Wensum Company PLC - Final Results
April 27 2000 - 3:30AM
UK Regulatory
RNS Number:6516J
Wensum Company PLC
27 April 2000
THE WENSUM COMPANY PLC
CHAIRMAN'S STATEMENT
Highlights
* Record results.
* Pre-tax profit up 23.5% to #1.904m.
* Pre-tax profit of 11.2% to sales, up from 9.8% last year.
* Turnover up 8.2% to #17.012m.
* Earnings per share up 19.4% to 17.00p.
* Dividend up 21.5% for the year.
* Nil gearing with growing cash resources.
* Strong order book.
Results
I am delighted to report a further year of progress and
record results for the year ended 29 January, 2000.
Profits before tax were up 23.5% at #1,904,083 (1999 -
#1,541,988) on turnover up 8.2% at #17,011,779 (1999 -
#15,723,502).
Earnings per share increased by 19.4% to 17.00p (1999 -
14.24p).
Cash balances stood at #2,285,747 at the year end, an
increase from #1,078,967 at the same time last year.
In view of the increase in profitability the directors
are recommending an increased final dividend of 4.2p
which, together with the increased interim dividend,
makes a total of 6.2p (1999 - 5.1p), an increase of
21.5%.
The final dividend will be paid on 29 June, 2000 to all
shareholders on the register on 19 May, 2000.
Share Purchase
Renewal will be sought of the authority given at last
year's Annual General Meeting to purchase up to 10% of
the company's issued share capital when the current
authority lapses on 23 June, 2000.
Whilst the company has not yet exercised this authority
it remains our intention to do so at an appropriate time,
should this be in the best interests of the company and
its development.
Operating Review
The company has two principal activities.
Wensum Corporate, our Gatwick based operation, is a
service orientated business comprising the design,
project management and distribution of corporate clothing
for many leading brand companies, principally
specialising in the travel and leisure sector.
Wensum Corporate performed extremely well during the
year, increasing turnover and operating profits to record
levels.
Our focus on partnerships, and developing product quality
and service has been rewarded by our existing clients'
continued loyalty, which has enabled us to grow with
them.
A number of new contracts have been won during the year
which further support our market leadership in the travel
and leisure sector and new contracts in the financial
services sector are in line with our planned broadening
of the customer base.
We have strengthened our management team at the operating
level significantly in the past year, with the
appointment of Beverley Sunderland as Commercial Director
and by the promotion of Deborah Johnson to Design
Director.
Wensum Clothing, our Norwich based operation, designs and
manufacturers high quality mens and womens tailored
clothing for a number of leading prestigious retailers.
Wensum Clothing also had an excellent year increasing
turnover and operating profits to record levels.
Sales of personally tailored clothing, a key growth
market, increased by over 50% compared to the previous
year, with delivery lead times reducing substantially in
the last quarter. We are committed to developing this
area of our business and will shortly be extending our
existing internet links with customers which will improve
still further the significant reduction in lead times
already achieved.
Womenswear production has successfully commenced during
the year which will provide new opportunities for growth
and development.
Wensum Clothing has also strengthened the management team
during the year with the promotion of Jeffrey Saunders to
Operations Director.
Outlook
These excellent results, against a continuing strong
pound and the inevitable pressure on margin, provide a
real challenge for the current year. However, we
continue to invest strongly in order to build upon our
reputation for product quality and integrity and to
continue to develop the service and support we provide to
our customers.
To continue the recent rate of growth in the current year
will be demanding, although we are confident that the
continuing development of our products and high quality
customer base should provide significant opportunities
for our future performance.
Management and Staff
These record results are a credit to management and staff
throughout the company who have worked extremely hard and
effectively throughout the year.
The board appreciates their contribution and I would like
to thank them for their continued loyalty and commitment.
ANDREW HUGHES
Chairman
27 April, 2000
AUDITED PRELIMINARY RESULTS FOR THE YEAR ENDED 29
JANUARY, 2000
2000 1999
#000 #000
Turnover 17,011 15,724
------ ------
Operating profit 1,900 1,582
Net interest received/(paid) 4 (40)
------ ------
Profit on ordinary activities before
taxation 1,904 1,542
Tax on profit on ordinary activities (585) (439)
------ ------
Profit on ordinary activities after
taxation attributable to members of
the holding company 1,319 1,103
Dividends (482) (395)
----- -----
Retained profit for the year 837 708
=== ===
Earnings per share - basic 17.00p 14.24p
- diluted 16.95p 14.24p
------ ------
Dividends per ordinary share
interim 2.00p 1.65p
proposed final 4.20p 3.45p
------ ------
6.20p 5.10p
------ ------
Notes:
1. The above audited financial information does not
amount to Statutory Accounts within the meaning of
Section 240 of the Companies Act 1985. The Statutory
Accounts for the period ended 30 January, 1999, which
include an unqualified audit report, have been filed with
the Registrar of Companies.
2. There has been no change in any of the accounting
policies for the group during these two financial years.
3. The earnings per share were calculated on profits for
the year of #1,319,559 (1999 - #1,102,825) and on 7,764,341
ordinary shares being the weighted average number of shares
in issue during the year (1999 - 7,745,916). The diluted
earnings per share is based on profit for the year of
#1,319,559 and on 7,784,794 ordinary shares.
4. A final dividend per ordinary share of 4.2p (1999 -
3.45p) has been proposed totalling #326,378 (1999 -
#267,234). The interim dividend of 2.0p was paid to
shareholders on 19 November, 1999, totalling #156,281
(1999 - #127,808).
5. The Annual Report and Accounts will be despatched to
shareholders on 4 May, 2000 and will be available from
that date from the Company Secretary at the company's
registered office, 179 Northumberland Street, Norwich,
NR2 4EE.
AUDITED GROUP BALANCE SHEET AT 29 JANUARY, 2000
2000 1999
#000 #000
Fixed assets
Tangible assets 2,299 2,385
----- -----
Current assets
Stock 2,148 2,189
Debtors 2,529 3,364
Cash at bank and in hand 2,286 1,079
----- -----
6,963 6,632
Creditors: amounts falling due within
one year 3,087 3,619
----- -----
Net current assets 3,876 3,013
----- -----
Total assets less current liabilities 6,175 5,398
Creditors: amounts falling due after
more than one year 500 625
Provisions for liabilities and charges
Deferred taxation 178 130
----- -----
5,497 4,643
===== =====
Capital and reserves
Called up share capital 388 387
Share premium account 142 126
Other reserves 1,081 1,081
Profit and loss account 3,886 3,049
----- -----
5,497 4,643
===== =====
AUDITED GROUP CASH FLOW STATEMENT FOR THE YEAR ENDED
29 JANUARY, 2000
2000 1999
#000 #000
Net cash inflow from operating
activities 2,550 1,505
Returns on investment and servicing of finance:
Interest paid (58) (83)
Interest received 52 43
---- ----
(6) (40)
---- ----
Taxation:
UK corporation tax paid (539) (740)
Capital expenditure and financial investment:
Payments to acquire tangible fixed
assets (267) (428)
Equity dividends paid (423) (393)
Financing:
Repayment of loan account (125) (125)
Proceeds from issue of shares 17 -
----- ----
(108) (125)
----- ----
Increase/(decrease) in cash 1,207 (221)
===== =====
NOTES:
2000 1999
#000 #000
Reconciliation of operating profit to net cash
inflow from operating activities
Operating profit 1,900 1,582
Depreciation 352 344
Decrease/(increase)in stocks 41 (126)
Decrease/(increase) in operating
debtors and prepayment 896 (644)
(Decrease)/increase in operating
creditors and accruals (639) 349
----- -----
2,550 1,505
===== =====
Analysis of net funds
31 January, Cash Re- 29 January,
1999 Flow Classification 2000
#000 #000 #000 #000
Cash 1,079 1,207 - 2,286
Liquid resources:
Short term loan (125) 125 (125) (125)
Long term loan (625) - 125 (500)
--- ----- ----- -----
329 1,332 - 1,661
=== ===== ===== =====
1 February, Cash Re- 30 January,
1998 Flow Classification 1999
#000 #000 #000 #000
Cash 1,300 (221) - 1,079
Liquid resources:
Short term loan (125) 125 (125) (125)
Long term loan (750) - 125 (625)
--- ---- ----- ---
425 (96) - 329
=== ==== ===== ===
END
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