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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 | 01:00:00 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| 0 | 0 | N/A | 0 |
From May 2019 to May 2024
TIDMTXH
RNS Number : 7108G
Tex Holdings PLC
09 August 2016
TEX HOLDINGS PLC
INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
TEX HOLDINGS PLC
INDEX
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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 2016 was higher than the same period in the previous year, however the pre-tax profit did not achieve the same increase.
The previous year's pattern was reversed with the Plastics Division being the only division to record lower sales in the first six months of 2016 compared to 2015. This reduction in turnover is as a result of reduced call-offs from a number of customers of the Plastics Division who were reviewing their stock holding levels.
The Engineering division benefited from six months trading from G&M TEX Ltd and a strong opening six months from Tex Engineering Limited. The Boards & Panels Division was buoyed by two larger projects for the Quikaboard product.
Since the half year there has been some improvement in the sales volumes in the Plastics Division.
Profits for the first six months trading have not reflected the increased turnover, as a result of a different mix of work, the impact of aborted project costs and the initial costs of the relocation of G&M TEX to new premises.
The Engineering Division also currently has a number of projects in progress that are due to be completed in the second half of the year.
The order book at the half year is in excess of GBP7,000,000.
In order to provide a foundation for future trading and to give some stability in the current turbulent times post Brexit, the Group has put in place a GBP2,000,000 term loan.
The Board remains cautious. It is however anticipated that subject to the current political and economic turmoil in the world, the full year trading will maintain its parity with recent results.
As with previous years, cash and cost control remains a corporate priority.
The Board is proposing to pay an interim dividend of 2.5 pence (2015: 2.0 pence) which will be paid on 7th October 2016 to shareholders on the register as at 16th September 2016.
ARB Burrows
Chairman
8th August 2016
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).
A R B Burrows
Chairman
8th August 2016
TEX HOLDINGS PLC
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
6 months 6 months
ended ended
30.06.16 30.06.15 Year
ended
(Unaudited) (Unaudited) 31.12.15
GBP000 GBP000 (Audited)
Notes GBP000
Revenue 3 20,791 17,583 36,046
Cost of sales (14,604) (11,944) (25,932)
-------------- -------------- ------------
Gross profit 6,187 5,639 10,114
Selling and marketing
costs (483) (465) (962)
Administrative expenses (5,157) (4,593) (7,497)
Operating profit 547 581 1,655
Finance costs (52) (84) (162)
-------------- -------------- ------------
Profit before taxation 495 497 1,493
Taxation 4 (101) (109) (329)
-------------- -------------- ------------
Profit for the period 394 388 1,164
Other comprehensive
income:
Actuarial gain arising
on defined benefit
pension scheme - - 1,089
Tax recognised on actuarial
gain on defined pension
scheme - - (218)
-------------- -------------- ------------
Total comprehensive
income for the period 394 388 2,035
============== ============== ============
Basic and diluted earnings
per share 6.2p 6.1p 18.3p
============== ============== ============
TEX HOLDINGS PLC
CONSOLIDATED BALANCE SHEET
As at As at As at
30.06.16 30.06.15 31.12.15
(Unaudited) (Unaudited) (Audited)
Notes GBP000 GBP000 GBP000
ASSETS
Non-current assets
Property, plant and
equipment 7 5,492 5,583 5,577
Deferred tax assets 156 420 165
5,648 6,003 5,742
Current assets
Inventories 7,271 6,538 6,546
Trade and other receivables 10,430 9,607 9,541
Cash in hand 942 852 -
18,643 16,997 16,087
------------- ------------- -----------
Total assets 24,291 23,000 21,829
============= ============= ===========
EQUITY
Capital and reserves
attributable to the
equity holders of the
parent
Share capital 635 635 635
Other reserves 2,906 2,906 2,906
Retained earnings 6,291 5,577 5,897
------------- ------------- -----------
Total equity 9,832 9,118 9,438
============= ============= ===========
LIABILITIES
Non-current liabilities
Other interest-bearing
loans and borrowings 2,709 1,265 1,155
Employee benefits 1,464 2,586 1,488
------------- ------------- -----------
4,173 3,851 2,643
------------- ------------- -----------
Current liabilities
Bank overdraft - - 988
Other interest-bearing
loans and borrowings 1,017 755 776
Trade and other payables 8,678 8,764 7,481
Provision for other
liabilities and charges 199 100 199
Tax payable 392 412 304
10,286 10,031 9,748
------------- ------------- -----------
Total liabilities 14,459 13,882 12,391
------------- ------------- -----------
Total equity and liabilities 24,291 23,000 21,829
============= ============= ===========
TEX HOLDINGS PLC
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
Share Capital Capital Redemption Share Premium Retained Earnings Total Equity
Reserve Account
GBP000 GBP000 GBP000 GBP000
GBP000
Balance at 1 January
2015 635 16 2,890 5,189 8,730
Profit for the
period - - - 388 388
Pension fund - - - - -
actuarial movement
net of tax
Dividends paid - - - - -
-------------- --------------------- --------------------- ------------------ -------------
- - - 388 388
-------------- --------------------- --------------------- ------------------ -------------
Balance at 30 June
2015 635 16 2,890 5,577 9,118
============== ===================== ===================== ================== =============
Balance at 1 January
2015 635 16 2,890 5,189 8,730
Profit for the
period - - - 1,164 1,164
Pension fund
actuarial movement
net of tax - - - 871 871
Dividends paid - - - (1,327) (1,327)
-------------- --------------------- --------------------- ------------------ -------------
- - - 708 708
-------------- --------------------- --------------------- ------------------ -------------
Balance at 31
December 2015 635 16 2,890 5,897 9,438
============== ===================== ===================== ================== =============
Balance at 1 January
2016 635 16 2,890 5,897 9,438
Profit for the
period - - - 394 394
Pension fund - - - - -
actuarial movement
net of tax
Dividends paid - - - - -
-------------- --------------------- --------------------- ------------------ -------------
- - - 394 394
-------------- --------------------- --------------------- ------------------ -------------
Balance at 30 June
2016 635 16 2,890 6,291 9,832
============== ===================== ===================== ================== =============
TEX HOLDINGS PLC
CONSOLIDATED STATEMENT OF CASH FLOWS
6 months 6 months
ended ended
30.06.16 30.06.15 Year
ended
(Unaudited) (Unaudited) 31.12.15
GBP000 GBP000 (Audited)
GBP000
Cash flows from operating
activities
Profit for the period 394 388 1,164
Adjustments for:
Depreciation 555 521 1,050
Profit on sale of fixed
assets - (86) (81)
Finance costs 52 84 162
Taxation 101 109 329
------------- ------------- ---------------------------
Operating profit before
changes in working capital
and provisions 1,102 1,016 2,624
Movement in trade and
other receivables (889) 155 221
Movement in inventories (725) (659) (667)
Movement in trade and
other payables 1,197 884 (399)
Increase in provisions - - 99
Movement in employee
benefits (50) (50) (100)
------------- ------------- ---------------------------
Cash generated from operations 635 1,346 1,778
Tax (paid)/recovered (4) 135 (156)
------------- ------------- ---------------------------
Net cash generated from
operating activities 631 1,481 1,622
------------- ------------- ---------------------------
Cash flows from investing
activities
Purchases of property,
plant and equipment (PPE) (481) (722) (1,268)
Proceeds from sale of
PPE 11 152 170
Net cash used in investing
activities (470) (570) (1,098)
------------- ------------- ---------------------------
Cash flows from financing
activities
New borrowings 2,230 16 322
Repayments of borrowings (216) (216) (432)
Finance lease payments (219) (178) (357)
Interest paid (26) (39) (76)
Dividends paid to company's
shareholders - - (1,327)
------------- ------------- ---------------------------
Net cash used in financing
activities 1,769 (417) (1,870)
------------- ------------- ---------------------------
Net increase in cash
and cash equivalents 1,930 494 (1,346)
Cash and cash equivalents
at beginning of the period (988) 358 358
------------- ------------- ---------------------------
Cash and cash equivalents
at end of the period 942 852 (988)
============= ============= ===========================
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.
The comparative figures for the financial year ended 31st December 2015 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 2015.
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.
Plastics Engineering Boards Total
& Panels for continuing
operations
2016 GBP000 GBP000 GBP000 GBP000
Revenue
Total revenue
from continuing
operations 11,161 7,481 2,149 20,791
========= ============ ========== ================
Result
Segment result
from continuing
operations 488 (24) 157 621
Expenses pertaining
to the Company (74)
----------------
Operating profit 547
Finance costs (52)
----------------
Profit before
taxation 495
Taxation (101)
----------------
Profit for the
period from continuing
operations 394
================
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.
Plastics Engineering Boards Total
& Panels for continuing
operations
2015 GBP000 GBP000 GBP000 GBP000
Revenue
Total revenue
from continuing
operations 11,282 4,401 1,900 17,583
========= ============ ========== ================
Result
Segment result
from continuing
operations 634 (174) 198 658
Expenses pertaining
to the Company (77)
----------------
Operating profit 581
Finance costs (84)
----------------
Profit before
taxation 497
Taxation (109)
----------------
Profit for the
period from continuing
operations 388
================
4. Taxation
Interim period corporation tax is accrued based on the estimated average annual effective income tax rate of 20% (6 months ended 30th June 2015: 21%).
5. Earnings per share
Basic earnings per share of 6.2p (2015: 6.1p) is based on the following data.
Earnings 6 months 6 months
ended ended
30.06.16 30.06.15
(Unaudited) (Unaudited)
GBP000 GBP000
Earnings for the purposes of
basic earnings per share 394 388
============= =============
Number of shares 6 months 6 months
ended ended
30.06.16 30.06.15
(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 (2015: GBPNil).
7. Property, plant and equipment
During the period, the Group spent GBP481,000 on additions.
It also disposed of certain machinery and equipment with a carrying value of GBP11,000 for proceeds of GBP11,000.
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 2016 that require disclosure are detailed below:
Rentals paid GBP149,000 (30th June 2015: GBP163,000) Trade Creditor GBPNil (30th June 2015: GBPNil)
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 8th August 2016.
This information is provided by RNS
The company news service from the London Stock Exchange
END
IR UKRSRNRAWRAR
(END) Dow Jones Newswires
August 09, 2016 10:05 ET (14:05 GMT)
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