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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% | 275.00 | 250.00 | 300.00 | 275.00 | 275.00 | 275.00 | 0.00 | 07:42:27 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| Plumb Fixture Fittings, Trim | 14.72M | 931k | 0.3674 | 7.49 | 6.97M |
From Apr 2019 to Apr 2024
TIDMHSM
RNS Number : 5040T
Heath(Samuel) & Sons PLC
15 November 2019
SAMUEL HEATH & SONS plc
("the Company")
INTERIM REPORT
Half year ended 30 September 2019
CHAIRMAN'S STATEMENT
Despite all the political and economic uncertainties in the UK, our six month figures to 30th September showed profit before tax down only a little on the prior period, but ahead of our internal budget, at GBP363k (2018: GBP402k) on sales of GBP6.920m (2018: GBP6.722m).
Although the UK market is showing up some classic signs of a downturn, we received enough orders, particularly for our newer products, backed up by our export sales, to produce the current result.
I cannot believe that yet again that I have to bring up Brexit as the reason for continued uncertainties, which could affect the next six months quite dramatically. To this must now be added the Election here in UK, as well as others coming up elsewhere in the world. It is very difficult to forecast how all these factors will affect our second half trading.
We are proposing an interim dividend of 5.5p per share (2018: 5.5p), which will be paid on 20 March 2020 to ordinary shareholders registered at the close of business on 21 February 2020.
This announcement contains inside information for the purposes of Article 7 of EU Regulation 596/2014.
Sam Heath
Chairman
15 November 2019
For further information, please contact: Samuel Heath & Sons Plc Simon Latham, Company Secretary 0121 766 4200 Cairn Financial Advisers LLP James Caithie / Jo Turner 020 7213 0880
Unaudited Interim Financial Report
For the Half Year ended 30 September 2019
CONSOLIDATED INCOME STATEMENT
Hot Features
Premium
Half year Half year Year
ended 30 ended 30 ended 31
September September March
2019 2018 2019
Unaudited Unaudited Audited
GBP'000
GBP'000 GBP'000
Revenue 6,920 6,722 13,893
Cost of sales (3,598) (3,445) (7,125)
--------- --------- ----------
Gross profit 3,322 3,277 6,768
Selling and distribution costs (1,776) (1,855) (3,474)
Administrative expenses (1,067) (937) (1,915)
--------- --------- ----------
Operating profit 479 485 1,379
Net finance income 9 5 13
Net finance cost (125) (88) (211)
Profit before taxation and exceptional
items 363 402 1,181
Exceptional item - GMP equalisation - - (299)
--------- --------- ----------
Profit before taxation 363 402 882
Taxation (69) (90) (144)
--------- --------- ----------
Profit for the period 294 312 738
--------- --------- ----------
Basic and diluted earnings per ordinary
share 11.6p 12.3p 29.1p
--------- --------- ----------
CONSOLIDATED STATEMENT OF COMPREHENSIVE
INCOME
Half year Half year Year ended
ended 30 ended 30 31 March
September September
2019 2018 2019
Unaudited Unaudited Audited
GBP'000 GBP'000 GBP'000
Profit for the period 294 312 738
--------- --------- ----------
Items that will not be reclassified
to profit or loss:
Actuarial gain/(loss) on defined benefit
pension scheme 204 29 (933)
Deferred tax on actuarial loss (34) (5) 159
---- --- -----
170 24 (774)
---- --- -----
Total comprehensive income for the
period 464 336 (36)
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
At 30 At 30 At 31
September September March
2019 2018 2019
Unaudited Unaudited Audited
GBP'000 GBP'000 GBP'000
Non-current assets
Intangible assets 74 51 82
Property, plant and equipment 3,519 3,295 3,210
Deferred tax assets 972 818 1,048
--------- --------- -------
4,565 4,164 4,340
Current assets
Inventories 3,883 3,956 3,989
Trade and other receivables 2,216 1,942 2,286
Cash and cash equivalents 3,100 2,814 3,153
--------- --------- -------
9,199 8,712 9,428
--------- --------- -------
Total assets
--------- --------- -------
13,764 12,876 13,768
--------- --------- -------
Current liabilities
Trade and other payables (1,665) (1,427) (1,789)
Current tax payable (239) (231) (171)
Finance lease liability for right
of use assets (57) - -
--------- --------- -------
(1,961) (1,658) (1,960)
Non-current liabilities
Retirement benefit scheme (7,050) (6,318) (7,420)
Finance lease liability for right
of use assets (75) - -
--------- --------- -------
(7,125) (6,318) (7,420)
Total liabilities (9,086) (7,976) (9,380)
--------- --------- -------
Net assets 4,678 4,900 4,388
--------- --------- -------
Equity
Called up share capital 254 254 254
Capital redemption reserve 109 109 109
Revaluation reserve 1,224 1,324 1,277
Retained earnings 3,091 3,213 2,748
--------- --------- -------
Equity shareholders' funds 4,678 4,900 4,388
--------- --------- -------
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
Share Capital Revaluation Retained Total equity
capital redemption reserve earnings
reserve
GBP000 GBP000 GBP000 GBP000 GBP000
Balance at 31 March 2018 254 109 1,357 3,018 4,738
------- ---------- ----------- -------- ------------
Total transactions with
owners
Equity dividends paid - - - (174) (174)
------- ---------- ----------- -------- ------------
Profit for the period - - - 312 312
Other comprehensive income
for the - - - 24 24
period
Reclassification of amortisation
on - - (33) 33 -
revaluation
Total comprehensive income
for the - - (33) 369 336
period
------- ---------- ----------- -------- ------------
Balance at 30 September
2019 254 109 1,324 3,213 4,900
------- ---------- ----------- -------- ------------
Total transactions with
owners
Equity dividends paid - - - (140) (140)
------- ---------- ----------- -------- ------------
Profit for the period - - - 426 426
Other comprehensive income
for the - - - (798) (798)
period
Reclassification of amortisation
on - - (47) 47 -
revaluation
Total comprehensive income
for the - - (47) (325) (372)
period
------- ---------- ----------- -------- ------------
Balance at 31 March 2019 254 109 1,277 2,748 4,388
------- ---------- ----------- -------- ------------
Total transactions with
owners - - - (174) (174)
Equity dividends paid
------- ---------- ----------- -------- ------------
Profit for the period - - - 294 294
Other comprehensive income
for the - - - 170 170
period
Reclassification of amortisation
on - - (53) 53 -
revaluation
Total comprehensive income
for the - - (53) 517 464
period
Balance at 30 September
2019 254 109 1,224 3,091 4,678
------- ---------- ----------- -------- ------------
CONSOLIDATED CASH FLOW STATEMENT
Half year Half year Year
ended 30 ended 30 ended 31
September September March
2019 2018 2019
Unaudited Unaudited Audited
GBP'000 GBP'000 GBP'000
Cash flow from operating activities
Profit for the period before taxation 363 402 882
Adjustments for:
Depreciation 192 172 348
Amortisation 8 35 27
Loss/(profit) on disposal of property,
plant and equipment 3 (16) (16)
Net finance cost/(income) 7 (25) 17
Defined benefit pension scheme expenses 137 132 530
Contributions to defined benefit pension
scheme (266) (258) (516)
--------- --------- --------
Operating cash flow before movements
in working capital 444 442 1,272
Changes in working capital:
Decrease/(increase) in inventories 106 (26) (59)
Decrease in trade and other receivables 46 315 6
Increase/(decrease) in trade and other
payables 23 (17) 310
--------- --------- --------
Cash generated from operations 619 714 1,529
Taxation paid - - (184)
--------- --------- --------
Net cash from operating activities 619 714 1,345
--------- --------- --------
Cash flow from investing activities
Payments to acquire property, plant
and equipment (510) (133) (239)
Proceeds from the sale of property,
plant and equipment 19 16 35
Payments to acquire intangible assets - - (23)
Net finance income (5) 25 (17)
--------- --------- --------
(496) (92) (244)
--------- --------- --------
Cash flow from financing activities
Dividends paid (174) (174) (314)
Finance lease interest (2) - -
--------- --------- --------
(176) (174) (314)
--------- --------- --------
Net increase in cash and cash equivalents (53) 448 787
Cash and cash equivalents at beginning
of period 3,153 2,366 2,366
--------- --------- --------
Cash and cash equivalents at end of
period 3,100 2,814 3,153
--------- --------- --------
NOTES TO THE INTERIM FINANCIAL REPORT
1. BASIS OF PREPARATION OF INTERIM REPORT
As permitted, IAS34 'Interim Financial Reporting' has not been applied in this interim report. The information for the period ended 30 September 2019 is not audited and does not constitute statutory accounts as defined in section 434 of the Companies Act 2006. The statutory accounts for the year ended 31 March 2019 were given an unqualified audit report and did not contain statements under section 498(2) or 498(3) of the Companies Act 2006. A copy of the statutory accounts for that year has been delivered to the Registrar of Companies. The interim accounts for the half year ended 30 September 2018 were also unaudited.
2. ACCOUNTING POLICIES Basis of accounting
The report has been prepared on a going concern basis in accordance with International Financial Reporting Standards and interpretations issued by the International Financial Reporting Interpretations Committee as adopted by the European Union.
The group has not availed itself of early adoption options in such standards and interpretation. IFRS 16 Leases has been adopted in the period, the effect at the Half Year is to recognise the right of use asset of GBP133k and the finance lease liability of GBP132k.
IFRS 16 brings all operating leases onto the statement of financial position. The Group has used the modified retrospective transition approach on adoption of IFRS 16 Leases, where the initial right of use asset values recognised on property leases of GBP159k are equal to the present value of the future lease payments as at the date of transition (1 April 2019).
The net impact on the consolidated income statement is a decrease in profit before taxation of GBP1k. Finance costs have increased by GBP2k with the pre-IFRS 16 rental charge of GBP29k replaced by a depreciation charge GBP28k.
The principal accounting policies adopted are as set out in the Annual Report for the year ended 31 March 2019, except for changes due to the adoption of IFRS16. The valuation of inventories is considered to be the main area in terms of significant accounting estimates and judgements.
The retirement benefit scheme liability recognised in these interim accounts reflects the estimated change in the deficit at 30 September 2019 from the movements in discount rates and inflation during the six months.
3. DIVIDENDS
An Interim dividend of 5.5p per share is proposed, payable on 20 March 2020 (paid 22 March 2019: 5.5p).
4. EARNINGS PER SHARE
The basic and diluted earnings per share are calculated by dividing the relevant profit after taxation of GBP294,000 (30 September 2018: GBP312,000) by the average number of ordinary shares in issue during the period being 2,534,322 (2018: 2,534,322). The number of shares used in the calculation is the same for both basic and diluted earnings.
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
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November 15, 2019 02:00 ET (07:00 GMT)
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