TIDMESR
ENSOR HOLDINGS PLC
Preliminary unaudited results for the year ended 31 March 2012
CHAIRMAN'S STATEMENT
* Operating profit: up 68% to GBP1,288,000
* Earnings per share: up 107% to 3.1p per share
* Final dividend: up 50% to 0.525p per share
The progress we made in recent years has continued this year and therefore I am
pleased to report that, from continuing operations, the Group has recorded full
year operating profits of GBP1,288,000. This is an increase on last year of 68%
(2011: GBP766,000) and is a tribute to the hard work of all our managers and
staff operating in difficult and uncertain market conditions.
Individually our operating businesses are performing well. In particular,
margins have been improved at our door and security product companies although
there is a general feeling that confidence in our markets may be weakening. Our
packaging and specialist building materials activities remain steady and have
been assisted by good sourcing of new products through our China office.
During the second half of the year we announced our acquisition of Technocover
Limited. The company manufactures and installs physical security products used
for the protection of Critical National Infrastructure assets operated by UK
and European Utility Companies, including water, energy and communications. It
is integrating well into the Group and has made an immediate contribution to
our results since the acquisition in January, which I am confident will
continue.
At about the same time, we sold our marginally profitable business in Scotland,
Lowland Ensor Doors. The sale realised a profit against the balance sheet
value. Since the year end we have also agreed to sell CMS Tools Limited to a
management buyout team. This business, supplying tools to the roofing industry
has particularly suffered during the economic downturn and has been slow to
emerge from recession. Our balance sheet carried a substantial goodwill asset
for CMS and the proposed sale has resulted in a write down and charge to the
income statement for the year to 31 March 2012, in anticipation of the sale.
These changes give our specialist building materials businesses a security
focus which, together with our packaging activities, we believe, provide a good
basis for future growth.
The Group cash flows have been excellent again this year with net cash of GBP
569,000 being generated by our established operations. Against this we have
consolidated Technocover borrowings of GBP1,750,000 and injected cash into the
company of GBP1,500,000. These new borrowings, which are comfortably within our
agreed facilities, represented gearing of 34% at the year end.
Our pension liabilities have remained largely unchanged, although slightly
increased. Recognising the volatile nature of these liabilities, we have
initiated an enhanced transfer value programme which is intended to reduce the
risk to our balance sheet.
Our land assets continue to be managed to maximise their value. The process
towards obtaining residential planning permission for our Brackley site is
ongoing and timescales for a conclusion are running out due to new planning
regulations delaying progress.
The new financial year has started satisfactorily. We are however cautious
about the impact of the financial crisis in Europe although, as we are net
importers, the strength of sterling is to our advantage. Weakening confidence
in our markets is also of concern. However, we are ready to react if change is
required.
In line with our determination to grow dividends, I am pleased to advise that
the Board is proposing a final dividend of 0.525p per share. This is a 50%
increase against last year (2011: 0.350p) and makes a total dividend of 0.80p
per share for the year ended 31 March 2012. The final dividend will be payable
on 10 August 2012, to shareholders registered on 29 June 2012.
I would finally like to say thank you to all our staff for their sustained
efforts. My thanks also to our shareholders, customers and suppliers for their
continuing support.
K A Harrison TD
Chairman
BUSINESS REVIEW
Operating results
Ensor's activities are focussed on the UK construction market, which has
remained difficult as restricted public spending and a general lack of
confidence served to hinder investment in both capital and refurbishment
projects.
Nevertheless, on a like-for-like basis, excluding discontinued and acquired
businesses, the Group results showed further improvement in 2011/12, across all
segments.
Sales increased by 3% despite a noticeable dip at the beginning of the year,
due to the extended Easter and Royal Wedding breaks. Otherwise, sales remained
reliable throughout the period.
Gross profit margins were increased, from 22.5% to 25.5%, through continued
emphasis on cost control and sales of higher-margin products; and through
relatively favourable average exchange rates.
The combination of higher sales and margins enabled the Group's established and
continuing businesses to post a GBP390,000 increase in gross profit.
Administrative expenses increased by less than 4%, meaning that continuing
businesses returned an operating profit of GBP1,099,000, compared with GBP766,000
for last year.
The acquisition of Technocover Limited, in January 2012, was the most
significant single event during the period under review, and represents a
substantial uplift in the level of the Group's activities. It amplifies the
focus of our Building Products activities towards security and access products.
The business was acquired having undergone significant restructuring - both
financial and operational - but still in need of financial support. Our
injection of GBP1.5m between acquisition and the current year end - GBP1m by way of
equity post-acquisition to rebuild the balance sheet, and GBP0.5m by way of a
short term loan - is expected to provide the business with the liquidity which
it needs to progress.
Nevertheless, sales of GBP2,850,000 and operating profits of GBP189,000, were
consolidated in respect of the post-acquisition period.
We anticipate that the benefits of financial security and senior management
appointments, will enable the business to operate more effectively and
efficiently during 2012/13, when the Group will consolidate a full year's
trading results.
Group operating profit of GBP1,288,000 was 68% higher than last year's - 43%
being attributable to continuing businesses, and 25% to acquisition.
Financial expenses
Financial expenses comprise borrowing costs and an actuarial calculation
reflecting the net cost of financing the deficit in the Group's defined-benefit
pension scheme. The increase in financial expenses, from GBP125,000 to GBP165,000,
reflects an increase in the pension-related cost, principally due to a
reassessment of expected returns on pension fund investments between March 2010
and March 2011.
The cost of financing Group borrowings remained level, year on year, at GBP
69,000, primarily as a result of the borrowings associated with the Technocover
acquisition countering the benefit of strong cash generation and
previously-eliminated borrowings.
Loss on disposal of CMS
The anticipated disposal of CMS has resulted in it being treated as a
discontinued activity and a charge to the income statement of GBP842,000, details
of which can be found below.
Cash flow and financial position
Having achieved a debt-free position at the 2011 year end, the Group continued
to strengthen that position through 2011/12, enabling us to comfortably
accommodate the acquisition of Technocover Limited towards the end of the year.
Adjusting for the cash flows associated with the acquired business, the
continuing businesses generated net cash of GBP569,000.
Secured only on the assets of Technocover, the acquisition involved the
consolidation of a GBP1.75m bank loan and a GBP775,000 invoice discounting
facility. The invoice discounting facility was repaid on acquisition.
Technocover's post-acquisition cash outflows of GBP890,000, reflect the
exceptional degree to which creditors had been extended over the
pre-acquisition period, and were broadly anticipated.
Consolidated group borrowings stood at GBP2,713,000 at the year end, representing
gearing of 34%.
Goodwill and other intangibles of GBP1,697,000 arising on the acquisition of
Technocover, reflects an expectation of payment of consideration of GBP1m in 2015
which, in turn, is dependent upon the business generating profits at a level
which would comfortably justify the carrying value of goodwill.
The Group balance sheet has been increased throughout by the consolidation of
Technocover's balances. In other respects, there are few changes worthy of
note.
The Brackley property which had been shown as a current asset at GBP542,000, has
been returned to fixed assets. We still expect to dispose of that property
profitably but, in the absence of an imminent sale due to the planning process,
accounting convention dictates this treatment.
Although the pension scheme deficit changed little over the year, the
materially adverse effect of a deterioration in bond yields was mitigated by
other actuarial factors, including the adoption of consumer price index (CPI)
and revised mortality tables. These potentially significant influences, which
are beyond our control, serve to highlight the risk inherent in the Group's
obligations to its long-closed pension scheme.
We have therefore commenced an Enhanced Transfer Value exercise, since the year
end, which is intended to reduce the pension scheme liabilities in relation to
those members who wish to take advantage of it. An indication of the outcome
will be included with the 2012/13 Interim Report.
Key performance indicators
In addition to the universal performance indicators of sales, gross margins,
operating profit, earnings per share, cash flow and gearing referred to above,
or in the Chairman's Statement, indicators of a more activity-specific nature
are used within the Group to assess the performance of subsidiary companies.
These indicators are used in conjunction with the controls described in the
Corporate Governance statement and relate to a wide variety of aspects of the
businesses, for example, working capital measures, production yields, quality
control, targets, market share information, product return rates, etc. Due to
the differences in size and markets across the Group's businesses it is not
practicable to provide a more detailed analysis of how these indicators are
applied to each of the respective activities.
Principal risks and uncertainties
The directors believe that the most significant risk and uncertainty facing the
Group remains that of the general economic outlook for the UK and for the
construction sector in particular.
The Group's businesses have adapted to the current economic climate, whilst
retaining the capacity to increase market share. Their diversified nature and
the lack of over-reliance on any one business, serves to moderate the range of
risks. The business of Technocover is regarded as being significantly less
prone to recessionary pressures, being principally driven by security concerns.
Dividend
The directors propose to pay a final dividend of 0.525p per share in respect of
the financial year ended 31 March 2012 (2011: 0.35p). Dividends of GBP187,000
were paid on ordinary shares during the year ended 31 March 2012 (2011: GBP
83,000).
Dividends paid and proposed
In respect of the year ended: 2012 2011
Interim dividend paid 0.275p 0.175p
Final dividend proposed 0.525p 0.350p
______ ______
0.800p 0.525p
______ ______
Consolidated Income Statement
for the year ended 31 March 2012
_________________________________________________________________________________________
2012 2011
Restated
GBP'000 GBP'000
Continuing operations
Revenue 22,854 19,379
Cost of sales (17,019) (15,024)
______ ______
Gross profit 5,835 4,355
Administrative expenses (4,547) (3,589)
______ ______
Operating profit 1,288 766
Financial costs (170) (142)
______ ______
Profit before tax 1,118 624
Income tax expense (204) (191)
______ ______
Profit from continuing operations 914 433
Discontinued operation (842) 177
______ ______
Profit for the year attributable to equity 72 610
shareholders of the parent company
______ ______
Earnings per share - basic and fully diluted
Continuing operations 3.1p 1.5p
Discontinued operation (2.8p) 0.6p
______ ______
0.3p 2.1p
______ ______
Consolidated Statement of Comprehensive Income
GBP'000 GBP'000
Profit for the year 72 610
Other comprehensive income:
Actuarial loss (286) (80)
Income tax relating to components of other 28 (108)
comprehensive income
Revaluation of land and buildings 140 (26)
______ ______
Total comprehensive income attributable to (46) 396
equity shareholders of the parent company
______ ______
Consolidated Statement of Financial Position
at 31 March 2012
_________________________________________________________________________________________
31 March 31 March
2012 2011
GBP'000 GBP'000
ASSETS
Non-current assets
Property, plant & equipment 6, 753 4,113
Intangible assets 2,771 2,438
Deferred tax asset 806 778
______ ______
Total non-current assets 10,330 7,329
______ ______
Current assets
Assets held for sale 138 542
Assets of disposal group classified as 1,031 -
held-for-sale
Inventories 3,005 2,390
Trade and other receivables 6,508 4,596
Cash and cash equivalents - 137
______ ______
Total current assets 10,682 7,665
______ ______
Total assets 21,012 14,994
______ ______
LIABILITIES
Non-current liabilities
Retirement benefit obligations (3,223) (3,111)
Borrowings (1,007) -
Other creditors (897) (16)
Deferred tax (65) -
______ ______
Total non-current liabilities (5,192) (3,127)
______ ______
Current liabilities
Borrowings (1,706) -
Current income tax liabilities (255) (182)
Liabilities of disposal group classified as (223) -
held-for-sale
Trade and other payables (5,678) (3,584)
______ ______
Total current liabilities (7,862) (3,766)
______ ______
Total liabilities (13,054) (6,893)
______ ______
NET ASSETS 7,958 8,101
______ ______
EQUITY
Share capital 3,062 2,945
Share premium 557 470
Treasury shares (79) -
Revaluation reserve 140 -
Retained earnings 4,278 4,686
______ ______
Total equity attributable to equity shareholders 7,958 8,101
of the parent company
______ ______
Consolidated Statement of Changes in Equity
for the year ended 31 March 2012
_________________________________________________________________________________________
Attributable to equity shareholders of the parent
Issued Share Treasury Revaluation Retained Total
Capital Premium shares Reserve Earnings Equity
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Balance as at 1 April 2,945 470 - 571 3,802 7,788
2010
Profit for the year - - - - 610 610
Other comprehensive
income:
Actuarial loss - - - - (80) (80)
Related deferred tax - - - - (108) (108)
Transfer of - - - (545) 545 -
revaluation reserve to
retained earnings
Revaluation of land - - - (26) - (26)
and buildings
_____ _____ _____ _____ _____ _____
2,945 470 - - 4,769 8,184
Dividends paid - - - - (83) (83)
_____ _____ _____ _____ _____ _____
Balance as at 1 April 2,945 470 - - 4,686 8,101
2011
Profit for the year - - - - 72 72
Other comprehensive
income:
Actuarial loss - - - - (286) (286)
Related deferred tax - - - - 28 28
Revaluation of land - - - 140 - 140
and buildings
_____ _____ _____ _____ _____ _____
2,945 470 - 140 4,500 8,055
Issue of shares 117 87 - - - 204
Purchase of own shares - - (79) - (35) (114)
Dividends paid - - - - (187) (187)
_____ _____ _____ _____ _____ _____
Balance at 31 March 3,062 557 (79) 140 4,278 7,958
2012
_____ _____ _____ _____ _____ _____
Share premium
The share premium account represents the consideration that has been received
in excess of the nominal value of shares on issue of new ordinary share
capital, less permitted expenses.
Treasury shares
The deduction from equity in respect of treasury shares results from the
Group's acquisition of shares in the holdings company, at cost.
Revaluation reserve
The revaluation reserve has arisen as a result of net increases in the carrying
value of the Group's land and buildings. This reserve is not distributable to
shareholders until the profits on revaluation are realised. The directors have
assessed the composition of the revaluation reserve and arrived at the opinion
that it is appropriate to reclassify GBP545,000 of this reserve as retained
earnings. A comparative balance sheet at 31 March 2012 has not been provided
because the movement relates to equity only.
Retained earnings
The retained earnings reserve represents profits and losses retained in the
current and previous periods.
Consolidated Cash Flow Statement
for the year ended 31 March 2012
_________________________________________________________________________________________
2012 2011
GBP'000 GBP'000
Net cash generated from operations (795) 1,312
Cash flows from investing activities
Proceeds from sale of property, plant and 88 37
equipment
Proceeds from disposal of assets held for sale - 200
Acquisition of property, plant and equipment (293) (295)
_______ _______
Net cash generated from investing activities (205) (58)
_______ _______
Cash flows from financing activities
Equity dividends paid (187) (83)
Issue of shares 152 -
Purchase of treasury shares (152) -
Proceeds from sale of own shares 90 -
Amounts repaid in respect of finance leases (3) (4)
Loan repayments (92) -
_______ _______
Net cash absorbed by financing activities (192) (87)
_______ _______
Net (decrease)/increase in cash and equivalents (1,192) 1,167
Opening cash and cash equivalents 137 (1,030)
_______ _______
Closing cash and cash equivalents (1,055) 137
_______ _______
Accounting Policies
for the year ended 31 March 2012
_________________________________________________________________________________________
1. Basis of preparation
The consolidated financial statements of Ensor Holdings PLC have been prepared
in accordance the Companies Act 2006 and International Financial Reporting
Standards (IFRS) as adopted by the European Union in accordance with the rules
of the London Stock Exchange for companies trading securities on the
Alternative Investment Market. The Group financial statements have been
prepared under the historical cost convention, as modified by the revaluation
of land and buildings, and derivative financial instruments at fair value
through profit or loss. The principal accounting policies adopted by the Group
are set out below.
2. Basis of consolidation
Where the Company has the power, either directly or indirectly, to govern the
financial and operating policies of another entity so as to obtain benefits
from its activities, the entity is classified as a subsidiary. The consolidated
financial statements present the results of the Company and its subsidiaries
("the Group") as if they formed one single entity. Intercompany transactions
and balances between Group companies are therefore eliminated in full.
The consolidated financial statements incorporate the results of business
combinations using the purchase method. In the consolidated balance sheet, the
subsidiary's identifiable assets, liabilities and contingent liabilities are
initially recognised at their fair values at the acquisition date. The results
of acquired operations are included in the consolidated income statement from
the date on which control is obtained
3. Segmental analysis
For management purposes, the Group's business activities are organised into
business units based on their products and services and have three primary
operating segments as follows:
* Building and Security Products - manufacture, marketing, supply and
distribution of building materials, security access products and access
control equipment;
* Packaging - marketing and distribution of packaging materials;
* Other - manufacture of rubber crumb and waste recycling.
These segments are the basis on which information is reported to the Group
Board. The segment result is the measure used for the purposes of resource
allocation and assessment and represents the operating profit of each segment
before exceptional operating costs, amortisation and impairment charges, other
gains and losses, net finance costs and taxation.
Details of the types of products and services from which each segment derives
its revenues are given above.
The accounting policies applied in preparing the management information for
each of the reportable segments are the same as the Group's accounting
policies.
The Group's continuing revenues and results by reportable segment for the year
ended 31 March 2012 are shown in the following table. The revenue and results
of the discontinued operation are shown below.
Acquis-itionof Other Total Packag-ing Other Total Discon-tinued Unallo-cated Total
Techno-cover Building Building contin-uing
& &
Security Security
Products Products
External 2,850 16,970 19,820 2,199 835 22,854 1,823 - 24,677
revenue
_____ _____ _____ _____ _____ _____ _____ _____ _____
Depreciation 54 171 225 19 37 281 28 - 309
_____ _____ _____ _____ _____ _____ _____ _____ _____
Operating 189 780 969 255 64 1,288 172 - 1,460
profit
_____ _____ _____ _____ _____
Financial (170) 5 - (165)
costs
Income tax (204) (5) - (209)
expense
Loss on - (1,014) - (1,014)
discontinuance
_____ _____ _____ _____
Profit for the 914 (842) - 72
year
_____ _____ _____ _____
Total assets 5,963 9,612 15,575 1,019 801 17,395 151 3,242 20,788
_____ _____ _____ _____ _____ _____ _____ _____ _____
Total (4,224) (2,057) (6,281) (103) (55) (6,439) 450 (6,841) (12,830)
liabilities
_____ _____ _____ _____ _____ _____ _____ _____ _____
Capital 49 108 157 3 9 169 29 95 293
expenditure
_____ _____ _____ _____ _____ _____ _____ _____ _____
The Group's continuing revenues and results by reportable segment for the year
ended 31 March 2011 are shown in the following table. The revenue and results
of the discontinued operation are shown below.
Acquis-itions Other Total Packag-ing Other Total Discon-tinued Unallo-cated Total
Building Building contin-uing
& &
Security Security
Products Products
External - 16,509 16,509 2,046 824 19,379 1,978 - 21,357
revenue
_____ _____ _____ _____ _____ _____ _____ _____ _____
Depreciation - 174 174 14 28 216 21 27 264
_____ _____ _____ _____ _____ _____ _____ _____ _____
Operating - 498 498 241 27 766 172 - 938
profit
_____ _____ _____ _____ _____
Financial (142) 17 - (125)
costs
Income tax (191) (12) - (203)
expense
_____ _____ _____ _____
Profit for 433 177 - 610
the year
_____ _____ _____ _____
Total assets - 10,671 10,671 1,261 827 12,759 - 2,235 14,994
_____ _____ _____ _____ _____ _____ _____ _____ _____
Total - (2,925) (2,925) (361) (84) (3,370) - (3,523) (6,893)
liabilities
_____ _____ _____ _____ _____ _____ _____ _____ _____
Capital - 204 204 60 55 319 - - 319
expenditure
_____ _____ _____ _____ _____ _____ _____ _____ _____
Income and expenditure arising directly from a reporting segment are identified
to that segment. Income and expenditure arising from central operations which
relate to the Group as a whole or cannot reasonably be allocated between
segments are apportioned on the basis of the individual segments' earnings.
Head office costs are apportioned to the segments on the basis of earnings.
The Group operates almost exclusively in one geographical segment, being the
United Kingdom. Turnover to customers located outside the United Kingdom
accounted for less than 10% of total Group turnover and has therefore not been
separately disclosed.
Revenue from a single customer did not exceed more than 10% of turnover during
the current or prior reporting periods.
4. Discontinued operation
The business and assets of CMS Tools Limited are to be sold to management
following negotiations during the months leading up to the balance sheet date
and the operation has been classified as discontinued. The prior year income
statement has been restated to reflect the discontinued operation.
The results of the discontinued operation were as follows:
2012 2011
GBP'000 GBP'000
Revenue 1,823 1,978
Expenses (1,651) (1,806)
______ ______
Operating profit 172 172
Financial income 5 17
Income tax expense (5) (12)
______ ______
Profit after tax 172 177
Impairment of goodwill (1,014) -
______ ______
(Loss)/profit after tax for the year (842) 177
______ ______
Cash flows from the discontinued operation were as follows:
Operating 280 (361)
Investing (29) (53)
______ ______
Total cashflow 251 (414)
______ ______
On 31 January 2012, the business and assets of Lowland Ensor Doors Limited were
sold as a going concern. The business has not been classified as a discontinued
operation because it is not considered to have been a separate major business
line.
5. Earnings per share
The calculation of earnings per share for continuing operations is based upon
the profit after taxation of GBP914,000 (2011: GBP433,000) divided by the weighted
average number of ordinary shares in issue during the year as disclosed in the
table below. The earnings per share from continuing operations on a basic and
fully diluted basis was 3.1p (2011: 1.5p).
The calculation of earnings per share for the discontinued operation is based
upon the loss after taxation of GBP842,000 (2011: GBP177,000 profit) divided by the
weighted average number of ordinary shares in issue during the year as
disclosed in the table below. The loss per share from the discontinued
operation on a basic and fully diluted basis was 2.8p (2011: 0.6p profit).
The weighted average number of shares for the basic and fully diluted earnings
per share calculation can be reconciled as follows:
2012 2011
No. No.
Weighted-average number of shares in issue 29,888,168 29,445,659
Weighted-average number of dilutive shares arising 114,022 219,534
from subsisting share options
__________ __________
Weighted-average number of shares for fully diluted 30,002,190 29,665,193
calculation
__________ __________
6. Acquisition
On 16 January 2012, the Company acquired a 90% interest in Technocover Limited,
equating to a 90% interest in the voting rights, in order to expand the
Building and Security Products division and enhance profits. No consideration
was payable at this time, but a liability to the existing shareholders of the
company of GBP220,000 was recognised. This consideration is payable in
instalments between the date of acquisition and March 2014. Under a separate
put and call option agreement, the Company will acquire the remaining 10% at a
date between 13 October 2013 and 1 October 2016. The consideration payable will
depend upon profits generated by the company in the intervening period, but the
Directors anticipate that the liability for the deferred consideration will be
GBP1,000,000 and will be payable on 1 October 2015. A liability of GBP886,000,
being the present value of the anticipated consideration, has been recognised.
100% of the net assets and profits of Technocover Limited have been included in
the consolidated financial statements of the Group, and the full amount of
deferred consideration has been recognised as a liability, in accordance with
IAS 32, "Financial Instruments: Presentation".
The fair values of the assets acquired are shown in the following table:
Book value Adjustment Fair value
GBP'000 GBP'000 GBP'000
Freehold property 1,465 35 1,500
Plant, machinery and motor vehicles 825 (79) 746
Inventories 569 (200) 369
Trade and other receivables 2,027 - 2,027
Cash at bank 62 - 62
Trade and other payables (2,644) - (2,644)
Bank loan (1,750) - (1,750)
Other borrowings (756) - (756)
Deferred tax (156) 11 (145)
______ _______ _______
Net liabilities (358) (233) (591)
Process technology and know-how 500
Goodwill 1,197
_______
Consideration 1,106
_______
Consideration payable by instalments, at 220
present value
Contingent consideration, at present 886
value
_______
1,106
_______
The fair value adjustments contain some provisional elements which will be
finalised in the 2013 accounts.
Since the acquisition date, Technocover Limited has contributed GBP2,850,000 to
group revenues and GBP220,000 to group profit before tax, excluding acquisition
costs of GBP77,000, which have been included in administration costs in the
Income Statement.
The pro-forma consolidated results of the group, as if the acquisition of
Technocover Limited had been made at the beginning of the period, would include
revenue of GBP31,925,000 (compared to Group reported revenue of GBP24,677,000) and
profit after taxation of GBP1,164,000 (compared to Group reported profit after
taxation of GBP863,000). In preparing pro-forma results, revenue and costs have
been included as if the business were acquired on 1 April 2011. The information
is not indicative of the results of the combined Group that would have occurred
had the acquisition actually been made at the beginning of the period, or
indicative of the future results of the combined Group.
7. Cash flow generated from operations
2012 2011
GBP'000 GBP'000
Cash flows from operating activities
Profit for the year attributable to equity 72 610
shareholders
Depreciation charge 309 264
Financial costs 164 125
Income tax expense/(credit) 209 203
Profit on disposal of property, plant & (38) (4)
equipment
Book value of goodwill of discontinued operation 1,014 -
_______ _______
Operating cash flow before changes in working 1,730 1,198
capital
(Increase)/decrease in inventories (463) 61
Decrease/(increase) in receivables 267 (435)
(Decrease)/increase in payables (2,062) 665
_______ _______
Cash generated from operations (528) 1,489
Interest paid (163) (171)
Income taxes paid (104) (6)
_______ _______
Net cash (absorbed by)/generated from operations (795) 1,312
_______ _______
8. Other information
The financial information set out in this preliminary announcement of results
does not constitute the Company's statutory accounts for the years ended 31
March 2012 or 31 March 2011 but is derived from those accounts. The Independent
Auditors have reported on the 2011 accounts; their report was unqualified and
did not contain a statement under section 498 of the Companies Act 2006. Whilst
the auditors have not yet reported on the financial statements for the year
ended 31 March 2012, they anticipate issuing an unqualified report which will
not contain statements under section 498(2) and (3) of the Companies Act 2006.
The statutory accounts for the year ended 31 March 2012 will be finalised on
the basis of the financial information presented by the Directors in this
preliminary announcement and will be delivered to the Registrar of Companies
following the Company's Annual General Meeting. Statutory accounts for 2011
have been delivered to the Registrar.
The Annual General Meeting of the Company will be held at the Company's
registered office, Ellard House, Dallimore Road, Manchester M23 9NX at 10.00
a.m. on Monday 23 July 2012.
The Report and Accounts will be sent to shareholders and be available from the
Company's website at www.ensor.co.uk shortly. Additional copies of the Annual
Report and of this statement will be available at the Company's registered
office.
Enquiries:
Ensor Holdings PLC
Roger Harrison/Marcus Chadwick
0161 945 5953
Westhouse Securities Limited
Richard Baty / Paul Gillam
020 7601 6100
END
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