ENSOR HOLDINGS PLC
INTERIM RESULTS FOR THE PERIOD ENDED 30 SEPTEMBER 2007
SALES: UP 12% to �15,683,000
PROFIT BEFORE TAX: UP 21% to �943,000
DIVIDEND: UP 8% to 0.42p
Chairman's Statement
I am pleased to report that, despite some adverse commercial conditions during
the period, Ensor Holdings PLC ("Ensor" or the "Group") had a further
successful and progressive half-year.
Financial Review
Our sales for the six months to 30 September 2007 improved by 12% from �14.0m
last year to �15.7m this year. Operating profits before reorganisation costs
showed a strong improvement of 28%, increasing to �1,148,000 (2006 : �894,000).
Our finance charges have been reduced to �90,000 (2006 : �117,000) principally
as a result of the performance last year of investments in the pension fund.
Reorganisation costs of �115,000 (2006 : �nil) have been provided in respect of
a business relocation, leaving profit before tax up 21% at �943,000 (2006 : �
777,000). Tax provisions for the period of �280,000 (2006 : �229,000) have
been made.
Earnings per share have increased by 21% to 2.3p (2006 : 1.9p).
Cash generated from operations was �1,088,000 (2006 : �486,000), arising from
both increased profitability and effective control of working capital. Having
made net capital expenditure payments of �1,025,000 during the current half
year, borrowings have increased by �143,000 since the year end, leaving our
gearing contained at a satisfactory 16% (2006 : 23%).
These are the Group's first results to be presented under International
Financial Reporting Standards and comparative figures have been restated to
reflect these changes. Full details of the changes are shown in the IFRS
Restatement Report which has also been announced today.
Trading
The substantial improvements reported are due to a further emphasis on the
management of sales and margin. During difficult market conditions and a
period of weakness for the US dollar, we have again been able to achieve
significant savings on purchasing through our China office. We have also
tightened our management cost controls and the collection of cash.
During the period we acquired an additional trading site for our gate and
fencing company and have been able to move part of the Brackley business to a
site in Sandbach, Cheshire, where production and trading have started well.
Our other building products businesses encompassing specialist tools,
construction materials and industrial doors have enjoyed a successful period,
as have our companies supplying packaging materials, processed rubber products
and specialist electric motors.
Prospects
Although we are seeing some pressures on our order books and margins, the
second half of the year has started well.
We are keeping a watchful eye on our property assets where there may be future
opportunities, although any possible benefits are likely to be longer term.
Dividend
With the continued improvement in our trading and the strength of our balance
sheet, we are pleased to propose an increase of the interim dividend to 0.42p
per share, an increase of almost 8% over the previous year. This will be
payable on 25 January 2008 to shareholders registered on 28 December 2007.
May I thank all our shareholders for their continued support and also all the
staff at Ensor for their hard work, which has resulted in the Group's continued
strong performance.
K A Harrison TD
Chairman
12 December 2007
Enquiries:
Ensor Holdings plc 0161 945 5953
Ken Harrison
Hanson Westhouse Limited 0113 246 2610
Tim Feather / Matthew Johnson
Group Income Statement
for the six months ended 30 September 2007
Unaudited 6 Unaudited 6 Audited 12
months 30/9/ months 30/9/06 months 31/3/07
Note 07 �'000 (restated) �'000 (restated) �'000
Revenue 15,683 14,010 28,277
Cost of sales (10,712) (9,598) (19,377)
----------- ----------- -----------
Gross profit 4,971 4,412 8,900
Distribution costs (769) (740) (1,503)
Administrative
overheads (3,054) (2,778) (5,754)
----------- ----------- -----------
Operating profit 1,148 894 1,643
Reorganisation costs 2 (115) - -
Financial expenses (90) (117) (237)
----------- ----------- -----------
Profit before tax 943 777 1,406
Income tax expense 3 (280) (229) (420)
----------- ----------- -----------
Profit for the period
attributable to equity
shareholders 663 548 986
====== ====== ======
Earnings per share 4
Basic 2.3p 1.9p 3.3p
Fully diluted 2.2p 1.8p 3.3p
====== ====== ======
Dividends per share
Dividends paid per
share 0.700p 0.625p 1.015p
Dividends proposed per
share 0.420p 0.390p 0.700p
====== ====== ======
Group Balance Sheet
at 30 September 2007
Unaudited Unaudited 30/9/06 Audited 31/3/07
30/9/07 (restated) (restated)
�'000 �'000 �'000
ASSETS
Non-current assets
Property, plant & equipment 6,207 5,556 5,496
Intangible assets 2,971 2,833 2,833
----------- ----------- -----------
Total non-current assets 9,178 8,389 8,329
----------- ----------- -----------
Current assets
Inventories 4,238 4,575 4,392
Trade and other receivables 6,819 6,411 6,047
----------- ----------- -----------
Total current assets 11,057 10,986 10,439
----------- ----------- -----------
Total assets 20,235 19,375 18,768
====== ====== ======
EQUITY AND LIABILITIES
Equity
Share capital 2,945 2,945 2,945
Share premium 470 470 470
Revaluation reserve 868 874 871
Retained earnings 6,999 5,692 6,539
----------- ----------- -----------
Total equity attributable to
equity shareholders 11,282 9,981 10,825
----------- ----------- -----------
Non-current liabilities
Retirement benefit 920 1,602 1,033
obligations
Deferred tax 61 104 97
----------- ----------- -----------
Total non-current liabilities 981 1,706 1,130
----------- ----------- -----------
Current liabilities
Bank overdraft 1,801 2,179 1,604
Interest bearing loans - 159 54
Trade and other payables 6,171 5,350 5,155
----------- ----------- -----------
Total current liabilities 7,972 7,688 6,813
----------- ----------- ----------
Total equity and liabilities 20,235 19,375 18,768
====== ====== ======
Group Cash Flow Statement
for the six months ended 30 September 2007
Unaudited Unaudited Audited
6 months 6 months 30/9/ 12 months 31/3/
30/9/07 06 (restated) 07 (restated)
�'000 �'000 �'000
Cash flows from operating
activities
Profit for the period 663 548 986
Depreciation charge 246 240 492
Loss/(profit) on disposal of
property, plant & equipment 55 (1) (3)
Contribution to defined benefit
pension scheme (113) (38) (148)
Finance expense 90 117 237
Income tax expense 280 229 420
----------- ----------- -----------
Operating cash flow before
changes in working capital 1,221 1,095 1,984
Decrease/(increase) in
inventories 154 206 (23)
Increase in receivables (772) (643) (279)
Increase/(decrease) in payables 575 (55) 267
----------- ----------- -----------
1,178 603 1,949
Interest paid (90) (117) (196)
Income taxes paid - - (282)
----------- ----------- -----------
Net cash generated from
operating activities 1,088 486 1,471
----------- ----------- -----------
Cash flows from investing
activities
Proceeds from sale of property,
plant & equipment 55 - 82
Acquisition of property, plant
& equipment (942) (129) (401)
Acquisition of intangible
assets (138) - -
----------- ----------- -----------
Net cash absorbed by investing
activities (1,025) (129) (319)
----------- ----------- -----------
Cash flows from financing
activities
Issue of ordinary share capital - 4 4
Repayment of loans (50) (100) (200)
Capital element of finance
lease payments (4) (7) (12)
Equity dividends paid (206) (184) (299)
----------- ----------- -----------
Net cash absorbed by financing
activities (260) (287) (507)
----------- ----------- -----------
Net (decrease)/increase in cash
and equivalents (197) 70 645
====== ====== ======
Analysis of net debt
Bank overdraft 1,801 2,179 1,604
Debt repayable by instalments
Due within one year - 159 54
----------- ----------- -----------
1,801 2,338 1,658
----------- ----------- -----------
Other Statements
for the six months ended 30 September 2007
Unaudited Unaudited Audited
6 months 30 6 months 30/9/ 12 months 31/3/
/9/07 06 (restated) 07 (restated)
�'000 �'000 �'000
CONSOLIDATED STATEMENT OF TOTAL
RECOGNISED GAINS AND LOSSES
Profit for the period 663 548 986
Actuarial gain and related -
deferred tax - 521
----------- ----------- -----------
663 548 1,507
====== ====== ======
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
Opening equity 10,825 9,613 9,613
Recognised gains for the period 663 548 1,507
Dividends paid (206) (184) (299)
Issue of shares - 4 4
----------- ----------- -----------
11,282 9,981 10,825
====== ====== ======
Notes to the Interim Financial Statements
1 Basis of preparation
As a London Stock Exchange AIM listed company, Ensor Holdings PLC is required
to prepare its consolidated accounts in accordance with International
Accounting Standards (IAS) and International Financial Reporting Standards
(IFRS), for all accounting periods commencing after 1 January 2007. These
interim results are, therefore, prepared in accordance with these standards.
Consolidated accounts in respect of periods prior to this period were prepared
in accordance with UK Generally Accepted Accounting Principles (UK GAAP). A
requirement of IFRS is that comparative figures reported in the consolidated
accounts are also prepared under IFRS. Therefore, the results for the year
ended 31 March 2007 and the interim results for the period ended 30 September
2006 have been restated in accordance with the IFRS accounting policies. The
restated results, reconciliations between these and the previously reported
results, and the revised accounting policies are published in a separate
document which is available on the Group's website.
The unaudited results for the six months have been prepared on a basis
consistent with these revised accounting policies and do not constitute
statutory accounts within the meaning of Section 240 of the Companies Act 1985.
The statutory accounts for the year ended 31 March 2007, prepared under UK
GAAP, have been delivered to the Registrar of Companies and received an
unqualified audit report.
2 Reorganisation costs
The reorganisation costs are provisions for redundancy payments and
losses on sale of plant and equipment arising from the closure and relocation
of a timber treatment plant operated by a subsidiary company.
3 Income tax expense
The income tax expense is calculated using the estimated tax rate for
the year ended 31 March 2008.
4 Earnings per share
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 29,445,659 (6 months to 30 September 2006 - 29,426,205 and year
ended 31 March 2007 - 29,434,906). The fully diluted earnings per share is
based upon the weighted average of 30,226,689 (6 months to 30 September 2006 -
30,060,899 and year ended 31 March 2007 - 30,069,823). The dilution is due to
subsisting share options.
5 Segmental analysis
The Group is organised into two primary reportable segments within the
definitions of IAS 14 "Segment Reporting", as follows:
Building Products - manufacture, marketing and distribution of materials,
tools, components and access automation equipment to the construction industry.
Packaging - marketing and distribution of packaging materials.
Other - non-reportable segments as defined by IAS 14 which include rubber
crumb manufacture, distribution of electric motors and waste recycling. Head
office costs are apportioned to the segments on the basis of earnings.
Segmental Analysis of Income Statement
Building
Products Packaging Other Total
�'000 �'000 �'000 �'000
Six months ended 30
September 2007
Revenue 13,530 943 1,210 15,683
---------- ---------- ------------ -----------
Operating profit 869 152 127 1,148
---------- ---------- ------------ ------------
Reorganisation costs 115 - - 115
====== ====== ====== ======
Six months ended 30
September 2006
Revenue 11,952 770 1,288 14,010
---------- ---------- ------------ -----------
Operating profit 640 135 119 894
---------- ---------- ------------ ------------
Reorganisation costs - - - -
====== ====== ====== ======
No secondary analysis is provided as the Group's business operations are
conducted almost exclusively in the United Kingdom.
END
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