21st Apr 2008 17:53
Tex Holdings PLC21 April 2008 Tex Holdings plc Preliminary Announcement 31st December 2007 Registered number 405838 Results in Brief Year ended 31 Year ended 31 December 2007 December 2006 (unaudited) (audited) £000 £000Revenue 36,873 34,498Profit before taxation 1,226 907Taxation (312) (308)Profit on ordinary activities after taxation 914 599Total equity 8,408 7,919Net assets per share 132p 125pBasic earnings per share 14.4p 9.4pDiluted earnings per share 14.4p 9.4pDividends per share (based on interim dividend in the year and final dividend proposed) 7.5p 7.0p CHAIRMAN'S STATEMENT Results for year ended 31st December 2007 Results and Operations Tex Group sales for the 12 months to 31st December 2007 amounted to £36.9million compared with £34.5 million in 2006. Pre-tax profit earned in 2007 was £1,226k compared with £907k in 2006. The Engineering division and the Plastic division both contributed to theincrease in turnover over the previous year. Within the plastics division theprofit figure increased in line with the increase in turnover. In theEngineering division the profit potential of the additional turnover wasextinguished by the write off of project costs in Tex ATC and further additionalstock provisions. The Boards and Panels division had a more profitable year on areduced turnover as a result of the cost review exercise carried out in thethird quarter of 2006. It is pleasing to note that the IAS19 valuation of the Pension Fund has returnedto a small surplus, compared to a deficit of £360k as at 31st December 2006.This surplus has not be recognised in the accounts. Prospects and Dividend Business levels in the early months of 2008 have broadly commenced in line withexpectations. A number of large contracts have been placed as expected, butdispatch dates have been put back to the second half of the year. The Grouporder book currently stands at £10.5m, which is above the long term average. The Board feels able to recommend a final dividend of 4.0 pence (2006: 4.0pence) which would make a total of 7.5 pence in 2007 (2006: 7.0 pence). Thefinal dividend will be paid, subject to shareholder approval, on 25th July 2008to members on the register as at 20th June 2008. Staff It has been another busy and demanding year which has seen a further improvementin profitability, and I would like to thank staff at all levels in the Group fortheir contribution. ARB Burrows Chairman 21st April 2008 Consolidated Income Statement For the year ended 31 December 2007 Year ended 31 Year ended 31 December 2007 December 2006 (unaudited) (audited) £000 £000Revenue 36,873 34,498Cost of Sales (27,659) (25,537) --------- ---------Gross Profit 9,214 8,961Selling and Marketing Costs (946) (966)Administrative Expenses (6,838) (6,730) --------- ---------Operating Profit before finance costs 1,430 1,265Finance costs (204) (358) --------- ---------Profit before Tax 1,226 907Taxation (312) (308) --------- ---------Profit for the Year 914 599 ========= =========Earnings per shareBasic 14.4p 9.4p ========= =========Diluted 14.4p 9.4p ========= ========= All of the activities of the Group relate to continuing operations. All the amounts are attributable to the equity holders of the parent company.Statements of recognised income and expense For the year ended 31 December 2007 Year ended 31 Year ended 31 December 2007 December 2006 (unaudited) (audited) £000 £000Actuarial gains and losses ondefined benefit pension plans 73 1,774Tax recognised on income andexpenses recognised directly in equity (22) (532) --------- ---------Net income recognised directly in equity 51 1,242Profit for the year 914 599 --------- ---------Total recognised income and expense 965 1,841 ========= ========= Consolidated Balance Sheet At 31 December 2007 31 December 31 December 2007 2006 (unaudited) (audited) £000 £000AssetsNon Current AssetsProperty, Plant and Equipment 7,117 7,003Intangible Assets 252 252 --------- --------- 7,369 7,255 --------- ---------Current AssetsStocks 5,349 5,214Trade and Other Receivables 9,687 7,402 --------- --------- 15,036 12,616 --------- ---------Total Assets 22,405 19,871 ========= ========= EquityCapital and Reserves attributable to theEquity holders of the parentShare Capital 635 635Other Reserves 2,906 2,906Retained Earnings 4,867 4,378 --------- ---------Total Equity 8,408 7,919 --------- --------- LiabilitiesNon-Current LiabilitiesOther interest bearing loans and borrowings 1,787 1,853Deferred tax liabilities 503 455Employee benefits - 360 --------- --------- 2,290 2,668 --------- ---------Current LiabilitiesBank overdraft 2,333 2,014Other interest bearing loans and borrowings 326 520Trade and Other Payables 8,666 6,586Tax payable 382 164 --------- --------- 11,707 9,284 --------- ---------Total Liabilities 13,997 11,952 --------- ---------Total Equity and Liabilities 22,405 19,871 ========= ========= Consolidated Statement of Changes in Equity For the year ended 31 December 2007 Share Capital Share Premium Retained Total Capital Reserve Account Earnings £000 £000 £000 £000 £000Balance at1 635 16 2,890 2,791 6,332January2006 Profit for the - - - 599 599Year Pension fundactuarial - - - 1,242 1,242movement DividendRelating to2006 - - - (254) (254) ------ ------ ------- ------- -------Balance at1 635 16 2,890 4,378 7,919January2007 Profit forthe - - - 914 914Year Pension fundactuarial - - - 51 51movement DividendRelating to2007 - - - (476) (476) ------ ------ ------- ------- -------Balance at31 635 16 2,890 4,867 8,408December ====== ====== ======= ======= =======2007 The aggregate current and deferred tax relating to items that are charged orcredited to equity is £22,000 (2006: £532,000). All the amounts are attributable to the equity holders of the parent company.Consolidated Cash Flow Statement For the year ended 31 December 2007 Year ended 31 Year ended 31 December 2007 December 2006 (unaudited) (audited) £000 £000Cash flows from operating activitiesProfit for the year 914 599Adjustments for :Depreciation 1004 947Financial expense 204 358Taxation 312 308 --------- ---------Operating profit before changes inworking capital and provisions 2,434 2,212Decrease in trade and other receivables (2,285) 657Decrease in stock (135) 198Increase/(decrease) in trade and other payables 2,080 (86)(Decrease) in employee benefits provision (216) (316) --------- ---------Cash generated from operations 1,878 2,665Income tax refunded/(paid) (68) 108 --------- ---------Net cash generated from operating activities 1,810 2,773 --------- --------- Cash flows from investing activitiesPurchases of property, plant and equipment (PPE) (1,175) (579)Proceeds from sale of PPE 57 37 --------- ---------Net cash used in investing activities (1,118) (542) --------- --------- Cash flows from financing activitiesRepayments of borrowings (234) (403)Finance lease payments (26) (385)Interest paid (275) (306)Dividends paid to Company's shareholders (476) (254) --------- ---------Net cash used in financing activities (1,011) (1,348) --------- ---------Net increase in bank overdraft (319) 883Cash and cash equivalents at beginning of the year (2,014) (2,897) --------- ---------Cash and cash equivalents at end of the year (2,333) (2,014) ========= ========= Notes: 1) The financial information set out above does not constitute the Group'sstatutory accounts for the years ended 31 December 2006 or 31 December 2007. Thestatutory accounts for 31 December 2007 will be finalised on the basis offinancial information presented by the directors on this preliminaryannouncement and will be delivered to the registrar of companies following thecompany's annual general meeting. This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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