TIDMESR
13 September 2016
Ensor Holdings PLC
("Ensor", the "Group" or the "Company")
Interim results for the four months to 31 July 2016
Chairman's Statement
I thought that this would be an appropriate moment to give you an Ensor update,
particularly as there have been a number of significant events since our
year-end last March.
As previously advised, we are currently in the process of selling our
subsidiary companies, land holdings and other assets of the Group. The aim is
to realise value which is to be returned to shareholders and this process is
now at an advanced stage.
In July this year we successfully completed the sale of two businesses,
Technocover Limited and OSA Door Parts Limited. Both businesses were sold at a
significant premium to their balance sheet asset values, realising a gain to
the Group of GBP5.9 million. I would like to say thank you to all those people I
have worked with at Technocover and OSA, for the very successful years
together.
There now remain two Ensor subsidiary companies, Ellard and Wood's Packaging,
both of which are being actively marketed.
The first four months of trading in this current year, for Ellard and Wood's,
is ahead of the result at the same time last year. We are cautiously optimistic
for the full year, but remain constantly aware of the impact of exchange rates
on our costs. We are working hard to maintain margins in a competitive market
and have been able to offset some of the effects of a weakened pound by forward
buying of currency.
Our 31 July 2016 balance sheet includes the book values of Ellard, Wood's, our
land holding at Brackley and over GBP10m of cash.
As we are unsure when sales of Ellard, Wood's and the Brackley land will be
completed, we feel that this would be a suitable time to make an interim
capital distribution to shareholders, with a further capital distribution
proposed when they are completed. However, due to uncertainty over the tax
treatment of such a distribution, we do not propose to do so at this time.
I know this has been an intriguing time for shareholders and therefore may I
thank you for your continued interest.
K A Harrison TD
Chairman
13 September 2016
Consolidated Income Statement
for the four months ended 31 July 2016
Unaudited Unaudited
4 months 31 12 months
/7/16 31/3/16
Note GBP'000 GBP'000
Continuing operations
Revenue 4,281 12,069
Cost of sales (3,181) (8,720)
______ ______
Gross profit 1,100 3,349
Administrative expenses (726) (2,149)
______ ______
Operating profit before exceptional 374 1,200
administrative income
Exceptional administrative income:
Gain on disposal of assets classified as - 785
held-for-sale
Gain on disposal of fixed assets - 207
Gain on disposal of subsidiary companies 2 5,923 168
______ ______
Operating profit 6,297 2,360
Finance costs (23) (42)
______ ______
Profit before tax 6,274 2,318
Income tax expense 3 (70) (283)
______ ______
Profit for the period on continuing operations 6,204 2,035
Discontinued operations 4 133 1,193
______ ______
Profit for the period attributable to equity 6,337 3,228
shareholders of the parent company
______ ______
Earnings per share
On ordinary activities excluding exceptional 0.9p 2.9p
gains and discontinued operations
On exceptional gains including taxation 19.8p 3.9p
______ ______
Continuing operations including taxation 20.7p 6.8p
Discontinued operation including taxation 0.5p 4.0p
______ ______
Earnings per share 3 21.2p 10.8p
______ ______
Consolidated Statement of Comprehensive Income
Profit for the period attributable to equity 6,337 3,228
shareholders
Actuarial loss (66) (3,462)
Income tax relating to components of other 13 579
comprehensive income
______ ______
Total comprehensive income attributable to 6,284 345
equity shareholders of the parent company
______ ___ __
The results for the year ended 31 March 2016 have been restated as described in
note 4.
Consolidated Statement of Financial Position
at 31 July 2016
Unaudited Audited
31/7/16 31/3/16
GBP'000 GBP'000
ASSETS
Non-current assets
Property, plant & equipment 402 520
Intangible assets 1,074 1,074
Deferred tax asset 485 590
______ ______
Total non-current assets 1,961 2,184
______ ______
Current assets
Assets held for sale 530 530
Assets of disposal group held for sale - 7,252
Inventories 2,390 2,382
Trade and other receivables 3,669 4,359
Cash and cash equivalents 10,764 1,536
______ ______
Total current assets 17,353 16,059
______ ______
Total assets 19,314 18,243
______ ______
LIABILITIES
Non-current liabilities
Borrowings - (1,065)
______ ______
Total non-current liabilities - (1,065)
______ ______
Current liabilities
Borrowings - (795)
Liabilities of disposal group held for sale - (2,803)
Current income tax liabilities (73) (73)
Trade and other payables (1,775) (2,325)
______ ______
Total current liabilities (1,848) (5,996)
______ ______
Total liabilities (1,848) (7,061)
______ ______
NET ASSETS 17,466 11,182
______ ______
EQUITY
Share capital 3,082 3,082
Share premium 552 552
Retained earnings 13,832 7,548
______ ______
Total equity attributable to equity 17,466 11,182
shareholders of the parent company
______ ______
Consolidated Statement of Changes in Equity
for the four months ended 31 July 2016
Attributable to equity
shareholders of the parent company
Issued Share Revaluation Retained Total
Capital Premium Reserve Earnings Equity
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Balance at 1 April 2016 3,082 552 - 7,548 11,182
Total comprehensive income 6,284 6,284
______ ______ ______ ______ ______
Balance at 31 July 2016 3,082 552 - 13,832 17,466
______ ______ ______ ______ ______
Balance at 1 April 2015 3,082 552 140 7,676 11,450
Total comprehensive income - - - 345 345
Dividends paid - - - (613) (613)
Transfer of surplus to (140) 140 -
retained earnings on
disposal of properties
______ ______ ______ ______ ______
Balance at 31 March 2016 3,082 552 - 7,548 11,182
______ ______ ______ ______ ______
Consolidated Cash Flow Statement
for the four months ended 31 July 2016
Unaudited Audited
4 months 12 months
31/7/16 31/3/16
Cash flows from operating activities
Profit for the period attributable to equity 6,337 3,228
shareholders
Cash benefit of profits transferred with disposals (179) -
Depreciation charge 45 662
Finance costs 23 42
Income tax expense 105 584
Profit on disposal of subsidiary companies (5,923) (168)
(Profit)/loss on disposal of property, plant & (3) (191)
equipment
Gain on disposal of assets classified as held for - (785)
sale
Amortisation of intangible asset 8 33
_______ _______
Operating cash flow before changes in working 413 3,405
capital
(Increase)/decrease in inventories (447) 424
(Increase)/decrease in receivables 217 1,179
Increase/(decrease) in payables (48) (1,907)
_______ _______
Cash generated from operations 135 3,101
Interest paid (23) (42)
Income taxes paid - (561)
_______ _______
112 2,498
Pension fund deficit payment - (5,601)
_______ _______
Net cash generated from/(used in) operations 112 (3,103)
_______ _______
Cash flows from investing activities
Proceeds from disposal of property, plant & equipment 25 926
Proceeds from sale of assets held for sale - 2,968
Proceeds from sales of subsidiaries, net of deferred 11,403 1,275
consideration and associated costs
Acquisition of property, plant & equipment (84) (674)
_______ _______
Net cash generated from investing activities 11,344 4,495
_______ _______
Cash flows from financing activities
Equity dividends paid - (613)
Funding received under new finance leases - 241
Amounts repaid in respect of finance leases (219) (44)
New bank loans - 2,000
Bank loan repayments (1,962) (472)
_______ _______
Net cash generated from/(used in) financing (2,181) 1,112
activities
_______ _______
Net increase in cash and cash equivalents 9,275 2,504
Cash and cash equivalents at beginning of period 1,489 (1,015)
_______ _______
Cash and cash equivalents at end of period 10,764 1,489
________ ________
Notes to the Interim Report
1. Basis of preparation
The statutory accounts for the year ended 31 March 2016, prepared under IFRS,
have been delivered to the Registrar of Companies and received an unqualified
audit report.
The unaudited results for the four months ended 31 July 2016 have been prepared
in accordance the same accounting policies as are disclosed in those statutory
accounts, other than the departure from International Financial Reporting
Standards ("IFRSs") detailed below, which has been made in order to enhance the
information available to shareholders in this instance. The unaudited results
do not constitute statutory accounts within the meaning of Section 435 of the
Companies Act 2006.
The interim report has not been prepared in accordance with IAS34,
"International Financial Reporting" in that it does not contain full disclosure
of accounting policies and does not detail compliance with other standards:
1.1 Definition of discontinued operations
Certain of the disposals of subsidiaries made in this period
and the prior year do not fulfil the strict requirements of IFRS 5 for
classification as discontinued operations, because of their size in relation
to the rest of the group. However, we have elected to present
these businesses as discontinued, in both periods, in order that the continuing
operations of the group are comparable and show the results for
only those businesses that remain within the group's control at the period end.
2. Gain on disposal of subsidiary companies
The gains in the current period relate to the proceeds from the sales of the
company's subsidiaries, Technocover Limited and OSA Door Parts Limited, less
the carrying values of the investments and costs of realisation. The gain in
the year ended 31 March 2016 relates to the disposal of the company's
subsidiary, Ensor Building Products Limited.
3. Income tax expense
The income tax expense is calculated using the estimated tax rate for
the year ended 31 March 2017. Tax has not been provided against the
exceptional gains on disposals of subsidiaries because such gains are exempted
under the Substantial Shareholdings Exemption granted by the Taxation of
Chargeable Gains Act 1992.
4. Discontinued operations
The results for the year ended 31 March 2016 have been restated to treat the
results of the subsidiaries disposed of since 1 April 2015 as discontinued,
regardless of their treatment in the statutory accounts for the year ended 31
March 2016. The subsidiaries concerned are Ensor Building Products Limited,
Technocover Limited and OSA Door Parts Limited.
For this reason, the Consolidated Income Statement is described as unaudited as
the comparative figures do not agree to the audited financial statements for
the year ended 31 March 2016. However the profit for the period attributable to
equity shareholders of the parent company agrees in total to the audited
financial statements.
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 (year ended 31 March 2016: 29,895,976). There were no
financial instruments in existence in either of these periods that would serve
to dilute the shareholdings.
Enquiries
Ensor Holdings PLC: Roger Harrison / Marcus Chadwick - 0161 945 5953
Stockdale Securities Ltd: Robert Finlay / Rose Ramsden - 020 7601 6100
END
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