HSM Heath (samuel) & Sons Plc

 

TIDMHSM 
 
RNS Number : 0057P 
Heath(Samuel) & Sons PLC 
08 July 2010 
 

HEATH (Samuel) & SONS PLC 
 
8th JULY 2010 
 
PRELIMINARY RESULTS FOR THE YEAR ENDED 31ST MARCH 2010 
 
CHAIRMAN'S STATEMENT 
 
I have pleasure in announcing a profit before taxation for the year of 
GBP336,000 (2009: GBP292,000) on sales of GBP9,529,000, 12.6% down on last 
year's sales of GBP10,897,000.  Aided by favourable exchange rates, we managed 
to reverse the losses of the first six months despite sales remaining flat. 
This is a credit to all involved who adapted to the difficult trading 
conditions. 
 
I would like to welcome Paul Turner and Martyn Whieldon, who have well earned 
their invitation to the Board, heading up the finance and sales departments 
respectively. 
 
What can I say about the year ahead?  The UK market is extraordinarily difficult 
to assess at this stage, as are the mixed signals coming out of North America. 
Our other traditional customers are in Europe and here there are enormous 
variances in performance and prospects between different countries. 
 
To attempt to offset these uncertainties, we are doing our best to open up and 
enlarge our customer base elsewhere in the world.  I am pleased to report that 
some success is being achieved with this.  We have also embarked on other new 
marketing initiatives, such as our full time exhibition at the Chelsea Harbour 
Design Centre. 
 
In spite of all of this, our budget shows that it is going to be difficult to 
repeat even the modest profit reported this year, although it has to be said 
that we are ahead of this budget at the time of this statement. 
 
Our net assets remain strong amounting to GBP6,037,000 (2009: GBP6,709,000).  We 
have in fact improved our cash position from GBP571,000 to GBP1,070,000.  We 
therefore propose a same again final dividend of 6.25p per share, making a total 
of 11.75p for the year. 
 
 
Sam Heath 
 
Chairman 
 
8 July 2010 
 
 
For further information: 
 
 
+-------------------------------+-------------------------------+ 
| Samuel Heath & Sons Plc       |                               | 
+-------------------------------+-------------------------------+ 
| John Park - Company Secretary | 0121 772 2303                 | 
+-------------------------------+-------------------------------+ 
|                               |                               | 
+-------------------------------+-------------------------------+ 
| Evolution Securities Limited  | 0113 243 1619                 | 
+-------------------------------+-------------------------------+ 
| Joanne Lake / Peter Steel     |                               | 
+-------------------------------+-------------------------------+ 
 
 
CONSOLIDATED INCOME STATEMENT FOR THE YEAR ENDED 31 MARCH 2010 
 
+-------------------------------+------+---------+---------------+---------+------------------+ 
|                               |Note  |         |     2010      |         |      2009        | 
+-------------------------------+------+---------+---------------+---------+------------------+ 
|                               |      |         |    GBP000     |         |      GBP000      | 
+-------------------------------+------+---------+---------------+---------+------------------+ 
| Continuing operations         |      |         |               |         |                  | 
+-------------------------------+------+---------+---------------+---------+------------------+ 
| Revenue                       |      |         |    9,529      |         |      10,897      | 
+-------------------------------+------+---------+---------------+---------+------------------+ 
|                               |      |         |               |         |                  | 
+-------------------------------+------+---------+---------------+---------+------------------+ 
| Cost of sales                 |      | (4,968) |               |(5,952)  |                  | 
+-------------------------------+------+---------+---------------+---------+------------------+ 
| Exceptional expenses          |      |    -    |    (4,968)    |  (162)  |     (6,114)      | 
| (Redundancy payments)         |      |         |               |         |                  | 
+-------------------------------+------+---------+---------------+---------+------------------+ 
|                               |      |         |               |         |                  | 
+-------------------------------+------+---------+---------------+---------+------------------+ 
| Gross profit                  |      |         |    4,561      |         |      4,783       | 
+-------------------------------+------+---------+---------------+---------+------------------+ 
|                               |      |         |               |         |                  | 
+-------------------------------+------+---------+---------------+---------+------------------+ 
| Distribution costs            |      |         |    (2,784)    |         |     (3,036)      | 
+-------------------------------+------+---------+---------------+---------+------------------+ 
| Administrative expenses       |      |         |    (1,372)    |         |     (1,504)      | 
+-------------------------------+------+---------+---------------+---------+------------------+ 
|                               |      |         |               |         |                  | 
+-------------------------------+------+---------+---------------+---------+------------------+ 
| Operating profit              |      |         |      405      |         |       243        | 
+-------------------------------+------+---------+---------------+---------+------------------+ 
|                               |      |         |               |         |                  | 
+-------------------------------+------+---------+---------------+---------+------------------+ 
| Gain on sale of financial     |      |         |      19       |         |        -         | 
| assets                        |      |         |               |         |                  | 
+-------------------------------+------+---------+---------------+---------+------------------+ 
|                               |      |         |               |         |                  | 
+-------------------------------+------+---------+---------------+---------+------------------+ 
| Finance income                |      |         |      370      |         |       593        | 
+-------------------------------+------+---------+---------------+---------+------------------+ 
| Finance costs                 |      |         |    (458)      |         |      (544)       | 
+-------------------------------+------+---------+---------------+---------+------------------+ 
|                               |      |         |               |         |                  | 
+-------------------------------+------+---------+---------------+---------+------------------+ 
|                               |      |         |               |         |                  | 
+-------------------------------+------+---------+---------------+---------+------------------+ 
| Profit before taxation        |      |         |      336      |         |       292        | 
+-------------------------------+------+---------+---------------+---------+------------------+ 
|                               |      |         |               |         |                  | 
+-------------------------------+------+---------+---------------+---------+------------------+ 
| Taxation                      |  4   |         |    (104)      |         |        23        | 
+-------------------------------+------+---------+---------------+---------+------------------+ 
| Profit for the year           |      |         |      232      |         |       315        | 
+-------------------------------+------+---------+---------------+---------+------------------+ 
|                               |      |         |               |         |                  | 
+-------------------------------+------+---------+---------------+---------+------------------+ 
|                               |      |         |               |         |                  | 
+-------------------------------+------+---------+---------------+---------+------------------+ 
| Basic and diluted earnings    |  6   |         |     9.2p      |         |      12.5p       | 
| per ordinary share            |      |         |               |         |                  | 
+-------------------------------+------+---------+---------------+---------+------------------+ 
|                               |      |         |               |         |                  | 
+-------------------------------+------+---------+---------------+---------+------------------+ 
|                               |      |         |               |         |                  | 
+-------------------------------+------+---------+---------------+---------+------------------+ 
| CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME                                              | 
+---------------------------------------------------------------------------------------------+ 
|                               |      |         |               |         |                  | 
+-------------------------------+------+---------+---------------+---------+------------------+ 
|                               |      |         |          2010 |         |             2009 | 
+-------------------------------+------+---------+---------------+---------+------------------+ 
|                               |      |         |               |         |                  | 
|                               |      |         | GBP000        |         | GBP000           | 
+-------------------------------+------+---------+---------------+---------+------------------+ 
|                               |      |         |               |         |                  | 
+-------------------------------+------+---------+---------------+---------+------------------+ 
|                               |      |         |               |         |                  | 
+-------------------------------+------+---------+---------------+---------+------------------+ 
| Profit for year               |      |         |           232 |         |              315 | 
+-------------------------------+------+---------+---------------+---------+------------------+ 
|                               |      |         |               |         |                  | 
+-------------------------------+------+---------+---------------+---------+------------------+ 
| Actuarial loss on defined     |      |         |       (1,162) |         |          (1,153) | 
| benefit pension scheme        |      |         |               |         |                  | 
+-------------------------------+------+---------+---------------+---------+------------------+ 
| Deferred taxation on          |      |         |           325 |         |              322 | 
| actuarial loss                |      |         |               |         |                  | 
+-------------------------------+------+---------+---------------+---------+------------------+ 
|                               |      |         |               |         |                  | 
+-------------------------------+------+---------+---------------+---------+------------------+ 
| Gains on available for sale   |      |         |           128 |         |               23 | 
| financial assets              |      |         |               |         |                  | 
+-------------------------------+------+---------+---------------+---------+------------------+ 
|                               |      |         |               |         |                  | 
+-------------------------------+------+---------+---------------+---------+------------------+ 
| Cash flow hedges              |      |         |           103 |         |            (103) | 
+-------------------------------+------+---------+---------------+---------+------------------+ 
|                               |      |         |               |         |                  | 
+-------------------------------+------+---------+---------------+---------+------------------+ 
| Total comprehensive income    |      |         |         (374) |         |            (596) | 
| for the year                  |      |         |               |         |                  | 
+-------------------------------+------+---------+---------------+---------+------------------+ 
|                               |      |         |               |         |                  | 
+-------------------------------+------+---------+---------------+---------+------------------+ 
 
 
CONSOLIDATED STATEMENT OF FINANCIAL POSITION AT 31 MARCH 2010 
 
 
+-------------------------------------------+-------------+------------+ 
|                                           |        2010 |       2009 | 
|                                           |      GBP000 |     GBP000 | 
|                                           |             |            | 
+-------------------------------------------+-------------+------------+ 
| Non current assets                        |             |            | 
+-------------------------------------------+-------------+------------+ 
| Intangible assets                         |        172  |       164  | 
+-------------------------------------------+-------------+------------+ 
| Property, plan and equipment              |      2,239  |     2,617  | 
+-------------------------------------------+-------------+------------+ 
| Deferred tax asset                        |        577  |       284  | 
+-------------------------------------------+-------------+------------+ 
|                                           |      2,988  |     3,065  | 
+-------------------------------------------+-------------+------------+ 
|                                           |             |            | 
+-------------------------------------------+-------------+------------+ 
| Current assets                            |             |            | 
+-------------------------------------------+-------------+------------+ 
| Inventories                               |      2,405  |     2,654  | 
+-------------------------------------------+-------------+------------+ 
| Trade and other receivables               |      1,653  |     1,753  | 
+-------------------------------------------+-------------+------------+ 
| Current tax receivable                    |          -  |        88  | 
+-------------------------------------------+-------------+------------+ 
| Available for sale financial assets       |      1,198  |       770  | 
+-------------------------------------------+-------------+------------+ 
| Cash and cash equivalents                 |      1,070  |       571  | 
+-------------------------------------------+-------------+------------+ 
| Total current assets                      |      6,326  |     5,836  | 
+-------------------------------------------+-------------+------------+ 
|                                           |             |            | 
+-------------------------------------------+-------------+------------+ 
| Total assets                              |      9,314  |     8,901  | 
+-------------------------------------------+-------------+------------+ 
|                                           |             |            | 
+-------------------------------------------+-------------+------------+ 
| Current liabilities                       |             |            | 
+-------------------------------------------+-------------+------------+ 
| Trade and other payables                  |       (929) |      (859) | 
+-------------------------------------------+-------------+------------+ 
| Derivative financial instruments          |          -  |      (103) | 
+-------------------------------------------+-------------+------------+ 
| Current tax payable                       |       (112) |         -  | 
+-------------------------------------------+-------------+------------+ 
| Total current liabilities                 |     (1,041) |      (962) | 
+-------------------------------------------+-------------+------------+ 
|                                           |             |            | 
+-------------------------------------------+-------------+------------+ 
| Non current liabilities                   |             |            | 
+-------------------------------------------+-------------+------------+ 
| Pension scheme deficit                    |     (2,061) |    (1,015) | 
+-------------------------------------------+-------------+------------+ 
| Deferred tax liability                    |       (175) |      (215) | 
+-------------------------------------------+-------------+------------+ 
| Total non current liabilities             |     (2,236) |    (1,230) | 
+-------------------------------------------+-------------+------------+ 
|                                           |             |            | 
+-------------------------------------------+-------------+------------+ 
| Total liabilities                         |     (3,277) |    (2,192) | 
+-------------------------------------------+-------------+------------+ 
|                                           |             |            | 
+-------------------------------------------+-------------+------------+ 
| Net assets                                |      6,037  |     6,709  | 
+-------------------------------------------+-------------+------------+ 
|                                           |             |            | 
+-------------------------------------------+-------------+------------+ 
| Equity                                    |             |            | 
+-------------------------------------------+-------------+------------+ 
| Called up share capital                   |        254  |       254  | 
+-------------------------------------------+-------------+------------+ 
| Capital redemption reserve                |        109  |       109  | 
+-------------------------------------------+-------------+------------+ 
| Retained earnings                         |      5,674  |     6,346  | 
+-------------------------------------------+-------------+------------+ 
|                                           |             |            | 
+-------------------------------------------+-------------+------------+ 
| Equity shareholders' fund                 |      6,037  |     6,709  | 
+-------------------------------------------+-------------+------------+ 
|                                           |             |            | 
+-------------------------------------------+-------------+------------+ 
 
 
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 31 MARCH 2010 
 
+-----------------------------+----------+------------+----------+---------+ 
|                             |    Share |  Capital   | Retained |   Total | 
|                             |  capital |redemption  | earnings |  Equity | 
|                             |          |  reserve   |          |         | 
+-----------------------------+----------+------------+----------+---------+ 
|                             |   GBP000 |     GBP000 |   GBP000 |  GBP000 | 
+-----------------------------+----------+------------+----------+---------+ 
|                             |          |            |          |         | 
+-----------------------------+----------+------------+----------+---------+ 
| Balance at 31st March 2008  |      254 |        109 |    7,542 |   7,905 | 
+-----------------------------+----------+------------+----------+---------+ 
| Equity dividends paid       |        - |          - |    (596) |   (596) | 
+-----------------------------+----------+------------+----------+---------+ 
| Profit for year             |        - |          - |      315 |     315 | 
+-----------------------------+----------+------------+----------+---------+ 
| Premium on purchase of own  |        - |          - |      (4) |     (4) | 
| shares                      |          |            |          |         | 
+-----------------------------+----------+------------+----------+---------+ 
| Other comprehensive income  |        - |          - |    (911) |   (911) | 
| for the year                |          |            |          |         | 
+-----------------------------+----------+------------+----------+---------+ 
|                             |          |            |          |         | 
+-----------------------------+----------+------------+----------+---------+ 
| Balance at 31st March 2009  |      254 |        109 |    6,346 |   6,709 | 
+-----------------------------+----------+------------+----------+---------+ 
| Equity dividends paid       |        - |          - |    (298) |   (298) | 
+-----------------------------+----------+------------+----------+---------+ 
| Profit for year             |        - |          - |      232 |     232 | 
+-----------------------------+----------+------------+----------+---------+ 
| Other comprehensive income  |        - |          - |    (606) |   (606) | 
| for the year                |          |            |          |         | 
+-----------------------------+----------+------------+----------+---------+ 
|                             |          |            |          |         | 
+-----------------------------+----------+------------+----------+---------+ 
| Balance at 31st March 2010  |      254 |        109 |    5,674 |   6,037 | 
+-----------------------------+----------+------------+----------+---------+ 
|                             |          |            |          |         | 
+-----------------------------+----------+------------+----------+---------+ 
 
 
CONSOLIDATED STATEMENT OF CASHFLOWS FOR THE YEAR ENDED 31 MARCH 2010 
 
+-------------------------------------------+------+-----------+----------+-----------+ 
|                                           | Note | 2010      |          | 2009      | 
+-------------------------------------------+------+-----------+----------+-----------+ 
|                                           |      |    GBP000 |          |    GBP000 | 
+-------------------------------------------+------+-----------+----------+-----------+ 
|                                           |      |           |          |           | 
+-------------------------------------------+------+-----------+----------+-----------+ 
| Net cash inflow from operating activities |  7   |     1,216 |          |       458 | 
+-------------------------------------------+------+-----------+----------+-----------+ 
|                                           |      |           |          |           | 
+-------------------------------------------+------+-----------+----------+-----------+ 
| Cash flow from investing activities       |      |           |          |           | 
+-------------------------------------------+------+-----------+----------+-----------+ 
| Purchases of property, plant and          |      |      (97) |          |     (203) | 
| equipment                                 |      |           |          |           | 
+-------------------------------------------+------+-----------+----------+-----------+ 
| Proceeds from sale of property, plant and |      |        21 |          |        43 | 
| equipment                                 |      |           |          |           | 
+-------------------------------------------+------+-----------+----------+-----------+ 
| Purchase of intangible assets             |      |     (111) |          |     (164) | 
+-------------------------------------------+------+-----------+----------+-----------+ 
| Purchase of available for sale financial  |      |     (545) |          |     (747) | 
| assets                                    |      |           |          |           | 
+-------------------------------------------+------+-----------+----------+-----------+ 
| Proceeds from sale of available for sale  |      |       264 |          |         - | 
| financial assets                          |      |           |          |           | 
+-------------------------------------------+------+-----------+----------+-----------+ 
| Interest received                         |      |        49 |          |        56 | 
+-------------------------------------------+------+-----------+----------+-----------+ 
|                                           |      |           |          |           | 
+-------------------------------------------+------+-----------+----------+-----------+ 
| Net cash outflow from investing           |      |     (419) |          |   (1,015) | 
| activities                                |      |           |          |           | 
+-------------------------------------------+------+-----------+----------+-----------+ 
|                                           |      |           |          |           | 
+-------------------------------------------+------+-----------+----------+-----------+ 
|                                           |      |           |          |           | 
+-------------------------------------------+------+-----------+----------+-----------+ 
| Net cash outflow from financing           |      |           |          |           | 
| activities                                |      |           |          |           | 
+-------------------------------------------+------+-----------+----------+-----------+ 
| Purchase of own shares                    |      |         - |          |       (4) | 
+-------------------------------------------+------+-----------+----------+-----------+ 
| Equity dividends paid                     |  5   |     (298) |          |     (596) | 
+-------------------------------------------+------+-----------+----------+-----------+ 
|                                           |      |           |          |           | 
+-------------------------------------------+------+-----------+----------+-----------+ 
| Net cash outflow from financing           |      |     (298) |          |     (600) | 
| activities                                |      |           |          |           | 
+-------------------------------------------+------+-----------+----------+-----------+ 
|                                           |      |           |          |           | 
+-------------------------------------------+------+-----------+----------+-----------+ 
| Increase/(decrease) in cash and cash      |      |       499 |          |   (1,157) | 
| equivalents                               |      |           |          |           | 
+-------------------------------------------+------+-----------+----------+-----------+ 
|                                           |      |           |          |           | 
+-------------------------------------------+------+-----------+----------+-----------+ 
| Cash and cash equivalents at beginning of |      |       571 |          |     1,728 | 
| period                                    |      |           |          |           | 
+-------------------------------------------+------+-----------+----------+-----------+ 
| Cash and cash equivalents at end of       |      |     1,070 |          |       571 | 
| period                                    |      |           |          |           | 
+-------------------------------------------+------+-----------+----------+-----------+ 
|                                           |      |           |          |           | 
+-------------------------------------------+------+-----------+----------+-----------+ 
 
 
1          Adoption of new and revised Standards 
 
The Group has adopted all of the new and revised Standards and Interpretations 
issued by the International Accounting Standards Board (IASB) and the 
International Financial Reporting Interpretations Committee (IFRIC) of the IASB 
that are relevant to its operations and effective for accounting periods 
beginning on 1st April 2007. The adoption of the following IFRSs has not 
impacted upon the financial statements: 
 
IFRIC 10 - Interim Financial Reporting and Impairment 
 
At the date of authorisation of these financial statements, the following 
Standards and Interpretations which have not been applied in these financial 
statements were in issue but not yet effective: 
 
IAS 27 - Consolidated and Separate Financial Statements 
 
IFRIC 11 - Group and Treasury Share Transactions 
 
IFRS 3 - Business Combinations 
 
IFRS 9 - Financial Instruments 
 
2          Accounting policies 
 
Basis of preparation of preliminary financial information 
The financial statements, upon which this financial information is based, have 
been prepared using accounting policies consistent with International Financial 
Reporting Standards (IFRS). 
 
This financial information does not constitute the Company's statutory accounts 
as defined in section 434 of the Companies Act 2006 and has been prepared on the 
basis of the accounting policies set out in the financial statements for the 
year ended 31 March 2010. Statutory accounts for 2009 have been delivered to the 
Registrar of Companies, and those for 2010 will be delivered in due course 
following the company's annual general meeting. The auditors have reported on 
the 2009 accounts and their report was unqualified, did not include references 
to any matters by way of emphasis without qualifying their report and did not 
contain statements under Section 237 (2) or (3) of the Companies Act 1985. 
 
The Annual Report and Financial Statements will be posted to shareholders 
shortly and thereafter will be available from the Company's registered office, 
and from the Company's website www.samuel-heath.com. 
 
The financial statements have been prepared under the historical cost basis 
except for the valuation of Available For Sale assets which have been revalued 
to market value. 
 
 
3          Critical accounting and key sources of estimation 
 
Critical judgements in applying the entity's accounting policies 
 
In the process of applying the entity's accounting policies, which are described 
above, the directors have made the following judgements that have the most 
significant effect on the amounts recognised in the financial statements. 
 
 
Income taxes 
 
The Group is subject to income taxes in the United Kingdom.  Judgment is 
required in determining the provision for income taxes. There are many 
transactions and calculations for which the ultimate tax determination is 
uncertain during the ordinary course of business. The Group recognises 
liabilities for anticipated tax audit issues based on estimates of whether 
additional taxes will be due. Where the final tax outcome of these matters is 
different from the amounts that were initially recorded, such differences will 
impact the income tax and deferred tax provisions in the period in which such 
determination is made. 
 
The recoverable amounts of the Group's deferred tax assets have been determined 
based on the Board's estimates of future taxable profits and income and tax 
rates. 
 
Key sources of estimation uncertainty 
 
The key assumptions concerning the future, and other key sources of estimation 
uncertainty at the balance sheet date, that have a significant risk of causing a 
material adjustment to the carrying amounts of assets and liabilities within the 
next financial year, are discussed below. 
 
Retirement benefit scheme deficit 
The valuation of expected returns on assets and the present value of the 
liabilities of the scheme are determined by assumptions and estimates made by 
the directors based on the current information to hand.  Therefore amounts are 
open to fluctuations in the future due to unforeseen changes or additional 
factors that come to light following the year end. 
 
4.             Income taxes 
+--------------------------------------------+--------+-+----------+ 
|                                            |   2010 | |     2009 | 
|                                            | GBP000 | |   GBP000 | 
+--------------------------------------------+--------+-+----------+ 
|                                            |        | |          | 
+--------------------------------------------+--------+-+----------+ 
| Current taxes                              |    112 | |    (125) | 
+--------------------------------------------+--------+-+----------+ 
| Deferred taxes                             |    (8) | |      102 | 
+--------------------------------------------+--------+-+----------+ 
| Total income taxes                         |    104 | |     (23) | 
+--------------------------------------------+--------+-+----------+ 
Corporation tax is calculated at 28% (2009: 28%) of the estimated assessable 
profit for the year. 
Tax rate reconciliation 
+---------------------------------------------+--------+-+----------+ 
|                                             |   2010 | |     2009 | 
|                                             | GBP000 | |   GBP000 | 
+---------------------------------------------+--------+-+----------+ 
|                                             |        | |          | 
+---------------------------------------------+--------+-+----------+ 
| Profit for the year                         |    336 | |      292 | 
+---------------------------------------------+--------+-+----------+ 
|                                             |        | |          | 
+---------------------------------------------+--------+-+----------+ 
| Corporation tax charge thereon at 28%       |     94 | |       82 | 
| (2009: 28%)                                 |        | |          | 
+---------------------------------------------+--------+-+----------+ 
| Adjusted for the effects of:                |        | |          | 
+---------------------------------------------+--------+-+----------+ 
| Depreciation in excess of capital           |     37 | |        9 | 
| allowances                                  |        | |          | 
+---------------------------------------------+--------+-+----------+ 
| Marginal relief                             |   (18) | |     (12) | 
+---------------------------------------------+--------+-+----------+ 
| Prior year adjustments                      |      - | |     (37) | 
+---------------------------------------------+--------+-+----------+ 
| Research and development claim              |   (22) | |     (30) | 
+---------------------------------------------+--------+-+----------+ 
| Capitalisation of research and development  |   (31) | |     (46) | 
| expenditure                                 |        | |          | 
+---------------------------------------------+--------+-+----------+ 
| Loan relationships                          |     29 | |        6 | 
+---------------------------------------------+--------+-+----------+ 
| Other adjustments                           |     15 | |        5 | 
+---------------------------------------------+--------+-+----------+ 
| Total Income tax                            |    104 | |     (23) | 
+---------------------------------------------+--------+-+----------+ 
|                                             |        | |          | 
+---------------------------------------------+--------+-+----------+ 
| Effective tax rate                          |  31.0% | |   (7.9%) | 
+---------------------------------------------+--------+-+----------+ 
5.             Dividends 
+----------------------------------------------+----------+--+----------+ 
|                                              | 2010     |  | 2009     | 
+----------------------------------------------+----------+--+----------+ 
|                                              |  GBP 000 |  |  GBP 000 | 
+----------------------------------------------+----------+--+----------+ 
|                                              |          |  |          | 
+----------------------------------------------+----------+--+----------+ 
| Final dividend for the year ended 31st March |      158 |  |      317 | 
| 2009 of 6.25 pence per share (2008: 12.5     |          |  |          | 
| pence per share)                             |          |  |          | 
+----------------------------------------------+----------+--+----------+ 
|                                              |          |  |          | 
+----------------------------------------------+----------+--+----------+ 
| Interim dividend for the year ended 31st     |      140 |  |      279 | 
| March 2010 of 5.50 pence per share (2009:    |          |  |          | 
| 11.0 pence per share)                        |          |  |          | 
+----------------------------------------------+----------+--+----------+ 
|                                              |          |  |          | 
+----------------------------------------------+----------+--+----------+ 
|                                              |          |  |          | 
+----------------------------------------------+----------+--+----------+ 
|                                              |      298 |  |      596 | 
+----------------------------------------------+----------+--+----------+ 
|                                              |          |  |          | 
+----------------------------------------------+----------+--+----------+ 
 
In addition to the dividends paid during the year the directors are recommending 
a final dividend for 2010 of 6.25 pence per share amounting to GBP158,000. The 
proposed final dividend is subject to approval at the Annual General Meeting 
(see note 8) and has not been included as a liability in these accounts. 
6.             Earnings per share 
The basic and diluted earnings per share are calculated by dividing the relevant 
profit after taxation of GBP232,000 (2009: GBP315,000) by the average number of 
ordinary shares in issue during the year being 2,534,322 (2009: 2,534,577). The 
number of shares used in the calculation is the same for both basic and diluted 
earnings. 
 
 
7.             Notes to the cash flow statement 
 
+----------------------------------------------+----------+-+----------+ 
|                                              | 2010     | |  2009    | 
+----------------------------------------------+----------+-+----------+ 
|                                              |   GBP000 | |   GBP000 | 
+----------------------------------------------+----------+-+----------+ 
|                                              |          | |          | 
+----------------------------------------------+----------+-+----------+ 
| Operating profit                             |      405 | |      243 | 
+----------------------------------------------+----------+-+----------+ 
| Depreciation, amortisation and impairment    |      554 | |      471 | 
+----------------------------------------------+----------+-+----------+ 
| (Gain)/loss on disposal of property, plant   |      (3) | |       12 | 
| and equipment                                |          | |          | 
+----------------------------------------------+----------+-+----------+ 
|                                              |          | |          | 
+----------------------------------------------+----------+-+----------+ 
| Operating cash flows before movements in     |      956 | |      726 | 
| working capital                              |          | |          | 
+----------------------------------------------+----------+-+----------+ 
|                                              |          | |          | 
+----------------------------------------------+----------+-+----------+ 
| Decrease in inventories                      |      249 | |      133 | 
+----------------------------------------------+----------+-+----------+ 
| Decrease in receivables                      |      102 | |      413 | 
+----------------------------------------------+----------+-+----------+ 
| Increase/(decrease) in payables              |       76 | |    (133) | 
+----------------------------------------------+----------+-+----------+ 
| Pension contributions                        |    (255) | |    (505) | 
+----------------------------------------------+----------+-+----------+ 
|                                              |          | |          | 
+----------------------------------------------+----------+-+----------+ 
| Cash generated by operations                 |    1,128 | |      634 | 
+----------------------------------------------+----------+-+----------+ 
|                                              |          | |          | 
+----------------------------------------------+----------+-+----------+ 
| Income tax received/(paid)                   |       88 | |    (176) | 
+----------------------------------------------+----------+-+----------+ 
|                                              |          | |          | 
+----------------------------------------------+----------+-+----------+ 
| Net cash flow from operating activities      |    1,216 | |      458 | 
+----------------------------------------------+----------+-+----------+ 
 
Cash and cash equivalents (which are presented as a single class of assets on 
the face of the Statement of Financial Position) comprise cash at bank and other 
short-term highly liquid investments with a maturity of three months or less. 
 
 
8.             Annual General Meeting 
 
The Annual General Meeting has been fixed for 20th August 2010 at 12 noon. The 
final Ordinary Share dividend of 6.25 pence, if approved, will be payable on 
27th August 2010 to ordinary shareholders registered at close of business on 
30th July 2010. 
 
 
This information is provided by RNS 
            The company news service from the London Stock Exchange 
   END 
 
 FR SSIFIWFSSELW 
 

Heath (samuel) & Sons (LSE:HSM)
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