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23 Nov 2010 07:00
SAMUEL HEATH & SONS plc
("the Company")
INTERIM REPORT
Half year ended 30 September 2010
CHAIRMAN'S STATEMENT
As I intimated in my statement at the time of the annual results, we traded ahead of our budget for the first six months up to the end of September. Our sales were slightly up at £4,920,000 (2009: £4,753,000) and we achieved a profit before taxation of £222,000 (2009: £97,000 loss). The net assets remain strong with the business continuing to be free of bank debt. We have replaced a further £302,000 of our bank balances with other investments in order to protect the yield on these funds.
I have explained in this statement many times, that, in this day and age, an order book is a thing of the past. We are reliant on each daily intake of orders, to generate our sales. Within the six month period, August proved to be a very difficult and lean month. Had it not been, the figures might have been much better.
I mention this to illustrate how difficult it is to forecast the results for the full year. I am pleased to say business has picked up again since August, but we have every reason to be fearful of the early months of 2011.
We feel able to recommend a dividend of 5.5 pence per share (2009: 5.5 pence per share) payable on 25th March 2011.
Sam Heath
Chairman
23rd November 2010
For further information, please contact:
Samuel Heath & Sons Plc | |
John Park, Company Secretary
| 0121 772 2303 |
Evolution Securities Limited | |
Joanne Lake/Casper Kaars | 0113 243 1619 |
Unaudited Interim Financial Report
For the Half Year ended 30 September 2010
CONSOLIDATED INCOME STATEMENT | |||
Half year ended 30 September 2010 | Half year ended 30 September 2009 |
Year ended 31 March 2010 | |
Unaudited | Unaudited | Audited | |
£'000
| £'000
| £'000
| |
Revenue
| 4,920 | 4,753
| 9,529
|
Cost of sales | (2,512) | (2,695) | (4,968) |
---------- | ---------- | ---------- | |
Gross profit | 2,408 | 2,058 | 4,561
|
Selling and distribution costs | (1,507) | (1,421) | (2,784) |
Administrative expenses | (675) | (707) | (1,372) |
---------- | ---------- | ---------- | |
Operating profit/(loss) | 226 | (70) | 405
|
Gain on sale of financial assets | - | 19 | 19 |
Finance (costs)/income | (4) | (46) | (88) |
---------- | ---------- | ---------- | |
Profit/(loss) before taxation
| 222 | (97)
| 336
|
Taxation | (62) | - | (104) |
---------- | ---------- | ---------- | |
Profit/(loss)for the period | 160 | (97) | 232 |
=====
| =====
| =====
| |
Basic and diluted earnings/(loss) per ordinary share | 6.3p | (3.8p) | 9.2p |
=====
| =====
| =====
| |
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME | |||
Half year ended 30 September 2010 | Half year ended 30 September 2009 |
Year ended 31 March 2010 | |
Unaudited | Unaudited | Audited | |
£'000
| £'000
| £'000
| |
Profit/(loss) for the period | 160 | (97) | 232 |
Actuarial loss on defined benefit scheme | - | - | (1,162) |
Deferred taxation on actuarial loss | - | - | 325 |
Gains on available for sale financial assets | 32 | 96 | 128 |
Cash flow hedges | - | 112 | 103 |
---------- | ---------- | ---------- | |
Total for the period | 192 | 111 | (374) |
----------
| ----------
| ----------
| |
Equity shareholders funds brought forward | 6,037 | 6,709 | 6,709 |
Total recognised income for the period | 192 | 111 | (374) |
Equity dividends paid | (158) | (158) | (298) |
---------- | ---------- | ---------- | |
Equity shareholders funds | 6,071 | 6,662 | 6,037 |
===== | ===== | ===== | |
CONSOLIDATED STATEMENT OF FINANCIAL POSITION | |||
At 30 September 2010 | At 30 September 2009 | At 31 March 2010 | |
Unaudited | Unaudited | Audited | |
£'000 | £'000 | £'000
| |
Non current assets | |||
Intangible assets | 210 | 225 | 172 |
Property, plant and equipment | 2,229 | 2,410 | 2,239 |
Deferred tax asset | 577 | 284 | 577 |
---------- | ---------- | ---------- | |
3,016 | 2,919 | 2,988 | |
---------- | ---------- | ---------- | |
Current assets | |||
Inventories | 2,426 | 2,295 | 2,405 |
Trade and other receivables | 1,563 | 1,699 | 1,653 |
Available for sale financial assets | 1,531 | 866 | 1,198 |
Cash and cash equivalents | 874 | 1,145 | 1,070 |
---------- | ---------- | ---------- | |
6,394 | 6,005 | 6,326 | |
---------- | ---------- | ---------- | |
Total assets | 9,410 | 8,924 | 9,314 |
---------- | ---------- | ----------
| |
Current liabilities | |||
Trade and other payables | (913) | (906) | (929) |
Derivative financial instruments | - | (57) | - |
Current tax payable | (155) | - | (112) |
---------- | ---------- | ---------- | |
(1,068) | (963) | (1,041) | |
---------- | ---------- | ----------
| |
Non current liabilities | |||
Pension scheme deficit | (2,096) | (1,084) | (2,061) |
Deferred tax liability | (175) | (215) | (175) |
---------- | ---------- | ---------- | |
(2,271) | (1,299) | (2,236) | |
---------- | ---------- | ----------
| |
Total liabilities | (3,339) | (2,262) | (3,277) |
---------- | ---------- | ----------
| |
Net assets | 6,071 | 6,662 | 6,037 |
=====
| =====
| =====
| |
Capital and reserves | |||
Called up share capital | 254 | 254 | 254 |
Capital redemption reserve | 109 | 109 | 109 |
Retained earnings | 5,708 | 6,299 | 5,674 |
---------- | ---------- | ----------
| |
Equity shareholders' funds | 6,071 | 6,662 | 6,037 |
=====
| =====
| =====
| |
CONSOLIDATED CASH FLOW STATEMENT | |||
Half year Ended 30 September 2010 | Half year Ended 30 September 2009 |
Year ended 31 March 2010 | |
Unaudited | Unaudited | Audited | |
£'000
| £'000
| £'000
| |
Net cash flow generated from operations | 468 | 688 | 1,128 |
Income taxes (paid)/received | (19) | 88 | 88 |
---------- | ---------- | ---------- | |
Net cash flow from operating activities | 449 | 776 | 1,216 |
----------
| ---------- | ---------- | |
Cash flow from investing activities | |||
Purchases of property, plant and equipment | (175) | (29) | (97) |
Proceeds from sale of property, plant and equipment | - | 5 | 21 |
Purchase of intangible assets | (41) | (62) | (111) |
Purchase of financial assets | (302) | (245) | (545) |
Proceeds from sale of available for sale financial assets | - | 265 | 264 |
Interest received | 31 | 22 | 49 |
---------- | ---------- | ---------- | |
Net cash outflow from investing activities | (487) | (44) | (419) |
----------
| ---------- | ---------- | |
Financing | |||
Equity dividends paid | (158) | (158) | (298) |
---------- | ---------- | ---------- | |
Net cash outflow from financing | (158) | (158) | (298) |
---------- | ---------- | ----------
| |
Decrease/(increase) in cash and cash equivalents | (196) | 574
| 499 |
Cash and cash equivalents at beginning of period | 1,070 | 571 | 571 |
---------- | ---------- | ---------- | |
Cash and cash equivalents at end of period | 874 | 1,145 | 1,070 |
====== | ====== | ===== | |
1 | BASIS OF PREPARATION OF INTERIM REPORT |
As permitted, IAS34 'Interim Financial Reporting' has not been applied in this interim report. The information for the period ended 30 September 2010 is not audited and does not constitute statutory accounts as defined in section 435 of the Companies Act 2006. The statutory accounts for the year ended 31 March 2010 were given an unqualified audit report and did not contain statements under section 498(2) or 498(3) of the Companies Act 2006. A copy of the statutory accounts for that year has been delivered to the Registrar of Companies. The interim accounts for the half year ended 30 September 2009 were also unaudited.
| |
2 | ACCOUNTING POLICIES |
Basis of accounting | |
The report has been prepared on a going concern basis in accordance with International Financial Reporting Standards ("IFRS") as issued by the International Accounting Standards Board ("IASB") at 30 September 2010 as well as all interpretations issued by the International Financial Reporting Interpretations Committee ("IFRIC") at 30 September 2010.
The group has not availed itself of early adoption options in such standards and interpretations.
The financial statements have been prepared under the historical cost basis. The principal accounting policies adopted are as set out in the Annual Report for the year ended 31 March 2010. The valuation of inventories is considered to be the main area in terms of significant accounting estimates and judgements.
| |
3 | DIVIDENDS |
An interim dividend of 5.5 pence per share is proposed (30 September 2009: 5.5 pence per share) and will be payable on 25 March 2011 with a record date of 25 February 2011.
| |
4 | EARNINGS PER SHARE |
The basic and diluted earnings per share are calculated by dividing the relevant profit after taxation of £160,000 (30 September 2009: £97,000 loss) by the average number of ordinary shares in issue during the period being 2,534,322 (2009: 2,534,322). The number of shares used in the calculation is the same for both basic and diluted earnings. |
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