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 0.0% 73.00 0.00 0.00 0.00 0.00 0.00 0.00 00:00:00
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Industrial Engineering 40.4 -0.7 -9.3 - 60

Tex Holdings PLC Half-year Report

28/08/2019 3:37pm

UK Regulatory (RNS & others)


Tex (LSE:TXH)
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6 Months : From Aug 2019 to Feb 2020

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RNS Number : 4571K

Tex Holdings PLC

28 August 2019

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 2019 was higher in comparison to the same period in the previous year. However, as a consequence of lower margins and additional professional fees, the half year result is a pre-tax loss.

The Plastics Division, with a small increase in turnover increased the operating profit by eight percent.

The Boards & Panels Division had a static turnover year on year, but the operating profit has increased as a result of improved margins following the recruitment of a new Production Director, as noted in last year's report.

The new factory in Brigg has now been completed. The new Edging Machine has also been installed and initial production has commenced.

The Engineering Division turnover has increased by seventeen percent due to the despatch of a number of significant orders received in 2018. However, the Division has produced a loss due to the mix of sales with a lower margin. The Division has entered the second half of the year with an order book in excess of GBP5,000,000 which is expected to consist of an improvement in the mix of business with increased margins.

The contracts to supply "flat pack" air traffic control rooms to Nigeria, to be supplied by the Tex A.T.C. Division, have been delayed. Customers are awaiting funds from the Nigerian Government; these funds are now understood to have been released.

The Group has been offered a GBP7,000,000 term loan from associates of the major shareholder. A circular is due to be issued shortly calling an extraordinary general meeting for shareholders to approve the transaction.

The Group has experienced a slow-down in the UK domestic and European markets due to the uncertainty and general lack of confidence surrounding the Brexit issue.

The Board, whilst remaining cautious, anticipates that investments in assets and acquisitions will result in an improvement in trading performance, albeit with higher working capital.

The Board is not proposing to pay an interim dividend (2018: 2.5 pence).

G C Gray

Chairman

28th August 2019

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

28th August 2019

TEX HOLDINGS PLC

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

 
                                                    6 months        6 months 
                                                       ended           ended 
                                                    30.06.19        30.06.18    Year ended 
                                                 (Unaudited)     (Unaudited)      31.12.18 
                                                      GBP000          GBP000     (Audited) 
                                       Notes                                        GBP000 
 Revenue                                  3           21,805          20,577        40,354 
 Cost of sales                                      (15,274)        (14,319)      (30,150) 
                                              --------------  --------------  ------------ 
 Gross profit                                          6,531           6,258        10,204 
 Selling and marketing costs                           (502)           (540)       (1,040) 
 Administrative expenses                             (6,045)         (5,527)       (9,724) 
 Operating (loss)/profit                                (16)             191         (560) 
 Finance costs                                         (302)            (95)         (154) 
                                              --------------  --------------  ------------ 
 (Loss)/profit before taxation                         (318)              96         (714) 
 Taxation                               4                 52            (12)           124 
                                              --------------  --------------  ------------ 
 (Loss)/profit for the period                          (266)              84         (590) 
 Other comprehensive income: 
 Actuarial loss arising on 
  defined benefit pension 
  scheme                                                   -               -         (713) 
 Tax recognised on actuarial 
  loss on defined pension 
  scheme                                                   -               -           135 
                                              --------------  --------------  ------------ 
 Total comprehensive (loss)/income 
  for the period                                       (266)              84         1,168 
                                              ==============  ==============  ============ 
 
 Basic and diluted earnings 
  per share                                           (4.2)p            1.3p        (9.3)p 
                                              ==============  ==============  ============ 
 
 
 

TEX HOLDINGS PLC

CONSOLIDATED BALANCE SHEET

 
                                                                 As at          As at        As at 
                                                              30.06.19       30.06.18     31.12.18 
                                                           (Unaudited)    (Unaudited)    (Audited) 
                                            Notes               GBP000         GBP000       GBP000 
 ASSETS 
 Non-current assets 
 Property, plant and equipment               7                  14,295          7,117        8,007 
 Deferred tax assets                                               213             20          213 
                                                                14,508          7,137        8,220 
 Current assets 
 Inventories                                                     8,433          7,891        8,271 
 Trade and other receivables                                     9,559         11,248       10,011 
 Cash in hand                                                        -              -            - 
                                                                17,992         19,139       18,282 
                                                   -------------------  -------------  ----------- 
 Total assets                                                   32,500         26,276       26,502 
                                                   ===================  =============  =========== 
 
   EQUITY 
 Capital and reserves attributable 
  to the equity holders of 
  the parent 
 Share capital                                                     635            635          635 
 Capital reserve                                                    16             16           16 
 Other reserve                                                     678            678          678 
 Share premium account                                           2,890          2,890        2,890 
 Retained earnings                                               4,316          6,504        4,628 
                                                   -------------------  -------------  ----------- 
 Total equity                                                    8,535         10,723        8,847 
                                                   ===================  =============  =========== 
 
   LIABILITIES 
 Non-current liabilities 
 Other interest-bearing loans 
  and borrowings                                                 6,025          1,467        1,275 
 Employee benefits                                               1,843            631        1,833 
                                                   -------------------  -------------  ----------- 
                                                                 7,868          2,098        3,108 
                                                   -------------------  -------------  ----------- 
 Current liabilities 
 Bank overdraft                                                  3,166          2,136        2,105 
 Other interest-bearing loans 
  and borrowings                                                 3,526          1,056        2,941 
 Trade and other payables                                        9,277          9,871        9,226 
 Provision for other liabilities 
  and charges                                                      128            177          128 
 Tax payable                                                         -            215          147 
                                                                16,097         13,455       14,547 
                                                   -------------------  -------------  ----------- 
 Total liabilities                                              23,965         15,553       17,655 
                                                   -------------------  -------------  ----------- 
 Total equity and liabilities                                   32,500         26,276       26,502 
                                                   ===================  =============  =========== 
 

TEX HOLDINGS PLC

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

 
                                            Capital   Other Reserve    Share Premium 
                     Share Capital       Redemption                          Account         Retained 
                            GBP000          Reserve                           GBP000         Earnings     Total Equity 
                                             GBP000                                            GBP000           GBP000 
 Balance at 1st 
  January 2018                 635               16             678            2,890            6,420           10,639 
 Profit for the 
  period                         -                -               -                -               84               84 
 Pension fund                    -                -               -                -                -                - 
 actuarial 
 movement net of 
 tax 
 Dividends paid                  -                -               -                -                -                - 
                  ----------------  ---------------  --------------  ---------------  ---------------  --------------- 
                                 -                -               -                -               84               84 
                  ----------------  ---------------  --------------  ---------------  ---------------  --------------- 
 Balance at 30th 
  June 2018                    635               16             678            2,890            6,504           10,723 
                  ================  ===============  ==============  ===============  ===============  =============== 
 
 Balance at 1st 
  January 2018                 635               16             678            2,890            6,420           10,639 
 Loss for the 
  period                         -                -               -                -            (590)            (590) 
 IFRS15 
  adjustment to 
  opening 
  reserves                       -                -               -                -             (91)             (91) 
 Pension fund 
  actuarial 
  movement net 
  of tax                         -                -               -                -            (578)            (578) 
 Dividends paid                  -                -               -                -            (533)            (533) 
                  ----------------  ---------------  --------------  ---------------  ---------------  --------------- 
                                 -                -               -                -          (1,792)          (1,792) 
                  ----------------  ---------------  --------------  ---------------  ---------------  --------------- 
 Balance at 31st 
  December 2018                635               16             678            2,890            4,628            8,847 
                  ================  ===============  ==============  ===============  ===============  =============== 
 
 Balance at 1st 
  January 2019                 635               16             678            2,890            4,628            8,847 
 Loss for the 
  period                         -                -               -                -            (266)            (266) 
 IFRS16 
  adjustment to 
  opening 
  reserves                       -                -               -                -             (46)             (46) 
 Pension fund                    -                -               -                -                -                - 
 actuarial 
 movement net of 
 tax 
 Dividends paid                  -                -               -                -                -                - 
                  ----------------  ---------------  --------------  ---------------  ---------------  --------------- 
                                 -                -               -                -            (312)            (312) 
                  ----------------  ---------------  --------------  ---------------  ---------------  --------------- 
 Balance at 30th 
  June 2019                    635               16             678            2,890            4,316            8,535 
                  ================  ===============  ==============  ===============  ===============  =============== 
 
 

TEX HOLDINGS PLC

CONSOLIDATED STATEMENT OF CASH FLOWS

 
                                              6 months       6 months 
                                                 ended          ended 
                                              30.06.19       30.06.18          Year ended 
                                           (Unaudited)    (Unaudited)            31.12.18 
                                                GBP000         GBP000           (Audited) 
                                                                                   GBP000 
 Cash flows from operating activities 
 (Loss)/profit for the period                    (266)             84               (590) 
 Adjustments for: 
 Depreciation                                      994            640               1,309 
 GMP equalisation                                    -              -                 543 
 Restatement of opening reserves                  (46)              -                (91) 
 Loss on sale of fixed assets                      (2)              -                (15) 
 Finance costs                                     302             95                 154 
 Taxation                                         (52)             12               (124) 
                                         -------------  -------------  ------------------ 
 Operating profit before changes 
  in working capital and provisions                930            831               1,186 
 Movement in trade and other 
  receivables                                      508            144               1,381 
 Movement in inventories                         (162)        (1,093)             (1,473) 
 Movement in trade and other 
  payables                                          51          1,687               1,042 
 Decrease in provisions                              -           (22)                (71) 
 Movement in employee benefits                    (50)           (50)               (100) 
                                         -------------  -------------  ------------------ 
 Cash generated from operations                  1,277          1,497               1,965 
 Tax paid                                        (151)           (13)                 (3) 
                                         -------------  -------------  ------------------ 
 Net cash generated from operating 
  activities                                     1,126          1,484               1,962 
                                         -------------  -------------  ------------------ 
 
 Cash flows from investing activities 
 Purchases of property, plant 
  and equipment (PPE)                          (7,282)        (1,204)             (2,783) 
 Proceeds from sale of PPE                           2              4                  39 
 Net cash used in investing activities         (7,280)        (1,200)             (2,744) 
                                         -------------  -------------  ------------------ 
 
 Cash flows from financing activities 
 New borrowings                                  6,339              -               1,954 
 Repayments of borrowings                        (400)          (216)               (416) 
 Finance lease payments                          (604)          (391)               (452) 
 Interest paid                                   (242)           (76)               (139) 
 Dividends paid to company's 
  shareholders                                       -              -               (533) 
                                         -------------  -------------  ------------------ 
 Net cash used in financing activities           5,093          (683)                 414 
                                         -------------  -------------  ------------------ 
 
 Net decrease in cash and cash 
  equivalents                                  (1,061)          (399)               (368) 
 Cash and cash equivalents at 
  beginning of the period                      (2,105)        (1,737)             (1,737) 
                                         -------------  -------------  ------------------ 
 Cash and cash equivalents at 
  end of the period                            (3,166)        (2,136)             (2,105) 
                                         =============  =============  ================== 
 

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 2018 annual report.

The comparative figures for the financial year ended 31st December 2018 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) a disclaimer of opinion, (ii) did include a reference to any matters to which the auditors drew attention by way of emphasis, and (iii) did 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 2018, with the exception of the application of IFRS 16 which increased the loss by GBP19,000.

   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 
 2019                                GBP000          GBP000       GBP000        GBP000 
 Revenue 
 Total revenue from 
  continuing operations              11,843           7,575        2,387        21,805 
                                ===========  ==============  ===========  ============ 
 
 Result 
 Segment result from 
  continuing operations                 652           (436)           82           298 
 Expenses pertaining 
  to the Company                                                                 (314) 
                                                                          ------------ 
 Operating profit                                                                 (16) 
 Finance costs                                                                   (302) 
                                                                          ------------ 
 Profit before taxation                                                          (318) 
 Taxation                                                                           52 
                                                                          ------------ 
 Profit for the period 
  from continuing operations                                                     (266) 
                                                                          ============ 
 

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 
 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 
                                                                          ============ 
 
   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 2018: 19%).

   5.     Earnings per share 

Basic earnings per share of (4.2)p (2018: 1.3p) is based on the following data.

 
 Earnings                                                6 months       6 months 
                                                            ended          ended 
                                                         30.06.19       30.06.18 
                                                      (Unaudited)    (Unaudited) 
                                                           GBP000         GBP000 
 
 Earnings for the purposes of basic earnings 
  per share                                                 (266)             84 
                                                    =============  ============= 
 
 
 Number of shares                                       6 months       6 months 
                                                           ended          ended 
                                                        30.06.19       30.06.18 
                                                     (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 (2018: GBPNil).

   7.         Property, plant and equipment 

During the period, the Group spent GBP272,000 on additions.

It also disposed of certain machinery and equipment with a carrying value of GBPNil for proceeds of GBP2,000.

   8.         Related party transactions 

The Company has a related party relationship with its subsidiaries and directors.

ARB 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 2019 that require disclosure are detailed below:

   Rentals paid                                         GBP257,000 (30th June 2018: GBP213,000) 

Other property related expenditure GBP93,000 (30th June 2018: GBP130,000)

   Trade payables                                    GBP14,692 (30th June 2018: GBP14,777) 

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 2019 that require disclosure are detailed below:

   Purchases                                              GBP139,274 (30th June 2018: GBP92,165) 
   Trade payables                                    GBP63,074 (30th June 2018: GBP52,701) 

ARB Burrows has an interest in Le Bas Investment Trust Limited through which the Group has borrowed a short-term loan. Transactions during the period ended 31st December 2018 that require disclosure are detailed below:

Interest (3.75%) GBP24,719 (31st December 2017: GBPNil)

Loan balance GBP1,700,000 (31st December 2017: GBPNil)

ARB 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 28th August 2019.

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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(END) Dow Jones Newswires

August 28, 2019 10:37 ET (14:37 GMT)

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