Interim Results
December 14 2001 - 2:00AM
UK Regulatory
RNS Number:6541O
Ensor Holdings PLC
14 December 2001
Ensor Holdings PLC
Chairman's Statement
Several months ago our companies experienced a downturn in orders and a
reduction in margins. We were at the same time engaged in changes to the
Group's profile by selling some less profitable businesses and starting up and
buying other businesses, concentrating on products within our expertise. As
anticipated, these changes are taking time to develop the strategy into
profitable progress. Our results for the half year ending September
therefore, although somewhat disappointing, are in accordance with our plan
for the future.
Our profit to report is #328,000 as against an equivalent for the previous
half year of #490,000. Also, as anticipated, we have #176,000 of initial
write-down from our recently acquired electric power transmission and security
businesses. These businesses are now showing the expected improving
prospects. After write-down, interest and tax deductions but before
exceptional items, there is a net profit of #90,000.
The businesses sold at the beginning of this period, as reported in our last
full years accounts, were sold at approximately #60,000 more than book values.
Those companies had a goodwill element brought forward of some #500,000. In
accordance with required reporting standards, this has been removed from our
accounts and is separately shown as an exceptional item on the accompanying
Group profit and loss account. This item does not affect our balance sheet
value or cash position which remains satisfactory.
Although we believe there are challenges to overcome and our second half is
traditionally more difficult, we feel justified in maintaining our interim
dividend as for the previous year at 0.3p per share payable on 25 January 2002
to those on our register of shareholders on 31 December 2001.
Trading is still less buoyant than we would wish. The economic picture is
rather uncertain, and the recent events in the USA do not help, but we are
making strong management progress in these challenging times to move forward
with our fencing supply company and other building material companies and our
new enterprises in electronic control and security. These, we believe, have a
bright future. We continue to examine acquisition opportunities in related
industries as they arise.
I wish all our employees and shareholders a settled, successful and happy
2002.
Ken Harrison
Chairman 14 December 2001
Group Profit and Loss Account
for the six months ended 30 September 2001
Unaudited Unaudited Unaudited Unaudited Audited
6 months 6 months 6 months 6 months 12 months
30/9/01 30/9/01 30/9/01 30/9/00 31/3/01
Before
Exceptional Exceptional
Items Items Total Total Total
#'000 #'000 #'000 #'000 #'000
Turnover
Continuing 7,264 - 7,264 6,967 12,979
operations
Acquisitions 1,462 - 1,462 - -
------------- ------------- ------------- ------------- -----------
8,726 - 8,726 6,967 12,979
Discontinued 319 - 319 2,657 4,921
operations
------------- ------------- ------------- ------------- -----------
9,045 - 9,045 9,624 17,900
------------- ------------- ------------- ------------- -----------
Operating
profit/
(loss)
Continuing 328 - 328 490 830
operations
Acquisitions (176) - (176) - -
------------- ------------- ------------- ------------- -----------
152 - 152 490 830
Discontinued (2) - (2) 15 10
operations
------------- ------------- ------------- ------------- -----------
150 - 150 505 840
Exceptional
items
Profit on
termination
of - 62 62 - 11
discontinued
operations
Goodwill - (508) (508) - -
previously
eliminated
(see note)
------------- ------------- ------------- ------------- -----------
Profit/
(loss) on
ordinary 150 (446) (296) 505 851
activities
before
interest
Interest (35) - (35) (44) (85)
payable
------------- ------------- ------------- ------------- -----------
Profit/ 115 (446) (331) 461 766
(loss)
before
taxation
Taxation (25) - (25) (90) (198)
------------- ------------- ------------- ------------- -----------
Profit/ 90 (446) (356) 371 568
(loss) after
taxation
Dividends (87) - (87) (87) (204)
------------- ------------- ------------- ------------- -----------
Retained 3 (446) (443) 284 364
profit/
(loss) for
the period
======== ======== ======== ======== ========
Earnings/
(loss) per
share
Basic and 0.3p (1.5p) (1.2p) 1.3p 2.0p
diluted
======== ======== ======== ======== ========
Dividends 0.3p - 0.3p 0.3p 0.7p
per share
======== ======== ======== ======== ========
Results
before
goodwill
write off
and
amortisation
Profit 196 474 793
before
taxation
Earnings per 0.6p 1.3p 2.0p
share
======== ======== ========
Note
Financial Reporting Standard 10 requires that where there is a disposal of a
business that, when acquired, gave rise to goodwill which was then, and
remained, written off against reserves, that goodwill is to be taken into
account in determining the profit or loss on disposal. The goodwill of #
508,000 charged to the Profit and Loss Account for the current period
represents such an accounting disclosure and has no impact upon the net assets
of the Group.
Group Balance Sheet
at 30 September 2001
Unaudited Unaudited Audited
30/9/01 30/9/00 31/3/01
#'000 #'000 #'000
Fixed assets
Goodwill 661 487 474
Tangible assets 3,627 4,105 4,082
------------ ------------ ------------
4,288 4,592 4,556
------------ ------------ ------------
Current assets
Stocks 2,789 2,280 2,233
Debtors 3,615 3,952 3,590
------------ ------------ ------------
6,404 6,232 5,823
Creditors falling due within one year (4,384) (4,432) (4,006)
------------ ------------ ------------
Net current assets 2,020 1,800 1,817
------------ ------------ ------------
Total assets less current liabilities 6,308 6,392 6,373
Creditors falling due after one year (31) (241) (161)
Provisions for liabilities and charges - (20) -
------------ ------------ ------------
6,277 6,131 6,212
======= ======= =======
Capital and reserves
Called up share capital 2,914 2,914 2,914
Share premium account 468 468 468
Revaluation reserve 967 973 967
Profit and loss account 1,928 1,776 1,863
------------ ------------ ------------
Equity shareholders' funds 6,277 6,131 6,212
======= ======= =======
Group Cash Flow Statement
for the six months ended 30 September 2001
Unaudited Unaudited Audited
6 months 6 months 12 months
30/9/01 30/9/00 31/3/01
#'000 #'000 #'000
Net cash (outflow)/inflow from operating (165) 68 696
activities
Returns on investments and servicing of
finance
Interest paid (31) (32) (65)
Interest element of finance lease payments (2) (12) (18)
----------- ----------- -----------
Net cash outflow from servicing of finance (33) (44) (83)
----------- ----------- -----------
Taxation
UK corporation tax repaid/(paid) 4 (46) (64)
----------- ----------- -----------
Net cash inflow/(outflow) from payment of 4 (46) (64)
taxation
----------- ----------- -----------
Capital expenditure and financial
investment
Purchase of tangible fixed assets (153) (173) (349)
Sale of tangible fixed assets 33 7 168
----------- ----------- -----------
Net cash outflow from capital expenditure
and financial investment (120) (166) (181)
----------- ----------- -----------
Acquisitions and disposals
Disposal of discontinued operations 988 - -
Purchase of subsidiary undertakings (480) - -
Overdraft acquired with subsidiary (166) - -
undertaking
Termination of discontinued operations - 59 -
Payment of further consideration - - (185)
----------- ----------- -----------
Net cash inflow/(outflow) from acquisitions
and
342 59 (185)
Disposals
----------- ----------- -----------
Equity dividends paid (117) (102) (189)
----------- ----------- -----------
Net cash outflow before use of liquid
resources and financing (89) (231) (6)
----------- ----------- -----------
Financing
Repayment of term loans (50) (50) (100)
Capital element of finance lease payments (46) (50) (95)
Issue of ordinary share capital - 4 4
----------- ----------- -----------
Net cash outflow from financing (96) (96) (191)
----------- ----------- -----------
Decrease in cash in the period (185) (327) (197)
====== ====== ======
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 2001
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 2001 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
2002 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 loss
after taxation divided by the weighted average number of ordinary shares in
issue, being 29,135,659 (6 months to 30 September 2000 - 29,107,790 and year
ended 31 March 2001 - 29,121,686).
5. Copies of these interim results will be sent to Shareholders.
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