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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Walker (Thomas) | LSE:WKT | London | Ordinary Share | GB0009355883 | ORD 5P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 18.50 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
RNS Number:2148S Walker (Thomas) PLC 05 October 2005 Thomas Walker PLC (the "Company" or the "Group") Preliminary statement of results for the year ended 30 June 2005 Chairman's Review The profits for the year, before interest and tax, were #103,032 compared with the corresponding 2004 results of #1,682,845. A more indicative comparison is at the operating level where the #103,032 should be seen against the underlying 2004 profit of #128,021. The 2004 earnings figures were inflated by the exceptional profit on the disposal of land and buildings at St Paul's Square, Birmingham. The 2005 figures, on the other hand, have been detrimentally influenced by flat demand in textiles and more specifically by an absence of the traditional build up of orders between January and April for the Autumn and Winter seasons. The final trading result was further reduced by the absorption of a number of non-recurring costs during the second half of the year. Post tax profits have been further reduced to #5,530 by a non-recurring tax charge of #44,589 relating to the gain arising from the sale of the St Paul's Square site in 2002. The Company was not able to utilise, within the available timeframe, sufficient sale proceeds to ensure a full deferral of the tax arising on the gain. Within the overall figures, an excellent contribution from Guests has gone a long way to offsetting a continuing decline in the volume and profitability of the textile component trades. Guests' sales rose by 15% in the first year of operation under Thomas Walker and profits also increased. In the second half of the year, computerised business systems were introduced and preparation was made for advanced CNC design and machining. This will be continued in the coming year. The start has been encouraging. The textile accessory business again reflects the much publicised problems of European garment retail, which has remained in recession throughout the year. This has been compounded by the uncontrolled supply of Chinese goods, which has severely disrupted established supply chains. In addition, with the migration to Asia, traditional European emphasis on central specification and purchasing has been superseded by local buying at indigenous prices. This has meant that quality standards have commanded lesser importance when buying locally. To balance this there are, perhaps, the first signs of realisation that low prices from remote locations do not yield the desired flexibility and reliability in supply or the quality standards expected by a discerning European public. This might offer some relief in the future. The personal identity and security trades have maintained volumes in the face of increased competition, but margins have become tighter as bulk products become commodity items. Greater precision in the design of identity products to ensure uniqueness for access and security is leading to greater range variety and smaller batch sizes. This is demanding creative and expensive marketing. Taking an overall view of the Company's operations, the nature of some one off expenses and likely trends this coming year, the Board is pleased to recommend a final dividend of 0.65p per share thus yielding an overall dividend of 0.80p per share for the year. (2004 - 0.80p) Looking to the future, the Group is seeking to expand its brass stamping operations in order to reduce dependence on the traditional textile trades. This expansion is regarded as a medium term strategy and as a further step in a continuous diversification towards higher added-value technology in the longer term. Bryan C Knight Chairman 5 October 2005 GROUP PROFIT AND LOSS ACCOUNT for the year ended 30 June 2005 Year ended Year ended 30/06/05 30/06/04 # # Turnover 5,265,563 3,785,767 Net operating expenses (5,162,531) (3,657,746) --------- --------- Operating profit 103,032 128,021 Gain on the disposal of freehold property - 1,554,824 --------- --------- Profit before interest and tax 103,032 1,682,845 Bank interest receivable 2,498 36,221 Bank interest payable (24,125) (21,206) --------- --------- Profit on ordinary activities before tax 81,405 1,697,860 Taxation (75,875) (65,881) --------- --------- Profit on ordinary activities after tax 5,530 1,631,979 Dividends (49,280) (49,280) --------- --------- Retained (loss)/profit for the year (43,750) 1,582,699 ========= ========= Earnings per share - basic and diluted 0.09p 26.49p ========= ========= All results in the year were from continuing operations. NOTE OF HISTORICAL COST PROFITS AND LOSSES for the year ended 30 June 2005 Year ended Year ended 30/06/05 30/06/04 # # Reported profit on ordinary activities before taxation 81,405 1,697,860 Realisation of property revaluation gains of previous years - 489,770 --------- --------- 81,405 2,187,630 --------- --------- Historical cost (loss)/profit for the year retained after taxation, dividends and other appropriations (43,750) 2,072,469 --------- --------- GROUP STATEMENT OF TOTAL RECOGNISED GAINS AND LOSSES for the year ended 30 June 2005 Year ended Year ended 30/06/05 30/06/04 # # Profit for the financial year attributable to members of the parent company 5,530 1,631,979 Exchange difference on retranslation of net assets of subsidiary undertakings (2,882) 2,992 --------- --------- Total recognised gains and losses relating to the year 2,648 1,634,971 ========= ========= GROUP BALANCE SHEET at 30 June 2005 Year ended Year ended 30/06/05 30/06/04 # # Fixed assets Intangible assets 276,333 402,529 Tangible assets 2,907,641 2,602,698 Investments 104 104 --------- --------- 3,184,078 3,005,331 Current assets Stocks 912,695 763,755 Debtors 1,663,204 2,259,992 Cash at bank and in hand 239,098 580,891 --------- --------- 2,814,997 3,604,638 Creditors: amounts falling due within one year (1,517,160) (2,229,904) --------- --------- Net current assets 1,297,837 1,374,734 --------- --------- Total assets less current liabilities 4,481,915 4,380,065 Creditors: amounts falling after more than one year (134,625) - Deferred income - (5,700) Provisions for liabilities and charges (82,839) (63,282) --------- --------- 4,264,451 4,311,083 ========= ========= Capital and reserves Called up share capital 308,000 308,000 Share premium account 15,200 15,200 Profit and loss account 3,941,251 3,987,883 --------- --------- Equity Shareholders' Funds 4,264,451 4,311,083 ========= ========= GROUP STATEMENT OF CASHFLOW for the year ended 30 June 2005 Year ended Year ended 30/06/05 30/06/04 # # # # Net cash inflow from 285,774 347,629 operating activities -------- --------- Returns on investments and servicing of finance Interest received 2,498 36,221 Interest paid (25,358) (21,206) -------- --------- (22,860) 15,015 Taxation Corporation tax paid (7,687) (60,102) Repayment of prior 3,022 10,565 year corporation tax -------- -------- (4,665) (49,537) Capital expenditure and financial investment Payments to acquire (309,254) (896,261) tangible fixed assets Payments to acquire - (536) intangible fixed assets Receipts from sales of 3,125 2,111,203 tangible fixed assets Deferred receipt (see note below 505,250 - -------- --------- Net cash inflow from capital expenditure 199,121 1,214,406 and financial investment Acquisitions and disposals Purchase of subsidiary undertaking - (1,325,410) Net cash acquired with - 414,896 subsidiary undertaking -------- --------- - (910,514) Equity dividends paid (49,280) (44,968) ------- -------- Net cash inflow before management of liquid resources and financing 408,090 572,031 Financing Repayment of bank loan (849,215) (1,300,000) Proceeds from new bank loan - 1,000,000 -------- --------- Net cash outflow from financing (849,215) (300,000) financing -------- --------- (Decrease)/increase in (441,125) 272,031 cash in the year ======== ======== Note: Deferred receipt for sale of land and buildings by Guests to Thomas Walker PLC prior to the acquisition of the Company. Dividends will be paid on 11 November 2005 to those shareholders on the Register at the close of business on 14 October 2005. The abridged financial information set out above does not constitute the Group's statutory accounts as defined under Section 240 of the Companies Act 1985. The auditors have not yet made a report under Section 235 of the Companies Act 1985 on the financial statements for the year ended 30 June 2005 from which the financial information is extracted, and consequently full accounts for the period have not been filed at Companies House. The report of the auditors on the accounts for the year ended 30 June 2004 was unqualified and there was no statement under either Section 237(2) or Section 237(3). Full accounts for the year ended 30 June 2004 have been filed at Companies House. This announcement was approved by the Board of Directors on 4 October 2005. The Annual General Meeting will be held on Friday 4 November 2005 at 12 noon at The Birmingham Hippodrome Theatre, Hurst Street, Birmingham. End October 5th, 2005 This information is provided by RNS The company news service from the London Stock Exchange END FR UUGMAUUPAGMC
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