11th Jul 2019 10:52
(Alliance News) - Interior designer Samuel Heath & Sons PLC on Thursday warned on the difficulty of securing supplies from the EU, though the business is holding up well nonetheless.
Revenue for the year to March was GBP13.9 million, down 3.5% on the year before, with pretax profit slipping 27% to GBP880,000.
Samuel Heath said pretax profit was hurt by costs related to the guaranteed minimum pension equalisation regulation relating to its pension fund.
The profit, however, means Samuel Heath has paid a dividend of 6.875 pence per share, meaning the total for the year is 12.375p, the same year-on-year.
"As I am certain shareholders are aware, this year has been the same as the one before with regard to trading conditions. The uncertainty around Brexit has caused us all sorts of continuing problems," said Chair Sam Heath.
"These are perhaps surprisingly not led by the uncertainty of sales to business customers within the EU, but much more seriously from our supplies from there. It is having, most importantly of all, a very bad effect on our business, and our future prospects, with our London and South Eastern customers within the UK."
"It is, therefore, more difficult than ever to forecast where we might be in twelve months' time. You can imagine I do not enjoy being so indecisive, but it is a unique situation we find ourselves in," Heath continued.
"Perhaps I could add, as a company listed on the London Stock Exchange since 1890, there must have been other times equally difficult, which we managed to get through."
Shares were untraded on Thursday, last quoted at 280.00 pence each.
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Samuel Heath