17 Apr 2018 11:00
Tex Holdings plc Preliminary Announcement 31st December 2017 Registered number 00405838 |
CHAIRMAN'S STATEMENT
Results for year ended 31st December 2017
Results and operations
Tex Group sales increased to £42,000,000 from £41,000,000. Gross margins increased marginally as a result of the increase of prices to reflect increased costs and a richer mix of sales.
The Plastics Division profits have increased marginally as a result of increased volumes. The Engineering Division has slipped after incurring £268,000 of costs re the relocation of G&M TEX and Eurotex International to Claydon Business Park, completing the consolidation of the Engineering operations onto one site. The Boards & Panels Division also improved its performance through increased trading volumes.
The Group's net assets per share have increased to 168p from 155p, mainly driven this year by the reduction in the pension scheme deficit, arising as a result of actuarial gains.
Prospects and dividends
Orders for 2018 have been strong in a number of the companies, but some continue to await decisions on various projects.
We recommend a final dividend of 6.0 pence (2016: 6.0 pence), making an overall payment in respect of the year of 8.5 pence (2016: 8.5 pence) per share.
The final dividend will be paid, subject to shareholder approval, on 20th July 2018 to members on the register as at 21st June 2018.
Staff
I would like to thank staff at all levels in the Group for their contribution to the result for the year.
ARB Burrows
Chairman
16th April 2018
RESULTS IN BRIEF
| Year ended 31/12/17 | Year ended 31/12/16
|
| £000 | £000 |
Revenue | 41,505 | 41,386 |
Profit before taxation | 927 | 1,107 |
Taxation | (197) | (199) |
Profit after taxation | 730 | 908 |
Total equity | 10,639 | 9,830 |
Net assets per share | 168p | 155p |
Basic earnings per share | 11.5p | 14.3p |
Diluted earnings per share | 11.5p | 14.3p |
Dividends per share (based on interim dividend in the year and final dividend proposed) | 8.5p | 8.5p |
Consolidated Income Statement
for the year ended 31st December 2017
Year ended 31/12/17 | Year ended 31/12/16 | ||
£000 | £000 | ||
Revenue | 41,505 | 41,386 | |
Cost of sales | (30,781) | (31,346) | |
Gross profit | 10,724 | 10,040 | |
Distribution costs | (1,073) | (1,072) | |
Administrative expenses | (8,568) | (7,714) | |
Operating profit | 1,083 | 1,254 | |
Finance costs | (156) | (147) | |
Profit before taxation | 927 | 1,107 | |
Taxation | (197) | (199) | |
Profit for the year attributable to the equity holders of the Parent Company | 730 | 908 | |
Earnings per share attributable to the equity holders of the Parent Company | |||
Basic and diluted | 11.5p | 14.3p |
Consolidated Statement of Comprehensive Income
for the year ended 31st December 2017
| Year ended 31/12/17 | Year ended 31/12/16 | |
£000 | £000 | ||
Profit for the year attributable to the equity holders of the Parent Company | 730 | 908 | |
Other comprehensive income | |||
Items that will not subsequently be reclassified to profit or loss: | |||
Actuarial gain/(loss) on defined benefit pension plans | 767 | (50) | |
Deferred taxation recognised on actuarial (gain)/loss on defined benefit pension plan recognised directly in equity |
(148) |
10 | |
Other comprehensive income/(expense) for the year | 619 | (40) | |
Total comprehensive income for the year attributable to the equity holders of the Parent Company | 1,349 | 868 | |
Consolidated Balance Sheets
at 31st December 2017
31/12/17 | 31/12/16 | ||||
£000 | £000 | ||||
Assets | |||||
Non-current assets | |||||
Property, plant and equipment | 6,557 | 5,864 | |||
Deferred taxation assets | 20 | 187 | |||
6,577 | 6,051 | ||||
Current assets | |||||
Inventories | 6,798 | 6,883 | |||
Trade and other receivables | 11,392 | 10,620 | |||
18,190 | 17,503 | ||||
Total assets | 24,767 | 23,554 | |||
Equity | |||||
Capital and reserves attributable to the equity holders of the Parent Company | |||||
Share capital | 635 | 635 | |||
Capital reserve | 16 | 16 | |||
Share premium account | 2,890 | 2,890 | |||
Retained earnings | 7,098 | 6,289 | |||
Total equity | 10,639 | 9,830 | |||
Liabilities | |||||
Non-current liabilities | |||||
Other interest-bearing loans and borrowings | 2,159 | 2,621 | |||
Employee benefits | 662 | 1,492 | |||
2,821 | 4,113 | ||||
Current liabilities | |||||
Bank overdraft | 1,737 | 243 | |||
Other interest-bearing loans and borrowings | 971 | 887 | |||
Trade and other payables | 8,184 | 8,021 | |||
Provisions | 199 | 199 | |||
Taxation payable | 216 | 261 | |||
11,307 | 9,611 | ||||
Total liabilities | 14,128 | 13,724 | |||
Total equity and liabilities | 24,767 | 23,554 | |||
These financial statements were approved by the Board of Directors on 16th April 2018 and were signed on its behalf by:
ARB Burrows CA Parker
Director Director
Registered number: 00405838Consolidated Statements of Changes in Equity
at 31st December 2017
Share capital | Capital reserve | Share premium account | Retained earnings | Total | |
£000 | £000 | £000 | £000 | £000 | |
Balance at 1st January 2016 | 635 | 16 | 2,890 | 5,897 | 9,438 |
Profit for the year | - | - | - | 908 | 908 |
Pension fund actuarial movement net of taxation | -
| -
| -
| (40)
| (40)
|
Total comprehensive income | - | - | - | 868 | 868 |
Contributions by and distributions to owners: | |||||
Dividends paid | - | - | - | (476) | (476) |
Balance at 31st December 2016 and 1st January 2017 | 635 | 16 | 2,890 | 6,289 | 9,830 |
Profit for the year | - | - | - | 730 | 730 |
Pension fund actuarial movement net of taxation | - | - | - | 619 | 619 |
Total comprehensive income | - | - | - | 1,349 | 1,349 |
Contributions by and distributions to owners: | |||||
Dividends paid | - | - | - | (540) | (540) |
Balance at 31st December 2017 | 635 | 16 | 2,890 | 7,098 | 10,639 |
Consolidated Cash Flow Statements
for the year ended 31st December 2017
Year ended 31/12/17 | Year ended 31/12/16 | ||||
£000 | £000 | ||||
Cash flows from operating activities | |||||
Profit for the year | 730 | 908 | |||
Adjustments for: | |||||
Depreciation | 1,135 | 1,082 | |||
Loss on sale of fixed assets | 10 | - | |||
Financial expense | 156 | 147 | |||
Taxation | 197 | 199 | |||
2,228 | 2,336 | ||||
Increase in trade and other receivables | (772) | (1,079) | |||
Decrease/(increase) in inventories | 85 | (337) | |||
Increase in trade and other payables |
163 |
540 | |||
Contribution to defined benefit scheme | (100) | (100) | |||
Cash generated from operations | 1,604 | 1,360 | |||
Taxation paid | (223) | (254) | |||
Net cash generated from operating activities | 1,381 | 1,106 | |||
Cash flows from investing activities | |||||
Purchases of property, plant and equipment | (1,188) | (837) | |||
Proceeds from sale of property, plant and equipment | 39 | 16 | |||
Net cash used in investing activities | (1,149) | (821) | |||
Cash flows from financing activities | |||||
New borrowings | - | 2,000 | |||
Repayments of borrowings | (534) | (632) | |||
Finance lease payments | (532) | (339) | |||
Interest paid | (120) | (93) | |||
Dividends paid | (540) | (476) | |||
Net cash (used in)/generated from financing activities | (1,726) | 460 | |||
Net (decrease)/increase in cash and cash equivalents | (1,494) | 745 | |||
Cash and cash equivalents at beginning of the year | (243) | (988) | |||
Cash and cash equivalents at end of the year | (1,737) | (243) | |||
Notes:
The financial information set out above does not constitute the Company's statutory accounts for the years ended 31st December 2016 or 31st December 2017 and is unaudited. The auditor has not yet reported on the statutory accounts for 31st December 2017. The statutory accounts for 31st December 2017 will be delivered to the Registrar of Companies following the Company's Annual General Meeting.
Statutory accounts for 2016 have been delivered to the Registrar of Companies. The auditor has reported on the accounts for 2016 and their report was unqualified and did not draw attention to any matters by way of emphasis and did not contain a statement under 498(2) or 498(3) of the Companies Act 2006.