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TXH Tex Holdings Plc

73.00
0.00 (0.00%)
Last Updated: 00:00:00
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 Half-year Report (7844X)

14/08/2018 2:24pm

UK Regulatory


Tex (LSE:TXH)
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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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