TXH.L Regulatory News (TXH)

TEX HOLDINGS PLC

INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

TEX HOLDINGS PLC

INDEX

TEX HOLDINGS PLC

CHAIRMAN'S STATEMENT

As chaos continues to reign in the EU, it is beginning to affect the economies and confidence in the rest of the world.

International sales in Eurotex and BSP are beneath expectations and profit is consequently lower in the Engineering Division itself. Enquiries continue strongly, but conversion to orders is less reliable. We expect trading to improve by the year-end.

The integration of the Plastics Division is proceeding with both turnover and profit increasing marginally over the same period in the previous year. The market is currently difficult to fathom, but we are hoping for satisfactory results for the full year.

Boards & Panels are gaining enough business to stay in the black. Further orders are needed which management are striving to obtain.

We live in difficult times but with Government persuasion, our banks are committed to be supportive. We edge forward through stormy waters trying as far as possible to retain the jobs of our hard working team, safeguard our shareholders' capital and produce for our shareholders a growing but sensible return.

The method of valuing Pension Fund deficits continues to be a great burden to the company. Of the Company's assets of £10,359k, 33% of this sum has to be set aside for the Pension Fund deficit. Longevity, low gilt yields and alterations in funding have affected the sums to the detriment of shareholders. We feel the increases in deficits are largely technical and therefore justify proper review.

As weak government continues to plague the EU, we must be prepared for further difficulties and storms ahead. We are therefore maintaining a conservative approach to dividends. Your Board is proposing to pay an unchanged interim dividend of 1.5p, which will be paid on 8th October 2012 to shareholders on the register as at 14th September 2012.

The Board is confident that the second half of the year will show improvement over the first half. As before, the Board remains cautious rather than optimistic.

ARB Burrows

Chairman

23rd August 2012

TEX HOLDINGS PLC

RESPONSIBILITY STATEMENT

in respect of the interim financial report

We confirm that to the best of our knowledge:

·; the condensed consolidated financial statements have been prepared in accordance with IAS 34 "Interim Financial Reporting" as adopted by the EU;

·; the interim management report includes a fair review of the information required by Disclosure and Transparency Rules ("DTR") 4.2.7R (indication of the important events during the first six months and description of principal risks and uncertainties for the remaining six months of the year); and

·; the interim management report includes a fair review of the information required by DTR 4.2.8R (disclosure of related parties' transactions and changes therein).

A R B Burrows

Chairman

23rd August 2012

TEX HOLDINGS PLC

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

TEX HOLDINGS PLC

CONSOLIDATED BALANCE SHEET

TEX HOLDINGS PLC

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

TEX HOLDINGS PLC

CONSOLIDATED STATEMENT OF CASH FLOWS

TEX HOLDINGS PLC

NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

1. Basis of preparation

The condensed consolidated financial statements have been prepared using accounting policies consistent with International Financial Reporting Standards as adopted by EU and in accordance with International Accounting Standard (IAS) 34 Interim Financial Reporting. The condensed consolidated financial statements have not been audited or reviewed.

The comparative figures for the financial year ended 31st December 2011 are not the Company's statutory financial statements for that financial year. Those financial statements have been reported on by the Company's auditors and delivered to the Registrar of Companies. The report of the auditors was (i) unqualified, (ii) did not include a reference to any matters to which the auditors drew attention by way of emphasis without qualifying their report, and (iii) did not contain a statement under section 498 (2) or (3) of the Companies Act 2006.

2. Significant accounting policies

The condensed consolidated financial statements have been prepared under the historical cost convention.

The same accounting policies, presentation and methods of computation are followed in these condensed consolidated financial statements as were applied in the preparation of the Group's consolidated financial statements for the year ended 31st December 2011.

3. Segment information

The following is an analysis of the revenue and results for the period, analysed by business segment, the Group's primary basis of segmentation.

TEX HOLDINGS PLC

NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

3. Segment information (continued)

Segment information about the Group's continuing operations is presented below.

4. Income tax (charge) credit

Interim period income tax is accrued based on the estimated average annual effective income tax rate of 30% (6 months ended 30th June 2011: 30%).

5. Earnings per share

Basic earnings per share of 3.5p (2011: 4.8p) is based on the following data.

TEX HOLDINGS PLC

NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

6. Dividends

During the interim period, no dividends were paid (2011: £Nil).

7. Property, plant and equipment

During the period, the Group spent £333,000 on additions to the plant and equipment.

It also disposed of certain machinery and equipment with a carrying value of £3,000 for proceeds of £3,000.

8. Related party transactions

The Company has a related party relationship with its subsidiaries and directors.

A R B Burrows was a director of Edward Le Bas Properties Limited through which the Group rents properties at normal commercial rates. Transactions during the period ended 30th June 2011 that require disclosure are detailed below:

Rentals paid £141,000 (30 June 2011: £141,000)

Trade Creditor £Nil (30 June 2011: £Nil)

A R B Burrows is a trustee and a beneficiary of the Pension and Assurance Scheme of Edward Le Bas Limited, which is a substantial shareholder in the Company.

All intra-group related party transactions and outstanding balances are eliminated in the preparation of the consolidated financial statements of the Group and therefore in accordance with IAS 24 related party disclosures are not disclosed.

9. Approval of interim financial statements

The interim financial statements were approved by the Board of Directors on 23rd August 2012.