Last checked at 20 Nov 2012 07:00
SAMUEL HEATH & SONS plc
("the Company")
INTERIM REPORT
Half year ended 30 September 2012
CHAIRMAN'S STATEMENT
I have pleasure in reporting an increased profit before tax for the first six months of trading of £169,000 (2011: £11,000) on revenue of £5,103,000 (2011: £4,681,000) up 9% on the comparative period last year.
These results are a lot better than we had budgeted, but worryingly trading has become worse as the period continued.
However, during the period we launched a new range of art deco taps and showers called Style Moderne, which has been very well received both in the U.K. and overseas.
There is no worse background for good business than uncertainty. With elections taking place in some countries and continuing unresolved financial problems in Europe, there are surely plenty of uncertainties.
It is, therefore, very difficult indeed once more to forecast the outcome for the full year, but it would be a very unwise man, who would be optimistic.
Our net assets however remain strong. We therefore propose a dividend of 5.5p per share (2011: 5.5p per share) payable on 25th March 2013.
Sam Heath
Chairman
20th November 2012
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 2012
CONSOLIDATED INCOME STATEMENT | |||
Half year ended 30 September 2012 | Half year ended 30 September 2011 |
Year ended 31 March 2012 | |
Unaudited | Unaudited | Audited | |
Continuing operations | £'000
| £'000
| £'000
|
Revenue
| 5,103 | 4,681
| 9,782
|
Cost of sales | (2,731) | (2,519) | (4,936) |
---------- | ---------- | ---------- | |
Gross profit | 2,372 | 2,162 | 4,846
|
Distribution costs | (1,517) | (1,436) | (2,840) |
Administrative expenses | (737) | (738) | (1,450) |
---------- | ---------- | ---------- | |
Operating profit/(loss) | 118 | (12) | 556
|
Gain on sale of financial assets | - | - | 16 |
Finance income | 51 | 23 | 60 |
---------- | ---------- | ---------- | |
Profit before taxation
| 169 | 11
| 632
|
Taxation | (41) | (3) | (117) |
---------- | ---------- | ---------- | |
Profit for the period | 128 | 8 | 515 |
=====
| =====
| =====
| |
Basic and diluted earnings per ordinary share | 5.1p | 0.3p | 20.3p |
=====
| =====
| =====
| |
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME | |||
Half year ended 30 September 2012 | Half year ended 30 September 2011 |
Year ended 31 March 2012 | |
Unaudited | Unaudited | Audited | |
£'000
| £'000
| £'000
| |
Profit for the period | 128 | 8 | 515 |
---------- | ---------- | ---------- | |
Actuarial loss on defined benefit scheme | (1,715) | - | (1,712) |
Deferred taxation on actuarial loss | 387 | - | 365 |
Gain/(loss) on available for sale financial assets | 40 | (42) | 28 |
Cash flow hedges | (7) | (2) | (2) |
---------- | ---------- | ---------- | |
Other comprehensive income for the period | (1,295) | (44) | (1,321) |
----------
| ----------
| ----------
| |
Total comprehensive income for period | (1,167) | (36) | (806) |
----------
| ----------
| ----------
| |
Equity shareholders' funds brought forward | 5,246 | 6,350 | 6,350 |
Total comprehensive income for the period | (1,167) | (36) | (806) |
Equity dividends paid | (158) | (158) | (298) |
---------- | ---------- | ---------- | |
Equity shareholders' funds | 3,921 | 6,156 | 5,246 |
===== | ===== | ===== | |
CONSOLIDATED STATEMENT OF FINANCIAL POSITION | |||
At 30 September 2012 | At 30 September 2011 | At 31 March 2012 | |
Unaudited | Unaudited | Audited | |
£'000 | £'000 | £'000
| |
Non current assets | |||
Intangible assets | 323 | 203 | 260 |
Property, plant and equipment | 1,824 | 2,072 | 1,948 |
Deferred tax asset | 1,083 | 411 | 696 |
---------- | ---------- | ---------- | |
3,230 | 2,686 | 2,904 | |
---------- | ---------- | ---------- | |
Current assets | |||
Inventories | 2,683 | 2,542 | 2,615 |
Trade and other receivables | 1,601 | 1,636 | 1,873 |
Available for sale financial assets | 1,580 | 1,463 | 1,540 |
Cash and cash equivalents | 284 | 350 | 477 |
---------- | ---------- | ---------- | |
6,148 | 5,991 | 6,505 | |
---------- | ---------- | ---------- | |
Total assets | 9,378 | 8,677 | 9,409 |
---------- | ---------- | ----------
| |
Current liabilities | |||
Trade and other payables | (727) | (859) | (1,092) |
Derivative financial instruments | (7) | - | - |
Current tax payable | (103) | (91) | (62) |
---------- | ---------- | ---------- | |
(837) | (950) | (1,154) | |
---------- | ---------- | ----------
| |
Non current liabilities | |||
Retirement benefit scheme | (4,512) | (1,433) | (2,901) |
Deferred tax liability | (108) | (138) | (108) |
---------- | ---------- | ---------- | |
(4,620) | (1,571) | (3,009) | |
---------- | ---------- | ----------
| |
Total liabilities | (5,457) | (2,521) | (4,163) |
---------- | ---------- | ----------
| |
Net assets | 3,921 | 6,156 | 5,246 |
=====
| =====
| =====
| |
Capital and reserves | |||
Called up share capital | 254 | 254 | 254 |
Capital redemption reserve | 109 | 109 | 109 |
Retained earnings | 3,558 | 5,793 | 4,883 |
---------- | ---------- | ----------
| |
Equity shareholders' funds | 3,921 | 6,156 | 5,246 |
=====
| =====
| =====
| |
CONSOLIDATED CASH FLOW STATEMENT | |||
Half year Ended 30 September 2012 | Half year Ended 30 September 2011 |
Year ended 31 March 2012 | |
Unaudited | Unaudited | Audited | |
£'000
| £'000
| £'000
| |
Net cash flow generated from operations | 141 | 138 | 833 |
Pension contributions | (100) | (100) | (350) |
Income taxes paid | - | - | (93) |
---------- | ---------- | ---------- | |
Net cash flow from operating activities | 41 | 38 | 390 |
----------
| ---------- | ---------- | |
Cash flow from investing activities | |||
Purchases of property, plant and equipment | (64) | (155) | (235) |
Proceeds from sale of property, plant and equipment | 6 | 36 | 46 |
Purchase of intangible assets | (67) | - | (60) |
Purchase of available for sale financial assets | (97) | - | (465) |
Proceeds from sale of available for sale financial assets | 97 | - | 474 |
Interest received | 49 | 36 | 72 |
---------- | ---------- | ---------- | |
Net cash outflow from investing activities | (76) | (83) | (168) |
----------
| ---------- | ---------- | |
Financing | |||
Equity dividends paid | (158) | (158) | (298) |
---------- | ---------- | ---------- | |
Net cash outflow from financing | (158) | (158) | (298) |
---------- | ---------- | ----------
| |
Decrease in cash and cash equivalents | (193) | (203) | (76) |
Cash and cash equivalents at beginning of period | 477 | 553 | 553 |
---------- | ---------- | ---------- | |
Cash and cash equivalents at end of period | 284 | 350 | 477 |
====== | ====== | ===== | |
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 2012 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 2012 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 2011 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 2012 as well as all interpretations issued by the International Financial Reporting Interpretations Committee ("IFRIC") at 30 September 2012.
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 2012. The valuation of inventories is considered to be the main area in terms of significant accounting estimates and judgements.
The retirement benefit scheme liability recognised in these interim accounts reflects the estimated change in the deficit at 30 September 2012 from the movements in discount rates and inflation during the six months.
| |
3 | DIVIDENDS |
An interim dividend of 5.5 pence per share is proposed (30 September 2011: 5.5 pence per share) and will be payable on 25 March 2013 with a record date of 1 March 2013.
| |
4 | EARNINGS PER SHARE |
The basic and diluted earnings per share are calculated by dividing the relevant profit after taxation of £128,000 (30 September 2011: £8,000) by the average number of ordinary shares in issue during the period being 2,534,322 (2011: 2,534,322). The number of shares used in the calculation is the same for both basic and diluted earnings. |