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Half Yearly Report

24th Nov 2009 07:00

RNS Number : 9364C

Heath(Samuel) & Sons PLC

24 November 2009

SAMUEL HEATH & SONS plc

("the Company")

INTERIM REPORT

Half year ended 30 September 2009

CHAIRMAN'S STATEMENT

The first six months trading until 30th September 2009 was very much as I forecast at the time of the annual results. In fact sales were slightly down on our budget at £4,753,000 (2008: £6,148,000) but the loss before taxation at £97,000 (2008: £387,000 profit) was in line with our expectations.

The figures speak for themselves: trading was extremely difficult. Towards the end of the six month period, we thought that we had detected some sort of recovery, but this has disappeared over the last weeks. We are therefore approaching the future with extreme caution and find it almost impossible to be at all certain of the full year's outcome.

Mainly because of the reduction of our stocks, to match the decline in turnover, the net cash position has improved and our balance sheet remains healthy. We therefore feel able to recommend a dividend of 5.5 pence per share (2008: 11.0 pence per share) payable on 26th March 2010.

Sam Heath

Chairman

24th November 2009

For further information, please contact:

Samuel Heath & Sons Plc
John Park, Company Secretary	0121 772 2303
Evolution Securities Limited
Joanne Lake/Peter Steel	0113 243 1619

Unaudited Interim Financial Report

For the Half Year ended 30 September 2009

CONSOLIDATED INCOME STATEMENT
	Half year ended 30 September 2009	Half year ended 30 September 2008	Year ended 31 March 2009
	Unaudited	Unaudited	Audited
	£'000	£'000	£'000
Revenue	4,753	6,148	10,897
Cost of sales	(2,695)	(3,390)	(6,114)
	----------	----------	----------
Gross profit	2,058	2,758	4,783
Selling and distribution costs	(1,421)	(1,618)	(3,036)
Administrative expenses	(707)	(786)	(1,504)
	----------	----------	----------
Operating (loss)/profit	(70)	354	243
Gain on sale of financial assets	19	-	-
Finance (costs)/income	(46)	33	49
	----------	----------	----------
(Loss)/profit before taxation	(97)	387	292
Taxation	-	(108)	23
	----------	----------	----------
(Loss)/profit for the period	(97)	279	315
	=====	=====	=====
Basic and diluted (loss)/earnings per ordinary share	(3.8p)	11.0p	12.5p
	=====	=====	=====

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
	Half year ended 30 September 2009	Half year ended 30 September 2008	Year ended 31 March 2009
	Unaudited	Unaudited	Audited
	£'000	£'000	£'000
(Loss)/profit for the period	(97)	279	315
Actuarial loss on defined benefit scheme	-	-	(1,153)
Deferred taxation on actuarial loss	-	-	322
Gains on available for sale financial assets	96	-	23
Cash flow hedges	112	-	(103)
	----------	----------	----------
Total for the period	111	279	(596)
	----------	----------	----------
Equity shareholders funds brought forward	6,709	7,905	7,905
Total recognised income for the period	111	279	(596)
Equity dividends paid	(158)	(317)	(596)
Purchase of own shares	-	(4)	(4)
	----------	----------	----------
Equity shareholders funds	6,662	7,863	6,709
	=====	=====	=====

CONSOLIDATED BALANCE SHEET
	At 30 September 2009	At 30 September 2008	At 31 March 2009
	Unaudited	Unaudited	Audited
	£'000	£'000	£'000
Non current assets
Intangible assets	225	-	164
Property, plant and equipment	2,410	2,830	2,617
Deferred tax asset	284	32	284
	----------	----------	----------
	2,919	2,862	3,065
	----------	----------	----------
Current assets
Inventories	2,295	2,713	2,654
Trade and other receivables	1,699	2,178	1,753
Current tax receivable	-	-	88
Available for sale financial assets	866	-	770
Cash and cash equivalents	1,145	1,675	571
	----------	----------	----------
	6,005	6,566	5,836
	----------	----------	----------
Total assets	8,924	9,428	8,901
	----------	----------	----------
Current liabilities
Trade and other payables	(906)	(946)	(859)
Derivative financial instruments	(57)	-	(103)
Current tax payable	-	(252)	-
	----------	----------	----------
	(963)	(1,198)	(962)
	----------	----------	----------
Non current liabilities
Pension scheme deficit	(1,084)	(115)	(1,015)
Deferred tax liability	(215)	(252)	(215)
	----------	----------	----------
	(1,299)	(367)	(1,230)
	----------	----------	----------
Total liabilities	(2,262)	(1,565)	(2,192)
	----------	----------	----------
Net assets	6,662	7,863	6,709
	=====	=====	=====
Capital and reserves
Called up share capital	254	254	254
Capital redemption reserve	109	109	109
Retained earnings	6,299	7,500	6,346
	----------	----------	----------
Equity shareholders' funds	6,662	7,863	6,709
	=====	=====	=====

CONSOLIDATED CASH FLOW STATEMENT
	Half year Ended 30 September 2009	Half year Ended 30 September 2008	Year ended 31 March 2009
	Unaudited	Unaudited	Audited
	£'000	£'000	£'000
Net cash flow generated from operations	688	361	634
Income taxes received/(paid)	88	-	(176)
	----------	----------	----------
Net cash flow from operating activities	776	361	458
	----------	----------	----------
Cash flow from investing activities
Purchases of property, plant and equipment	(29)	(174)	(203)
Sale of property, plant and equipment	5	38	43
Purchase of intangible assets	(62)	-	(164)
Purchase of financial assets	(245)	-	(747)
Sale of financial assets	265	-	-
Interest received	22	43	56
	----------	----------	----------
Net cash outflow from investing activities	(44)	(93)	(1,015)
	----------	----------	----------
Financing
Purchase of own shares	-	(4)	(4)
Equity dividends paid	(158)	(317)	(596)
	----------	----------	----------
Net cash outflow from financing	(158)	(321)	(600)
	----------	----------	----------
Increase/(decrease) in cash and cash equivalents	574	(53)	(1,157)
Cash and cash equivalents at beginning of period	571	1,728	1,728
	----------	----------	----------
Cash and cash equivalents at end of period	1,145	1,675	571
	======	=====	=====

1	BASIS OF PREPARATION OF INTERIM REPORT
	The information for the period ended 30 September 2009 is not audited and does not constitute statutory accounts as defined in section 435 of the Companies Act 2006. The statutory accounts for the year ended 31 March 2009 were given an unqualified audit report. A copy of the statutory accounts for that year has been delivered to the Registrar of Companies. The interim accounts for the half year ended 30 September 2008 were also unaudited.
2	ACCOUNTING POLICIES
	Basis of accounting
	The report has been prepared on a going concern basis in accordance with International Financial Reporting Standards ("IFRS") as issued by the International Accounting Standards Board ("IASB") at 30 September 2009 as well as all interpretations issued by the International Financial Reporting Interpretations Committee ("IFRIC") at 30 September 2009. The group has not availed itself of early adoption options in such standards and interpretations. The financial statements have been prepared under the historical cost basis. The principal accounting policies adopted are as set out in the Annual Report for the year ended 31 March 2009. The valuation of inventories is considered to be the main area in terms of significant accounting estimates and judgements.
3	DIVIDENDS
	An interim dividend of 5.5 pence per share is proposed (30 September 2008: 11.0 pence per share) and will be payable on 26 March 2010 with a record date of 26 February 2010.
4	EARNINGS PER SHARE
	The basic and diluted earnings per share are calculated by dividing the relevant loss after taxation of £97,000 (30 September 2008: £279,000 profit) by the average number of ordinary shares in issue during the period being 2,534,322 (2008: 2,534,833). The number of shares used in the calculation is the same for both basic and diluted earnings.

This information is provided by RNS

The company news service from the London Stock Exchange

END

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