Interim Results
December 13 2006 - 2:00AM
UK Regulatory
ENSOR HOLDINGS PLC
INTERIM RESULTS FOR THE PERIOD ENDED 30 SEPTEMBER 2006
Chairman's Statement
SALES UP: 4% to �14,010,000
PROFIT UP: 19% to �715,000
DIVIDEND UP: 4% to 0.39p per share
Results
I am pleased to report steady progress, with an increase in sales for the
period to �14,010,000 (2005 : �13,528,000) and, despite rather difficult
trading conditions in our industry, we have improved our profit on our
activities before interest to �832,000 (2005 : �758,000). We have contained
our financial costs at �117,000 (2005 : �155,000), making a total profit before
tax of �715,000 (2005 : �603,000). Our taxation is a little higher at �232,000
(2005 : �198,000). I feel that this is a very good result contributed by all
our trading companies.
Trading
Trading since the half-year end is improving and our order books are higher.
Our companies have started the second part of the year extremely well. We have
not yet completed the partial relocation of our timber and fencing business but
some of the costs have already been expended. Our purchases of materials
through our Chinese office have increased, thereby ensuring better margins.
The quality control in China is an important factor in our purchasing
programme. All our companies which supply to the construction industry have
performed well and are anticipating an improvement for the remainder of the
year.
Balance Sheet and Pensions
Whilst we no longer operate a defined benefit pension scheme, we continue to
make additional payments into our pension fund. Our balance sheet has improved
and remains strong. Net debt is much improved at �2,338,000 (2005 : �
2,980,000) and represents 32% of shareholders funds (2005 : 47%).
Opportunities
We are studying a number of opportunities for increasing shareholder value,
including opportunities for acquisitions, but these will only be completed if
they fit into our strategy for improved return on capital.
Dividend
We are proposing to pay a dividend, increased by some 4% at 0.39p per share
(2005 : 0.375p per share), which will be payable on 26 January 2007 to
shareholders registered on 29 December 2006.
Staff
To all our staff, I give my thanks for their hard work during the period.
K A Harrison TD
Chairman
13 December 2006
Group Profit and Loss Account
for the six months ended 30 September 2006
Unaudited Unaudited Audited
6 months 6 months 12 months
30/9/06 30/9/05 31/3/06
�'000 �'000 �'000
Turnover
Continuing operations 14,010 13,528 26,704
Operating profit
Continuing operations 903 829 1,279
Pension scheme curtailment - - 374
Amortisation of goodwill (71) (71) (142)
Profit on ordinary activities
before interest 832 758 1,511
Interest payable (94) (95) (193)
Other finance charges (23) (60) (155)
Profit before taxation 715 603 1,163
Taxation (232) (198) (362)
Profit for the period 483 405 801
Earnings per share
Basic 1.6p 1.4p 2.7p
Fully diluted 1.6p 1.3p 2.7p
Basic before pension scheme
credit 1.6p 1.4p 1.8p
Dividends per share
Dividends paid per share 0.625p 0.625p 1.000p
Dividends proposed per share 0.390p 0.375p 0.625p
Statement of Total Recognised Gains and Losses
for the six months ended 30 September 2006
Unaudited Unaudited Audited
6 months 6 months 12 months
30/9/06 30/9/05 31/3/06
�'000 �'000 �'000
Profit for the period 483 405 801
Actuarial gain and related
deferred tax - - 389
483 405 1,190
Prior year adjustment - - (2,254)
Total recognised gains and
losses for the period 483 405 (1,064)
Group Balance Sheet
at 30 September 2006
Unaudited Unaudited Audited
6 months 6 months 12 months
30/9/06 30/9/05 31/3/06
�'000 �'000 �'000
Fixed assets
Goodwill 2,209 2,351 2,280
Tangible assets 3,424 3,571 3,525
5,633 5,922 5,805
Current assets
Stocks 4,575 4,329 4,369
Debtors 6,411 6,233 5,768
Creditors falling due within
one year (7,687) (7,748) (7,234)
Net current assets 3,299 2,814 2,903
Total assets less current
liabilities 8,932 8,736 8,708
Creditors falling due after one
year - (150) (54)
Net assets excluding pension
liability 8,932 8,586 8,654
Pension liability (1,602) (2,235) (1,628)
7,330 6,351 7,026
Capital and reserves
Called up share capital 2,945 2,941 2,941
Share premium account 471 470 470
Revaluation reserve 874 880 877
Profit and loss account 3,040 2,060 2,738
Equity shareholders' funds 7,330 6,351 7,026
Reconciliation of Shareholders' Funds
for the six months ended 30 September 2006
Unaudited Unaudited Audited
6 months 6 months 12 months
30/9/06 30/9/05 31/3/06
�'000 �'000 �'000
Opening shareholders' funds 7,026 6,130 6,130
Recognised gains for the
period 483 405 1,190
Dividends paid (184) (184) (294)
Issue of ordinary share
capital 5 - -
Closing shareholders' funds 7,330 6,351 7,026
Group Cash Flow Statement
for the six months ended 30 September 2006
Unaudited Unaudited Audited
6 months 6 months 12 months
30/9/06 30/9/05 31/3/06
�'000 �'000 �'000
Operating profit 832 758 1,511
Depreciation and amortisation 302 312 621
Profit on disposal of tangible
fixed assets (1) (2) (14)
Movement in working capital (493) (912) (281)
Contributions to pension
scheme in excess of charge to
profit and loss (38) - (120)
Pension scheme curtailment - - (374)
Net cash inflow from operating
activities 602 156 1,343
Net cash outflow from
servicing of finance (117) (155) (188)
Net cash outflow from payment
of taxation - - (399)
Net cash outflow from capital
expenditure and financial
investment (129) (237) (417)
Net cash outflow from
acquisition - (855) (855)
Equity dividends paid (184) (184) (294)
Net cash inflow /(outflow)
before use of liquid resources
and financing 172 (1,275) (810)
Issue of ordinary share
capital 5 - -
Repayment of term loans (100) (100) (100)
Capital element of finance
lease payments (7) (24) (49)
Net cash outflow from
financing (102) (124) (249)
Increase/(decrease) in cash in
the period 70 (1,399) (1,059)
Analysis of net debt
Bank overdraft 2,179 2,589 2,249
Debt repayable by instalments:
Due within one year 159 241 212
Due after more than one year - 150 54
2,338 2,980 2,515
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 2006 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 2006 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
2007.
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 29,426,205 (6 months to 30 September 2005 - 29,405,659 and year
ended 31 March 2006 - 29,405,659).
Ends
Enquiries
Ensor Holdings PLC
0161 945 5953
Ken Harrison
Hanson Westhouse LLP
0113 246 2610
Tim Feather / Matthew Johnson
END
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