Interim Results
December 16 2005 - 2:01AM
UK Regulatory
RNS Number:7658V
Ensor Holdings PLC
16 December 2005
ENSOR HOLDINGS PLC ("ENSOR")
INTERIM RESULTS FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2005
Chairman's Statement
All of our companies are trading successfully and we look forward to the second
half continuing at a similar level, albeit with management striving for improved
sales and margin enhanced by further cost controls, product development and
sales initiatives.
As anticipated in our report for the year ended 31 March 2005 however, in common
with many companies in our business sector, we have experienced a reduced amount
of business available which, in order to maintain volume, has necessitated
taking slimmer margins.
Nevertheless, we are able to report increased turnover of #13.5m (2004 : #12.7m)
and a profit on ordinary activities before interest of #758,000 (2004 :
#869,000) for the period. We feel that these results are reasonable, given the
current economic conditions and the investment that we are putting into the
future.
During the period, we have incurred additional costs, pension contributions and
a significant bad debt totalling some #200,000. We have also charged costs for
investing in capacity improvements, including the successful relocation of our
door components business and additional warehousing space at our tools
distribution business, and anticipate some further significant costs in
re-locating our timber and fencing company. We believe that this investment
will improve our position in the medium to long-term.
Notwithstanding this, and our acquisition of Wood's Packaging, our cash position
remains satisfactory.
Our balance sheet has improved in practical terms, although it has reduced due
to the technicalities of pension reporting procedures required by the reporting
standard, FRS17.
We continue to look for suitable acquisitions, although our main endeavours are,
at present, confined to improvement of the performance of our existing
companies.
We are proposing to pay the same interim dividend as last year of 0.375p per
share, which will be payable on 27 January 2006 to those shareholders on the
register on 30 December 2005.
Once again, thanks are due to the continued hard work of the staff within the
Group which enabled the Company to be finalists in the MEN Business of the Year
Award scheme.
K A Harrison TD
Chairman
16 December 2005
Group Profit and Loss Account
for the six months ended 30 September 2005
Group Profit and Loss Account
for the six months ended 30 September 2005
Restated Restated
Unaudited Unaudited Audited
6 months 6 months 12 months
30/9/05 30/9/04 31/3/05
#'000 #'000 #'000
Turnover
Continuing operations 12,818 12,695 24,537
Acquisitions 710 - -
----------- ----------- -----------
13,528 12,695 24,537
----------- ----------- -----------
Operating profit
Continuing operations 709 921 1,655
Acquisitions 120 - -
----------- ----------- -----------
829 921 1,655
Amortisation of goodwill (71) (52) (105)
----------- ----------- -----------
Profit on ordinary activities before 758 869 1,550
interest
Exceptional item
Profit on disposal of fixed assets - - 402
----------- ----------- -----------
758 869 1,952
Interest payable (95) (86) (158)
Other finance charges (60) (60) (119)
----------- ----------- -----------
Profit before taxation 603 723 1,675
Taxation (198) (233) (425)
----------- ----------- -----------
Profit for the period 405 490 1,250
=========== =========== ===========
Earnings per share
Basic 1.4p 1.7p 4.3p
Fully diluted 1.3p 1.6p 4.1p
=========== =========== ===========
Dividends per share
Dividends paid per share 0.625p 0.500p 0.875p
Dividends proposed per share 0.375p 0.375p 0.625p
=========== =========== ===========
Statement of Total Recognised Gains and Losses
for the six months ended 30 September 2005
Restated Restated
Unaudited Unaudited Audited
6 months 6 months 12 months
30/9/05 30/9/04 31/3/05
#'000 #'000 #'000
Profit for the period 405 490 1,250
Actuarial loss and related deferred tax - - (674)
----------- ----------- -----------
Total recognised gains and losses for the
period 405 490 576
=========== =========== ===========
Group Balance Sheet
at 30 September 2005
Restated Restated
Unaudited unaudited audited
30/9/05 30/9/04 31/3/05
#'000 #'000 #'000
Fixed assets
Goodwill 2,351 1,718 1,665
Tangible assets 3,571 4,073 3,559
----------- ----------- -----------
5,922 5,791 5,224
----------- ----------- -----------
Current assets
Stocks 4,329 4,171 4,301
Debtors 6,233 5,570 4,870
----------- ----------- -----------
10,562 9,741 9,171
Creditors falling due within one year (7,748) (7,327) (5,746)
----------- ----------- -----------
Net current assets 2,814 2,414 3,425
----------- ----------- -----------
Total assets less current liabilities 8,736 8,205 8,649
Creditors falling due after one year (150) (404) (265)
Provisions for liabilities and charges
Deferred tax - (13) -
----------- ----------- -----------
Net assets excluding pension liability 8,586 7,788 8,384
Pension liability (2,235) (1,634) (2,254)
----------- ----------- -----------
6,351 6,154 6,130
=========== =========== ===========
Capital and reserves
Called up share capital 2,941 2,941 2,941
Share premium account 470 470 470
Revaluation reserve 880 943 883
Profit and loss account 2,060 1,800 1,836
----------- ----------- -----------
Equity shareholders' funds 6,351 6,154 6,130
=========== =========== ===========
Reconciliation of Opening Shareholders' Funds
for the six months ended 30 September 2005
Restated Restated
Unaudited unaudited audited
30/9/05 30/9/04 31/3/05
#'000 #'000 #'000
Opening reserves as previously reported 8,200 7,253 7,253
Prior year adjustment on adoption of 184 148 148
FRS21, "Events after the Balance Sheet
Date"
Prior year adjustment on adoption of (2,254) (1,590) (1,590)
FRS17, "Retirement Benefits"
----------- ----------- -----------
Restated opening shareholders' funds 6,130 5,811 5,811
Recognised income for the period 405 490 576
Dividends paid (184) (147) (257)
----------- ----------- -----------
6,351 6,154 6,130
=========== =========== ===========
Group Cash Flow Statement
for the six months ended 30 September 2005
Restated Restated
Unaudited Unaudited Audited
6 months 6 months 12 months
30/9/05 30/9/04 31/3/05
#'000 #'000 #'000
-------------------------------------------------------------------------------------
Operating profit 758 869 1,550
Depreciation and amortisation 312 293 579
Profit on disposal of tangible fixed assets (2) (7) (25)
Movement in working capital (912) (881) (567)
-------------------------------------------------------------------------------------
Net cash inflow from operating 156 274 1,537
activities
Net cash outflow from servicing of (155) (146) (277)
finance
Net cash outflow from payment of - - (341)
taxation
Net cash (outflow)/inflow from capital (238) (187) 515
expenditure and financial investment
Net cash outflow from acquisition (854) - -
Equity dividends paid (184) (147) (257)
----------- ----------- -----------
Net cash (outflow)/inflow before use (1,275) (206) 1,177
of liquid resources and financing
-------------------------------------------------------------------------------------
Issue of ordinary share capital - 1 1
Repayment of term loans (100) (100) (200)
Capital element of finance lease payments (24) (8) (33)
-------------------------------------------------------------------------------------
Net cash outflow from financing (124) (107) (232)
----------- ----------- -----------
(Decrease)/increase in cash in the period (1,399) (313) 945
=========== =========== ===========
Analysis of net debt
Bank overdraft 2,589 2,448 1,190
Debt repayable by instalments:
Due within one year 241 248 250
Due after more than one year 150 391 265
----------- ----------- -----------
2,980 3,087 1,705
=========== =========== ===========
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 2005
accounts, as amended for the adoption of FRS17, "Retirement Benefits",
FRS21, "Events after the Balance Sheet Date" and FRS25, "Financial
Instruments Disclosure and Presentation" 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 2005 have been extracted from the
statutory accounts which have been delivered to the Registrar of Companies
and received an unqualified audit report and then subsequently restated for
the change in accounting policies (see note 1).
3. The tax charge is based on the estimated tax rate for the year to
31 March 2006.
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 29,405,659 (6 months to 30 September 2004 - 29,311,779 and
year ended 31 March 2005 - 29,402,454).
5. Copies of these interim results will be sent to shareholders.
Enquiries:
Ensor Holdings PLC
Ken Harrison
0161 945 5953
Westhouse Securities LLP
Tim Feather
0161 838 9140
This information is provided by RNS
The company news service from the London Stock Exchange
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