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| 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 | 01:00:00 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| 0 | 0 | N/A | 0 |
From Apr 2019 to Apr 2024
TIDMHDT
RNS Number : 8634O
Holders Technology PLC
12 February 2016
Holders Technology plc
Specialised PCB Materials, LED Components and Lighting Solutions
Audited results for the year ended 30 November 2015
Holders Technology plc ("Holders Technology" or "the Group") announces its audited results for the year ended 30 November 2015. 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.
LED results showed good improvement during 2015 and this, despite disappointing PCB results, led to material improvement in the group operating result. Group revenue was reduced compared to 2014 due principally to sterling strengthening and the loss of a large PCB distributorship at the end of 2014. Gross margins improved and cash balances remained satisfactory.
The directors propose to pay a final dividend of 0.25p per share.
Highlights included: Statutory basis Like-for-like basis*
-- Results compared to 2014:
Group revenue 17% lower 11% lower
PCB revenue 25% lower 19% lower
LED revenue 18% higher 24% higher
Group margins 1.3% higher -- Operating loss before impairment and restructuring costs GBP126,000 -- Cash balances GBP0.44 million. No debt.
*Like-for-like basis assumes constant sterling exchange rate.
Chairman's statement
As noted in the Interim Report, 2015 revenues were materially reduced by sterling's strengthening against the Euro, and reduced UK PCB sales as a result of a discontinued distribution contract. Overall group revenues decreased from GBP13.5m to GBP11.2m; however excluding the two above factors, 2015 group revenues showed a decline of 1.4% compared to 2014.
Results for the year to 30 November 2015 were mixed; LED divisions made good progress whilst German PCB results were disappointing. The Group operating result before impairment and restructuring costs was a loss of GBP126,000 (2014: operating loss GBP290,000). The operating result after impairment and restructuring costs was a loss of GBP151,000 (2014: operating loss GBP357,000).
The PCB market in 2015 continued to be demanding and the PCB divisions together recorded a small loss. The German operation, comprising 75% of Group PCB sales, suffered lower revenue as a result of sharply reduced customer demand. In addition, sales to a major customer were suspended due to a fire at one of their factories but since the year-end sales to this customer have recommenced.
UK PCB operations were able partly to mitigate the impact of the discontinued distribution contract with increased sales of replacement products and cost reductions. The results achieved by our small Indian venture remained modest and this investment was sold in December 2015. Total PCB revenues were GBP8.3m (2014: GBP11.0m); with margins at 22.3% (2014: 23.1%).
The LED divisions overall showed significant progress with an overall result for this division close to breakeven. The Holders Components divisions in the UK and Germany, aided by a number of new suppliers added during the year, achieved strong revenue growth and improvements both to margins and profitability. The smaller NRGstar and Opteon Germany also showed improved revenues and operating results. In total LED revenues amounted to GBP2.9m (2014: GBP2.5m); with a combined operating loss of GBP26,000 (2014: loss of GBP355,000).
In October we announced an unforeseen taxation liability in respect of EU Cross Border Group Relief ("CBGR") claims relating to our former Swedish and Dutch subsidiaries. The board considers the maximum potential liability to be up to GBP192,000 and has made a provision of this amount as at 30 November 2015, although the Board believes a lower amount may be payable at the final settlement. Since the announcement no further discussions have taken place with HMRC.
Once again I would like to thank all our staff for their hard work and support throughout a demanding financial year.
Given the board's continuing belief in the Group's future we consider it appropriate to recommend a final dividend for the past year of 0.25p per share.
Shareholders can be assured that we will continue to evaluate all possible routes to returning the Group to satisfactory profitability. In the current year, given market conditions, it will be difficult for our PCB activities to make a positive contribution. The outlook for our LED operations is significantly more encouraging and we anticipate continued progress from this area of activity.
R W Weinreich
Executive Chairman
11 February 2016
Group income statement for the year ended 30 November 2015
Hot Features
Premium
Note 2015 2014
GBP'000 GBP'000
------------------------ ----- -------- ---------
Revenue 11,195 13,478
Cost of sales (8,396) (10,224)
-------------------------- ----- -------- ---------
Gross profit 2,799 3,254
Distribution costs (364) (414)
Administrative expenses (2,652) (3,167)
Restructuring costs - (67)
Impairment costs (25) -
Other operating income 91 37
-------------------------- ----- -------- ---------
Operating loss (151) (357)
Finance income 1 2
Finance expenses (16) (7)
-------------------------- ----- -------- ---------
Loss before taxation (166) (362)
Tax expense 2 (195) (11)
-------------------------- ----- -------- ---------
Loss for the financial
year (361) (373)
-------------------------- ----- -------- ---------
Basic loss per share 4 (9.16p) (9.47p)
-------------------------- ----- -------- ---------
Diluted loss per share 4 (9.16p) (9.47p)
-------------------------- ----- -------- ---------
Total loss per share 4 (9.16p) (9.47p)
-------------------------- ----- -------- ---------
Group statement of comprehensive income for the year ended 30 November 2015
2015 2014
GBP'000 GBP'000
---------------------------------------- --------- ---------
Loss for the year (361) (373)
Items that may be reclassified
subsequently to profit or loss:
Exchange differences on translating
foreign operations (246) (112)
------------------------------------------ --------- ---------
Total comprehensive income
and expense for the year (607) (485)
------------------------------------------ --------- ---------
Statements of changes in equity for the year ended 30 November 2015
Group Share Share Capital Translation Retained Non-controlling Total equity
capital premium redemption reserve earnings interest
reserve
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
------------------ -------- -------- ----------- ------------ --------- ---------------- ------------------------
Balance at 30
November 2013 416 1,531 1 169 2,936 (4) 5,049
Dividends - - - - (79) - (79)
Employee
share-based
payment options - - - - 9 - 9
------------------ -------- -------- ----------- ------------ --------- ---------------- ------------------------
Transactions with
owners - - - - (70) - (70)
(Loss) for the
year - - - - (373) - (373)
Reclassification
adjustment
related to
terminated
foreign
operations - - - (23) 19 4 -
Exchange
differences on
translating
foreign
operations - - - (112) - - (112)
------------------ -------- -------- ----------- ------------ --------- ---------------- ------------------------
Total
comprehensive
income for the
year - - - (135) (354) 4 (485)
------------------ -------- -------- ----------- ------------ --------- ---------------- ------------------------
Balance at 30
November 2014 416 1,531 1 34 2,512 - 4,494
------------------ -------- -------- ----------- ------------ --------- ---------------- ------------------------
Dividends - - - - (20) - (20)
Employee
share-based
payment options - - - - 3 - 3
(MORE TO FOLLOW) Dow Jones Newswires
February 12, 2016 02:00 ET (07:00 GMT)
------------------ -------- -------- ----------- ------------ --------- ---------------- ------------------------
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
------------------ -------- -------- ----------- ------------ --------- ---------------- ------------------------
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
2013 416 1,531 1 42 1,990
Profit/ (loss) and total
comprehensive income for
the year - - - 79 79
Dividends - - - (79) (79)
Share-based payment charge - - - 9 9
--------------------------- --------- --------- ------------ ---------- --------
Balance at 30 November
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
--------------------------- --------- --------- ------------ ---------- --------
Balance sheets at 30 November 2015
Group Company
2015 2014 2015 2014
GBP'000 GBP'000 GBP'000 GBP'000
----------------------------- -------- -------- -------- --------
Assets
Non-current assets
Goodwill 316 318 - -
Property, plant and
equipment 327 274 4 8
Investments in subsidiaries - - 2,291 2,291
Investment in joint
venture - - 15 15
Deferred tax assets 16 35 - -
------------------------------ -------- -------- -------- --------
659 627 2,310 2,314
----------------------------- -------- -------- -------- --------
Current assets
Inventories 2,533 2,742 - -
Trade and other receivables 1,556 1,945 433 250
Current tax assets 59 72 - -
Cash and cash equivalents 443 634 25 45
------------------------------ -------- -------- -------- --------
4,591 5,393 458 295
Liabilities
Current liabilities
Trade and other payables (975) (1,257) (627) (562)
Current tax liabilities (213) (48) (21) (47)
------------------------------ -------- -------- -------- --------
(1,188) (1,305) (648) (609)
Net current assets 3,403 4,088 (190) (314)
------------------------------ -------- -------- -------- --------
Non-current liabilities
Retirement benefit liability (181) (201) - -
Deferred tax liabilities (11) (20) - (1)
------------------------------ -------- -------- -------- --------
(192) (221) - (1)
3,870 4,494 2,120 1,999
----------------------------- -------- -------- -------- --------
Shareholders' equity
Share capital 416 416 416 416
Share premium account 1,531 1,531 1,531 1,531
Capital redemption reserve 1 1 1 1
Retained earnings 2,134 2,512 172 51
Cumulative translation
adjustment reserve (212) 34 - -
------------------------------ -------- -------- -------- --------
3,870 4,494 2,120 1,999
----------------------------- -------- -------- -------- --------
Statements of cash flows for the year ended 30 November 2015
Group Company
2015 2014 2015 2014
GBP'000 GBP'000 GBP'000 GBP'000
--------------------------------- -------- -------- -------- --------
Cash flows from operating
activities
Operating (loss)/ profit (151) (357) (92) 76
Share-based payment credit 3 9 3 9
Depreciation 86 108 8 8
Impairment costs - (32) - 17
(Increase)/decrease in
inventories (102) 5 - -
(Increase)/decrease in
trade and other receivables 295 (36) 17 (25)
Increase/(decrease) in
trade and other payables (86) (188) 65 (457)
---------------------------------- -------- -------- -------- --------
Cash generated from/
(used in) operations 45 (491) 1 (372)
Corporation tax (paid)/received (7) (39) (1) -
---------------------------------- -------- -------- -------- --------
Net cash generated from/
(used in) operations 38 (530) - (372)
---------------------------------- -------- -------- -------- --------
Cash flows from investing
activities
Purchase of property,
plant and equipment (161) (74) (4) -
Proceeds from sale of property,
plant and equipment 3 3 - -
Proceeds from sale of subsidiary - 32 - -
Dividends received from
group undertakings - - - 13
Interest received 1 2 4 3
---------------------------------- -------- -------- -------- --------
Net cash (used in)/generated
from investing activities (157) (37) - 16
---------------------------------- -------- -------- -------- --------
Cash flows from financing
activities
Interest paid (16) (7) - -
Loan repayments - - - -
Settlement of contingent - - - -
consideration
Equity dividends paid (20) (79) (20) (79)
---------------------------------- -------- -------- -------- --------
Net cash used in financing
activities (36) (86) (20) (79)
---------------------------------- -------- -------- -------- --------
Net change in cash and
cash equivalents (155) (653) (20) (435)
Cash and cash equivalents
at start of period 634 1,290 45 480
Effect of foreign exchange
rates (36) (3) - -
---------------------------------- -------- -------- -------- --------
Cash and cash equivalents
at end of period 443 634 25 45
---------------------------------- -------- -------- -------- --------
Notes
1. Basis of preparation
(MORE TO FOLLOW) Dow Jones Newswires
February 12, 2016 02:00 ET (07:00 GMT)
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