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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 Apr 2019 to Apr 2024
TIDMTXH
RNS Number : 0255O
Tex Holdings PLC
15 August 2017
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 2017 was higher than the same period in the previous year. Pre-tax profit however is down on the previous year.
The Plastics and Boards and Panels Divisions both had a static turnover year on year. The Engineering Division turnover increased, but the bulk of the increase was in the sale of merchanted items, which generate a lower gross profit margin.
Profits for the first six months trading have not reflected the increased turnover, as a result of the mix of sales which included more merchanted items as noted above, and the balance of the costs of the relocation of G&M TEX to new premises.
The Engineering Division has a number of projects in progress that are due to be completed in the second half of the year.
The order book at the half year is at a similar level to June 2016, at GBP6,500,000.
The Board remains cautious. The anticipated out turn for the year, we expect, will maintain the recent trading patterns.
As with previous years, cash and cost control remains a corporate priority.
The Board is proposing to pay an interim dividend of 2.5 pence (2016: 2.5 pence) which will be paid on 6th October 2017 to shareholders on the register as at 15th September 2017.
ARB Burrows
Chairman
15th August 2017
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).
A R B Burrows
Chairman
15th August 2017
TEX HOLDINGS PLC
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
6 months 6 months
ended ended
30.06.17 30.06.16 Year
ended
(Unaudited) (Unaudited) 31.12.16
GBP000 GBP000 (Audited)
Notes GBP000
Revenue 3 21,421 20,791 41,386
Cost of sales (14,625) (14,604) (30,358)
-------------- -------------- ------------
Gross profit 6,796 6,187 11,028
Selling and marketing
costs (693) (483) (1,072)
Administrative expenses (5,598) (5,157) (8,702)
Operating profit 505 547 1,254
Finance costs (82) (52) (147)
-------------- -------------- ------------
Profit before taxation 423 495 1,107
Taxation 4 (92) (101) (199)
-------------- -------------- ------------
Profit for the period 331 394 908
Other comprehensive
income:
Actuarial gain arising
on defined benefit
pension scheme - - (50)
Tax recognised on actuarial
gain on defined pension
scheme - - 10
-------------- -------------- ------------
Total comprehensive
income for the period 331 394 868
============== ============== ============
Basic and diluted earnings
per share 5.2p 6.2p 14.3p
============== ============== ============
TEX HOLDINGS PLC
CONSOLIDATED BALANCE SHEET
As at As at As at
30.06.17 30.06.16 31.12.16
(Unaudited) (Unaudited) (Audited)
Notes GBP000 GBP000 GBP000
ASSETS
Non-current assets
Property, plant and
equipment 7 6,180 5,492 5,864
Deferred tax assets 177 156 187
6,357 5,648 6,051
Current assets
Inventories 6,952 7,271 6,883
Trade and other receivables 11,270 10,430 10,620
Cash in hand - 942 -
18,222 18,643 17,503
------------- ------------- -----------
Total assets 24,579 24,291 23,554
============= ============= ===========
EQUITY
Capital and reserves
attributable to the
equity holders of the
parent
Share capital 635 635 635
Other reserves 2,906 2,906 2,906
Retained earnings 6,620 6,291 6,289
------------- ------------- -----------
Total equity 10,161 9,832 9,830
============= ============= ===========
LIABILITIES
Non-current liabilities
Other interest-bearing
loans and borrowings 2,542 2,709 2,621
Employee benefits 1,470 1,464 1,492
------------- ------------- -----------
4,012 4,173 4,113
------------- ------------- -----------
Current liabilities
Bank overdraft 1,053 - 243
Other interest-bearing
loans and borrowings 792 1,017 887
Trade and other payables 8,019 8,678 8,021
Provision for other
liabilities and charges 199 199 199
Tax payable 343 392 261
10,406 10,286 9,611
------------- ------------- -----------
Total liabilities 14,418 14,459 13,724
------------- ------------- -----------
Total equity and liabilities 24,579 24,291 23,554
============= ============= ===========
TEX HOLDINGS PLC
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
Capital Redemption Share Premium
Share Capital Reserve Account Retained Earnings
GBP000 GBP000 GBP000 GBP000 Total Equity
GBP000
Balance at 1
January 2016 635 16 2,890 5,897 9,438
Profit for the
period - - - 394 394
Pension fund - - - - -
actuarial movement
net of tax
Dividends paid - - - - -
---------------- ------------------- ------------------- ------------------- ---------------
- - - 394 394
---------------- ------------------- ------------------- ------------------- ---------------
Balance at 30 June
2016 635 16 2,890 6,291 9,832
================ =================== =================== =================== ===============
Balance at 1
January 2016 635 16 2,890 5,897 9,438
Profit for the
period - - - 908 908
Pension fund
actuarial movement
net of tax - - - (40) (40)
Dividends paid - - - (476) (476)
---------------- ------------------- ------------------- ------------------- ---------------
- - - 392 392
---------------- ------------------- ------------------- ------------------- ---------------
Balance at 31
December 2016 635 16 2,890 6,289 9,830
================ =================== =================== =================== ===============
Balance at 1
January 2017 635 16 2,890 6,289 9,830
Profit for the
period - - - 331 331
Pension fund - - - - -
actuarial movement
net of tax
Dividends paid - - - - -
---------------- ------------------- ------------------- ------------------- ---------------
- - - 331 311
---------------- ------------------- ------------------- ------------------- ---------------
Balance at 30 June
2017 635 16 2,890 6,620 10,161
================ =================== =================== =================== ===============
TEX HOLDINGS PLC
CONSOLIDATED STATEMENT OF CASH FLOWS
6 months 6 months
ended ended
30.06.17 30.06.16 Year
ended
(Unaudited) (Unaudited) 31.12.16
GBP000 GBP000 (Audited)
GBP000
Cash flows from operating
activities
Profit for the period 331 394 908
Adjustments for:
Depreciation 556 555 1,082
Loss on sale of fixed 6 - -
assets
Finance costs 82 52 147
Taxation 92 101 199
------------- ------------- ------------------
Operating profit before
changes in working capital
and provisions 1,067 1,102 2,336
Movement in trade and
other receivables (650) (889) (1,079)
Movement in inventories (69) (725) (337)
Movement in trade and
other payables (2) 1,197 540
Increase in provisions - - -
Movement in employee
benefits (50) (50) (100)
------------- ------------- ------------------
Cash generated from operations 296 635 1,360
Tax recovered/(paid) - (4) (254)
------------- ------------- ------------------
Net cash generated from
operating activities 296 631 1,106
------------- ------------- ------------------
Cash flows from investing
activities
Purchases of property,
plant and equipment (PPE) (914) (481) (837)
Proceeds from sale of
PPE 36 11 16
Net cash used in investing
activities (878) (470) (821)
------------- ------------- ------------------
Cash flows from financing
activities
New borrowings 450 2,230 2,000
Repayments of borrowings (316) (216) (632)
Finance lease payments (308) (219) (339)
Interest paid (54) (26) (93)
Dividends paid to company's
shareholders - - (476)
------------- ------------- ------------------
Net cash used in financing
activities (228) 1,769 460
------------- ------------- ------------------
Net (decrease)/increase
in cash and cash equivalents (243) 1,930 745
Cash and cash equivalents
at beginning of the period (810) (988) (988)
------------- ------------- ------------------
Cash and cash equivalents
at end of the period (1,053) 942 (243)
============= ============= ==================
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.
The comparative figures for the financial year ended 31st December 2016 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) unqualified, (ii) did not include a reference to any matters to which the auditors drew attention by way of emphasis without qualifying their report, and (iii) did not 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 2016.
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
Boards for continuing
Plastics Engineering & Panels operations
2017 GBP000 GBP000 GBP000 GBP000
Revenue
Total revenue
from continuing
operations 11,106 8,101 2,214 21,421
=========== ============== =========== ================
Result
Segment result
from continuing
operations 489 441 78 1,008
Expenses pertaining
to the Company (503)
----------------
Operating profit 505
Finance costs (82)
----------------
Profit before
taxation 423
Taxation (92)
----------------
Profit for the
period from continuing
operations 331
================
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
Boards for continuing
Plastics Engineering & Panels operations
2016 GBP000 GBP000 GBP000 GBP000
Revenue
Total revenue
from continuing
operations 11,161 7,481 2,149 20,791
=========== ============== =========== ================
Result
Segment result
from continuing
operations 488 (24) 157 621
Expenses pertaining
to the Company (74)
----------------
Operating profit 547
Finance costs (52)
----------------
Profit before
taxation 495
Taxation (101)
----------------
Profit for the
period from continuing
operations 394
================
4. Taxation
Interim period corporation tax is accrued based on the estimated average annual effective income tax rate of 20% (6 months ended 30th June 2016: 20%).
5. Earnings per share
Basic earnings per share of 5.2p (2016: 6.2p) is based on the following data.
Earnings 6 months 6 months
ended ended
30.06.17 30.06.16
(Unaudited) (Unaudited)
GBP000 GBP000
Earnings for the purposes
of basic earnings per share 331 394
============= =============
Number of shares 6 months 6 months
ended ended
30.06.17 30.06.16
(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 (2016: GBPNil).
7. Property, plant and equipment
During the period, the Group spent GBP914,000 on additions.
It also disposed of certain machinery and equipment with a carrying value of GBP42,000 for proceeds of GBP36,000.
8. Related party transactions
The Company has a related party relationship with its subsidiaries and directors.
A R B 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 2016 that require disclosure are detailed below:
Rentals paid GBP159,000 (30 June 2016: GBP149,000) Trade payables GBPNil (30 June 2016: GBPNil)
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 2016 that require disclosure are detailed below:
Purchases GBP97,379 (30 June 2016: GBP72,080) Trade payables GBP60,588 (30 June 2016: GBP27,436)
A R B 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 14th August 2017.
This information is provided by RNS
The company news service from the London Stock Exchange
END
IR OKPDDCBKKAFD
(END) Dow Jones Newswires
August 15, 2017 05:18 ET (09:18 GMT)
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