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Share Name Share Symbol Market Type Share ISIN Share Description
Holders Technology Plc LSE:HDT London Ordinary Share GB0004312350 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% 56.00 52.00 60.00 56.00 56.00 56.00 7,880 08:00:00
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Electronic & Electrical Equipment 9.8 -0.3 -6.3 - 2

Holders Technology PLC Final Results

19/02/2021 7:00am

UK Regulatory (RNS & others)


Holders Technology (LSE:HDT)
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From Dec 2020 to Jun 2021

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TIDMHDT

RNS Number : 6427P

Holders Technology PLC

19 February 2021

Holders Technology plc

("the Group")

Specialised PCB Materials, Lighting and Control Solutions

Final results for the year ended 30 November 2020

Holders Technology plc (AIM: HDT) announces its audited results for the year ended 30 November 2020.

The Group supplies specialty laminates and materials for printed circuit board manufacture ("PCB") and operates as a Lighting and Control Solutions ("LCS") provider. The Group operates from the UK and from Germany, with PCB divisions and LCS divisions in each country. During the year, investments were also made in LCS joint ventures in the UK and Austria.

Revenue for all divisions was reduced by the economic consequences of the Covid-19 pandemic, particularly the LCS divisions. The companies have reduced costs whenever possible, and PCB divisions taken together remained profitable. However, the LCS divisions became loss making.

The directors will recommend payment of a final dividend of 0.25p per share, a total of 0.50p for the year (2019 total: 0.75p).

The results are summarised below.

 
                                                                            2020      2019 
                                                                         GBP'000   GBP'000 
                                                                   -------------  -------- 
 
 
        *    Revenue                               PCB                     7,314     8,647 
  LCS                                                                      2,524     3,515 
                                                                   -------------  -------- 
  Group                                                                    9,838    12,162 
 
 
        *    Operating Profit/ (Loss)              PCB                       102       230 
  LCS                                                                      (246)        69 
  Central costs                                                            (105)     (155) 
                                                                   -------------  -------- 
  Group                                                                    (249)       144 
 
 
        *    (Loss)/ profit before tax             Group                   (264)       150 
            Tax (expense)/ credit                                              -        31 
                                                                   -------------  -------- 
            (Loss)/ profit after tax                                       (264)       181 
 
 
        *    Cash Balances                         Group                   1,113       734 
 
 
        *    Basic (Loss)/ earnings per Share      Group                 (6.25p)     4.31p 
 
        *    Diluted (Loss)/ earnings per Share    Group                 (6.25p)     4.30p 
 

This announcement contains inside information for the purposes of Article 7 of Regulation (EU) 596/2014.

For further information, contact:

 
 Holders Technology plc                          01896 758781 
 Rudi Weinreich, Executive Chairman 
 Victoria Blaisdell, Group Managing Director 
 Paul Geraghty, Group Finance Director 
 Website www.holderstechnology.com 
 
 SP Angel Corporate Finance LLP - Nominated 
  Advisor & Broker                              020 3470 0470 
 Matthew Johnson / Caroline Rowe 
 

Chairman's statement

The Group principally operates from the UK and from Germany, with a PCB division and an LCS division in each country. In addition, during the year investments were made in LCS joint ventures in the UK and Austria.

Inevitably the Group results were impacted by the economic consequences of the Covid-19 pandemic. We have reduced costs in the UK and Germany wherever possible, including salary reductions for higher paid employees, and making use of government support schemes where available.

Revenue for the year was GBP9.8m (2019: GBP12.2m), with gross margins of 27.5% (2019: 27.9%). The operating loss for the year was GBP249,000 (2019: operating profit of GBP144,000), and the loss after tax was GBP264,000 (2019: profit of GBP181,000).

The PCB divisions taken together had revenue of GBP7.3m (2019: GBP8.7m) and achieved an operating profit of GBP102,000 (2019: profit of GBP230,000). PCB gross margins increased from 24.3% to 24.4%. In both the UK and Germany, PCB revenues held up well in the first half but showed a material reduction in the second half of the year.

As reported last year, the LCS sales and technical team was strengthened in the second half of 2019. Despite the exceptional economic situation in 2020, this team was retained in anticipation of an improvement in market conditions in 2021. LCS revenues overall amounted to GBP2.5m (2019: GBP3.5m) with gross margins decreasing from 36.7% to 36.5% and there was an operating loss of GBP246,000 (2019: profit of GBP69,000).

Two new 50:50 joint ventures were set up in 2020 as follows:

-- Holders Technology Austria GmbH is a joint venture with a sales partner based in Austria. The new company sells wireless lighting control solutions in Austria, Switzerland, Czechia, and Slovakia. The joint venture achieved breakeven in the period.

-- Holders Technology Data Analytics Ltd was set up with a data analytics company in the Netherlands. The new company has developed a data analytics platform for smart lighting and building solutions. It will commence trading in 2021.

On behalf of the Board, I would like to record our thanks to our staff for their hard work during the exceptional conditions experienced in 2020. Given the outcome for the year, the Board recommends a final dividend of 0.25p in respect of the 2020 year.

The outlook for the first half of 2021 is more positive than the second half of 2020, with increased sales levels and order books. As for many similar companies however, sustained improvement is heavily dependent on a recovery in the wider economy during 2021.

R W Weinreich

Executive Chairman

19 February 2021

Group income statement for the year ended 30 November 2020

 
                                          Note      2020      2019 
                                                 GBP'000   GBP'000 
-------------------------------------    -----  --------  -------- 
 
Revenue                                            9,838    12,162 
Cost of sales                                    (7,135)   (8,770) 
---------------------------------------  -----  --------  -------- 
Gross profit                                       2,703     3,392 
Distribution costs                                 (348)     (419) 
Administrative expenses                          (2,562)   (2,890) 
Other operating (expenses)/ income                  (42)        61 
---------------------------------------  -----  --------  -------- 
Operating (loss)/ profit                           (249)       144 
Income from joint ventures                             1         - 
Finance (expenses)/ income                          (16)         6 
---------------------------------------  -----  --------  -------- 
(Loss)/ profit before taxation                     (264)       150 
Tax credit/ (expense)                        2         -        31 
---------------------------------------  -----  --------  -------- 
(Loss)/ profit after taxation 
 attributable to equity shareholders               (264)       181 
---------------------------------------  -----  --------  -------- 
 
Basic (loss)/ earnings per share             4   (6.25p)     4.31p 
---------------------------------------  -----  --------  -------- 
Diluted (loss)/ earnings per share           4   (6.25p)     4.30p 
---------------------------------------  -----  --------  -------- 
 

Group statement of comprehensive income for the year ended 30 November 2020

 
                                                     2020       2019 
                                                  GBP'000    GBP'000 
--------------------------------------------    ---------  --------- 
Profit for the year                                 (264)        181 
 
Items that may be reclassified subsequently 
 to profit or loss: 
    Exchange differences on translating 
     foreign operations                               120       (94) 
----------------------------------------------  ---------  --------- 
Total comprehensive income for the 
 year                                               (144)         87 
----------------------------------------------  ---------  --------- 
 

Statement of changes in equity for the year ended 30 November 2020

 
 Group            Share capital          Share        Capital     Translation        Retained             Total equity 
                                       premium     redemption         reserve        earnings 
                                       account        reserve 
                        GBP'000        GBP'000        GBP'000         GBP'000         GBP'000                  GBP'000 
---------------  --------------  -------------  -------------  --------------  --------------  ----------------------- 
 Balance at 1 
  December 2018             416          1,590              1             222           1,870                    4,099 
 Dividends                    -              -              -               -            (32)                     (32) 
 Shares issued                6              -              -               -               -                        6 
 Share based 
  payments                    -              -              -               -               4                        4 
---------------  --------------  -------------  -------------  --------------  --------------  ----------------------- 
 Transactions 
  with owners                 6              -              -               -            (28)                     (22) 
 Profit for the 
  year                        -              -              -               -             181                      181 
 Exchange 
  differences 
  on 
  translating 
  foreign 
  operations                  -              -              -            (94)               -                     (94) 
---------------  --------------  -------------  -------------  --------------  --------------  ----------------------- 
 Loss and total 
  comprehensive 
  income for 
  the year                    -              -              -            (94)             181                       87 
---------------  --------------  -------------  -------------  --------------  --------------  ----------------------- 
 Balance at 30 
  November 2019             422          1,590              1             128           2,023                    4,164 
---------------  --------------  -------------  -------------  --------------  --------------  ----------------------- 
 Dividends                    -              -              -               -            (21)                     (21) 
 Transactions 
  with owners                 -              -              -               -            (21)                     (21) 
 Loss for the 
  year                        -              -              -               -           (264)                    (264) 
 Exchange 
  differences 
  on 
  translating 
  foreign 
  operations                  -              -              -             120               -                      120 
---------------  --------------  -------------  -------------  --------------  --------------  ----------------------- 
 Loss and total 
  comprehensive 
  income for 
  the year                    -              -              -             120           (264)                    (144) 
---------------  --------------  -------------  -------------  --------------  --------------  ----------------------- 
 Balance at 30 
  November 2020             422          1,590              1             248           1,738                    3,999 
---------------  --------------  -------------  -------------  --------------  --------------  ----------------------- 
 

Group balance sheet at 30 November 2020

 
                                           2020      2019 
                                        GBP'000   GBP'000 
----------------------------------     --------  -------- 
Assets 
Non-current assets 
Intangible fixed assets                     381       394 
Property, plant and equipment               560       237 
Investments in joint ventures                28         - 
Deferred tax assets                          12        12 
-------------------------------------  --------  -------- 
                                            981       643 
   ----------------------------------  --------  -------- 
Current assets 
Inventories                               2,340     2,530 
Trade and other receivables               1,420     1,758 
Cash and cash equivalents                 1,113       734 
-------------------------------------  --------  -------- 
                                          4,873     5,022 
Liabilities 
Current liabilities 
Trade and other payables                (1,274)   (1,280) 
Lease liabilities                         (105)         - 
----------------------------------     --------  -------- 
                                        (1,379)   (1,280) 
Net current assets                        3,494     3,742 
-------------------------------------  --------  -------- 
Non-current liabilities 
Retirement benefit liability              (223)     (212) 
Lease liabilities                         (244)         - 
Deferred tax liabilities                    (9)       (9) 
-------------------------------------  --------  -------- 
                                          (476)     (221) 
   ----------------------------------  --------  -------- 
                                          3,999     4,164 
   ----------------------------------  --------  -------- 
Shareholders' equity 
Share capital                               422       422 
Share premium account                     1,590     1,590 
Capital redemption reserve                    1         1 
Retained earnings                         1,738     2,023 
Cumulative translation adjustment 
 reserve                                    248       128 
-------------------------------------  --------  -------- 
                                          3,999     4,164 
   ----------------------------------  --------  -------- 
 

Statement of cash flows for the year ended 30 November 2020

 
                                                              2020      2019 
                                                           GBP'000   GBP'000 
   -----------------------------------------------------  --------  -------- 
Cash flows from operating activities 
(Loss)/ profit before tax from 
 continuing operations                                       (264)       150 
Share-based payment charge                                       -         4 
Depreciation                                                   292        74 
Decrease in inventories                                        284       237 
Decrease/ (increase) in trade 
 and other receivables                                         385     (140) 
(Decrease)/ increase in trade 
 and other payables 
 Interest (Income)/ Expense                                   (50)        92 
                                                                16       (6) 
   -----------------------------------------------------  --------  -------- 
Cash generated from operations                                 663       411 
Interest paid                                                 (16)       (8) 
 Income from investments                                       (1)         - 
Net cash (used in)/ generated 
 from operations                                               646       403 
--------------------------------------------------------  --------  -------- 
Cash flows from investing activities 
Purchase of property, plant 
 and equipment                                                (25)      (42) 
Investment in Joint Venture                                   (27)         - 
Proceeds from sale of property, plant 
 and equipment                                                   -         1 
Net cash (used in)/generated from 
 investing activities                                         (52)      (41) 
--------------------------------------------   ---------  --------  -------- 
Cash flows from financing activities 
Sale of shares                                                   -         6 
Repayment of leases                                          (213)         - 
Equity dividends paid                                         (21)      (32) 
--------------------------------------------------------  --------  -------- 
Net cash used in financing activities                        (234)      (26) 
--------------------------------------------------------  --------  -------- 
 
  Net change in cash and cash 
  equivalents                                                  360       336 
Cash and cash equivalents at 
 start of period                                               734       403 
Effect of foreign exchange rates                                19       (5) 
--------------------------------------------------------  --------  -------- 
Cash and cash equivalents at 
 end of period                                               1,113       734 
--------------------------------------------------------  --------  -------- 
 

Notes

   1.    Basis of preparation 

The Group and parent company financial statements have been prepared in accordance with EU endorsed International Financial Reporting Standards (IFRS), International Financial Reporting Interpretations Committee (IFRIC) interpretations and with those parts of the Companies Act applicable to companies reporting under IFRS. All accounting standards and interpretations issued by the International Accounting Standards Board and the International Financial Reporting Interpretations Committee effective at the time of preparing these financial statements have been applied.

   2.    Taxation 
 
                                                                                  2020          2019 
                                                                               GBP'000       GBP'000 
-----------------------------------------------------------------------  -------------  ------------ 
    Analysis of the charge in the period 
    Current tax 
    - Current period                                                                 -             - 
    - Credit adjustment in respect of prior periods                                  -          (29) 
-----------------------------------------------------------------------  -------------  ------------ 
                                                                                     -          (29) 
    Deferred tax charge/ (credit)                                                    -           (2) 
-----------------------------------------------------------------------  -------------  ------------ 
    Total tax                                                                        -          (31) 
-----------------------------------------------------------------------  -------------  ------------ 
 
    Tax reconciliation 
 
    The tax for the period is lower (2019: lower) than the standard rate of corporation tax in 
     the UK, effectively 19.0% (2019: 19.0%) for the company's financial year. The differences 
     are explained below: 
 
 
                                                                                                       2020       2019 
                                                                                                    GBP'000    GBP'000 
------------------------------------------------------------------------------------------------  ---------  --------- 
    (Loss)/ profit before taxation                                                                    (264)        150 
------------------------------------------------------------------------------------------------  ---------  --------- 
 
    (Loss)/ profit before taxation multiplied by the rate of corporation tax in the UK of 19.0% 
     (2019: 19.0%)                                                                                     (50)         29 
 
    Effects of: 
    Adjustment from prior years                                                                           -       (29) 
    Taxation losses                                                                                      50       (31) 
    Taxation                                                                                              -       (31) 
------------------------------------------------------------------------------------------------  ---------  --------- 
 
   3.    Dividends 

The directors have proposed a final dividend of 0.25p per share payable on 1 June 2021 to shareholders on the register at close of business on 14 May 2021. The total dividend for the year, including the interim dividend of 0.25p (2019: 0.25p) per share paid on 6 October 2020, amounts to GBP21,000 (2019: GBP32,000), which is equivalent to 0.50p (2019: 0.75p) per share.

4. The basic earnings per share are based on the loss for the financial year of GBP264,000 (2019: profit of GBP181,000) and on ordinary shares of 4,224,164 (2019: 4,199,735 shares), the weighted average number of shares in issue during the year. Diluted earnings per share is based on 4,224,164 ordinary shares (2019: 4,207,199 shares), being the weighted average number of ordinary shares after an adjustment of GBPnil (2019: 7,464) in relation to share options.

5. This statement, which has been approved by the Board on 19 February 2021, is not the Company's statutory accounts. The statutory accounts for each of the two years to 30 November 2019 and 30 November 2020 received audit reports which were unqualified and did not contain statements under section 498(2) and section 498(3) of the Companies Act 2006. The 2019 accounts have been filed with the registrar of Companies, but the 2020 statutory accounts are not yet filed.

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END

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February 19, 2021 02:00 ET (07:00 GMT)

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