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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Tex Holdings Plc | LSE:TXH | London | Ordinary Share | GB0008850470 | 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% | 73.00 | 0.00 | 01:00:00 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| 0 | 0 | N/A | 0 |
From May 2019 to May 2024
TIDMTXH
RNS Number : 4571K
Tex Holdings PLC
28 August 2019
TEX HOLDINGS PLC
INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
TEX HOLDINGS PLC
INDEX
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Chairman's Statement 2
Responsibility Statement 3
Consolidated Statement of Comprehensive Income 4
Consolidated Balance Sheet 5
Consolidated Statement of Changes in Equity 6
Consolidated Statement of Cash Flows 7
Notes to the Interim Condensed Consolidated Financial
Statements 8-10
TEX HOLDINGS PLC
CHAIRMAN'S STATEMENT
Group turnover for the six months to 30th June 2019 was higher in comparison to the same period in the previous year. However, as a consequence of lower margins and additional professional fees, the half year result is a pre-tax loss.
The Plastics Division, with a small increase in turnover increased the operating profit by eight percent.
The Boards & Panels Division had a static turnover year on year, but the operating profit has increased as a result of improved margins following the recruitment of a new Production Director, as noted in last year's report.
The new factory in Brigg has now been completed. The new Edging Machine has also been installed and initial production has commenced.
The Engineering Division turnover has increased by seventeen percent due to the despatch of a number of significant orders received in 2018. However, the Division has produced a loss due to the mix of sales with a lower margin. The Division has entered the second half of the year with an order book in excess of GBP5,000,000 which is expected to consist of an improvement in the mix of business with increased margins.
The contracts to supply "flat pack" air traffic control rooms to Nigeria, to be supplied by the Tex A.T.C. Division, have been delayed. Customers are awaiting funds from the Nigerian Government; these funds are now understood to have been released.
The Group has been offered a GBP7,000,000 term loan from associates of the major shareholder. A circular is due to be issued shortly calling an extraordinary general meeting for shareholders to approve the transaction.
The Group has experienced a slow-down in the UK domestic and European markets due to the uncertainty and general lack of confidence surrounding the Brexit issue.
The Board, whilst remaining cautious, anticipates that investments in assets and acquisitions will result in an improvement in trading performance, albeit with higher working capital.
The Board is not proposing to pay an interim dividend (2018: 2.5 pence).
G C Gray
Chairman
28th August 2019
TEX HOLDINGS PLC
RESPONSIBILITY STATEMENT
in respect of the interim financial report
We confirm that to the best of our knowledge:
-- the interim condensed consolidated financial statements have been prepared in accordance with IAS 34 "Interim Financial Reporting" as adopted by the EU;
-- the interim management report includes a fair review of the information required by Disclosure and Transparency Rules ("DTR") 4.2.7R (indication of the important events during the first six months and description of principal risks and uncertainties for the remaining six months of the year); and
-- the interim management report includes a fair review of the information required by DTR 4.2.8R (disclosure of related parties' transactions and changes therein).
G C Gray
Chairman
28th August 2019
TEX HOLDINGS PLC
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
6 months 6 months
ended ended
30.06.19 30.06.18 Year ended
(Unaudited) (Unaudited) 31.12.18
GBP000 GBP000 (Audited)
Notes GBP000
Revenue 3 21,805 20,577 40,354
Cost of sales (15,274) (14,319) (30,150)
-------------- -------------- ------------
Gross profit 6,531 6,258 10,204
Selling and marketing costs (502) (540) (1,040)
Administrative expenses (6,045) (5,527) (9,724)
Operating (loss)/profit (16) 191 (560)
Finance costs (302) (95) (154)
-------------- -------------- ------------
(Loss)/profit before taxation (318) 96 (714)
Taxation 4 52 (12) 124
-------------- -------------- ------------
(Loss)/profit for the period (266) 84 (590)
Other comprehensive income:
Actuarial loss arising on
defined benefit pension
scheme - - (713)
Tax recognised on actuarial
loss on defined pension
scheme - - 135
-------------- -------------- ------------
Total comprehensive (loss)/income
for the period (266) 84 1,168
============== ============== ============
Basic and diluted earnings
per share (4.2)p 1.3p (9.3)p
============== ============== ============
TEX HOLDINGS PLC
CONSOLIDATED BALANCE SHEET
As at As at As at
30.06.19 30.06.18 31.12.18
(Unaudited) (Unaudited) (Audited)
Notes GBP000 GBP000 GBP000
ASSETS
Non-current assets
Property, plant and equipment 7 14,295 7,117 8,007
Deferred tax assets 213 20 213
14,508 7,137 8,220
Current assets
Inventories 8,433 7,891 8,271
Trade and other receivables 9,559 11,248 10,011
Cash in hand - - -
17,992 19,139 18,282
------------------- ------------- -----------
Total assets 32,500 26,276 26,502
=================== ============= ===========
EQUITY
Capital and reserves attributable
to the equity holders of
the parent
Share capital 635 635 635
Capital reserve 16 16 16
Other reserve 678 678 678
Share premium account 2,890 2,890 2,890
Retained earnings 4,316 6,504 4,628
------------------- ------------- -----------
Total equity 8,535 10,723 8,847
=================== ============= ===========
LIABILITIES
Non-current liabilities
Other interest-bearing loans
and borrowings 6,025 1,467 1,275
Employee benefits 1,843 631 1,833
------------------- ------------- -----------
7,868 2,098 3,108
------------------- ------------- -----------
Current liabilities
Bank overdraft 3,166 2,136 2,105
Other interest-bearing loans
and borrowings 3,526 1,056 2,941
Trade and other payables 9,277 9,871 9,226
Provision for other liabilities
and charges 128 177 128
Tax payable - 215 147
16,097 13,455 14,547
------------------- ------------- -----------
Total liabilities 23,965 15,553 17,655
------------------- ------------- -----------
Total equity and liabilities 32,500 26,276 26,502
=================== ============= ===========
TEX HOLDINGS PLC
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
Capital Other Reserve Share Premium
Share Capital Redemption Account Retained
GBP000 Reserve GBP000 Earnings Total Equity
GBP000 GBP000 GBP000
Balance at 1st
January 2018 635 16 678 2,890 6,420 10,639
Profit for the
period - - - - 84 84
Pension fund - - - - - -
actuarial
movement net of
tax
Dividends paid - - - - - -
---------------- --------------- -------------- --------------- --------------- ---------------
- - - - 84 84
---------------- --------------- -------------- --------------- --------------- ---------------
Balance at 30th
June 2018 635 16 678 2,890 6,504 10,723
================ =============== ============== =============== =============== ===============
Balance at 1st
January 2018 635 16 678 2,890 6,420 10,639
Loss for the
period - - - - (590) (590)
IFRS15
adjustment to
opening
reserves - - - - (91) (91)
Pension fund
actuarial
movement net
of tax - - - - (578) (578)
Dividends paid - - - - (533) (533)
---------------- --------------- -------------- --------------- --------------- ---------------
- - - - (1,792) (1,792)
---------------- --------------- -------------- --------------- --------------- ---------------
Balance at 31st
December 2018 635 16 678 2,890 4,628 8,847
================ =============== ============== =============== =============== ===============
Balance at 1st
January 2019 635 16 678 2,890 4,628 8,847
Loss for the
period - - - - (266) (266)
IFRS16
adjustment to
opening
reserves - - - - (46) (46)
Pension fund - - - - - -
actuarial
movement net of
tax
Dividends paid - - - - - -
---------------- --------------- -------------- --------------- --------------- ---------------
- - - - (312) (312)
---------------- --------------- -------------- --------------- --------------- ---------------
Balance at 30th
June 2019 635 16 678 2,890 4,316 8,535
================ =============== ============== =============== =============== ===============
TEX HOLDINGS PLC
CONSOLIDATED STATEMENT OF CASH FLOWS
6 months 6 months
ended ended
30.06.19 30.06.18 Year ended
(Unaudited) (Unaudited) 31.12.18
GBP000 GBP000 (Audited)
GBP000
Cash flows from operating activities
(Loss)/profit for the period (266) 84 (590)
Adjustments for:
Depreciation 994 640 1,309
GMP equalisation - - 543
Restatement of opening reserves (46) - (91)
Loss on sale of fixed assets (2) - (15)
Finance costs 302 95 154
Taxation (52) 12 (124)
------------- ------------- ------------------
Operating profit before changes
in working capital and provisions 930 831 1,186
Movement in trade and other
receivables 508 144 1,381
Movement in inventories (162) (1,093) (1,473)
Movement in trade and other
payables 51 1,687 1,042
Decrease in provisions - (22) (71)
Movement in employee benefits (50) (50) (100)
------------- ------------- ------------------
Cash generated from operations 1,277 1,497 1,965
Tax paid (151) (13) (3)
------------- ------------- ------------------
Net cash generated from operating
activities 1,126 1,484 1,962
------------- ------------- ------------------
Cash flows from investing activities
Purchases of property, plant
and equipment (PPE) (7,282) (1,204) (2,783)
Proceeds from sale of PPE 2 4 39
Net cash used in investing activities (7,280) (1,200) (2,744)
------------- ------------- ------------------
Cash flows from financing activities
New borrowings 6,339 - 1,954
Repayments of borrowings (400) (216) (416)
Finance lease payments (604) (391) (452)
Interest paid (242) (76) (139)
Dividends paid to company's
shareholders - - (533)
------------- ------------- ------------------
Net cash used in financing activities 5,093 (683) 414
------------- ------------- ------------------
Net decrease in cash and cash
equivalents (1,061) (399) (368)
Cash and cash equivalents at
beginning of the period (2,105) (1,737) (1,737)
------------- ------------- ------------------
Cash and cash equivalents at
end of the period (3,166) (2,136) (2,105)
============= ============= ==================
TEX HOLDINGS PLC
NOTES TO THE INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
1. Basis of preparation
The condensed consolidated financial statements have been prepared using accounting policies consistent with International Financial Reporting Standards as adopted by EU and in accordance with International Accounting Standard (IAS) 34 Interim Financial Reporting. The condensed consolidated financial statements have not been audited or reviewed.
They do not include all disclosures that would otherwise be required in a complete set of financial statements and should be read in conjunction with the 2018 annual report.
The comparative figures for the financial year ended 31st December 2018 are not the statutory financial statements for that financial year. Those financial statements have been reported on by the Company's auditors and delivered to the Registrar of Companies. The report of the auditors was (i) a disclaimer of opinion, (ii) did include a reference to any matters to which the auditors drew attention by way of emphasis, and (iii) did contain a statement under section 498 (2) or (3) of the Companies Act 2006.
2. Significant accounting policies
The condensed consolidated financial statements have been prepared under the historical cost convention.
The same accounting policies, presentation and methods of computation are followed in these condensed consolidated financial statements as were applied in the preparation of the Group's consolidated financial statements for the year ended 31st December 2018, with the exception of the application of IFRS 16 which increased the loss by GBP19,000.
3. Segment information
The following is an analysis of the revenue and results for the period analysed by business segment, the Group's primary basis of segmentation.
Total for
Boards continuing
Plastics Engineering & Panels operations
2019 GBP000 GBP000 GBP000 GBP000
Revenue
Total revenue from
continuing operations 11,843 7,575 2,387 21,805
=========== ============== =========== ============
Result
Segment result from
continuing operations 652 (436) 82 298
Expenses pertaining
to the Company (314)
------------
Operating profit (16)
Finance costs (302)
------------
Profit before taxation (318)
Taxation 52
------------
Profit for the period
from continuing operations (266)
============
All operations are continuing.
TEX HOLDINGS PLC
NOTES TO THE INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
3. Segment information (continued)
Segment information about the Group's continuing operations is presented below.
Total for
Boards continuing
Plastics Engineering & Panels operations
2018 GBP000 GBP000 GBP000 GBP000
Revenue
Total revenue from
continuing operations 11,718 6,493 2,366 20,577
=========== ============== =========== ============
Result
Segment result from
continuing operations 602 47 30 679
Expenses pertaining
to the Company (488)
------------
Operating profit 191
Finance costs (95)
------------
Profit before taxation 96
Taxation (12)
------------
Profit for the period
from continuing operations 84
============
4. Taxation
Interim period corporation tax is accrued based on the estimated average annual effective income tax rate of 19% (6 months ended 30th June 2018: 19%).
5. Earnings per share
Basic earnings per share of (4.2)p (2018: 1.3p) is based on the following data.
Earnings 6 months 6 months
ended ended
30.06.19 30.06.18
(Unaudited) (Unaudited)
GBP000 GBP000
Earnings for the purposes of basic earnings
per share (266) 84
============= =============
Number of shares 6 months 6 months
ended ended
30.06.19 30.06.18
(Unaudited) (Unaudited)
Weighted average number of ordinary
shares for the purposes of basic earnings
per share 6,351,452 6,351,452
============= =============
TEX HOLDINGS PLC
NOTES TO THE INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
6. Dividends
During the interim period, no dividends were paid (2018: GBPNil).
7. Property, plant and equipment
During the period, the Group spent GBP272,000 on additions.
It also disposed of certain machinery and equipment with a carrying value of GBPNil for proceeds of GBP2,000.
8. Related party transactions
The Company has a related party relationship with its subsidiaries and directors.
ARB Burrows has an interest in Edward Le Bas Properties Limited through which the Group rents properties at normal commercial rates. Transactions during the period ended 30th June 2019 that require disclosure are detailed below:
Rentals paid GBP257,000 (30th June 2018: GBP213,000)
Other property related expenditure GBP93,000 (30th June 2018: GBP130,000)
Trade payables GBP14,692 (30th June 2018: GBP14,777)
A R B Burrows has an interest in IS&G Steel Stockholders Limited through which the Group purchases steel. Transactions during the period ended 30th June 2019 that require disclosure are detailed below:
Purchases GBP139,274 (30th June 2018: GBP92,165) Trade payables GBP63,074 (30th June 2018: GBP52,701)
ARB Burrows has an interest in Le Bas Investment Trust Limited through which the Group has borrowed a short-term loan. Transactions during the period ended 31st December 2018 that require disclosure are detailed below:
Interest (3.75%) GBP24,719 (31st December 2017: GBPNil)
Loan balance GBP1,700,000 (31st December 2017: GBPNil)
ARB Burrows is a trustee and a beneficiary of the Pension and Assurance Scheme of Edward Le Bas Limited, which is a substantial shareholder in the Company.
All intra-group related party transactions and outstanding balances are eliminated in the preparation of the consolidated financial statements of the Group and therefore in accordance with IAS 24 related party disclosures are not disclosed.
9. Approval of interim financial statements
The interim financial statements were approved by the Board of Directors on 28th August 2019.
This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.
END
IR CKFDNQBKDNFB
(END) Dow Jones Newswires
August 28, 2019 10:37 ET (14:37 GMT)
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