Source - RNS
RNS Number : 1705L
Tex Holdings PLC
17 April 2018
 

 

 

 

Tex Holdings plc

Preliminary Announcement

31st December 2017

Registered number 00405838


 


 

CHAIRMAN'S STATEMENT

 

Results for year ended 31st December 2017

 

Results and operations

 

Tex Group sales increased to £42,000,000 from £41,000,000. Gross margins increased marginally as a result of the increase of prices to reflect increased costs and a richer mix of sales.

 

The Plastics Division profits have increased marginally as a result of increased volumes. The Engineering Division has slipped after incurring £268,000 of costs re the relocation of G&M TEX and Eurotex International to Claydon Business Park, completing the consolidation of the Engineering operations onto one site. The Boards & Panels Division also improved its performance through increased trading volumes.

 

The Group's net assets per share have increased to 168p from 155p, mainly driven this year by the reduction in the pension scheme deficit, arising as a result of actuarial gains.

 

Prospects and dividends

 

Orders for 2018 have been strong in a number of the companies, but some continue to await decisions on various projects.

 

We recommend a final dividend of 6.0 pence (2016:  6.0 pence), making an overall payment in respect of the year of 8.5 pence (2016:  8.5 pence) per share.

 

The final dividend will be paid, subject to shareholder approval, on 20th July 2018 to members on the register as at 21st June 2018.

 

Staff

 

I would like to thank staff at all levels in the Group for their contribution to the result for the year.

 

 

ARB Burrows

Chairman

16th April 2018

 

 

RESULTS IN BRIEF

 

 

Year

ended

31/12/17

Year

ended

31/12/16

 

 

£000

£000

Revenue

41,505

41,386

Profit before taxation

927

1,107

Taxation

(197)

(199)

Profit after taxation

730

908

Total equity

10,639

9,830

Net assets per share

168p

155p

Basic earnings per share

11.5p

14.3p

Diluted earnings per share

11.5p

14.3p

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

8.5p

8.5p

 

 

Consolidated Income Statement

for the year ended 31st December 2017

 



Year ended 31/12/17

Year ended 31/12/16



£000

£000

Revenue


41,505

41,386

Cost of sales


(30,781)

(31,346)

Gross profit


10,724

10,040

Distribution costs


(1,073)

(1,072)

Administrative expenses


(8,568)

(7,714)

Operating profit


1,083

1,254

Finance costs


(156)

(147)

Profit before taxation


927

1,107

Taxation


(197)

(199)

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


730

908





Earnings per share attributable to the equity holders of the Parent Company




Basic and diluted


11.5p

14.3p

 



Consolidated Statement of Comprehensive Income

for the year ended 31st December 2017

 


 

 

 

Year ended 31/12/17

Year ended 31/12/16



£000

£000

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


730

908





Other comprehensive income




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




Actuarial gain/(loss) on defined benefit pension plans


767

(50)

Deferred taxation recognised on actuarial (gain)/loss on defined benefit pension plan recognised directly in equity


 

(148)

 

10

Other comprehensive income/(expense) for the year


619

(40)

Total comprehensive income for the year attributable to the equity holders of the Parent Company


1,349

868





 



Consolidated Balance Sheets

at 31st December 2017

 









31/12/17

31/12/16





£000

£000

Assets






Non-current assets






Property, plant and equipment




6,557

5,864

Deferred taxation assets




20

187





6,577

6,051

Current assets






Inventories




6,798

6,883

Trade and other receivables




11,392

10,620





18,190

17,503

Total assets




24,767

23,554







Equity






Capital and reserves attributable to the equity holders of the Parent Company






Share capital




635

635

Capital reserve




16

16

Share premium account




2,890

2,890

Retained earnings




7,098

6,289

Total equity




10,639

9,830

Liabilities






Non-current liabilities






Other interest-bearing loans and borrowings




2,159

2,621

Employee benefits




662

1,492





2,821

4,113

Current liabilities






Bank overdraft




1,737

243

Other interest-bearing loans and borrowings




971

887

Trade and other payables




8,184

8,021

Provisions




199

199

Taxation payable




216

261





11,307

9,611

Total liabilities




14,128

13,724

Total equity and liabilities




24,767

23,554

These financial statements were approved by the Board of Directors on 16th April 2018 and were signed on its behalf by:

 

ARB Burrows                                                      CA Parker

Director                                                                  Director

 

Registered number: 00405838

Consolidated Statements of Changes in Equity

at 31st December 2017

 


Share capital

Capital reserve

Share premium account

Retained earnings

Total


£000

£000

£000

£000

£000

Balance at 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)

 

Total comprehensive income

-

-

-

868

868

Contributions by and distributions to owners:






Dividends paid

-

-

-

(476)

(476)

Balance at 31st December 2016 and 1st January 2017

635

16

2,890

6,289

9,830







Profit for the year

-

-

-

730

730

Pension fund actuarial movement net of taxation

-

-

-

619

619

Total comprehensive income

-

-

-

1,349

1,349

Contributions by and distributions to owners:






Dividends paid

-

-

-

(540)

(540)

Balance at 31st December 2017

635

16

2,890

7,098

10,639

 



 

Consolidated Cash Flow Statements

for the year ended 31st December 2017









Year ended 31/12/17

Year ended 31/12/16





£000

£000

Cash flows from operating activities






Profit for the year




730

            908

   Adjustments for:






   Depreciation




1,135

1,082

   Loss on sale of fixed assets




10

-

   Financial expense




156

147

   Taxation




197

199





2,228

2,336

Increase in trade and other receivables




(772)

(1,079)

Decrease/(increase) in inventories




85

(337)

Increase in trade and other payables




 

163

             

540

Contribution to defined benefit scheme




(100)

(100)

Cash generated from operations




1,604

1,360

Taxation paid




(223)

(254)

Net cash generated from operating activities




1,381

1,106

Cash flows from investing activities






Purchases of property, plant and equipment




(1,188)

         (837)

Proceeds from sale of property, plant and equipment




39

16

Net cash used in investing activities




(1,149)

(821)

Cash flows from financing activities






New borrowings




-

2,000

Repayments of borrowings




(534)

(632)

Finance lease payments




(532)

(339)

Interest paid




(120)

(93)

Dividends paid




(540)

(476)

Net cash (used in)/generated from financing activities




(1,726)

460

Net (decrease)/increase in cash and cash equivalents




(1,494)

745

Cash and cash equivalents at beginning of the year




(243)

(988)

Cash and cash equivalents at end of the year




(1,737)

(243)



 Notes:

The financial information set out above does not constitute the Company's statutory accounts for the years ended 31st December 2016 or 31st December 2017 and is unaudited. The auditor has not yet reported on the statutory accounts for 31st December 2017. The statutory accounts for 31st December 2017 will be delivered to the Registrar of Companies following the Company's Annual General Meeting.

 

Statutory accounts for 2016 have been delivered to the Registrar of Companies.  The auditor has reported on the accounts for 2016 and their report was unqualified and did not draw attention to any matters by way of emphasis and did not contain a statement under 498(2) or 498(3) of the Companies Act 2006.

 


This information is provided by RNS
The company news service from the London Stock Exchange
 
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