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22 Nov 2011 07:00
SAMUEL HEATH & SONS plc
("the Company")
INTERIM REPORT
Half year ended 30 September 2011
CHAIRMAN'S STATEMENT
As I made quite clear at the time of our annual results, business was going to be particularly tough in the current year. This proved to be the case with sales down 4.9% to £4,681,000 (2010: £4,920,000). As a consequence, we only just managed to more or less break even over the six month period with a profit before taxation of £11,000 (2010: £222,000).
I am very pleased to inform shareholders that Mr. Martin Green has accepted our invitation to join the Board. He is a well known Midland lawyer, specialising in finance. I welcome him.
It is no exaggeration to say that the financial world is in turmoil, which is well documented elsewhere. This situation is not encouraging our type of customer to spend money.
We, too, must therefore be extremely cautious. There has been no improvement in trading over the last two months. It is going to be very difficult to improve on the performance of the first half of the year. In fact it could be a lot worse.
Our net assets however remain strong. We therefore propose a dividend of 5.5p per share (2010: 5.5p per share) payable on 26th March 2012.
Sam Heath
Chairman
22nd November 2011
For further information, please contact:
Samuel Heath & Sons Plc | |
John Park, Company Secretary
| 0121 772 2303 |
Zeus Capital Limited | |
Ross Andrews/Nick Cowles | 0161 831 1512 |
Unaudited Interim Financial Report
For the Half Year ended 30 September 2011
CONSOLIDATED INCOME STATEMENT | |||
Half year ended 30 September 2011 | Half year ended 30 September 2010 |
Year ended 31 March 2011 | |
Unaudited | Unaudited | Audited | |
£'000
| £'000
| £'000
| |
Revenue
| 4,681 | 4,920
| 9,832
|
Cost of sales | (2,519) | (2,512) | (4,990) |
---------- | ---------- | ---------- | |
Gross profit | 2,162 | 2,408 | 4,842
|
Selling and distribution costs | (1,436) | (1,507) | (2,987) |
Administrative expenses | (738) | (675) | (1,371) |
---------- | ---------- | ---------- | |
Operating (loss)/profit | (12) | 226 | 484
|
Gain on sale of financial assets | - | - | 51 |
Finance income/(costs) | 23 | (4) | 15 |
---------- | ---------- | ---------- | |
Profit before taxation
| 11 | 222
| 550
|
Taxation | (3) | (62) | (127) |
---------- | ---------- | ---------- | |
Profit for the period | 8 | 160 | 423 |
=====
| =====
| =====
| |
Basic and diluted earnings/(loss) per ordinary share | 0.3p | 6.3p | 16.7p |
=====
| =====
| =====
| |
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME | |||
Half year ended 30 September 2011 | Half year ended 30 September 2010 |
Year ended 31 March 2011 | |
Unaudited | Unaudited | Audited | |
£'000
| £'000
| £'000
| |
Profit for the period | 8 | 160 | 423 |
---------- | ---------- | ---------- | |
Actuarial gain on defined benefit scheme | - | - | 345 |
Deferred taxation on actuarial gain | - | - | (114) |
(Loss)/gain on available for sale financial assets | (42) | 32 | (45) |
Cash flow hedges | (2) | - | 2 |
---------- | ---------- | ---------- | |
Other comprehensive income for the period | (44) | 32 | 188 |
----------
| ----------
| ----------
| |
Total comprehensive income for period | (36) | 192 | 611 |
----------
| ----------
| ----------
| |
Equity shareholders' funds brought forward | 6,350 | 6,037 | 6,037 |
Total comprehensive income for the period | (36) | 192 | 611 |
Equity dividends paid | (158) | (158) | (298) |
---------- | ---------- | ---------- | |
Equity shareholders' funds | 6,156 | 6,071 | 6,350 |
===== | ===== | ===== | |
CONSOLIDATED STATEMENT OF FINANCIAL POSITION | |||
At 30 September 2011 | At 30 September 2010 | At 31 March 2011 | |
Unaudited | Unaudited | Audited | |
£'000 | £'000 | £'000
| |
Non current assets | |||
Intangible assets | 203 | 210 | 207 |
Property, plant and equipment | 2,072 | 2,229 | 2,135 |
Deferred tax asset | 411 | 577 | 411 |
---------- | ---------- | ---------- | |
2,686 | 3,016 | 2,753 | |
---------- | ---------- | ---------- | |
Current assets | |||
Inventories | 2,542 | 2,426 | 2,547 |
Trade and other receivables | 1,636 | 1,563 | 1,903 |
Derivative financial instruments | - | - | 2 |
Available for sale financial assets | 1,463 | 1,531 | 1,505 |
Cash and cash equivalents | 350 | 874 | 553 |
---------- | ---------- | ---------- | |
5,991 | 6,394 | 6,510 | |
---------- | ---------- | ---------- | |
Total assets | 8,677 | 9,410 | 9,263 |
---------- | ---------- | ----------
| |
Current liabilities | |||
Trade and other payables | (859) | (913) | (1,167) |
Current tax payable | (91) | (155) | (87) |
---------- | ---------- | ---------- | |
(950) | (1,068) | (1,254) | |
---------- | ---------- | ----------
| |
Non current liabilities | |||
Pension scheme deficit | (1,433) | (2,096) | (1,521) |
Deferred tax liability | (138) | (175) | (138) |
---------- | ---------- | ---------- | |
(1,571) | (2,271) | (1,659) | |
---------- | ---------- | ----------
| |
Total liabilities | (2,521) | (3,339) | (2.913) |
---------- | ---------- | ----------
| |
Net assets | 6,156 | 6,071 | 6,350 |
=====
| =====
| =====
| |
Capital and reserves | |||
Called up share capital | 254 | 254 | 254 |
Capital redemption reserve | 109 | 109 | 109 |
Retained earnings | 5,793 | 5,708 | 5,987 |
---------- | ---------- | ----------
| |
Equity shareholders' funds | 6,156 | 6,071 | 6,350 |
=====
| =====
| =====
| |
CONSOLIDATED CASH FLOW STATEMENT | |||
Half year Ended 30 September 2011 | Half year Ended 30 September 2010 |
Year ended 31 March 2011 | |
Unaudited | Unaudited | Audited | |
£'000
| £'000
| £'000
| |
Net cash flow generated from operations | 138 | 468 | 749 |
Pension contributions | (100) | - | (255) |
Income taxes paid | - | (19) | (137) |
---------- | ---------- | ---------- | |
Net cash flow from operating activities | 38 | 449 | 357 |
----------
| ---------- | ---------- | |
Cash flow from investing activities | |||
Purchases of property, plant and equipment | (155) | (175) | (319) |
Proceeds from sale of property, plant and equipment | 36 | - | 6 |
Purchase of intangible assets | - | (41) | (42) |
Purchase of financial assets | - | (302) | (602) |
Proceeds from sale of available for sale financial assets | - | - | 302 |
Interest received | 36 | 31 | 79 |
---------- | ---------- | ---------- | |
Net cash outflow from investing activities | (83) | (487) | (576) |
----------
| ---------- | ---------- | |
Financing | |||
Equity dividends paid | (158) | (158) | (298) |
---------- | ---------- | ---------- | |
Net cash outflow from financing | (158) | (158) | (298) |
---------- | ---------- | ----------
| |
Decrease in cash and cash equivalents | (203) | (196)
| (517) |
Cash and cash equivalents at beginning of period | 553 | 1,070 | 1,070 |
---------- | ---------- | ---------- | |
Cash and cash equivalents at end of period | 350 | 874 | 553 |
====== | ====== | ===== | |
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 2011 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 2011 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 2010 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 2011 as well as all interpretations issued by the International Financial Reporting Interpretations Committee ("IFRIC") at 30 September 2011.
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 2011. 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 2010: 5.5 pence per share) and will be payable on 26 March 2012 with a record date of 24 February 2012.
| |
4 | EARNINGS PER SHARE |
The basic and diluted earnings per share are calculated by dividing the relevant profit after taxation of £8,000 (30 September 2010: £160,000) by the average number of ordinary shares in issue during the period being 2,534,322 (2010: 2,534,322). The number of shares used in the calculation is the same for both basic and diluted earnings. |
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