Final Results
June 22 2001 - 9:48AM
UK Regulatory
RNS Number:7223F
Ensor Holdings PLC
22 June 2001
ENSOR HOLDINGS PLC
PRELIMINARY ANNOUNCEMENT OF RESULTS FOR THE YEAR ENDED 31 MARCH 2001
CHAIRMAN'S STATEMENT
- Profit before interest and tax up to #851,000
- Dividend up to 0.7p
- Non-growth companies sold
- Growth product companies purchased
Results
I am pleased to report a much improved profit for the year of #851,000 (2000 -
#133,000) on the slightly reduced turnover of #17.9 million (2000 - #19.4
million) which, after interest and taxation, leaves a net profit for the year
of #568,000 (2000 - #26,000).
Acquisitions and Disposals
You will recall that last year we made substantial provisions for planned
closure costs. These were implemented to remove those investments which were
not contributing fully to our results. Since the year end we have
consolidated this policy by selling, at more than balance sheet value, certain
companies that did not offer growth prospects. These were two small metal
product companies selling to the construction industry where the margins have
been severely eroded. We have also disposed of our transport company where
again, the margins were not improving and considerable capital expenditure
would have been required without corresponding improved profitability.
Your Board decided that our resources would be better employed by using our
management expertise to concentrate on three distinct but related growth
areas. Firstly, our traditional business of distribution of well defined
specialist products for the construction industry where our companies have
previously been successful. Secondly, in the manufacture and distribution of
products for the security and fencing industry with additional products for
the leisure and landscaping industries. Thirdly, we have recently acquired
two companies in the field of electronic and security products, particularly
relating to access control to premises and a wide variety of other security
uses, where we are able to employ our experience and expertise in that market
to become a significant player.
There are very large markets for all our product ranges which can be extended
by organic growth and acquisition over a period. These activities are a very
important step in the review of our product profile and should enhance the
Group's prospects in the future.
Assets and Dividend
After the cost of purchase of the two companies less the proceeds of the sales
which we have made, we are left with a strong balance sheet and a good cash
position with gearing of approximately 15%.
Our earnings per share at the year end has improved to 2.0p per share (2000 -
0.1p) and this, together with our cautious optimism, enables us to recommend
an increased final dividend of 0.4p (2000 - 0.35p) making a total dividend for
the year of 0.7p (2000 - 0.65p). Subject to approval at the Annual General
Meeting, the final dividend will be paid on 14 August 2001 to shareholders who
are on our register on 6 July 2001.
Staff
Our managers and staff have worked well through the changes and my thanks go
for their hard work which is improving Ensor's prospects.
Ken Harrison
Chairman
22 June 2001
AUDITED CONSOLIDATED PROFIT AND LOSS ACCOUNT
for the year ended 31 March 2001
2001 2001 2000 2000
#'000 #'000 #'000 #'000
Turnover
Continuing operations 12,979 12,468
Discontinued operations 4,921 6,909
---------- ----------
17,900 19,377
Cost of sales (14,727)
(13,533)
----------
----------
Gross profit 4,367 4,650
Other operating income and charges (3,527) (3,863)
----------
----------
Operating profit
Continuing operations 830 873
Discontinued operations 10 (86)
---------- ----------
840 787
Exceptional items
Profit/(loss) on termination of 11 (654)
discontinued operations
----------
----------
Profit on ordinary activities before 851 133
interest
Interest payable (85) (57)
---------- ---------
Profit on ordinary activities before 766 76
taxation
Taxation (198) (50)
---------- ---------
Profit for the financial year 568 26
Dividends (204) (189)
---------- ---------
Retained profit/(loss) for the year 364 (163)
====== ======
Earnings per share
Basic and diluted 2.0p 0.1p
Adjusted for exceptional items 1.9p 1.9p
====== ======
Dividends per share
Ordinary 0.7p 0.65p
---------- ---------
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 #568,000 (2000 - #26,000) divided by the weighted average number
of ordinary shares in issue during the year, 29,121,686 (2000 - 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 2001 have no dilutive effect on the reported earnings
per share.
2001 2001 2000 2000
Pence Pence
per per
#'000 share #'000 share
Profit for the financial year 2.0p 26 0.1p
568
Exceptional items:
(Profit)/Loss on termination of (11) (0.1p) 654 2.2p
discontinued operations
Taxation in respect of the exceptional - - (121) (0.4p)
items
---------- ---------- ---------- ----------
Adjusted profit before exceptional items 557 1.9p 559 1.9p
---------- ---------- ---------- ----------
2. Financial Information
The results relating to the years ended 31 March 2001 and 2000 are not the
statutory accounts for those years. The statutory accounts for the years ended
31 March 2001 and 2000 have received unqualified audit reports, neither of
which contained a statement under Section 237 (2) or (3) of the Companies Act
1985 and, for 2000, have been filed with the Registrar of Companies.
The Report and Accounts will be posted to Shareholders on 13 July 2001 and the
Annual General Meeting will be held on 31 July 2001.
AUDITED BALANCE SHEETS
at 31 March 2001
Group Group Company Company
2001 2000 2001 2000
#'000 #'000 #'000 #'000
Fixed assets
Goodwill 474 501 - -
Tangible assets 4,082 4,229 1,863 1,873
Investments - 6,914 5,041
-
---------- ---------- ---------- --------
4,556 4,730 8,777 6,914
---------- ---------- ---------- --------
Current assets
Stocks 2,233 2,091 - -
Debtors 3,590 4,108 152 178
---------- ---------- ---------- --------
5,823 6,199 152 178
Creditors: amounts falling due within (4,006) (4,578) (3,434) (2,302)
one year
---------- ---------- ---------- --------
Net current assets/(liabilities) 1,817 1,621 (3,282) (2,124)
---------- ---------- ---------- --------
Total assets less current liabilities 6,373 6,351 5,495 4,790
Creditors: amounts falling due after
more
Than one year (161) (337) (29) (125)
Provisions for liabilities and - (170) - -
charges
---------- ---------- ---------- --------
6,212 5,844 5,466 4,665
====== ====== ====== ======
Capital and reserves
Called up share capital 2,914 2,911 2,914 2,911
Share premium account 468 467 468 467
Revaluation reserve 967 974 263 263
Profit and loss account 1,863 1,492 1,821 1,024
---------- ---------- ---------- --------
Shareholders' funds 6,212 5,844 5,466 4,665
---------- ---------- ---------- --------
AUDITED CONSOLIDATED CASH FLOW STATEMENT
for the year ended 31 March 2001
2001 2000
#'000 #'000
Net cash inflow from operating activities 696 905
---------- -----------
Returns on investments and servicing of finance
Interest paid (65) (35)
Interest element of finance lease payments (18) (20)
---------- -----------
Net cash outflow from servicing of finance (83) (55)
---------- -----------
Taxation
UK corporation tax paid (64) (41)
ACT paid - (18)
---------- -----------
Net cash outflow from payment of taxation (64) (59)
---------- -----------
Capital expenditure and financial investment
Purchase of tangible fixed assets (349) (898)
Sale of tangible fixed assets 168 110
---------- -----------
Net cash outflow from capital expenditure and (181) (788)
financial investment
---------- -----------
Acquisitions and disposals
Payment of further consideration (185) -
---------- -----------
Net cash outflow from acquisitions and disposals (185) -
---------- -----------
Equity dividends paid (189) (247)
---------- -----------
Net cash outflow before use of liquid resources and (244)
financing (6)
---------- -----------
Financing
Issue of shares 4 -
Repayment of term loans (100) (100)
Capital element of finance lease payments (95) (128)
---------- -----------
Net cash outflow from financing (191) (228)
---------- -----------
Decrease in cash in the year (197) (472)
====== ======
END
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