TIDMTXH
RNS Number : 7844X
Tex Holdings PLC
14 August 2018
TEX HOLDINGS PLC
INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
TEX HOLDINGS PLC
INDEX
Page
Chairman's Statement 2
Responsibility Statement 3
Consolidated Statement of Comprehensive Income 4
Consolidated Balance Sheet 5
Consolidated Statement of Changes in Equity 6
Consolidated Statement of Cash Flows 7
Notes to the Interim Condensed Consolidated Financial
Statements 8-10
TEX HOLDINGS PLC
CHAIRMAN'S STATEMENT
Group turnover for the six months to 30th June 2018 was lower
than the same period in the previous year with pre-tax profit also
down on the previous year.
The Plastics Division produced a five percent increase in
turnover which resulted in a twenty three percent increase in
operating profit.
The Boards & Panels Division had a static turnover year on
year, but the operating profit is reduced as a result of higher
than anticipated labour costs. A new Production Director designate
has been recruited with a view to improving the overall performance
of this Division.
The Boards & Panels Division is currently developing
additional factory space at its Brigg site to house the latest
technology edging machine. This represents a significant investment
for the Group and is being carried out to support a key customer in
the caravan industry.
Turnover of the Engineering Division decreased by twenty percent
due to delays in customer orders. This has resulted in a reduced
profit for the Division. However, the second half of the year has
opened with a solid order book which will be reflected in the
second half results.
The Group has recently acquired the trade and assets of Argento
UK Limited, a metal fabrication and powder coating business based
in Beccles, Suffolk.
The Group has just been awarded the contract to supply a "flat
pack" air traffic control room to Nigeria to be supplied by the Tex
A.T.C. Division.
The Board, whilst remaining cautious, anticipates that the
investments in assets and acquisitions will result in the trading
results improving in the medium term, albeit with higher working
capital.
The Board is proposing to pay an interim dividend of 2.5 pence
(2017: 2.5 pence) which will be paid on 5th October 2018 to
shareholders on the register as at 14th September 2018.
G C Gray
Chairman
14th August 2018
TEX HOLDINGS PLC
RESPONSIBILITY STATEMENT
in respect of the interim financial report
We confirm that to the best of our knowledge:
-- the interim condensed consolidated financial statements have
been prepared in accordance with IAS 34 "Interim Financial
Reporting" as adopted by the EU;
-- the interim management report includes a fair review of the
information required by Disclosure and Transparency Rules ("DTR")
4.2.7R (indication of the important events during the first six
months and description of principal risks and uncertainties for the
remaining six months of the year); and
-- the interim management report includes a fair review of the
information required by DTR 4.2.8R (disclosure of related parties'
transactions and changes therein).
G C Gray
Chairman
14th August 2018
TEX HOLDINGS PLC
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
6 months 6 months
ended ended
30.06.18 30.06.17 Year ended
(Unaudited) (Unaudited) 31.12.17
GBP000 GBP000 (Audited)
Notes GBP000
Revenue 3 20,577 21,421 41,505
Cost of sales (14,319) (14,625) (29,681)
-------------- -------------- ------------
Gross profit 6,258 6,796 11,824
Selling and marketing costs (540) (693) (1,073)
Administrative expenses (5,527) (5,598) (9,668)
Operating profit 191 505 1,083
Finance costs (95) (82) (156)
-------------- -------------- ------------
Profit before taxation 96 423 927
Taxation 4 (12) (92) (197)
-------------- -------------- ------------
Profit for the period 84 331 730
Other comprehensive income:
Actuarial gain arising on
defined benefit pension
scheme - - 767
Tax recognised on actuarial
gain on defined pension
scheme - - (148)
-------------- -------------- ------------
Total comprehensive income
for the period 84 331 1,349
============== ============== ============
Basic and diluted earnings
per share 1.3p 5.2p 11.5p
============== ============== ============
TEX HOLDINGS PLC
CONSOLIDATED BALANCE SHEET
As at As at As at
30.06.18 30.06.17 31.12.17
(Unaudited) (Unaudited) (Audited)
Notes GBP000 GBP000 GBP000
ASSETS
Non-current assets
Property, plant and equipment 7 7,117 6,180 6,557
Deferred tax assets 20 177 20
7,137 6,357 6,577
Current assets
Inventories 7,891 6,952 6,798
Trade and other receivables 11,248 11,270 11,392
Cash in hand - - -
19,139 18,222 18,190
------------- ------------- -----------
Total assets 26,276 24,579 24,767
============= ============= ===========
EQUITY
Capital and reserves attributable
to the equity holders of
the parent
Share capital 635 635 635
Capital reserve 16 16 16
Share premium account 2,890 2,890 2,890
Retained earnings 7,182 6,620 7,098
------------- ------------- -----------
Total equity 10,723 10,161 10,639
============= ============= ===========
LIABILITIES
Non-current liabilities
Other interest-bearing loans
and borrowings 1,467 2,542 2,159
Employee benefits 631 1,470 662
------------- ------------- -----------
2,098 4,012 2,821
------------- ------------- -----------
Current liabilities
Bank overdraft 2,136 1,053 1,737
Other interest-bearing loans
and borrowings 1,056 792 971
Trade and other payables 9,871 8,019 8,184
Provision for other liabilities
and charges 177 199 199
Tax payable 215 343 216
13,455 10,406 11,307
------------- ------------- -----------
Total liabilities 15,553 14,418 14,128
------------- ------------- -----------
Total equity and liabilities 26,276 24,579 24,767
============= ============= ===========
TEX HOLDINGS PLC
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
Capital Redemption Share Premium
Share Capital Reserve Account Retained Earnings
GBP000 GBP000 GBP000 GBP000 Total Equity
GBP000
Balance at 1
January 2017 635 16 2,890 6,289 9,830
Profit for the
period - - - 331 331
Pension fund - - - - -
actuarial movement
net of tax
Dividends paid - - - - -
---------------- ------------------- ------------------- ------------------- ---------------
- - - 331 331
---------------- ------------------- ------------------- ------------------- ---------------
Balance at 30 June
2017 635 16 2,890 6,620 10,161
================ =================== =================== =================== ===============
Balance at 1
January 2017 635 16 2,890 6,289 9,830
Profit for the
period - - - 730 730
Pension fund
actuarial movement
net of tax - - - 619 619
Dividends paid - - - (540) (540)
---------------- ------------------- ------------------- ------------------- ---------------
- - - 809 809
---------------- ------------------- ------------------- ------------------- ---------------
Balance at 31
December 2017 635 16 2,890 7,098 10,639
================ =================== =================== =================== ===============
Balance at 1
January 2018 635 16 2,890 7,098 10,639
Profit for the
period - - - 84 84
Pension fund - - - - -
actuarial movement
net of tax
Dividends paid - - - - -
---------------- ------------------- ------------------- ------------------- ---------------
- - - 84 84
---------------- ------------------- ------------------- ------------------- ---------------
Balance at 30 June
2018 635 16 2,890 7,182 10,723
================ =================== =================== =================== ===============
TEX HOLDINGS PLC
CONSOLIDATED STATEMENT OF CASH FLOWS
6 months 6 months
ended ended
30.06.18 30.06.17 Year ended
(Unaudited) (Unaudited) 31.12.17
GBP000 GBP000 (Audited)
GBP000
Cash flows from operating activities
Profit for the period 84 331 730
Adjustments for:
Depreciation 640 556 1,135
Loss on sale of fixed assets - 6 10
Finance costs 95 82 156
Taxation 12 92 197
------------- ------------- ------------------
Operating profit before changes
in working capital and provisions 831 1,067 2,228
Movement in trade and other
receivables 144 (650) (772)
Movement in inventories (1,093) (69) 85
Movement in trade and other
payables 1,687 (2) 163
Decrease in provisions (22) - -
Movement in employee benefits (50) (50) (100)
------------- ------------- ------------------
Cash generated from operations 1,497 296 1,604
Tax paid (13) - (223)
------------- ------------- ------------------
Net cash generated from operating
activities 1,484 296 1,381
------------- ------------- ------------------
Cash flows from investing activities
Purchases of property, plant
and equipment (PPE) (1,204) (914) (1,188)
Proceeds from sale of PPE 4 36 39
Net cash used in investing activities (1,200) (878) (1,149)
------------- ------------- ------------------
Cash flows from financing activities
New borrowings - 450 -
Repayments of borrowings (216) (316) (534)
Finance lease payments (391) (308) (532)
Interest paid (76) (54) (120)
Dividends paid to company's
shareholders - - (540)
------------- ------------- ------------------
Net cash used in financing activities (683) (228) (1,726)
------------- ------------- ------------------
Net decrease in cash and cash
equivalents (399) (243) (1,494)
Cash and cash equivalents at
beginning of the period (1,737) (810) (243)
------------- ------------- ------------------
Cash and cash equivalents at
end of the period (2,136) (1,053) (1,737)
============= ============= ==================
TEX HOLDINGS PLC
NOTES TO THE INTERIM CONDENSED CONSOLIDATED FINANCIAL
STATEMENTS
1. Basis of preparation
The condensed consolidated financial statements have been
prepared using accounting policies consistent with International
Financial Reporting Standards as adopted by EU and in accordance
with International Accounting Standard (IAS) 34 Interim Financial
Reporting. The condensed consolidated financial statements have not
been audited or reviewed.
They do not include all disclosures that would otherwise be
required in a complete set of financial statements and should be
read in conjunction with the 2017 annual report.
The comparative figures for the financial year ended 31st
December 2017 are not the statutory financial statements for that
financial year. Those financial statements have been reported on by
the Company's auditors and delivered to the Registrar of Companies.
The report of the auditors was (i) unqualified, (ii) did not
include a reference to any matters to which the auditors drew
attention by way of emphasis without qualifying their report, and
(iii) did not contain a statement under section 498 (2) or (3) of
the Companies Act 2006.
2. Significant accounting policies
The condensed consolidated financial statements have been
prepared under the historical cost convention.
The same accounting policies, presentation and methods of
computation are followed in these condensed consolidated financial
statements as were applied in the preparation of the Group's
consolidated financial statements for the year ended 31st December
2017, with the exception of the application of IFRS 15 and IFRS 9
which had no significant impact on the results.
3. Segment information
The following is an analysis of the revenue and results for the
period analysed by business segment, the Group's primary basis of
segmentation.
Total for
Boards continuing
Plastics Engineering & Panels operations
2018 GBP000 GBP000 GBP000 GBP000
Revenue
Total revenue from
continuing operations 11,718 6,493 2,366 20,577
=========== ============== =========== ============
Result
Segment result from
continuing operations 602 47 30 679
Expenses pertaining
to the Company (488)
------------
Operating profit 191
Finance costs (95)
------------
Profit before taxation 96
Taxation (12)
------------
Profit for the period
from continuing operations 84
============
All operations are continuing.
TEX HOLDINGS PLC
NOTES TO THE INTERIM CONDENSED CONSOLIDATED FINANCIAL
STATEMENTS
3. Segment information (continued)
Segment information about the Group's continuing operations is
presented below.
Total for
Boards continuing
Plastics Engineering & Panels operations
2017 GBP000 GBP000 GBP000 GBP000
Revenue
Total revenue from
continuing operations 11,106 8,101 2,214 21,421
=========== ============== =========== ============
Result
Segment result from
continuing operations 489 441 78 1,008
Expenses pertaining
to the Company (503)
------------
Operating profit 505
Finance costs (82)
------------
Profit before taxation 423
Taxation (92)
------------
Profit for the period
from continuing operations 331
============
4. Taxation
Interim period corporation tax is accrued based on the estimated
average annual effective income tax rate of 19% (6 months ended
30th June 2017: 20%).
5. Earnings per share
Basic earnings per share of 1.3p (2017: 5.2p) is based on the
following data.
Earnings 6 months 6 months
ended ended
30.06.18 30.06.17
(Unaudited) (Unaudited)
GBP000 GBP000
Earnings for the purposes of basic earnings
per share 84 331
============= =============
Number of shares 6 months 6 months
ended ended
30.06.18 30.06.17
(Unaudited) (Unaudited)
Weighted average number of ordinary
shares for the purposes of basic earnings
per share 6,351,452 6,351,452
============= =============
TEX HOLDINGS PLC
NOTES TO THE INTERIM CONDENSED CONSOLIDATED FINANCIAL
STATEMENTS
6. Dividends
During the interim period, no dividends were paid (2017:
GBPNil).
7. Property, plant and equipment
During the period, the Group spent GBP1,204,000 on
additions.
It also disposed of certain machinery and equipment with a
carrying value of GBP4,000 for proceeds of GBP4,000.
8. Related party transactions
The Company has a related party relationship with its
subsidiaries and directors.
A R B Burrows has an interest in Edward Le Bas Properties
Limited through which the Group rents properties at normal
commercial rates. Transactions during the period ended 30th June
2018 that require disclosure are detailed below:
Rentals paid GBP343,000 (30th June 2017: GBP159,000)
Trade payables GBP14,777 (30th June 2017: GBPNil)
A R B Burrows has an interest in IS&G Steel Stockholders
Limited through which the Group purchases steel. Transactions
during the period ended 30th June 2018 that require disclosure are
detailed below:
Purchases GBP92,165 (30th June 2017: GBP97,379)
Trade payables GBP52,701 (30th June 2017: GBP60,588)
A R B Burrows is a trustee and a beneficiary of the Pension and
Assurance Scheme of Edward Le Bas Limited, which is a substantial
shareholder in the Company.
All intra-group related party transactions and outstanding
balances are eliminated in the preparation of the consolidated
financial statements of the Group and therefore in accordance with
IAS 24 related party disclosures are not disclosed.
9. Approval of interim financial statements
The interim financial statements were approved by the Board of
Directors on 14th August 2018.
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END
IR FKQDBNBKDKFD
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