12th Apr 2016 11:26
LONDON (Alliance News) - Tex Holdings PLC on Tuesday increased its dividend payment to shareholders for 2015, citing higher pretax profit and a "solid opening" to the new year.
Pretax profit increased by 27% to GBP1.5 million in 2015, the company said in a statement. Tex manufactures and supplies engineering products, plastics, boards and panels.
Revenue remained static at GBP36.0 million, with "product mix pulling the gross profit percentage down," according to Chairman Anthony Burrows.
"This was compensated by reductions in overheads," Burrows said. Administrative expenses fell to GBP7.5 million from GBP7.9 million.
"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," Burrows said.
Tex paid a final dividend of 5.0 pence per share, taking the total payment for 2015 to 22.0p from 6.0p. The total payment included a 15.0p special dividend paid to shareholders in November, due to the "strength of the balance sheet". The ordinary element of the dividend amounted to 7.0p.
Shares in Tex were up 1.4% at 109.00p on Tuesday morning.
By Samuel Agini; [email protected]; @samuelagini
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