Interim Results

    RNS Number : 0933F
  Wensum Company PLC
  06 October 2008
   

    THE WENSUM COMPANY PLC

    INTERIM STATEMENT 2008
    Results
    Revenues for the 27-week period ended 2 August 2008 rose to £3.4 million (2007: £3.0 m). However, this gain was achieved at a
significant cost in gross margins, which were under considerable pressure due to market conditions and competitive forces, while operating
costs increased. The group incurred a loss on continuing operations of £18,000 (2007: profit £202,000). Cash balances fell from £2.3 million
at the year-end to £1.15 million, reflecting the trading performance, dividend payments and the build up of stocks prior to the shipment of
major contracts. The receipt of the final instalment in respect of the Norwich property now sold is still awaited due to planning delays. 

    Dividend
    Having regard to the trading performance and the current uncertainties in global financial markets, the directors believe it is in the
best interests of the company and its shareholders to conserve cash within the group. The directors have declared a reduced interim dividend
of 1.1p per share at a cost of £86,000, which will be paid on 28 November 2008 to shareholders on the register at 17 October 2008.

    Prospects
    In the short-term there is a risk of a slow-down in business activity in the corporatewear sector. Margins will remain under pressure,
and it will take time for the necessary cost savings to work through. The directors continue to discuss with other parties opportunities to
improve the group's critical mass and profitability.

    Stuart Lyons CBE                                                                                                    6 October 2008
    Chairman


    CONTACT:

    THE WENSUM COMPANY PLC

    Jean Phillips                           01293 422700
    Sandra Badman

    BREWIN DOLPHIN

    Neil Baldwin                         0113 241 0126


    INTERIM RESULTS
                                                                                                                               27 weeks     
                                          26 weeks                                     12 months
                                                                                                                                  ended     
                                             ended                                     ended
                                                                                                                          2 August 2008     
                                      28 July 2007                                     26 January 2008
                                                                                                                            (Unaudited)     
                                       (Unaudited)                                     (Audited)
                                                                                                                                   £000     
                                              £000                                     £000
 Continuing operations
 Revenue                                                                                                                          3,389     
                                             3,005                                     6,017

 (Loss)/profit from operations                                                                                                     (62)     
                                               193                                     (507)

 Finance income                                                                                                                      37     
                                                95                                     225

 (Loss)/profit before tax                                                                                                          (25)     
                                               288                                     (282)

 Income tax credit /(expense)                                                                                                         7     
                                              (86)                                     38

 (Loss)/profit for the period from continuing operations                                                                           (18)     
                                               202                                     (244)
 (Loss)/ earnings per share - basic                                                                                             (0.23)p     
                                             2.58p                                     (3.11)p
   - diluted                                                                                                                    (0.23)p     
                                             2.58p                                     (3.11)p

 1.Both the loss per share and the diluted loss per share are calculated on a loss for the period of £17,970 (2007 :profit £202,016) and on
7,833,916 ordinary shares, being the weighted average number of shares in issue during the period (2007 : 7,833,916 ).

                                                                                                                                            
                                                                                                                         
                                                                                                                                            
                                                                                                                         
 2. The tax credit for the 27 weeks to 2 August 2008 is based on a rate of 28% (2007 : 30%).                                                
                                                                                                                         
 The tax charge for the year to 26 January 2008 is actual.                                                                                  
                                                                                                                         
                                                                                                                                            
                                                                                                                         
 3. An interim dividend of 1.10p (2007 : 2.20p) will be paid on 28 November 2008 to shareholders on the register on 17 October 2008.
                                                                                                                                            
                                                                                                                         
                                                                                                                                            
                                                                                                                         
 4. 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, South Corner ,Old Brighton Road, Lowfield Heath, Crawley, RH11 OPH.
                                                                                                                                            
                                                                                                                         
                                                                                                                                            
                                                                                                                         
                                                                                                                  GROUP BALANCE SHEET
                                                                                                                                            
                                                                                                          

                                                                                                                                            
  2 August 2008                              28 July 2007                                  26 January 2008
                                                                                                                                            
    (Unaudited)                               (Unaudited)                                        (Audited)
                                                                                                                                            
           £000                                      £000                                             £000

 Non current assets
 Intangible assets                                                                                                                          
             87                                        79                                               86
 Tangible assets                                                                                                                            
             83                                       105                                              103
 Deferred tax asset                                                                                                                         
             67                                        45                                               67
                                                                                                                                            
            237                                       229                                              256
 Current assets
 Inventories                                                                                                                                
          3,342                                     1,857                                            2,611
 Receivables and prepayments                                                                                                                
          1,815                                     1,574                                            1,353
 Current corporation tax                                                                                                                    
             62                                         -                                              175
 Cash at bank and in hand                                                                                                                   
          1,150                                     3,738                                            2,275
                                                                                                                                            
          6,369                                     7,169                                            6,414
 Current liabilities
 Trade and other payables                                                                                                                   
          1,885                                     1,296                                            1,587
 Current corporation tax                                                                                                                    
              -                                       356                                                -
                                                                                                                                            
          1,885                                     1,652                                            1,587

 Non current liabilities
 Deferred tax liabilities                                                                                                                   
              -                                        44                                                -

 Net assets                                                                                                                                 
          4,721                                     5,702                                            5,083

 Equity attributable to equity holders
 Called up share capital                                                                                                                    
            392                                       392                                              392
 Share premium account                                                                                                                      
            189                                       189                                              189
 Capital redemption reserve                                                                                                                 
              2                                         2                                                2
 Profit and loss account                                                                                                                    
          4,138                                     5,119                                            4,500
 Total equity                                                                                                                               
          4,721                                     5,702                                            5,083

 Notes:

 1. The above financial information does not constitute Statutory Accounts as defined in Section 240 of the 
 Companies Act 1985.The comparative information is based on the Statutory Accounts for the financial year 
 ended 26 January 2008. 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 26 January 2008.

 3.Group statement of changes in equity:
                                                                                                                                            
  2 August 2008                              28 July 2007                                  26 January 2008
                                                                                                                                            
    (Unaudited)                               (Unaudited)                                        (Audited)
                                                                                                                                            
           £000                                      £000                                             £000



 (Loss)/profit for the financial period                                                                                                     
           (18)                                       202                                            (244)

 Dividends:
   Year end Declared
 Final January 2007 April 2007                                                                                                              
              -                                     (344)                                            (344)
 Interim January 2008 October 2007                                                                                                          
              -                                         -                                            (173)
 Final January 2008 April 2008                                                                                                              
          (344)                                         -                                                -

 Total movements during the period                                                                                                          
          (362)                                     (142)                                            (761)
 Opening shareholders' funds                                                                                                                
          5,083                                     5,844                                            5,844
 Closing shareholders' funds                                                                                                                
          4,721                                     5,702                                            5,083


 GROUP CASH FLOW 

                                                                                                                                        2
August 2008                              28 July 2007                                         26 January 2008
                                                                                                                                         
(Unaudited)                               (Unaudited)                                               (Audited)
                                                                                                                                            
    £000                                      £000                                                    £000
 Cashflows from operating activities:

 (Loss)/profit before tax                                                                                                                   
    (25)                                       288                                                   (282)
 Depreciation and amortization                                                                                                              
      36                                        47                                                      95
 Profit on disposal of asset held for resale                                                                                                
       -                                      (14)                                                    (14)
 (Increase) in inventories                                                                                                                  
   (731)                                     (296)                                                 (1,050)
 (Increase)/decrease in receivables and prepayments                                                                                         
   (506)                                       128                                                     406
 Increase in trade and other payables                                                                                                       
     298                                         4                                                     273
 Finance income                                                                                                                             
    (37)                                      (95)                                                   (177)
 Corporation tax received/(paid)                                                                                                            
     120                                         9                                                   (465)
                                                                                                                                            
   (845)                                        71                                                 (1,214)

 Cashflows from investing activities:

 Payments to acquire property, plant and equipment                                                                                          
     (9)                                      (15)                                                    (20)
 Payments to acquire intangible assets                                                                                                      
     (8)                                      (18)                                                    (66)
 Disposal of asset held for resale                                                                                                          
       -                                       667                                                     667
 Placement of monies on long term deposit                                                                                                   
       -                                     1,500                                                   1,500
 Interest received                                                                                                                          
      81                                       123                                                     171
                                                                                                                                            
      64                                     2,257                                                   2,252

 Cashflows from financing activities:

 Equity dividends paid                                                                                                                      
   (344)                                     (344)                                                   (517)
                                                                                                                                            
   (344)                                     (344)                                                   (517)

 (Decrease)/increase in cash and cash equivalents                                                                                           
 (1,125)                                     1,984                                                     521

 Cash and cash equivalents at beginning of period                                                                                           
   2,275                                     1,754                                                   1,754

 Cash and cash equivalents at end of period                                                                                                 
   1,150                                     3,738                                                   2,275



    ENDS





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