TIDMHSM
RNS Number : 6917G
Heath(Samuel) & Sons PLC
08 November 2018
SAMUEL HEATH & SONS plc
("the Company")
INTERIM REPORT
Half year ended 30 September 2018
CHAIRMAN'S STATEMENT
As I said in my statement in July, we have budgeted this year
for lower figures than last year. In the event this has proved
correct. Sales revenue was GBP6.722m (2017: GBP7.377m) and profit
before tax GBP402k (2017: GBP687k). The business is trading at a
level slightly better than budgeted and has been relatively evenly
split across our major markets, although it is fair to say that the
UK trade has been somewhat more subdued than elsewhere given the
current situation.
As has been the case for some time now, we are still
experiencing a level of uncertainty which is expected to persist at
least until the final decision is taken as to what will happen with
our trade with the EU after 29 March 2019. Although this falls at
the end of our annual financial reporting period, we have already
had to take decisions which will affect our statement of financial
position at that time, as well as possibly our income statement.
The vast majority of our purchases of raw materials, either
directly or indirectly, are from Europe. We have thought it wise to
buy forward with a number of these in good time, in case of a Hard
Brexit, to ensure adequacy of supplies.
The effects of a Hard Brexit on actual trade are not known, but
paying higher prices for our raw materials does not normally help.
With all this going or not going on, it is even more difficult to
forecast the results for the full year, but at the moment I am
pleased to report that orders are coming in fairly well.
We are proposing an interim dividend of 5.5p per share (2017:
5.5p), which will be paid on 22 March 2019 to ordinary shareholders
registered at the close of business on 22 February 2019.
This announcement contains inside information for the purposes
of Article 7 of EU Regulation 596/2014.
Sam Heath
Chairman
8 November 2018
For further information, please contact:
Samuel Heath & Sons Plc
John Park, Company Secretary 0121 766 4235
Cairn Financial Advisers LLP
James Caithie / Jo Turner 020 7213 0880
Unaudited Interim Financial Report
For the Half Year ended 30 September
2018
CONSOLIDATED INCOME STATEMENT
Half year Half year Year
ended 30 ended 30 ended 31
September September March
2018 2017 2018
Unaudited Unaudited Audited
GBP'000 GBP'000 GBP'000
Revenue 6,722 7,377 14,354
Cost of sales (3,445) (3,707) (7,232)
Gross profit 3,277 3,670 7,122
Selling and distribution costs (1,855) (1,868) (3,767)
Administrative expenses (937) (1,025) (2,020)
Operating profit 485 777 1,335
Net finance costs (83) (90) (158)
Profit before taxation 402 687 1,177
Taxation (90) (131) (197)
Profit for the period 312 556 980
Basic and diluted earnings per ordinary
share 13.0p 21.9p 38.7p
================= ==================== ==================
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
Half year Half year Year ended
ended 30 ended 30 31 March
September September
2018 2017 2018
Unaudited Unaudited Audited
GBP'000 GBP'000 GBP'000
Profit for the period 312 556 980
Items that will be reclassified to
profit or loss:
Cash flow hedges - 25 -
Items that will not be reclassified
to profit or loss:
Actuarial gain on defined benefit
pension scheme 29 (34) (234)
Deferred tax on actuarial loss (5) 6 40
Deferred taxation on revaluation of
assets - - 44
24 (3) (150)
Total comprehensive income for the
period 336 553 830
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
At 30 September At 30 At 31
September March
2018 2017 2018
Unaudited Unaudited Audited
GBP'000 GBP'000 GBP'000
Non-current assets
Intangible assets 51 50 85
Property, plant and equipment 3,295 3,398 3,337
Deferred tax assets 818 791 853
4,164 4,239 4,276
----------------- ------------------- --------------------
Current assets
Inventories 3,956 3,901 3,930
Trade and other receivables 1,942 2,342 2,287
Derivative financial instruments - 25 -
Cash and cash equivalents 2,814 2,170 2,366
----------------- ------------------- --------------------
8,712 8,438 8,583
----------------- ------------------- --------------------
Total assets 12,876 12,677 12,859
----------------- ------------------- --------------------
Current liabilities
Trade and other payables (1,427) (1,327) (1,474)
Current tax payable (231) (289) (175)
----------------- ------------------- --------------------
(1,658) (1,616) (1,649)
----------------- ------------------- --------------------
Non-current liabilities
Retirement benefit scheme (6,318) (6,463) (6,472)
Total liabilities (7,976) (8,079) (8,121)
----------------- ------------------- --------------------
Net assets 4,900 4,598 4,738
================= =================== ====================
Equity
Called up share capital 254 254 254
Capital redemption reserve 109 109 109
Revaluation reserve 1,324 1,346 1,357
Retained earnings 3,213 2,889 3,018
Equity shareholders' funds 4,900 4,598 4,738
================= =================== ====================
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
Share Capital redemption Revaluation Retained Total equity
capital reserve reserve earnings
GBP000 GBP000 GBP000 GBP000 GBP000
Balance at 31 March 2017 254 109 1,389 2,609 4,361
--------- ------------------- ------------ --------------- ---------------
Equity dividends paid - - - (316) (316)
--------- ------------------- ------------ --------------- ---------------
Profit for the period - - - 556 556
Other comprehensive income
for the period - - - (3) (3)
Reclassification of amortisation
on revaluation - - (43) 43 -
--------- ------------------- ------------ --------------- ---------------
Total comprehensive income
for the period - - (43) 596 553
--------- ------------------- ------------ --------------- ---------------
Balance at 30 September
2017 254 109 1,346 2,889 4,598
--------- ------------------- ------------ --------------- ---------------
Equity dividends paid - - - (137) (137)
--------- ------------------- ------------ --------------- ---------------
Profit for the period - - - 424 424
Other comprehensive income
for the period - - 44 (191) (147)
Reclassification of amortisation
on revaluation - - (33) 33 -
--------- ------------------- ------------ --------------- ---------------
Total comprehensive income
for the period - - 11 266 277
--------- ------------------- ------------ --------------- ---------------
Balance at 31 March 2018 254 109 1,357 3,018 4,738
--------- ------------------- ------------ --------------- ---------------
Equity dividends paid - - - (174) (174)
--------- ------------------- ------------ --------------- ---------------
Profit for the period - - - 312 312
Other comprehensive income
for the period - - - 24
Reclassification of amortisation 24
on revaluation - - (33) 33 -
--------- ------------------- ------------ --------------- ---------------
Total comprehensive income
for the period - - (33) 369 336
Balance at 30 September
2018 254 109 1,324 3,213 4,900
CONSOLIDATED CASH FLOW STATEMENT
Half year Half year Year ended
ended 30 ended 30 31 March
September September
2018 2017 2018
Unaudited Unaudited Audited
GBP'000 GBP'000 GBP'000
Cash flow from operating activities
Profit for the period before taxation 402 686 1,177
Adjustments for:
Depreciation 172 186 365
Amortisation 35 28 58
Profit/(loss) on disposal of property,
plant and equipment (16) 10 (10)
Finance income (25) (4) (30)
Defined benefit pension scheme expenses 132 126 237
Contributions to defined benefit pension
scheme (258) (200) (500)
Operating cash flow before movements
in working capital 442 832 1,297
Changes in working capital:
Increase in inventories (26) (107) (141)
Decrease/(increase) in trade and other
receivables 315 (203) (118)
(Decrease)/increase in trade and other
payables (17) (40) 74
Cash generated from operations 714 482 1,112
Taxation paid - - (157)
Net cash from operating activities 714 482 955
Cash flow from investing activities
Payments to acquire property, plant
and equipment (133) (80) (222)
Proceeds from the sale of property,
plant and equipment 16 - 41
Payments to acquire intangible assets - - (64)
Finance income 25 5 30
(92) (75) (215)
Cash flow from financing activities
Dividends paid (174) (316) (453)
Net increase in cash and cash equivalents 448 91 287
Cash and cash equivalents at beginning
of period 2,366 2,079 2,079
Cash and cash equivalents at end of
period 2,814 2,170 2,366
NOTES TO THE INTERIM FINANCIAL REPORT
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 2018 is not audited and does not constitute
statutory accounts as defined in section 434 of the Companies Act
2006. The statutory accounts for the year ended 31 March 2018 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 2017 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 and
interpretations issued by the International Financial Reporting
Interpretations Committee as adopted by the European Union.
The group has not availed itself of early adoption options in
such standards and interpretations. There has been no impact on the
adoption of IFRS 15 "Revenue from Contracts with Customers" and
IFRS 9 "Financial Instruments" in the period.
The principal accounting policies adopted are as set out in the
Annual Report for the year ended 31 March 2018. 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 2018 from the movements in discount rates and inflation
during the six months.
3. DIVIDS
An Interim dividend of 5.5p per share is proposed, payable on 22
March 2019 (paid 23 March 2018: 5.5p).
4. EARNINGS PER SHARE
The basic and diluted earnings per share are calculated by
dividing the relevant profit after taxation of GBP330,000 (30
September 2017: GBP556,000) by the average number of ordinary
shares in issue during the period being 2,534,322 (2017:
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 news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
IR BRBDBDGGBGIR
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November 08, 2018 02:00 ET (07:00 GMT)
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