Half Yearly Report (4904S)
22 Noviembre 2011 - 1:00AM
UK Regulatory
TIDMHSM
RNS Number : 4904S
Heath(Samuel) & Sons PLC
22 November 2011
SAMUEL HEATH & SONS plc
("the Company")
INTERIM REPORT
Half year ended 30 September 2011
CHAIRMAN'S STATEMENT
As I made quite clear at the time of our annual results,
business was going to be particularly tough in the current year.
This proved to be the case with sales down 4.9% to GBP4,681,000
(2010: GBP4,920,000). As a consequence, we only just managed to
more or less break even over the six month period with a profit
before taxation of GBP11,000 (2010: GBP222,000).
I am very pleased to inform shareholders that Mr. Martin Green
has accepted our invitation to join the Board. He is a well known
Midland lawyer, specialising in finance. I welcome him.
It is no exaggeration to say that the financial world is in
turmoil, which is well documented elsewhere. This situation is not
encouraging our type of customer to spend money.
We, too, must therefore be extremely cautious. There has been no
improvement in trading over the last two months. It is going to be
very difficult to improve on the performance of the first half of
the year. In fact it could be a lot worse.
Our net assets however remain strong. We therefore propose a
dividend of 5.5p per share (2010: 5.5p per share) payable on 26th
March 2012.
Sam Heath
Chairman
22nd November 2011
For further information, please contact:
Samuel Heath & Sons Plc
John Park, Company Secretary 0121 772 2303
Zeus Capital Limited
Ross Andrews/Nick Cowles 0161 831 1512
Unaudited Interim Financial Report
For the Half Year ended 30 September 2011
CONSOLIDATED INCOME STATEMENT
Half year Half year
ended ended Year ended
30 September 30 September 31 March
2011 2010 2011
Unaudited Unaudited Audited
GBP'000 GBP'000 GBP'000
Revenue 4,681 4,920 9,832
Cost of sales (2,519) (2,512) (4,990)
---------- ---------- ----------
Gross profit 2,162 2,408 4,842
Selling and distribution costs (1,436) (1,507) (2,987)
Administrative expenses (738) (675) (1,371)
---------- ---------- ----------
Operating (loss)/profit (12) 226 484
Gain on sale of financial assets - - 51
Finance income/(costs) 23 (4) 15
---------- ---------- ----------
Profit before taxation 11 222 550
Taxation (3) (62) (127)
---------- ---------- ----------
Profit for the period 8 160 423
===== ===== =====
Basic and diluted earnings/(loss)
per ordinary share 0.3p 6.3p 16.7p
===== ===== =====
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
Half year Half year
ended ended Year ended
30 September 30 September 31 March
2011 2010 2011
Unaudited Unaudited Audited
GBP'000 GBP'000 GBP'000
Profit for the period 8 160 423
---------- ---------- ----------
Actuarial gain on defined benefit
scheme - - 345
Deferred taxation on actuarial gain - - (114)
(Loss)/gain on available for sale
financial assets (42) 32 (45)
Cash flow hedges (2) - 2
---------- ---------- ----------
Other comprehensive income for the
period (44) 32 188
---------- ---------- ----------
Total comprehensive income for period (36) 192 611
---------- ---------- ----------
Equity shareholders' funds brought
forward 6,350 6,037 6,037
Total comprehensive income for the
period (36) 192 611
Equity dividends paid (158) (158) (298)
---------- ---------- ----------
Equity shareholders' funds 6,156 6,071 6,350
===== ===== =====
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
At At At
30 September 30 September 31 March
2011 2010 2011
Unaudited Unaudited Audited
GBP'000 GBP'000 GBP'000
Non current assets
Intangible assets 203 210 207
Property, plant and equipment 2,072 2,229 2,135
Deferred tax asset 411 577 411
---------- ---------- ----------
2,686 3,016 2,753
---------- ---------- ----------
Current assets
Inventories 2,542 2,426 2,547
Trade and other receivables 1,636 1,563 1,903
Derivative financial instruments - - 2
Available for sale financial assets 1,463 1,531 1,505
Cash and cash equivalents 350 874 553
---------- ---------- ----------
5,991 6,394 6,510
---------- ---------- ----------
Total assets 8,677 9,410 9,263
---------- ---------- ----------
Current liabilities
Trade and other payables (859) (913) (1,167)
Current tax payable (91) (155) (87)
---------- ---------- ----------
(950) (1,068) (1,254)
---------- ---------- ----------
Non current liabilities
Pension scheme deficit (1,433) (2,096) (1,521)
Deferred tax liability (138) (175) (138)
---------- ---------- ----------
(1,571) (2,271) (1,659)
---------- ---------- ----------
Total liabilities (2,521) (3,339) (2.913)
---------- ---------- ----------
Net assets 6,156 6,071 6,350
===== ===== =====
Capital and reserves
Called up share capital 254 254 254
Capital redemption reserve 109 109 109
Retained earnings 5,793 5,708 5,987
---------- ---------- ----------
Equity shareholders' funds 6,156 6,071 6,350
===== ===== =====
CONSOLIDATED CASH FLOW STATEMENT
Half year Half year
Ended Ended Year ended
30 September 30 September 31 March
2011 2010 2011
Unaudited Unaudited Audited
GBP'000 GBP'000 GBP'000
Net cash flow generated from operations 138 468 749
Pension contributions (100) - (255)
Income taxes paid - (19) (137)
---------- ---------- ----------
Net cash flow from operating activities 38 449 357
---------- ---------- ----------
Cash flow from investing activities
Purchases of property, plant and
equipment (155) (175) (319)
Proceeds from sale of property, plant
and equipment 36 - 6
Purchase of intangible assets - (41) (42)
Purchase of financial assets - (302) (602)
Proceeds from sale of available for
sale financial assets - - 302
Interest received 36 31 79
---------- ---------- ----------
Net cash outflow from investing activities (83) (487) (576)
---------- ---------- ----------
Financing
Equity dividends paid (158) (158) (298)
---------- ---------- ----------
Net cash outflow from financing (158) (158) (298)
---------- ---------- ----------
Decrease in cash and cash equivalents (203) (196) (517)
Cash and cash equivalents at beginning
of period 553 1,070 1,070
---------- ---------- ----------
Cash and cash equivalents at end
of period 350 874 553
====== ====== =====
1 BASIS OF PREPARATION OF INTERIM REPORT
As permitted, IAS34 'Interim Financial Reporting' has not been
applied in this interim report. The information for the period
ended 30 September 2011 is not audited and does not constitute
statutory accounts as defined in section 435 of the Companies
Act 2006. The statutory accounts for the year ended 31 March
2011 were given an unqualified audit report and did not contain
statements under section 498(2) or 498(3) of the Companies
Act 2006. A copy of the statutory accounts for that year has
been delivered to the Registrar of Companies. The interim accounts
for the half year ended 30 September 2010 were also unaudited.
2 ACCOUNTING POLICIES
Basis of accounting
The report has been prepared on a going concern basis in accordance
with International Financial Reporting Standards ("IFRS") as
issued by the International Accounting Standards Board ("IASB")
at 30 September 2011 as well as all interpretations issued
by the International Financial Reporting Interpretations Committee
("IFRIC") at 30 September 2011.
The group has not availed itself of early adoption options
in such standards and interpretations.
The financial statements have been prepared under the historical
cost basis. The principal accounting policies adopted are as
set out in the Annual Report for the year ended 31 March 2011.
The valuation of inventories is considered to be the main area
in terms of significant accounting estimates and judgements.
3 DIVIDENDS
An interim dividend of 5.5 pence per share is proposed (30
September 2010: 5.5 pence per share) and will be payable on
26 March 2012 with a record date of 24 February 2012.
4 EARNINGS PER SHARE
The basic and diluted earnings per share are calculated by
dividing the relevant profit after taxation of GBP8,000 (30
September 2010: GBP160,000) by the average number of ordinary
shares in issue during the period being 2,534,322 (2010: 2,534,322).
The number of shares used in the calculation is the same for
both basic and diluted earnings.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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