LONDON (Alliance News) - Tex Holdings PLC Wednesday reduced its final dividend after reporting a fall in profit and revenue for the full year, following the absence of new projects in its contracting businesses.
Tex Holdings and its subsidiaries work in the manufacturing and supply of engineering products, plastics, boards and panels.
It reported pretax profit of GBP744,000 for 2013, down from GBP1.1 million in 2012, as revenue dipped to GBP38.4 million from GBP39.0 million a year earlier.
Due to the fall in the pretax profit, the firm will pay a reduced final dividend of 2.5 pence compared with 3.0 pence, making a total annual dividend of 4.0 pence, down from 4.5 pence.
Tex said profitability was hurt by delays in contracting projects, while revised pension accounting also adversed affected profit.
The firm said its engineering division was significantly hurt by the performance of the contracting businesses. However, it said the plastic division achieved a stable performance.
The boards and panels division continued its performance improvement on the back of sales growth, it added.
The group's net assets per share have increased to 145 pence from 113 pence, of which 28 pence per share was due to the movement in the pension scheme deficit.
"The deficit is very sensitive to small movements in financial markets and is therefore open to fluctuations in both directions," Tex said.
The stock was trading at 84.00 pence Wednesday morning, up 2.50 pence or 3.1%.
By Anthony Tshibangu; anthonytshibangu@alliancenews.com; @AnthonyAllNews
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