TXH.L Regulatory News (TXH)

27 Mar 2007 09:19

Tex Holdings PLC27 March 2007 TEX HOLDINGS PLC Registered number 405838 RESULTS ANNOUNCEMENT FOR YEAR ENDED 31ST DECEMBER 2006 FOR STOCK EXCHANGE/PRESS RELEASE ON TUESDAY 27TH MARCH 2007 Results in Brief Year ended 31 Year ended 31 December 2006 December 2005 (unaudited) (audited) £000 £000Revenue 34,498 31,685Profit beforetaxation 907 312Taxation (308) (100)Profit on ordinaryactivities aftertaxation 599 212Total equity 7,919 6,332Net assets pershare 125p 100pBasic earnings pershare 9.4p 3.3pDiluted earningsper share 9.4p 3.3pDividends pershare (based oninterim dividendin the year andfinal dividendproposed) 7.0p 4.0p CHAIRMAN'S STATEMENT Results for year ended 31st December 2006 Results and Operations Tex Group sales for the 12 months to 31st December 2006 amounted to £34.5million compared with £31.7 million in 2005. Pre-tax profit earned in 2006 was £907k compared with £312k in 2005. The improvement in performance was most notable in the Engineering Divisionwhich saw higher turnover, the reversal of some provisions made in the previousyear, offset by a further acceleration in stock amortisation to reflect a moreprudent basis. It is pleasing to note that the Pension Fund deficit recorded in the accountshas reduced from £2.398m as at 31st December 2005 to £360k as at the end of2006. Prospects and Dividend Business levels in the early months of 2007 have broadly commenced in line withexpectations, with the exception of one significant contract in ADR Sales whichis confirmed but with despatch postponed from March to September. The Grouporder book currently stands at £10.2m, which is above the long run average, andthe level of enquiries is encouraging. The stated earnings per share of 9.4 pence are after making provisions amountingto £601k. The Board feels able to recommend a final dividend of 4.0 pence (2005:1.0 pence) which would make a total of 7.0 pence in 2006 (2005: 4.0 pence). Thefinal dividend will be paid, subject to shareholder approval, on 25th July 2007to members on the register as at 22nd June 2007. Staff It has been another busy and demanding year which has seen a recovery inprofitability, and I would like to thank staff at all levels in the Group fortheir contribution. ARB BurrowsChairman27th March 2007 Consolidated Income Statement For the year ended 31 December 2006 Year ended 31 Year ended December 2006 31December 2005 (unaudited) (audited) £000 £000Revenue 34,498 31,685Cost of Sales (25,537) (23,491) --------- --------Gross Profit 8,961 8,194Selling andMarketing Costs (966) (1,000)AdministrativeExpenses (6,730) (6,446) --------- --------Operating Profitbefore financecosts 1,265 748Finance costs (358) (436) --------- --------Profit before Tax 907 312Taxation (308) (100) --------- --------Profit for theYear 599 212 ========= ======== Earnings per shareBasic 9.4p 3.3p ========= ======== Diluted 9.4p 3.3p ========= ======== All of the activities of the group relate to continuing operations. All the amounts are attributable to the equity holders of the parent company.Statements of recognised income and expense For the year ended 31 December 2006 Year ended 31 Year ended 31 December 2006 December 2005 (unaudited) (audited) £000 £000Actuarial gainsand losses ondefined benefitpension plans 1774 14Tax recognised onincome andexpensesrecogniseddirectly inequity (532) (4) --------- ---------Net incomerecogniseddirectly inequity 1,242 10Profit for theyear 599 212 --------- ---------Total recognisedincome andexpense 1,841 222 ========= ========= Consolidated Balance Sheet At 31 December 2006 31 December 31 December 2006 2005 (unaudited) (audited) £000 £000Assets Non Current Assets Property, Plant and Equipment 7,003 7,408Goodwill 252 252Deferred Tax Assets - 216 --------- --------- 7,255 7,876 --------- ---------Current AssetsStocks 5,214 5,412Trade and Other Receivables 7,402 8,059Tax receivable - 113Cash and Cash Equivalents - - --------- --------- 12,616 13,584 --------- ---------Total Assets 19,871 21,460 ========= ========= EquityCapital and Reserves attributable to theEquity holders of the parentShare Capital 635 635Other Reserves 2,906 2,906Retained Earnings 4,378 2,791 --------- ---------Total Equity 7,919 6,332 --------- --------- Liabilities Non-Current LiabilitiesOther interest bearing loans andborrowings 1,853 2,423Deferred tax liabilities 455 -Employee benefits 360 2,398 --------- --------- 2,668 4,821 --------- ---------Current LiabilitiesBank overdraft 2,014 2,897Other interest bearing loans andborrowings 520 738Trade and Other Payables 6,586 6,672Tax payable 164 - --------- --------- 9,284 10,307 --------- ---------Total Liabilities 11,952 15,128 --------- ---------Total Equity and Liabilities 19,871 21,460 ========= ========= Consolidated Statement of Changes in Equity For the year ended 31 December 2006 Share Capital Share Premium Retained Total Capital Reserve Account Earnings £000 £000 £000 £000 £000Balance at1 635 16 2,890 2,951 6,492January2005Profit forthe - - - 212 212YearPensionfundactuarial - - - 10 10movementDividendRelating to2005 - - - (382) (382) ------ ------ ------- ------- -------Balance at1 635 16 2,890 2,791 6,332January2006Profit forthe - - - 599 599YearPensionfundactuarial - - - 1,242 1,242movementDividendRelating to2006 - - - (254) (254) ------ ------ ------- ------- -------Balance at31 635 16 2,890 4,378 7,919December ====== ====== ======= ======= =======2006 The aggregate current and deferred tax relating to items that are charged orcredited to equity is £532,000 (2005: £4,000). All the amounts are attributable to the equity holders of the parent company.Consolidated Cash Flow Statement For the year ended 31 December 2006 Year ended 31 Year ended 31 December 2006 December 2005 (unaudited) (audited) £000 £000Cash flows from operating activitiesProfit for theyear 599 212Adjustments for :Depreciation 947 938Financialexpense 358 436Gain on saleof propertyplant andequipment - (23)Taxation 308 100 --------- ---------Operatingprofit beforechanges inworkingcapital andprovisions 2,212 1,663Decrease intrade andotherreceivables 657 617Decrease instock 198 163Increase/(decrease) in tradeand otherpayables (86) 1,316(Decrease) inemployeebenefitsprovision (316) (666) --------- ---------Cash generatedfromoperations 2,665 3,093Income taxrefunded/(paid) 108 (656) --------- ---------Net cashgenerated fromoperatingactivities 2,773 2,437 --------- --------- Cash flows from investing activitiesPurchases ofproperty,plant andequipment(PPE) (579) (884)Proceeds fromsale of PPE 37 77 --------- ---------Net cash usedin investingactivities (542) (807) --------- --------- Cash flows from financing activitiesRepayments ofborrowings (403) (573)Finance leasepayments (385) (165)Interest paid (306) (336)Dividends paidto Company'sshareholders (254) (382) --------- ---------Net cash usedin financingactivities (1,348) (1,456) --------- --------- Net increasein bankoverdraft 883 174Cash and cashequivalents atbeginning ofthe year (2,897) (3,071) --------- ---------Cash and cashequivalents atend of theyear (2,014) (2,897) ========= ========= Notes: 1) The financial information set out above does not constitute the Group'sstatutory accounts for the years ended 31 December 2005 or 31 December 2006. The statutoryaccounts for 31 December 2006 will be finalised on the basis of financialinformation presented by the directors on this preliminary announcement and willbe delivered to the registrar of companies following the company's annualgeneral meeting. This information is provided by RNS The company news service from the London Stock Exchange