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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 | 0.00% | 50.50 | 1.00 | 100.00 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
TIDMHDT
RNS Number : 9869J
Holders Technology PLC
23 August 2019
Holders Technology plc
Half Yearly Report 2019
Specialised PCB Materials, Lighting and Control Solutions
Highlights
Holders Technology plc supplies specialty laminates and materials for printed circuit board manufacturers ("PCB") and operates as a lighting and control solutions ("LCS") provider to the lighting market and commercial buildings sector.
Unaudited results for the half year ended 31 May are summarised as follows:
2019 2018 GBP'000 GBP'000 -------- -------- Revenue PCB 4,291 4,756 LCS 1,737 1,426 Total 6,028 6,182 -------- Gross profit 1,579 1,585 Margins 26.2% 25.6% Overheads 1,570 1,520 Operating profit 9 65 Finance income 11 - Profit before tax 20 65 Taxation 29 - Profit after tax 49 65 ======== ======== Earnings per share 1.17p 1.56p Interim dividend per share 0.25p 0.25p Net assets per share 100p 96p ------------------------- -------- --------
Contents
1. Chairman's statement 3. Consolidated income statement 3. Consolidated statement of comprehensive income 4. Consolidated statement of changes in equity 5. Consolidated balance sheet 6. Consolidated cash flow statement 7. Notes
Chairman's statement
Half year ended 31 May 2019
These interim results show a mixed outcome as compared to the equivalent period in 2018. PCB revenues have been adversely impacted by the overall economic environment, and the challenges faced by the automotive industry in Germany. In contrast, revenues from the LCS divisions have grown strongly.
Group revenue decreased by 2.5% to GBP6.0m (H1 2018: GBP6.2m), gross margins increased by 0.6% to 26.2%, and the pre-tax result was a profit of GBP20,000 (H1 2018: profit of GBP65,000).
PCB
PCB sales in the period decreased by 9.8%, from GBP4,756,000 in 2018 to GBP4,291,000, while PCB gross margins decreased by 0.7% to 22.5%. At the end of the period the upgraded aluminium cutting and punching line in Germany was brought into full operation. The improved cutting line is expected to provide higher throughput and result in efficiency gains in future periods.
PCB overheads as a percentage of sales increased by 1.7% to 18.1%. Overall our PCB activities recorded a pre-tax profit of GBP30,000 (H1 2018: profit GBP159,000).
LCS
Lighting and Control Solutions divisions in the UK and Germany made good progress during the period. Revenue grew by 21.8% from GBP1,426,000 to GBP1,737,000, and gross margins improved from 33.7% to 35.2%. Overheads as a percentage of revenue decreased from 33.2% to 31.1%, leading to a profit of GBP31,000 (H1 2018: loss GBP38,000).
Taxation
HMRC have now accepted our final claim for EU Cross Border tax which was shown as a liability of GBP43,000 at the end of November 2018. The liability has been removed from the accounts during the period which resulted in a credit of GBP14,000 to interest paid and a credit of GBP29,000 to taxation.
Board Changes
On 7 May Thomas Bray stepped down from the Board, and I would like to thank him for his contribution to the Group over the last six years. Thomas' role will be partly filled by Mat Hanson who joined us in February and is now UK Sales Director for our Lighting and Control Solutions division. We plan to add further technical and sales capacity to LCS divisions in the UK and Germany over the next few months to support growing customer demand and our expanding portfolio of products and services.
Summary
Our PCB business continues to face challenges due to unfavourable market conditions. However, PCB operations remain profitable, and management has recently implemented targeted cost savings to further improve profitability. The LCS divisions have achieved good growth and a modest profit in the first half, and the pipeline of sales opportunities is encouraging, with the acceptance in the market of wireless lighting controls.
Rudolf W. Weinreich Holders Technology plc
Executive Chairman 27-28 Eastcastle Street
London W1W 8HD
For further information, contact:
Holders Technology plc
Rudi Weinreich, Executive Chairman
01896 758781
Victoria Blaisdell, Group Managing Director
Paul Geraghty, Group Finance Director
SP Angel Corporate Finance LLP - Nomad and Broker
Matthew Johnson/ Jamie Spotswood, Corporate Finance 020 3470 0470
Website
www.holdersgroup.com
Consolidated income statement
for the half year ended 31 May 2019 (Unaudited)
Half year Half year Full year ended 31 ended 31 ended 30 May 2019 May 2018 Nov 2018 ========== ========== ========== Notes GBP'000 GBP'000 GBP'000 Revenue 3 6,028 6,182 12,486 Cost of sales (4,449) (4,597) (9,220) ========== ========== ========== Gross profit 1,579 1,585 3,266 Distribution costs (199) (210) (422) Administrative expenses (1,369) (1,300) (2,696) Other operating (expenses)/ income (2) - 36 ========== ========== ========== Operating profit 9 65 184 Finance income/ (costs) 11 - (7) ========== ========== ========== Profit before taxation 20 65 177 Taxation 4 29 - (8) ========== ========== ========== Profit for the period 49 65 169 ========== ========== ========== Total and continuing Basic earnings per share 6 1.17p 1.56p 4.06p ========== ========== ========== Diluted earnings per share 6 1.17p 1.46p 4.03p ========== ========== ==========
Consolidated statement of comprehensive income
for the half year ended 31 May 2019 (Unaudited)
Half year Half year Full year ended 31 ended 31 ended 30 May 2019 May 2018 Nov 2018 ========== ================ ========== GBP'000 GBP'000 GBP'000 Profit/ (loss) for the period 49 (65) 169 Exchange differences on translation of foreign operations 6 (12) 15 ========== ================ ========== Total comprehensive income/ (expense) for the period 55 53 184 ========== ================ ==========
Consolidated statement of changes in equity
for the half year ended 31 May 2019 (Unaudited)
Capital Share redemption Translation Retained Share capital premium reserve reserve earnings Total equity =============== ============ ================== =============== ================ ============== GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 Balance 1 Dec 2017 416 1,590 1 207 1,718 3,932 Dividends - - - - (21) (21) Share based payments - - - - 4 4 =============== ============ ================== =============== ================ ============== Transactions with owners - - - - (17) (17) =============== ============ ================== =============== ================ ============== Profit for the year - - - - 169 169 Other comprehensive income for the year - - - 15 - 15 =============== ============ ================== =============== ================ ============== Total
comprehensive income for the year - - - 15 169 184 =============== ============ ================== =============== ================ ============== Balance 30 Nov 2018 416 1,590 1 222 1,870 4,099 =============== ============ ================== =============== ================ ============== Dividends - - - - (21) (21) New shares issued 6 - - - - 6 =============== ============ ================== =============== ================ ============== Transactions with owners 6 - - - (21) (15) =============== ============ ================== =============== ================ ============== Profit for the period - - - - 49 49 Other comprehensive expense for the period - - - 6 - 6 =============== ============ ================== =============== ================ ============== Total comprehensive income for the period - - - 6 49 55 =============== ============ ================== =============== ================ ============== Balance 31 May 2019 422 1,590 1 228 1,898 4,139 =============== ============ ================== =============== ================ ==============
Consolidated balance sheet
at 31 May 2019 (Unaudited)
Half year Half year Full year ended 31 ended 31 ended 30 May 2019 May 2018 Nov 2018 ========== ========== ========== GBP'000 GBP'000 GBP'000 Assets Non-current assets Goodwill 318 318 318 Property, plant and equipment 338 374 357 Deferred tax assets 9 9 10 ========== ========== ========== 665 701 685 ========== ========== ========== Current assets Inventories 2,459 2,304 2,849 Trade and other receivables 1,542 1,986 1,791 Cash and cash equivalents 674 633 403 ========== ========== ========== 4,675 4,923 5,043 Liabilities Current liabilities Trade and other payables (988) (1,328) (1,373) Current tax liabilities - (94) (43) ========== ========== ========== (988) (1,422) (1,416) Net current assets 3,687 3,501 3,627 ========== ========== ========== Non-current liabilities Retirement benefit liability (207) (227) (204) Deferred tax liabilities (6) - (9) (213) (227) (213) Net assets 4,139 3,975 4,099 ========== ========== ========== Shareholders' equity Share capital 422 416 416 Share premium account 1,590 1,590 1,590 Capital redemption reserve 1 1 1 Retained earnings 1,898 1,773 1,870 Cumulative translation adjustment 228 195 222 ========== ========== ========== Equity attributable to the shareholders of the parent 4,139 3,975 4,099
Consolidated cash flow statement
for the half year ended 31 May 2019 (Unaudited)
Half year Half year Full year ended 31 ended 31 ended 30 May 2019 May 2018 Nov 2018 ========== ========== ========== GBP'000 GBP'000 GBP'000 Cash flows from operating activities Profit before tax from continuing operations 20 65 177 Share-based payment charge - - 4 Depreciation 76 43 71 Decrease/ (increase) in inventories 375 104 (427) Decrease/ (increase) in trade and other receivables 104 286 (407) (Decrease)/ increase in trade and other payables (221) (338) 571 Interest (credit)/ expense (14) - 8 Cash generated from/ (used in) operations 340 160 (3) Interest paid - - (8) Corporation tax paid - (36) (88) Net cash generated from/ (used in) operations 340 124 (99) ========== ========== ========== Cash flows from investing activities Purchase of property, plant and equipment (57) (49) (58) Net cash used in investing activities (57) (49) (58) ========== ========== ========== Cash flows from financing activities Equity dividends paid (21) (10) (21) Ordinary shares issued 6 - - Net cash used in financing activities (15) (10) (21) ========== ========== ========== Net change in cash and cash equivalents 268 65 (178) Cash and cash equivalents at start of period 403 579 579 Effect of foreign exchange rates 3 (11) 2 Cash and cash equivalents at end of period 674 633 403 ========== ========== ==========
Notes
1. General information
Holders Technology plc is incorporated in the United Kingdom under the Companies Act 2006. The principal activity of the group is to provide specialised materials, components and solutions to the electronics and lighting industries.
2. Basis of preparation
The condensed consolidated half year financial statements have been prepared in accordance with the AIM Rules for Companies and prepared on a basis consistent with International Financial Reporting Standards ("IFRS") as adopted by the EU and the accounting policies set out in the group's financial statements for the year ended 30 November 2018.
The condensed consolidated half year financial statements are unaudited and include all adjustments which management considers necessary for a fair presentation of the group's financial position, operating results and cash flows for the 6-month periods ended 31 May 2018 and 31 May 2019.
The half year financial statements do not constitute statutory accounts as defined by Section 434 of the Companies Act 2006. A copy of the group's financial statements for the year ended 30 November 2018 prepared in accordance with IFRS as adopted by the EU has been filed with the Registrar of Companies. The auditors' report on those financial statements was not qualified and did not contain statements under s498(2) of s498(3) of the Companies Act 2006.
As permitted, the group has chosen not to adopt IAS 34 'Interim Financial Statements' in preparing these half year financial statements and therefore the half year financial information is not in full compliance with IFRS.
The preparation of half year financial statements requires management to make judgements, estimates and assumptions that affect the application of policies and reported amounts of assets and liabilities, income and expenses. Actual results may differ from these estimates.
These half year financial statements have been prepared under the historical cost convention.
The board of Holders Technology plc approved this half yearly report on 22 August 2019.
3. Segmental information
Management currently identifies two operating segments:
- PCB, which distributes materials, equipment and supplies to the PCB industry.
- LCS, which provides lighting and control solutions to the lighting market and commercial buildings sector.
Notes (continued):
3. Segmental information (continued)
Analysis by operating segment
for the half year ended 31 May
PCB LCS Central Costs Total 2019 2018 2019 2018 2019 2018 2019 2018 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 ======== ======== ======== ======== ======== ======== ======== ======== Revenue 4,291 4,756 1,737 1,426 - - 6,028 6,182 Cost of sales 3,324 3,651 1,125 946 - - 4,449 4,597 ======== ======== ======== ======== ======== ======== ======== ======== Gross Profit 967 1,105 612 480 - - 1,579 1,585 Distribution costs 159 165 40 45 - - 199 210 Administration costs 778 781 541 473 52 56 1,371 1,310 ======== ======== ======== ======== ======== ======== ======== ======== Segment Profit/ (Loss) 30 159 31 (38) (52) (56) 9 65 ======== ======== ======== ======== ======== ======== ======== ========
4. The tax provision for the six months ended 31 May 2019 is calculated based on the tax rates applicable in the country in which each company operates.
5. A final dividend of 0.50p per share on the total issued share capital of 4,224,164 10p ordinary shares was paid on 21 May 2019 in respect of the year ended 30 November 2018.
An interim dividend payment of 0.25p per share (2018: 0.25p per share) will be payable on 8 October 2019 to shareholders on the register at 13 September 2019. The shares will go ex-dividend on 12 September 2019. The interim dividend had not been approved by the board at 31 May 2019 and accordingly, has not been included as a liability as at that date.
6. The basic earnings per share for continuing operations are based on the profit for the period of GBP49,000 (2018: profit GBP65,000) and on 4,172,759 ordinary shares (2018: 4,159,551), the weighted average number of shares in issue during the period. Diluted earnings per share for continuing operations are based on 4,194,313 ordinary shares (2018: 4,159,551), being the weighted average number of ordinary shares after an adjustment of 21,554 shares (2018: nil shares) in relation to share options.
7. A copy of this half yearly report is being sent to shareholders and is available for inspection at the company's offices at Holders Technology (UK) Ltd., Units 1-4, Block 9, Tweedbank Industrial Estate, Galashiels TD1 3RS and via its website www.holdersgroup.com.
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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IR LLFIRTFIFFIA
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August 23, 2019 02:00 ET (06:00 GMT)
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