Ensor Holdings PLC - Interim Results
December 14 1999 - 2:30AM
UK Regulatory
RNS Number:4048C
Ensor Holdings PLC
14 December 1999
CHAIRMAN'S STATEMENT
Results
During the half-year ending 30 September 1999 we have continued to improve our
trading results with increased turnover of over #10 million and a profit
before tax of #450,000. This represents an increase of some 10% compared to
the same period last year which, after a higher provision for tax, produced
increased earnings per share for the period of 1.3p per share. Given the
present trading conditions this is considered very satisfactory.
Trading
Throughout the period, our companies producing and distributing building
materials and allied products have generally improved their position despite
further pressure on margins, though there are some changes for the better
which are planned for the very near future.
We have other products yet to come on stream which should influence our bottom
line favourably in due course.
Our transport and associated activities are still faced with high fuel and
licence costs, but despite this are contributing well.
Fire
We regret to report that there was a fire at our rubber processing factory on
25 November 1999 which unfortunately caused the death of one of our employees.
We send our sincere sympathies to his family and friends.
The trading consequences should not have a longer term adverse effect and it
is believed that we are adequately insured.
Dividend
It is felt that with good controls and management initiatives our position is
strong and a significantly increased dividend of 0.3p per share is justified
at the interim stage. This is a 20% increase on the equivalent period last
year. The dividend will be paid on 21 January 2000 to shareholders on the
register on 24 December 1999.
Stock Quotation
Some shareholders have asked why our shares have not progressed despite our
success. This is disappointing but indicates a rather less than enthusiastic
reaction by the market to the smaller company. We hope this situation will
eventually change.
Future
We are continuing to examine a number of improvements and acquisitions which
may, if successfully concluded, continue to enhance profitability and hence
shareholder value.
Again, I would like to thank our managers and staff for their continuing
efforts.
Ken Harrison
Chairman
14 December 1999
Group Profit and Loss Account
for the six months ended 30 September 1999
Unaudited Unaudited Audited
6 months 6 months 12 months
30/9/99 30/9/98 31/3/99
#'000 #'000 #'000
Turnover
Continuing operations 10,052 8,150 16,544
-------- -------- --------
Operating profit
Continuing operations 476 444 781
Profit on disposal of fixed assets - - 968
-------- -------- --------
Profit on ordinary activities
before interest 476 444 1,749
Interest payable (26) (35) (29)
-------- -------- --------
Profit before taxation 450 409 1,720
Taxation (85) (60) (59)
-------- -------- --------
Profit after taxation 365 349 1,661
Dividends (87) (73) (233)
-------- -------- --------
Transfer to reserves 278 276 1,428
-------- -------- --------
Earnings per share - basic and diluted 1.3p 1.2p 5.7p
-------- -------- --------
Dividends per share - ordinary 0.3p 0.25p 0.6p
Dividends per share - special - - 0.2p
-------- -------- --------
Dividends per share - total 0.3p 0.25p 0.8p
-------- -------- --------
Notes
1. The unaudited results for the six months have been prepared on a basis
consistent with the accounting policies disclosed in the Group's 1999 accounts
and do not constitute statutory accounts within the meaning of Section 240 of
the Companies Act 1985.
2. The figures for the year ended 31 March 1999 have been extracted from the
statutory accounts which have been delivered to the Registrar of Companies and
received an unqualified audit report.
3. The tax charge is based on the estimated tax rate for the year to 31 March
2000 after taking into account the utilisation of tax losses brought forward
from previous periods.
4. The calculation of earnings per share for the period is based on the
profit after taxation divided by the weighted average number of ordinary
shares in issue, being 29,105,659 (1998: 29,105,659).
5. Copies of these interim results will be sent to shareholders.
Group Balance Sheet
at 30 September 1999
Unaudited Unaudited Audited
30/9/99 30/9/98 31/3/99
#'000 #'000 #'000
Fixed assets
Goodwill 336 - 345
Tangible assets 4,612 3,638 4,033
------- ------- -------
4,948 3,638 4,378
------- ------- -------
Current assets
Stocks 1,740 1,404 1,625
Debtors 4,453 3,299 4,152
Cash at bank - 250 98
------- ------- -------
6,193 4,953 5,875
Creditors: amounts falling
due within one year (4,423) (3,333) (3,916)
------- ------- -------
Net current assets 1,770 1,620 1,959
------- ------- -------
Total assets less
current liabilities 6,718 5,258 6,337
Creditors: amounts falling
due after more than one year (433) (403) (330)
------- ------- -------
6,285 4,855 6,007
------- ------- -------
Capital and reserves
Called up share capital 2,911 2,911 2,911
Share premium account 467 467 467
Revaluation reserve 981 987 981
Profit and loss account 1,926 490 1,648
------- ------- -------
Equity shareholders' funds 6,285 4,855 6,007
------- ------- -------
END
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