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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 |
From Apr 2019 to Apr 2024
TIDMHDT
RNS Number : 2077X
Holders Technology PLC
17 February 2017
Holders Technology plc
("Holders Technology" or the "Company")
Correction to Preliminary Announcement
Holders Technology, (AIM: HDT), announces a correction to Preliminary Announcement of 2016 results made earlier this morning.
Some Balance Sheet and Cash Flow Statement figures were incorrectly stated. The overall results, net assets and cash flow are unaffected.
The revised Preliminary Announcement follows
For further information, contact:
Holders Technology plc 01896 758781 Rudi Weinreich, Executive Chairman Victoria Blaisdell, Group Managing Director Paul Geraghty, Group Finance Director Northland Capital Partners Limited - Nomad & Broker 020 3861 6625 William Vandyk, Director
Website www.holderstechnology.com
Holders Technology plc
Specialised PCB Materials, LED Components and Lighting Solutions
Audited results for the year ended 30 November 2016
Holders Technology plc ("Holders Technology" or "the Group") announces its audited results for the year ended 30 November 2016. Holders Technology supplies specialty laminates and materials for printed circuit board manufacture ("PCB"), and operates as an LED solutions provider to the lighting and industrial markets.
PCB and LED segments achieved modest revenue growth in the year, and margins were maintained. PCB overheads were reduced, while LED overheads increased due to additional sales recruitment. The result before restructuring and impairment costs was somewhat behind 2015.
During the year, PCB divisions were restructured and costs reduced, and the LED Opteon Germany division was closed. The restructuring costs are shown below.
The directors propose to pay a final dividend of 0.25p per share on 23 May 2017.
Highlights included:
-- Results compared to 2015: Group revenue 1.7% higher PCB revenue 0.4% higher LED revenue 5.3% higher Group margins Unchanged -- Operating loss before impairment and restructuring costs GBP191,000 -- Operating loss GBP374,000
-- Cash balances GBP781,000 (GBP338,000 higher than 2015)
Chairman's statement
In my statement accompanying the 2015 Annual Report and Accounts I stated that the board was evaluating various options to return Holders Technology Group ("The Group") to profitability. As a result of this review some changes to our management team were made, coupled with a significant restructuring programme and the closure of an unprofitable division. A number of sales staff have been changed and investments made to enhance our plant and machinery.
Inevitably changes of this nature impose a major short term cost but we believe they are essential to achieving our goal of restored profitability.
The overall Group result, excluding restructuring costs, was broadly similar to the preceding year with revenue increasing by 1.7% from GBP11.2 to GBP11.4m. The 2016 year did not include any revenue from our former Indian joint venture which we exited in 2015 but the impact of the stronger Euro following the EU referendum in June had a significant offsetting impact on the 2016 result.
The Group operating result before impairment and restructuring costs was a loss of GBP191,000 (2015: operating loss GBP126,000). Impairment and restructuring costs increased the operating loss to GBP374,000 (2015: GBP151,000).
The PCB divisions together had revenues of GBP8.3m (2015: GBP8.3m) and achieved an operating profit of GBP115,000 (2015: loss GBP3,000) before restructuring costs of GBP116,000. Including restructuring and impairment costs, the PCB divisions made an operating loss of GBP1,000 (2015: loss GBP28,000).
Our German operations remain the predominant element of the Group's PCB sales, the second half of the year saw some benefit from the restructuring programme and the operations were profitable. The UK PCB operations, as anticipated, saw a reduction in revenue but the major changes made within this entity enabled it to achieve a small positive contribution for the year.
Total LED revenues amounted to GBP3.0m (2015: GBP2.9m). Combined operating losses before restructuring costs of GBP67,000 totalled GBP275,000 (2015: loss of GBP26,000). The LED divisions made an operating loss after restructuring costs of GBP342,000 (2015: GBP26,000).
The various LED elements of our business had very mixed results but taken together they were behind our expectations. While the UK division, Holders Components, achieved growth in both revenue and profitability and Holders Germany maintained its position, NRGstar saw a marked decline as did Opteon Germany. Action has been taken to change the sales teams in a number of these entities and Opteon Germany has been closed.
Last year I reported that the Group faced a potential EU Cross Border Group Relief claim totalling GBP192,000 and that we had fully provided for this amount in that year's accounts. While some of the claim has been agreed a balance of GBP126,000 is still subject to further discussion.
2016 was a difficult year for the Group but our staff showed commitment and support throughout the year for which we thank them.
The Board has a continuing belief in the Group's ability to overcome the difficulties it confronts. It is heartened by the initial signs of improved PCB performance, and by the customer interest in the new "smart lighting" products added into the LED divisions. Given this belief the Board considers it appropriate to recommend a final dividend of 0.25p for the 2016 year.
R W Weinreich
Executive Chairman
16 February 2017
Group income statement for the year ended 30 November 2016
Hot Features
Premium
Note 2016 2015
GBP'000 GBP'000
---------------------------- ----- -------- --------
Revenue 11,380 11,195
Cost of sales (8,539) (8,396)
------------------------------ ----- -------- --------
Gross profit 2,841 2,799
Distribution costs (399) (364)
Administrative expenses (2,749) (2,652)
Restructuring costs (183) -
Impairment costs - (25)
Other operating income 116 91
------------------------------ ----- -------- --------
Operating loss (374) (151)
Finance income 3 1
Finance expenses (7) (16)
------------------------------ ----- -------- --------
Loss before taxation (378) (166)
Tax expense 2 (17) (195)
------------------------------ ----- -------- --------
Loss for the financial year (395) (361)
------------------------------ ----- -------- --------
Basic loss per share 4 (9.72p) (9.16p)
------------------------------ ----- -------- --------
Diluted loss per share 4 (9.72p) (9.16p)
------------------------------ ----- -------- --------
Total loss per share 4 (9.72p) (9.16p)
------------------------------ ----- -------- --------
Group statement of comprehensive income for the year ended 30 November 2016
2016 2015
GBP'000 GBP'000
-------------------------------------------- --------- ---------
Loss for the year (395) (361)
Items that may be reclassified subsequently
to profit or loss:
Exchange differences on translating
foreign operations 346 (246)
---------------------------------------------- --------- ---------
Total comprehensive income and expense
for the year (49) (607)
---------------------------------------------- --------- ---------
Statements of changes in equity for the year ended 30 November 2016
Group Share capital Share premium Capital Translation Retained Total equity
redemption reserve earnings
reserve
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
--------------- -------------- -------------- ------------- ------------- ------------- ------------------------
Balance at 30
November 2014 416 1,531 1 34 2,512 4,494
Dividends - - - - (20) (20)
Employee
share-based
payment
options - - - - 3 3
--------------- -------------- -------------- ------------- ------------- ------------- ------------------------
Transactions
with owners - - - - (17) (17)
Loss for the
year - - - - (361) (361)
Exchange
differences
on
translating
foreign
operations - - - (246) - (246)
--------------- -------------- -------------- ------------- ------------- ------------- ------------------------
Total
comprehensive
income for
the year - - - (246) (361) (607)
--------------- -------------- -------------- ------------- ------------- ------------- ------------------------
Balance at 30
November 2015 416 1,531 1 (212) 2,134 3,870
--------------- -------------- -------------- ------------- ------------- ------------- ------------------------
Dividends - - - - (20) (20)
Shares issued - 59 - - - 59
--------------- -------------- -------------- ------------- ------------- ------------- ------------------------
Transactions
with owners - 59 - - (20) 39
Loss for the
year - - - - (395) (395)
Exchange
differences
on
translating
foreign
operations - - - 346 - 346
--------------- -------------- -------------- ------------- ------------- ------------- ------------------------
Total
comprehensive
income for
the year - - - 346 (395) (49)
--------------- -------------- -------------- ------------- ------------- ------------- ------------------------
Balance at 30
November 2016 416 1,590 1 134 1,719 3,860
--------------- -------------- -------------- ------------- ------------- ------------- ------------------------
Company Share Share Capital Retained Total
capital premium redemption earnings equity
reserve
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
--------------------------------------- --------- --------- ------------ ---------- --------
Balance at 1 December 2014 416 1,531 1 51 1,999
Profit/ (loss) and total comprehensive
income for the year - - - 138 138
Dividends - - - (20) (20)
Share-based payment charge - - - 3 3
--------------------------------------- --------- --------- ------------ ---------- --------
Balance at 30 November 2015 416 1,531 1 172 2,120
Profit/ (loss) and total comprehensive
income for the year - - - 437 437
Dividends - - - (20) (20)
Shares issued - 59 - - 59
Share-based payment charge - - - - -
--------------------------------------- --------- --------- ------------ ---------- --------
Balance at 30 November 2016 416 1,590 1 589 2,596
--------------------------------------- --------- --------- ------------ ---------- --------
Balance sheets at 30 November 2016
Group Company
2016 2015 2016 2015
GBP'000 GBP'000 GBP'000 GBP'000
---------------------------------- -------- -------- -------- --------
Assets
Non-current assets
Goodwill 318 316 - -
Property, plant and equipment 400 327 6 4
Investments in subsidiaries - - 2,291 2,291
Investment in joint venture - - - 15
Deferred tax assets 9 16 - -
----------------------------------- -------- -------- -------- --------
727 659 2,297 2,310
---------------------------------- -------- -------- -------- --------
Current assets
Inventories 2,365 2,533 - -
Trade and other receivables 1,790 1,556 592 433
Current tax assets - 59 - -
Cash and cash equivalents 781 443 318 25
----------------------------------- -------- -------- -------- --------
4,936 4,591 910 458
Liabilities
Current liabilities
Trade and other payables (1,457) (975) (611) (627)
Current tax liabilities (122) (213) - (21)
----------------------------------- -------- -------- -------- --------
(1,579) (1,188) (611) (648)
Net current assets 3,357 3,403 299 (190)
----------------------------------- -------- -------- -------- --------
Non-current liabilities
Retirement benefit liability (219) (181) - -
Deferred tax liabilities (5) (11) - -
----------------------------------- -------- -------- -------- --------
(224) (192) - -
3,860 3,870 2,596 2,120
---------------------------------- -------- -------- -------- --------
Shareholders' equity
Share capital 416 416 416 416
Share premium account 1,590 1,531 1,590 1,531
Capital redemption reserve 1 1 1 1
Retained earnings 1,719 2,134 589 172
Cumulative translation adjustment
reserve 134 (212) - -
----------------------------------- -------- -------- -------- --------
3,860 3,870 2,596 2,120
---------------------------------- -------- -------- -------- --------
Statements of cash flows for the year ended 30 November 2016
Group Company
2016 2015 2016 2015
GBP'000 GBP'000 GBP'000 GBP'000
------------------------------------------- -------- -------- -------- --------
Cash flows from operating activities
Operating loss (374) (151) (24) (92)
Share-based payment charge - 3 - 3
Depreciation 74 86 2 8
Decrease/(Increase) in inventories 192 (102) - -
(Increase)/decrease in trade
and other receivables (298) 295 41 17
Increase/(decrease) in trade
and other payables 824 (86) (16) 65
-------------------------------------------- -------- -------- -------- --------
Cash generated from operations 418 45 3 1
Corporation tax paid (48) (7) (1) (1)
-------------------------------------------- -------- -------- -------- --------
Net cash generated from operations 370 38 2 -
-------------------------------------------- -------- -------- -------- --------
Cash flows from investing activities
Purchase of property, plant
and equipment (110) (161) (4) (4)
Proceeds from sale of property, plant - 3 - -
and equipment
Proceeds from joint venture 22 - 50 -
Dividends received from Group undertakings - - 200 -
Interest received 3 1 6 4
-------------------------------------------- -------- -------- -------- --------
Net cash (used in)/generated from
investing activities (85) (157) 252 -
-------------------------------------------- -------- -------- -------- --------
Cash flows from financing activities
Interest paid (7) (16) - -
Proceed from sale of shares 59 - 59 -
Equity dividends paid (20) (20) (20) (20)
-------------------------------------------- -------- -------- -------- --------
Net cash generated from/ (used
in) financing activities 32 (36) 39 (20)
-------------------------------------------- -------- -------- -------- --------
Net change in cash and cash
equivalents 317 (155) 293 (20)
Cash and cash equivalents at
start of period 443 634 25 45 Effect of foreign exchange rates 21 (36) - - -------------------------------------------- -------- -------- -------- -------- Cash and cash equivalents at end of period 781 443 318 25 -------------------------------------------- -------- -------- -------- --------
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
2016 2015
GBP'000 GBP'000
----------------------------------------------------------------------- -------------- -------------
Analysis of the charge in the period
Current tax
- Current period - 6
- Adjustments in respect of prior periods 17 179
----------------------------------------------------------------------- -------------- -------------
17 185
Deferred tax - 10
----------------------------------------------------------------------- -------------- -------------
Total tax 17 195
----------------------------------------------------------------------- -------------- -------------
Tax reconciliation
The tax for the period is higher (2015: higher) than the standard rate of corporation tax
in the UK, effectively 20.0% (2015: 20.0%) for the company's financial year. The differences
are explained below:
2016 2015
GBP'000 GBP'000
---------------------------------------------------------------------------------------------- --------- ---------
Loss before taxation (378) (166)
---------------------------------------------------------------------------------------------- --------- ---------
Loss before taxation multiplied by the rate of corporation tax in the UK of 20.0 % (2015:
20.0%) (76) (33)
Effects of:
Differences between capital allowances and depreciation - 4
Adjustments in respect of prior years 17 176
Taxation losses 64 35
Other temporary differences 12 13
---------------------------------------------------------------------------------------------- --------- ---------
Taxation 17 195
---------------------------------------------------------------------------------------------- --------- ---------
3. The directors have proposed a final dividend of 0.25p per share payable on 23 May 2017 to shareholders on the register at close of business on 5 May 2017. The total dividend for the year, including the interim dividend of 0.25p (2015: 0.25p) per share paid on 11 October 2016, amounts to GBP20,000 (2015: GBP20,000), which is equivalent to 0.50p (2015: 0.50p) per share.
4. The basic earnings per share are based on the loss for the financial year of GBP395,000 (2015: loss of GBP361,000) and on ordinary shares 4,063,813 (2015: 3,939,551), the weighted average number of shares in issue during the year. There was no earnings dilution calculated in 2015 and 2016 as a loss was recorded by the Group.
5. This preliminary statement, which has been approved by the Board on 16 February 2016, is not the Company's statutory accounts. The statutory accounts for each of the two years to 30 November 2015 and 30 November 2016 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 2015 accounts have been filed with the Registrar of Companies but the 2016 accounts are not yet filed.
For further information, contact:
Rudi Weinreich, Executive Chairman, Holders Technology plc,
Tel. 01896 758781
Paul Geraghty, Group Finance Director, Holders Technology plc,
Tel. 01896 758781
William Vandyk, Director, Corporate Finance, Northland Capital Partners Ltd,
Tel. 020 7382 1100
Website www.holdersgroup.com
ENDS
This information is provided by RNS
The company news service from the London Stock Exchange
END
FR UBRURBKAUAAR
(END) Dow Jones Newswires
February 17, 2017 07:16 ET (12:16 GMT)
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