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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Heath (samuel) & Sons Plc | LSE:HSM | London | Ordinary Share | GB0004178710 | 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% | 275.00 | 250.00 | 300.00 | 275.00 | 275.00 | 275.00 | 0.00 | 07:33:41 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
Plumb Fixture Fittings, Trim | 14.72M | 931k | 0.3674 | 7.49 | 6.97M |
TIDMHSM
RNS Number : 8451V
Heath(Samuel) & Sons PLC
09 November 2017
SAMUEL HEATH & SONS plc
("the Company")
INTERIM REPORT
Half year ended 30 September 2017
CHAIRMAN'S STATEMENT
The first half of the year was satisfactory. Revenue was up at GBP7.377m (2016: GBP6.635m). The profit before tax was 5.6% down at GBP687k (2016: GBP728k), the previous year having benefitted from the windfall drop in Sterling after the Brexit referendum as I reported in my last full year's statement.
We sell all over the world, with exports increasing by 18%, but our performance has been very patchy in nearly all of our markets, with some doing much better than expected, some worse.
Although it is only a relatively short time since the end of September, we have to say that sales generally have weakened, particularly in the U.K. market, where the number of projects in the pipeline have decreased, not enormously but perhaps significantly. As always, it is difficult to forecast how this will affect the twelve months figures.
For the future, it is perhaps trite to say that we would prefer more clarity, but we would.
We are proposing an interim dividend of 5.5p per share (2016: deferred interim dividend of 5.5p), which will be paid on 23 March 2018.
Sam Heath
Chairman
9th November 2017
For further information, please contact:
Samuel Heath & Sons Plc
John Park, Company Secretary 0121 766 4235
Cairn Financial Advisers LLP
James Caithie / Jo Turner 020 7213 0880 Unaudited Interim Financial Report For the Half Year ended 30 September 2017 CONSOLIDATED INCOME STATEMENT Half Half Year year year ended ended ended 31 March 30 September 30 September 2017 2016 2017 Unaudited Unaudited Audited GBP'000 GBP'000 GBP'000 Continuing operations Revenue 7,377 6,635 13,053 Cost of sales (3,707) (3,141) (6,386) Gross profit 3,670 3,494 6,667 Distribution costs (1,868) (1,664) (3,274) Administrative expenses (1,025) (998) (1,949) Operating profit 777 832 1,444 Finance costs (90) (104) (210) Profit before taxation 687 728 1,234 Taxation (131) (149) (221) Profit for the period 556 579 1,013 Basic and diluted earnings per ordinary share 21.9p 22.8p 40.0p ===================== ==================== ================== CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME Half Half Year year year ended ended ended 31 March 30 September 30 September 2017 2016 2017 Unaudited Unaudited Audited GBP'000 GBP'000 GBP'000 Profit for the period 556 579 1,013 Items that will be reclassified to profit or loss: Cash flow hedges 25 15 16 25 15 16 Items that will not be reclassified to profit or loss: Actuarial (loss) on defined benefit pension scheme (34) (4,762) (629) Deferred tax on actuarial loss 6 738 46 Revaluation of property, plant and Equipment - - 1,607 Deferred taxation on revaluation of assets - - (218) (28) (4,024) 806 Total comprehensive income for the period 553 (3,430) 1,835 CONSOLIDATED STATEMENT OF FINANCIAL POSITION At 30 At 30 At 31 September September March 2017 2016 2017 Unaudited Unaudited Audited GBP'000 GBP'000 GBP'000 Non-current assets Intangible assets 50 99 79 Property, plant and equipment 3,398 1,848 3,511 Deferred tax asset 791 1,836 793 4,239 3,783 4,383 ----------------- ------------------- -------------------- Current assets Inventories 3,901 3,537 3,789 Trade and other receivables 2,342 1,978 2,169 Derivative financial instruments 25 - - Cash and cash equivalents 2,170 2,268 2,079 ----------------- ------------------- -------------------- 8,438 7,783 8,037 ----------------- ------------------- -------------------- Total assets 12,677 11,566 12,420 ----------------- ------------------- -------------------- Current liabilities Trade and other payables (1,327) (1,290) (1,400) Current tax payable (289) (296) (158) ----------------- ------------------- -------------------- (1,616) (1,586) (1,558) ----------------- ------------------- -------------------- Non-current liabilities Retirement benefit scheme (6,463) (10,805) (6,501) Deferred tax liability - (79) - ----------------- ------------------- -------------------- (6,463) (10,884) (6,501) ----------------- ------------------- -------------------- Total liabilities (8,079) (12,470) (8,059) ----------------- ------------------- -------------------- Net assets 4,598 (904) 4,361 ================= =================== ==================== Equity Called up share capital 254 254 254 Capital redemption reserve 109 109 109 Revaluation reserve 1,346 - 1,389 Retained earnings 2,889 (1,267) 2,609
Equity shareholders' funds 4,598 (904) 4,361 ================= =================== ====================
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
Share Capital Revaluation Retained Total capital redemption reserve earnings equity reserve GBP000 GBP000 GBP000 GBP000 GBP000 Balance at 31 March 2016 254 109 - 2,337 2,700 --------- ------------ ------------ --------------- --------------- Equity dividends paid - - - (174) (174) --------- ------------ ------------ --------------- --------------- Profit for period - - - 579 579 Other comprehensive loss for the period - - - (4,009) (4,009) --------- ------------ ------------ --------------- --------------- Total comprehensive loss for the period - - - (3,430) (3,430) --------- ------------ ------------ --------------- --------------- Balance at 30 September 2016 254 109 - (1,267) (904) --------- ------------ ------------ --------------- --------------- Equity dividends - - - - - paid --------- ------------ ------------ --------------- --------------- Profit for period - - - 434 434 Other comprehensive income for the period - - 1,389 3,442 4,831 --------- ------------ ------------ --------------- --------------- Total comprehensive income for the period - - 1,389 3,876 5,265 --------- ------------ ------------ --------------- --------------- Balance at 31 March 2017 254 109 1,389 2,609 4,361 --------- ------------ ------------ --------------- --------------- Equity dividends paid - - - (316) (316) --------- ------------ ------------ --------------- --------------- Profit for period - - - 556 556 Other comprehensive income for the period - - - (3) (3) --------- ------------ ------------ --------------- --------------- Total comprehensive income for the period - - - 553 553 --------- ------------ ------------ --------------- --------------- Transfer relating to amortisation - - (43) 43 - --------- ------------ ------------ --------------- --------------- Balance at 30 September 2017 254 109 1,346 2,889 4,598
CONSOLIDATED CASH FLOW STATEMENT
Half Half Year year year ended ended ended 31 March 30 September 30 September 2017 2016 2017 Unaudited Unaudited Audited GBP'000 GBP'000 GBP'000 Cash flow from operating activities Profit for the period before tax 686 728 1,234 Adjustments for: Depreciation 186 130 272 Amortisation 28 29 57 Profit/(loss) on disposal of property, plant and equipment 10 (18) (37) Finance income (4) (5) (7) Defined benefit pension scheme expenses 126 132 282 Contributions to defined benefit pension scheme (200) (189) (511) Operating cash flow before movements in working capital 832 807 1,290 Changes in working capital: (Increase)/decrease in inventories (107) (216) (468) (Increase)/decrease in trade and other receivables (203) 134 (16) Increase/(decrease) in trade and other payables (40) 13 117 Cash generated from operations 482 738 923 Taxation paid - - (155) Net cash from operating activities 482 738 768 Cash flow from investing activities Payments to acquire property, plant and equipment (80) (397) (646) Proceeds from the sale of property, plant and equipment - 18 53 Proceeds from sale of financial assets - - (8) Finance income 5 5 8 (75) (374) (593) Cash flow from financing activities Dividends paid (316) (174) (174) (316) (174) (174) Net increase/(decrease) in cash and cash equivalents 91 190 1 Cash and cash equivalents at beginning of period 2,079 2,078 2,078 Cash and cash equivalents at end of period 2,170 2,268 2,079 1. BASIS OF PREPARATION OF INTERIM REPORT
As permitted, IAS34 'Interim Financial Reporting' has not been applied in this interim report. The information for the period ended 30 September 2017 is not audited and does not constitute statutory accounts as defined in section 435 of the Companies Act 2006. The statutory accounts for the year ended 31 March 2017 were given an unqualified audit report and did not contain statements under section 498(2) or 498(3) of the Companies Act 2006. A copy of the statutory accounts for that year has been delivered to the Registrar of Companies. The interim accounts for the half year ended 30 September 2016 were also unaudited.
2. ACCOUNTING POLICIES
Basis of accounting
The report has been prepared on a going concern basis in accordance with International Financial Reporting Standards ("IFRS") as issued by the International Accounting Standards Board ("IASB") at 30 September 2017 as well as all interpretations issued by the International Financial Reporting Interpretations Committee ("IFRIC") at 30 September 2017.
The group has not availed itself of early adoption options in such standards and interpretations.
The principal accounting policies adopted are as set out in the Annual Report for the year ended 31 March 2017. The valuation of inventories is considered to be the main area in terms of significant accounting estimates and judgements.
The retirement benefit scheme liability recognised in these interim accounts reflects the estimated change in the deficit at 30 September 2017 from the movements in discount rates and inflation during the six months.
3. DIVIDENDS
An Interim dividend of 5.5p per share is proposed, payable on 23 March 2018. (30 September 2016: nil, although a deferred interim dividend was paid in August 2017 of 5.5p)
4. EARNINGS PER SHARE
The basic and diluted earnings per share are calculated by dividing the relevant profit after taxation of GBP556,000 (30 September 2016: GBP579,000) by the average number of ordinary shares in issue during the period being 2,534,322 (2016: 2,534,322). The number of shares used in the calculation is the same for both basic and diluted earnings.
This information is provided by RNS
The company news service from the London Stock Exchange
END
IR BRBDBUSGBGRR
(END) Dow Jones Newswires
November 09, 2017 02:00 ET (07:00 GMT)
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