Interim Results
December 18 2002 - 2:00AM
UK Regulatory
RNS Number:2499F
Ensor Holdings PLC
18 December 2002
Ensor Holdings PLC
INTERIM RESULTS
18 December 2002
Chairman's Statement
I am able to report a much improved half year with sales up from #9.0m to
#10.3m, and an operating profit of #502,000 against an equivalent for the
previous half year of #150,000. The interest charge has increased to #88,000
(2001 : #35,000) and there is a potential tax charge for the period of #104,000
(2001 : #25,000).
Since the year end, we have acquired, for #2.1m in cash, a company marketing
specialised tools for the construction and roofing industry. It has performed
extremely well and I congratulate the management and staff there on their
results. I have confidence in their ability to build further on their success.
With this acquisition and the previously reported disposals of companies, we
have continued with our policy of assembling a group of companies each supplying
to the extensive construction-orientated market in product areas where there is
potential for growth. Although our companies must be complimented on the
result, further progress is to be made in the security and electronic product
activities.
Present trading is reasonably good, although there is a further hardening of
pressure on prices and a potential for bad debt which is being carefully
managed. Subject to this proviso, the strategy that has and is being followed
is strengthening the group and should help future results, if the economic and
political situations remain stable.
After the cash acquisition, our gearing has increased to approximately 49% at
the end of the half-year and we are working to control this. Our balance sheet
has increased to almost #6.7m.
With our net result producing earnings per share of 1.1p for the six month
period, we feel confident in continuing with an unchanged interim dividend at
0.3p per share, which will be payable on 24 January 2003 to those shareholders
on our register on 31 December 2002.
I wish to thank all the managers and staff in the group for their continuing and
much appreciated work.
Ken Harrison
Chairman 18 December 2002
Group Profit and Loss Account
for the six months ended 30 September 2002
Unaudited Unaudited Audited
6 months 6 months 12 months
30/9/02 30/9/01 31/3/02
#'000 #'000 #'000
Turnover
Continuing operations 9,246 8,726 16,734
Acquisitions 1,040 - -
----------- ----------- -----------
10,286 8,726 16,734
Discontinued operations - 319 319
----------- ----------- -----------
10,286 9,045 17,053
----------- ----------- -----------
Operating profit/(loss)
Continuing operations 313 152 167
Acquisitions 189 - -
----------- ----------- -----------
502 152 167
Discontinued operations - (2) (2)
----------- ----------- -----------
502 150 165
Exceptional items
Profit on disposal of discontinued operations - 62 62
Goodwill previously eliminated - (508) (508)
Profit on disposal of fixed assets - - 216
----------- ----------- -----------
Profit/(loss) on ordinary activities before interest 502 (296) (65)
Interest payable (88) (35) (59)
----------- ----------- -----------
Profit/(loss) before taxation 414 (331) (124)
Taxation (104) (25) (20)
----------- ----------- -----------
Profit/(loss) after taxation 310 (356) (144)
Dividends (87) (87) (204)
----------- ----------- -----------
Retained profit/(loss) for the period 223 (443) (348)
====== ====== ======
Earnings/(loss) per share
Basic and diluted 1.1p (1.2p) (0.5p)
====== ====== ======
Dividends per share 0.3p 0.3p 0.7p
====== ====== ======
Group Balance Sheet
at 30 September 2002
Unaudited Unaudited Audited
30/9/02 30/9/01 31/3/02
#'000 #'000 #'000
Fixed assets
Goodwill 1,967 661 748
Tangible assets 4,107 3,627 3,546
----------- ----------- -----------
6,074 4,288 4,294
----------- ----------- -----------
Current assets
Stocks 3,339 2,789 3,027
Debtors 4,740 3,615 3,485
----------- ----------- -----------
8,079 6,404 6,512
Creditors falling due within one year (6,670) (4,384) (4,323)
----------- ----------- -----------
Net current assets 1,409 2,020 2,189
----------- ----------- -----------
Total assets less current liabilities 7,483 6,308 6,483
Creditors falling due after one year (802) (31) (25)
----------- ----------- -----------
6,681 6,277 6,458
====== ====== ======
Capital and reserves
Called up share capital 2,917 2,914 2,917
Share premium account 468 468 468
Revaluation reserve 960 967 960
Profit and loss account 2,336 1,928 2,113
----------- ----------- -----------
Equity shareholders' funds 6,681 6,277 6,458
====== ====== ======
Group Cash Flow Statement
for the six months ended 30 September 2002
Unaudited Unaudited Audited
6 months 6 months 12 months
30/9/02 30/9/01 31/3/02
#'000 #'000 #'000
Operating profit 502 150 165
Depreciation and amortisation 245 186 268
Profit on disposal of tangible fixed assets (47) (11) (20)
Movement in working capital (440) (490) (605)
Net cash inflow/(outflow) from operating activities 260 (165) (192)
Net cash outflow from servicing of finance (87) (33) (57)
Net cash inflow/(outflow) from payment of taxation 8 4 (180)
Net cash (outflow)/inflow from capital expenditure
and financial investment (218) (120) 9
Purchase of subsidiary undertakings (2,087) (480) (404)
Cash/(overdraft) acquired with subsidiary undertaking 248 (166) (278)
Disposal of discontinued operations - 988 1,231
Net cash (outflow)/inflow from acquisitions and disposals (1,839) 342 549
Equity dividends paid (117) (117) (204)
Net cash outflow before use of liquid
resources and financing (1,993) (89) (75)
Repayment of loan notes (345) - -
Repayment of term loans (75) (50) (100)
Capital element of finance lease payments (19) (46) (92)
New term loan advanced 1,000 - -
Issue of ordinary share capital - - 3
Net cash inflow/(outflow) from financing 561 (96) (189)
----------- ----------- -----------
Decrease in cash in the period (1,432) (185) (264)
====== ====== ======
Unaudited Unaudited Audited
30/9/02 30/9/01 31/3/02
#'000 #'000 #'000
Analysis of net debt
Bank overdraft 2,267 756 835
Guaranteed loan notes - 345 345
Debt repayable by instalments:
Due within 1 year 237 148 57
Due after more than 1 year 802 30 25
----------- ----------- -----------
3,306 1,279 1,262
====== ====== ======
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 2002 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 2002 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 2003.
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 29,165,659 (6 months to 30 September 2001
- 29,135,659 and year ended 31 March 2002 - 29,145,767).
5. Copies of these interim results will be sent to Shareholders.
Enquiries:
Ensor Holdings plc
Tony Coyne, Chief Executive
0161 945 5953
Brown, Shipley & Co. Limited
Philip Johnson
0161 214 6540
This information is provided by RNS
The company news service from the London Stock Exchange
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