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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Walker (Thomas) | LSE:WKT | London | Ordinary Share | GB0009355883 | ORD 5P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 18.50 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
RNS Number:2748S Walker (Thomas) PLC 05 March 2007 Chairman's Statement on the Interim Results for the half year ending 31 December 2006 During the half year to 31 December 2006, Thomas Walker PLC has continued to build on the substantially improved performance achieved in the second half of the year to 30 June 2006. Results are significantly higher than the corresponding figures one year ago and reflect the progress achieved by the developing stamping subsidiary, TW Stamping Ltd. Group turnover rose by 88% to #5,016,922 (2005 - #2,674,962) and Operating Profit improved to #377,250 (2005 - loss of #9,597). Pre-tax profits correspondingly rose to #304,303, (2005 - loss of #19,335). The estimated tax rate of 30% yields a post-tax profit of #212,712. The Board is pleased to declare an Interim Dividend of 0.5p per share. This compares with the corresponding 0.15p per share in 2005. The increase in interim dividend reflects the improved trading performance of the Group and the desire to rebalance the dividends paid in this and future years so that a greater proportion is paid at the interim stage. The interim dividend will be paid on 10 April 2007 to shareholders on the register at 16 March 2007. Stamping The merger of the two stamping operations into the Digbeth and Catesby factories has continued apace during the period. The project has caused major disruption to working conditions, but has remained on schedule and within budget. Despite the programme of transferring plant and offices, sales at #3,017,078, including intercompany transactions of #68,349 with the Thomas Walker Accessories business, have exceeded budget. The project will continue during the next few months and should be completed by June 2007, with the termination of the lease on the factory at Yardley. Once the relocation is complete, the stamping operations will be subject to a detailed review of efficiency and working practices. The second challenge during the period under review has been the escalation of brass prices, which peaked at a further 7% above the July 2006 level - and 123% above that of July 2005. These escalating costs have been successfully managed and now appear to be receding somewhat in the first weeks of 2007. Accessories Turnover in the six months was #2,068,193 - (2005 - #1,697,835) Garment fasteners have reported a welcome resilience during the second half of 2006, building further on the upswing in the first six months of the year. A more tailored style (requiring hooks and bars) during the past season and more buoyant trading within the European retail groups have led a significant increase in sales. At the same time, the repatriation of some garment manufacture from China to the Eastern fringes of Europe, has placed potential business back within reach, so vindicating the longer term policy of establishing and maintaining distributorships in countries like Bulgaria and Turkey. A second long term policy of developing distribution in further Asian countries like India and Sri Lanka, has finally yielded encouraging contributions to turnover and margin. Garment manufacture is likely to remain transient in location. Thomas Walker is now better placed to follow migration of production and so retard some of the effects of long term decline. The only negative influence has been the progressive demise of the American and European demand for belt and brace fittings as manufacture of these products has been transferred to China. Of late, these fittings have been a reducing element in Thomas Walker's range of garment accessories. Identity products have maintained volume and margin in an increasingly competitive market. The Company's strength lies in its range of ID related products and in the planned widening of its portfolio to cater for changing demand. These businesses will, however, remain susceptible to disruptive exchange rate variations with respect to the American dollar and the Euro. Outlook The Group is now increasingly establishing itself in high technology metal finishing activities and this strategy will be continued, where appropriate by acquisition. The Board looks forward to the second half of the year with optimism and remains confident in the prospects for the stamping operations. Providing that there is no unforeseen development in garment manufacture, the immediate period ahead should continue to consolidate the achievements of the past six months. GROUP PROFIT AND LOSS ACCOUNT For the six months ended 31st December 2006 Unaudited Unaudited Audited Year 31/12/06 31/12/05 Year ended Restated 30/06/06 # # # -------------------------------------------------------------------------------- Turnover 5,016,922 2,674,962 7,328,379 Net Operating Expenses (4,639,672) (2,684,559) (6,999,844) -------------------------------------------------------------------------------- Operating Profit/(Loss) 377,250 (9,597) 328,535 -------------------------------------------------------------------------------- Net Interest Payable (73,947) (16,738) (89,932) Other Finance Income 1,000 7,000 14,000 -------------------------------------------------------------------------------- Profit/(Loss)on ordinary activities before taxation 304,303 (19,335) 252,603 Taxation (91,591) 0 (89,129) -------------------------------------------------------------------------------- Profit/(Loss)on ordinary activities after taxation 212,712 (19,335) 163,474 -------------------------------------------------------------------------------- Earnings/(Loss) per share basic and diluted 3.45 -0.31 2.65 GROUP STATEMENT OF TOTAL RECOGNISED GAINS AND LOSSES For the six months ended 31st December 2006 Unaudited Unaudited Audited Year 31/12/06 31/12/05 Year ended Restated 30/06/06 # # # -------------------------------------------------------------------------------- Profit/(Loss)for the period attributable to the members of the holding company 212,712 (19,335) 163,474 Actuarial Gain/(Loss)related to the pension scheme 154,000 5,000 (20,000) Deferred Tax on Actuarial Gain/(Loss) (46,200) (1,500) 6,000 Exchange Differences on retranslation of net assets of subsidiary 0 1,803 0 -------------------------------------------------------------------------------- Total Recognised Gains and Losses relating to the period 320,512 (14,032) 149,474 Prior Year Adjustment 0 0 (249,159) -------------------------------------------------------------------------------- Total Recognised Gains and Losses relating to the period 320,512 (14,032) (99,685) GROUP BALANCE SHEET As at 31st December 2006 Unaudited Unaudited Audited Year 31/12/06 31/12/05 Year ended Restated 30/06/06 # # # -------------------------------------------------------------------------------- Fixed Assets Intangible Assets 652,654 433,298 571,865 Tangible Assets 3,572,394 3,795,885 3,669,026 Investments 104 104 104 -------------------------------------------------------------------------------- 4,225,152 4,229,287 4,240,995 Current Assets Stocks 1,927,526 1,170,555 1,482,610 Debtors 2,787,916 1,703,531 2,577,551 Cash at bank and in hand 344,518 201,947 262,671 -------------------------------------------------------------------------------- 5,059,960 3,076,033 4,322,832 Creditors: amounts falling due within one year (3,313,508) (1,587,220) (2,681,674) -------------------------------------------------------------------------------- Net Current Assets 1,746,452 1,488,813 1,641,158 -------------------------------------------------------------------------------- Total Assets less Current Liabilities 5,971,604 5,718,100 5,882,153 Creditors: amounts falling due after more than one year (1,437,897) (1,545,401) (1,496,798) Provision for liabilities and charges (97,539) (34,744) (109,539) -------------------------------------------------------------------------------- Net Assets excluding Pension Scheme Liability 4,436,168 4,137,955 4,275,816 -------------------------------------------------------------------------------- Pension Scheme Liability (25,900) (123,200) (133,700) Net Assets including Pension Scheme Liability 4,410,268 4,014,755 4,142,116 -------------------------------------------------------------------------------- Capital and Reserves Called up Share Capital 308,000 308,000 308,000 Share Premium Account 15,200 15,200 15,200 Profit and Loss Account 4,087,068 3,691,555 3,818,916 -------------------------------------------------------------------------------- Equity Shareholders' Funds 4,410,268 4,014,755 4,142,116 -------------------------------------------------------------------------------- GROUP STATEMENT OF CASH FLOWS For the six months ended 31st December 2006 Unaudited Unaudited Audited Year 31/12/06 31/12/05 Year ended Restated 30/06/06 # # # -------------------------------------------------------------------------------- Net Cash Flow from operating activities 38,735 61,822 (198,569) Returns on investments and servicing of finance Net Interest paid (68,174) (11,638) (75,480) Interest paid on finance leases (4,773) 0 (12,280) -------------------------------------------------------------------------------- (72,947) (11,638) (87,760) Taxation Corporation Tax paid 0 (61,154) (89,857) Repayment of prior year Corporation Tax 0 0 4,254 -------------------------------------------------------------------------------- 0 (61,154) (85,603) Capital Expenditure and Financial Investment Payments to acquire Tangible fixed assets (245,523) (82,609) (263,838) -------------------------------------------------------------------------------- (245,523) (82,609) (263,838) Acquisition Payments to acquire tangible fixed assets 0 (1,396,466) (848,650) Payments to acquire intangible fixed assets 0 0 (320,298) -------------------------------------------------------------------------------- 0 (1,396,466) (1,168,948) Equity Dividend paid (52,360) (40,040) (49,280) -------------------------------------------------------------------------------- Net cash (outflow)/inflow before management Of liquid resources and financing (332,095) (1,530,085) (1,853,998) Financing Repayment of bank loan (36,533) (150,785) (150,785) Proceeds from new bank facilities 472,843 1,500,000 2,169,661 Repayment of capital element of finance leases (22,368) (26,438) (41,973) -------------------------------------------------------------------------------- Net cash inflow/(outflow) from financing 413,942 1,322,777 1,976,903 -------------------------------------------------------------------------------- Increase/(decrease) in cash in the period 81,847 (207,308) 122,905 -------------------------------------------------------------------------------- NOTES TO THE STATEMENTS At 31 December 2006 Prior year adjustment The Group has adopted FRS 17 "Retirement Benefits" in full with effect from 1 July 2005. In prior years the Group has complied with the transitional disclosure requirements of this standard. This has had the effect of reducing the net assets of the Group by #235,160 at 31 December 2005. Dividend payment Equity Dividends on ordinary shares of 0.5p per share, (Company total of #30,800) will be paid to shareholders on the register at the close of business on 16 March 2007, payable on 10 April 2007. The Interim Statement will be sent to shareholders and is available to the public at the registered office: Catesby Park, Eckersall Road, Kings Norton, Birmingham B38 8SE and on the Company website at www.thomaswalker.co.uk. Enquiries: Edward Cook, Managing Director Tel: 0121 486 4101 John Lomer, Finance Director Tel: 0777 888 99 77 This information is provided by RNS The company news service from the London Stock Exchange END IR ILFLDVAIFIID
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