19 Mar 2014 10:10
Tex Holdings plc Preliminary Announcement 31st December 2013 Registered number 00405838 |
CHAIRMAN'S STATEMENT
Results for year ended 31st December 2013
Results and Operations
Tex Group sales to December 2013 were £1,000,000 down on the previous year as a result of the absence of new projects in the contracting businesses. Profitability was impacted by the delays in contracting projects. Revised pension accounting has also had an impact on the pre-tax profit for the year.
The Plastics Division achieved stable performance. The Engineering Division was significantly affected by the performance of the contracting businesses. The Boards and Panels Division continued its performance improvement on the back of sales growth.
The Group's net assets per share have increased from 113 pence to 145 pence, of which 28 pence per share was due to the movement in the pension scheme deficit. The deficit is very sensitive to small movements in financial markets and is therefore open to fluctuations in both directions.
Prospects and Dividends
Orders for the first quarter are in line with expectations but we still consider a degree of caution is warranted as prospects for growth are uncertain in several major economies.
Due to the fall in the pre-tax profit, we recommend a final dividend of 2.5 pence (2012: 3.0 pence), making an overall payment in respect of the year of 4.0 pence (2012: 4.5 pence).
The final dividend will be paid, subject to shareholder approval, on 18th July 2014 to members on the register as at 20th June 2014.
Staff
I would like to thank staff at all levels in the Group for their contribution to the result for the year in the current demanding times.
ARB Burrows
Chairman
18th March 2014
RESULTS IN BRIEF
| Year ended 31/12/13 | Year ended 31/12/12 |
| £000 | £000 |
Revenue | 38,379 | 38,997 |
Profit before taxation | 744 | 1,109 |
Taxation | (164) | (233) |
Profit on ordinary activities after taxation | 580 | 876 |
Total equity | 9,209 | 7,176 |
Net assets per share | 145p | 113p |
Basic earnings per share | 9.1p | 13.8p |
Diluted earnings per share | 9.1p | 13.8p |
Dividend per share (based on interim dividend in the year and final dividend proposed) | 4.0p | 4.5p |
Consolidated Income Statement
for the year ended 31st December 2013
Year ended 31/12/13 | Year ended 31/12/12 | |
£000 | £000 | |
Revenue | 38,379 | 38,997 |
Cost of sales | (29,256) | (29,646) |
Gross profit | 9,123 | 9,351 |
Selling and marketing costs | (905) | (906) |
Administrative expenses | (7,214) | (7,159) |
Operating profit | 1,004 | 1,286 |
Finance costs | (260) | (177) |
Profit before taxation | 744 | 1,109 |
Taxation | (164) | (233) |
Profit for the year attributable to the equity holders of the Parent | 580 | 876 |
Earnings per share | ||
Basic and diluted | 9.1p | 13.8p |
Consolidated Statement of Comprehensive Income
for the year ended 31st December 2013
Year ended 31/12/13 | Year ended 31/12/12 | |
£000 | £000 | |
Profit for the year attributable to the equity holders of the Parent | 580 | 876 |
Other comprehensive income/(expense) | ||
Items that may subsequently be reclassified to profit or loss: | ||
Change in value of available-for-sale financial assets | (37) | 24 |
Items that will not subsequently be reclassified to profit or loss: | ||
Actuarial gain/(loss) on defined benefit pension plans | 2,313 | (295) |
Tax recognised on expenses and income recognised directly in equity | (537) | 72 |
1,776 | (223) | |
Other comprehensive income for the year | 1,739 | (199) |
Total comprehensive income for the year attributable to the equity holders of the Parent | 2,319 | 677 |
Consolidated Balance Sheet
at 31st December 2013
31/12/13 | 31/12/12 | ||||
£000 | £000 | ||||
Assets | |||||
Non-current assets | |||||
Property, plant and equipment | 6,058 | 5,764 | |||
Investments | - | - | |||
Deferred tax assets | 353 | 873 | |||
6,411 | 6,637 | ||||
Current assets | |||||
Inventories | 6,128 | 6,296 | |||
Trade and other receivables | 10,059 | 11,205 | |||
Available-for-sale financial assets | 253 | 495 | |||
16,440 | 17,996 | ||||
Total assets | 22,851 | 24,633 | |||
Equity | |||||
Capital and reserves attributable to the equity holders of the Parent | |||||
Share capital | 635 | 635 | |||
Other reserves | 2,906 | 2,906 | |||
Retained earnings | 5,668 | 3,635 | |||
Total equity | 9,209 | 7,176 | |||
Liabilities | |||||
Non-current liabilities | |||||
Other interest-bearing loans and borrowings | 2,332 | 2,867 | |||
Employee benefits | 1,370 | 3,636 | |||
3,702 | 6,503 | ||||
Current liabilities | |||||
Bank overdraft | 1,106 | 1,525 | |||
Other interest-bearing loans and borrowings | 713 | 776 | |||
Trade and other payables | 7,580 | 7,933 | |||
Provisions for other liabilities and charges | 270 | 473 | |||
Tax payable | 271 | 247 | |||
9,940 | 10,954 | ||||
Total liabilities | 13,642 | 17,457 | |||
Total equity and liabilities | 22,851 | 24,633 | |||
This financial information was approved by the Board of Directors on 18th March 2014 and was signed on its behalf by:
A R B Burrows C A Parker
Director Director
Consolidated Statement of Changes in Equity
at 31st December 2013
Share capital | Capital reserve | Share premium account | Retained earnings | Total | |
£000 | £000 | £000 | £000 | £000 | |
Balance at 1st January 2012 | 635 | 16 | 2,890 | 3,312 | 6,753 |
Profit for the year | - | - | - | 876 | 876 |
Change in value of available-for-sale financial assets | - | - | - | 24 | 24 |
Pension fund actuarial movement net of tax | - | - | - | (223) | (223) |
Dividends paid | - | - | - | (254) | (254) |
Balance at 1st January 2013 | 635 | 16 | 2,890 | 3,635 | 7,176 |
Profit for the year | - | - | - | 580 | 580 |
Change in value of available-for-sale financial assets | - | - | - | (37) | (37) |
Pension fund actuarial movement net of tax | - | - | - | 1,776 | 1,776 |
Dividends paid | - | - | - | (286) | (286) |
Balance at 31st December 2013 | 635 | 16 | 2,890 | 5,668 | 9,209 |
The aggregate current and deferred tax relating to items that are charged or credited to equity is £497,000 (2012: £72,000).
Consolidated Cash Flow Statement
for the year ended 31st December 2013
Year ended 31/12/13 | Year ended 31/12/12 | ||||
£000 | £000 | ||||
Cash flows from operating activities | |||||
Profit for the year | 580 | 876 | |||
Adjustments for: | |||||
Depreciation | 1,141 | 1,086 | |||
Financial expense | 260 | 177 | |||
Taxation | 164 | 233 | |||
2,145 | 2,372 | ||||
Decrease/(increase) in trade and other receivables | 1,146 | (3,015) | |||
Decrease in inventories | 168 | 13 | |||
(Decrease)/increase in trade and other payables | (303) | 564 | |||
(Decrease)/increase in provisions | (253) | 473 | |||
Decrease in employee benefits | (100) | (100) | |||
Cash generated from operations | 2,803 | 307 | |||
Taxation paid | (157) | (523) | |||
Net cash generated from operating activities | 2,646 | (216) | |||
Cash flows from investing activities | |||||
Purchases of property, plant and equipment | (1,494) | (955) | |||
Proceeds from sale of property, plant and equipment | 59 | 39 | |||
Available-for-sale financial assets | 205 | (471) | |||
Net cash used in investing activities | (1,230) | (1,387) | |||
Cash flows from financing activities | |||||
New borrowings | 226 | 2,258 | |||
Repayments of borrowings | (432) | (669) | |||
Finance lease payments | (392) | (438) | |||
Interest paid | (113) | (166) | |||
Dividends paid | (286) | (254) | |||
Net cash used in financing activities | (997) | 731 | |||
Net increase/(decrease) in cash and cash equivalents | 419 | (872) | |||
Cash and cash equivalents at beginning of the year | (1,525) | (653) | |||
Cash and cash equivalents at end of the year | (1,106) | (1,525) | |||
Notes:
The financial information set out above does not constitute the Group's statutory accounts for the years ended 31st December 2012 or 31st December 2013 and is unaudited. The auditor has not yet reported on the statutory accounts for 31st December 2013. The statutory accounts for 31st December 2013, together with audit report thereon, will be finalised on the basis of financial information presented by the Directors and will be posted to shareholders and available on the Company's website shortly. The statutory accounts for 31st December 2013 will be delivered to the Registrar of Companies following the Company's Annual General Meeting.