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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 : 3475M
Holders Technology PLC
28 July 2017
Holders Technology plc
Half Yearly Report 2017
Specialised PCB Materials, LED Components, and Lighting Solutions
Highlights
Holders Technology plc supplies specialty laminates and materials for printed circuit board manufacturers ("PCB"), and operates as an LED solutions provider to the lighting and industrial markets.
Unaudited results for the period ended 31 May are summarised as follows:
Hot Features
Premium
2017 2016
GBP'000 GBP'000
======== ========
Revenue PCB 4,577 4,014
LED 1,210 1,648
======== ========
Total 5,787 5,662
======== ========
Gross profit 1,472 1,381
Margins 25.4% 24.4%
Overheads 1,520 1,546
Operating loss
before restructuring
costs (2016
only) (48) (68)
======== ========
Loss before
taxation (53) (171)
======== ========
Earnings per
share (1.56p) (4.31p)
Interim dividend
per share 0.25p 0.25p
Net assets per
share 92p 94p
-------------------------- -------- --------
Contents
1. Chairman's statement 2. Consolidated income statement 2. Consolidated statement of comprehensive income 3. Consolidated statement of changes in equity 4. Consolidated balance sheet 5. Consolidated cash flow statement 6. Notes
Chairman's statement
Half year ended 31 May 2017
These interim results show an improvement as compared to the equivalent period in 2016. Revenue increased by 2.2% to GBP5.8m (2016: GBP5.7m) and the operating loss before restructuring costs reduced from GBP68,000 to GBP48,000 (there were no restructuring costs in 2017). The group result before taxation improved from a GBP171,000 loss to a GBP53,000 loss. Group revenues were increased by the strength of the Euro during the period.
PCB
PCB sales in the period increased by 14% from GBP4,014,000 in 2016 to GBP4,577,000, and PCB margins increased by 2.8% to 23.9%. Our continuing PCB activities, in the UK and Germany, benefitted from improved market conditions and achieved an increase in sales in the period. Both divisions saw some additional benefit from recently introduced products and a continuing gain from production efficiencies. We continue to invest in improvements both to our IT systems and production equipment.
Following the restructuring process announced last year, PCB overheads as a percentage of sales were reduced by 3.0% to 17.2%. Overall our PCB activities recorded a profit of GBP157,000 (2016: loss GBP99,000).
LED
I announced in my previous report accompanying the 2016 Report & Accounts, that the Opteon Germany division had been closed, and the NRGstar results were disappointing. The activities of the NRGstar division are being discontinued. This has inevitably resulted in lower total LED sales as compared to the 2016 interim figures. We expect to see the benefit of these measures in the second half of the current year.
Taken together, the continuing LED divisions achieved improved margins during the period and experienced encouraging customer reaction to recently introduced new products in the smart lighting field.
Total LED revenue for the period was GBP1,210,000 (2016: GBP1,648,000). Margins decreased slightly from 32.3% to 31.4%. The overall LED result was a GBP194,000 loss (2016: GBP61,000 loss).
Summary
PCB activities, which comprise some 80% of the Group, were ahead of our expectations in the first half and should be well placed for the balance of the year. We expect our LED divisions in the second half of the year to see the benefit of a lower overall cost base and a positive impact from the smart lighting technologies we are now able to offer.
Rudolf W. Weinreich Holders Technology plc
Executive Chairman 27-28 Eastcastle Street
London
W1W 8HD
Consolidated income statement
for the half year ended 31 May 2017 (Unaudited)
Half Half Full year
year year ended
ended ended 30
31 31 Nov 2016
May 2017 May 2016
========== ========== ==========
Notes GBP'000 GBP'000 GBP'000
Revenue 3 5,787 5,662 11,380
Cost of sales (4,315) (4,281) (8,539)
========== ========== ==========
Gross profit 1,472 1,381 2,841
Distribution costs (190) (200) (399)
Administrative expenses (1,330) (1,249) (2,749)
Restructuring costs - (103) (183)
Other operating income - - 116
========== ========== ==========
Operating loss (48) (171) (374)
Finance income - - 3
Finance costs (5) - (7)
========== ========== ==========
Loss before taxation (53) (171) (378)
Taxation 4 (12) - (17)
========== ========== ==========
Loss for the period (65) (171) (395)
========== ========== ==========
Total and continuing
Basic loss per share 6 (1.56p) (4.31p) (9.72p)
========== ========== ==========
Diluted loss per share 6 (1.56p) (4.31p) (9.72p)
========== ========== ==========
Consolidated statement of comprehensive income
for the half year ended 31 May 2017 (Unaudited)
Half Half Full year
year year ended
ended ended 30
31 31 Nov 2016
May 2017 May 2016
========== ================== ==========
GBP'000 GBP'000 GBP'000
Loss for the period (65) (171) (395)
Exchange differences
on translation of
foreign operations 49 143 346
========== ================== ==========
Total comprehensive
expense for the period (16) (28) (49)
========== ================== ==========
Consolidated statement of changes in equity
for the half year ended 31 May 2017 (Unaudited)
Capital
Share redemption Translation Retained
Share capital premium reserve reserve earnings Total equity
=============== ============ ================== =============== ================ ==============
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Balance 1 Dec
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 30 Nov
2016 416 1,590 1 134 1,719 3,860
=============== ============ ================== =============== ================ ==============
Dividends - - - - (10) (10)
Transactions
with owners - - - - (10) (10)
=============== ============ ================== =============== ================ ==============
Loss for the
period - - - - (65) (65)
Exchange
differences on
translating
foreign
operations - - - 49 - 49
=============== ============ ================== =============== ================ ==============
Total
comprehensive
income for the
period - - - 49 (65) (16)
=============== ============ ================== =============== ================ ==============
Balance 31 May
2017 416 1,590 1 183 1,644 3,834
=============== ============ ================== =============== ================ ==============
Consolidated balance sheet
at 31 May 2017 (Unaudited)
Half Half Full year
year year ended
ended ended 30
31 31 Nov 2016
May 2017 May 2016
========== ========== ==========
GBP'000 GBP'000 GBP'000
Assets
Non-current assets
Goodwill 320 317 318
Property, plant
and equipment 404 319 400
Deferred tax assets 16 16 9
========== ========== ==========
740 652 727
========== ========== ==========
Current assets
Inventories 2,568 2,226 2,365
Trade and other
receivables 1,820 1,641 1,790
Cash and cash equivalents 371 726 781
========== ========== ==========
4,759 4,593 4,936
Liabilities
Current liabilities
Trade and other
payables (1,295) (1,035) (1,457)
Current tax liabilities (135) (106) (122)
========== ========== ==========
(1,430) (1,141) (1,579)
Net current assets 3,329 3,452 3,357
========== ========== ==========
Non-current liabilities
Retirement benefit
liability (223) (190) (219)
Deferred tax liabilities (12) (13) (5)
(235) (203) (224)
Net assets 3,834 3,901 3,860
========== ========== ==========
Shareholders' equity
Share capital 416 416 416
Share premium account 1,590 1,590 1,590
Capital redemption
reserve 1 1 1
Retained earnings 1,644 1,963 1,719
Cumulative translation
adjustment 183 (69) 134
========== ========== ==========
Equity attributable
to the shareholders
of the parent 3,834 3,901 3,860
Consolidated cash flow statement
for the half year ended 31 May 2017 (Unaudited)
Half Half Full year
year year ended
ended ended 30
31 31 Nov 2016
May 2017 May 2016
========== ========== ==========
GBP'000 GBP'000 GBP'000
Cash flows from operating
activities
Operating loss (48) (171) (374)
Share-based payment charge/(credit) - 10 -
Depreciation 43 38 74
Loss on sale of tangible 1 - -
fixed assets
(Increase)/decrease in
inventories (203) 439 192
Increase in trade and other
receivables (30) (109) (298)
(Decrease)/increase in
trade and other payables (157) (86) 824
Cash (used in)/ generated
from operations (394) 293 418
Corporation tax received/
(paid) - (46) (48)
Net cash (used in)/ generated
from operations (394) 247 370
========== ========== ==========
Cash flows from investing
activities
Purchase of property, plant
and equipment (39) (12) (110)
Proceeds from sale of property,
plant and equipment 3 - -
Proceeds from sale of joint
venture 22
Interest received - - 3
Net cash used in investing
activities (36) (12) (85)
========== ========== ==========
Cash flows from financing
activities
Interest paid (5) - (7)
Proceeds from sale of shares - 59 59
Equity dividends paid (10) (10) (20)
Net cash used in financing
activities (15) 49 32
========== ========== ==========
Net change in cash and cash
equivalents (445) 284 317
Cash and cash equivalents
at start of period 781 443 443
Effect of foreign exchange
rates 35 (1) 21
Cash and cash equivalents
at end of period 371 726 781
========== ========== ==========
Notes
1. General information
Holders Technology plc is incorporated in the United Kingdom under the Companies Act 2006. The principal activity of the group is to provide specialised materials, components and solutions to the electronics and lighting industries.
2. Basis of preparation
The condensed consolidated half year financial statements have been prepared in accordance with the AIM Rules for Companies and prepared on a basis consistent with International Financial Reporting Standards ("IFRS") as adopted by the EU and the accounting policies set out in the group's financial statements for the year ended 30 November 2016.
The condensed consolidated half year financial statements are unaudited and include all adjustments which management considers necessary for a fair presentation of the group's financial position, operating results and cash flows for the 6 month periods ended 31 May 2016 and 31 May 2017.
The half year financial statements do not constitute statutory accounts as defined by Section 434 of the Companies Act 2006. A copy of the group's financial statements for the year ended 30 November 2016 prepared in accordance with IFRS as adopted by the EU has been filed with the Registrar of Companies. The auditors' report on those financial statements was not qualified and did not contain statements under s498(2) of s498(3) of the Companies Act 2006.
As permitted, the group has chosen not to adopt IAS 34 'Interim Financial Statements' in preparing these half year financial statements and therefore the half year financial information is not in full compliance with IFRS.
The preparation of half year financial statements requires management to make judgements, estimates and assumptions that affect the application of policies and reported amounts of assets and liabilities, income and expenses. Actual results may differ from these estimates.
These half year financial statements have been prepared under the historical cost convention.
The board of Holders Technology plc approved this half yearly report on 27 July 2017.
3. Segmental information
Management currently identifies two operating segments:
- PCB, which distributes materials, equipment and supplies to the PCB industry.
- LED, which distributes LED-related components and lighting solutions to the lighting industry.
Notes (continued):
3. Segmental information (continued)
Analysis by operating segment
for the half year ended 31 May
Central
PCB LED Costs Total
2017 2016 2017 2016 2017 2016 2017 2016
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
======== ======== ======== ======== ======== ======== ======== ========
Revenue 4,577 4,014 1,210 1,648 - - 5,787 5,662
Cost of sales 3,485 3,166 830 1,115 - - 4,315 4,281
======== ======== ======== ======== ======== ======== ======== ========
Gross Profit 1,092 848 380 533 - - 1,472 1,381
Distribution
costs 149 138 41 62 - - 190 200
Administration
costs 786 809 533 538 11 5 1,330 1,352
======== ======== ======== ======== ======== ======== ======== ========
Segment loss 157 (99) (194) (67) (11) (5) (48) (171)
======== ======== ======== ======== ======== ======== ======== ========
4. The tax provision for the six months ended 31 May 2017 is calculated based on the tax rates applicable in the country in which each company operates. Taxation includes GBP12,000 charge (2016: GBPnil) relating to overseas operations.
5. A final dividend of 0.25p per share on the total issued share capital of 4,159,551 10p ordinary shares, excluding treasury shares, was paid on 23 May 2017 in respect of the year ended 30 November 2016.
An interim dividend payment of 0.25p per share (2016: 0.25p per share) will be payable on 10 October 2017 to shareholders on the register at 15 September 2017. The shares will go ex-dividend on 14 September 2017. The interim dividend had not been approved by the board at 31 May 2017 and accordingly, has not been included as a liability as at that date.
6. The basic earnings per share for continuing operations are based on the loss for the period of GBP65,000 (2016: loss GBP171,000) and on 4,159,551 ordinary shares (2016: 3,968,076), the weighted average number of shares in issue during the period. Diluted earnings per share for continuing operations are based on 4,159,551 ordinary shares (2016: 3,968,076), being the weighted average number of ordinary shares after an adjustment of nil shares (2016: nil) in relation to share options.
7. A copy of this half yearly report is being sent to shareholders and is available for inspection at the company's offices at Holders Technology (UK) Ltd., Units 1-4, Block 9, Tweedbank Industrial Estate, Galashiels TD1 3RS and via its website www.holdersgroup.com.
This information is provided by RNS
The company news service from the London Stock Exchange
END
IR LLFLEDAIDFID
(END) Dow Jones Newswires
July 28, 2017 02:00 ET (06:00 GMT)
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