Ensor Holdings PLC - Final Results
June 23 2000 - 7:21AM
UK Regulatory
RNS Number:7523M
Ensor Holdings PLC
23 June 2000
PRELIMINARY ANNOUNCEMENT OF RESULTS FOR THE YEAR ENDED 31 MARCH 2000
_______________________________________________________________________
CHAIRMAN'S STATEMENT
- Operating profit on continuing businesses exceeds #1 million
- Turnover of continuing businesses #18 million
- Closure costs #654,000
- Maintained Final Dividend of 0.35p per share
I am pleased to be able to report that our continuing businesses achieved an
operating profit of #1,046,000 compared with #524,000 in the previous year on
increased sales of #18 million compared with #13 million.
In February Tony Coyne was appointed as Chief Executive thereby dividing my
previous roles of both Chairman and Chief Executive.
We have, however, grasped the nettle regarding two of our activities, one of
which was not successfully received by its market and, more importantly, our
foundry in Sheffield which was faced with a requirement to comply with the
latest and developing environmental legislation. Low order book levels and
margins meant that we could not justify the very high capital expenditure
required to satisfy the increasing demands of the authorities.
The closure cost for both these activities has caused a one-off impact against
profits for the year, leaving a small profit after taxation. I believe that
these steps will allow us to concentrate on managing the other businesses in
the Group and to look for the strategic progress necessary for growth.
Our building products companies have been profitable although the pressure on
margins is considerable. Notwithstanding this, Hawkins-Salmon, our fencing
products company, which joined us before the beginning of the year, has traded
extremely well and our rubber processing company SRC has, in spite of a
serious fire, contributed successfully.
Our transport company activities have been very hard pressed by the excessive
cost of fuel and other imposed costs and the capital employed in these
activities is relatively high compared with the return.
Trading conditions remain challenging but we are continuing to manage the
necessary changes within our businesses and we look forward to the coming year
with some confidence.
We have a strong asset base, our borrowings have continued to be well within
our budgeted limits and gearing is still a moderate 16%. Accordingly, the
Directors are recommending an unchanged Final Dividend of 0.35p per share
making a total dividend for the year of 0.65p per share. Subject to approval
at the Annual General Meeting, the Final Dividend will be paid on 11 August
2000 to shareholders on the register on 7 July 2000.
At the Annual General Meeting, shareholders will be asked to renew the
Directors' authority to allow the Company to purchase up to 15% of the issued
share capital of the Company. The Directors intend that the authority will
only be exercised if doing so will result in an increase in earnings per share
and is in the best interests of shareholders generally. Full details are set
out in the Notice of Meeting.
In order to facilitate possible strategic growth by acquisition, the Directors
are considering the possibility of moving on to the Alternative Investment
Market. This would be beneficial both in cost saving and ease of transactions.
Unfortunately during the year one of our Non-Executive Directors, Mr Ken
Barnes, died very suddenly and he will be sadly missed.
The managers and staff of the Group are to be thanked for their continuing
valued contribution to Ensor's strength and progress.
Ken Harrison
Chairman
23 June 2000
AUDITED CONSOLIDATED PROFIT AND LOSS ACCOUNT
for the year ended 31 March 2000
2000 2000 1999 1999
#'000 #'000 #'000 #'000
Turnover
Continuing operations 17,729 12,685
Discontinued operations 1,648 3,859
______ ______
19,377 16,544
Cost of sales (14,727) (12,864)
______ ______
Gross profit 4,650 3,680
Other operating income and charges (3,863) (2,899)
______ ______
Operating profit
Continuing operations 1,046 524
Discontinued operations (259) 257
______ ______
787 781
Exceptional items
Profit on disposal of fixed assets - 968
Loss on termination of discontinued operations (654) -
______ ______
Profit on ordinary activities before interest 133 1,749
Interest payable (57) (29)
______ ______
Profit on ordinary activities before taxation 76 1,720
Taxation (50) (59)
______ ______
Profit for the financial year 26 1,661
Dividends (189) (233)
______ ______
Retained (loss)/profit for the year (163) 1,428
______ ______
Earnings per share
Basic and diluted 0.1p 5.7p
Adjusted for exceptional items 1.9p 2.5p
______ ______
Dividends per share
Ordinary 0.65p 0.60p
Special - 0.20p
______ ______
There were no recognised gains or losses other than those shown above.
NOTES
1. Earnings per share
The basic earnings per share is calculated by reference to the profit after
taxation of #26,000 (1999 - #1,661,000) divided by the weighted average number
of ordinary shares in issue during the year, 29,105,659 (1999 - 29,105,659).
The adjusted earnings per share is calculated by reference to the profit after
taxation adjusted to exclude exceptional items as shown below. Share options
subsisting at 31 March 2000 have no dilutive effect on the reported earnings
per share.
2000 2000 1999 1999
Pence Pence
per per
#'000 share #'000 share
Profit for the financial year 26 0.1p 1,661 5.7p
Exceptional items:
Profit on disposal of fixed assets - - (968) (3.3p)
Loss on termination of discontinued operations 654 2.2p - -
Taxation in respect of the exceptional items (121) (0.4p) 35 0.1p
______ ______ _____ ______
Adjusted profit before exceptional items 559 1.9p 728 2.5p
______ ______ _____ ______
2. Financial Information
The results relating to the years ended 31 March 2000 and 1999 are not the
statutory accounts for those years. The statutory accounts for the years ended
31 March 2000 and 1999 have received unqualified audit reports, neither of
which contained a statement under Section 237 (2) or (3) of the Companies Act
1985 and, for 1999, have been filed with the Registrar of Companies.
The Report and Accounts will be posted to Shareholders on 10 July 2000 and the
Annual General Meeting will be held on 27 July 2000.
AUDITED BALANCE SHEETS
at 31 March 2000
Group Group Company Company
2000 1999 2000 1999
#'000 #'000 #'000 #'000
Fixed assets
Goodwill 501 345 - -
Tangible assets 4,229 4,033 1,873 1,637
Investments - - 5,041 5,206
______ ______ ______ ______
4,730 4,378 6,914 6,843
______ ______ ______ ______
Current assets
Stocks 2,091 1,625 - -
Debtors 4,108 4,152 178 176
Cash at bank - 98 - -
______ ______ ______ ______
6,199 5,875 178 176
Creditors: amounts falling due within one year (4,578) (3,916) (2,302)(1,275)
______ ______ ______ ______
Net current assets/(liabilities) 1,621 1,959 (2,124)(1,099)
______ ______ ______ ______
Total assets less current liabilities 6,351 6,337 4,790 5,744
Creditors: amounts falling due after more
than one year (337) (330) (125) (225)
Provisions for liabilities and charges (170) - - -
______ ______ ______ ______
5,844 6,007 4,665 5,519
______ ______ ______ ______
Capital and reserves
Called up share capital 2,911 2,911 2,911 2,911
Share premium account 467 467 467 467
Revaluation reserve 974 981 263 263
Profit and loss account 1,492 1,648 1,024 1,878
______ ______ ______ ______
Shareholders' funds 5,844 6,007 4,665 5,519
______ ______ ______ ______
AUDITED CONSOLIDATED CASH FLOW STATEMENT
for the year ended 31 March 2000
2000 1999
#'000 #'000
Net cash inflow from operating activities 958 525
______ ______
Returns on investments and servicing of finance
Interest paid (35) (11)
Interest element of finance lease payments (20) (21)
______ ______
Net cash outflow from servicing of finance (55) (32)
______ ______
Taxation
UK corporation tax paid (41) (21)
ACT paid (18) (44)
______ ______
Net cash outflow from payment of taxation (59) (65)
______ ______
Capital expenditure and financial investment
Purchase of tangible fixed assets (898) (406)
Sale of tangible fixed assets 110 1,375
______ ______
Net cash (outflow)/inflow from capital expenditure
and financial investment (788) 969
______ ______
Acquisitions and disposals
Purchase of subsidiary undertaking - (630)
Overdraft acquired with subsidiary undertaking - (447)
Termination of discontinued operations (53) -
______ ______
Net cash outflow from acquisitions and disposals (53) (1,077)
______ ______
Equity dividends paid (247) (175)
______ ______
Net cash (outflow)/inflow before use of liquid
resources and financing (244) 145
______ ______
Financing
Repayment of term loans (100) (164)
Capital element of finance lease payments (128) (104)
______ ______
Net cash outflow from financing (228) (268)
______ ______
Decrease in cash in the year (472) (123)
______ ______
END
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