Interim Results
December 13 2004 - 2:00AM
UK Regulatory
RNS Number:2996G
Ensor Holdings PLC
13 December 2004
ENSOR HOLDINGS PLC ("Ensor")
INTERIM RESULTS
13 December 2004
Chairman's Statement
- Sales up 10%
- Profit before tax up 42%
- Earnings per share up 38%
- Dividend up 7%
Results
I am pleased to report some good progress at Ensor during the half-year period
up to the end of September 2004. Turnover increased by 10% to #12.7m (2003 :
#11.5m) and the pre-tax profit, after interest payable, improved by a very solid
42% to #767,000 (2003 : #539,000). The tax payable on this result is #246,000
(2003 : #160,000).
Our current cash situation is satisfactory, with gearing at approximately 40%.
Trading
All of our companies have contributed to the excellent result which has been
achieved by pursuing margins, by cost control and buying our materials from
price advantageous sources, particularly through our administrative buying
office in China. We continue to look for further product development through
quality and cost effective products suitable for distribution to the
construction and allied industries. Our companies supplying to these industries
continue to prosper and electronic and security products are increasing market
share and expanding their product range.
It is planned to re-locate two of our operating companies to improved sites,
giving opportunity for further growth. We are anticipating capital expenditure
for these operations that is well within our planned cash usage and resources.
Prospects
At present, our order books are good, allowing us to be cautiously optimistic
and the second half of the financial year should continue to be successful.
There is, however, as always, some concern should demand fall due to factors
such as a decline in general construction activities.
We continue to seek add-on profitable acquisitions to give continued, improved
return on capital.
Since the half-year end we have disposed of a redundant property which has
produced a profit of #400,000 over balance sheet value. This will be reflected
in our year-end accounts.
Staff and Health & Safety
Although we have always been fully conscious of our responsibilities, statutory
pressures have increased and we now have a fully staffed internal Health &
Safety function.
In common with many companies, we are seriously monitoring our staff pension
arrangements.
It is always appreciated that all our staff help towards good Group results. We
congratulate and thank everyone for their contributions.
Dividend
The Directors have decided to increase the interim dividend by 7% to 0.375p per
share, which will be payable on 28 January 2005 to shareholders on the register
on 31 December 2004.
K A Harrison TD
Chairman
13 December 2004
Group Profit and Loss Account
for the six months ended 30 September 2004
Unaudited Unaudited Audited
6 months 6 months 12 months
30/9/04 30/9/03 31/3/04
#'000 #'000 #'000
Turnover
Continuing operations 12,695 11,517 22,714
----------- ----------- -----------
Operating profit
Continuing operations 905 667 1,346
Amortisation of goodwill (52) (53) (105)
----------- ----------- -----------
Profit on ordinary activities before interest 853 614 1,241
Interest payable (86) (75) (167)
----------- ----------- -----------
Profit before taxation 767 539 1,074
Taxation (246) (160) (354)
----------- ----------- -----------
Profit after taxation 521 379 720
Dividends (110) (103) (251)
----------- ----------- -----------
Retained profit for the period 411 276 469
=========== =========== ===========
Earnings per share
Basic and diluted 1.8p 1.3p 2.5p
=========== =========== ===========
Dividends per share 0.375p 0.35p 0.85p
=========== =========== ===========
Group Balance Sheet
at 30 September 2004
Unaudited Unaudited Audited
30/9/04 30/9/03 31/3/04
#'000 #'000 #'000
Fixed assets
Goodwill 1,718 1,822 1,770
Tangible assets 4,073 4,220 4,060
----------- ----------- -----------
5,791 6,042 5,830
----------- ----------- -----------
Current assets
Stocks 4,171 3,530 3,820
Debtors 5,570 5,281 4,716
----------- ----------- -----------
9,741 8,811 8,536
Creditors falling due within one year (7,437) (7,187) (6,610)
----------- ----------- -----------
Net current assets 2,304 1,624 1,926
----------- ----------- -----------
Total assets less current liabilities 8,095 7,666 7,756
Creditors falling due after one year (404) (606) (477)
Provisions for liabilities and charges
Deferred tax (26) - (26)
----------- ----------- -----------
7,665 7,060 7,253
=========== =========== ===========
Capital and reserves
Called up share capital 2,941 2,940 2,940
Share premium account 470 470 470
Revaluation reserve 943 950 946
Profit and loss account 3,311 2,700 2,897
----------- ----------- -----------
Equity shareholders' funds 7,665 7,060 7,253
=========== =========== ===========
Group Cash Flow Statement
for the six months ended 30 September 2004
Unaudited Unaudited Audited
6 months 6 months 12 months
30/9/04 30/9/03 31/3/04
#'000 #'000 #'000
Operating profit 853 614 1,241
Depreciation and amortisation 293 272 558
(Profit)/loss on disposal of tangible fixed assets (7) (5) 9
Movement in working capital (925) (425) (307)
Net cash inflow from operating activities 214 456 1,501
Net cash outflow from servicing of finance (86) (75) (167)
Net cash outflow from payment of taxation - - (256)
Net cash outflow from capital expenditure (187) (157) (245)
and financial investment
Equity dividends paid (147) (132) (236)
----------- ----------- -----------
Net cash (outflow)/inflow before use of liquid (206) 92 597
resources and financing
Issue of ordinary share capital 1 25 25
Repayment of term loans (100) (100) (200)
Capital element of finance lease payments (8) (10) (29)
Net cash outflow from financing (107) (85) (204)
----------- ----------- -----------
(Decrease)/increase in cash in the period (313) 7 393
=========== =========== ===========
Unaudited Unaudited Audited
30/9/04 30/9/03 31/3/04
#'000 #'000 #'000
Analysis of net debt
Bank overdraft 2,448 2,521 2,135
Debt repayable by instalments:
Due within 1 year 248 228 223
Due after more than 1 year 391 578 464
----------- ----------- -----------
3,087 3,327 2,822
=========== =========== ===========
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 2004
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 2004 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
2005.
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 29,399,266 (6 months to 30 September 2003 - 29,311,779 and
year ended 31 March 2004 - 29,346,178).
5. Copies of these interim results will be sent to shareholders.
Enquiries:
Ensor Holdings PLC
Ken Harrison
0161 945 5953
Westhouse Securities LLP
David Simmons
0161 838 9140
This information is provided by RNS
The company news service from the London Stock Exchange
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