TIDMHSM
RNS Number : 2238S
Heath(Samuel) & Sons PLC
06 November 2013
SAMUEL HEATH & SONS plc
("the Company")
INTERIM REPORT
Half year ended 30 September 2013
CHAIRMAN'S STATEMENT
It is with great pleasure, and some relief, that I report a
profit before tax for the first six months trading of GBP326,000
(2012: re-stated GBP77,000) on sales of GBP5,526,000 up 8.3% (2012:
GBP5,103,000). It is clear that we were a little too cautious with
our sales budget, although there was little sign of that at the
time of my annual statement.
I should also point out two important facts to do with these
results. The first is that they now, as forewarned in my annual
statement, comply with the revised accounting standard in relation
to Retirement Benefit Pension Schemes (IAS19 Employee Benefits).
They also include a profit of GBP58,000 on realisation of our
investments. This profit will not recur in the second half of the
year, as we do not believe that the Company should put its cash at
risk in these uncertain times. The sale of investments has also
contributed significantly to the positive cash generation for the
period.
During the six months under review, although sales overall all
increased more than anticipated, there were large disparities
between markets and our mix of products sold within these markets.
In not a single one was there increase across all our product
ranges of taps, bathroom accessories, builders' hardware and door
closers, although the overall increase of 8.3% was very
welcome.
With this type of mixed fortunes, it is very difficult to
forecast in these circumstances, whether we will be able to
continue in this fashion.
Our net assets however remain strong. We therefore propose a
dividend of 5.5p per share (2012: 5.5p per share) payable on 24th
March 2014.
Sam Heath
Chairman
6th November 2013
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 2013
CONSOLIDATED INCOME STATEMENT
Half year Half year
ended ended Year ended
30 September 30 September 31 March
2013 2012 2013
Unaudited Unaudited Audited
(Restated) (Restated)
Continuing operations GBP'000 GBP'000 GBP'000
Revenue 5,526 5,103 10,083
Cost of sales (2,859) (2,731) (5,311)
---------- ---------- ----------
Gross profit 2,667 2,372 4,772
Distribution costs (1,523) (1,517) (2,870)
Administrative expenses (818) (761) (1,552)
---------- ---------- ----------
Operating profit 326 94 350
Gain on sale of financial assets 58 - 132
Finance costs (58) (17) (32)
---------- ---------- ---------
Profit before taxation 326 77 450
Taxation (64) (18) (35)
---------- ---------- ----------
Profit for the period 262 59 415
===== ===== =====
Basic and diluted earnings per ordinary
share 10.3p 2.3p 16.4p
===== ===== =====
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
Half year Half year
ended ended Year ended
30 September 30 September 31 March
2013 2012 2013
Unaudited Unaudited Audited
(Restated) (Restated)
GBP'000 GBP'000 GBP'000
Profit for the period 262 59 415
---------- ---------- ----------
Actuarial gain/(loss) on defined
benefit scheme 681 (1,623) (1,560)
Deferred taxation on actuarial gain/
loss (262) 364 329
(loss)/gain on available for sale
financial assets (115) 40 (17)
Cash flow hedges 37 (7) (3)
---------- ---------- ----------
Other comprehensive income for the
period 341 (1,226) (1,251)
---------- ---------- ----------
Total comprehensive income for period 603 (1,167) (836)
---------- ---------- ----------
Equity shareholders' funds brought
forward 4,112 5,246 5,246
Total comprehensive income for the
period 603 (1,167) (836)
Equity dividends paid (158) (158) (298)
---------- ---------- ----------
Equity shareholders' funds 4,557 3,921 4,112
===== ===== =====
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
At At At
30 September 30 September 31 March
2013 2012 2013
Unaudited Unaudited Audited
GBP'000 GBP'000 GBP'000
Non current assets
Intangible assets 358 323 370
Property, plant and equipment 1,820 1,824 1,838
Deferred tax asset 725 1,083 986
---------- ---------- ----------
2,903 3,230 3,194
---------- ---------- ----------
Current assets
Inventories 2,724 2,683 2,731
Trade and other receivables 1,728 1,601 1,909
Derivative financial instruments 35 - 1
Available for sale financial assets - 1,580 1,400
Cash and cash equivalents 1,853 284 219
---------- ---------- ----------
6,340 6,148 6,260
---------- ---------- ----------
Total assets 9,243 9,378 9,454
---------- ---------- ----------
Current liabilities
Trade and other payables (898) (727) (949)
Derivative financial instruments - (7) (4)
Current tax payable (90) (103) (15)
---------- ---------- ----------
(988) (837) (968)
---------- ---------- ----------
Non current liabilities
Retirement benefit scheme (3,624) (4,512) (4,290)
Deferred tax liability (74) (108) (84)
---------- ---------- ----------
(3,698) (4,620) (4,374)
---------- ---------- ----------
Total liabilities (4,686) (5,457) (5,342)
---------- ---------- ----------
Net assets 4,557 3,921 4,112
===== ===== =====
Capital and reserves
Called up share capital 254 254 254
Capital redemption reserve 109 109 109
Retained earnings 4,194 3,558 3,749
---------- ---------- ----------
Equity shareholders' funds 4,557 3,921 4,112
===== ===== =====
CONSOLIDATED CASH FLOW STATEMENT
Half year Half year
Ended Ended Year ended
30 September 30 September 31 March
2013 2012 2013
Unaudited Unaudited Audited
GBP'000 GBP'000 GBP'000
Net cash flow generated from operations 688 141 489
Pension contributions (100) (100) (350)
Income taxes paid - - (67)
---------- ---------- ----------
Net cash flow from operating activities 588 41 72
---------- ---------- ----------
Cash flow from investing activities
Purchases of property, plant and
equipment (182) (64) (268)
Proceeds from sale of property, plant
and equipment 18 6 6
Purchase of intangible assets (5) (67) (117)
Purchase of available for sale financial
assets (57) (97) (421)
Proceeds from sale of available for
sale financial assets 1,398 97 676
Interest received 32 49 92
---------- ---------- ----------
Net cash inflow/(outflow) from investing
activities 1,204 (76) (32)
---------- ---------- ----------
Financing
Equity dividends paid (158) (158) (298)
---------- ---------- ----------
Net cash outflow from financing (158) (158) (298)
---------- ---------- ----------
Increase/(decrease) in cash and cash
equivalents 1,634 (193) (258)
Cash and cash equivalents at beginning
of period 284 477 477
---------- ---------- ----------
Cash and cash equivalents at end
of period 1,918 284 219
====== ====== =====
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 2013 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
2013 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 2012 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 2013 as well as all interpretations issued
by the International Financial Reporting Interpretations Committee
("IFRIC") at 30 September 2013.
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 2013.
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 2013 from the movements in discount rates and
inflation during the six months.
The comparative figures in the Income Statement and the Consolidated
Statement of Comprehensive Income have been restated to reflect
the introduction of the revised accounting standard "IAS19
Employee Benefits".
3 DIVIDENDS
An interim dividend of 5.50 pence per share is proposed (30
September 2012: 5.5 pence per share) and will be payable on
24 March 2014 with a record date of 28 February 2014.
4 EARNINGS PER SHARE
The basic and diluted earnings per share are calculated by
dividing the relevant profit after taxation of GBP262,000 (30
September 2012: GBP59,000) by the average number of ordinary
shares in issue during the period being 2,534,322 (2012: 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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