Ensor Holdings PLC - Interim Results
December 09 1997 - 2:33AM
UK Regulatory
RNS No 4293h
ENSOR HOLDINGS PLC
9th December 1997
CHAIRMANS STATEMENT
Turnover up 8 per cent to #8.4 million
Operating profit up 200 per cent to #520,000
Interim Dividend up 25 per cent at 0.25p per share
Gearing only 26 per cent
RESULTS
We have had a good half year as was anticipated in my
statement with the annual accounts for the year ending
31 March 1997. Due to management initiatives, the half
year started well and this progress has continued.
Unprofitable activities have been eliminated and I am
now able to report our best half year for many years,
with an operating profit of #520,000 compared with
#181,000 for the corresponding period last year.
Interest charges are #62,000 and a provision is being
made for corporation tax of #100,000.
ACTIVITIES
Trading for the period in our building material
products related companies produced an increased
turnover of approximately 8 per cent, including last
years acquisition which has performed well, as
expected. The efficiencies initiated in these
companies have produced better margins.
Our transport related activities increased their
profitability by improved efficiencies and cost
controls whilst absorbing increased costs, including
fuel.
CASH
Our total cash flow was extremely positive and reduced
our gearing to 26 per cent, which is excellent
considering the acquisition last year of SRC Limited
for cash. We have also continued to update our plant
and equipment during the period with capital
expenditure of approximately #170,000.
DIVIDEND
With these successful figures in mind, the Directors
have decided to pay an interim dividend of 0.25p per
share which is a 25 per cent increase on the previous
half year dividend and will be paid on 22 January 1998
to shareholders on the register on 19 December 1997.
PROSPECTS
The second half of the year is continuing well and
although seasonal influences can be an adverse factor,
we hope to maintain the improved levels of trading.
We have several very interesting prospects to
investigate, including possible acquisitions and
proposals for further progress of Ensor in the near and
medium term.
Ken Harrison
Chairman
9 December 199
GROUP PROFIT AND LOSS ACCOUNT
FOR THE SIX MONTHS ENDED 30 SEPTEMBER 1997
Unaudited Unaudited Audited
6 months 6 months 12 months
30/9/97 30/9/96 31/3/97
#000 #000 #000
Turnover
Continuing operations 8,358 7,705 14,980
Discontinued operations - 120 120
------ ------ ------
8,358 7,825 15,100
------ ------ ------
Operating profit/(loss)
Continuing operations 520 203 529
Discontinued operations - (22) (22)
------ ------ ------
520 181 507
Loss on closure
of operations - (140) (140)
------ ------ ------
520 41 367
Interest payable (62) (35) (87)
------ ------ ------
Profit before taxation 458 6 280
Taxation (100) - -
------ ------ ------
Profit after taxation 358 6 280
Dividends (73) (58) (145)
------ ------ ------
Transfer to/(from)
reserves 285 (52) 135
====== ====== ======
Earnings per share 1.2p 0.0p 1.0p
Dividends per share 0.25p 0.2p 0.5p
Notes.
1. The unaudited results for the six months have been
prepared on a basis consistent with the accounting
policies disclosed in the Groups 1997 Report and
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 1997 have
been extracted from the statutory accounts which have
been delivered to the Registrar of Companies, received
an unqualified audit report and did not contain a
statement under section 237(2) or (3) of the Companies
Act 1985.
3. The tax charge is based on the estimated tax rate
for the year to 31 March 1998 after taking into account
the utilisation of tax losses brought forward from
previous periods.
4. 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 29,105,659
(1996 - 29,018,702).
5. Copies of the interim accounts, together with the
Chairmans Statement, will be sent to all shareholders.
GROUP BALANCE SHEET
AS AT 30 SEPTEMBER 1997
Unaudited Unaudited Audited
30/9/97 30/9/96 31/3/97
#000 #000 #000
Fixed assets
Tangible assets 4,280 3,765 4,314
------ ------ ------
Current assets
Stocks 1,278 1,068 1,203
Debtors 3,382 3,232 3,193
------ ------ ------
4,660 4,300 4,396
Creditors falling due
within one year (4,029) (3,663) (4,372)
------ ------ ------
Net current assets 631 637 24
------ ------ ------
Total assets less
current liabilities 4,911 4,402 4,338
Creditors falling due
after one year (493) (205) (205)
Provision for liabilities
and charges - (6) -
------ ------ ------
4,418 4,191 4,133
====== ====== ======
Capital and reserves
Called up share capital 2,911 2,902 2,911
Share premium account 467 466 467
Revaluation reserve 1,275 1,100 1,280
Goodwill reserve (1,053) (593) (1,053)
Profit and loss account 818 316 528
------ ------ ------
Equity shareholders
funds 4,418 4,191 4,133
====== ====== ======
END
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