TIDMHSM
RNS Number : 5953W
Heath(Samuel) & Sons PLC
12 November 2014
SAMUEL HEATH & SONS plc
("the Company")
INTERIM REPORT
Half year ended 30 September 2014
CHAIRMAN'S STATEMENT
As I warned at the time of my annual statement, incoming orders
were well down on the same period last year. This continued
throughout the entire six months period which we are now reporting.
Sales were in fact GBP5,398,000 (2013: GBP5,526,000). Since all our
budgets were based on expected growth, this had the effect of
reducing our profit before tax to GBP96,000 (2013: GBP326,000).
The reasons for the downturn are a rather unusual and unwelcome
mixture of the UK market not recovering at the rate we hoped, some
markets suffering sharp economic downturns and others almost
cancelled altogether for geopolitical reasons.
As I also warned in my annual statement, the strong pound had a
very significant impact on our profitability.
When it comes to forecasting the second half of the year, it
would be reckless to be too optimistic. However the pound has
devalued and the order book has shown signs of improvement in the
short period since the half year end.
We continue to have a strong balance sheet and we propose a same
again interim dividend of 5.5p per share (2013: 5.5p per share)
payable on 23rd March 2015. However, the board will obviously be
looking at the final dividend in the light of the full year's
trading.
Sam Heath
Chairman
12th November 2014
For further information, please contact:
Samuel Heath & Sons Plc
John Park, Company Secretary 0121 772 2303
Zeus Capital Limited
Ross Andrews/Jamie Peel 0161 831 1512
Unaudited Interim Financial Report
For the Half Year ended 30 September 2014
CONSOLIDATED INCOME STATEMENT
Half year Half year
ended ended Year ended
30 September 30 September 31 March
2014 2013 2014
Unaudited Unaudited Audited
Continuing operations GBP'000 GBP'000 GBP'000
Revenue 5,398 5,526 10,979
Cost of sales (2,873) (2,859) (5,647)
-------------------- ----------------- -------------
Gross profit 2,525 2,667 5,332
Distribution costs (1,521) (1,523) (2,958)
Administrative expenses (830) (818) (1,676)
-------------------- ----------------- -------------
Operating profit 174 326 698
Gain on sale of financial
assets - 58 58
Finance costs (78) (58) (146)
-------------------- ----------------- -------------
Profit before taxation 96 326 610
Taxation (19) (64) (167)
-------------------- ----------------- -------------
Profit for the period 77 262 443
==================== ================= =============
Basic and diluted earnings
per ordinary share 3.0p 10.3p 17.5p
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
Half year Half year
ended ended Year ended
30 September 30 September 31 March
2014 2013 2014
Unaudited Unaudited Audited
GBP'000 GBP'000 GBP'000
Profit for the period 77 262 443
Items that will be reclassified
to profit or loss:
Loss on available for sale
financial assets - (115) (115)
Cash flow hedges 39 37 1
39 (78) (114)
Items that will not be reclassified
to profit or loss:
Actuarial (loss)/gain on
defined benefit pension
scheme (833) 681 294
Deferred tax on actuarial
gain(loss) 167 (262) (187)
(666) 419 107
Total comprehensive income
for the period (550) 603 436
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
At At At
30 September 30 September 31 March
2014 2013 2014
Unaudited Unaudited Audited
GBP'000 GBP'000 GBP'000
Non current assets
Intangible assets 303 358 326
Property, plant and equipment 1,620 1,820 1,668
Deferred tax asset 941 725 774
2,864 2,903 2,768
Current assets
Inventories 3,034 2,724 2,899
Trade and other receivables 1,723 1,728 1,819
Derivative financial instruments 37 35 -
Cash and cash equivalents 1,785 1,853 2,026
6,579 6,340 6,744
Total assets 9,443 9,243 9,512
Current liabilities
Trade and other payables (949) (898) (1,164)
Derivative financial instruments - - (2)
Current tax payable (135) (90) (116)
(1,084) (988) (1,282)
Non current liabilities
Retirement benefit scheme (4,707) (3,624) (3,870)
Deferred tax liability (110) (74) (110)
(4,817) (3,698) (3,980)
Total liabilities (5,901) (4,686) (5,262)
Net assets 3,542 4,557 4,250
Capital and reserves
Called up share capital 254 254 254
Capital redemption reserve 109 109 109
Retained earnings 3,179 4,194 3,887
Equity shareholders' funds 3,542 4,557 4,250
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
Share Capital Retained Total
capital redemption earnings equity
reserve
GBP000 GBP000 GBP000 GBP000
Balance at 31 March 2013 254 109 3,749 4,112
Equity dividends paid - - (158) (158)
Profit for period - - 262 262
Other comprehensive income
for the period - - 341 341
Balance at 30 September
2013 254 109 4,194 4,557
Equity dividends paid - - (140) (140)
Profit for period - - 181 181
Other comprehensive income
for the period - - (348) (348)
Balance at 31 March 2014 254 109 3,887 4,250
Equity dividends paid - - (158) (158)
Profit for period - - 77 77
Other comprehensive income
for the period - - (627) (627)
Balance at 30 September
2014 254 109 3,179 3,542
CONSOLIDATED CASH FLOW STATEMENT
Half year Half year
Ended Ended Year ended
30 September 30 September 31 March
2014 2013 2014
Unaudited Unaudited Audited
GBP'000 GBP'000 GBP'000
Cash flow from operating
activities
Profit for the period before
tax 96 326 610
Adjustments for:
Depreciation 178 187 375
Amortisation 31 18 50
Profit on disposal of property,
plant and equipment (8) (6) (13)
Profit on disposal of available
for sale financial assets - (58) (58)
Finance income (5) (32) (37)
Finance costs - - 1
Increase/(decrease) in post-employment
benefit obligations 5 17 (126)
Operating cash flow before
movements in working capital 297 452 802
Changes in working capital:
(Increase)/decrease in inventories (135) 7 (168)
Decrease/(increase) in trade
and other receivables 96 106 75
(Decrease)/increase in trade
and other payables (215) 23 214
Cash generated from operations 43 588 923
Taxation paid - - (15)
Net cash from operating
activities 43 588 908
Cash flow from investing
activities
Payments to acquire property,
plant and equipment (173) (182) (221)
Proceeds from the sale of
property, plant and equipment 50 18 29
Payments to acquire intangible
assets (8) (5) (6)
Payments to acquire available
for sale financial assets - (57) (57)
Proceeds from the sale of
available for sale financial
assets - 1,398 1,400
Finance income 5 32 53
(126) 1,204 1,198
Cash flow from financing
activities
Interest paid - - (1)
Dividends paid (158) (158) (298)
Net cash outflow from financing (158) (158) (299)
Net (decrease)/increase
in cash and cash equivalents (241) 1,634 1,807
Cash and cash equivalents
at beginning of period 2,026 219 219
Cash and cash equivalents
at end of period 1,785 1,853 2,026
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
2014 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 2014 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 2013 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 2014 as well as all interpretations
issued by the International Financial Reporting
Interpretations Committee ("IFRIC") at 30 September
2014.
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
2014. 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 2014 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 2013: 5.5 pence per share)
and will be payable on 23rd March 2015 with
a record date of 27th February 2015.
4 EARNINGS PER SHARE
The basic and diluted earnings per share are
calculated by dividing the relevant profit after
taxation of GBP77,000 (30 September 2013: GBP262,000)
by the average number of ordinary shares in
issue during the period being 2,534,322 (2013:
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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