Heath(Samuel) & Sons PLC Half Yearly Report (9881Q)
20 Noviembre 2012 - 1:00AM
UK Regulatory
TIDMHSM
RNS Number : 9881Q
Heath(Samuel) & Sons PLC
20 November 2012
SAMUEL HEATH & SONS plc
("the Company")
INTERIM REPORT
Half year ended 30 September 2012
CHAIRMAN'S STATEMENT
I have pleasure in reporting an increased profit before tax for
the first six months of trading of GBP169,000 (2011: GBP11,000) on
revenue of GBP5,103,000 (2011: GBP4,681,000) up 9% on the
comparative period last year.
These results are a lot better than we had budgeted, but
worryingly trading has become worse as the period continued.
However, during the period we launched a new range of art deco
taps and showers called Style Moderne, which has been very well
received both in the U.K. and overseas.
There is no worse background for good business than uncertainty.
With elections taking place in some countries and continuing
unresolved financial problems in Europe, there are surely plenty of
uncertainties.
It is, therefore, very difficult indeed once more to forecast
the outcome for the full year, but it would be a very unwise man,
who would be optimistic.
Our net assets however remain strong. We therefore propose a
dividend of 5.5p per share (2011: 5.5p per share) payable on 25th
March 2013.
Sam Heath
Chairman
20th November 2012
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 2012
CONSOLIDATED INCOME STATEMENT
Half year Half year
ended ended Year ended
30 September 30 September 31 March
2012 2011 2012
Unaudited Unaudited Audited
Continuing operations GBP'000 GBP'000 GBP'000
Revenue 5,103 4,681 9,782
Cost of sales (2,731) (2,519) (4,936)
---------- ---------- ----------
Gross profit 2,372 2,162 4,846
Distribution costs (1,517) (1,436) (2,840)
Administrative expenses (737) (738) (1,450)
---------- ---------- ----------
Operating profit/(loss) 118 (12) 556
Gain on sale of financial assets - - 16
Finance income 51 23 60
---------- ---------- ----------
Profit before taxation 169 11 632
Taxation (41) (3) (117)
---------- ---------- ----------
Profit for the period 128 8 515
===== ===== =====
Basic and diluted earnings per ordinary
share 5.1p 0.3p 20.3p
===== ===== =====
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
Half year Half year
ended ended Year ended
30 September 30 September 31 March
2012 2011 2012
Unaudited Unaudited Audited
GBP'000 GBP'000 GBP'000
Profit for the period 128 8 515
---------- ---------- ----------
Actuarial loss on defined benefit
scheme (1,715) - (1,712)
Deferred taxation on actuarial loss 387 - 365
Gain/(loss) on available for sale
financial assets 40 (42) 28
Cash flow hedges (7) (2) (2)
---------- ---------- ----------
Other comprehensive income for the
period (1,295) (44) (1,321)
---------- ---------- ----------
Total comprehensive income for period (1,167) (36) (806)
---------- ---------- ----------
Equity shareholders' funds brought
forward 5,246 6,350 6,350
Total comprehensive income for the
period (1,167) (36) (806)
Equity dividends paid (158) (158) (298)
---------- ---------- ----------
Equity shareholders' funds 3,921 6,156 5,246
===== ===== =====
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
At At At
30 September 30 September 31 March
2012 2011 2012
Unaudited Unaudited Audited
GBP'000 GBP'000 GBP'000
Non current assets
Intangible assets 323 203 260
Property, plant and equipment 1,824 2,072 1,948
Deferred tax asset 1,083 411 696
---------- ---------- ----------
3,230 2,686 2,904
---------- ---------- ----------
Current assets
Inventories 2,683 2,542 2,615
Trade and other receivables 1,601 1,636 1,873
Available for sale financial assets 1,580 1,463 1,540
Cash and cash equivalents 284 350 477
---------- ---------- ----------
6,148 5,991 6,505
---------- ---------- ----------
Total assets 9,378 8,677 9,409
---------- ---------- ----------
Current liabilities
Trade and other payables (727) (859) (1,092)
Derivative financial instruments (7) - -
Current tax payable (103) (91) (62)
---------- ---------- ----------
(837) (950) (1,154)
---------- ---------- ----------
Non current liabilities
Retirement benefit scheme (4,512) (1,433) (2,901)
Deferred tax liability (108) (138) (108)
---------- ---------- ----------
(4,620) (1,571) (3,009)
---------- ---------- ----------
Total liabilities (5,457) (2,521) (4,163)
---------- ---------- ----------
Net assets 3,921 6,156 5,246
===== ===== =====
Capital and reserves
Called up share capital 254 254 254
Capital redemption reserve 109 109 109
Retained earnings 3,558 5,793 4,883
---------- ---------- ----------
Equity shareholders' funds 3,921 6,156 5,246
===== ===== =====
CONSOLIDATED CASH FLOW STATEMENT
Half year Half year
Ended Ended Year ended
30 September 30 September 31 March
2012 2011 2012
Unaudited Unaudited Audited
GBP'000 GBP'000 GBP'000
Net cash flow generated from operations 141 138 833
Pension contributions (100) (100) (350)
Income taxes paid - - (93)
---------- ---------- ----------
Net cash flow from operating activities 41 38 390
---------- ---------- ----------
Cash flow from investing activities
Purchases of property, plant and
equipment (64) (155) (235)
Proceeds from sale of property, plant
and equipment 6 36 46
Purchase of intangible assets (67) - (60)
Purchase of available for sale financial
assets (97) - (465)
Proceeds from sale of available for
sale financial assets 97 - 474
Interest received 49 36 72
---------- ---------- ----------
Net cash outflow from investing activities (76) (83) (168)
---------- ---------- ----------
Financing
Equity dividends paid (158) (158) (298)
---------- ---------- ----------
Net cash outflow from financing (158) (158) (298)
---------- ---------- ----------
Decrease in cash and cash equivalents (193) (203) (76)
Cash and cash equivalents at beginning
of period 477 553 553
---------- ---------- ----------
Cash and cash equivalents at end
of period 284 350 477
====== ====== =====
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 2012 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
2012 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 2011 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 2012 as well as all interpretations issued
by the International Financial Reporting Interpretations Committee
("IFRIC") at 30 September 2012.
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 2012.
The valuation of inventories is considered to be the main area
in terms of significant accounting estimates and judgements.
The retirement benefit scheme liability recognised in these
interim accounts reflects the estimated change in the deficit
at 30 September 2012 from the movements in discount rates and
inflation during the six months.
3 DIVIDENDS
An interim dividend of 5.5 pence per share is proposed (30
September 2011: 5.5 pence per share) and will be payable on
25 March 2013 with a record date of 1 March 2013.
4 EARNINGS PER SHARE
The basic and diluted earnings per share are calculated by
dividing the relevant profit after taxation of GBP128,000 (30
September 2011: GBP8,000) by the average number of ordinary
shares in issue during the period being 2,534,322 (2011: 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
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