TXH.L Regulatory News (TXH)

7 Sep 2007 10:22

Tex Holdings PLC07 September 2007 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 turnover for the six months to 30th June 2007 amounted to £17.7m - anincrease of just over 5% on the comparable first half figure in 2006. Pre-taxprofit totalled £582k which represents a rise of 10% over the amount recorded inthe previous year. Sales in the Plastics Division were £10.1m which compares with £9.1m in 2006 -an increase of 11%. Pre-tax profit earned was £395k as against £191k in 2006:performance at Derby was steady, whilst there was a marked improvement atBarnstaple in Devon which largely accounted for the divisional year on yearuplift. The plastic injection moulding market remains competitive, but both Texcompanies have a significant number of client tooling programmes underdevelopment and both have recently won significant new accounts - which augurspositively for the future. The Engineering Division saw turnover largely unchanged in the first half at£4.3m, although the trading result was fractionally below breakeven as a resultof contract timings. Looking forward to the second half, the expectation is forprofitable trading on higher turnover, as last year. In the Boards & Panels Division, turnover at £3.3m was marginally down on thefigure recorded in the first half of 2006, but profitability at £163k was betterthan last year due mainly to overhead downsizing which was carried through inNovember 2006. Across the Group as a whole, the current indications are that both turnover andprofitability will be stronger in the second half with order books generallyremaining firm and a number of contracts coming to maturity. The Board isproposing to pay an interim dividend of 3.5 pence (2006: 3.0 pence) which willbe paid on 15th October 2007 to Shareholders on the register as at 21stSeptember 2007. A.R.B. Burrows Chairman 7th September 2007 TEX HOLDINGS PLC CONSOLIDATED INCOME STATEMENT 6 months ended 6 months ended Year ended 30.06.07 30.06.06 31.12.06 (Unaudited) (Unaudited) (Audited) £000 £000 £000Turnover 17,678 16,830 34,498Cost of sales (11,781) (11,234) (25,537) --------- --------- ---------Gross profit 5,897 5,596 8,961Selling and marketing costs (410) (445) (966)Administrative expenses (4,744) (4,423) (6,730) --------- --------- ---------Operating profit 743 728 1,265Finance costs (161) (197) (358) --------- --------- ---------Profit before tax 582 531 907Taxation (172) (153) (308) --------- --------- ---------Profit for the period 410 378 599 ========= ========= ========= Basic earnings per share 6.5p 6.0p 9.4p ========= ========= ========= STATEMENT OF RECOGNISED INCOME AND EXPENSE 6 months ended 6 months ended Year ended 30.06.07 30.06.06 31.12.06 (Unaudited) (Unaudited) (Audited) £000 £000 £000Actuarial gains arising indefined benefit pension scheme - - 1,774Tax recognised on income andexpenses recognised directly inequity - - (532) --------- --------- ---------Net income recognised directlyin equity - - 1,242Profit for the period 410 378 599 --------- --------- ---------Total recognised income andexpense 410 378 1,841 ========= ========= ========= Notes: 1. Taxation has been computed on the basis of an expected effective CorporationTax rate of 30% (2006: 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. The accounting policies in place and standards applied are consistent withthose at the year ended 31 December 06, except for IFRS 7 (Financialinstruments: disclosures) which apply for the first time this year. The impactof this standard is disclosure only. 4. 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. 5. Comparative annual figures for the year ended 31 December 2006 set out withinthis report have been extracted from the 2006 annual report and accounts aspublished by the Group on 25th April 2007. Statutory consolidated financialstatements for the Group for the year ended 31 December 2006 prepared inaccordance with adopted IFRS on which KPMG Audit Plc gave an unqualified opinionand did not contain a statement under section 237(2) or (3) of the Companies Act1985, have been delivered to the Registrar of Companies. TEX HOLDINGS PLC CONSOLIDATED BALANCE SHEET 6 months ended 6 months ended Year ended 30.06.07 30.06.06 31.12.06 (Unaudited) (Unaudited) (Audited) £000 £000 £000ASSETSNon-current assetsProperty, plant and equipment 7,163 7,136 7,003Goodwill 252 252 252Deferred tax assets - 99 - --------- --------- --------- 7,415 7,487 7,255Current assetsStocks 4,915 5,976 5,214Tax receivable - - -Trade and other receivables 8,497 9,946 7,402 --------- --------- --------- 13,412 15,922 12,616 --------- --------- ---------Total assets 20,827 23,409 19,871 ========= ========= =========EQUITYCapital and reserves attributableto the equity holders of the parentShare capital 635 635 635Other reserves 2,906 2,906 2,906Retained earnings 4,788 3,169 4,378 --------- --------- ---------Total equity 8,329 6,710 7,919 ========= ========= =========LIABILITIESNon-current liabilitiesOther interest bearing loansand borrowings 2,056 2,029 1,853Employee benefits 278 2,345 360Deferred tax liabilities 480 - 455 --------- --------- --------- 2,814 4,374 2,668Current liabilitiesBank overdraft 2,538 2,585 2,014Other interest bearing loansand borrowings 270 613 520Trade and other payables 6,564 9,124 6,586Tax payable 312 3 164 --------- --------- --------- 9,684 12,325 9,284 --------- --------- ---------Total liabilities 12,498 16,699 11,952 --------- --------- ---------Total equity and liabilities 20,827 23,409 19,871 ========= ========= ========= TEX HOLDINGS PLC CONSOLIDATED STATEMENT OF CHANGES IN EQUITY Share Capital Capital Share Premium Retained Total Equity Redemption Account Earnings Reserve £000 £000 £000 £000 £000Balance at 1January 2006 635 16 2,890 2,791 6,332Profit for theperiod - - - 378 378Pension fund - - - - -actuarialmovement net oftaxDividends Paid - - - - - -------- --------- --------- --------- --------- - - - 378 378 -------- --------- --------- --------- ---------Balance at 30June 2006 635 16 2,890 3,169 6,710 ======== ========= ========= ========= ========= Balance at 1January 2006 635 16 2,890 2,791 6,332Profit for theperiod - - - 599 599Pension fundactuarialmovement netof tax - - - 1,242 1,242Dividends Paid - - - (254) (254) -------- --------- --------- --------- --------- - - - 1,587 1,587 -------- --------- --------- --------- ---------Balance at 31December 2006 635 16 2,890 4,378 7,919 ======== ========= ========= ========= ========= Balance at 1January 2007 635 16 2,890 4,378 7,919Profit for theperiod - - - 410 410Pension fund - - - - -actuarialmovement net oftaxDividends Paid - - - - - -------- --------- --------- --------- --------- - - - 410 410 -------- --------- --------- --------- ---------Balance at 30June 2007 635 16 2,890 4,788 8,329 ======== ========= ========= ========= ========= TEX HOLDINGS PLC CONSOLIDATED CASH FLOW STATEMENT 6 months ended 6 months ended Year ended 30.06.07 30.06.06 31.12.06 (Unaudited) (Unaudited) (Audited) £000 £000 £000Cash flows from operatingactivitiesProfit for the period 410 378 599Adjustments for:Depreciation 468 486 947Financial expense 161 197 358Profit on sale of property,plant and equipment - (3) -Taxation 172 153 308 --------- --------- ---------Operating profit before changesin working capital andprovisions 1,211 1,211 2,212Movement in trade and otherreceivables (1,095) (1,887) 657Movement in stock 299 (564) 198Movement in trade and otherpayables (22) 2,452 (86)Movement in employee benefits (82) (53) (316) --------- --------- ---------Cash generated from operations 311 1,159 2,665Income Tax Paid 1 80 108 --------- --------- ---------Net Cash generated fromoperating activities 312 1,239 2,773 --------- --------- --------- Cash flows from investingactivitiesProceeds from sale of PPE 21 17 37Purchases of property, plantand equipment (PPE) (649) (228) (579) --------- --------- ---------Net Cash used in investingactivities (628) (211) (542) --------- --------- --------- Cash flows from financingactivitiesInterest Paid (161) (197) (306)Repayments of borrowings (116) (286) (403)New Finance leases 245 - -Finance lease payments (176) (233) (385)Dividends paid to company'sshareholders - - (254) --------- --------- ---------Net Cash used in financingactivities (208) (716) (1,348) --------- --------- --------- Net increase in cash and cashequivalents (524) 312 883Cash and cash equivalents atbeginning of the period (2014) (2,897) (2,897) --------- --------- ---------Cash and cash equivalents atend of the period (2,538) (2,585) (2,014) ========= ========= ========= This information is provided by RNS The company news service from the London Stock Exchange