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Tex Holdings PLC  -  TXH   

Final Results

Released 08:45 11-Apr-2017

RNS Number : 1140C
Tex Holdings PLC
11 April 2017
 

 

 

 

 

 

 

 

Tex Holdings plc

Preliminary Announcement

31st December 2016

Registered number 00405838


 

 


 

CHAIRMAN'S STATEMENT

 

Results for year ended 31st December 2016

 

Results and Operations

 

The introduction of G&M TEX Ltd into the Group increased sales, but decreased average gross margins.  This was due to the fact that its business involves packaging engines and alternators, to create a generator set, which carries only a modest profit on sales.  Brexit also had some impact on the purchase prices of some materials, most notably within QK Honeycomb Products Limited.

 

Overheads did increase, reflecting a full year of G&M TEX Ltd.

 

The Plastics Division profits have been marginally reduced by downward pressures on prices.  The Engineering Division profit remained stable after taking account of the costs of the relocation of G&M TEX Ltd.  As noted above, the Boards & Panels Division performance was impacted by an increase in costs, a result of the fall in the value of Sterling.

 

The Group's net assets per share have increased to 155p from 149p.

 

Prospects and Dividends

 

As compared to the opening of 2016, orders for the first quarter within the Engineering and the Boards & Panels Divisions have been firm, whilst the order intake in the Plastics Division has been subdued. The Board continues to see a slow rate of conversion of enquiries into actual orders which indicates an ongoing nervousness within the Group's customer base.

 

We recommend a final dividend of 6.0 pence (2015:  5.0 pence), making an overall payment in respect of the year of 8.5 pence (2015:  7.0 pence plus the special dividend of 15.0 pence which was paid to shareholders 24th November 2015).

 

The final dividend will be paid, subject to shareholder approval, on 21st July 2017 to members on the register as at 23rd June 2017.

 

Staff

 

I would like to thank staff at all levels in the Group for their contribution to the result for the year in the current demanding times.

 

 

ARB Burrows

Chairman

10th April 2017

 



 

 

 

RESULTS IN BRIEF

 

 

Year

ended

31/12/16

Year

ended

31/12/15

 

 

£000

£000

Revenue

41,386

36,046

Profit before taxation

1,107

1,493

Taxation

(199)

(329)

Profit after taxation

908

1,164

Total equity

9,830

9,438

Net assets per share

155p

149p

Basic earnings per share

14.3p

18.3p

Diluted earnings per share

14.3p

18.3p

Dividends per share (based on interim dividend in the year, special dividend and final dividend proposed)

8.5p

22.0p

 

 

 

 



Consolidated Income Statement

for the year ended 31st December 2016

 



Year ended 31/12/16

Year ended 31/12/15



£000

£000

Revenue


41,386

36,046

Cost of sales


(30,358)

(25,932)

Gross profit


11,028

10,114

Distribution costs


(1,072)

(962)

Administrative expenses


(8,702)

(7,497)

Operating profit


1,254

1,655

Finance costs


(147)

(162)

Profit before taxation


1,107

1,493

Taxation


(199)

(329)

Profit for the year attributable to the equity holders of the Parent Company


908

1,164





Earnings per share




Basic and diluted


14.3p

18.3p

 



Consolidated Statement of Comprehensive Income

for the year ended 31st December 2016

 


Year ended 31/12/16

Year ended 31/12/15


£000

£000

Profit for the year attributable to the equity holders of the Parent Company

908

1,164




Other comprehensive income



Items that will not subsequently be reclassified to profit or loss:



Actuarial (loss)/gain on defined benefit pension plans

(50)

1,089

Deferred taxation recognised on actuarial loss/gain on defined benefit pension plan recognised directly in equity

10

(218)


(40)

871

Other comprehensive (expense)/income for the year

(40)

871

Total comprehensive income for the year attributable to the equity holders of the Parent Company

868

2,035




 



Balance Sheet

at 31st December 2016

 









31/12/16

31/12/15





£000

£000

Assets






Non-current assets






Property, plant and equipment




5,864

5,577

Deferred taxation assets




187

165





6,051

5,742

Current assets






Inventories




6,883

6,546

Trade and other receivables




10,620

9,541





17,503

16,087

Total assets




23,554

21,829







Equity






Capital and reserves attributable to the equity holders of the Parent Company






Share capital




635

635

Other reserves




2,906

2,906

Retained earnings




6,289

5,897

Total equity




9,830

9,438

Liabilities






Non-current liabilities






Other interest-bearing loans and borrowings




2,621

1,155

Employee benefits




1,492

1,488





4,113

2,643

Current liabilities






Bank overdraft




243

988

Other interest-bearing loans and borrowings




887

776

Trade and other payables




8,021

7,481

Provisions




199

199

Taxation payable




261

304





9,611

9,748

Total liabilities




13,724

12,391

Total equity and liabilities




23,554

21,829

 

These financial statements were approved by the Board of Directors on 10th April 2017 and were signed on its behalf by:

 

ARB Burrows                                                      CA Parker

Director                                                                  Director

 

Registered number: 00405838

Statement of Changes in Equity

at 31st December 2016

 


Share capital

Capital reserve

Share premium account

Retained earnings

Total

Consolidated

£000

£000

£000

£000

£000

Balance at 1st January 2015

635

16

2,890

5,189

8,730

Profit for the year

-

-

-

1,164

1,164

Pension fund actuarial movement net of taxation

-

 

-

 

-

 

871

 

871

 

Dividends paid

-

-

-

(1,327)

(1,327)

Balance at 31st December 2015 and 1st January 2016

635

16

2,890

5,897

9,438

Profit for the year

-

-

-

908

908

Pension fund actuarial movement net of taxation

-

 

-

 

-

 

(40)

 

(40)

 

Dividends paid

-

-

-

(476)

(476)

Balance at 31st December 2016

635

16

2,890

6,289

9,830

 

 

 



Cash Flow Statement

for the year ended 31st December 2016









Year ended 31/12/16

Year ended 31/12/15





£000

£000

Cash flows from operating activities






Profit for the year




            908

          1,164

   Adjustments for:






   Dividends received




-

-

   Depreciation




1,082

1,050

   Profit on sale of fixed assets




-

(81)

   Financial expense




147

162

   Taxation




199

329





2,336

2,624

(Increase)/decrease in trade and other receivables




(1,079)

221

Increase in inventories




(337)

(667)

Increase/(decrease) in trade and other payables




             

540

              (399)

Increase in provisions




-

99

Decrease in employee benefits




(100)

(100)

Cash generated from operations




1,360

1,778

Taxation paid




(254)

(156)

Net cash generated from operating activities




1,106

1,622

Cash flows from investing activities






Purchases of property, plant and equipment




         (837)

        (946)

Proceeds from sale of property, plant and equipment




16

170

Dividends received




-

-

Net (advances of)/proceeds received in respect of loans to subsidiaries




-

-

Net cash used in investing activities




(821)

(776)

Cash flows from financing activities






New borrowings




2,000

-

Repayments of borrowings




(632)

(432)

Finance lease payments




(339)

(357)

Interest paid




(93)

(76)

Dividends paid




(476)

(1,327)

Net cash generated from/(used in) financing activities




460

(2,192)

Net increase/(decrease) in cash and cash equivalents




745

(1,346)

Cash and cash equivalents at beginning of the year




(988)

358

Cash and cash equivalents at end of the year




(243)

(988)



Notes:

The financial information set out above does not constitute the Group's statutory accounts for the years ended 31st December 2015 or 31st December 2016 and is unaudited. The auditor has not yet reported on the statutory accounts for 31st December 2016. The statutory accounts for 31st December 2016, together with audit report thereon, will be finalised on the basis of financial information presented by the Directors and will be posted to shareholders and available on the Company's website shortly. The statutory accounts for 31st December 2016 will be delivered to the Registrar of Companies following the Company's Annual General Meeting.

 

Statutory accounts for 2015 have been delivered to the Registrar of Companies.  The auditor has reported on the accounts for 2015 and their report was unqualified and did not contain statements under Section 498 of the Companies Act 2006.


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