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 0.0% 280.00 250.00 310.00 280.00 280.00 280.00 0.00 08:00:00
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Construction & Materials 13.9 0.9 29.1 9.6 7

Heath(Samuel) & Sons PLC Half-year Report

15/11/2019 7:00am

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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

 
                                           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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