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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Tex Holdings Plc | LSE:TXH | London | Ordinary Share | GB0008850470 | 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% | 73.00 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
TIDMTXH
RNS Number : 7844X
Tex Holdings PLC
14 August 2018
TEX HOLDINGS PLC
INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
TEX HOLDINGS PLC
INDEX
Page Chairman's Statement 2 Responsibility Statement 3 Consolidated Statement of Comprehensive Income 4 Consolidated Balance Sheet 5 Consolidated Statement of Changes in Equity 6 Consolidated Statement of Cash Flows 7 Notes to the Interim Condensed Consolidated Financial Statements 8-10
TEX HOLDINGS PLC
CHAIRMAN'S STATEMENT
Group turnover for the six months to 30th June 2018 was lower than the same period in the previous year with pre-tax profit also down on the previous year.
The Plastics Division produced a five percent increase in turnover which resulted in a twenty three percent increase in operating profit.
The Boards & Panels Division had a static turnover year on year, but the operating profit is reduced as a result of higher than anticipated labour costs. A new Production Director designate has been recruited with a view to improving the overall performance of this Division.
The Boards & Panels Division is currently developing additional factory space at its Brigg site to house the latest technology edging machine. This represents a significant investment for the Group and is being carried out to support a key customer in the caravan industry.
Turnover of the Engineering Division decreased by twenty percent due to delays in customer orders. This has resulted in a reduced profit for the Division. However, the second half of the year has opened with a solid order book which will be reflected in the second half results.
The Group has recently acquired the trade and assets of Argento UK Limited, a metal fabrication and powder coating business based in Beccles, Suffolk.
The Group has just been awarded the contract to supply a "flat pack" air traffic control room to Nigeria to be supplied by the Tex A.T.C. Division.
The Board, whilst remaining cautious, anticipates that the investments in assets and acquisitions will result in the trading results improving in the medium term, albeit with higher working capital.
The Board is proposing to pay an interim dividend of 2.5 pence (2017: 2.5 pence) which will be paid on 5th October 2018 to shareholders on the register as at 14th September 2018.
G C Gray
Chairman
14th August 2018
TEX HOLDINGS PLC
RESPONSIBILITY STATEMENT
in respect of the interim financial report
We confirm that to the best of our knowledge:
-- the interim condensed consolidated financial statements have been prepared in accordance with IAS 34 "Interim Financial Reporting" as adopted by the EU;
-- the interim management report includes a fair review of the information required by Disclosure and Transparency Rules ("DTR") 4.2.7R (indication of the important events during the first six months and description of principal risks and uncertainties for the remaining six months of the year); and
-- the interim management report includes a fair review of the information required by DTR 4.2.8R (disclosure of related parties' transactions and changes therein).
G C Gray
Chairman
14th August 2018
TEX HOLDINGS PLC
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
6 months 6 months ended ended 30.06.18 30.06.17 Year ended (Unaudited) (Unaudited) 31.12.17 GBP000 GBP000 (Audited) Notes GBP000 Revenue 3 20,577 21,421 41,505 Cost of sales (14,319) (14,625) (29,681) -------------- -------------- ------------ Gross profit 6,258 6,796 11,824 Selling and marketing costs (540) (693) (1,073) Administrative expenses (5,527) (5,598) (9,668) Operating profit 191 505 1,083 Finance costs (95) (82) (156) -------------- -------------- ------------ Profit before taxation 96 423 927 Taxation 4 (12) (92) (197) -------------- -------------- ------------ Profit for the period 84 331 730 Other comprehensive income: Actuarial gain arising on defined benefit pension scheme - - 767 Tax recognised on actuarial gain on defined pension scheme - - (148) -------------- -------------- ------------ Total comprehensive income for the period 84 331 1,349 ============== ============== ============ Basic and diluted earnings per share 1.3p 5.2p 11.5p ============== ============== ============
TEX HOLDINGS PLC
CONSOLIDATED BALANCE SHEET
As at As at As at 30.06.18 30.06.17 31.12.17 (Unaudited) (Unaudited) (Audited) Notes GBP000 GBP000 GBP000 ASSETS Non-current assets Property, plant and equipment 7 7,117 6,180 6,557 Deferred tax assets 20 177 20 7,137 6,357 6,577 Current assets Inventories 7,891 6,952 6,798 Trade and other receivables 11,248 11,270 11,392 Cash in hand - - - 19,139 18,222 18,190 ------------- ------------- ----------- Total assets 26,276 24,579 24,767 ============= ============= =========== EQUITY Capital and reserves attributable to the equity holders of the parent Share capital 635 635 635 Capital reserve 16 16 16 Share premium account 2,890 2,890 2,890 Retained earnings 7,182 6,620 7,098 ------------- ------------- ----------- Total equity 10,723 10,161 10,639 ============= ============= =========== LIABILITIES Non-current liabilities Other interest-bearing loans and borrowings 1,467 2,542 2,159 Employee benefits 631 1,470 662 ------------- ------------- ----------- 2,098 4,012 2,821 ------------- ------------- ----------- Current liabilities Bank overdraft 2,136 1,053 1,737 Other interest-bearing loans and borrowings 1,056 792 971 Trade and other payables 9,871 8,019 8,184 Provision for other liabilities and charges 177 199 199 Tax payable 215 343 216 13,455 10,406 11,307 ------------- ------------- ----------- Total liabilities 15,553 14,418 14,128 ------------- ------------- ----------- Total equity and liabilities 26,276 24,579 24,767 ============= ============= ===========
TEX HOLDINGS PLC
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
Capital Redemption Share Premium Share Capital Reserve Account Retained Earnings GBP000 GBP000 GBP000 GBP000 Total Equity GBP000 Balance at 1 January 2017 635 16 2,890 6,289 9,830 Profit for the period - - - 331 331 Pension fund - - - - - actuarial movement net of tax Dividends paid - - - - - ---------------- ------------------- ------------------- ------------------- --------------- - - - 331 331 ---------------- ------------------- ------------------- ------------------- --------------- Balance at 30 June 2017 635 16 2,890 6,620 10,161 ================ =================== =================== =================== =============== Balance at 1 January 2017 635 16 2,890 6,289 9,830 Profit for the period - - - 730 730 Pension fund actuarial movement net of tax - - - 619 619 Dividends paid - - - (540) (540) ---------------- ------------------- ------------------- ------------------- --------------- - - - 809 809 ---------------- ------------------- ------------------- ------------------- --------------- Balance at 31 December 2017 635 16 2,890 7,098 10,639 ================ =================== =================== =================== =============== Balance at 1 January 2018 635 16 2,890 7,098 10,639 Profit for the period - - - 84 84 Pension fund - - - - - actuarial movement net of tax Dividends paid - - - - - ---------------- ------------------- ------------------- ------------------- --------------- - - - 84 84 ---------------- ------------------- ------------------- ------------------- --------------- Balance at 30 June 2018 635 16 2,890 7,182 10,723 ================ =================== =================== =================== ===============
TEX HOLDINGS PLC
CONSOLIDATED STATEMENT OF CASH FLOWS
6 months 6 months ended ended 30.06.18 30.06.17 Year ended (Unaudited) (Unaudited) 31.12.17 GBP000 GBP000 (Audited) GBP000 Cash flows from operating activities Profit for the period 84 331 730 Adjustments for: Depreciation 640 556 1,135 Loss on sale of fixed assets - 6 10 Finance costs 95 82 156 Taxation 12 92 197 ------------- ------------- ------------------ Operating profit before changes in working capital and provisions 831 1,067 2,228 Movement in trade and other receivables 144 (650) (772) Movement in inventories (1,093) (69) 85 Movement in trade and other payables 1,687 (2) 163 Decrease in provisions (22) - - Movement in employee benefits (50) (50) (100) ------------- ------------- ------------------ Cash generated from operations 1,497 296 1,604 Tax paid (13) - (223) ------------- ------------- ------------------ Net cash generated from operating activities 1,484 296 1,381 ------------- ------------- ------------------ Cash flows from investing activities Purchases of property, plant and equipment (PPE) (1,204) (914) (1,188) Proceeds from sale of PPE 4 36 39 Net cash used in investing activities (1,200) (878) (1,149) ------------- ------------- ------------------ Cash flows from financing activities New borrowings - 450 - Repayments of borrowings (216) (316) (534) Finance lease payments (391) (308) (532) Interest paid (76) (54) (120) Dividends paid to company's shareholders - - (540) ------------- ------------- ------------------ Net cash used in financing activities (683) (228) (1,726) ------------- ------------- ------------------ Net decrease in cash and cash equivalents (399) (243) (1,494) Cash and cash equivalents at beginning of the period (1,737) (810) (243) ------------- ------------- ------------------ Cash and cash equivalents at end of the period (2,136) (1,053) (1,737) ============= ============= ==================
TEX HOLDINGS PLC
NOTES TO THE INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
1. Basis of preparation
The condensed consolidated financial statements have been prepared using accounting policies consistent with International Financial Reporting Standards as adopted by EU and in accordance with International Accounting Standard (IAS) 34 Interim Financial Reporting. The condensed consolidated financial statements have not been audited or reviewed.
They do not include all disclosures that would otherwise be required in a complete set of financial statements and should be read in conjunction with the 2017 annual report.
The comparative figures for the financial year ended 31st December 2017 are not the statutory financial statements for that financial year. Those financial statements have been reported on by the Company's auditors and delivered to the Registrar of Companies. The report of the auditors was (i) unqualified, (ii) did not include a reference to any matters to which the auditors drew attention by way of emphasis without qualifying their report, and (iii) did not contain a statement under section 498 (2) or (3) of the Companies Act 2006.
2. Significant accounting policies
The condensed consolidated financial statements have been prepared under the historical cost convention.
The same accounting policies, presentation and methods of computation are followed in these condensed consolidated financial statements as were applied in the preparation of the Group's consolidated financial statements for the year ended 31st December 2017, with the exception of the application of IFRS 15 and IFRS 9 which had no significant impact on the results.
3. Segment information
The following is an analysis of the revenue and results for the period analysed by business segment, the Group's primary basis of segmentation.
Total for Boards continuing Plastics Engineering & Panels operations 2018 GBP000 GBP000 GBP000 GBP000 Revenue Total revenue from continuing operations 11,718 6,493 2,366 20,577 =========== ============== =========== ============ Result Segment result from continuing operations 602 47 30 679 Expenses pertaining to the Company (488) ------------ Operating profit 191 Finance costs (95) ------------ Profit before taxation 96 Taxation (12) ------------ Profit for the period from continuing operations 84 ============
All operations are continuing.
TEX HOLDINGS PLC
NOTES TO THE INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
3. Segment information (continued)
Segment information about the Group's continuing operations is presented below.
Total for Boards continuing Plastics Engineering & Panels operations 2017 GBP000 GBP000 GBP000 GBP000 Revenue Total revenue from continuing operations 11,106 8,101 2,214 21,421 =========== ============== =========== ============ Result Segment result from continuing operations 489 441 78 1,008 Expenses pertaining to the Company (503) ------------ Operating profit 505 Finance costs (82) ------------ Profit before taxation 423 Taxation (92) ------------ Profit for the period from continuing operations 331 ============ 4. Taxation
Interim period corporation tax is accrued based on the estimated average annual effective income tax rate of 19% (6 months ended 30th June 2017: 20%).
5. Earnings per share
Basic earnings per share of 1.3p (2017: 5.2p) is based on the following data.
Earnings 6 months 6 months ended ended 30.06.18 30.06.17 (Unaudited) (Unaudited) GBP000 GBP000 Earnings for the purposes of basic earnings per share 84 331 ============= ============= Number of shares 6 months 6 months ended ended 30.06.18 30.06.17 (Unaudited) (Unaudited) Weighted average number of ordinary shares for the purposes of basic earnings per share 6,351,452 6,351,452 ============= =============
TEX HOLDINGS PLC
NOTES TO THE INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
6. Dividends
During the interim period, no dividends were paid (2017: GBPNil).
7. Property, plant and equipment
During the period, the Group spent GBP1,204,000 on additions.
It also disposed of certain machinery and equipment with a carrying value of GBP4,000 for proceeds of GBP4,000.
8. Related party transactions
The Company has a related party relationship with its subsidiaries and directors.
A R B Burrows has an interest in Edward Le Bas Properties Limited through which the Group rents properties at normal commercial rates. Transactions during the period ended 30th June 2018 that require disclosure are detailed below:
Rentals paid GBP343,000 (30th June 2017: GBP159,000) Trade payables GBP14,777 (30th June 2017: GBPNil)
A R B Burrows has an interest in IS&G Steel Stockholders Limited through which the Group purchases steel. Transactions during the period ended 30th June 2018 that require disclosure are detailed below:
Purchases GBP92,165 (30th June 2017: GBP97,379) Trade payables GBP52,701 (30th June 2017: GBP60,588)
A R B Burrows is a trustee and a beneficiary of the Pension and Assurance Scheme of Edward Le Bas Limited, which is a substantial shareholder in the Company.
All intra-group related party transactions and outstanding balances are eliminated in the preparation of the consolidated financial statements of the Group and therefore in accordance with IAS 24 related party disclosures are not disclosed.
9. Approval of interim financial statements
The interim financial statements were approved by the Board of Directors on 14th August 2018.
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
IR FKQDBNBKDKFD
(END) Dow Jones Newswires
August 14, 2018 09:24 ET (13:24 GMT)
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