Interim Results
December 14 2000 - 6:07AM
UK Regulatory
RNS Number:8093V
Ensor Holdings PLC
14 December 2000
Chairman's Statement
* Profit of #505,000 despite difficult conditions
* Earnings Per Share maintained at 1.3p per share
* Interim Dividend maintained at 0.3p per share
* Cash position remains good
I am able to report a good operating profit of #505,000 (1999 - #476,000) on a
turnover of #9.6 million (1999 - #10.1 million) maintaining our earnings per
share at 1.3p (1999 - 1.3p). This has been achieved despite difficult
conditions during the 6 month period up to 30 September 2000.
As has been well publicised by the media, it has been a singularly difficult
time for companies providing transport and although this service forms only
about 10% of our company sales, the cost of fuel and other non-recoverable
costs have increased and thereby affected our overall result.
Our other companies' results held up well, with construction materials faring
better, albeit with margins under extreme pressure from higher energy and
material costs. Our companies selling wood and metal fencing products and
rubber materials had good trading results.
Our new Chief Executive and I have co-operated in making good progress towards
encouraging better margins and we have several new initiatives in the pipeline
to increase our earnings per share.
The cash position of the company continues to be good with gearing maintained
at about 19%.
Traditionally the second half of our year has had its difficulties, however we
have good reasons for future optimism.
We are paying an unaltered interim dividend of 0.3p per share which gives a
sensible retention of earnings for investing in the Group's future plans. The
dividend will be paid on 26 January 2001 to shareholders on the register on 3
January 2001.
I thank the management and staff for their continuing co-operation in
progressing Ensor's success.
Ken Harrison
Chairman 14 December 2000
Group Profit and Loss Account
for the six months ended 30 September 2000
Unaudited Unaudited Audited
6 months 6 months 12 months
30/9/00 30/9/99 31/3/00
#'000 #'000 #'000
Turnover
Continuing operations 9,624 9,197 17,729
Discontinued operations - 855 1,648
---------- ---------- ---------
9,624 10,052 19,377
---------- ---------- ---------
Operating profit
Continuing operations 505 594 1,046
Discontinued operations -- (118) (259)
---------- ---------- ---------
505 476 787
Loss on termination of discontinued -- -- (654)
operations
---------- ---------- ---------
Profit on ordinary activities before interest 505 476 133
Interest payable (44) (26) (57)
---------- ---------- ----------
Profit before taxation 461 450 76
Taxation (90) (85) (50)
---------- ---------- ----------
Profit after taxation 371 365 26
Dividends (87) (87) (189)
---------- ---------- ----------
Retained profit/(loss) for the period 284 278 (163)
===== ===== =====
Earnings per share - basic and diluted 1.3p 1.3p 0.1p
===== ===== =====
Dividends per share 0.3p 0.3p 0.65p
===== ===== =====
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 2000 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 2000 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
2001 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 29,107,790 (1999 - 29,105,659).
5. Copies of these interim results will be sent to shareholders.
Group Balance Sheet
at 30 September 2000
Unaudited Unaudited Audited
30/9/00 30/9/99 31/3/00
#'000 #'000 #'000
Fixed assets
Goodwill 487 336 501
Tangible assets 4,105 4,612 4,229
---------- ---------- ----------
4,592 4,948 4,730
---------- ---------- ----------
Current assets
Stocks 2,280 1,740 2,091
Debtors 3,952 4,453 4,108
---------- ---------- ----------
6,232 6,193 6,199
Creditors falling due within one year (4,432) (4,423) (4,578)
---------- ---------- ----------
Net current assets 1,800 1,770 1,621
---------- ---------- ----------
Total assets less current liabilities 6,392 6,718 6,351
Creditors falling due after one year (241) (433) (337)
Provisions for liabilities and charges (20) -- (170)
---------- ---------- ----------
6,131 6,285 5,844
====== ====== ======
Capital and reserves
Called up share capital 2,914 2,911 2,911
Share premium account 467 467 467
Revaluation reserve 974 981 974
Profit and loss account 1,776 1,926 1,492
---------- ---------- ----------
Equity shareholders' funds 6,131 6,285 5,844
====== ====== ======
END
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