Half-yearly Report
December 12 2011 - 2:00AM
UK Regulatory
TIDMESR
Ensor Holdings plc ("Ensor" or "the Group")
Interim results for the period ended 30 September 2011
Chairman's Statement
* Operating profit: up 31%
* Earnings per share: up 27%
* Interim dividend: up 57%
Continued improvement across the Ensor Group has resulted in operating profits
of GBP607,000 for the half year, a 31% increase on this time last year (2010: GBP
463,000).
These very pleasing results have been achieved despite the current prolonged
recession within the construction sector and a slow start to the year due to
Bank holidays and extended Easter and Royal Wedding breaks. I am therefore
particularly encouraged for when national economic growth is achieved and when
expected government spending on infrastructure is authorised.
I was able to report six months ago that the Group was debt-free. This position
continues and is improved with net cash of GBP911,000 being generated over the
last twelve months. Financial expenses are unchanged despite reduced interest
costs, but include slightly increased pension fund deficit charges.
Earnings per share have increased by 27% to 1.4p (2010: 1.1p)
Our operating companies have all made progress since I last reported. Margin
improvements have been achieved at our door and security companies as a result
of the introduction of new profitable products, price enhancements and
advantageous currency movements. Volumes in the packaging division have
increased and strong co-operation with our China office has helped to offset
polythene price increases during the year. The building products division has
improved due to better margins on targeted products in new markets. These
advances have all been made in conjunction with the continued robust control of
costs.
We are continuing to capitalise on our property assets. Slow but positive
progress towards residential planning permission is being made at our site in
Brackley, and land optimisation ideas are being considered for our holdings in
the Midlands.
We have been looking at a number of acquisition opportunities. It is our
intention to ensure that any business that joins the Group will strengthen our
position within our core activities.
Although the second half of the year has started well, there are concerns about
the political and economic turmoil in Europe. This region provides many trading
opportunities for us and so we must therefore remain cautious with our outlook
for the rest of the year.
In my last statement, I spoke of our determination to return to being a
dividend growth stock. I am therefore pleased to announce that the Board has
proposed an interim dividend of 0.275p per share. This is an increase of 57%
against last year (2010: 0.175p). It is our desire to continue an upward
dividend trend but we will react responsibly to the continuing difficult
economic conditions. The interim dividend will be payable on 27 January 2012 to
shareholders registered on 30 December 2011.
As always, our strength lies with our staff who I would like to thank for all
their efforts. I would also like to thank all our shareholders for their
continued support.
K A Harrison TD
Chairman
12 December 2011
Enquiries
Ensor Holdings plc 0161 945 5953
Roger Harrison / Marcus Chadwick
Westhouse Securities Limited 020 7601 6100
Tim Feather / Matthew Johnson
Condensed Consolidated Income Statement
for the six months ended 30 September 2011
Note
Unaudited Unaudited Audited
6 months 6 months 12 months
30/9/11 30/9/10 31/3/11
GBP'000 GBP'000 GBP'000
Revenue 11,132 10,814 21,357
Cost of sales (8,423) (8,353) (16,322)
----------- ----------- -----------
Gross profit 2,709 2,461 5,035
Administrative expenses (2,102) (1,998) (4,097)
----------- ----------- -----------
Operating profit 607 463 938
Financial expenses (58) (59) (125)
----------- ----------- -----------
Profit before tax 549 404 813
Income tax expense 2 (135) (90) (203)
----------- ----------- -----------
Profit for the period 414 314 610
attributable to equity
shareholders
====== ====== ======
Earnings per share 3
Basic and fully diluted 1.4p 1.1p 2.1p
====== ====== ======
Dividends per share 4
Dividends paid 0.350p 0.150p 0.325p
Dividends proposed 0.275p 0.175p 0.350p
====== ====== ======
Condensed Consolidated Statement of Comprehensive Income
for the six months ended 30 September 2011
Profit for the period 414 314 610
Other comprehensive income:
Actuarial loss and related deferred tax - - (188)
Revaluation of land and buildings - - (26)
----------- ----------- -----------
Total comprehensive income attributable 414 314 396
to equity shareholders
====== ====== ======
Condensed Consolidated Statement of Financial Position
at 30 September 2011
Unaudited Unaudited Audited
30/9/11 30/9/10 31/3/11
GBP'000 GBP'000 GBP'000
ASSETS
Non-current assets
Property, plant & equipment 4,056 4,126 4,113
Intangible assets 2,438 2,438 2,438
Deferred tax asset 778 860 778
----------- ----------- -----------
Total non-current assets 7,272 7,424 7,329
----------- ----------- -----------
Current assets
Assets held for sale 542 542 542
Inventories 2,610 2,427 2,390
Trade and other receivables 5,029 4,661 4,596
Cash and cash equivalents 463 - 137
----------- ----------- -----------
Total current assets 8,644 7,630 7,665
----------- ----------- -----------
Total assets 15,916 15,054 14,994
====== ====== ======
LIABILITIES
Non-current liabilities
Retirement benefit obligations (3,036) (3,071) (3,111)
Obligations under finance leases (14) - (16)
----------- ----------- -----------
Total non-current liabilities (3,050) (3,071) (3,127)
----------- ----------- -----------
Current liabilities
Cash and cash equivalents - (448) -
Trade and other payables (4,456) (3,463) (3,766)
----------- ----------- -----------
Total current liabilities (4,456) (3,911) (3,766)
----------- ----------- -----------
Total liabilities (7,506) (6,982) (6,893)
====== ====== ======
NET ASSETS 8,410 8,072 8,101
====== ====== ======
Equity
Share capital 3,062 2,945 2,945
Share premium 470 470 470
Revaluation reserve 545 571 545
Retained earnings 4,333 4,086 4,141
----------- ----------- -----------
Total equity attributable to equity 8,410 8,072 8,101
shareholders
====== ====== ======
Condensed Consolidated Statement of Changes in Equity
for the six months ended 30 September 2011
Attributable to equity holders of the parent
Issued Share Revaluation Retained Total
Capital Premium Reserve Earnings Equity
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Balance at 1 April 2,945 470 545 4,141 8,101
2011
Issue of equity 117 - - - 117
shares
Purchase of treasury - - - (117) (117)
shares
Total comprehensive - - - 414 414
income
Interim dividend paid - - - (105) (105)
----------- ----------- ----------- ----------- -----------
Balance at 30 3,062 470 545 4,333 8,410
September 2011
====== ====== ====== ====== ======
Balance at 1 April 2,945 470 571 3,802 7,788
2010
Total comprehensive - - - 314 314
income
Interim dividend paid - - - (30) (30)
----------- ----------- ----------- ----------- -----------
Balance at 30 2,945 470 571 4,086 8,072
September 2010
====== ====== ====== ====== ======
Balance at 1 April 2,945 470 571 3,802 7,788
2010
Total comprehensive - - (26) 422 396
income
Dividends paid - - - (83) (83)
----------- ----------- ----------- ----------- -----------
Balance at 31 March 2,945 470 545 4,141 8,101
2011
====== ====== ====== ====== ======
Condensed Consolidated Cash Flow Statement
for the six months ended 30 September 2011
Unaudited Unaudited Audited
6 months 6 months 12 months
30/9/11 30/9/10 31/3/11
GBP'000 GBP'000 GBP'000
Net cash generated from operating 496 550 1,312
activities
----------- ----------- -----------
Cash flows from investing activities
Proceeds from disposal of property, plant & 29 16 37
equipment
Proceeds from disposal of assets held for - 200 200
sale
Acquisition of property, plant & equipment (92) (154) (295)
----------- ----------- -----------
Net cash (absorbed by)/generated from (63) 62 (58)
investing
activities
----------- ----------- -----------
Cash flows from financing activities
Equity dividends paid (105) (30) (83)
Amounts repaid in respect of finance leases (2) - (4)
----------- ----------- -----------
Net cash absorbed by financing activities (107) (30) (87)
----------- ----------- -----------
Net increase in cash and equivalents 326 582 1,167
Cash and cash equivalents at beginning of 137 (1,030) (1,030)
period
----------- ----------- -----------
Cash and cash equivalents at end of period 463 (448) 137
====== ====== ======
Notes to the Interim Report
1. Basis of preparation
The unaudited results for the six months have been prepared in accordance with
International Financial Reporting Standards ("IFRS") and do not constitute
statutory accounts within the meaning of Section 435 of the Companies Act 2006.
The interim report has not been prepared in accordance with IAS 34, "Interim
Financial Reporting" in that it does not contain full disclosure of accounting
policies and does not detail compliance with other standards. These disclosures
are dealt with in the Group's annual report.
The statutory accounts for the year ended 31 March 2011, prepared under IFRS,
have been delivered to the Registrar of Companies and received an unqualified
audit report.
2. Income tax expense
The income tax expense is calculated using the estimated tax rate for the year
ended 31 March 2012.
3 Earningsper share
The calculation of earnings per share for the period is based on the profit for
the period divided by the weighted average number of ordinary shares in issue,
being 29,781,819 (2010: 29,445,659). The fully diluted loss per share is based
upon the weighted average of 30,618,074 shares (6 months to 30 September 2010 -
29,484,289 and year ended 31 March 2011 - 29,665,193). The dilution is due to
subsisting share options.
4. Dividends
The directors propose to pay an interim dividend of 0.275 pence per share on 27
January 2012 to shareholders on the register on 30 December 2011 (2010: 0.175
pence per share).
END
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