TXH.L Regulatory News (TXH)

14 Apr 2005 09:30

Tex Holdings PLC14 April 2005 TEX HOLDINGS PLC RESULTS ANNOUNCEMENT FOR PERIOD TO 31ST DECEMBER 2004 FOR STOCK EXCHANGE/PRESS RELEASE AT 9.30AM ON THURSDAY 14TH APRIL 2005 Nine months to December Year to March 2004 2004 * Sales £21.6m £31.6m * Pre-tax profit £0.3m £1.63m * Pre-tax return on average capital 3.3% 18.6% employed* Basic earnings per share 2.3pence 20.2 pence * Dividend - Final 1.5 pence 6.5 pence - Period 3.0 pence 10.0 pence Chairman's Statement follows on next page For further information:- Tex Holdings plc Tel: 01473-830144Fax: 01473-832545 Tex Holdings plc Preliminary Announcement 31st December 2004 CHAIRMAN'S STATEMENT Result for 9 months to 31st December 2004Accounting Year Change Tex has changed its accounting year end to 31st December 2004, and adopted acalendar year basis going forward: the reason is as follows. During the period November 2004 to February 2005, a significant corporatetransaction was under serious consideration that required an audited financialplatform and KPMG were thus asked by Tex to conduct an audit as at 31st December2004. The transaction will now not proceed, but the year end change has beenadopted to avoid having excess audit costs within a twelve month period and tobetter fit in with the seasonality of the business. Results and Operations Tex Group turnover for the 9 months amounted to £21.6m compared to £31.6m in the12 months to 31st March 2004 (9 months to 31st December 2003: £23.4m,unaudited). Pre-tax profit earned in the 9 months to 31st December 2004 was£302k compared to £1,630k in the 12 months to 31st March 2004 (9 months to 31stDecember 2003: £1,100k, unaudited). The figures for the shorter period self evidently exclude the January-Marchquarter which is normally a strong trading period for the Group. Of the threedivisions, Plastics performed satisfactorily, with Board & Panels showing betterfigures from the autumn onwards, and with Engineering reflecting poor results to31st December 2004 as a result of weak demand and delayed infrastructureprojects. Prospects and Dividend Trading in the first three calendar months of 2005 was in line with expectationsin Plastics and Boards & Panels but still suffering from delays due to weakdemand in Engineering. There are now signs that the order book is picking up inthis latter division giving rise to more hopeful prospects through to the halfyear. The Board is recommending a final dividend payment of 1.5 pence, making a totalfor the 9 months of 3.0 pence. The final dividend will be paid, subject toshareholder approval, on 8th July 2005 to members on the register as at 10thJune 2005. Staff It has been a difficult and challenging year and I would like to thank staffthroughout the Group for their industry which is much appreciated. ARB BurrowsChairman14th April 2005 Consolidated Profit and Loss Accountfor the period ended 31 December 2004 Nine months Year ended 31 ended 31 March 2004 December 2004 £000 £000 Turnover 21,606 31,571 Cost of sales (15,288) (22,523) Gross profit 6,318 9,048Distribution costs (667) (827)Administrative expenses (5,100) (6,337) Operating profit 551 1,884 Interest payable and similar charges (249) (254) Profit on ordinary activities before taxation 302 1,630Tax on profit on ordinary activities (158) (349) Profit for financial period 144 1,281Dividends on equity shares (190) (635) Retained (loss)/profit for the period (46) 646 Basic earnings per share 2.3p 20.2pDiluted earnings per share 2.3p 20.2p Balance sheetsat 31 December 2004 Group Company 31 December 31 March 31 December 31 March 2004 2004 2004 2004 £000 £000 £000 £000Fixed assetsIntangible assets 236 248 - -Tangible assets 6,615 6,861 8 10Investments - - 12,325 11,587 6,851 7,109 12,333 11,597 Current assetsStocks 5,575 5,289 - -Debtors 8,836 9,429 1,144 1,520Cash at bank and in hand - - - - 14,411 14,718 1,144 1,520Creditors: amounts falling due within one year (10,081) (10,107) (3,980) (3,406) Net current assets/(liabilities) 4,330 4,611 (2,836) (1,886) Total assets less currentliabilities 11,181 11,720 9,497 9,711 Creditors: amountsfalling due after more than one year (1,580) (2,065) (988) (1,417) Provisions for liabilitiesand charges (558) (566) (49) (51) Net assets 9,043 9,089 8,460 8,243 Capital and reservesCalled up share capital 635 635 635 635Share premium account 2,890 2,890 2,890 2,890Capital redemption reserve 16 16 16 16Revaluation reserve 491 491 - -Other reserves - - 977 977Profit and loss account 5,011 5,057 3,942 3,725 Equity shareholders'funds 9,043 9,089 8,460 8,243 Consolidated Cash Flow Statementfor the period ended 31 December 2004 31 December 31 March 2004 2004 £000 £000Cash Flow Statement Cash (outflow)/inflow fromoperating activities (723) 1,878 Returns on investments and servicing of finance (249) (254)Taxation 149 (327)Capital expenditure (391) (1,277)Acquisitions (12) (230)Equity dividends paid (412) (570) Cash (outflow) before (1,638) (780)financing FinancingIssue of Ordinary shares - 22Increase in debt - 498Repayment of debt (429) (564)Capital element offinance lease (132) (382)rental payments ---------- (561) ----------- (426) Decrease in cash in the (2,199) (1,206)period Reconciliation of net cash flow to movement in net debt Decrease in cash in the period (2,199) (1,206)Cash outflow from decrease in loans 429 66Cash outflow from decrease in lease financing 132 382 Change in net debt resulting from cash flows (1,638) (758)New finance leases (28) (865) Movement in net debt in the period (1,666) (1,623)Net debt at the start of the period (3,956) (2,333) Net debt at the end of the period (5,622) (3,956) Notes: 1) The financial information set out above does not constitute the Group'sstatutory accounts for the periods ended 31 March 2004 or 31 December 2004. The financial information for 31 March 2004 is derived from the statutory accounts for 2004 which have been delivered to the registrar of companies. The auditors have reported on the 31 March 2004 accounts; their reportwas unqualified and did not contain a statement under section 237 (2) or (3) of the Companies Act 1985. The statutory accounts for 31 December 2004 will be finalised on the basis of financial information presented by the directors on this preliminary announcement and will be delivered to the registrar of companies following the company's annual generalmeeting. This information is provided by RNS The company news service from the London Stock Exchange