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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:8058H Walker (Thomas) PLC 21 February 2003 THOMAS WALKER PLC Chairman's statement on the Interim Results for the half year to 31 December 2002 During the six months to 31 December 2002, the Company has maintained the positive trends reported in the September Statement which covered the year to 30 June 2002. Compared with the corresponding period for 2002, pre-tax profits have risen by 17.2% to #61,525 (2001: #52,487) on a turnover which has risen by 4.0% to #1,920,302 (2001: #1,845,736). The results have been achieved in the face of increasing competition in the identity products market and renewed price pressure in garment fastenings. In spite of this, overall gross margin has been maintained and net margin has increased. All trading operations report enhanced turnover and profits. In Hong Kong, this was supported by modest recovery at the commodity end of the garment fastener business. Negotiations for the purchase of new premises for the Birmingham offices and factory have taken a material step forward with the signing today of a contract for the purchase of a freehold building on a new industrial estate in King's Norton, south west of central Birmingham. The freehold building will be acquired for a consideration of #1.376 million payable in cash. A deposit of #169,000 was paid upon exchange of contracts and the balance of #1.207 million will be payable when Thomas Walker takes possession of the building which is scheduled for May 2003. The interior of the building now has to be finished to Thomas Walker's specifications prior to occupation. The transfer of offices and production facilities is scheduled for completion during the final quarter of 2003. The transfer to AIM in November 2002 will allow the Company to complete the contract for the new premises without incurring the disproportionate costs of advisory fees associated with the production of a formal circular and its presentation at a supplementary General Meeting. The Company's objectives for the immediate future will be to maintain progress in market development and profitability whilst at the same time effecting the relocation to the new factory without impediment to customer service. In spite of a tightening of the market in garment manufacture during January 2003, the Board is confident that both objectives will be achieved. Bryan C Knight Chairman Unaudited Unaudited INTERIM ANNOUNCEMENT Six Months Six Months Year 31.12.02 31.12.01 30.6.02 Consolidated Profit and Loss Account Turnover #1,920,302 #1,845,736 #3,877,996 Operating Profits #55,217 #51,156 #164,668 Net Interest Receivable #6,308 #1,331 #5,190 Profit before #61,525 #52,487 #169,858 taxation Taxation -#19,688 -#17,489 -#59,696 Profit attributable to Shareholders #41,837 #34,998 #110,162 Dividends -#9,240 -#9,240 -#40,656 Retained Profit #32,597 #25,758 #69,506 Dividends Interim rate 3.00% 3.00% 3.00% pence per share 0.15p 0.15p 0.15p total amount #9,240 #9,240 #9,240 Final rate 10.20% pence per share 0.51p total amount #31,416 Earnings per share 0.70p 0.57p 1.79p CONSOLIDATED STATEMENT OF TOTAL RECOGNISED GAINS AND LOSSES Unaudited Unaudited Six Months Six Months Year 31.12.02 31.12.01 30.6.02 Profit for the #41,837 #34,998 #110,162 period Exchange differences -#1,373 #75 #1,521 Prior year #16,000 adjustment TOTAL RECOGNISED GAINS AND LOSSES #40,464 #35,073 #127,683 Unaudited Unaudited Consolidated Balance Sheet Six Months Six Months Year 31.12.02 31.12.01 30.6.02 Fixed Assets #872,913 #913,703 #890,743 Current Assets #2,525,151 #2,288,755 #2,841,503 Creditors Amounts falling due within one year -#702,949 -#595,189 -#1,093,285 Net Current Assets #1,822,202 #1,693,566 #1,748,218 Total Assets less Current Liabilities #2,695,115 #2,607,269 #2,638,961 Creditors Amounts falling due after one year nil nil nil Provisions for liabilities and charges -#20,302 -#14,116 -#614 Net Assets #2,674,813 #2,593,153 #2,638,347 Capital and Reserves #2,674,813 #2,593,153 #2,638,347 Unaudited Unaudited Consolidated Cash Flow Statement Six Months Six Months Year 31.12.02 31.12.01 30.6.02 Net Cash Inflow from operating activities -#44,824 #50,098 #576,074 Returns on Investment and servicing of Finance #6,308 #1,331 #5,190 Taxation Paid 0 0 #1,653 Capital Expenditure -#49,458 -#117,527 -#167,594 Acquisitions and Disposals 0 0 #0 Equity Dividends Paid -#31,416 -#24,640 -#33,880 Short Term Deposit -#40,000 -#80,000 -#360,000 Financing #0 -#13,734 -#13,734 (Decrease) in Cash -#159,390 -#184,472 #7,699 The unaudited Group results have been prepared under the historical cost convention as modified by the revaluation of land and buildings, and in accordance with applicable accounting standards using the accounting policies set out in the Report and Accounts for the year ended 30 June 2002, with the exception of deferred tax as described below. From 1 July 2001, the Group is obliged to adopt FRS 19; Deferred Tax, which requires full provision to be made for deferred tax arising from timing differences between the recognition of gains and losses in the financial statements and their recognition in the tax computation. In adopting FRS 19, the Group has chosen not to discount deferred tax assets and liabilities. The impact of FRS 19 is to increase/(decrease) the tax charge as shown below:- Six Months Six Months Year 31.12.02 31.12.01 30.6.02 As recorded in Profit and Loss Account nil #16,000 #2,364 As recorded in Statement of Gains/Losses nil nil -#16,000 Dividends will be paid to those shareholders on the register at close of business on 14th March 2003; Paid on 9th April 2003. Taxation is calculated at 30%. The interim statement will be sent to shareholders and is available to the Public at the registered office: 39 St Paul's Square, Birmingham B3 1QY. The figures for the financial year ended 30th June 2002 are based on an abridged version of the audited accounts of the group which carried an unqualified audit report filed at the companies registry. This information is provided by RNS The company news service from the London Stock Exchange END IR ILFIFFVILFIV
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