provided for this amount in that year's accounts. While some of the claim has been agreed a balance of GBP126,000 is still subject to further discussion.

2016 was a difficult year for the Group but our staff showed commitment and support throughout the year for which we thank them.

The Board has a continuing belief in the Group's ability to overcome the difficulties it confronts. It is heartened by the initial signs of improved PCB performance, and by the customer interest in the new "smart lighting" products added into the LED divisions. Given this belief the Board considers it appropriate to recommend a final dividend of 0.25p for the 2016 year.

R W Weinreich

Executive Chairman

16 February 2017

Group income statement for the year ended 30 November 2016

 
                             Note      2016      2015 
                                    GBP'000   GBP'000 
------------------------    -----  --------  -------- 
 
Revenue                              11,380    11,195 
Cost of sales                       (8,539)   (8,396) 
--------------------------  -----  --------  -------- 
Gross profit                          2,841     2,799 
Distribution costs                    (399)     (364) 
Administrative expenses             (2,749)   (2,652) 
Restructuring costs                   (183)         - 
Impairment costs                          -      (25) 
Other operating income                  116        91 
--------------------------  -----  --------  -------- 
Operating loss                        (374)     (151) 
Finance income                            3         1 
Finance expenses                        (7)      (16) 
--------------------------  -----  --------  -------- 
Loss before taxation                  (378)     (166) 
Tax expense                     2      (17)     (195) 
--------------------------  -----  --------  -------- 
Loss for the financial 
 year                                 (395)     (361) 
--------------------------  -----  --------  -------- 
 
Basic loss per share            4   (9.72p)   (9.16p) 
--------------------------  -----  --------  -------- 
Diluted loss per share          4   (9.72p)   (9.16p) 
--------------------------  -----  --------  -------- 
Total loss per share            4   (9.72p)   (9.16p) 
--------------------------  -----  --------  -------- 
 

Group statement of comprehensive income for the year ended 30 November 2016

 
                                                 2016       2015 
                                              GBP'000    GBP'000 
----------------------------------------    ---------  --------- 
Loss for the year                               (395)      (361) 
Items that may be reclassified 
 subsequently to profit or loss: 
    Exchange differences on translating 
     foreign operations                           346      (246) 
------------------------------------------  ---------  --------- 
Total comprehensive income 
 and expense for the year                        (49)      (607) 
------------------------------------------  ---------  --------- 
 

Statements of changes in equity for the year ended 30 November 2016

 
 Group            Share capital   Share premium        Capital    Translation       Retained              Total equity 
                                                    redemption        reserve       earnings 
                                                       reserve 
                        GBP'000         GBP'000        GBP'000        GBP'000        GBP'000                   GBP'000 
---------------  --------------  --------------  -------------  -------------  -------------  ------------------------ 
 Balance at 30 
  November 2014             416           1,531              1             34          2,512                     4,494 
 Dividends                    -               -              -              -           (20)                      (20) 
 Employee 
  share-based 
  payment 
  options                     -               -              -              -              3                         3 
---------------  --------------  --------------  -------------  -------------  -------------  ------------------------ 
 Transactions 
  with owners                 -               -              -              -           (17)                      (17) 
 Loss for the 
  year                        -               -              -              -          (361)                     (361) 
 Exchange 
  differences 
  on 
  translating 
  foreign 
  operations                  -               -              -          (246)              -                     (246) 
---------------  --------------  --------------  -------------  -------------  -------------  ------------------------ 
 Total 
  comprehensive 
  income for 
  the year                    -               -              -          (246)          (361)                     (607) 
---------------  --------------  --------------  -------------  -------------  -------------  ------------------------ 
 Balance at 30 
  November 2015             416           1,531              1          (212)          2,134                     3,870 
---------------  --------------  --------------  -------------  -------------  -------------  ------------------------ 
 Dividends                    -               -              -              -           (20)                      (20) 
 Shares issued                -              59              -              -              -                        59 
---------------  --------------  --------------  -------------  -------------  -------------  ------------------------ 
 Transactions 
  with owners                 -              59              -              -           (20)                        39 
 Loss for the 
  year                        -               -              -              -          (395)                     (395) 
 Exchange 
  differences 
  on 
  translating 
  foreign 
  operations                  -               -              -            346              -                       346 
---------------  --------------  --------------  -------------  -------------  -------------  ------------------------ 
 Total 
  comprehensive 
  income for 
  the year                    -               -              -            346          (395)                      (49) 
---------------  --------------  --------------  -------------  -------------  -------------  ------------------------ 
 Balance at 30 
  November 2016             416           1,590              1            134          1,719                     3,860 
---------------  --------------  --------------  -------------  -------------  -------------  ------------------------ 
 
 
Company                          Share      Share       Capital    Retained     Total 
                               capital    premium    redemption    earnings    equity 
                                                        reserve 
                               GBP'000    GBP'000       GBP'000     GBP'000   GBP'000 
---------------------------  ---------  ---------  ------------  ----------  -------- 
Balance at 1 December 
 2014                              416      1,531             1          51     1,999 
Profit/ (loss) and total 
 comprehensive income for 
 the year                            -          -             -         138       138 
Dividends                            -          -             -        (20)      (20) 
Share-based payment charge           -          -             -           3         3 
---------------------------  ---------  ---------  ------------  ----------  -------- 
Balance at 30 November 
 2015                              416      1,531             1         172     2,120 
Profit/ (loss) and total 
 comprehensive income for 
 the year                            -          -             -         437       437 
Dividends                            -          -             -        (20)      (20) 
Shares issued                        -         59             -           -        59 
Share-based payment charge           -          -             -           -         - 
---------------------------  ---------  ---------  ------------  ----------  -------- 
 Balance at 30 November 
  2016                             416      1,590             1         589     2,596 
---------------------------  ---------  ---------  ------------  ----------  -------- 
 

Balance sheets at 30 November 2016

 
                                       Group              Company 
                                    2016      2015      2016      2015 
                                 GBP'000   GBP'000   GBP'000   GBP'000 
-----------------------------   --------  --------  --------  -------- 
Assets 
Non-current assets 
Goodwill                             318       316         -         - 
Property, plant and 
 equipment                           400       327         6         4 
Investments in subsidiaries            -         -     2,291     2,291 
Investment in joint 
 venture                               -         -         -        15 
Deferred tax assets                    9        16         -         - 
------------------------------  --------  --------  --------  -------- 
                                     727       659     2,297     2,310 
 -----------------------------  --------  --------  --------  -------- 
Current assets 
Inventories                        2,365     2,533         -         - 
Trade and other receivables        1,790     1,556       592       433 
Current tax assets                     -        59         -         - 
Cash and cash equivalents            781       443       318        25 
------------------------------  --------  --------  --------  -------- 
                                   4,936     4,591       910       458 
Liabilities 
Current liabilities 
Trade and other payables         (1,457)     (975)     (611)     (627) 
Current tax liabilities            (122)     (213)         -      (21) 
------------------------------  --------  --------  --------  -------- 
                                 (1,579)   (1,188)     (611)     (648) 
Net current assets                 3,357     3,403       299     (190) 
------------------------------  --------  --------  --------  -------- 
Non-current liabilities 
Retirement benefit liability       (219)     (181)         -         - 
Deferred tax liabilities           (122)      (11)         -         - 
------------------------------  --------  --------  --------  -------- 
                                   (224)     (192)         -         - 
                                   3,860     3,870     2,596     2,120 
 -----------------------------  --------  --------  --------  -------- 
Shareholders' equity 
Share capital                        416       416       416       416 
Share premium account              1,590     1,531     1,590     1,531 
Capital redemption reserve             1         1         1         1 
Retained earnings                  2,719     2,134       589       172 
Cumulative translation 
 adjustment reserve                  134     (212)         -         - 
------------------------------  --------  --------  --------  -------- 
                                   3,860     3,870     2,596     2,120 
 -----------------------------  --------  --------  --------  -------- 
 

Statements of cash flows for the year ended 30 November 2016

 
                                          Group              Company 
                                       2016      2015      2016      2015 
                                    GBP'000   GBP'000   GBP'000   GBP'000 
--------------------------------   --------  --------  --------  -------- 
Cash flows from operating 
 activities 
Operating loss                        (374)     (151)      (24)      (92) 
Share-based payment charge                -         3         1         3 
Depreciation                             74        86         2         8 
Decrease/(Increase) in 
 inventories                            192     (102)         -         - 
(Increase)/decrease in 
 trade and other receivables          (298)       295        41        17 
Increase/(decrease) in 
 trade and other payables               824      (86)      (16)        65 
---------------------------------  --------  --------  --------  -------- 
Cash generated from operations          418        45         3         1 
Corporation tax paid                   (48)       (7)       (1)       (1) 
---------------------------------  --------  --------  --------  -------- 
Net cash generated from 
 operations                             370        38         2         - 
---------------------------------  --------  --------  --------  -------- 
Cash flows from investing 
 activities 
Purchase of property, 
 plant and equipment                  (110)     (161)       (4)       (4) 
Proceeds from sale of property, 
 plant and equipment                      -         3         3         - 
Proceeds from joint venture              22        32        50         - 
Dividends received from 
 Group undertakings                       -         -       200        13 
Interest received                         3         1         6         4 
---------------------------------  --------  --------  --------  -------- 
Net cash (used in)/generated 
 from investing activities             (85)      (37)       252        16 
---------------------------------  --------  --------  --------  -------- 
Cash flows from financing 
 activities 
Interest paid                           (7)      (16)         -         - 
Proceed from sale of 
 shares                                  59         -        59         - 
Settlement of contingent                  -         -         -         - 
 consideration 
Equity dividends paid                  (20)      (20)      (20)      (20) 
---------------------------------  --------  --------  --------  -------- 
Net cash generated from/ 
 (used in) financing activities          32      (36)        39      (20) 
---------------------------------  --------  --------  --------  -------- 
 
  Net change in cash and 
  cash equivalents                      317     (155)       293      (20) 
Cash and cash equivalents 
 at start of period                     443       634        25        45 
Effect of foreign exchange 
 rates                                   21      (36)         -         - 
---------------------------------  --------  --------  --------  -------- 
Cash and cash equivalents 
 at end of period                       781       443       318        25 
---------------------------------  --------  --------  --------  -------- 
 

Notes

   1.    Basis of preparation 

The Group and parent company financial statements have been prepared in accordance with EU endorsed International Financial Reporting Standards (IFRS), International Financial Reporting Interpretations Committee (IFRIC) interpretations and with those parts of the Companies Act applicable to companies reporting under IFRS. All accounting standards and interpretations issued by the International Accounting Standards Board and the International Financial Reporting Interpretations Committee effective at the time of preparing these financial statements have been applied.

   2.    Taxation 
 
                                                                                   2016           2015 
                                                                                GBP'000        GBP'000 
-----------------------------------------------------------------------  --------------  ------------- 
    Analysis of the charge in the period 
    Current tax 
    - Current period                                                                  -              6 
    - Adjustments in respect of prior periods                                        17            179 
-----------------------------------------------------------------------  --------------  ------------- 
                                                                                     17            185 
    Deferred tax                                                                      -             10 
-----------------------------------------------------------------------  --------------  ------------- 
    Total tax                                                                        17            195 
-----------------------------------------------------------------------  --------------  ------------- 
 
    Tax reconciliation 
 
    The tax for the period is higher (2015: higher) than the standard rate of corporation tax 
     in the UK, effectively 20.0% (2015: 20.0%) for the company's financial year. The differences 
     are explained below: 
 
 
                                                                                                     2016       2015 
                                                                                                  GBP'000    GBP'000 
----------------------------------------------------------------------------------------------  ---------  --------- 
    Loss before taxation                                                                            (378)      (166) 
----------------------------------------------------------------------------------------------  ---------  --------- 
 
    Loss before taxation multiplied by the rate of corporation tax in the UK of 20.0 % (2015: 
     20.0%)                                                                                          (76)       (33) 
 
    Effects of: 
    Differences between capital allowances and depreciation                                             -          4 
    Adjustments in respect of prior years                                                              17        176 
    Taxation losses                                                                                    64         35 
    Other temporary differences                                                                        12         13 
----------------------------------------------------------------------------------------------  ---------  --------- 
    Taxation                                                                                           17        195 
----------------------------------------------------------------------------------------------  ---------  --------- 
 

3. The directors have proposed a final dividend of 0.25p per share payable on 23 May 2017 to shareholders on the register at close of business on 5 May 2017. The total dividend for the year, including the interim dividend of 0.25p (2015: 0.25p) per share paid on 11 October 2016, amounts to GBP20,000 (2015: GBP20,000), which is equivalent to 0.50p (2015: 0.50p) per share.

4. The basic earnings per share are based on the loss for the financial year of GBP395,000 (2015: loss of GBP361,000) and on ordinary shares 4,063,813 (2015: 3,939,551), the weighted average number of shares in issue during the year. There was no earnings dilution calculated in 2015 and 2016 as a loss was recorded by the Group.

5. This preliminary statement, which has been approved by the Board on 16 February 2016, is not the Company's statutory accounts. The statutory accounts for each of the two years to 30 November 2015 and 30 November 2016 received audit reports, which were unqualified and did not contain statements under section 498(2) and section 498(3) of the Companies Act 2006. The 2015 accounts have been filed with the Registrar of Companies but the 2016 accounts are not yet filed.

For further information, contact:

Rudi Weinreich, Executive Chairman, Holders Technology plc,

Tel. 01896 758781

Paul Geraghty, Group Finance Director, Holders Technology plc,

Tel. 01896 758781

William Vandyk, Director, Corporate Finance, Northland Capital Partners Ltd,

Tel. 020 3861 6625

Website www.holdersgroup.com

ENDS

This information is provided by RNS

The company news service from the London Stock Exchange

END

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February 17, 2017 02:00 ET (07:00 GMT)

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