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Tex Holdings PLC (TXH)

  Print          Annual reports

Tuesday 12 April, 2016

Tex Holdings PLC

Final Results

RNS Number : 9496U
Tex Holdings PLC
12 April 2016
 

 

 

 

Tex Holdings plc

Preliminary Announcement

31st December 2015

Registered number 00405838

 

 

 

 

 

CHAIRMAN'S STATEMENT

 

Results for year ended 31st December 2015

 

Results and Operations

 

Tex Group sales to December 2015 remained static, with the product mix pulling the gross profit percentage down. This was compensated by reductions in overheads.

 

The Plastics Division profits were stable. The Engineering Division achieved a majority of the improvement in profits for the Group in the current year partly as a result of the establishment of  G&M TEX Ltd during the year.  The Boards & Panels Division performance remained stable.

 

The Group's net assets per share have returned to the 2013 levels as a result of the movement in the Pension Scheme deficit. It should be noted that this return to these levels is after the special dividend to shareholders.

 

Prospects and Dividends

 

Orders for the first quarter within the Engineering and the Boards & Panels Divisions have been strong, whilst the order intakes in the Plastics Division have been subdued. It is a comfort to have opened strongly. The Board however remains aware of the potential for overall performance to be affected by the uncertainty of world events.

 

Due to the increase in the pre-tax profit and the solid opening to the new year, we recommend a final dividend of 5.0 pence (2014:  4.0 pence), making an overall payment in respect of the year of 22.0 pence (2014:  6.0 pence) including 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 22nd July 2016 to members on the register as at 24th June 2016.

 

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

11th April 2016

  

 

 

RESULTS IN BRIEF

 

 

Year

ended

31/12/15

Year

ended

31/12/14

 

 

£000

£000

Revenue

36,046

36,021

Profit before taxation

1,493

1,179

Taxation

(329)

(312)

Profit after taxation

1,164

867

Total equity

9,438

8,730

Net assets per share

149p

137p

Basic earnings per share

18.3p

13.7p

Diluted earnings per share

18.3p

13.7p

Dividends per share (based on interim dividend in the year, special dividend and final dividend proposed)

22.0p

6.0p

 

 

 

 

 

 

 

Consolidated Income Statement

for the year ended 31st December 2015

 

 

 

Year ended 31/12/15

Year ended 31/12/14

 

 

£000

£000

Revenue

 

36,046

36,021

Cost of sales

 

(25,932)

(25,797)

Gross profit

 

10,114

10,224

Distribution costs

 

(962)

(912)

Administrative expenses

 

(7,497)

(7,942)

Operating profit

 

1,655

1,370

Finance costs

 

(162)

(191)

Profit before taxation

 

1,493

1,179

Taxation

 

(329)

(312)

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

 

1,164

867

 

 

 

 

Earnings per share

 

 

 

Basic and diluted

 

18.3p

13.7p

 

 

Consolidated Statement of Comprehensive Income

for the year ended 31st December 2015

 

 

Year ended 31/12/15

Year ended 31/12/14

 

£000

£000

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

1,164

867

 

 

 

Other comprehensive income

 

 

Items that may subsequently be reclassified to profit or loss:

 

 

Change in value of available-for-sale financial assets

-

12

 

 

 

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

 

 

Actuarial gain/(loss) on defined benefit pension plans

1,089

(1,263)

Taxation recognised on expenses and income recognised directly in equity

(218)

191

 

871

(1,072)

 

 

 

Other comprehensive income/(expense) for the year

871

(1,060)

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

2,035

(193)

 

 

 

 

 

Balance Sheets

at 31st December 2015

 

 

 

 

 

 

 

 

 

31/12/15

31/12/14

 

 

 

 

£000

£000

Assets

 

 

 

 

 

Non-current assets

 

 

 

 

 

Property, plant and equipment

 

 

 

5,577

5,448

Deferred taxation assets

 

 

 

165

423

 

 

 

 

5,742

5,871

Current assets

 

 

 

 

 

Inventories

 

 

 

6,546

5,879

Trade and other receivables

 

 

 

9,541

9,762

Cash and cash equivalents

 

 

 

-

358

 

 

 

 

16,087

15,999

Total assets

 

 

 

21,829

21,870

 

 

 

 

 

 

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

 

 

 

5,897

5,189

Total equity

 

 

 

9,438

8,730

Liabilities

 

 

 

 

 

Non-current liabilities

 

 

 

 

 

Other interest-bearing loans and borrowings

 

 

 

1,155

1,676

Employee benefits

 

 

 

1,488

2,591

 

 

 

 

2,643

4,267

Current liabilities

 

 

 

 

 

Bank overdraft

 

 

 

988

-

Other interest-bearing loans and borrowings

 

 

 

776

722

Trade and other payables

 

 

 

7,481

7,880

Provisions

 

 

 

199

100

Taxation payable

 

 

 

304

171

 

 

 

 

9,748

8,873

Total liabilities

 

 

 

12,391

13,140

Total equity and liabilities

 

 

 

21,829

21,870

These financial statements were approved by the Board of Directors on 11th April 2016 and were signed on its behalf by:

 

ARB Burrows                                                      CA Parker

Director                                                                  Director

 

Registered number: 00405838

Statements of Changes in Equity

at 31st December 2015

 

 

Share capital

Capital reserve

Share premium account

Retained earnings

Total

Consolidated

£000

£000

£000

£000

£000

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 deferred taxation

-

-

-

(1,072)

(1,072)

Dividends paid

-

-

-

(286)

(286)

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 deferred taxation

-

 

-

 

-

 

871

 

871

 

Dividends paid

-

-

-

(1,327)

(1,327)

Balance at 31st December 2015

635

16

2,890

5,897

9,438

 

The aggregate current and deferred taxation relating to items that are charged or credited to equity is £218,000 (2014: £191,000).

 

 

Cash Flow Statements

for the year ended 31st December 2015

 

 

 

 

 

 

 

 

Year ended 31/12/15

Year ended 31/12/14

 

 

 

 

£000

£000

Cash flows from operating activities

 

 

 

 

 

Profit for the year

 

 

 

           1,164

            867

   Adjustments for :

 

 

 

 

 

   Depreciation

 

 

 

1,050

1,094

   Profit on sale of fixed assets

 

 

 

(81)

(1)

   Financial expense

 

 

 

162

191

   Taxation

 

 

 

329

312

 

 

 

 

2,624

2,463

Decrease in trade and other receivables

 

 

 

221

297

(Increase)/Decrease in inventories

 

 

 

(667)

              249

(Decrease)/increase in trade and other payables

 

 

 

              (399)

                300

Increase/(decrease) in provisions

 

 

 

99

(170)

Decrease in employee benefits

 

 

 

(100)

(100)

Cash generated from operations

 

 

 

1,778

3,039

Taxation paid

 

 

 

(156)

(291)

Net cash generated from operating activities

 

 

 

1,622

2,748

Cash flows from investing activities

 

 

 

 

 

Purchases of property, plant and equipment

 

 

 

        (1,267)

(859)

Proceeds from sale of property, plant and equipment

 

 

 

169

376

Available-for-sale financial assets

 

 

 

-

265

Net cash used in investing activities

 

 

 

(1,098)

(218)

Cash flows from financing activities

 

 

 

 

 

New borrowings

 

 

 

322

147

Repayments of borrowings

 

 

 

(432)

(432)

Finance lease payments

 

 

 

(357)

(362)

Interest paid

 

 

 

(76)

(133)

Dividends paid

 

 

 

(1,327)

(286)

Net cash used in financing activities

 

 

 

(1,870)

(1,066)

 

 

 

 

 

 

Net (decrease)/increase in cash and cash equivalents

 

 

 

(1,346)

1,464

Cash and cash equivalents at beginning of the year

 

 

 

358

(1,106)

Cash and cash equivalents at end of the year

 

 

 

(988)

358

             

 

 

 

Notes:

The financial information set out above does not constitute the Group's statutory accounts for the years ended 31st December 2014 or 31st December 2015 and is unaudited. The auditor has not yet reported on the statutory accounts for 31st December 2015. The statutory accounts for 31st December 2015, 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 2015 will be delivered to the Registrar of Companies following the Company's Annual General Meeting.

 


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