Wensum Company PLC - Interim Results
September 29 1999 - 3:01AM
UK Regulatory
RNS No 2020q
THE WENSUM COMPANY PLC
29 September 1999
CHAIRMAN'S STATEMENT
Highlights - Record Results
- Pre Tax Profit Up 24% to #951,865
- Pre Tax Profit of 10.7% to Sales
- Turnover Up 11% to #8,836,748
- Earnings per share up 25.6% to 8.59p
- Dividend up 21.2%
- Net Cash
- Strong Order Book
Results
I am delighted to report a further set of record results
for the six months ended 30 July 1999.
Profits before tax increased to #951,865 (1998 - #767,417)
on turnover of #8,836,748 (1998 - #7,953,607).
Earnings per share were 8.59p (1998 - 6.84p).
There was nil net gearing.
The directors are recommending an interim dividend of
2.00p, (1998 - 1.65p) an increase of 21.2% - which will be
paid on 19 November 1999 to all shareholders on the
register on 15 October 1999.
Review of Operations
The group operates from two principle locations serving
an increasing number of leading brand companies.
Wensum Corporate based at an impressive, and particularly
well located, site at Gatwick provides a complete service
comprising the design, development, sourcing and project
management of corporate clothing and careerwear. Wensum
Clothing, based in Norwich, designs and manufactures high
quality tailored clothing.
Wensum is committed to providing high levels of service
and support to a discerning customer base, centred on a
clear emphasis on product, specification, quality and
added value.
A key factor in the success of the company is the close
working relationships developed with our customers
which are being enhanced further by the continued
development of Internet and EDI links - providing up
to the minute exchange of information on product support,
orders and delivery programmes.
Both operating divisions performed well in the period
under review increasing both operating profits and
turnover.
Current Trading and Prospects
The second half has started well.
The company has a strong order book, and continues to
develop new business with important customers, in some
cases in new market sectors.
Whilst in recent weeks there has been a welcome uplift in
the company's share price the board still believes that
the current level falls a considerable way behind in
recognising the prospects and quality of the business.
Andrew Hughes
Chairman
INTERIM RESULTS
FOR THE SIX MONTHS ENDED 30 JULY 1999
6 months 6 months 12 months
ended ended ended
30 July 1999 31 July 1998 30 January 1999
(Unaudited) (Unaudited) (Audited)
#000 #000 #000
Turnover 8,837 7,954 15,724
------ ------ ------
Operating Profit 952 792 1,582
Net interest payable - (25) (40)
------ ------ -------
Profit before taxation 952 767 1,542
Tax charge (286) (238) (439)
------ ------ -------
Profit after taxation 666 529 1,103
Dividends (155) (128) (395)
------ ------ -------
Retained profit 511 401 708
------ ------ -------
Earnings per share ("EPS")8.59p 6.84p 14.24p
------ ------ -------
1. The EPS has been calculated on 7,751,806 ordinary
shares, being the weighted average number of shares in
issue throughout the period ended 30 July 1999 (6 months
to 31 July 1998 - 7,745,916).
2. An Interim Dividend of 2.00p (1998 - 1.65p) is
proposed, payable on 19 November 1999 to shareholders on
the register on 15 October 1999.
3. The tax charge for the six months to 30 July 1999 is
based on an estimated rate of 30% (1998 - estimated rate
31%). The tax charge for the year to 30 January 1999 is
the actual charge.
GROUP BALANCE SHEET
30 July 1999 30 January 1999 31 July 1998
(Unaudited) (Audited) (Unaudited)
#000 #000 #000
Fixed Assets 2,337 2,385 2,563
----- ----- -----
Current Assets
Stocks 2,322 2,189 1,812
Debtors 3,982 3,364 2,612
Cash at bank and
in hand 1,132 1,079 1,449
----- ----- -----
7,436 6,632 5,873
Creditors: amounts
falling due within
one year 3,909 3,619 3,382
----- ----- -----
Net current assets 3,527 3,013 2,491
----- ----- -----
Total assets less
current liabilities 5,864 5,398 5,054
Creditors: amounts
falling due after
more than one year 562 625 688
Deferred taxation 130 130 30
----- ----- -----
5,172 4,643 4,336
----- ----- -----
Capital and reserves
Called up share
capital 389 387 387
Share premium account 141 125 125
Other reserves 1,082 1,082 1,082
Profit and loss
account 3,560 3,049 2,742
----- ----- -----
5,172 4,643 4,336
------ ----- -----
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 30 January 1999. 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 30 January 1999.
There have been no changes in accounting policy.
3. Year 2000 Compliance. As noted in the 1999 Annual
Report and Accounts, the Board has undertaken a Company
wide programme to address the impact of the Year 2000 on
the businesses. Given the complexity of the problem, it
is not possible for any organisation to guarantee that no
Year 2000 problems will remain, because at least some
level of failure may still occur. However, the Board has
continued to receive regular reports and believe that the
Company's businesses have now substantially achieved
compliance of those items which are under their direct
control. The Company has a substantial plan of computer
enhancement and there have been and will be only marginal
costs involved in ensuring Year 2000 compliance.
4. 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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