17 Apr 2015 11:38
Tex Holdings plc Preliminary Announcement 31st December 2014 Registered number 00405838 |
CHAIRMAN'S STATEMENT
Results for year ended 31st December 2014
Results and Operations
Tex Group sales to December 2014 were £2,300,000 down on the previous year, as the Group looked to cull the lower margin products and to improve profitability.
The Plastics Division achieved a £300,000 improvement in profit. The Engineering Division achieved a modest profit compared to the previous year loss which was caused by the poor performance of the contracting businesses in 2013. The Boards & Panels Division maintained its performance.
The Group's net assets per share have decreased from 145 pence to 137 pence as a result of the impact of the movement in the Pension Scheme deficit.
Prospects and Dividends
Orders for the first quarter are modest as expected and the Board remains cautious, given the current worldwide political and economic uncertainties.
Due to the increase in the pre-tax profit, we recommend a final dividend of 4.0 pence (2013: 2.5 pence), making an overall payment in respect of the year of 6.0 pence (2013: 4.0 pence).
The final dividend will be paid, subject to shareholder approval, on 24th July 2015 to members on the register as at 26th June 2015.
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
17thApril 2015
RESULTS IN BRIEF
| Year ended 31/12/14 | Year ended 31/12/13 |
| £000 | £000 |
Revenue | 36,021 | 38,379 |
Profit before taxation | 1,179 | 744 |
Taxation | (312) | (164) |
Profit after taxation | 867 | 580 |
Total equity | 8,730 | 9,209 |
Net assets per share | 137p | 145p |
Basic earnings per share | 13.7p | 9.1p |
Diluted earnings per share | 13.7p | 9.1p |
Dividend per share (based on interim dividend in the year and final dividend proposed) | 6.0p | 4.0p |
Consolidated Income Statement
for the year ended 31st December 2014
Year ended 31/12/14 | Year ended 31/12/13 | |
£000 | £000 | |
Revenue | 36,021 | 38,379 |
Cost of sales | (25,797) | (29,256) |
Gross profit | 10,224 | 9,123 |
Selling and marketing costs | (912) | (905) |
Administrative expenses | (7,942) | (7,214) |
Operating profit | 1,370 | 1,004 |
Finance costs | (191) | (260) |
Profit before taxation | 1,179 | 744 |
Taxation | (312) | (164) |
Profit for the year attributable to the equity holders of the Parent Company | 867 | 580 |
Earnings per share | ||
Basic and diluted | 13.7p | 9.1p |
Consolidated Statement of Comprehensive Income
for the year ended 31st December 2014
Year ended 31/12/14 | Year ended 31/12/13 | |
£000 | £000 | |
Profit for the year attributable to the equity holders of the Parent Company | 867 | 580 |
Other comprehensive income/(expense) | ||
Items that may subsequently be reclassified to profit or loss: | ||
Change in value of available-for-sale financial assets | 12 | (37) |
Items that will not subsequently be reclassified to profit or loss: | ||
Actuarial (loss)/gain on defined benefit pension plans | (1,263) | 2,313 |
Tax recognised on expenses and income recognised directly in equity | 191 | (537) |
(1,072) | 1,776 | |
Other comprehensive (expense)/income for the year | (1,060) | 1,739 |
Total comprehensive (expenses)/income for the year attributable to the equity holders of the Parent Company | (193) | 2,319 |
Consolidated Balance Sheet
at 31st December 2014
31/12/14 | 31/12/13 | ||||
£000 | £000 | ||||
Assets | |||||
Non-current assets | |||||
Property, plant and equipment | 5,448 | 6,058 | |||
Investments | - | - | |||
Deferred tax assets | 423 | 353 | |||
5,871 | 6,411 | ||||
Current assets | |||||
Inventories | 5,879 | 6,128 | |||
Trade and other receivables | 9,762 | 10,059 | |||
Available-for-sale financial assets | - | 253 | |||
Cash and cash equivalents | 358 | - | |||
15,999 | 16,440 | ||||
Total assets | 21,870 | 22,851 | |||
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 | 5,189 | 5,668 | |||
Total equity | 8,730 | 9,209 | |||
Liabilities | |||||
Non-current liabilities | |||||
Other interest-bearing loans and borrowings | 1,676 | 2,332 | |||
Employee benefits | 2,591 | 1,370 | |||
4,267 | 3,702 | ||||
Current liabilities | |||||
Bank overdraft | - | 1,106 | |||
Other interest-bearing loans and borrowings | 722 | 713 | |||
Trade and other payables | 7,880 | 7,580 | |||
Provisions for other liabilities and charges | 100 | 270 | |||
Tax payable | 171 | 271 | |||
8,873 | 9,940 | ||||
Total liabilities | 13,140 | 13,642 | |||
Total equity and liabilities | 21,870 | 22,851 | |||
This financial information was approved by the Board of Directors on 17th April 2015 and was signed on its behalf by:
A R B Burrows C A Parker
Director Director
Consolidated Statement of Changes in Equity
at 31st December 2014
Share capital | Capital reserve | Share premium account | Retained earnings | Total | |
£000 | £000 | £000 | £000 | £000 | |
Balance at 1st January 2013 | 635 | 16 | 2,890 | 3,635 | 7,176 |
Profit for the year | - | - | - | 580 | 580 |
Change in value of available-for-sale financial assets | - | - | - | (37) | (37) |
Pension fund actuarial movement net of taxation | - | - | - | 1,776 | 1,776 |
Dividends paid | - | - | - | (286) | (286) |
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 taxation | - | - | - | (1,072) | (1,072) |
Dividends paid | - | - | - | (286) | (286) |
Balance at 31st December 2014 | 635 | 16 | 2,890 | 5,189 | 8,730 |
The aggregate current and deferred taxation relating to items that are charged or credited to equity is £191,000 (2013: £537,000).
Consolidated Cash Flow Statement
for the year ended 31st December 2014
Year ended 31/12/14 | Year ended 31/12/13 | ||||
£000 | £000 | ||||
Cash flows from operating activities | |||||
Profit for the year | 867 | 580 | |||
Adjustments for: | |||||
Depreciation | 1,094 | 1,141 | |||
Profit on sale of fixed assets | (1) | - | |||
Financial expense | 191 | 260 | |||
Taxation | 312 | 164 | |||
2,463 | 2,145 | ||||
Decrease/(increase) in trade and other receivables | 297 | 1,146 | |||
Decrease in inventories | 249 | 168 | |||
Increase/(decrease) in trade and other payables | 300 | (353) | |||
Decrease in provisions | (170) | (203) | |||
Decrease in employee benefits | (100) | (100) | |||
Cash generated from operations | 3,039 | 2,803 | |||
Taxation paid | (291) | (157) | |||
Net cash generated from operating activities | 2,748 | 2,646 | |||
Cash flows from investing activities | |||||
Purchases of property, plant and equipment | (859) | (1,494) | |||
Proceeds from sale of property, plant and equipment | 376 | 59 | |||
Available-for-sale financial assets | 265 | 205 | |||
Net cash used in investing activities | (218) | (1,230) | |||
Cash flows from financing activities | |||||
New borrowings | 147 | 226 | |||
Repayments of borrowings | (432) | (432) | |||
Finance lease payments | (362) | (392) | |||
Interest paid | (133) | (113) | |||
Dividends paid | (286) | (286) | |||
Net cash used in financing activities | (1,066) | (997) | |||
Net increase in cash and cash equivalents | 1,464 | 419 | |||
Cash and cash equivalents at beginning of the year | (1,106) | (1,525) | |||
Cash and cash equivalents at end of the year | 358 | (1,106) | |||
Notes:
The financial information set out above does not constitute the Group's statutory accounts for the years ended 31st December 2013 or 31st December 2014 and is unaudited. The auditor has not yet reported on the statutory accounts for 31st December 2014. The statutory accounts for 31st December 2014, 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 2014 will be delivered to the Registrar of Companies following the Company's Annual General Meeting.