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RNS Number : 0255O
Tex Holdings PLC
15 August 2017
 

 

 

 

 

 

 

 

 

TEX HOLDINGS PLC

INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS



TEX HOLDINGS PLC

INDEX

 

 

Page

Chairman's Statement

2

Responsibility Statement

3

Consolidated Statement of Comprehensive Income

4

Consolidated Balance Sheet

5

Consolidated Statement of Changes in Equity

6

Consolidated Statement of Cash Flows

7

Notes to the Interim Condensed Consolidated Financial Statements

8-10

 

 

 

 

 



TEX HOLDINGS PLC

CHAIRMAN'S STATEMENT

 

Group turnover for the six months to 30th June 2017 was higher than the same period in the previous year.  Pre-tax profit however is down on the previous year.

 

The Plastics and Boards and Panels Divisions both had a static turnover year on year. The Engineering Division turnover increased, but the bulk of the increase was in the sale of merchanted items, which generate a lower gross profit margin.

 

Profits for the first six months trading have not reflected the increased turnover, as a result of the mix of sales which included more merchanted items as noted above, and the balance of the costs of the relocation of G&M TEX to new premises.

 

The Engineering Division has a number of projects in progress that are due to be completed in the second half of the year.

 

The order book at the half year is at a similar level to June 2016, at £6,500,000.

 

The Board remains cautious. The anticipated out turn for the year, we expect, will maintain the recent trading patterns.

 

As with previous years, cash and cost control remains a corporate priority.

 

The Board is proposing to pay an interim dividend of 2.5 pence (2016: 2.5 pence) which will be paid on 6th October 2017 to shareholders on the register as at 15th September 2017.

 

 

 

 

ARB Burrows

Chairman

15th August 2017



TEX HOLDINGS PLC

RESPONSIBILITY STATEMENT

in respect of the interim financial report

 

We confirm that to the best of our knowledge:

·    the interim condensed consolidated financial statements have been prepared in accordance with IAS 34 "Interim Financial Reporting" as adopted by the EU;

·    the interim management report includes a fair review of the information required by Disclosure and Transparency Rules ("DTR") 4.2.7R (indication of the important events during the first six months and description of principal risks and uncertainties for the remaining six months of the year); and

·    the interim management report includes a fair review of the information required by DTR 4.2.8R (disclosure of related parties' transactions and changes therein).

A R B Burrows           

Chairman

15th August 2017



TEX HOLDINGS PLC

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

 


 

 

 

 

Notes

6 months ended

30.06.17

(Unaudited)

£000

6 months ended

30.06.16

(Unaudited)

£000

 

Year ended

31.12.16

(Audited)

£000

 

Revenue

     3

   21,421

   20,791

41,386

Cost of sales


(14,625)

(14,604)

(30,358)

Gross profit


6,796

6,187

11,028

Selling and marketing costs


(693)

(483)

(1,072)

Administrative expenses


(5,598)

(5,157)

(8,702)

Operating profit


505

547

1,254

Finance costs


(82)

(52)

(147)

Profit before taxation


423

495

1,107

Taxation

4

(92)

(101)

(199)

Profit for the period

 


331

394

908

Other comprehensive income:





Actuarial gain arising on defined benefit pension scheme


-

-

(50)

Tax recognised on actuarial gain on defined pension scheme


-

-

10

Total comprehensive income for the period


331

394

868






Basic and diluted earnings per share


5.2p

6.2p

14.3p











 

 

 

 



TEX HOLDINGS PLC

CONSOLIDATED BALANCE SHEET


 

 

 

Notes

As at

30.06.17

(Unaudited)

£000

As at

30.06.16

(Unaudited)

£000

As at

31.12.16

(Audited)

£000

ASSETS





Non-current assets





Property, plant and equipment

7

6,180

5,492

5,864

Deferred tax assets


177

156

187



6,357

5,648

6,051

Current assets





Inventories


6,952

7,271

6,883

Trade and other receivables


11,270

10,430

10,620

Cash in hand


-

942

-



18,222

18,643

17,503

Total assets


24,579

24,291

23,554

 

EQUITY





Capital and reserves attributable to the equity holders of the parent





Share capital


635

635

635

Other reserves


2,906

2,906

2,906

Retained earnings


6,620

6,291

6,289

Total equity


10,161

9,832

9,830

 

LIABILITIES





Non-current liabilities





Other interest-bearing loans and borrowings


2,542

2,709

2,621

Employee benefits


1,470

1,464

1,492



4,012

4,173

4,113

Current liabilities





Bank overdraft


1,053

-

243

Other interest-bearing loans and borrowings


792

1,017

887

Trade and other payables


8,019

8,678

8,021

Provision for other liabilities and charges


199

199

199

Tax payable


343

392

261



10,406

10,286

9,611

Total liabilities


       14,418

       14,459

13,724

Total equity and liabilities


24,579

24,291

23,554



TEX HOLDINGS PLC

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

 


 

Share Capital

£000

Capital Redemption Reserve

£000

Share Premium Account

£000

 

Retained Earnings

£000

 

 

Total Equity

£000

Balance at 1 January 2016

635

16

2,890

5,897

9,438

Profit for the period

-

-

-

394

394

Pension fund actuarial movement net of tax

-

-

-

-

-

Dividends paid

-

-

-

-

-


-

-

-

394

394

Balance at 30 June 2016

635

16

2,890

6,291

9,832







Balance at 1 January 2016

635

16

2,890

5,897

9,438

Profit for the period

-

-

-

908

908

Pension fund actuarial movement net of tax

-

-

-

(40)

(40)

Dividends paid

-

-

-

(476)

(476)


-

-

-

392

392

Balance at 31 December 2016

635

16

2,890

6,289

9,830







Balance at 1 January 2017

635

16

2,890

6,289

9,830

Profit for the period

-

-

-

331

331

Pension fund actuarial movement net of tax

-

-

-

-

-

Dividends paid

-

-

-

-

-


-

-

-

331

311

Balance at 30 June 2017

635

16

2,890

6,620

10,161







 



TEX HOLDINGS PLC

CONSOLIDATED STATEMENT OF CASH FLOWS

 


6 months ended

30.06.17

(Unaudited)

£000

6 months ended

30.06.16

(Unaudited)

£000

 

Year ended

31.12.16

(Audited)

£000

Cash flows from operating activities




Profit for the period

331

394

               908

Adjustments for:




Depreciation

556

555

1,082

Loss on sale of fixed assets

6

-

-

Finance costs

82

52

147

Taxation

92

101

199

Operating profit before changes in working capital and provisions

1,067

1,102

2,336

Movement in trade and other receivables

(650)

(889)

(1,079)

Movement in inventories

(69)

(725)

(337)

Movement in trade and other payables

(2)

1,197

540

Increase in provisions

-

-

-

Movement in employee benefits

(50)

(50)

(100)

Cash generated from operations

296

635

1,360

Tax recovered/(paid)

-

(4)

(254)

Net cash generated from operating activities

296

631

1,106





Cash flows from investing activities




Purchases of property, plant and equipment (PPE)

(914)

(481)

(837)

Proceeds from sale of PPE

36

11

16

Net cash used in investing activities

(878)

(470)

(821)





Cash flows from financing activities




New borrowings

450

2,230

2,000

Repayments of borrowings

(316)

(216)

(632)

Finance lease payments

(308)

(219)

(339)

Interest paid

(54)

(26)

(93)

Dividends paid to company's shareholders

-

-

(476)

Net cash used in financing activities

(228)

1,769

460





Net (decrease)/increase in cash and cash equivalents

(243)

1,930

745

Cash and cash equivalents at beginning of the period

(810)

(988)

(988)

Cash and cash equivalents at end of the period

(1,053)

942

(243)

 



TEX HOLDINGS PLC

NOTES TO THE INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

 

1.     Basis of preparation

The condensed consolidated financial statements have been prepared using accounting policies consistent with International Financial Reporting Standards as adopted by EU and in accordance with International Accounting Standard (IAS) 34 Interim Financial Reporting. The condensed consolidated financial statements have not been audited or reviewed.

 

The comparative figures for the financial year ended 31st December 2016 are not the statutory financial statements for that financial year. Those financial statements have been reported on by the Company's auditors and delivered to the Registrar of Companies. The report of the auditors was (i) unqualified, (ii) did not include a reference to any matters to which the auditors drew attention by way of emphasis without qualifying their report, and (iii) did not contain a statement under section 498 (2) or (3) of the Companies Act 2006.

 

2.     Significant accounting policies

The condensed consolidated financial statements have been prepared under the historical cost convention.

 

The same accounting policies, presentation and methods of computation are followed in these condensed consolidated financial statements as were applied in the preparation of the Group's consolidated financial statements for the year ended 31st December 2016.

 

3.     Segment information

The following is an analysis of the revenue and results for the period analysed by business segment, the Group's primary basis of segmentation.

 

 

 

 


 

 

Plastics

 

 

Engineering

 

Boards & Panels

Total for continuing operations

2017


£000

£000

£000

£000

 

Revenue






Total revenue from continuing operations


11,106

8,101

2,214

21,421







Result






Segment result from continuing operations


489

441

78

1,008

Expenses pertaining to the Company





(503)

Operating profit





505

Finance costs





(82)

Profit before taxation





423

Taxation





(92)

Profit for the period from continuing operations





331

 

 

All operations are continuing.

TEX HOLDINGS PLC

NOTES TO THE INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

 

3.     Segment information (continued)

Segment information about the Group's continuing operations is presented below.

 

 

 

 


 

 

Plastics

 

 

Engineering

 

Boards & Panels

Total for continuing operations

2016


£000

£000

£000

£000

 

Revenue






Total revenue from continuing operations


11,161

7,481

2,149

20,791







Result






Segment result from continuing operations


488

(24)

157

621

Expenses pertaining to the Company





(74)

Operating profit





547

Finance costs





(52)

Profit before taxation





495

Taxation





(101)

Profit for the period from continuing operations





394

 

4.     Taxation

Interim period corporation tax is accrued based on the estimated average annual effective income tax rate of 20% (6 months ended 30th June 2016: 20%).

 

5.     Earnings per share

Basic earnings per share of 5.2p (2016: 6.2p) is based on the following data.

 

Earnings

 


6 months ended

30.06.17

(Unaudited)

£000

6 months ended

30.06.16

(Unaudited)

£000





Earnings for the purposes of basic earnings per share


331

394

 

Number of shares

 


6 months ended

30.06.17

(Unaudited)

6 months ended

30.06.16

(Unaudited)

Weighted average number of ordinary shares for the purposes of basic earnings per share


6,351,452

6,351,452

 



TEX HOLDINGS PLC

NOTES TO THE INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

 

 

6.         Dividends

During the interim period, no dividends were paid (2016: £Nil).

 

7.         Property, plant and equipment

During the period, the Group spent £914,000 on additions.

 

It also disposed of certain machinery and equipment with a carrying value of £42,000 for proceeds of £36,000.

 

8.         Related party transactions

The Company has a related party relationship with its subsidiaries and directors.

A R B Burrows has an interest in Edward Le Bas Properties Limited through which the Group rents properties at normal commercial rates. Transactions during the period ended 30th June 2016 that require disclosure are detailed below:

Rentals paid                          £159,000 (30 June 2016: £149,000)

Trade payables                     £Nil (30 June 2016: £Nil)

A R B Burrows has an interest in IS&G Steel Stockholders Limited through which the Group purchases steel.  Transactions during the period ended 30th June 2016 that require disclosure are detailed below:

Purchases                              £97,379 (30 June 2016: £72,080)

Trade payables                     £60,588 (30 June 2016: £27,436)

A R B Burrows is a trustee and a beneficiary of the Pension and Assurance Scheme of Edward Le Bas Limited, which is a substantial shareholder in the Company.

 

All intra-group related party transactions and outstanding balances are eliminated in the preparation of the consolidated financial statements of the Group and therefore in accordance with IAS 24 related party disclosures are not disclosed.

 

9.         Approval of interim financial statements

The interim financial statements were approved by the Board of Directors on 14th August 2017.

 

 


This information is provided by RNS
The company news service from the London Stock Exchange
 
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