Wensum Company PLC - Final Results
April 26 1999 - 3:30AM
UK Regulatory
RNS No 1779a
WENSUM COMPANY PLC
26 April 1999
THE WENSUM COMPANY PLC
Preliminary Results for the Year Ended 30 January, 1999
Highlights
- Record results
- Pre-tax profit up 14.0% to #1.542m
- Operating profit of 10.1% to sales
- Turnover up 8.0% to #15.724m
- Earnings per share up 20.8% to 14.24p
- Increased dividend proposed
- Net cash
- Excellent order book
Results
-------
I am delighted to report record results for Wensum for
the year ended 30 January 1999.
Net profits before taxation were up 14.0% at #1,541,988
(1998: #1,352,473) on turnover up 8.0% at #15,723,502
(1998: #14,561,390).
Earnings per share increased by 20.8% to 14.24p (1998:
11.79p).
There was net cash again at the year end.
The directors are recommending an increased final
dividend of 3.45p which, together with the increased
interim dividend, makes a total of 5.1p (1998: 5.0p).
The final dividend will be paid on 1 July 1999 to all
shareholders on the register on 14 May 1999.
An increased level of operating profit to sales of 10.1%
(1998: 9.8%) continues to reflect the quality of our
business.
The board would like to thank all management and staff
throughout the group for their contribution towards the
achievement of these excellent results.
Review of Operations
--------------------
Wensum Corporate, our careerwear design, sourcing and
project management company had a further year of good
overall progress and achievement.
Highlights of the year included the completion of the
first stage of the launch of the P&O clothing project and
towards the end of the year the launch of the first stage
of the new project for Virgin Atlantic - an entirely new
design due for actual release during the course of this
year.
In addition, investment in our computer and operating
systems was accelerated during the year and we are well
advanced towards the creation of an Internet based system
for communication both between our customers and also our
suppliers - many of which are located throughout other
parts of Europe and the Far East.
Wensum Clothing, our high quality tailored clothing
manufacturing operation, also had a year of good progress
and achievement.
Highlights of the year included the continued development
in the growing personal tailoring (made to measure)
market and a substantial increase in business from a
number of our newest customers, many of which are
prestigious international brand names.
Current Trading & Prospects
---------------------------
Both our divisions have excellent order books and have
started the year well.
Whilst the well publicised uncertainties in the high
street present a challenge for our manufacturing
operation, our concentration on service and high quality
added value products has enabled us to avoid the areas of
greatest slowdown - those centred around commodity based
products and retailers.
Wensum Corporate continues to break new ground with this
year seeing the launch of a major new clothing project in
the financial services sector - an area where we envisage
opportunities for substantial future growth.
The board continues to strongly believe that the
company's share price does not reflect the underlying
quality of, and prospects for, the business and believe
it is prudent, therefore, to increase the dividend only
modestly, having regard to the already high yield.
Renewal will be sought of the authority given by our
shareholders at last year's Annual General Meeting for
the company to purchase up to 10% of its issued share
capital when the current deadline lapses on 17 June 1999.
Whilst the company has not yet exercised this right it
remains our intention to do so, at an appropriate time
should this be in the overall best interests of the
company and its future development.
ANDREW HUGHES
Chairman
THE WENSUM COMPANY PLC
AUDITED PRELIMINARY RESULTS FOR THE YEAR ENDED 30
JANUARY, 1999
1999 1998
#000 #000
Turnover 15,724 14,561
------ ------
Operating profit 1,582 1,428
Net interest payable (40) (76)
Profit before taxation 1,542 1,352
Tax charge (439) (444)
------ ------
1,103 908
Dividends (395) (387)
----- -----
Retained profit 708 521
=== ===
Earnings per share 14.24p 11.79p
------ ------
Dividends per ordinary share
interim 1.650p 1.575p
proposed final 3.450p 3.425p
5.100p 5.000p
------ ------
THE WENSUM COMPANY PLC
AUDITED GROUP BALANCE SHEET AT 30 JANUARY, 1999
1999 1998
#000 #000
Fixed assets
Tangible assets 2,385 2,300
Current assets
Stock 2,189 2,063
Debtors 3,364 2,633
Cash at bank and in hand 1,079 1,300
----- -----
6,632 5,996
Creditors: Amounts falling due within
one year 3,619 3,581
----- -----
Net current assets 3,013 2,415
----- -----
Total assets less current liabilities 5,398 4,715
Creditors: Amounts falling due after
more than one year 625 750
Provisions for liabilities and charges
Deferred taxation 130 30
----- -----
4,643 3,935
===== =====
Capital and reserves
Called up share capital 387 387
Share premium 126 126
Other reserves 1,081 1,081
Profit and loss account 3,049 2,341
----- -----
4,643 3,935
===== =====
THE WENSUM COMPANY PLC
AUDITED GROUP CASH FLOW STATEMENT FOR THE YEAR ENDED 30
JANUARY, 1999
1999 1998
#000 #000
Net cash inflow from operating
activities 1,506 1,190
----- -----
Returns on investment and servicing
of finance:
Interest paid (83) (100)
Interest received 43 24
Net cash outflow from returns on ---- ----
investments and servicing of finance (40) (76)
---- ----
UK corporation tax paid (740) (102)
----- -----
Capital expenditure and financial investment:
Payments to acquire tangible
fixed assets (429) (367)
Equity dividends paid (393) (385)
---- -----
Net cash (outflow)/inflow before
financing (96) 260
==== =====
Financing:
Repayment of loan account 125 125
Proceeds from issue of shares - (41)
--- ---
125 84
--- ---
(Decrease)/increase in cash and
cash equivalents (221) 176
----- ---
(96) 260
===== ===
Reconciliation of operating profit to net cash inflow from
operating activities
1999 1998
#000 #000
Operating profit 1,582 1,428
Depreciation 344 318
(Increase) in stocks (126) (280)
(Increase)/decrease in operating
debtors and prepayment (644) 220
Increase/(decrease) in operating
creditors and accruals 350 (496)
----- -----
Net cash inflow from operating activities 1,506 1,190
----- -----
Analysis of net funds
31 January 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
--- --- ----- ---
25 January Cash Re- 31 January
1997 Flow classification 1998
#000 #000 #000 #000
Cash 1,124 176 - 1,300
Liquid resources:
Short term loan (125) 125 (125) (125)
Long term loan (875) - 125 (750)
--- --- --- ---
124 301 - 425
--- --- --- ---
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 31 January 1998, 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 have been calculated on
7,745,916 ordinary shares being the weighted average
number of shares in issue during the year. (1998:
7,704,341).
4. A final dividend per ordinary share of 3.45p (1998:
3.425p net) has been proposed totalling #267,234 (1998:
#265,298). The interim dividend of 1.575p net was paid
to shareholders on 21 November, 1998, totalling #127,808
(1998: #121,211).
5. The Annual Report and Accounts will be despatched to
shareholders on 26 April 1999 and will be available from
that date from the Company Secretary at the company's
registered office, 179 Northumberland Street, Norwich,
NR2 4EE.
END
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