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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Wensum | LSE:WNS | London | Ordinary Share | GB0009485318 |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 11.50 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
RNS Number:7190K Wensum Company PLC 27 September 2001 The Wensum Company Plc Interim Results for the six months ended 28 July 2001 Chairman's Statement Results Profits before tax were #552,831 (2000 - #1,148,789) on turnover of #7,762,355 (2000 - #7,923,818). Earnings per share were 4.93p (2000 - 10.34p). This is a disappointing result but is in line with indications made in the chairman's statement in the January 2001 Report and Accounts in which it was stated that the board anticipated continued pressure on turnover and margins, particularly in the first half of the year. Additionally, in a subsequent trading statement issued on 18 June 2001 it was reported that the results for the year to 26 January 2002 were expected to be substantially below market expectations. We continue to have nil net gearing, with cash balances at the end of the period under review standing at #2,041,996, an increase of #500,591 since the start of the financial year. The directors are recommending an interim dividend of 2.00p (2000 - 2.65p). This will be paid on 11 October 2001 to all shareholders on the register on 5 October 2001. Review of Operations Wensum Corporate, our Gatwick based corporatewear operation, experienced a difficult first half, with margins under pressure as the benefits of sourcing production offshore are gradually being eroded by the increasingly competitive nature of the industry. In May this year British Airways selected Wensum to take responsibility for supplying their external corporatewear customers, providing Wensum with a foundation to develop a wider customer base. This new business opportunity will accelerate plans to develop further our computer systems and internet ordering processes. This service will complement our highly successful customer order collection facility part of our Gatwick site. Wensum Clothing, our Norwich based tailored clothing manufacturing company, also experienced a difficult first half, reflecting increased pressure on margins from the continued strength of sterling against our key European competitors. In addition, the reduced production levels referred to in the June trading statement are proving more difficult to reverse than anticipated, despite an increase in demand experienced in the last few weeks. The planned development of the higher added value personal tailoring business is proceeding extremely well with orders currently up 32% on the same time last year. The #250,000 investment in new equipment and systems to accelerate the development of personal tailoring is at the final stages of implementation and is expected to be fully operational by late November. The board believes that this should reduce lead times and substantially increase capacity for personal tailoring. Outlook We continue to invest in machinery and systems to benefit from the opportunities of developing added value products and services. There are clear signs that the "dress down" trend is weakening and many of our retail customers are reporting increased sales and a renewed interest in suits. This should provide opportunities for future growth in our manufacturing business, although this will not be reflected in this year's results. The board believes that the pressures faced in the first half will continue into the second half. The recent tragedy in America is already affecting our corporatewear business, particularly those customers in the airline and travel sector. Consequently the full year results are likely to be significantly below market expectations. Andrew Hughes Chairman 27 September 2001 Group Profit and Loss Account 6 months 6 months 12 months ended ended ended 28 July 2001 29 July 2000 27 January 2001 (Unaudited) (Unaudited) (Audited) #000 #000 #000 Turnover 7,762 7,924 15,606 ------- ------- -------- Operating profit 514 1,114 1,859 Net interest 39 35 67 ------- ------- -------- Profit before taxation 553 1,149 1,926 Tax charge (166) (345) (643) ------- ------- -------- Profit after taxation 387 804 1,283 Dividends (157) (206) (485) ------- ------- -------- Retained profit 230 598 798 ------- ------- -------- Earnings per share - basic 4.93p 10.34p 16.48p - diluted 4.92p 10.30p 16.45p ------- ------- -------- 1. The earnings per share were calculated on profits for the period of #386,982 (2000 - #804,152) and on 7,852,231 ordinary shares, being the weighted average number of shares in issue during the period (2000 - 7,751,806). The diluted earnings per share is based on the profit for the period of #386,982 and on 7,860,340 ordinary shares. 2. An interim dividend of 2.00p (2000 - 2.65p) will be paid on 11 October 2001 to shareholders on the register on 5 October 2001. 3. The tax charge for the six months to 28 July 2001 is based on an estimated rate of 30% (2000 - estimated rate 30%). The tax charge for the year to 27 January 2001 is the actual charge. Group Balance Sheet 28 July 29 July 27 January 2001 2000 2001 (Unaudited) (Unaudited) (Audited) #000 #000 #000 Fixed assets 2,147 2,223 2,165 Current assets Stocks 1,842 2,619 2,240 Debtors 3,472 2,272 3,334 Cash at bank and in hand 2,042 2,480 1,541 ------- ------- ------- 7,356 7,371 7,115 Creditors: amounts falling due within one year 2,627 2,879 2,644 ------- ------- -------- Net current assets 4,729 4,492 4,471 ------- ------- ------- Total assets less current liabilities 6,876 6,715 6,636 Creditors: amounts falling due after more than one year - 437 - Deferred taxation 289 178 289 ------- ------- -------- 6,587 6,100 6,347 ------- ------- ------- Capital and reserves Called up share capital 392 389 392 Share premium account 200 146 190 Profit and loss account 5,995 5,565 5,765 ------- ------- ------- 6,587 6,100 6,347 ------- ------- ------- 1. The above financial information does not constitute Statutory Accounts as defined in Section 240 of the Companies Act 1985. The comparative financial information is based on the Statutory Accounts for the financial year ended 27 January 2001. Those accounts, upon which the auditors issued an unqualified opinion, have been delivered to the Registrar of Companies. 2. The accounts have been prepared on a basis consistent with the full year accounts to 27 January 2001. There have been no changes in accounting policy. The Accounting Standard FRS19 - deferred tax has been adopted in these accounts, however no prior year adjustment has been necessary because the impact was not material. 3. The interim results will be sent to shareholders of the company and copies will be available to the public at the company's registered office, Northumberland Street, Norwich, Norfolk NR2 4EE. Group Cash Flow Statement 6 months 6 months 12 months ended ended ended 28 July 29 July 27 January 2001 2000 2001 (Unaudited) (Unaudited) (Audited) #000 #000 #000 Net cash inflow from operating 980 875 1,216 activities Returns on investment and servicing of finance: Interest paid (10) (25) (49) Interest received 112 60 29 ------- ------- ------- 102 35 (20) ------- ------- ------- Taxation: UK corporation tax paid (155) (224) (629) Capital expenditure and financial investment: Payments to acquire tangible fixed (157) (106) (206) assets Equity dividends paid (279) (327) (532) Financing: Repayment of loan account - (63) (625) Proceeds from issue of shares 10 4 52 ------- ------- ------- 10 (59) (573) ------- ------- ------- ------- ------- ------- Increase/(decrease) in cash 501 194 (744) ------- ------- ------- Notes to Cash Flow 6 months 6 months 12 months ended ended ended 28 July 29 July 27 2001 2000 January 2001 (Unaudited) (Unaudited) (Audited) #000 #000 #000 Reconciliation of operating profit to net cash inflow from operating activities Operating profit 514 1,114 1,859 Depreciation 176 182 347 Decrease/(increase) in stocks 398 (471) (92) (Increase)/decrease in operating debtors and prepayments (212) 76 (878) Increase/(decrease) in creditors and accruals 104 (26) (13) Profit on disposal of fixed assets - - (7) ------- ------- ------- 980 875 1,216 ------- -------- -------
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