Wensum Company Plc - Interim Results
September 24 1998 - 3:31AM
UK Regulatory
RNS No 3959q
WENSUM COMPANY PLC
24th September 1998
INTERIM RESULTS FOR THE SIX MONTHS ENDED 31 JULY 1998
The Business Wensum operates from two principal
locations, serving many leading brand
companies. Wensum Clothing, based in
Norwich, designs and manufactures high
quality tailored clothing. Wensum
Corporate, based at our new site at
Gatwick, provides a complete service
comprising the design, development,
sourcing, distribution and project
management of corporate clothing and
career wear.
Wensum is committed to providing high
levels of service and support to our
customers based on a clear emphasis on
product specialisation, quality and added
value.
Highlights - Pre-tax profit up 18.0% to #767,417.
- Operating profit of 9.9% to sales.
- Turnover up 12.2% to #7,953,607.
- Earnings per share up 17.3% to 6.84p.
- Increased interim dividend to 1.65p.
- Nil net gearing.
- Excellent order book.
Results I am delighted to be able to report record
results for the Wensum group for the six
months ended 31 July 1998. Profits before
taxation increased to #767,417 (1997:
#650,397) on turnover of #7,953,607 (1997:
#7,091,245).
Earnings per share were 6.84p (1997:
5.83p). There was nil net gearing
compared with 9% at the same time the
previous year.
The directors are recommending an
increased interim dividend to 1.65p per
ordinary share (1997: 1.575p) which will
be paid on 21 November 1998 to all
shareholders on the register on 9 October
1998.
Review of Wensum Corporate performed well in the
Operations period under review, increasing both turnover
and operating profits.
During the year a number of important
programmes for new and existing customers
were implemented, including a major launch
for P&O. We anticipate this pattern will
continue into the second half.
The new site at Gatwick has been a great
success, strongly supporting our leading
position in the airline and travel
sectors.
Wensum Clothing also performed well,
increasing both turnover and operating
profits.
Manufacturing efficiencies have improved
greatly during the past year and the
development of personal tailoring has also
been a key feature of our success.
The "Englishness" and positioning of our
product in the market place is clearly
being well received.
Current The second half has started well with
Trading turnover and profits ahead of last year.
& Prospects
We are currently well underway with a
substantial initiative to enhance our
management and computer systems in support
of the closer links we are creating with
our customers. In many cases these are
centred around facilities management
principles. This is a key element of our
future strategy.
We believe an operating profit of 9.9% to
sales in the period under review, together
with the strength of our order book in a
difficult market place, is a clear
reflection of the quality of our business.
Andrew Hughes
Chairman
24 September 1998
INTERIM RESULTS
FOR THE SIX MONTHS ENDED 31 JULY 1998
6 months 6 months 12 months
ended ended ended
31 July 1998 26 July 1997 31 January 1998
(Unaudited) (Unaudited) (Audited)
#000 #000 #000
Turnover 7,954 7,091 14,561
------ ------ -------
Operating Profit 792 682 1,428
Net interest payable (25) (32) (76)
------ ------ -------
Profit before taxation 767 650 1,352
Tax charge (238) (201) (444)
------ ------ -------
Profit after taxation 529 449 908
Dividends (128) (121) (387)
------ ------ -------
Retained profit 401 328 521
------ ------ -------
Earnings per share("EPS") 6.84p 5.83p 11.79p
------ ------ -------
1. The EPS has been calculated on 7,745,916 ordinary
shares, being the weighted average number of shares in
issue throughout the period ended 31 July 1998 (6 months
to 26 July 1997 - 7,691,383)
2. An Interim Dividend of 1.65p (1997 - 1.575p) is
proposed, payable on 21 November 1998 to shareholders on
the register on 9 October 1998.
3. The tax charge for the six months to 31 July 1998 is
based on an estimated rate of 31% (1997 - estimated rate
31%). The tax charge for the year to 31 January 1998 is
the actual charge.
GROUP BALANCE SHEET
31 July 1998 31 January 1998 26 July 1997
(Unaudited) (Audited) (Unaudited)
#000 #000 #000
Fixed Assets 2,563 2,300 2,309
------ ------ ------
Current Assets
Stocks 1,812 2,063 1,780
Debtors 2,612 2,633 2,653
Cash at bank and in hand 1,449 1,300 615
------ ------ ------
5,873 5,996 5,048
Creditors: amounts
falling due within
one year 3,382 3,581 2,785
------ ------ ------
Net current assets 2,491 2,415 2,263
------ ------ ------
Total assets less
current liabilities 5,054 4,715 4,572
Creditors: amounts
falling due after
more than one year 688 750 812
Deferred taxation 30 30 44
------ ------ ------
4,336 3,935 3,716
------ ------ ------
Capital and reserves
Called up share capital 387 387 385
Share premium account 125 125 102
Other reserves 1,082 1,082 1,082
Profit and loss account 2,742 2,341 2,147
------ ------ ------
4,336 3,935 3,716
------ ------ ------
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 31 January 1998. 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 January 1998.
There have been no changes in accounting policy.
3. The interim results will be sent to shareholders of
the Company, and copies will be available to the public
at the Registered Office, 179 Northumberland Street,
Norwich, Norfolk NR2 4EE.
END
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