We could not find any results for:
Make sure your spelling is correct or try broadening your search.
Register for streaming realtime charts, analysis tools, and prices.
| 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 |
From Apr 2019 to Apr 2024
TIDMTXH
RNS Number : 1025K
Tex Holdings PLC
23 August 2019
Hot Features
Premium
Tex Holdings plc
Results Announcement
31st December 2018
Registered number 00405838
Further to the announcement of 31st July 2019, the Company confirms that its annual report for the 12 months ended 31st December 2018 is now available at Companies House and has been submitted to the Financial Conduct Authority through the National Storage Mechanism and will shortly be available for inspection at: http://www.morningstar.co.uk/uk/NSM. The Annual Report is also available on the Company's website www.tex-holdings.co.uk
The Company also includes below extracts from the Annual Report:
CHAIRMAN'S STATEMENT
Results for year ended 31st December 2018
Results and operations
Tex Group sales were GBP40m (2017: GBP42m). Gross margins reduce from 28.4% to 25%.
The Plastics Division profits have reduced marginally as a result of increased labour and power costs, partly compensated by increased volumes. The Engineering Division had a very challenging year and produced a significant loss with trading issues around sales volumes and mix in some companies, after incurring further relocation costs, write-off of design and other costs relating to contracts expected to be shipped in 2019 and provision against debtor balances. The Boards & Panels Division performance was down on the previous year as a result of increased costs of gearing up for the expanded operations within the new factory currently under construction at the Brigg site.
The Group reported a pre-tax trading loss of GBP180k for the year (2017: profit GBP927k), but this was increased by an exceptional IAS19 adjustment for GMP equalisation of GBP543k which took the total reported pre-tax loss for the year to GBP714k.
The challenging conditions in the Engineering Division were largely responsible for the Group breaching certain banking covenants and then in early 2019 having trading in its shares suspended. More detail about these events are given in the Strategic Report.
The Group's net assets per share have decreased from 168p to 140p, driven by the increase in the pension scheme deficit and the reported loss for the current year.
Prospects and dividends
The Plastics Division has continued to trade profitably as expected in 2019. Opening orders have been strong within the Engineering Division with the Group order book in excess of GBP10,000,000 and the Board is confident that appropriate steps have been taken to address the issues seen during 2018 referred to later. The overall Group performance for the first five months remains challenging, however the Board look forward to reporting an improved position for the full 2019 based on an anticipated improved Engineering Division performance once delayed projects go ahead.
We recommend a final dividend of Nil (2017: 6.0 pence), making an overall payment in respect of the year of 2.5 pence (2017: 8.5 pence).
Staff
I would like to thank staff at all levels in the Group for their contribution to the result for the year.
G C Gray
Chairman
31st July 2019
RESULTS IN BRIEF
Year Year
ended ended
31/12/18 31/12/17
GBP000 GBP000
----------------------------------------- ---------- ----------
Revenue 40,354 41,505
(Loss)/profit before taxation (714) 927
Taxation 124 (197)
(Loss)/profit after taxation (590) 730
Total equity 8,847 10,639
Net assets per share 140p 168p
Basic earnings per share (9.3)p 11.5p
Diluted earnings per share (9.3)p 11.5p
Dividends per share (based on interim
dividend in the year, special dividend
and final dividend proposed) 2.5p 8.5p
Consolidated Income Statement
for the year ended 31st December 2018
Year ended Year ended
31/12/18 31/12/17
GBP000 GBP000
---------------------------------------------- ----------- -----------
Revenue 40,354 41,505
Cost of sales (30,150) (29,681)
----------------------------------------------- ----------- -----------
Gross profit 10,204 11,824
Distribution costs (1,040) (1,073)
Administrative expenses (9,724) (9,668)
----------------------------------------------- ----------- -----------
Operating (loss)/profit (560) 1,083
Finance costs (154) (156)
----------------------------------------------- ----------- -----------
(Loss)/profit before taxation (714) 927
Taxation 124 (197)
----------------------------------------------- ----------- -----------
(Loss)/profit for the year attributable
to the equity holders of the Parent Company (590) 730
=============================================== =========== ===========
Earnings per share attributable to the
equity holders of the Parent Company
Basic and diluted (9.3)p 11.5p
----------------------------------------------- ----------- -----------
Consolidated Statement of Comprehensive Income
for the year ended 31st December 2018
Year ended Year ended
31/12/18 31/12/17
GBP000 GBP000
-------------------------------------------------- ----------- -----------
(Loss)/profit for the year attributable
to the equity holders of the Parent Company (590) 730
--------------------------------------------------- ----------- -----------
Other comprehensive income
Items that will not subsequently be reclassified
to profit or loss:
Actuarial (loss)/gain on defined benefit
pension plans (713) 767
Deferred taxation recognised on actuarial
loss/(gain) on defined benefit pension
plan recognised directly in equity 135 (148)
--------------------------------------------------- ----------- -----------
Other comprehensive (expense)/income
for the year (578) 619
--------------------------------------------------- ----------- -----------
Total comprehensive (loss)/income for
the year attributable to the equity holders
of the Parent Company (1,168) 1,349
=================================================== =========== ===========
Consolidated Balance Sheets
at 31st December 2018
31/12/18 31/12/17
GBP000 GBP000
----------------------------- --- --------- ---------
Assets
Non-current assets
Property, plant and
equipment 8,007 6,557
Investments - -
Deferred taxation
assets 213 20
------------------------------------ --------- ---------
8,220 6,577
--------------------------------- --------- ---------
Current assets
Inventories 8,271 6,798
Trade and other receivables 10,011 11,392
18,282 18,190
--------------------------------- --------- ---------
Total assets 26,502 24,767
==================================== ========= =========
Equity
Capital and reserves
attributable to the
equity holders of
the Parent Company
Share capital 635 635
Capital redemption
reserve 16 16
Other reserve 678 678
Share premium account 2,890 2,890
Retained earnings 4,628 6,420
------------------------------------ --------- ---------
Total equity 8,847 10,639
------------------------------------ --------- ---------
Liabilities
Non-current liabilities
Other interest-bearing
loans and borrowings 1,275 2,159
Employee benefits 1,833 662
3,108 2,821
--------------------------------- --------- ---------
Current liabilities
Bank overdraft 2,105 1,737
Other interest-bearing
loans and borrowings 2,941 971
Trade and other payables 9,226 8,184
Provisions 128 199
Taxation payable 147 216
------------------------------------
14,547 11,307
--------------------------------- --------- ---------
Total liabilities 17,655 14,128
------------------------------------ --------- ---------
Total equity and
liabilities 26,502 24,767
==================================== ========= =========
These financial statements were approved by the Board of Directors on 31st July 2019 and were signed on its behalf by:
GC Gray CA Parker Director Director
Registered number: 00405838
Consolidated Statements of Changes in Equity
at 31st December 2018
Share Capital Other Share premium Retained
capital reserve reserves account earnings Total
Consolidated GBP000 GBP000 GBP000 GBP000 GBP000 GBP000
------------------------ --------- --------- ---------- -------------- ---------- --------
Balance at 1st
January 2017 635 16 678 2,890 5,611 9,830
Profit for the
year - - - - 730 730
Pension fund actuarial
movement net of
taxation - - - - 619 619
------------------------ --------- --------- ---------- -------------- ---------- --------
Total comprehensive
income - - - - 1,349 1,349
------------------------ --------- --------- ---------- -------------- ---------- --------
Contributions by
and distributions
to owners:
Dividends paid - - - - (540) (540)
------------------------ --------- --------- ---------- -------------- ---------- --------
Balance at 31st
December 2017 and
1st January 2018 635 16 678 2,890 6,420 10,639
Loss for the year - - - - (590) (590)
IFRS15 adjustment
to opening reserves - - - - (91) (91)
Pension fund actuarial
movement net of
taxation - - - - (578) (578)
------------------------ --------- --------- ---------- -------------- ---------- --------
Total comprehensive
(expense)/income - - - - (1,259) (1,259)
------------------------ --------- --------- ---------- -------------- ---------- --------
Contributions by
and distributions
to owners:
Dividends paid - - - - (533) (533)
------------------------ --------- --------- ---------- -------------- ---------- --------
Balance at 31st
December 2018 635 16 678 2,890 4,628 8,847
======================== ========= ========= ========== ============== ========== ========
Consolidated Cash Flow Statements
for the year ended 31st December 2018
Year Year
ended ended
31/12/18 31/12/17
GBP000 GBP000
-------------------------------- ------------ ----------
Cash flows from operating
activities
(Loss)/profit for the
year (590) 730
Adjustments for:
Dividends received - -
Interest received from - -
subsidiaries
Depreciation 1,309 1,135
GMP equalisation 543 -
Impairment of investments - -
Restatement of opening (91) -
reserves
Loss on sale of fixed
assets (15) 10
Financial expense 154 156
Taxation (124) 197
----------------------------------- ------------ ----------
1,186 2,228
Decrease/(increase) in
trade and other receivables 1,381 (772)
(Increase)/decrease in
inventories (1,473) 85
Increase/(decrease) in
trade and other payables 1,042 163
(Decrease)/increase in (71) -
provisions
Decrease in employee
benefits (100) (100)
----------------------------------- ------------ ----------
Cash generated from operations 1,965 1,604
Taxation paid (3) (223)
----------------------------------- ------------ ----------
Net cash generated from
operating activities 1,962 1,381
----------------------------------- ------------ ----------
Cash flows from investing
activities
Purchases of property,
plant and equipment (2,783) (1,188)
Proceeds from sale of
property, plant and equipment 39 39
Dividends received - -
Interest received - -
Advances of loans to - -
subsidiaries
Net cash used in investing
activities (2,744) (1,149)
Cash flows from financing
activities
New borrowings 1,954 -
Repayments of borrowings (416) (534)
Finance lease payments (452) (532)
Interest paid (139) (120)
Dividends paid (533) (540)
----------------------------------- ------------ ----------
Net cash generated/(used
in) from financing activities 414 (1,726)
----------------------------------- ------------ ----------
Net (decrease)/increase
in cash and cash equivalents (368) (1,494)
Cash and cash equivalents
at beginning of the year (1,737) (243)
-----------------------------------
Cash and cash equivalents
at end of the year (2,105) (1,737)
=================================== ============ ==========
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. 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.
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 which resulted in a GBP90,782 decrease to profit and retained earnings as at 1st January 2018, reflecting the re-allocation of the profit recognition on the aircraft carrier project, now based on completion rather than percentage of expenditure at the average margin on the project.
3. 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. Transactions during the period ended 31st December 2018 that require disclosure are detailed below:
Rentals paid (excluding recharge of ancillary costs) GBP460,914 (31st December 2017: GBP383,904)
Other property related expenditure GBP186,374 (31st December 2017: GBP144,162)
Trade payables GBP22,333 (31st December 2017: GBP17,777)
ARB Burrows has an interest in IS&G Steel Stockholders Limited through which the Group purchases steel. Transactions during the period ended 31st December 2018 that require disclosure are detailed below:
Purchases GBP193,151 (31st December 2017: GBP173,391)
Trade payables GBP62,109 (31st December 2017: GBP52,305)
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%) GBP4,675 (31st December 2017: GBPNil)
Loan balance GBP1,300,000 (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.
The statement of Directors' responsibilities is set out on pages 18 and 19 of the Company's annual report and financial statements for the year ended 31st December 2018.
Notes:
The financial information set out above does not constitute the Company's statutory accounts for the years ended 31st December 2017 or 31st December 2018. The auditor has reported on the statutory accounts for 31st December 2018 and their report was a disclaimer of opinion. The full audit report is contained on pages 27 - 36 of the Company's annual report and financial statements for the year ended 31st December 2018. The statutory accounts for 31st December 2018 have been delivered to the Registrar of Companies.
Statutory accounts for 2017 were delivered to the Registrar of Companies. The previous auditor reported on the accounts for 2017 and their report was unqualified.
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
FR FMGZRMFRGLZM
(END) Dow Jones Newswires
August 23, 2019 07:47 ET (11:47 GMT)
1 Year Tex Chart |
1 Month Tex Chart |
It looks like you are not logged in. Click the button below to log in and keep track of your recent history.
Support: +44 (0) 203 8794 460 | support@advfn.com
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions
