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TXH Tex Holdings Plc

73.00
0.00 (0.00%)
28 Mar 2024 - Closed
Delayed by 15 minutes
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 00:00:00
Industry Sector Turnover Profit EPS - Basic PE Ratio Market Cap
0 0 N/A 0

Tex Holdings PLC Final Results (1140C)

11/04/2017 8:45am

UK Regulatory


Tex (LSE:TXH)
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From Mar 2019 to Mar 2024

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TIDMTXH

RNS Number : 1140C

Tex Holdings PLC

11 April 2017

 
    Tex Holdings plc 
     Preliminary Announcement 
     31st December 2016 
     Registered number 00405838 
 

CHAIRMAN'S STATEMENT

Results for year ended 31st December 2016

Results and Operations

The introduction of G&M TEX Ltd into the Group increased sales, but decreased average gross margins. This was due to the fact that its business involves packaging engines and alternators, to create a generator set, which carries only a modest profit on sales. Brexit also had some impact on the purchase prices of some materials, most notably within QK Honeycomb Products Limited.

Overheads did increase, reflecting a full year of G&M TEX Ltd.

The Plastics Division profits have been marginally reduced by downward pressures on prices. The Engineering Division profit remained stable after taking account of the costs of the relocation of G&M TEX Ltd. As noted above, the Boards & Panels Division performance was impacted by an increase in costs, a result of the fall in the value of Sterling.

The Group's net assets per share have increased to 155p from 149p.

Prospects and Dividends

As compared to the opening of 2016, orders for the first quarter within the Engineering and the Boards & Panels Divisions have been firm, whilst the order intake in the Plastics Division has been subdued. The Board continues to see a slow rate of conversion of enquiries into actual orders which indicates an ongoing nervousness within the Group's customer base.

We recommend a final dividend of 6.0 pence (2015: 5.0 pence), making an overall payment in respect of the year of 8.5 pence (2015: 7.0 pence plus the special dividend of 15.0 pence which was paid to shareholders 24th November 2015).

The final dividend will be paid, subject to shareholder approval, on 21st July 2017 to members on the register as at 23rd June 2017.

Staff

I would like to thank staff at all levels in the Group for their contribution to the result for the year in the current demanding times.

ARB Burrows

Chairman

10th April 2017

RESULTS IN BRIEF

 
                                     Year        Year 
                                    ended       ended 
                                 31/12/16    31/12/15 
                                   GBP000      GBP000 
 Revenue                           41,386      36,046 
 Profit before taxation             1,107       1,493 
 Taxation                           (199)       (329) 
 Profit after taxation                908       1,164 
 Total equity                       9,830       9,438 
 Net assets per share                155p        149p 
 Basic earnings per share           14.3p       18.3p 
 Diluted earnings per share         14.3p       18.3p 
 Dividends per share (based 
  on interim dividend in the 
  year, special dividend and 
  final dividend proposed)           8.5p       22.0p 
 

Consolidated Income Statement

for the year ended 31st December 2016

 
                                           Year        Year 
                                          ended       ended 
                                       31/12/16    31/12/15 
                                         GBP000      GBP000 
----------------------------------   ----------  ---------- 
 Revenue                                 41,386      36,046 
 Cost of sales                         (30,358)    (25,932) 
-----------------------------------  ----------  ---------- 
 Gross profit                            11,028      10,114 
 Distribution costs                     (1,072)       (962) 
 Administrative expenses                (8,702)     (7,497) 
-----------------------------------  ----------  ---------- 
 Operating profit                         1,254       1,655 
 Finance costs                            (147)       (162) 
-----------------------------------  ----------  ---------- 
 Profit before taxation                   1,107       1,493 
 Taxation                                 (199)       (329) 
-----------------------------------  ----------  ---------- 
 Profit for the year attributable 
  to the equity holders of the 
  Parent Company                            908       1,164 
===================================  ==========  ========== 
 
 Earnings per share 
 Basic and diluted                        14.3p       18.3p 
-----------------------------------  ----------  ---------- 
 

Consolidated Statement of Comprehensive Income

for the year ended 31st December 2016

 
                                              Year        Year 
                                             ended       ended 
                                          31/12/16    31/12/15 
                                            GBP000      GBP000 
--------------------------------------  ----------  ---------- 
 Profit for the year attributable 
  to the equity holders of the 
  Parent Company                               908       1,164 
--------------------------------------  ----------  ---------- 
 
 Other comprehensive income 
 Items that will not subsequently 
  be reclassified to profit or 
  loss: 
 Actuarial (loss)/gain on defined 
  benefit pension plans                       (50)       1,089 
 Deferred taxation recognised 
  on actuarial loss/gain on defined 
  benefit pension plan recognised 
  directly in equity                            10       (218) 
--------------------------------------  ----------  ---------- 
                                              (40)         871 
 Other comprehensive (expense)/income 
  for the year                                (40)         871 
--------------------------------------  ----------  ---------- 
 Total comprehensive income for 
  the year attributable to the 
  equity holders of the Parent 
  Company                                      868       2,035 
======================================  ==========  ========== 
 
 

Balance Sheet

at 31st December 2016

 
 
                                  31/12/16   31/12/15 
                                    GBP000     GBP000 
-------------------------        ---------  --------- 
 Assets 
 Non-current assets 
 Property, plant 
  and equipment                      5,864      5,577 
 Deferred taxation 
  assets                               187        165 
-------------------------------  ---------  --------- 
                                     6,051      5,742 
   ----------------------------  ---------  --------- 
 Current assets 
 Inventories                         6,883      6,546 
 Trade and other 
  receivables                       10,620      9,541 
                                    17,503     16,087 
   ----------------------------  ---------  --------- 
 Total assets                       23,554     21,829 
===============================  =========  ========= 
 
 Equity 
 Capital and reserves 
  attributable 
  to the equity 
  holders of the 
  Parent Company 
 Share capital                         635        635 
 Other reserves                      2,906      2,906 
 Retained earnings                   6,289      5,897 
-------------------------------  ---------  --------- 
 Total equity                        9,830      9,438 
-------------------------------  ---------  --------- 
 Liabilities 
 Non-current liabilities 
 Other interest-bearing 
  loans and borrowings               2,621      1,155 
 Employee benefits                   1,492      1,488 
                                     4,113      2,643 
   ----------------------------  ---------  --------- 
 Current liabilities 
 Bank overdraft                        243        988 
 Other interest-bearing 
  loans and borrowings                 887        776 
 Trade and other 
  payables                           8,021      7,481 
 Provisions                            199        199 
 Taxation payable                      261        304 
------------------------------- 
                                     9,611      9,748 
   ----------------------------  ---------  --------- 
 Total liabilities                  13,724     12,391 
-------------------------------  ---------  --------- 
 Total equity 
  and liabilities                   23,554     21,829 
===============================  =========  ========= 
 

These financial statements were approved by the Board of Directors on 10th April 2017 and were signed on its behalf by:

   ARB Burrows                                                      CA Parker 
   Director                                                                  Director 

Registered number: 00405838

Statement of Changes in Equity

at 31st December 2016

 
                                                 Share 
                           Share    Capital    premium    Retained 
                         capital    reserve    account    earnings     Total 
 Consolidated             GBP000     GBP000     GBP000      GBP000    GBP000 
---------------------  ---------  ---------  ---------  ----------  -------- 
 Balance at 
  1st January 
  2015                       635         16      2,890       5,189     8,730 
 Profit for 
  the year                     -          -          -       1,164     1,164 
 Pension fund 
  actuarial movement 
  net of taxation              -          -          -         871       871 
 Dividends paid                -          -          -     (1,327)   (1,327) 
---------------------  ---------  ---------  ---------  ----------  -------- 
 Balance at 
  31(st) December 
  2015 and 1st 
  January 2016               635         16      2,890       5,897     9,438 
 Profit for 
  the year                     -          -          -         908       908 
 Pension fund 
  actuarial movement 
  net of taxation              -          -          -        (40)      (40) 
 Dividends paid                -          -          -       (476)     (476) 
---------------------  ---------  ---------  ---------  ----------  -------- 
 Balance at 
  31st December 
  2016                       635         16      2,890       6,289     9,830 
=====================  =========  =========  =========  ==========  ======== 
 

Cash Flow Statement

for the year ended 31st December 2016

 
 
                                                  Year                 Year 
                                                 ended                ended 
                                              31/12/16             31/12/15 
                                                GBP000               GBP000 
---------------------------    ---  ------------------  ------------------- 
 Cash flows from 
  operating activities 
 Profit for the 
  year                                             908            1,164 
   Adjustments for: 
   Dividends received                                -                    - 
   Depreciation                                  1,082                1,050 
   Profit on sale 
    of fixed assets                                  -                 (81) 
   Financial expense                               147                  162 
   Taxation                                        199                  329 
----------------------------------  ------------------  ------------------- 
                                                 2,336                2,624 
   (Increase)/decrease 
    in trade and other 
    receivables                                (1,079)                  221 
   Increase in inventories                       (337)                (667) 
   Increase/(decrease) 
    in trade and other 
    payables                                       540                (399) 
   Increase in provisions                            -                   99 
   Decrease in employee 
    benefits                                     (100)                (100) 
----------------------------------  ------------------  ------------------- 
 Cash generated 
  from operations                                1,360                1,778 
 Taxation paid                                   (254)                (156) 
----------------------------------  ------------------  ------------------- 
 Net cash generated 
  from operating 
  activities                                     1,106                1,622 
----------------------------------  ------------------  ------------------- 
 Cash flows from 
  investing activities 
 Purchases of property, 
  plant and equipment                            (837)                (946) 
 Proceeds from 
  sale of property, 
  plant and equipment                               16                  170 
 Dividends received                                  -                    - 
 Net (advances                                       -                    - 
  of)/proceeds received 
  in respect of 
  loans to subsidiaries 
 Net cash used 
  in investing activities                        (821)                (776) 
 Cash flows from 
  financing activities 
 New borrowings                                  2,000                    - 
 Repayments of 
  borrowings                                     (632)                (432) 
 Finance lease 
  payments                                       (339)                (357) 
 Interest paid                                    (93)                 (76) 
 Dividends paid                                  (476)              (1,327) 
----------------------------------  ------------------  ------------------- 
 Net cash generated 
  from/(used in) 
  financing activities                             460              (2,192) 
----------------------------------  ------------------  ------------------- 
 Net increase/(decrease) 
  in cash and cash 
  equivalents                                      745              (1,346) 
 Cash and cash 
  equivalents at 
  beginning of the 
  year                                           (988)                  358 
---------------------------------- 
 Cash and cash 
  equivalents at 
  end of the year                                (243)                (988) 
==================================  ==================  =================== 
 
 

Notes:

The financial information set out above does not constitute the Group's statutory accounts for the years ended 31st December 2015 or 31st December 2016 and is unaudited. The auditor has not yet reported on the statutory accounts for 31st December 2016. The statutory accounts for 31st December 2016, together with audit report thereon, will be finalised on the basis of financial information presented by the Directors and will be posted to shareholders and available on the Company's website shortly. The statutory accounts for 31st December 2016 will be delivered to the Registrar of Companies following the Company's Annual General Meeting.

Statutory accounts for 2015 have been delivered to the Registrar of Companies. The auditor has reported on the accounts for 2015 and their report was unqualified and did not contain statements under Section 498 of the Companies Act 2006.

This information is provided by RNS

The company news service from the London Stock Exchange

END

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(END) Dow Jones Newswires

April 11, 2017 03:45 ET (07:45 GMT)

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