10 June 2015
ENSOR HOLDINGS PLC
Preliminary results for the year ended
31 March 2015
CHAIRMAN’S STATEMENT
-
Sales up 18% to £36.1m
-
Operating profit up 84% to £3.4m
-
Earnings per share up 114% to 9.2p per
share
-
Dividend up 27% to 1.9p per share
The Ensor Group has again made significant progress in the
second half of our financial year, exceeding expectations when I
reported to you at the time of our interim results. Total revenues
have increased by 18% to £36.1m (2014: £30.6m) and our operating
profits have increased by 84% to £3.4m (2014: £1.8m). The current
year has started well and I am cautiously optimistic about the year
ahead.
Technocover, our subsidiary which manufactures physical high
security products for the Utilities sector has finished the year
strongly. This year the company has completed large programmes of
work particularly for the water industry, which is at the end of
its current Asset Management Period (AMP). Nevertheless, the
company carries a good forward order book into the new AMP period.
We have invested substantially into new equipment on the Welshpool
site, demonstrating our confidence in the business and markets that
the company operates within.
Our company Ellard, which supplies electric motors, automation
and accessories for doors and gates has greatly improved its
position within its sector increasing its share of an expanding
market. Investment into a graduate recruitment programme, new
products and planned expansion of the premises occupied by Ellard,
have been initiated in anticipation of continuing buoyant
markets.
OSA supplies ready to install industrial sectional overhead
doors, residential garage doors, rapid roll doors, steel hinged
doors and repair materials to the same market as Ellard and has had
a similarly progressive year. Good relationships with suppliers and
customers and product advances continue to build on the solid
foundations at OSA.
Our packaging and logistics consumables supplier, Wood’s
Packaging has benefitted from a strong retail sector and
competitive sourcing of products via our office in China.
Generating robust profits supported by healthy cash flows, Wood’s
continues to complement our security orientated businesses.
Ensor Building Products distributes specialist roofing and
drainage products. Supplying the merchant trade and contractors,
the company has seen growth in its market as the construction
industry improves. Discussions have taken place with the company’s
management for them to buy 100% of the shares of the business. The
transaction is progressing and, if concluded, the sale should
include an appropriate value for goodwill. This disposal further
focuses the Group towards its physical security activities.
At the end of May this year, we completed, as anticipated, the
sale of our land in the Stockport area. This realised a significant
premium to the carrying value. During April this year we also sold,
at a premium, our Woodville, Derbyshire site. As completion of
these transactions occurred after the year end, the profit on the
sales will be shown in next year’s figures. Additionally, I am able
to report that we are expecting to be granted planning permission
for a residential scheme at our Brackley site. This has been a long
term project but we hope to report an outcome in due course.
I am pleased to again report that we are proposing to pay an
increased net final dividend of 1.3p per share, making a total
dividend paid and proposed of 1.9p per share for the year. This is
a 27% increase on last year’s total dividends of 1.5p per share.
The dividend will be paid in cash only, on 7
August 2015, to shareholders registered on 26 June 2015.The
ex-dividend date will be 25 June
2015.
On 27 May 2015, we announced that
we were launching a review of strategic options open to us to
maximise value for shareholders including a potential sale of the
Group. The process is at an early stage and further announcements
will be made in due course.
Finally, I would like to once again thank everyone who works in
all the different departments around our Group. Your contribution
and sustained efforts are greatly appreciated and your interests
are important to me. My thanks also to our shareholders, customers
and suppliers for their continued support.
K A Harrison TD
Chairman
9 June 2015
Strategic Report
______________________________________________________________________________________
Operating results and future
developments
Our Building & Security Products division experienced a
strong year, with turnover almost 20% higher than the previous
year. Operating profit increased by 95%, before allocation of
holding company overhead. Most of the increase was contributed by
Technocover, however profit growth in the division’s other
businesses ranged between 40% and 108%, reflecting strong
performances across the board.
As anticipated last year, Technocover benefitted from a surge in
water company orders as Ofwat’s AMP5, asset management period, drew
to a close in March 2015, resulting
in a £4.6m rise in invoiced sales.
The gross margin was maintained and overheads were contained,
meaning that the company contributed £1.1m more to the division’s
result, than in the previous year.
Although AMP5 has concluded, a carry-over of orders has resulted
in an unusually strong order book to support the company’s results
into the current year as the new AMP6 programme gets underway.
Within the same operating segment, Ellard also performed well,
benefitting from continued growth in market share and a key supply
agreement securing exclusive rights to supply certain products
within the UK. The company’s turnover increased by £1m and
margins held firm resulting in a 42% increase in operating
profit.
OSA Door Parts, also within the Building & Security Products
division, experienced another year of healthy growth in turnover
and margin and a 40% increase in operating profit.
The fourth member of the same division, Ensor Building Products,
saw a constructive reduction in turnover, as a continued focus on
higher margin products underlay a 108% operating profit
increase.
Negotiations have taken place with the company’s management in
the months leading up to the date of this report to agree a sale of
the business to the management, and the transaction is
progressing.
Our Packaging business, Wood’s Packaging, also performed well,
achieving a 21% increase in turnover and an additional £124,000 of
operating profit, after allocation of holding company overhead.
Overall, sales growth of £5.6m and tight control over margins
resulted in a year-on-year increase in operating profit of £1.5m
for the group.
Finance costs
Finance costs comprise bank loan and overdraft interest, the
financing cost on the defined benefit pension scheme and unwinding
of the discount on the deferred consideration payable on the
acquisition of Technocover.
We recognised a credit of £198,000 during the year in respect of
an interest hedge on a bank loan, which had been the subject of a
mis-selling claim. As a result of this, loan interest has
reduced by the annual cost of the hedge as well as by the ongoing
reduction in the outstanding balance, which is being paid in
instalments up to January 2017.
The interest cost of the pension fund has reduced from £112,000
to £89,000.
The deferred consideration on the acquisition of Technocover of
£1m was paid earlier than had previously been anticipated,
resulting in an accelerated finance cost in the year of
£22,000.
Income tax
The tax charge of £654,000 represents 19.6% of operating profit,
varying from the main UK corporation tax rate of 21% principally as
a result of a prior year overprovision.
Cash flow and financial position
Cashflows generated from operations before changes in working
capital amounted to £3.9m. However, increases in receivables and
inventories and reductions in payables eliminated much of this
surplus.
These working capital changes have been particularly influenced
by:
-
a very strong finish to the year, reflected in the £2.6m
increase in trade receivables which are not past due
-
investments in inventories at Ellard in relation to new
products, and elsewhere to service higher sales levels
-
accelerated payment for foreign supplies to secure improved
costs
A significant element of this increase is expected to unwind in
the first half of the current year.
Operating cashflows also include contributions of £617,000 to
the group’s defined benefit pension scheme. Normal contributions of
£301,000 were supplemented by payments of £250,000 in respect of
severing subsidiary company obligations and £66,000 in respect of
liability-reducing member transfers from the scheme.
After payment of corporation tax, net cash generated from
operations totalled £184,000.
The group's property at Normanton, occupied by a former
subsidiary, CMS Tools Limited, was sold in September 2014 for £600,000 and other assets
sales totalled £139,000.
Technocover invested significantly in its production and
distribution infrastructure, and combined with other investment
around the group, capital expenditure totalled £746,000.
After allowing for the advanced payment of the deferred
consideration of £1m, referred to above, dividends of £479,000 and
loan repayments, the group’s cash position decreased by £1.6m
during the year.
Net assets have increased by 19% to £11.5m.
Disposals after the year end
On 1 April 2015, the whole of our
operation at Woodville, Derbyshire, including the Waste Transfer
Facility and freehold land and buildings, was disposed of for £1.8m
in cash.
On 1 June 2015, the freehold
property at Stockport was sold to a residential property developer
for £1.3m. The property had previously been occupied by the
group’s rubber crumb recycling business, which was sold in
January 2014.
Both properties are classified as held-for-sale in the balance
sheet.
Dividend
The directors propose to pay a final dividend of 1.3p per share
in respect of the financial year ended 31
March 2015 (2014: 1.0p). Dividends of £479,000 were
paid on ordinary shares during the year ended 31 March 2015 (2014: £389,000).
Dividends paid and proposed |
|
|
|
In respect of the year ended 31
March: |
|
2015 |
2014 |
|
|
|
|
Interim dividend paid |
|
0.6p |
0.50p |
Final dividend proposed |
|
1.3p |
1.00p |
|
|
______ |
______ |
|
|
|
|
|
|
1.9p |
1.50p |
|
|
______ |
______ |
Consolidated Income Statement
for the year ended 31 March
2015
_____________________________________________________________________________
|
2015 |
2014 |
|
£’000 |
£’000 |
|
|
|
Continuing operations |
|
|
Revenue |
36,136 |
30,558 |
|
|
|
Cost of sales |
(26,766) |
(23,081) |
|
______ |
______ |
|
|
|
Gross profit |
9,370 |
7,477 |
|
|
|
Administrative expenses |
(6,006) |
(5,650) |
|
______ |
______ |
|
|
|
Operating profit |
3,364 |
1,827 |
|
|
|
Finance costs |
(34) |
(301) |
|
______ |
______ |
|
|
|
Profit before tax |
3,330 |
1,526 |
|
|
|
Income tax expense |
(654) |
(242) |
|
______ |
______ |
|
|
|
Profit for the year on continuing
operations |
2,676 |
1,284 |
|
|
|
Discontinued operation |
- |
(182) |
|
______ |
______ |
Profit for the year attributable
to equity shareholders of the parent company |
2,676 |
1,102 |
|
______ |
______ |
|
|
|
Earnings per share – basic and
diluted |
|
|
Continuing operations |
9.2p |
4.3p |
Discontinued operation |
- |
(0.6p) |
|
______ |
______ |
|
|
|
|
9.2p |
3.7p |
|
______ |
______ |
Consolidated Statement of
Comprehensive Income
|
|
|
|
|
|
2015 |
2014 |
|
|
£’000 |
£’000 |
|
|
|
|
|
Profit for the year |
2,676 |
1,102 |
|
|
_____ |
_____ |
|
|
|
|
|
Actuarial
gain/(loss) |
(403) |
305 |
|
Income tax relating to
components of other comprehensive income |
60 |
(115) |
|
|
___
__ |
___ __ |
|
Total of other
comprehensive income for the year |
(343) |
190 |
|
|
____ _ |
____
_ |
|
|
|
|
|
|
___ __ |
___
__ |
|
Total comprehensive
income attributable to equity shareholders of the parent
company |
2,333 |
1,292 |
|
|
___ __ |
___
__ |
|
|
|
|
|
|
|
|
|
Consolidated Statement of Financial
Position
at 31 March 2015
______________________________________________________________________________________
|
2015 |
2014 |
|
£’000 |
£’000 |
ASSETS |
|
|
Non-current assets |
|
|
Property, plant & equipment |
4,170 |
6,413 |
Intangible assets |
2,671 |
2,704 |
Deferred tax asset |
428 |
475 |
|
______ |
______ |
|
|
|
Total non-current assets |
7,269 |
9,592 |
|
______ |
______ |
Current assets |
|
|
Assets held for sale |
2,185 |
496 |
Assets of disposal group held for
sale |
1,975 |
- |
Inventories |
3,063 |
2,646 |
Trade and other receivables |
8,381 |
6,515 |
Cash and cash equivalents |
564 |
585 |
|
______ |
______ |
|
|
|
Total current assets |
16,168 |
10,242 |
|
______ |
______ |
|
|
|
Total assets |
23,437 |
19,834 |
|
______ |
______ |
LIABILITIES |
|
|
Non-current liabilities |
|
|
Retirement benefit obligations |
(2,139) |
(2,264) |
Borrowings |
(246) |
(533) |
Other creditors |
(22) |
(986) |
Deferred tax |
(182) |
(73) |
|
______ |
______ |
|
|
|
Total non-current
liabilities |
(2,589) |
(3,856) |
|
______ |
______ |
Current liabilities |
|
|
Borrowings |
(1,863) |
(275) |
Liabilities of disposal group held
for sale |
(946) |
- |
Current income tax liabilities |
(561) |
(378) |
Trade and other payables |
(6,028) |
(5,729) |
|
______ |
______ |
|
|
|
Total current
liabilities |
(9,398) |
(6,382) |
|
______ |
______ |
|
|
|
Total liabilities |
(11,987) |
(10,238) |
|
______ |
______ |
|
|
|
NET ASSETS |
11,450 |
9,596 |
|
______ |
______ |
|
|
|
EQUITY |
|
|
Share capital |
3,082 |
3,082 |
Share premium |
552 |
552 |
Revaluation reserve |
140 |
140 |
Retained earnings |
7,676 |
5,822 |
|
______ |
______ |
Total equity attributable to
equity shareholders of the parent company |
11,450 |
9,596 |
|
______ |
______ |
The financial statements were approved by the board and were
authorised for issue on 9 June 2015. They were signed on its
behalf by:
A R
Harrison
)
M A Chadwick
)
Consolidated Statement of Changes in
Equity
for the year ended 31 March
2015
Attributable to equity shareholders of
the parent company
|
Issued
Capital |
Share
Premium |
Revaluation
reserve |
Retained
Earnings |
Total
Equity |
|
£’000 |
£’000 |
£’000 |
£’000 |
£’000 |
|
|
|
|
|
|
Balance as at 1 April 2013 |
3,062 |
522 |
140 |
5,214 |
8,938 |
|
_____ |
_____ |
_____ |
_____ |
_____ |
|
|
|
|
|
|
Profit for the year |
- |
- |
- |
1,102 |
1,102 |
Other comprehensive income: |
|
|
|
|
|
Actuarial gain |
- |
- |
- |
305 |
305 |
Related deferred tax |
- |
- |
- |
(115) |
(115) |
|
_____ |
_____ |
_____ |
_____ |
_____ |
|
|
|
|
|
|
Total comprehensive income for the
year |
- |
- |
- |
1,292 |
1,292 |
|
_____ |
_____ |
_____ |
_____ |
_____ |
|
|
|
|
|
|
|
|
|
|
|
|
Issue of shares |
20 |
30 |
- |
- |
50 |
Purchase of treasury shares |
- |
- |
- |
(295) |
(295) |
Dividends paid |
- |
- |
- |
(389) |
(389) |
|
_____ |
_____ |
_____ |
_____ |
_____ |
|
|
|
|
|
|
Total transactions recognised
directly in equity |
20 |
30 |
- |
(684) |
(634) |
|
_____ |
_____ |
_____ |
_____ |
_____ |
|
|
|
|
|
|
Balance at 31 March 2014 |
3,082 |
552 |
140 |
5,822 |
9,596 |
|
_____ |
_____ |
_____ |
_____ |
_____ |
|
|
|
|
|
|
|
|
|
|
|
|
Balance as at 1 April 2014 |
3,082 |
552 |
140 |
5,822 |
9,596 |
|
_____ |
_____ |
_____ |
_____ |
_____ |
|
|
|
|
|
|
Profit for the year |
- |
- |
- |
2,676 |
2,676 |
Other comprehensive income: |
|
|
|
|
|
Actuarial gain |
- |
- |
- |
(403) |
(403) |
Related deferred tax |
- |
- |
- |
60 |
60 |
|
_____ |
_____ |
_____ |
_____ |
_____ |
|
|
|
|
|
|
Total comprehensive income for the
year |
- |
- |
- |
2,333 |
2,333 |
|
_____ |
_____ |
_____ |
_____ |
_____ |
|
|
|
|
|
|
|
|
|
|
|
|
Dividends paid |
- |
- |
- |
(479) |
(479) |
|
_____ |
_____ |
_____ |
_____ |
_____ |
|
|
|
|
|
|
Total transactions recognised
directly in equity |
- |
- |
- |
- |
- |
|
_____ |
_____ |
_____ |
_____ |
_____ |
|
|
|
|
|
|
Balance at 31 March 2015 |
3,082 |
552 |
140 |
7,676 |
11,450 |
|
_____ |
_____ |
_____ |
_____ |
_____ |
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.
Revaluation reserve
The revaluation reserve represents the unrealised surplus
arising on the revaluation of certain of the group’s freehold
properties.
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
2015
______________________________________________________________________________________
|
2015 |
2014 |
|
£’000 |
£’000 |
|
|
|
|
|
|
|
|
|
Net cash generated from
operations |
184 |
2,468 |
|
_______ |
_______ |
|
|
|
Cash flows from investing
activities |
|
|
Proceeds from sale of property,
plant and equipment |
739 |
97 |
Proceeds from sale of
subsidiary |
- |
613 |
Acquisition of property, plant and
equipment |
(746) |
(721) |
|
_______ |
_______ |
|
|
|
Net cash used in investing
activities |
(7) |
(11) |
|
_______ |
_______ |
|
|
|
Cash flows from financing
activities |
|
|
Equity dividends paid |
(479) |
(389) |
Issue of shares |
- |
50 |
Purchase of treasury shares |
- |
(295) |
Amounts repaid in respect of finance
leases |
(20) |
(20) |
Deferred consideration paid |
(1,000) |
- |
Loan repayments |
(278) |
(267) |
|
_______ |
_______ |
|
|
|
Net cash used in financing
activities |
(1,777) |
(921) |
|
_______ |
_______ |
|
|
|
Net increase/(decrease) in cash
and cash equivalents |
(1,600) |
1,536 |
|
|
|
Opening cash and cash
equivalents |
585 |
(951) |
|
_______ |
_______ |
|
|
|
Closing cash and cash
equivalents |
(1,015) |
585 |
|
_______ |
_______ |
Accounting Policies and Notes to the
Financial Statements
for the year ended 31 March 2015
______________________________________________________________________________________
1. Basis of preparation
The consolidated financial statements of Ensor Holdings PLC have
been prepared in accordance with 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 control over an investee, it is classified
as a subsidiary. The company controls an investee if all three of
the following elements are present:
-
power over the investee
-
exposure to variable returns from the investee, and
-
the ability of the investor to use its power to affect those
variable returns.
Control is reassessed whenever facts and circumstances indicate
that there may be a change in any of these elements of control.
De-facto control exists in situations where the company has the
practical ability to direct the relevant activities of the investee
without holding the majority of the voting rights. In determining
whether de-facto control exists the company considers all relevant
facts and circumstances, including:
-
the size of the company’s voting rights relative to both the
size and dispersion of other parties who hold voting rights
-
substantive potential voting rights held by the company and by
other parties
-
other contractual arrangements
-
historic patterns in voting attendance.
The consolidated financial statements present the results of the
company and its subsidiaries as if they formed a 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 acquisition method. In the
statement of financial position, the acquiree'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
statement of comprehensive income from the date on which control is
obtained. They are deconsolidated from the date on which control
ceases.
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 – 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 revenues and results by reportable segment for the
year ended 31 March 2015 are shown in
the following table.
|
Building & Security Products |
Packaging |
Other |
Unallocated |
Total |
|
£’000 |
£’000 |
£’000 |
£’000 |
£’000 |
|
|
|
|
|
|
External
revenue |
32,635 |
3,336 |
165 |
- |
36,136 |
|
_____ |
_____ |
_____ |
_____ |
_____ |
Depreciation |
557 |
28 |
14 |
- |
599 |
|
_____ |
_____ |
_____ |
_____ |
_____ |
Operating
profit |
2,781 |
530 |
53 |
- |
3,364 |
|
_____ |
_____ |
_____ |
_____ |
|
Finance costs |
|
|
|
|
(34) |
Income tax
expense |
|
|
|
|
(654) |
|
|
|
|
|
_____ |
|
|
|
|
|
|
Profit for the
year |
|
|
|
|
2,676 |
|
|
|
|
|
_____ |
Total assets |
19,376 |
2,249 |
55 |
1,757 |
23,437 |
|
_____ |
_____ |
_____ |
_____ |
_____ |
Total
liabilities |
(7,102) |
(672) |
(5) |
(4,208) |
(11,987) |
|
_____ |
_____ |
_____ |
_____ |
_____ |
Capital
expenditure |
619 |
18 |
1 |
108 |
746 |
|
_____ |
_____ |
_____ |
_____ |
_____ |
The group’s revenues and results by reportable segment for the
year ended 31 March 2014 are shown in
the following table.
|
Building & Security Products |
Packaging |
Other |
Total
continuing |
Discont-inued |
Unalloca-ted |
Total |
|
£’000 |
£’000 |
£’000 |
£’000 |
£’000 |
£’000 |
£’000 |
|
|
|
|
|
|
|
|
External
revenue |
27,215 |
2,758 |
585 |
30,558 |
1,431 |
- |
31,989 |
|
_____ |
_____ |
_____ |
_____ |
_____ |
_____ |
_____ |
Depreciation |
490 |
23 |
28 |
541 |
26 |
- |
567 |
|
_____ |
_____ |
_____ |
_____ |
_____ |
_____ |
_____ |
Operating
profit |
1,385 |
437 |
5 |
1,827 |
106 |
- |
1,933 |
|
_____ |
_____ |
_____ |
|
|
|
|
Finance costs |
|
|
|
- |
- |
(301) |
(301) |
Income tax
expense |
|
|
|
- |
(25) |
(242) |
(267) |
Loss on disposal |
|
|
|
- |
(263) |
- |
(263) |
|
|
|
|
_____ |
_____ |
_____ |
_____ |
|
|
|
|
|
|
|
|
Profit/(loss) for the
year |
|
|
|
1,827 |
(182) |
(543) |
1,102 |
|
|
|
|
_____ |
_____ |
_____ |
_____ |
Total assets |
13,764 |
1,394 |
301 |
15,459 |
- |
4,375 |
19,834 |
|
_____ |
_____ |
_____ |
_____ |
_____ |
_____ |
_____ |
Total
liabilities |
(5,952) |
(728) |
(15) |
(6,695) |
- |
(3,543) |
(10,238) |
|
_____ |
_____ |
_____ |
_____ |
_____ |
_____ |
_____ |
Capital
expenditure |
592 |
33 |
66 |
691 |
30 |
- |
721 |
|
_____ |
_____ |
_____ |
_____ |
_____ |
_____ |
_____ |
|
|
|
|
|
|
|
|
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 operations
CMS Tools Limited was sold on 14 February
2014 and the operation was classified as discontinued in the
prior year.
The results of the discontinued operations were as follows:
|
|
2014 |
|
|
£’000 |
|
|
|
Revenue |
|
1,431 |
Expenses |
|
(1,325) |
|
|
______ |
Operating profit |
|
106 |
Income tax expense |
|
(25) |
|
|
______ |
|
|
81 |
|
|
|
Loss on disposal |
|
(263) |
|
|
______ |
|
|
|
Profit after tax for the year |
|
(182) |
|
|
______ |
The net assets of the subsidiary at the date of disposal were as
follows:
|
14 February
2014 |
|
£’000 |
|
|
Property, plant and equipment |
53 |
Inventories |
222 |
Trade and other receivables |
323 |
Cash at bank |
142 |
Trade and other payables |
(214) |
Attributable goodwill |
350 |
|
______ |
|
876 |
|
|
Loss on disposal |
(263) |
|
______ |
Total consideration, satisfied in
cash |
613 |
|
______ |
Cash flows from discontinued operations
|
|
2014 |
|
|
£’000 |
Operating |
|
25 |
Investing |
|
(18) |
Proceeds of disposal |
|
613 |
|
|
______ |
Total cashflow |
|
620 |
|
|
______ |
On 2 January 2014, the business
and assets of SRC 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 line of
business.
The waste transfer facility and surrounding land and buildings
at Woodville, Derbyshire, were disposed of on 1 April 2015.
Again, the waste transfer facility has not been classified as a
discontinued operation because it is not considered to have been a
separate major line of business, and so its trade and net assets of
£50,000 remain in the “other” operating segment for 2015.
However the land and buildings, with a carrying value of
£1,689,000, are classified as held for sale in the balance
sheet. The combined operation and surrounding land and
buildings realised £1,825,000.
Agreement has been reached to sell the business and assets of
Ensor Building Products Limited to management following
negotiations during the months leading up to the balance sheet
date. The operation has not been classified as discontinued
because it does not represent a major line of business.
5. Earnings per 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 29,895,976 (2014:
29,963,373).
6. Cash flow generated from
operations
|
2015 |
2014 |
|
£’000 |
£’000 |
|
Cash flows from operating
activities |
|
|
|
Profit for the year attributable to
equity shareholders |
2,676 |
1,102 |
|
Depreciation charge |
599 |
567 |
|
Finance costs |
34 |
301 |
|
Income tax expense |
654 |
242 |
|
Profit on disposal of property,
plant & equipment |
(131) |
(3) |
|
Amortisation of intangible
asset |
33 |
33 |
|
Loss on disposal of subsidiary |
- |
263 |
|
|
_______ |
_______ |
|
|
|
|
|
Operating cash flow before
changes in working capital |
3,865 |
2,505 |
|
(Increase)/decrease in
inventories |
(1,208) |
241 |
|
(Increase)/decrease in
receivables |
(2,928) |
1,163 |
|
Increase/(decrease) in payables |
637 |
(1,125) |
|
_______ |
_______ |
|
|
|
|
Cash generated from
operations |
366 |
2,784 |
|
Net interest refunded |
104 |
(158) |
|
Income taxes paid |
(286) |
(158) |
|
|
_______ |
_______ |
|
Net cash generated from
operations |
184 |
2,468 |
|
|
_______ |
_______ |
|
|
|
|
7. 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
2015 or 31 March 2014 but is
derived from those accounts. Statutory accounts for 2014 have
been delivered to the Registrar and those for 2015 will be
delivered following the company’s Annual General Meeting. The
Independent Auditors have reported on these accounts. Their
reports were unqualified and did not contain a statement under
section 498 of the Companies Act 2006.
The Annual General Meeting of the company will be held at the
company’s registered office, Ellard House, Floats Road, Manchester
M23 9WB at 10.00 a.m. on Monday
20 July 2015.
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
Robert Finlay
020 7601 6100