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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 No 2020q THE WENSUM COMPANY PLC 29 September 1999 CHAIRMAN'S STATEMENT Highlights - Record Results - Pre Tax Profit Up 24% to #951,865 - Pre Tax Profit of 10.7% to Sales - Turnover Up 11% to #8,836,748 - Earnings per share up 25.6% to 8.59p - Dividend up 21.2% - Net Cash - Strong Order Book Results I am delighted to report a further set of record results for the six months ended 30 July 1999. Profits before tax increased to #951,865 (1998 - #767,417) on turnover of #8,836,748 (1998 - #7,953,607). Earnings per share were 8.59p (1998 - 6.84p). There was nil net gearing. The directors are recommending an interim dividend of 2.00p, (1998 - 1.65p) an increase of 21.2% - which will be paid on 19 November 1999 to all shareholders on the register on 15 October 1999. Review of Operations The group operates from two principle locations serving an increasing number of leading brand companies. Wensum Corporate based at an impressive, and particularly well located, site at Gatwick provides a complete service comprising the design, development, sourcing and project management of corporate clothing and careerwear. Wensum Clothing, based in Norwich, designs and manufactures high quality tailored clothing. Wensum is committed to providing high levels of service and support to a discerning customer base, centred on a clear emphasis on product, specification, quality and added value. A key factor in the success of the company is the close working relationships developed with our customers which are being enhanced further by the continued development of Internet and EDI links - providing up to the minute exchange of information on product support, orders and delivery programmes. Both operating divisions performed well in the period under review increasing both operating profits and turnover. Current Trading and Prospects The second half has started well. The company has a strong order book, and continues to develop new business with important customers, in some cases in new market sectors. Whilst in recent weeks there has been a welcome uplift in the company's share price the board still believes that the current level falls a considerable way behind in recognising the prospects and quality of the business. Andrew Hughes Chairman INTERIM RESULTS FOR THE SIX MONTHS ENDED 30 JULY 1999 6 months 6 months 12 months ended ended ended 30 July 1999 31 July 1998 30 January 1999 (Unaudited) (Unaudited) (Audited) #000 #000 #000 Turnover 8,837 7,954 15,724 ------ ------ ------ Operating Profit 952 792 1,582 Net interest payable - (25) (40) ------ ------ ------- Profit before taxation 952 767 1,542 Tax charge (286) (238) (439) ------ ------ ------- Profit after taxation 666 529 1,103 Dividends (155) (128) (395) ------ ------ ------- Retained profit 511 401 708 ------ ------ ------- Earnings per share ("EPS")8.59p 6.84p 14.24p ------ ------ ------- 1. The EPS has been calculated on 7,751,806 ordinary shares, being the weighted average number of shares in issue throughout the period ended 30 July 1999 (6 months to 31 July 1998 - 7,745,916). 2. An Interim Dividend of 2.00p (1998 - 1.65p) is proposed, payable on 19 November 1999 to shareholders on the register on 15 October 1999. 3. The tax charge for the six months to 30 July 1999 is based on an estimated rate of 30% (1998 - estimated rate 31%). The tax charge for the year to 30 January 1999 is the actual charge. GROUP BALANCE SHEET 30 July 1999 30 January 1999 31 July 1998 (Unaudited) (Audited) (Unaudited) #000 #000 #000 Fixed Assets 2,337 2,385 2,563 ----- ----- ----- Current Assets Stocks 2,322 2,189 1,812 Debtors 3,982 3,364 2,612 Cash at bank and in hand 1,132 1,079 1,449 ----- ----- ----- 7,436 6,632 5,873 Creditors: amounts falling due within one year 3,909 3,619 3,382 ----- ----- ----- Net current assets 3,527 3,013 2,491 ----- ----- ----- Total assets less current liabilities 5,864 5,398 5,054 Creditors: amounts falling due after more than one year 562 625 688 Deferred taxation 130 130 30 ----- ----- ----- 5,172 4,643 4,336 ----- ----- ----- Capital and reserves Called up share capital 389 387 387 Share premium account 141 125 125 Other reserves 1,082 1,082 1,082 Profit and loss account 3,560 3,049 2,742 ----- ----- ----- 5,172 4,643 4,336 ------ ----- ----- 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 30 January 1999. 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 30 January 1999. There have been no changes in accounting policy. 3. Year 2000 Compliance. As noted in the 1999 Annual Report and Accounts, the Board has undertaken a Company wide programme to address the impact of the Year 2000 on the businesses. Given the complexity of the problem, it is not possible for any organisation to guarantee that no Year 2000 problems will remain, because at least some level of failure may still occur. However, the Board has continued to receive regular reports and believe that the Company's businesses have now substantially achieved compliance of those items which are under their direct control. The Company has a substantial plan of computer enhancement and there have been and will be only marginal costs involved in ensuring Year 2000 compliance. 4. The interim results will be sent to shareholders of the Company, and copies will be available to the public at the Registered Office, 179 Northumberland Street, Norwich, Norfolk NR2 4EE. END IR SEIFAAUUUFSU
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