Interim Results

Heath(Samuel) & Sons PLC 14 December 2006 Samuel Heath & Sons plc Interim Report for the half year ended 30 September 2006 14 December 2006 GROUP PROFIT AND LOSS ACCOUNT The results of the Group for the half year ended 30 September 2006 which have been neither audited nor reviewed by our external auditors were as follows :- Restated Half-year Half-Year Year ended ended ended 30 September 30 September 31 March 2006 2005 2006 £000's £000's £000's TURNOVER 6384 5674 11677 ====== ====== ====== GROUP PROFIT before taxation 755 592 1438 Deduct : Estimated corporation tax 227 178 375 ------ ------ ------ GROUP PROFIT after taxation 528 414 1063 Deduct : Dividends 318 216 496 ------ ------ ------ 210 198 567 ====== ====== ====== *Earnings per share - Basic & Diluted 20.8p 16.3p 41.7p ====== ====== ====== *Earnings per share are based upon 2,541,266 ordinary shares, being the average number of ordinary shares in issue during this half year (2005: £414,000 related to 2,546,818 ordinary shares). An interim dividend of 11.0 pence per share is proposed (2005:11.0 pence per share) and will be payable on 30 March 2007 with a record date of 2 March 2007. CHAIRMAN'S STATEMENT The Company made a profit before taxation in the first six months of our trading year to 30 September 2006 of £755,000.This we consider to be very satisfactory in far from ideal trading conditions. Prices of raw materials show no signs of easing, with zinc and nickel joining copper at very high levels. Whilst our customers have been persuaded that the increased prices for our goods are unavoidable, it is not at all clear what effects this will have with the eventual purchaser. We are proposing a same again interim dividend of 11.0 pence per share. The second half has continued like the first, up to the present time. However we are not achieving our budgeted sales figures. The falling dollar will also cause us problems. The final outcome for the year is therefore a long way from being assured. GROUP BALANCE SHEET 30 September 30 September 31 March 2006 2005 2006 £000's £000's £000's Tangible Fixed Assets 3267 2873 3211 ====== ====== ====== Current Assets 6682 6609 7036 Creditors (1277) (1363) (1945) ------ ------ ------ Net Current Assets 5405 5246 5091 ====== ====== ====== Total Assets Less Current Liabilities 8672 8119 8302 Provision for Liabilities and Charges (1094) (1866) (1206) ------ ------ ------ 7578 6253 7096 ====== ====== ====== CAPITAL AND RESERVES Called up Share Capital 254 255 255 Other Reserves 7324 5998 6841 ------ ------ ------ 7578 6253 7096 ====== ====== ====== This interim report does not constitute statutory accounts of the group within the meaning of section 240 of the Companies Act 1985. Statutory accounts for the year ended 31 March 2006 have been filed with the Registrar of Companies. The Auditors' report on those accounts was unqualified and did not contain a statement under section 237 of the Companies Act 1985. A copy of this announcement will be sent to all ordinary shareholders. Further copies are available to members of the public from the Company's registered office. The interim financial statements have been prepared in accordance with applicable accounting standards. The accounting policies applied are those set out in the Annual Report and Accounts for the year ended 31 March 2006. GROUP CASH FLOW STATEMENT Half-year ended Half-year ended Year 30 September 30 September ended 2006 2005 31 March 2006 £000's £000's £000's Operating profit 709 530 1340 Depreciation charges and loss/surplus on disposals 252 223 435 Movement in working capital (1147) (43) (541) ------ ------ ------ Net cash inflow from operating activities (186) 710 1234 Net cash inflow from returns on investments and 46 62 121 servicing of finance U.K. Corporation Tax paid - (7) (157) Capital expenditure Purchase of tangible fixed assets (308) (355) (618) Sale of tangible fixed assets - 15 45 Net cash outflow for capital expenditure (308) (340) (573) Management of liquid resources Movement in short-term deposits 445 (289) (21) Equity dividends paid (318) (216) (496) ------ ------ ------ Increase/(decrease) in cash (321) (80) 108 ====== ====== ====== Operating cash flow Opening cash 2691 2562 2562 Movement in cash (321) (80) 108 Liquid resources movement (445) 289 21 Closing cash 1925 2771 2691 ====== ====== ====== On behalf of the Board S.B. Heath Chairman This information is provided by RNS The company news service from the London Stock Exchange FQLBBFBV

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