12 Apr 2016 12:03
Tex Holdings plc Preliminary Announcement 31st December 2015 Registered number 00405838 |
CHAIRMAN'S STATEMENT
Results for year ended 31st December 2015
Results and Operations
Tex Group sales to December 2015 remained static, with the product mix pulling the gross profit percentage down. This was compensated by reductions in overheads.
The Plastics Division profits were stable. The Engineering Division achieved a majority of the improvement in profits for the Group in the current year partly as a result of the establishment of G&M TEX Ltd during the year. The Boards & Panels Division performance remained stable.
The Group's net assets per share have returned to the 2013 levels as a result of the movement in the Pension Scheme deficit. It should be noted that this return to these levels is after the special dividend to shareholders.
Prospects and Dividends
Orders for the first quarter within the Engineering and the Boards & Panels Divisions have been strong, whilst the order intakes in the Plastics Division have been subdued. It is a comfort to have opened strongly. The Board however remains aware of the potential for overall performance to be affected by the uncertainty of world events.
Due to the increase in the pre-tax profit and the solid opening to the new year, we recommend a final dividend of 5.0 pence (2014: 4.0 pence), making an overall payment in respect of the year of 22.0 pence (2014: 6.0 pence) including the special dividend of 15.0 pence which was paid to shareholders 24th November 2015.
The final dividend will be paid, subject to shareholder approval, on 22nd July 2016 to members on the register as at 24th June 2016.
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
11th April 2016
RESULTS IN BRIEF
| Year ended 31/12/15 | Year ended 31/12/14
|
| £000 | £000 |
Revenue | 36,046 | 36,021 |
Profit before taxation | 1,493 | 1,179 |
Taxation | (329) | (312) |
Profit after taxation | 1,164 | 867 |
Total equity | 9,438 | 8,730 |
Net assets per share | 149p | 137p |
Basic earnings per share | 18.3p | 13.7p |
Diluted earnings per share | 18.3p | 13.7p |
Dividends per share (based on interim dividend in the year, special dividend and final dividend proposed) | 22.0p | 6.0p |
Consolidated Income Statement
for the year ended 31st December 2015
|
| Year ended 31/12/15 | Year ended 31/12/14 |
|
| £000 | £000 |
Revenue |
| 36,046 | 36,021 |
Cost of sales |
| (25,932) | (25,797) |
Gross profit |
| 10,114 | 10,224 |
Distribution costs |
| (962) | (912) |
Administrative expenses |
| (7,497) | (7,942) |
Operating profit |
| 1,655 | 1,370 |
Finance costs |
| (162) | (191) |
Profit before taxation |
| 1,493 | 1,179 |
Taxation |
| (329) | (312) |
Profit for the year attributable to the equity holders of the Parent Company |
| 1,164 | 867 |
|
|
|
|
Earnings per share |
|
|
|
Basic and diluted |
| 18.3p | 13.7p |
Consolidated Statement of Comprehensive Income
for the year ended 31st December 2015
| Year ended 31/12/15 | Year ended 31/12/14 |
| £000 | £000 |
Profit for the year attributable to the equity holders of the Parent Company | 1,164 | 867 |
|
|
|
Other comprehensive income |
|
|
Items that may subsequently be reclassified to profit or loss: |
|
|
Change in value of available-for-sale financial assets | - | 12 |
|
|
|
Items that will not subsequently be reclassified to profit or loss: |
|
|
Actuarial gain/(loss) on defined benefit pension plans | 1,089 | (1,263) |
Taxation recognised on expenses and income recognised directly in equity | (218) | 191 |
| 871 | (1,072) |
|
|
|
Other comprehensive income/(expense) for the year | 871 | (1,060) |
Total comprehensive income/(expenses) for the year attributable to the equity holders of the Parent Company | 2,035 | (193) |
|
|
|
Balance Sheets
at 31st December 2015
|
|
|
| ||
|
|
|
| 31/12/15 | 31/12/14 |
|
|
|
| £000 | £000 |
Assets |
|
|
|
|
|
Non-current assets |
|
|
|
|
|
Property, plant and equipment |
|
|
| 5,577 | 5,448 |
Deferred taxation assets |
|
|
| 165 | 423 |
|
|
|
| 5,742 | 5,871 |
Current assets |
|
|
|
|
|
Inventories |
|
|
| 6,546 | 5,879 |
Trade and other receivables |
|
|
| 9,541 | 9,762 |
Cash and cash equivalents |
|
|
| - | 358 |
|
|
|
| 16,087 | 15,999 |
Total assets |
|
|
| 21,829 | 21,870 |
|
|
|
|
|
|
Equity |
|
|
|
|
|
Capital and reserves attributable to the equity holders of the Parent Company |
|
|
|
|
|
Share capital |
|
|
| 635 | 635 |
Other reserves |
|
|
| 2,906 | 2,906 |
Retained earnings |
|
|
| 5,897 | 5,189 |
Total equity |
|
|
| 9,438 | 8,730 |
Liabilities |
|
|
|
|
|
Non-current liabilities |
|
|
|
|
|
Other interest-bearing loans and borrowings |
|
|
| 1,155 | 1,676 |
Employee benefits |
|
|
| 1,488 | 2,591 |
|
|
|
| 2,643 | 4,267 |
Current liabilities |
|
|
|
|
|
Bank overdraft |
|
|
| 988 | - |
Other interest-bearing loans and borrowings |
|
|
| 776 | 722 |
Trade and other payables |
|
|
| 7,481 | 7,880 |
Provisions |
|
|
| 199 | 100 |
Taxation payable |
|
|
| 304 | 171 |
|
|
|
| 9,748 | 8,873 |
Total liabilities |
|
|
| 12,391 | 13,140 |
Total equity and liabilities |
|
|
| 21,829 | 21,870 |
These financial statements were approved by the Board of Directors on 11th April 2016 and were signed on its behalf by:
ARB Burrows CA Parker
Director Director
Registered number: 00405838Statements of Changes in Equity
at 31st December 2015
| Share capital | Capital reserve | Share premium account | Retained earnings | Total |
Consolidated | £000 | £000 | £000 | £000 | £000 |
Balance at 1st January 2014 | 635 | 16 | 2,890 | 5,668 | 9,209 |
Profit for the year | - | - | - | 867 | 867 |
Change in value of available-for-sale financial assets | - | - | - | 12 | 12 |
Pension fund actuarial movement net of deferred taxation | - | - | - | (1,072) | (1,072) |
Dividends paid | - | - | - | (286) | (286) |
Balance at 1st January 2015 | 635 | 16 | 2,890 | 5,189 | 8,730 |
Profit for the year | - | - | - | 1,164 | 1,164 |
Pension fund actuarial movement net of deferred taxation | -
| -
| -
| 871
| 871
|
Dividends paid | - | - | - | (1,327) | (1,327) |
Balance at 31st December 2015 | 635 | 16 | 2,890 | 5,897 | 9,438 |
The aggregate current and deferred taxation relating to items that are charged or credited to equity is £218,000 (2014: £191,000).
Cash Flow Statements
for the year ended 31st December 2015
|
|
|
| |||
|
|
|
| Year ended 31/12/15 | Year ended 31/12/14 | |
|
|
|
| £000 | £000 | |
Cash flows from operating activities |
|
|
|
|
| |
Profit for the year |
|
|
| 1,164 | 867 | |
Adjustments for : |
|
|
|
|
| |
Depreciation |
|
|
| 1,050 | 1,094 | |
Profit on sale of fixed assets |
|
|
| (81) | (1) | |
Financial expense |
|
|
| 162 | 191 | |
Taxation |
|
|
| 329 | 312 | |
|
|
|
| 2,624 | 2,463 | |
Decrease in trade and other receivables |
|
|
| 221 | 297 | |
(Increase)/Decrease in inventories |
|
|
| (667) | 249 | |
(Decrease)/increase in trade and other payables |
|
|
| (399) | 300 | |
Increase/(decrease) in provisions |
|
|
| 99 | (170) | |
Decrease in employee benefits |
|
|
| (100) | (100) | |
Cash generated from operations |
|
|
| 1,778 | 3,039 | |
Taxation paid |
|
|
| (156) | (291) | |
Net cash generated from operating activities |
|
|
| 1,622 | 2,748 | |
Cash flows from investing activities |
|
|
|
|
| |
Purchases of property, plant and equipment |
|
|
| (1,267) | (859) | |
Proceeds from sale of property, plant and equipment |
|
|
| 169 | 376 | |
Available-for-sale financial assets |
|
|
| - | 265 | |
Net cash used in investing activities |
|
|
| (1,098) | (218) | |
Cash flows from financing activities |
|
|
|
|
| |
New borrowings |
|
|
| 322 | 147 | |
Repayments of borrowings |
|
|
| (432) | (432) | |
Finance lease payments |
|
|
| (357) | (362) | |
Interest paid |
|
|
| (76) | (133) | |
Dividends paid |
|
|
| (1,327) | (286) | |
Net cash used in financing activities |
|
|
| (1,870) | (1,066) | |
|
|
|
|
|
| |
Net (decrease)/increase in cash and cash equivalents |
|
|
| (1,346) | 1,464 | |
Cash and cash equivalents at beginning of the year |
|
|
| 358 | (1,106) | |
Cash and cash equivalents at end of the year |
|
|
| (988) | 358 | |
Notes:
The financial information set out above does not constitute the Group's statutory accounts for the years ended 31st December 2014 or 31st December 2015 and is unaudited. The auditor has not yet reported on the statutory accounts for 31st December 2015. The statutory accounts for 31st December 2015, 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 2015 will be delivered to the Registrar of Companies following the Company's Annual General Meeting.