ESR.L Regulatory News (ESR)

16 Dec 2005 07:01

Ensor Holdings PLC16 December 2005 ENSOR HOLDINGS PLC ("ENSOR") INTERIM RESULTS FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2005 Chairman's Statement All of our companies are trading successfully and we look forward to the secondhalf continuing at a similar level, albeit with management striving for improvedsales and margin enhanced by further cost controls, product development andsales initiatives. As anticipated in our report for the year ended 31 March 2005 however, in commonwith many companies in our business sector, we have experienced a reduced amountof business available which, in order to maintain volume, has necessitatedtaking slimmer margins. Nevertheless, we are able to report increased turnover of £13.5m (2004 : £12.7m)and a profit on ordinary activities before interest of £758,000 (2004 :£869,000) for the period. We feel that these results are reasonable, given thecurrent economic conditions and the investment that we are putting into thefuture. During the period, we have incurred additional costs, pension contributions anda significant bad debt totalling some £200,000. We have also charged costs forinvesting in capacity improvements, including the successful relocation of ourdoor components business and additional warehousing space at our toolsdistribution business, and anticipate some further significant costs inre-locating our timber and fencing company. We believe that this investmentwill improve our position in the medium to long-term. Notwithstanding this, and our acquisition of Wood's Packaging, our cash positionremains satisfactory. Our balance sheet has improved in practical terms, although it has reduced dueto the technicalities of pension reporting procedures required by the reportingstandard, FRS17. We continue to look for suitable acquisitions, although our main endeavours are,at present, confined to improvement of the performance of our existingcompanies. We are proposing to pay the same interim dividend as last year of 0.375p pershare, which will be payable on 27 January 2006 to those shareholders on theregister on 30 December 2005. Once again, thanks are due to the continued hard work of the staff within theGroup which enabled the Company to be finalists in the MEN Business of the YearAward scheme. K A Harrison TDChairman16 December 2005 Group Profit and Loss Accountfor the six months ended 30 September 2005 Group Profit and Loss Accountfor the six months ended 30 September 2005 Restated Restated Unaudited Unaudited Audited 6 months 6 months 12 months 30/9/05 30/9/04 31/3/05 £'000 £'000 £'000 Turnover Continuing operations 12,818 12,695 24,537 Acquisitions 710 - - ----------- ----------- ----------- 13,528 12,695 24,537 ----------- ----------- ----------- Operating profit Continuing operations 709 921 1,655 Acquisitions 120 - - ----------- ----------- ----------- 829 921 1,655 Amortisation of goodwill (71) (52) (105) ----------- ----------- ----------- Profit on ordinary activities before 758 869 1,550 interest Exceptional item Profit on disposal of fixed assets - - 402 ----------- ----------- ----------- 758 869 1,952 Interest payable (95) (86) (158) Other finance charges (60) (60) (119) ----------- ----------- ----------- Profit before taxation 603 723 1,675 Taxation (198) (233) (425) ----------- ----------- ----------- Profit for the period 405 490 1,250 =========== =========== =========== Earnings per share Basic 1.4p 1.7p 4.3p Fully diluted 1.3p 1.6p 4.1p =========== =========== =========== Dividends per share Dividends paid per share 0.625p 0.500p 0.875p Dividends proposed per share 0.375p 0.375p 0.625p =========== =========== =========== Statement of Total Recognised Gains and Lossesfor the six months ended 30 September 2005 Restated Restated Unaudited Unaudited Audited 6 months 6 months 12 months 30/9/05 30/9/04 31/3/05 £'000 £'000 £'000 Profit for the period 405 490 1,250 Actuarial loss and related deferred tax - - (674) ----------- ----------- ----------- Total recognised gains and losses for the period 405 490 576 =========== =========== =========== Group Balance Sheetat 30 September 2005 Restated Restated Unaudited unaudited audited 30/9/05 30/9/04 31/3/05 £'000 £'000 £'000 Fixed assets Goodwill 2,351 1,718 1,665 Tangible assets 3,571 4,073 3,559 ----------- ----------- ----------- 5,922 5,791 5,224 ----------- ----------- ----------- Current assets Stocks 4,329 4,171 4,301 Debtors 6,233 5,570 4,870 ----------- ----------- ----------- 10,562 9,741 9,171 Creditors falling due within one year (7,748) (7,327) (5,746) ----------- ----------- ----------- Net current assets 2,814 2,414 3,425 ----------- ----------- ----------- Total assets less current liabilities 8,736 8,205 8,649 Creditors falling due after one year (150) (404) (265) Provisions for liabilities and charges Deferred tax - (13) - ----------- ----------- ----------- Net assets excluding pension liability 8,586 7,788 8,384 Pension liability (2,235) (1,634) (2,254) ----------- ----------- ----------- 6,351 6,154 6,130 =========== =========== =========== Capital and reserves Called up share capital 2,941 2,941 2,941 Share premium account 470 470 470 Revaluation reserve 880 943 883 Profit and loss account 2,060 1,800 1,836 ----------- ----------- ----------- Equity shareholders' funds 6,351 6,154 6,130 =========== =========== =========== Reconciliation of Opening Shareholders' Fundsfor the six months ended 30 September 2005 Restated Restated Unaudited unaudited audited 30/9/05 30/9/04 31/3/05 £'000 £'000 £'000 Opening reserves as previously reported 8,200 7,253 7,253 Prior year adjustment on adoption of 184 148 148 FRS21, "Events after the Balance Sheet Date" Prior year adjustment on adoption of (2,254) (1,590) (1,590) FRS17, "Retirement Benefits" ----------- ----------- ----------- Restated opening shareholders' funds 6,130 5,811 5,811 Recognised income for the period 405 490 576 Dividends paid (184) (147) (257) ----------- ----------- ----------- 6,351 6,154 6,130 =========== =========== =========== Group Cash Flow Statementfor the six months ended 30 September 2005 Restated Restated Unaudited Unaudited Audited 6 months 6 months 12 months 30/9/05 30/9/04 31/3/05 £'000 £'000 £'000 ------------------------------------------------------------------------------------- Operating profit 758 869 1,550 Depreciation and amortisation 312 293 579 Profit on disposal of tangible fixed assets (2) (7) (25) Movement in working capital (912) (881) (567) ------------------------------------------------------------------------------------- Net cash inflow from operating 156 274 1,537 activities Net cash outflow from servicing of (155) (146) (277) finance Net cash outflow from payment of - - (341) taxation Net cash (outflow)/inflow from capital (238) (187) 515 expenditure and financial investment Net cash outflow from acquisition (854) - - Equity dividends paid (184) (147) (257) ----------- ----------- ----------- Net cash (outflow)/inflow before use (1,275) (206) 1,177 of liquid resources and financing ------------------------------------------------------------------------------------- Issue of ordinary share capital - 1 1 Repayment of term loans (100) (100) (200) Capital element of finance lease payments (24) (8) (33) ------------------------------------------------------------------------------------- Net cash outflow from financing (124) (107) (232) ----------- ----------- ----------- (Decrease)/increase in cash in the period (1,399) (313) 945 =========== =========== =========== Analysis of net debt Bank overdraft 2,589 2,448 1,190 Debt repayable by instalments: Due within one year 241 248 250 Due after more than one year 150 391 265 ----------- ----------- ----------- 2,980 3,087 1,705 =========== =========== =========== Notes 1. The unaudited results for the six months have been prepared on a basis consistent with the accounting policies disclosed in the Group's 2005 accounts, as amended for the adoption of FRS17, "Retirement Benefits", FRS21, "Events after the Balance Sheet Date" and FRS25, "Financial Instruments Disclosure and Presentation" and do not constitute statutory accounts within the meaning of Section 240 of the Companies Act 1985. 2. The figures for the year ended 31 March 2005 have been extracted from the statutory accounts which have been delivered to the Registrar of Companies and received an unqualified audit report and then subsequently restated for the change in accounting policies (see note 1). 3. The tax charge is based on the estimated tax rate for the year to 31 March 2006. 4. The calculation of earnings per share for the period is based on the profit after taxation divided by the weighted average number of ordinary shares in issue, being 29,405,659 (6 months to 30 September 2004 - 29,311,779 and year ended 31 March 2005 - 29,402,454). 5. Copies of these interim results will be sent to shareholders. Enquiries: Ensor Holdings PLCKen Harrison0161 945 5953 Westhouse Securities LLPTim Feather0161 838 9140 This information is provided by RNS The company news service from the London Stock Exchange