Heath(Samuel) & Sons PLC Half Yearly Report (2305E)
04 Noviembre 2015 - 1:00AM
UK Regulatory
TIDMHSM
RNS Number : 2305E
Heath(Samuel) & Sons PLC
04 November 2015
SAMUEL HEATH & SONS plc
("the Company")
INTERIM REPORT
Half year ended 30 September 2015
CHAIRMAN'S STATEMENT
It is pleasing to report a much better first half of the trading
year with sales of GBP6,061,000 as against GBP5,398,000 and profit
before taxation at GBP437,000 as against GBP96,000. It is even more
pleasing to see the increase in operating profit to GBP542,000
(2014: GBP174,000). It should be pointed out however that this
comparison is with a particularly difficult six months for the
company last year.
Both the home market and export markets performed well during
the period. As a result of this we were able to increase our labour
force and authorise further purchases of machinery, which will come
into operation in the second half of the year.
The order book has continued to be healthy but, as I have had to
say so many times over the years, in a business such as our own
things can change very rapidly. It is therefore extremely hazardous
to forecast the results for the full year.
With our relatively strong balance sheet we have no hesitation
in recommending the same again dividend of 5.5p (2014: 5.5p) to be
paid on 21st March 2016.
Sam Heath
Chairman
4th November 2015
For further information, please contact:
Samuel Heath & Sons Plc
John Park, Company Secretary 0121 772 2303
Zeus Capital Limited
Dan Bate/Ross Andrews/Jamie
Peel 0161 831 1512
Unaudited Interim Financial Report
For the Half Year ended 30 September 2015
CONSOLIDATED INCOME STATEMENT
Half year Half year
ended ended Year ended
30 September 30 September 31 March
2015 2014 2015
Unaudited Unaudited Audited
Continuing operations GBP'000 GBP'000 GBP'000
Revenue 6,061 5,398 11,198
Cost of sales (3,083) (2,873) (5,873)
-------------------- ----------------- -------------
Gross profit 2,978 2,525 5,325
Distribution costs (1,543) (1,521) (3,006)
Administrative expenses (893) (830) (1,721)
-------------------- ----------------- -------------
Operating profit 542 174 598
Finance costs (105) (78) (155)
-------------------- ----------------- -------------
Profit before taxation 437 96 443
Taxation (87) (19) (49)
-------------------- ----------------- -------------
Profit for the period 350 77 394
==================== ================= =============
Basic and diluted earnings
per ordinary share 13.8p 3.0p 15.5p
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
Half year Half year
ended ended Year ended
30 September 30 September 31 March
2015 2014 2015
Unaudited Unaudited Audited
GBP'000 GBP'000 GBP'000
Profit for the period 350 77 394
Items that will be reclassified
to profit or loss:
Cash flow hedges (48) 39 58
(48) 39 58
Items that will not be reclassified
to profit or loss:
Actuarial gain/(loss) on
defined benefit pension
scheme 1,408 (833) (2,888)
Deferred tax on actuarial
(gain)/loss (255) 167 578
1,153 (666) (2,310)
Total comprehensive income
for the period 1,455 (550) (1,858)
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
At At At
30 September 30 September 31 March
2015 2014 2015
Unaudited Unaudited Audited
GBP'000 GBP'000 GBP'000
Non current assets
Intangible assets 156 303 184
Property, plant and equipment 1,471 1,620 1,475
Deferred tax asset 1,058 941 1,313
2,685 2,864 2,972
Current assets
Inventories 3,388 3,034 3,157
Trade and other receivables 2,066 1,723 2,085
Derivative financial instruments 7 37 56
Cash and cash equivalents 1,887 1,785 1,648
7,348 6,579 6,946
Total assets 10,033 9,443 9,918
Current liabilities
Trade and other payables (1,133) (949) (1,126)
Current tax payable (159) (135) (72)
(1,292) (1,084) (1,198)
Non current liabilities
Retirement benefit scheme (5,292) (4,707) (6,568)
Deferred tax liability (58) (110) (58)
(5,350) (4,817) (6,626)
Total liabilities (6,642) (5,901) (7,824)
Net assets 3,391 3,542 2,094
Capital and reserves
Called up share capital 254 254 254
Capital redemption reserve 109 109 109
Retained earnings 3,028 3,179 1,731
Equity shareholders' funds 3,391 3,542 2,094
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
Share Capital Retained Total
capital redemption earnings equity
reserve
GBP000 GBP000 GBP000 GBP000
Balance at 31 March 2014 254 109 3,887 4,250
--------- ------------ ----------------- -----------
Equity dividends paid - - (158) (158)
--------- ------------ ----------------- -----------
Profit for period - - 77 77
Other comprehensive loss
for the period - - (627) (627)
--------- ------------ ----------------- -----------
Total comprehensive loss
for the period - - (550) (550)
--------- ------------ ----------------- -----------
Balance at 30 September
2014 254 109 3,179 3,542
--------- ------------ ----------------- -----------
Equity dividends paid - - (140) (140)
--------- ------------ ----------------- -----------
Profit for period - - 317 317
Other comprehensive loss
for the period - - (1,625) (1,625)
--------- ------------ ----------------- -----------
Total comprehensive loss
for the year - - (1,308) (1,308)
--------- ------------ ----------------- -----------
Balance at 31 March 2015 254 109 1,731 2,094
--------- ------------ ----------------- -----------
Equity dividends paid - - (158) (158)
--------- ------------ ----------------- -----------
Profit for period - - 350 350
Other comprehensive income
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