7 Apr 2010 16:35
| Tex Holdings plc Preliminary Announcement 31st December 2009 Registered number 405838 |
Results in Brief
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| Year ended 31 December 2009 (audited) | Year ended 31 December 2008 (audited) |
|
| £000 | £000 |
| Revenue | 33,013 | 35,761 |
| Profit before taxation | 418 | 399 |
| Taxation | (134) | (280) |
| Profit on ordinary activities after taxation | 284 | 119 |
| Total equity | 6,329 | 6,113 |
| Net assets per share | 100p | 96p |
| Basic earnings per share | 4.5p | 1.9p |
| Diluted earnings per share | 4.5p | 1.9p |
| Dividends per share (based on interim dividend in the year and final dividend proposed) | 2.0p | 5.5p |
CHAIRMAN'S STATEMENT
Results for year ended 31st December 2009
Results and Operations
Tex Group sales for the 12 months to 31st December 2009 amounted to £33.0m compared with £35.8m in 2008. The past year has been a year of retrenchment given the state of the economy.
Pre-tax profit earned in 2009 was £418,000 compared with £399,000 in 2008.
The Plastics Division and the Boards & Panels Division continued to suffer from the economic conditions, with the necessary contraction in costs to maintain viability. The performance of the Engineering Division was also impacted by the economic trading conditions.
Prospects and Dividend
Business levels in the early months of 2010 have been subdued, sales in the Engineering Division have contracted as expected. As a Group, the necessary cost realignment has occurred and the position continues to be monitored.
The Group order book has now returned to its historic level following the highs of recent years.
The Board feels able to recommend a final dividend of 1.0 pence (2008: 1.0 pence) which would make a total of 2.0 pence in 2009 (2008: 5.5 pence). The final dividend will be paid, subject to shareholder approval, on 23rd July 2010 to members on the register as at 18th June 2010.
Staff
It has been another busy and demanding year requiring a number of difficult decisions, and I would like to thank staff at all levels in the Group for their contribution.
ARB Burrows
Chairman
7th April 2010
Consolidated Income Statement
For the year ended 31 December 2009
|
|
| Year ended 31/12/09 (audited) | Year ended 31/12/08 (audited) |
|
|
| £000 | £000 |
| Revenue |
| 33,013 | 35,761 |
| Cost of sales |
| (24,947) | (26,741) |
| Gross profit |
| 8,066 | 9,020 |
| Selling and marketing costs |
| (495) | (879) |
| Other administrative expenses |
| (6,880) | (7,256) |
| Restructuring costs |
| - | (377) |
| Administrative expenses |
| (6,880) | (7,633) |
| Operating profit |
| 691 | 508 |
| Finance costs |
| (273) | (109) |
| Profit before tax |
| 418 | 399 |
| Taxation |
| (134) | (280) |
| Profit for the year attributable to the equity holders of the parent |
| 284 | 119 |
|
|
|
|
|
| Earnings per share |
|
|
|
| Basic and diluted |
| 4.5p | 1.9p |
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 2009
|
|
| Year ended 31 December 2009 (audited) | Year ended 31 December 2008 (audited) |
|
|
| £000 | £000 |
| Profit for the year |
| 284 | 119 |
| Actuarial gains and losses on defined benefit pension plans |
| 82 | (2,604) |
| Tax recognised on income and expense recognised directly in equity |
| (23) | 729 |
| Net income/(expense) recognised directly in equity |
| 59 | (1,875) |
| Total recognised income and expense attributable to the equity holders of the parent |
| 343 | (1,756) |
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|
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Consolidated Balance Sheet
At 31 December 2009
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| ||
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|
|
| 31 December 2009 (audited) | 31 December 2008 (audited) |
|
|
|
|
| £000 | £000 |
| Assets |
|
|
|
|
|
|
|
|
|
|
|
|
| Non-current assets |
|
|
|
|
|
|
|
|
|
|
|
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| Property, plant and equipment |
|
|
| 6,104 | 6,599 |
| Intangible assets |
|
|
| 218 | 318 |
| Deferred tax assets |
|
|
| 145 | 125 |
|
|
|
|
| 6,467 | 7,042 |
| Current assets |
|
|
|
|
|
| Stocks |
|
|
| 5,234 | 5,409 |
| Trade and other receivables |
|
|
| 7,229 | 6,358 |
| Cash and cash equivalents |
|
|
| 38 | - |
|
|
|
|
| 12,501 | 11,767 |
| Total Assets |
|
|
| 18,968 | 18,809 |
|
|
|
|
|
|
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| Equity |
|
|
|
|
|
| Capital and reserves attributable to the equity holders of the parent |
|
|
|
|
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| Share capital |
|
|
| 635 | 635 |
| Other reserves |
|
|
| 2,906 | 2,906 |
| Retained earnings |
|
|
| 2,788 | 2,572 |
| Total equity |
|
|
| 6,329 | 6,113 |
|
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|
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| Liabilities |
|
|
|
|
|
|
|
|
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|
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| Non-current liabilities |
|
|
|
|
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| Other interest bearing loans and borrowings |
|
|
| 2,628 | 1,692 |
| Employee benefits |
|
|
| 2,206 | 2,308 |
|
|
|
|
| 4,834 | 4,000 |
| Current liabilities |
|
|
|
|
|
| Bank overdraft |
|
|
| - | 1,703 |
| Other interest bearing loans and borrowings |
|
|
| 869 | 215 |
| Trade and other payables |
|
|
| 6,647 | 6,508 |
| Tax payable |
|
|
| 289 | 270 |
|
|
|
|
| 7,805 | 8,696 |
| Total liabilities |
|
|
| 12,639 | 12,696 |
| Total equity and liabilities |
|
|
| 18,968 | 18,809 |
Consolidated Statement of Changes in Equity
For the year ended 31 December 2009
|
| Share capital | Capital reserve | Share premium account | Retained earnings | Total |
| Group | £000 | £000 | £000 | £000 | £000 |
| Balance at 1st January 2008 | 635 | 16 | 2,890 | 4,867 | 8,408 |
| Profit for the period | - | - | - | 119 | 119 |
| Pension fund actuarial movement net of tax | - | - | - | (1,875) | (1,875) |
| Dividends paid | - | - | - | (539) | (539) |
| Balance at 1st January 2009 | 635 | 16 | 2,890 | 2,572 | 6,113 |
| Profit for the period | - | - | - | 284 | 284 |
| Pension fund actuarial movement net of tax | - | - | - | 59 | 59 |
| Dividends paid | - | - | - | (127) | (127) |
| Balance at 31st December 2009 | 635 | 16 | 2,890 | 2,788 | 6,329 |
The aggregate current and deferred tax relating to items that are charged or credited to equity is £23,000 (2008: £729,000).
All the amounts are attributable to the equity holders of the parent company. Consolidated Cash Flow Statement
For the year ended 31 December 2009
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|
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| Year ended 31 December 2009 (audited) | Year ended 31 December 2008 (audited) |
|
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|
|
| £000 | £000 |
| Cash flows from operating activities |
|
|
|
|
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| Profit for the year |
|
|
| 284 | 119 |
| Adjustments for : |
|
|
|
|
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| Depreciation |
|
|
| 988 | 1,043 |
| Goodwill impairment |
|
|
| 100 | 102 |
| Financial expense |
|
|
| 273 | 109 |
| Loss on sale of property plant and equipment |
|
|
| - | 182 |
| Taxation |
|
|
| 134 | 280 |
|
|
|
|
| 1,779 | 1,835
|
| Increase/(decrease) in trade and other receivables |
|
|
| (871) | 3,329 |
| Decrease in stock |
|
|
| 175 | (60) |
| Increase/(decrease) in trade and other payables |
|
|
| 139 | (2,158) |
| Decrease in employee benefits |
|
|
| (150) | (178) |
| Cash generated from operations |
|
|
| 1,072 | 2,768 |
| Income tax paid |
|
|
| (158) | (290) |
| Net cash generated from operating activities |
|
|
| 914 | 2,478 |
|
|
|
|
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| Cash flows from investing activities |
|
|
|
|
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| Purchases of property, plant and equipment (PPE) |
|
|
| (520) | (805) |
| Purchase of goodwill |
|
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| - | (168) |
| Proceeds from sale of PPE |
|
|
| 27 | 98 |
| Net cash used in investing activities |
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|
| (493) | (875) |
|
|
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| Cash flows from financing activities |
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|
|
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| New borrowings |
|
|
| 2,219 | - |
| Repayments of borrowings |
|
|
| (367) | (33) |
| Finance lease payments |
|
|
| (262) | (173) |
| Interest paid |
|
|
| (143) | (228) |
| Dividends paid to Company's shareholders |
|
|
| (127) | (539) |
| Net cash used in financing activities |
|
|
| 1,320 | (973) |
|
|
|
|
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|
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| Net increase in cash and cash equivalents |
|
|
| 1,741 | 630 |
| Cash and cash equivalents at beginning of the year |
|
|
| (1,703) | (2,333) |
| Cash and cash equivalents at end of the year |
|
|
| 38 | (1,703) |
Notes:
1) The financial information set out above does not constitute the Group's statutory
accounts for the years ended 31 December 2008 or 31 December 2009. The statutory accounts for 31 December 2009 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 General Meeting.