Samuel Heath Regulatory News (HSM)

14 Dec 2006 07:00

Heath(Samuel) & Sons PLC14 December 2006 Samuel Heath & Sons plc Interim Report for the half year ended 30 September 2006 14 December 2006 GROUP PROFIT AND LOSS ACCOUNT The results of the Group for the half year ended 30 September 2006 which havebeen neither audited nor reviewed by our external auditors were as follows :- Restated Half-year Half-Year Year ended ended ended 30 September 30 September 31 March 2006 2005 2006 £000's £000's £000's TURNOVER 6384 5674 11677 ====== ====== ====== GROUP PROFIT before taxation 755 592 1438Deduct : Estimated corporation tax 227 178 375 ------ ------ ------ GROUP PROFIT after taxation 528 414 1063Deduct : Dividends 318 216 496 ------ ------ ------ 210 198 567 ====== ====== ====== *Earnings per share - Basic & Diluted 20.8p 16.3p 41.7p ====== ====== ====== *Earnings per share are based upon 2,541,266 ordinary shares, being the averagenumber of ordinary shares in issue during this half year (2005: £414,000 relatedto 2,546,818 ordinary shares). An interim dividend of 11.0 pence per share is proposed (2005:11.0 pence pershare) and will be payable on 30 March 2007 with a record date of 2 March 2007. CHAIRMAN'S STATEMENT The Company made a profit before taxation in the first six months of our tradingyear to 30 September 2006 of £755,000.This we consider to be very satisfactoryin far from ideal trading conditions. Prices of raw materials show no signs ofeasing, with zinc and nickel joining copper at very high levels. Whilst ourcustomers have been persuaded that the increased prices for our goods areunavoidable, it is not at all clear what effects this will have with theeventual purchaser. We are proposing a same again interim dividend of 11.0 pence per share. The second half has continued like the first, up to the present time. However weare not achieving our budgeted sales figures. The falling dollar will also causeus problems. The final outcome for the year is therefore a long way from beingassured. GROUP BALANCE SHEET 30 September 30 September 31 March 2006 2005 2006 £000's £000's £000'sTangible Fixed Assets 3267 2873 3211 ====== ====== ====== Current Assets 6682 6609 7036 Creditors (1277) (1363) (1945) ------ ------ ------Net Current Assets 5405 5246 5091 ====== ====== ====== Total Assets Less Current Liabilities 8672 8119 8302 Provision for Liabilities and Charges (1094) (1866) (1206) ------ ------ ------ 7578 6253 7096 ====== ====== ======CAPITAL AND RESERVES Called up Share Capital 254 255 255 Other Reserves 7324 5998 6841 ------ ------ ------ 7578 6253 7096 ====== ====== ====== This interim report does not constitute statutory accounts of the group withinthe meaning of section 240 of the Companies Act 1985. Statutory accounts forthe year ended 31 March 2006 have been filed with the Registrar of Companies.The Auditors' report on those accounts was unqualified and did not contain astatement under section 237 of the Companies Act 1985. A copy of this announcement will be sent to all ordinary shareholders. Furthercopies are available to members of the public from the Company's registeredoffice. The interim financial statements have been prepared in accordance withapplicable accounting standards. The accounting policies applied are those setout in the Annual Report and Accounts for the year ended 31 March 2006. GROUP CASH FLOW STATEMENT Half-year ended Half-year ended Year 30 September 30 September ended 2006 2005 31 March 2006 £000's £000's £000's Operating profit 709 530 1340Depreciation charges and loss/surplus on disposals 252 223 435Movement in working capital (1147) (43) (541) ------ ------ ------ Net cash inflow from operating activities (186) 710 1234 Net cash inflow from returns on investments and 46 62 121servicing of finance U.K. Corporation Tax paid - (7) (157) Capital expenditurePurchase of tangible fixed assets (308) (355) (618)Sale of tangible fixed assets - 15 45 Net cash outflow for capital expenditure (308) (340) (573) Management of liquid resourcesMovement in short-term deposits 445 (289) (21) Equity dividends paid (318) (216) (496) ------ ------ ------Increase/(decrease) in cash (321) (80) 108 ====== ====== ====== Operating cash flow Opening cash 2691 2562 2562Movement in cash (321) (80) 108Liquid resources movement (445) 289 21Closing cash 1925 2771 2691 ====== ====== ====== On behalf of the Board S.B. Heath Chairman This information is provided by RNS The company news service from the London Stock Exchange