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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% | 320.00 | 300.00 | 340.00 | 320.00 | 320.00 | 320.00 | 0.00 | 00:00:00 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| Plumb Fixture Fittings, Trim | 15.24M | 768k | 0.3030 | 10.56 | 8.11M |
From Jan 2020 to Jan 2025
TIDMHSM
RNS Number : 6628E
Heath(Samuel) & Sons PLC
08 July 2021
HEATH (SAMUEL) & SONS PLC
8th JULY 2021
PRELIMINARY RESULTS FOR THE YEARED 31st MARCH 2021
CHAIRMAN'S STATEMENT
I am probably as pleased with the annual results up to 31(st) March 2021 as any in my rather lengthy career as Chairman of the Company. It was clearly a unique situation that we found ourselves in and one that we clearly had to adapt to. We would not pretend that we got everything right but looking at the results clearly quite a lot of it.
Revenue for the year at GBP11.539m was a reduction compared to last year (2020: GBP13.887m). Operating profit before exceptional items for the year was GBP1.123m (2020: GBP1.534m) and profit before tax GBP942k (2020: GBP1.368m) before exceptional costs of GMP Equalisation and Re-organisation; after these exceptional costs, profit before tax was GBP620k (2020: GBP1.368m). All our markets had their own difficulties. I have said how important the Furlough scheme was to us on the sales side within the U.K. and of course actually in the factory. Some other important markets kept going well, whilst others practically closed up. This is not an easy situation in which to be making accurate sales forecasts but the two Managing Directors who have held office during the financial year have managed this amazingly well. David Pick retired on 31(st) December 2020 and was succeeded in that role by Martyn Whieldon. As a result of general lower commercial activity, Brexit did not cause the worst of the disruption that we had perhaps feared. Some of our directors had experience of companies in difficulties which makes them look well ahead to areas which could cause problems. I and the two Managing Directors have no such inward experience, recently anyway, but we have of course bought companies in extreme straits which points you in the same direction.
This leaves our forecast for the present trading year (2021-22). You can imagine that that continues to be as difficult to feel confident about as ever. Every headline can point to a different direction. There is no doubt that in the UK market some people are using saved money on their own homes. That is only one part of our sales. It is very important to us that the US market continues to recover. It appears that that process in Europe will take that much longer and of course we have other factors there as well. So once more it is very difficult to see the future, although we are trading satisfactorily now.
In view of these much better results than expected, we have no hesitation in recommending the restoration of the final dividend to be paid at 6.875p, which will be paid on 13th August 2021 to shareholders registered as at 16th July 2021.
Sam Heath
Chairman
8th July 2021
This announcement contains inside information for the purposes of the UK Market Abuse Regulation.
For further information:
Samuel Heath & Sons Plc Simon Latham - Company Secretary +44 (0)121 766 4200 Cairn Financial Advisers LLP +44 (0)20 7213 0880 James Caithie/Jo Turner
________________________ CONSOLIDATED INCOME STATEMENT_________________________
for the year ended 31st March 2021
Hot Features
Premium
2021 2020
Note
GBP000 GBP000
Revenue 3 11,539 13,887
Cost of sales (6,568) (6,798)
Gross profit 4,971 7,089
Selling and distribution costs (2,469) (3,543)
Administrative expenses excluding
exceptional items (2,004) (2,012)
Other operating income 625 -
Operating profit before exceptional
items 1,123 1,534
Exceptional items - GMP equalisation 7 (70) -
Reorganisation 7 (252) -
Operating profit 801 1,534
Finance income 4 25
Finance cost (185) (191)
Profit before taxation 620 1,368
Taxation 4 (227) (299)
Profit for the year attributable
to owners of the parent company 393 1,069
Basic and diluted earnings per
ordinary share 6 15.5p 42.2p
============ ========
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
for the year ended 31st March 2021
2021 2020
GBP000 GBP000
Profit for the year 393 1,069
Items that will not be reclassified
to profit or loss:
Actuarial (loss)/gain on defined
benefit pension scheme (542) 291
Deferred taxation on actuarial
(loss)/gain 103 (55)
Deferred tax rate change - 125
Revaluation of property, plant
and equipment - 182
Deferred taxation on revaluation
of assets - (23)
(439) 520
Total comprehensive income for
the year (46) 1,589
------------ --------
CONSOLIDATED STATEMENT OF FINANCIAL POSITION AS AT 31st MARCH 2021
2021 2020
GBP000 GBP000
Non-current assets
Intangible assets 186 151
Property, plant and equipment 3,413 3,635
Deferred tax asset 741 887
--------- --------
4,340 4,673
Current assets
Inventories 3,682 4,230
Trade and other receivables 2,108 2,370
Current Tax receivable 25 -
Cash and cash equivalents 3,682 3,016
--------- --------
9,497 9,616
Total assets 13,837 14,289
Current liabilities
Trade and other payables (1,769) (1,868)
Lease liabilities (55) (58)
Current tax payable - (79)
--------- --------
(1,824) (2,005)
Non-current liabilities
Lease liabilities - (46)
Retirement benefit scheme (6,396) (6,575)
(6,396) (6,621)
Total liabilities (8,220) (8,626)
Net assets 5,617 5,663
--------- --------
Equity
Called up share capital 254 254
Capital redemption reserve 109 109
Revaluation reserve 1,267 1,349
Retained earnings 3,987 3,951
Equity shareholders' funds 5,617 5,663
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY FOR THE YEARED 31st MARCH 2021
Share Capital Revaluation Retained Total
capital redemption reserve earnings Equity
reserve
GBP000 GBP000 GBP000 GBP000 GBP000
Balance at 31st March 2019 254 109 1,277 2,748 4,388
-------- ----------- ----------- --------- -------
Total transactions with owners
Equity dividends paid - - - (314) (314)
-------- ----------- ----------- --------- -------
Profit for the year - - - 1,069 1,069
Reclassification of depreciation
on revaluation - - (87) 87 -
Other comprehensive income
for the year - - 159 361 520
-------- ----------- ----------- --------- -------
Total comprehensive income
for the year - - 72 1,517 1,589
Balance at 31st March 2020 254 109 1,349 3,951 5,663
Total transactions with owners
Equity dividends paid - - - - -
-------- ----------- ----------- --------- -------
Profit for the year - - - 393 393
Reclassification of depreciation
on revaluation (82) 82 -
Other comprehensive income
for the year - - - (439) (439)
-------- ----------- ----------- --------- -------
Total comprehensive income
for the year - - (82) 36 (46)
Balance at 31st March 2021 254 109 1,267 3,987 5,617
-------- ----------- ----------- --------- -------
CONSOLIDATED STATEMENT OF CASHFLOWS FOR THE YEARED 31st MARCH 2021
2021 2020
GBP000 GBP000
Cash flow from operating activities
Profit for the year before taxation 620 1,368
Adjustments for:
Depreciation 370 405
Amortisation 45 16
Profit on disposal of property, plant and equipment (41) 3
Net finance costs/(income) 21 (25)
Defined benefit pension scheme expenses 280 228
Contributions to defined benefit pension scheme (1,000) (783)
Operating cash flow before movements in working
capital 295 1,206
Changes in working capital:
Decrease/(increase) in inventories 548 (241)
Decrease/(increase) in trade and other receivables 262 (84)
(Decrease)/increase in trade and other payables (65) 79
Cash generated from operations 1,040 960
Taxation paid (109) (180)
Net cash from operating activities 931 780
Cash flows from investing activities
Payments to acquire property, plant and equipment (169) (502)
Proceeds from the sale of property, plant and
equipment 63 14
Payments to acquire intangible assets (79) (85)
Finance (costs)/income (21) 25
(206) (548)
Cash flows from financing activities
Payment for right of use assets (59) (55)
Dividends paid - (314)
(59) (369)
Net increase/(decrease) in cash and cash equivalents 666 (137)
Cash and cash equivalents at beginning of year 3,016 3,153
Cash and cash equivalents at end of year 3,682 3,016
NOTES TO THE PRELIMINARY ANNOUNCEMENT
1. Basis of preparation
The Group has prepared its consolidated financial statements for the year ended 31st March 2021 in accordance with International Accounting Standards in conformity with the requirements of the Companies Act 2006. The accounting policies applied are consistent with those included in the financial statements of the Group for the year ended 31st March 2020.
The financial information contained in this preliminary announcement does not constitute the Group's statutory accounts within the meaning of Section 434 of the Companies Act 2006.
The annual report and financial statements for the year ended 31st March 2021 were approved by the Board of Directors on 8th July 2021 along with this preliminary announcement. The annual report and financial statements will be delivered to the Registrar of Companies after the Annual General Meeting.
The statutory accounts of Samuel Heath & Sons PLC for the year ended 31 March 2020 have been delivered to the Registrar of Companies. The auditor's reports on the statutory accounts for the years ended 31st March 2021 and 31st March 2020 were unqualified and did not contain a statement under section 498 of the Companies Act 2006.
2. Critical accounting and key sources of estimation
Critical accounting estimates, assumptions and judgements
Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
The Group makes estimates and assumptions concerning the future. The resulting accounting estimates and assumptions will, by definition, seldom equal the related actual results. The Group has evaluated the estimates and assumptions that have been made in relation to the carrying amounts of assets and liabilities in these financial statements.
The key accounting judgements and sources of estimation uncertainty with a significant risk of causing a material adjustment to assets and liabilities in the next 12 months include the following:
Pensions - movements in equity markets, interest rates and life expectancy could materially affect the level of surpluses and deficits in the defined benefit pension scheme.
Valuation of property, plant and equipment - the Group reviews the value, useful economic lives and residual values attributed to assets on an on-going basis to ensure they are appropriate. Changes in market value, economic lives or residual values could impact the carrying value and charges to the income statement in future periods.
Provisions - using information available at the balance sheet date, the Directors make judgements based on experience on the level of provision required against assets, including inventory where the provision is reviewed against expected future stock usage, the stock provision at year end was GBP2.137m (2020: GBP2.198m).
Deferred tax assets - deferred tax assets are recognised to the extent that it is probable that taxable profit will be available against which the losses can be utilised. Management judgement is required to determine the amount of deferred tax assets that can be recognised, based upon the likely timing and level of future taxable profits.
3. Revenue by geographic
market
2021 2020
GBP000 GBP000
Overseas 5,132 5,969
Home 6,407 7,918
11,539 13,887
------- -------
4. Income taxes
2021 2020
GBP000 GBP000
Current taxes:
Current year (22) 81
Adjustments in respect of prior periods - 11
-------- --------
(22) 92
Deferred taxes:
Origination and reversal of temporary differences 139 174
Change in tax rate - 8
Adjustments in respect of prior period 110 25
-------- --------
249 207
Total income taxes 227 299
-------- --------
Corporation tax is calculated at 19% (2020: 19%) of the estimated assessable profit for the year.
Tax reconciliation
2021 2020
GBP000 GBP000
Profit for the year 620 1,368
-------- -------
Corporation tax charge thereon at 19% (2020:
19%) 118 260
Adjusted for the effects of:
Prior year adjustments 110 36
Research and development claim - (21)
Changes in tax rates - 8
Other adjustments (1) 16
Total income taxes 227 299
-------- -------
5. Dividends
2021 2020
GBP000 GBP000
Final dividend for the year ended 31st
March 2020 of nil pence per share (2019:
6.875 pence per share) - 174
Interim dividend for the year ended 31st
March 2021 of nil pence per share (2020:
5.50 pence per share) - 139
- 313
------ ------
The directors recommend a final dividend of 6.875 pence per share (2020: nil) which will be proposed as a resolution at the forthcoming Annual General Meeting. No interim dividend was paid during the year (2020: 5.5p).
6. Earnings per share
The basic and diluted earnings per share are calculated by dividing the relevant profit after taxation of GBP393,000 (2020: GBP1,069,000) by the average number of ordinary shares in issue during the year being 2,534,322. The number of shares used in the calculation is the same for both basic and diluted earnings.
7. Exceptional items
In November 2020, there was a further High Court ruling in relation to guaranteed minimum pension benefits. The latest ruling states that trustees of defined benefit schemes that provided guaranteed minimum payments should revisit, and where necessary, top-up historic cash equivalent transfer values that were calculated on an unequalised basis if an affected member makes a successful claim. The impact of the ruling implies that pension scheme trustees are responsible for equalising the guaranteed minimum payments for members who transferred out of its defined benefit pension scheme. This has resulted in an increase in the liabilities of the scheme of GBP70,000, which was recognised in the results as a past service cost in exceptional items.
Included within exceptional costs are the costs of restructuring the business to size itself better. Costs for exceptional redundancy amounted to GBP252,000 (2020: nil).
8. Notice of annual general meeting
Notice is hereby given that the 2021 Annual General Meeting of the Company will be held at the registered office of the Company, Leopold Street, Birmingham, on 6(th) August 2021 at 12.00 noon.
The Board is monitoring closely the current UK Government guidance on public gatherings and meetings, and in light of this the Company will proceed with the AGM with the minimum quorum of shareholders present to conduct business. A limited number of shareholders (four) may attend in person, and others may attend remotely; requests should be received by email to info@Samuel-Heath.com by the close of Friday 23rd July 2021. Should any shareholders try to attend on the day unfortunately they will be refused entry. The Board recognises the importance of the AGM to Shareholders and would encourage any wishing to vote to do so by proxy.
9. Posting of accounts
The report and accounts are being posted to shareholders today where requested, and are available on the Company's website, at www.samuel-heath.com/investor-relations .
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.
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July 08, 2021 09:34 ET (13:34 GMT)
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