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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 | 00:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
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
FR EASLEFLPXEFF
(END) Dow Jones Newswires
April 11, 2017 03:45 ET (07:45 GMT)
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