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15 Apr 2019 16:55
Tex Holdings plc
The Board of Tex Holdings plc today announces that the pre-tax result for the year to 31 December 2018, will be a modest loss.
The introduction of the new accounting standard (IFRS15) affecting the recognition of revenues has had an impact on certain projects. Also, trading has been lower in the second half of the year as previously announced.
In consideration of this result, the Board does not recommend the payment of a final dividend in respect of the financial year 31 December 2018.
As a consequence of this result, it will be in breach of certain bank loan covenants which will be subject of discussions with its Bank.
The major shareholder has indicated its current intention is to continue to support the Group, noting in particular that a change in accounting treatment has been a partial cause of the bank covenants being breached.
Enquiries
Tex Holdings plc
Christopher Parker
01473-830144
15th April 2019
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