TIDMTXH
RNS Number : 1140C
Tex Holdings PLC
11 April 2017
Tex Holdings plc
Preliminary Announcement
31st December 2016
Registered number 00405838
CHAIRMAN'S STATEMENT
Results for year ended 31st December 2016
Results and Operations
The introduction of G&M TEX Ltd into the Group increased
sales, but decreased average gross margins. This was due to the
fact that its business involves packaging engines and alternators,
to create a generator set, which carries only a modest profit on
sales. Brexit also had some impact on the purchase prices of some
materials, most notably within QK Honeycomb Products Limited.
Overheads did increase, reflecting a full year of G&M TEX
Ltd.
The Plastics Division profits have been marginally reduced by
downward pressures on prices. The Engineering Division profit
remained stable after taking account of the costs of the relocation
of G&M TEX Ltd. As noted above, the Boards & Panels
Division performance was impacted by an increase in costs, a result
of the fall in the value of Sterling.
The Group's net assets per share have increased to 155p from
149p.
Prospects and Dividends
As compared to the opening of 2016, orders for the first quarter
within the Engineering and the Boards & Panels Divisions have
been firm, whilst the order intake in the Plastics Division has
been subdued. The Board continues to see a slow rate of conversion
of enquiries into actual orders which indicates an ongoing
nervousness within the Group's customer base.
We recommend a final dividend of 6.0 pence (2015: 5.0 pence),
making an overall payment in respect of the year of 8.5 pence
(2015: 7.0 pence plus the special dividend of 15.0 pence which was
paid to shareholders 24th November 2015).
The final dividend will be paid, subject to shareholder
approval, on 21st July 2017 to members on the register as at 23rd
June 2017.
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
10th April 2017
RESULTS IN BRIEF
Year Year
ended ended
31/12/16 31/12/15
GBP000 GBP000
Revenue 41,386 36,046
Profit before taxation 1,107 1,493
Taxation (199) (329)
Profit after taxation 908 1,164
Total equity 9,830 9,438
Net assets per share 155p 149p
Basic earnings per share 14.3p 18.3p
Diluted earnings per share 14.3p 18.3p
Dividends per share (based
on interim dividend in the
year, special dividend and
final dividend proposed) 8.5p 22.0p
Consolidated Income Statement
for the year ended 31st December 2016
Year Year
ended ended
31/12/16 31/12/15
GBP000 GBP000
---------------------------------- ---------- ----------
Revenue 41,386 36,046
Cost of sales (30,358) (25,932)
----------------------------------- ---------- ----------
Gross profit 11,028 10,114
Distribution costs (1,072) (962)
Administrative expenses (8,702) (7,497)
----------------------------------- ---------- ----------
Operating profit 1,254 1,655
Finance costs (147) (162)
----------------------------------- ---------- ----------
Profit before taxation 1,107 1,493
Taxation (199) (329)
----------------------------------- ---------- ----------
Profit for the year attributable
to the equity holders of the
Parent Company 908 1,164
=================================== ========== ==========
Earnings per share
Basic and diluted 14.3p 18.3p
----------------------------------- ---------- ----------
Consolidated Statement of Comprehensive Income
for the year ended 31st December 2016
Year Year
ended ended
31/12/16 31/12/15
GBP000 GBP000
-------------------------------------- ---------- ----------
Profit for the year attributable
to the equity holders of the
Parent Company 908 1,164
-------------------------------------- ---------- ----------
Other comprehensive income
Items that will not subsequently
be reclassified to profit or
loss:
Actuarial (loss)/gain on defined
benefit pension plans (50) 1,089
Deferred taxation recognised
on actuarial loss/gain on defined
benefit pension plan recognised
directly in equity 10 (218)
-------------------------------------- ---------- ----------
(40) 871
Other comprehensive (expense)/income
for the year (40) 871
-------------------------------------- ---------- ----------
Total comprehensive income for
the year attributable to the
equity holders of the Parent
Company 868 2,035
====================================== ========== ==========
Balance Sheet
at 31st December 2016
31/12/16 31/12/15
GBP000 GBP000
------------------------- --------- ---------
Assets
Non-current assets
Property, plant
and equipment 5,864 5,577
Deferred taxation
assets 187 165
------------------------------- --------- ---------
6,051 5,742
---------------------------- --------- ---------
Current assets
Inventories 6,883 6,546
Trade and other
receivables 10,620 9,541
17,503 16,087
---------------------------- --------- ---------
Total assets 23,554 21,829
=============================== ========= =========
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 6,289 5,897
------------------------------- --------- ---------
Total equity 9,830 9,438
------------------------------- --------- ---------
Liabilities
Non-current liabilities
Other interest-bearing
loans and borrowings 2,621 1,155
Employee benefits 1,492 1,488
4,113 2,643
---------------------------- --------- ---------
Current liabilities
Bank overdraft 243 988
Other interest-bearing
loans and borrowings 887 776
Trade and other
payables 8,021 7,481
Provisions 199 199
Taxation payable 261 304
-------------------------------
9,611 9,748
---------------------------- --------- ---------
Total liabilities 13,724 12,391
------------------------------- --------- ---------
Total equity
and liabilities 23,554 21,829
=============================== ========= =========
These financial statements were approved by the Board of
Directors on 10th April 2017 and were signed on its behalf by:
ARB Burrows CA Parker
Director Director
Registered number: 00405838
Statement of Changes in Equity
at 31st December 2016
Share
Share Capital premium Retained
capital reserve account earnings Total
Consolidated GBP000 GBP000 GBP000 GBP000 GBP000
--------------------- --------- --------- --------- ---------- --------
Balance at
1st January
2015 635 16 2,890 5,189 8,730
Profit for
the year - - - 1,164 1,164
Pension fund
actuarial movement
net of taxation - - - 871 871
Dividends paid - - - (1,327) (1,327)
--------------------- --------- --------- --------- ---------- --------
Balance at
31(st) December
2015 and 1st
January 2016 635 16 2,890 5,897 9,438
Profit for
the year - - - 908 908
Pension fund
actuarial movement
net of taxation - - - (40) (40)
Dividends paid - - - (476) (476)
--------------------- --------- --------- --------- ---------- --------
Balance at
31st December
2016 635 16 2,890 6,289 9,830
===================== ========= ========= ========= ========== ========
Cash Flow Statement
for the year ended 31st December 2016
Year Year
ended ended
31/12/16 31/12/15
GBP000 GBP000
--------------------------- --- ------------------ -------------------
Cash flows from
operating activities
Profit for the
year 908 1,164
Adjustments for:
Dividends received - -
Depreciation 1,082 1,050
Profit on sale
of fixed assets - (81)
Financial expense 147 162
Taxation 199 329
---------------------------------- ------------------ -------------------
2,336 2,624
(Increase)/decrease
in trade and other
receivables (1,079) 221
Increase in inventories (337) (667)
Increase/(decrease)
in trade and other
payables 540 (399)
Increase in provisions - 99
Decrease in employee
benefits (100) (100)
---------------------------------- ------------------ -------------------
Cash generated
from operations 1,360 1,778
Taxation paid (254) (156)
---------------------------------- ------------------ -------------------
Net cash generated
from operating
activities 1,106 1,622
---------------------------------- ------------------ -------------------
Cash flows from
investing activities
Purchases of property,
plant and equipment (837) (946)
Proceeds from
sale of property,
plant and equipment 16 170
Dividends received - -
Net (advances - -
of)/proceeds received
in respect of
loans to subsidiaries
Net cash used
in investing activities (821) (776)
Cash flows from
financing activities
New borrowings 2,000 -
Repayments of
borrowings (632) (432)
Finance lease
payments (339) (357)
Interest paid (93) (76)
Dividends paid (476) (1,327)
---------------------------------- ------------------ -------------------
Net cash generated
from/(used in)
financing activities 460 (2,192)
---------------------------------- ------------------ -------------------
Net increase/(decrease)
in cash and cash
equivalents 745 (1,346)
Cash and cash
equivalents at
beginning of the
year (988) 358
----------------------------------
Cash and cash
equivalents at
end of the year (243) (988)
================================== ================== ===================
Notes:
The financial information set out above does not constitute the
Group's statutory accounts for the years ended 31st December 2015
or 31st December 2016 and is unaudited. The auditor has not yet
reported on the statutory accounts for 31st December 2016. The
statutory accounts for 31st December 2016, 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 2016 will be delivered to the
Registrar of Companies following the Company's Annual General
Meeting.
Statutory accounts for 2015 have been delivered to the Registrar
of Companies. The auditor has reported on the accounts for 2015 and
their report was unqualified and did not contain statements under
Section 498 of the Companies Act 2006.
This information is provided by RNS
The company news service from the London Stock Exchange
END
FR EASLEFLPXEFF
(END) Dow Jones Newswires
April 11, 2017 03:45 ET (07:45 GMT)
Tex (LSE:TXH)
Historical Stock Chart
From Mar 2024 to Apr 2024
Tex (LSE:TXH)
Historical Stock Chart
From Apr 2023 to Apr 2024