TXH.L Regulatory News (TXH)

15 Sep 2006 13:03

Tex Holdings PLC15 September 2006 TEX HOLDINGS PLC INTERIM STATEMENT TEX HOLDINGS PLC INDEX PageChairman's Statement 2Consolidated Income Statement 3Consolidated Statement of Recognised Income and Expense 3Consolidated Balance Sheet 4Consolidated Statement of Changes in Equity 5Consolidated Cash Flow Statement 6 Tex Holdings plc Chairman's Statement Tex Group sales for the six months to 30th June 2006 amounted to £16.83m whichwas a rise of 5.82% on the comparable period figure in 2005. Pre-tax profitearned in the first six months was £531k which was fractionally up on the 2005figure at the interim stage. The Plastics Division turnover £9.06m compared to £9.58m in 2005, principallydue to a shortfall in demand at Tex Plastic Products in Barnstaple. Pre-taxprofit earned was £191k as against £427k in 2005 as a result of margin pressureand the lower volume at the Devon facility. Corrective action has been taken toenrich the mix of business undertaken and selectively enhance margins, and oncurrent indications the second half should see a strengthening of bottom lineperformance. The Engineering Division saw turnover climb to £4.24m, up from a level of £3.1min 2005. Pre-tax profit was modest at £137k, but a welcome turnaround from theloss sustained in 2005. The current order book in this division is encouragingand indicates a significantly more profitable six months in the second half. The Boards & Panels Division comprising the newly re-branded QK HoneycombProducts Ltd saw sales up some 6.5% on 2005 but with a more modest profit figurerecorded due to competitive margin pressure. In overall Group terms, the second half trading is currently expected to bestronger largely on account of the BSP order book within the EngineeringDivision. Bank borrowing is anticipated to reduce in the second half on the backof positive cash flow. It is thus the Board's intention to pay an interimdividend of 3 pence (2005 interim: 3 pence) which will be paid on 8th November2006 to Shareholders on the register as at 13th October 2006. A.R.B. BurrowsChairman15th September 2006 TEX HOLDINGS PLCCONSOLIDATED INCOME STATEMENT 6 months ended 6 months ended Year ended 30.6.06 30.6.05 31.12.05 (Unaudited) (Unaudited) (Audited) £000 £000 £000Sales 16,830 15,907 31,685Cost of Sales (11,234) (10,369) (23,491) --------- --------- ---------Gross Profit 5,596 5,538 8,194Selling and Marketing Costs (445) (562) (1,000)Administrative Expenses (4,423) (4,189) (6,446) --------- --------- ---------Operating Profit 728 787 748Finance Costs (197) (260) (436) --------- --------- ---------Profit before Income Tax 531 527 312Income Tax Expense (153) (156) (100) --------- --------- ---------Profit for the Period 378 371 212 ========= ========= ========= Basic earnings per share 6.0p 5.8p 3.3p ========= ========= =========Diluted earnings per share 6.0p 5.8p 3.3p ========= ========= ========= STATEMENT OF RECOGNISED INCOME AND EXPENSE 6 months ended 6 months ended Year ended 30.6.06 30.6.05 31.12.05 (Unaudited) (Unaudited) (Audited) £000 £000 £000Actuarial gains arising indefined benefit pension scheme - - 14Deferred taxation arising onactuarial gains - - (4) --------- --------- ---------Net income recognised directlyin equity - - 10Profit for the period 378 371 212 --------- --------- ---------Total recognised income andexpense for period attributableto equity shareholders 378 371 222 ========= ========= ========= Notes: 1. Taxation has been computed on the basis of an expected effective CorporationTax rate of 30% (2005: 30%) 2. The calculation of earnings per share is based on profit after tax and on theaverage of fully paid up shares (6,351,452 in the period under review). 3. A copy of this interim report has been circulated to shareholders and will beavailable from the Company's registered office at Claydon Business Park, GippingRoad, Great Blakenham, Ipswich, Suffolk, IP6 0NL. TEX HOLDINGS PLCCONSOLIDATED BALANCE SHEET 6 months ended 6 months ended Year ended 30.6.06 30.6.05 31.12.05 (Unaudited) (Unaudited) (Audited) £000 £000 £000ASSETSNon-Current AssetsProperty, plant and equipment 7,136 8,308 7,408Goodwill 252 252 252Deferred Tax Assets 99 334 216 --------- --------- --------- 7,487 8,894 7,876Current AssetsStocks 5,976 5,862 5,412Trade and other receivables 9,946 8,692 8,059Tax Receivable - - 113 --------- --------- --------- 15,922 14,554 13,584 --------- --------- ---------Total Assets 23,409 23,448 21,460 ========= ========= =========EQUITYCapital and reserves attributableto the Company's equity holdersShare Capital 635 635 635Other Reserves 2,906 2,906 2,906Retained Earnings 3,169 3,382 2,791 --------- --------- ---------Total Equity 6,710 6,923 6,332 ========= ========= =========LIABILITIESNon-Current LiabilitiesOther interest bearing loansand borrowings 2,029 3,112 2,423Employee benefits 2,345 2,929 2,398 --------- --------- --------- 4,374 6,041 4,821Current LiabilitiesBank Overdraft 2,585 2,155 2,897Borrowings 613 908 738Trade and Other Payables 9,124 7,184 6,672Tax payable 3 237 - --------- --------- --------- 12,325 10,484 10,307 --------- --------- ---------Total Liabilities 16,699 16,525 15,128 --------- --------- ---------Total Equity and Liabilities 23,409 23,448 21,460 ========= ========= ========= TEX HOLDINGS PLCCONSOLIDATED STATEMENT OF CHANGES IN EQUITY Share Capital Capital Share Premium Retained Total Equity Redemption Account Earnings Reserve £000 £000 £000 £000 £000Balance at 1January 2005 635 16 2,890 3,106 6,647Profit for theperiod - - - 371 371Actuarial - - - - -Movement (Netof deferredtaxation)Dividend Paid - - - (95) (95) -------- --------- --------- --------- --------- - - - 276 276 -------- --------- --------- --------- ---------Balance at 30June 2005 635 16 2,890 3,382 6,923 ======== ========= ========= ========= ========= Balance at 1January 2005 635 16 2,890 2,951 6,492Profit for theperiod - - - 212 212ActuarialMovement (Netof deferredtaxation) - - - 10 10Dividend Paid - - - (382) (382) -------- --------- --------- --------- --------- - - - (160) (160) -------- --------- --------- --------- ---------Balance at 31December 2005 635 16 2,890 2,791 6,332 ======== ========= ========= ========= ========= Balance at 1January 2006 635 16 2,890 2,791 6,332Profit for theperiod - - - 378 378Actuarial - - - - -Movement (Netof deferredtaxation)Dividend Paid - - - - - -------- --------- --------- --------- --------- - - - 378 378 -------- --------- --------- --------- ---------Balance at 30June 2006 635 16 2,890 3,169 6,923 ======== ========= ========= ========= ========= TEX HOLDINGS PLCCONSOLIDATED CASH FLOW STATEMENT 6 months ended 6 months ended Year ended 30.6.06 30.6.05 31.12.05 (Unaudited) (Unaudited) (Audited) £000 £000 £000Cash flows from OperatingActivitiesProfit for the period 378 371 212Adjustments for:Depreciation of property, plantand equipment 486 496 938Financial expense 197 260 436Net profit on sale of property,plant and equipment (3) (1) (23)Taxation 153 156 100 --------- --------- ---------Operating profit before changesin working capital andprovisions 1,211 1,282 1,663Movement in trade and otherreceivables (1,887) (16) 617Movement in stock (564) (287) 163Movement in trade and otherpayables 2,452 1,872 1,316Movement in employee benefits (53) (49) (666) --------- --------- ---------Cash Generated from Operations 1,159 2,802 3,093Income Tax Paid 80 (443) (656) --------- --------- ---------Net Cash Generated fromoperating activities 1,239 2,359 2,437 --------- --------- --------- Cash flows from InvestingActivitiesPurchases of Property, Plantand Equipment (PPE) (228) (392) (884)Proceeds from sale of PPE 17 22 77 --------- --------- ---------Net Cash used in InvestingActivities (211) (370) (807) --------- --------- --------- Cash flows from FinancingActivitiesRepayments of borrowings (519) (718) (738)Interest Paid (197) (260) (336)Dividends paid to Company'sShareholders - (95) (382) --------- --------- ---------Net Cash used in FinancingActivities (716) (1,073) (1,456) --------- --------- --------- Net Increase in Cash and CashEquivalents 312 916 174Cash and Cash Equivalents atbeginning of the Period (2,897) (3,071) (3,071) --------- --------- ---------Cash and Cash Equivalents atend of the Period (2,585) (2,155) (2,897) ========= ========= ========= This information is provided by RNS The company news service from the London Stock Exchange