Interim Results
September 26 2000 - 3:30AM
UK Regulatory
RNS Number:4993R
Wensum Company PLC
26 September 2000
CHAIRMAN'S STATEMENT
Results
I am pleased to report an excellent result for the six
months ended 29 July 2000.
Profits before tax increased by 20.7% to #1,148,789 (1999
- #951,865) - a particularly strong result on reduced
turnover of #7,923,838 (1999 - #8,836,748) due principally
to phasing of contract launches.
Earnings per share were up 20.4% to 10.34p (1999 -
8.59p).
We continue to have nil net gearing. Cash balances stood
at #2,480,376 at the end of the period under review with
net cash of #1,917,876.
The directors are recommending an interim dividend of
2.65p (1999 - 2.00p) an increase of 32.5%. This will be
paid on 12 October 2000 to all shareholders on the
register on 6 October 2000.
Review of Operations
Wensum Corporate, our Gatwick based corporatewear
operation, performed particularly well in the period
under review increasing profits to record levels.
The continuing development of our project management and
design skills, together with the excellence of our
operations and location at Gatwick has enabled us to make
further inroads into the growing travel and leisure
sector.
In addition there have been developments into supplying
the financial services sector - a key target area for
future growth.
Wensum Clothing, our Norwich based tailored clothing
operation, performed in line with expectations in the
period under review, given that profits were under pressure
by the effects on margin from the continuing strength
of sterling against our main European competitors.
Our developing personal tailoring business remains a key
opportunity for future growth, along with our recently
established womenswear production.
Current Trading and Prospects
Whilst the pressure on margin in Wensum Clothing is
unlikely to ease in the short term, the development of
the more specialised higher added value personal
tailoring business is an important priority.
Wensum Corporate continues to strengthen its position in
its target markets and with its reputation for design and
service is poised to achieve additional levels of growth.
Andrew Hughes
Chairman
26 September 2000
INTERIM RESULTS
FOR THE SIX MONTHS ENDED 29 JULY 2O00
6 months 6 months 12 months
ended ended ended
29 July 2000 30 July 1999 29 January 2000
(Unaudited) (Unaudited) (Audited)
#000 #000 #000
Turnover 7,924 8,837 17,012
------ ------ ------
Operating profit 1,114 952 1,900
Net interest 35 - 4
------ ------ ------
Profit before taxation 1,149 952 1,904
Tax charge (345) (286) (585)
------ ------ -------
Profit after taxation 804 666 1,319
Dividends (206) (155) (482)
------ ------ -------
Retained profit 598 511 837
------ ------ -------
Earnings per share
- basic 10.34p 8.59p 17.00p
- diluted 10.30p - 16.95p
------ ------ -------
1. The earnings per share were calculated on profits
for the period of #804,152 (1999 - #666,306) and on
7,774,615 ordinary shares, being the weighted average
number of shares in issue during the period (1999 -
7,751,806). The diluted earnings per share is based on
the profit for the period of #804,152 and on 7,804,303
ordinary shares.
2. An interim dividend of 2.65p (1999 - 2.00p) will be
paid on 12 October 2000 to shareholders on the register on 6
October 2000.
3. The tax charge for the six months to 29 July 2000 is
based on an estimated rate of 30% (1999 - estimated rate
30%). The tax charge for the year to 29 January 2000 is
the actual charge.
GROUP BALANCE SHEET
29 July 2000 30 July 1999 29 January 2000
(Unaudited) (Unaudited) (Audited)
#000 #000 #000
Fixed assets 2,223 2,337 2,299
------ ----- -----
Current assets
Stocks 2,619 2,322 2,148
Debtors 2,272 3,982 2,529
Cash at bank and in hand 2,480 1,132 2,286
----- ----- -----
7,371 7,436 6,963
Creditors: amounts
falling due within
one year 2,879 3,909 3,087
----- ----- -----
Net current assets 4,492 3,527 3,876
----- ----- -----
Total assets less
current liabilities 6,715 5,864 6,175
Creditors: amounts
falling due after
more than one year 437 562 500
Deferred taxation 178 130 178
----- ----- -----
6,100 5,172 5,497
----- ----- -----
Capital and reserves
Called up share capital 389 389 389
Share premium account 146 141 141
Other reserves - 1,082 1,082
Profit and loss account 5,565 3,560 3,885
----- ----- -----
6,100 5,172 5,497
----- ----- -----
1. The above financial information does not constitute
Statutory Accounts as defined in Section 240 of the
Companies Act 1985. The comparative financial
information is based on the Statutory Accounts for the
financial year ended 29 January 2000. Those accounts,
upon which the auditors issued an unqualified opinion,
have been delivered to the Registrar of Companies.
2. The accounts have been prepared on a basis
consistent with the full year accounts to 29 January
2000. There have been no changes in accounting policy.
3. The other reserves were created in 1990 following
the cancellation of the share premium account. These
have been transferred to profit and loss reserves.
4. The interim results will be sent to shareholders of
the company and copies will be available to the public at
the company's registered office, 179 Northumberland
Street, Norwich, Norfolk NR2 4EE.
GROUP CASH FLOW STATEMENT
OR THE SIX MONTHS ENDED 29 JULY 2O00
6 months 6 months 12 months
ended ended ended
29 July 2000 30 July 1999 29 January 2000
(Unaudited) (Unaudited) (Audited)
#000 #000 #000
Net cash inflow from
operating activities 875 526 2,550
Returns on investment
and servicing of finance:
Interest paid (25) (28) (58)
Interest received 60 28 52
------ ------ -------
35 - (6)
------ ------ -------
Taxation:
UK corporation tax paid (224) (33) (539)
Capital expenditure and
financial investment:
Payments to acquire tangible
fixed assets (106) (127) (267)
Equity dividends paid (327) (267) (423)
Financing:
Repayment of loan
account (63) (63) (125)
Proceeds from issue of
shares 4 17 17
------ ------ -------
(59) (46) (108)
------ ------ -------
------ ------- -------
-
Increase in cash 194 53 1,207
------ ------- -------
NOTES
GROUP CASH FLOW STATEMENT
6 months 6 months 12 months
ended ended ended
29 July 2000 30 July 1999 29 January 2000
(Unaudited) (Unaudited) (Audited)
#000 #000 #000
Reconciliation of operating
profit to net cash inflow
from operating activities
Operating profit 1,114 952 1,900
Depreciation 85 176 352
(Increase)/decrease in
stocks (379) (133) 41
Decrease/(increase) in
operating debtors and
prepayments 76 (618) 896
(Decrease)/increase in
creditors and accruals (21) 149 (639)
------ ------ -----
875 526 2,550
------ ------ -----
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