9 Apr 2013 12:09
Tex Holdings plc Preliminary Announcement 31st December 2012 Registered number 00405838 |
Results in Brief
| Year ended 31/12/12 | Year ended 31/12/11 |
| £000 | £000 |
Revenue | 38,997 | 36,829 |
Profit before taxation | 1,109 | 1,541 |
Taxation | (233) | (220) |
Profit on ordinary activities after taxation | 876 | 1,321 |
Total equity | 7,176 | 6,753 |
Net assets per share | 113p | 106p |
Basic earnings per share | 13.8p | 20.8p |
Diluted earnings per share | 13.8p | 20.8p |
Dividends per share (based on interim dividend in the year and final dividend proposed) | 4.5p | 4.0p |
CHAIRMAN'S STATEMENT
Results for year ended 31st December 2012
Results and Operations
Tex Group sales to December 2012 showed a 6% increase over 2011. Profitability however was down as a result of the costs of absorbing additional production facilities and new products. Delays in the completion of long-term contracts also reduced the profits for the year.
The Plastics Division remained relatively stable, returning an operating profit of £1,198,000. The Engineering Division was impacted by the delays with the long-term contracts and the slowdown in the road surfacing equipment orders. The Boards and Panels Division again contracted at the sales level, but as a result of efficiency gains and cost control, moved from an operating loss to a £15,000 operating profit.
Prospects and Dividend
The orders for the first quarter are ahead of expectations but, as stated previously and in light of the third quarter of 2012 in the Engineering Division, we remain cautious of the impact of the current economic circumstances.
Our pre-tax results have remained in excess of £1,000,000 for the second year running and we recommend a modest increase in the final dividend from 2.5 pence to 3.0 pence, making an overall payment for the year of 4.5 pence.
The term loan taken out in March has provided working capital support for the delayed long-term projects and the increase in trading.
The final dividend will be paid, subject to shareholder approval, on 19th July 2013 to members on the register as at 21st June 2013.
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
Consolidated Income Statement
for the year ended 31st December 2012
Year ended 31/12/12 | Year ended 31/12/11 | ||
£000 | £000 | ||
Revenue | 38,997 | 36,829 | |
Cost of sales | (29,646) | (27,540) | |
Gross profit | 9,351 | 9,289 | |
Selling and marketing costs | (906) | (834) | |
Administrative expenses | (7,159) | (6,855) | |
Operating profit | 1,286 | 1,600 | |
Finance costs | (177) | (59) | |
Profit before tax | 1,109 | 1,541 | |
Taxation | (233) | (220) | |
Profit for the year attributable to the equity holders of the Parent | 876 | 1,321 | |
Earnings per share | |||
Basic and diluted | 13.8p | 20.8p |
All of the activities of the Group relate to continuing operations.
Statements of Recognised Income and Expense
for the year ended 31st December 2012
Consolidated | Year ended 31/12/12 | Year ended 31/12/11 | |
£000 | £000 | ||
Profit for the year | 876 | 1,321 | |
Change in value of available-for-sale financial assets | 24 | - | |
Actuarial losses on defined benefit pension plans | (295) | (2,496) | |
Tax recognised on expenses and income recognised directly in equity | 72 | 649 | |
Net income recognised directly in equity | (223) | (1,847) | |
Total recognised income and expense attributable to the equity holders of the Parent | 677 | (526) | |
Balance Sheets
at 31st December 2012
Consolidated | |||||
31/12/12 | 31/12/11 | ||||
£000 | £000 | ||||
Assets | |||||
Non-current assets | |||||
Property, plant and equipment | 5,764 | 5,934 | |||
Investments | - | - | |||
Deferred tax assets | 873 | 811 | |||
6,637 | 6,745 | ||||
Current assets | |||||
Inventories | 6,296 | 6,309 | |||
Trade and other receivables | 11,205 | 8,190 | |||
Available-for-sale financial assets | 495 | - | |||
17,996 | 14,499 | ||||
Total assets | 24,633 | 21,244 | |||
Equity | |||||
Capital and reserves attributable to the equity holders of the Parent | |||||
Share capital | 635 | 635 | |||
Other reserves | 2,906 | 2,906 | |||
Retained earnings | 3,635 | 3,212 | |||
Total equity | 7,176 | 6,753 | |||
Liabilities | |||||
Non-current liabilities | |||||
Other interest-bearing loans and borrowings | 2,867 | 1,755 | |||
Employee benefits | 3,636 | 3,430 | |||
6,503 | 5,185 | ||||
Current liabilities | |||||
Bank overdraft | 1,525 | 653 | |||
Other interest-bearing loans and borrowings | 776 | 737 | |||
Trade and other payables | 7,933 | 7,369 | |||
Provisions for other liabilities and charges | 473 | - | |||
Tax payable | 247 | 547 | |||
10,954 | 9,306 | ||||
Total liabilities | 17,457 | 14,491 | |||
Total equity and liabilities | 24,633 | 21,244 | |||
These financial statements were approved by the Board of Directors on 8th April 2013 and were signed on its behalf by:
A R B Burrows C A Parker
Director Director
Registered number: 00405838Statement of Changes in Equity
at 31st December 2012
Share capital | Capital reserve | Share premium account | Retained earnings | Total | |
Consolidated | £000 | £000 | £000 | £000 | £000 |
Balance at 1st January 2011 | 635 | 16 | 2,890 | 3,897 | 7,438 |
Profit for the year | - | - | - | 1,321 | 1,321 |
Change in value of available-for-sale financial assets | - | - | - | - | - |
Pension fund actuarial movement net of tax | - | - | - | (1,847) | (1,847) |
Dividends paid | - | - | - | (159) | (159) |
Balance at 1st January 2012 | 635 | 16 | 2,890 | 3,212 | 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 31st December 2012 | 635 | 16 | 2,890 | 3,635 | 7,176 |
The aggregate current and deferred tax relating to items that are charged or credited to equity is £72,000 (2011: £649,000).
Cash Flow Statement
for the year ended 31st December 2012
Consolidated | |||||
Year ended 31/12/12 | Year ended 31/12/11 | ||||
£000 | £000 | ||||
Cash flows from operating activities | |||||
Profit for the year | 876 | 1,321 | |||
Adjustments for : | |||||
Dividends received | - | - | |||
Depreciation | 1,086 | 1,045 | |||
Investment impairment | - | - | |||
Financial expense | 177 | 59 | |||
Taxation | 233 | 220 | |||
2,372 | 2,645 | ||||
(Increase)/decrease in trade and other receivables | (3,015) | (436) | |||
Decrease/(increase) in inventories | 13 | (683) | |||
(Decrease)/increase in trade and other payables | 564 | 478 | |||
Increase in provisions | 473 | - | |||
Decrease in employee benefits | (100) | (112) | |||
Cash generated from operations | 307 | 1,892 | |||
Income tax paid | (523) | (255) | |||
Net cash generated from operating activities | (216) | 1,637 | |||
Cash flows from investing activities | |||||
Purchases of property, plant and equipment | (955) | (1,448) | |||
Proceeds from sale of property, plant and equipment | 39 | 68 | |||
Dividends received | - | - | |||
Investment loans to subsidiaries | - | - | |||
Available-for-sale financial assets | (471) | - | |||
Net cash used in investing activities | (1,387) | (1,380) | |||
Cash flows from financing activities | |||||
New borrowings | 2,258 | 700 | |||
Repayments of borrowings | (669) | (700) | |||
Finance lease payments | (438) | (317) | |||
Interest paid | (166) | (149) | |||
Dividends paid to Company's shareholders | (254) | (159) | |||
Net cash used in financing activities | 731 | (625) | |||
Net decrease in cash and cash equivalents | (872) | (368) | |||
Cash and cash equivalents at beginning of the year | (653) | (285) | |||
Cash and cash equivalents at end of the year | (1,525) | (653) | |||
Notes:
The financial information set out above does not constitute the Group's statutory accounts for the years ended 31st December 2011 or 31st December 2012. The statutory accounts for 31st December 2012 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.