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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 |
TIDMTXH
RNS Number : 5976O
Tex Holdings PLC
01 June 2020
Tex Holdings plc Preliminary Announcement 31st December 2019 Registered number 00405838
The Company also includes below extracts from the Annual Report:
CHAIRMAN'S STATEMENT
Results for year ended 31st December 2019
Results and operations
During the financial year to 31st December 2019, Tex Group sales were GBP43.1m (2018 restated: GBP40.1m). Gross margins reduced from 26% to 25%.
Profits for the Plastics Division remained stable, with increased operating costs being offset by a modest increase in sales. The Engineering Division experienced another challenging year resulting in a further loss. However, the Division has entered 2020 with an order book in excess of GBP10m with the conversion rate of enquiries improving as a degree of certainty has returned to the market. As a result of delays in delivery of a new Edging Machine, the Boards & Panels Division experienced a loss due to the reduction in capacity and productivity in 2019.
The Group reported a pre-tax trading loss of GBP897k for the year (2018: restated loss GBP877k), this is after exceptional costs of staff redundancies and additional professional fees. The underlying trading loss was GBP661k.
Following the approval by shareholders, the Group has drawn down a term loan from the major shareholder thus allowing the bank overdraft to be cleared and the commencement of a restructuring exercise to be initiated.
Application has been made for the restoration of listing of the shares and a decision is awaited from the FCA.
The Group's net assets per share have increased from 127p to 134p, driven by the Pension Scheme moving into surplus.
Prospects and dividends
The Plastics Division has continued to trade profitably, however the performance for the year will now be reduced by the impact of COVID-19, which is expected to reduce volumes for a period of time.
The Group has taken advantage of support from the Government, including the deferral of the VAT payment to March 2021, and the Coronavirus Job Retention Scheme. Currently 50% of the Group's staff are furloughed, with 10% working from home.
The diversity of the Group means that some operations are either closed or significantly reduced whilst others are operating almost normally. QK Honeycomb Products Limited is virtually closed as in line with its main customer base, being the UK caravan industry. G&M TEX and the ATC Division are trading in line with their respective budgets. The Plastics Division is currently trading at about 70% of the budgeted production levels, supplying critical line supplies to the medical and hygiene industries.
The Group is using this period of downturn in operations to revisit working practices and to restructure the organisation in preparation for future trading opportunities. A plan has been initiated that could result in an estimated annualised saving of up to approximately GBP1.5m.
The current cash balance is relatively strong, with in excess of GBP2,000,000 in the bank. A revised budget through to June 2021 has been prepared which indicates that if the forecasts are met, the Group should remain cash positive during this period.
The Group currently has a record order book of in excess of GBP14m, which assists in underpinning the budget trading expectations.
The overall Group performance for the first four months is in line with budget.
The Board previously considered that, subject to the current global situation, the Group would have reported an improved position for 2020. This has now been superseded by the COVID-19 pandemic. The outturn for the year now depends upon how swiftly trading returns and how long the current restrictions remain in place. There is expected to be an improvement on the 2019 result, with a number of the projects in stock at the 2019 year-end being completed during 2020.
We recommend a final dividend of Nil (2018: Nil), making an overall payment in respect of the year of Nil (2018: 2.5 pence).
Staff
I would like to thank staff at all levels in the Group for their contribution to the result for the year.
G C Gray
Chairman
1st June 2020
RESULTS IN BRIEF
Year Year ended ended 31/12/19 31/12/18 (restated) GBP000 GBP000 ----------------------------------------- ---------- ------------ Revenue 43,080 40,176 Loss before taxation (897) (877) Taxation (140) 123 Loss after taxation (1,037) (754) Total equity 8,526 8,104 Net assets per share 134p 127p Basic earnings per share (16.3p) (11.9p) Diluted earnings per share (16.3p) (11.9p) Dividends per share (based on interim dividend in the year, special dividend and final dividend proposed) Nil 2.5p
Consolidated Income Statement
for the year ended 31st December 2019
Year ended Year ended 31/12/19 31/12/18 (restated) GBP000 GBP000 ------------------------------------------- ----------- ------------ Revenue 43,080 40,176 Cost of sales (32,446) (29,774) -------------------------------------------- ----------- ------------ Gross profit 10,634 10,402 Distribution costs (1,118) (1,069) Administrative expenses (9,937) (10,056) -------------------------------------------- ----------- ------------ Operating loss (421) (723) Finance costs (476) (154) -------------------------------------------- ----------- ------------ Loss before taxation (897) (877) Taxation (140) 123 -------------------------------------------- ----------- ------------ Loss for the year attributable to the equity holders of the Parent Company (1,037) (754) ============================================ =========== ============ Earnings per share attributable to the equity holders of the Parent Company Basic and diluted (16.3p) (11.9p) -------------------------------------------- ----------- ------------
Consolidated Statement of Comprehensive Income
for the year ended 31st December 2019
Year ended Year ended 31/12/19 31/12/18 (restated) GBP000 GBP000 -------------------------------------------------- ---- ----------- ------------ Loss for the year attributable to the equity holders of the Parent Company (1,037) (754) -------------------------------------------------------- ----------- ------------ Other comprehensive income Items that will not subsequently be reclassified to profit or loss: Actuarial gain/(loss) on defined benefit pension plans 2,149 (713) Deferred taxation recognised on actuarial (gain)/loss on defined benefit pension plan recognised directly in equity (409) 135 -------------------------------------------------------- ----------- ------------ 1,740 (578) Other comprehensive income/(expense) for the year 1,740 (578) -------------------------------------------------------- ----------- ------------ Total comprehensive income/(loss) for the year attributable to the equity holders of the Parent Company 703 (1,332) ======================================================== =========== ============
Balance Sheets
at 31st December 2019
Consolidated 31/12/19 31/12/18 (restated) GBP000 GBP000 ----------------------------- ---- ---- ---- --------- ------------ Assets Non-current assets Property, plant and equipment 14,430 7,818 Investments - - Deferred taxation assets - 213 ----------------------------------------------- --------- ------------ 14,430 8,031 -------------------------------------------- --------- ------------ Current assets Inventories 7,946 8,110 Trade and other receivables 10,860 10,444 Cash and cash equivalents 1,017 -
19,823 18,554 -------------------------------------------- --------- ------------ Total assets 34,253 26,585 =============================================== ========= ============ Equity Capital and reserves attributable to the equity holders of the Parent Company Share capital 635 635 Capital redemption reserve 16 16 Other reserve 678 678 Share premium account 2,890 2,890 Retained earnings 4,307 3,885 ----------------------------------------------- --------- ------------ Total equity 8,526 8,104 ----------------------------------------------- --------- ------------ Liabilities Non-current liabilities Other interest-bearing loans and borrowings 8,695 1,451 Deferred taxation 315 - Employee benefits - 1,833 Provisions 530 530 9,540 3,814 -------------------------------------------- --------- ------------ Current liabilities Bank overdraft - 2,105 Other interest-bearing loans and borrowings 7,145 2,762 Trade and other payables 8,949 9,525 Provisions 68 128 Taxation payable 25 147 ----------------------------------------------- 16,187 14,667 -------------------------------------------- --------- ------------ Total liabilities 25,727 18,481 ----------------------------------------------- --------- ------------ Total equity and liabilities 34,253 26,585 =============================================== ========= ============
Consolidated Statements of Changes in Equity
at 31st December 2019
Share Capital Other Share premium Retained capital reserve reserves account earnings Total Consolidated GBP000 GBP000 GBP000 GBP000 GBP000 GBP000 --------------------------- --------- --------- ---------- -------------- ---------- -------- Balance at 1st January 2018 635 16 678 2,890 6,420 10,639 Prior year adjustment - dilapidations - - - - (530) (530) Prior year adjustment - other - - - - (49) (49) --------------------------- --------- --------- ---------- -------------- ---------- -------- Restated balance at 1st January 2018 635 16 678 2,890 5,841 10,060 Loss for the year - - - - (754) (754) IFRS15 adjustment to opening reserve - - - - (91) (91) Pension fund actuarial movement net of taxation - - - - (578) (578) --------------------------- --------- --------- ---------- -------------- ---------- -------- Total comprehensive expense - - - - (1,423) (1,423) --------------------------- --------- --------- ---------- -------------- ---------- -------- Contributions by and distributions to owners: Dividends paid - - - - (533) (533) --------------------------- --------- --------- ---------- -------------- ---------- -------- Balance at 31st December 2018 and 1st January 2019 635 16 678 2,890 3,885 8,104 Loss for the year - - - - (1,037) (1,037) IFRS16 adjustment to opening reserves - - - - (281) (281) Pension fund actuarial movement net of taxation - - - - 1,740 1,740 --------------------------- --------- --------- ---------- -------------- ---------- -------- Total comprehensive income - - - - 422 422 --------------------------- --------- --------- ---------- -------------- ---------- -------- Contributions by and distributions to owners: Dividends paid - - - - - - --------------------------- --------- --------- ---------- -------------- ---------- -------- Balance at 31st December 2019 635 16 678 2,890 4,307 8,526 =========================== ========= ========= ========== ============== ========== ========
Consolidated Cash Flow Statements
for the year ended 31st December 2019
Year ended Year 31/12/19 ended 31/12/18 (restated) GBP000 GBP000 -------------------------------- ------------ ------------ Cash flows from operating activities Loss for the year (1,037) (754) Adjustments for: Dividends received - - Interest received from - - subsidiaries Depreciation 2,398 1,309 GMP equalisation - 543 Impairment of investments - - Restatement of opening reserves (281) (671) Loss on sale of fixed assets (8) (15) Financial expense 476 154 Taxation 140 (123) ----------------------------------- ------------ ------------ 1,688 443 (Increase)/decrease in trade and other receivables (48) 948 Decrease/(increase) in inventories 164 (1,312) (Decrease)/increase in trade and other payables (576) 1,338 (Decrease)/increase in provisions (60) 459 (Decrease) in employee benefits (100) (100) ----------------------------------- ------------ ------------ Cash generated from operations 1,068 1,776 Taxation paid (143) (3) ----------------------------------- ------------ ------------ Net cash generated from operating activities 925 1,773 ----------------------------------- ------------ ------------ Cash flows from investing activities Purchases of property, plant and equipment (3,258) (2,594) Proceeds from sale of property, plant and equipment 212 39 IFRS16 take on (5,956) - Dividends received - - Interest received - - Advances of loans to - - subsidiaries Net cash used in investing activities (9,002) (2,555) Cash flows from financing activities New borrowings 14,547 1,954 Repayments of borrowings (2,698) (416) Finance lease payments (222) (452) Interest paid (428) (139) Dividends paid - (533) ----------------------------------- ------------ ------------ Net cash generated from financing activities 11,199 414 ----------------------------------- ------------ ------------ Net increase/(decrease) in cash and cash equivalents 3,122 (368) Cash and cash equivalents at beginning of the year (2,105) (1,737) ----------------------------------- Cash and cash equivalents at end of the year 1,017 (2,105) =================================== ============ ============ 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. 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 2019 annual report.
The financial information set out in the announcement does not constitute the Company's statutory accounts for the years ended 31st December 2019 or 2018. The financial information for the year ended 31st December 2018 is derived from the statutory accounts for that year but has been restated. The statutory accounts for the year ended 31st December 2018 have been delivered to the Registrar of Companies. The auditors reported on those accounts: their report was a disclaimer of opinion, did not draw attention to any matters by way of emphasis but did contain statements under s498(2) and (3) of the Companies Act 2006. The audit of the statutory accounts for the year ended 31st December 2019 is not yet complete, but the Directors expect this to be completed within the next week.
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 15 which resulted in a GBP90,782 decrease to profit and retained earnings as at 1st January 2018, reflecting the re-allocation of the profit recognition on the aircraft carrier project, now based on completion rather than percentage of expenditure at the average margin on the project.
3. 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. Transactions during the period ended 31st December 2019 that require disclosure are detailed below:
Rentals and property related expenditure GBP686,401 (31st December 2018: GBP647,288)
Trade payables GBP21,715 (31st December 2018: GBP22,333)
ARB Burrows has an interest in IS&G Steel Stockholders Limited through which the Group purchases steel. Transactions during the period ended 31st December 2019 that require disclosure are detailed below:
Purchases GBP201,170 (31st December 2018: GBP193,151)
Trade payables GBP33,236 (31st December 2018: GBP62,109)
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 2019 that require disclosure are detailed below:
Interest (3.75%) GBP13,556 (31st December 2018: GBP4,675)
Loan balance GBPNil (31st December 2018: GBP1,300,000)
ARB Burrows has an interest in Edward Le Bas Properties Limited through which the Group has borrowed a term loan. Transactions during the period ended 31st December 2019 that require disclosure are detailed below:
Interest (8.00%) GBP52,165 (31st December 2018: GBPNil)
Loan organisation fees GBP2,166 (31st December 2018: GBPNil)
Loan balance GBP7,000,000 (31st December 2018: 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.
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
FR UAONRRUUNRAR
(END) Dow Jones Newswires
June 01, 2020 12:36 ET (16:36 GMT)
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