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Tex Holdings PLC (TXH)

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Friday 17 April, 2015

Tex Holdings PLC

Final Results

RNS Number : 5633K
Tex Holdings PLC
17 April 2015
 



 

Tex Holdings plc

Preliminary Announcement

31st December 2014

Registered number 00405838


 

 


 

CHAIRMAN'S STATEMENT

 

Results for year ended 31st December 2014

 

Results and Operations

 

Tex Group sales to December 2014 were £2,300,000 down on the previous year, as the Group looked to cull the lower margin products and to improve profitability.

 

The Plastics Division achieved a £300,000 improvement in profit. The Engineering Division achieved a modest profit compared to the previous year loss which was caused by the poor performance of the contracting businesses in 2013.  The Boards & Panels Division maintained its performance.

 

The Group's net assets per share have decreased from 145 pence to 137 pence as a result of the impact of the movement in the Pension Scheme deficit.

 

Prospects and Dividends

 

Orders for the first quarter are modest as expected and the Board remains cautious, given the current worldwide political and economic uncertainties.

 

Due to the increase in the pre-tax profit, we recommend a final dividend of 4.0 pence (2013:  2.5 pence), making an overall payment in respect of the year of 6.0 pence (2013:  4.0 pence).

 

The final dividend will be paid, subject to shareholder approval, on 24th July 2015 to members on the register as at 26th June 2015.

 

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

17thApril 2015



 

 

RESULTS IN BRIEF

 

 

Year

ended

31/12/14

Year

ended

31/12/13

 

£000

£000

Revenue

36,021

38,379

Profit before taxation

1,179

744

Taxation

(312)

(164)

Profit after taxation

867

580

Total equity

8,730

9,209

Net assets per share

137p

145p

Basic earnings per share

13.7p

9.1p

Diluted earnings per share

13.7p

9.1p

Dividend per share (based on interim dividend in the year and final dividend proposed)

6.0p

4.0p

 

 

 

Consolidated Income Statement

for the year ended 31st December 2014

 


Year ended 31/12/14

Year ended 31/12/13


£000

£000

Revenue

36,021

38,379

Cost of sales

(25,797)

(29,256)

Gross profit

10,224

9,123

Selling and marketing costs

(912)

(905)

Administrative expenses

(7,942)

(7,214)

Operating profit

1,370

1,004

Finance costs

(191)

(260)

Profit before taxation

1,179

744

Taxation

(312)

(164)

Profit for the year attributable to the equity holders of the Parent Company

867

580




Earnings per share



Basic and diluted

13.7p

9.1p

 



Consolidated Statement of Comprehensive Income

for the year ended 31st December 2014

 


Year ended 31/12/14

Year ended 31/12/13


£000

£000

Profit for the year attributable to the equity holders of the Parent Company

867

580




Other comprehensive income/(expense)



Items that may subsequently be reclassified to profit or loss:



Change in value of available-for-sale financial assets

12

(37)




Items that will not subsequently be reclassified to profit or loss:



Actuarial (loss)/gain on defined benefit pension plans

(1,263)

2,313

Tax recognised on expenses and income recognised directly in equity

191

(537)


(1,072)

1,776




Other comprehensive (expense)/income for the year

(1,060)

1,739




Total comprehensive (expenses)/income for the year attributable to the equity holders of the Parent Company

(193)

2,319




 

 



Consolidated Balance Sheet

at 31st December 2014

 









31/12/14

31/12/13





£000

£000

Assets






Non-current assets






Property, plant and equipment




5,448

6,058

Investments




-

-

Deferred tax assets




423

353





5,871

6,411

Current assets






Inventories




5,879

6,128

Trade and other receivables




9,762

10,059

Available-for-sale financial assets




-

253

Cash and cash equivalents




358

-





15,999

16,440

Total assets




21,870

22,851







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




5,189

5,668

Total equity




8,730

9,209

Liabilities






Non-current liabilities






Other interest-bearing loans and borrowings




1,676

2,332

Employee benefits




2,591

1,370





4,267

3,702

Current liabilities






Bank overdraft




-

1,106

Other interest-bearing loans and borrowings




722

713

Trade and other payables




7,880

7,580

Provisions for other liabilities and charges




100

270

Tax payable




171

271





8,873

9,940

Total liabilities




13,140

13,642

Total equity and liabilities




21,870

22,851

This financial information was approved by the Board of Directors on 17th April 2015 and was signed on its behalf by:

 

A R B Burrows                                                    C A Parker

Director                                                                  Director

 



Consolidated Statement of Changes in Equity

at 31st December 2014

 


Share capital

Capital reserve

Share premium account

Retained earnings

Total


£000

£000

£000

£000

£000

Balance at 1st January 2013

635

16

2,890

3,635

7,176

Profit for the year

-

-

-

580

580

Change in value of available-for-sale financial assets

-

-

-

(37)

(37)

Pension fund actuarial movement net of taxation

-

-

-

1,776

1,776

Dividends paid

-

-

-

(286)

(286)

Balance at 1st January 2014

635

16

2,890

5,668

9,209

Profit for the year

-

-

-

867

867

Change in value of available-for-sale financial assets

-

-

-

12

12

Pension fund actuarial movement net of taxation

-

-

-

(1,072)

(1,072)

Dividends paid

-

-

-

(286)

(286)

Balance at 31st December 2014

635

16

2,890

5,189

8,730

 

The aggregate current and deferred taxation relating to items that are charged or credited to equity is £191,000 (2013: £537,000).

 

 



Consolidated Cash Flow Statement

for the year ended 31st December 2014









Year ended 31/12/14

Year ended 31/12/13





£000

£000

Cash flows from operating activities






Profit for the year




867

580

   Adjustments for:






   Depreciation




1,094

1,141

   Profit on sale of fixed assets




(1)

-

   Financial expense




191

260

   Taxation




312

164





2,463

2,145

Decrease/(increase) in trade and other receivables




297

1,146

Decrease in inventories




249

168

Increase/(decrease) in trade and other payables




300

              (353)

Decrease in provisions




(170)

              (203)

Decrease in employee benefits




(100)

(100)

Cash generated from operations




3,039

2,803

Taxation paid




(291)

(157)

Net cash generated from operating activities




2,748

2,646

Cash flows from investing activities






Purchases of property, plant and equipment




(859)

(1,494)

Proceeds from sale of property, plant and equipment




376

59

Available-for-sale financial assets




265

205

Net cash used in investing activities




(218)

(1,230)

Cash flows from financing activities






New borrowings




147

226

Repayments of borrowings




(432)

(432)

Finance lease payments




(362)

(392)

Interest paid




(133)

(113)

Dividends paid




(286)

(286)

Net cash used in financing activities




(1,066)

(997)







Net increase in cash and cash equivalents




1,464

419

Cash and cash equivalents at beginning of the year




(1,106)

(1,525)

Cash and cash equivalents at end of the year




358

(1,106)

 

Notes:

The financial information set out above does not constitute the Group's statutory accounts for the years ended 31st December 2013 or 31st December 2014 and is unaudited. The auditor has not yet reported on the statutory accounts for 31st December 2014. The statutory accounts for 31st December 2014, 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 2014 will be delivered to the Registrar of Companies following the Company's Annual General Meeting.


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