Pex Plc - Interim Results
22 Octubre 1998 - 2:53AM
UK Regulatory
RNS No 6820k
PEX PLC
22nd October 1998
Interim statement
for the six months ended 30 June 1998
Pex Plc, the leading socks and tights manufacturing group is pleased to report
that the six months period ended 30 June 1998 has been one of further overall
progress.
Highlights
* Turnover up by 56.2% to #8.34m (1 997: #5.34m)
* Profit before taxation decreased by 29% to #176,000 (1997:#248,000).
* Earnings per share of 0.12 (1997: 0.19p) - a decrease of 36.8%, reflecting the
increased number of shares in issue, following the acquisition of Sockwise.
* Acquisition of Sockwise and Bulivan during the first half of 1998 and all
shares of Bonneterie de Dottignies in Belgium.
Your Board is not recommending the payment of an Interim dividend, but will give
due consideration to a final dividend, once the trading result for the full year
is known.
Commenting on the results, The Marquess Andrea Cattaneo Della Volta, Chairman
and Chief Executive, said:
"We are pleased to report that the six months period ended 30 June has been one
of further overall progress.
There were a number of acquisitions during the first half of the year, in
accordance with our continuing strategy of building critical mass, and the
further acquisition of the business of Hollas hosiery in August 1998.
The benefits of these acquisitions will be seen in the medium term future.
Enquiries:
Pex plc
The Marquess Andrea Cattaneo Della Volta: 0116 290 3090
Blackstone Business Comms.
Mr Tim Blackstone: 0171 251 2527
Pex plc
Interim Results for the six months ended 30 June 1998
Chairman's Statement
Trading review
Pex plc is now made up of four divisions: the Children's Division (children's
socks and tights); Bridgedale and Hollas (sports socks); Sockwise, Hollas and
Bonneterie (adult, men and ladies socks); and ladies sheer denier, Bulivan.
The Children's Division
The Children's Division is the leading UK manufacturer of children's socks and
tights which it sells under the Pex brand, as well as being a major supplier of
"own label" for a number of leading retailers in UK and Irish Republic.
During the period, the Pex brand was relaunched with all the potential growth
opportunities and the short term disadvantage of such change.
Bridgedale 2000 Limited
Bridgedale sport division designs and manufactures technically advanced leisure
and sports socks. During the period under review, the Board's focus has been on
raising brand awareness and market penetration, especially in North America.
These actions contributed towards the division reporting a profit, although it
did experience pressures on sales margins in Continental Europe, due to the
strength of sterling. Bridgedale products, including design and packaging, were
relaunched during the spring 1998 and while sales have suffered because of this
change, the new products are at the top of European technical socks league
challenging, for the first time, the historical US leadeship.
Bridgedale's other division, Sockwise, has settled well following the dramatic
transformation which took place after we acquired the business from the
receivers.
Sockwise today enjoys an established presence in the British market for adult
socks.
The acquisition, in the same sector, of Bonneterie de Dottignies in Belgium,
represents our first overseas corporate acquisition.
This should help our marketing expansion in Continental Europe.
The business of Bulivan represents a modest but potentially important investment
in the area of ladies sheer denier hosiery, which is a large market.
Outlook
Your Board continues to pursue the strategy of creating critical mass and market
leadership through acquisitions and consolidations.
The first six months of 1998 has been an important and successful period in this
regard.
The Marquess Andrea Cattaneo Della Volta
22 October 1998
PEX PLC
Consolidated profit and loss account for the six months ended 30 June 1998
Unaudited Unaudited Audited
six months to six months to twelve months
30 June 1998 30 June 1997 31 December 1997
#000 #000 #000
Turnover 8,340 5,338 14,497
Operating Profit 597 425 (91)
Exceptional income - - 736
Net Interest payable (421) (177) (382)
Profit before and
after taxation 176 248 263
Earnings per share 0.12p 0.19p 0.17p
PEX PLC
Consolidated balance sheet as at 30 June 1998
Unaudited Unaudited Audited
six months to six months to twelve months to
30 June 1998 30 June 1997 31 December 1997
#'000 #'000 #'000
FIXED ASSETS
Intangible assets 327 85 75
Tangible assets 2,856 3,096 3,219
Investments 644 - -
3,827 3,181 3,294
CURRENT ASSETS
Stocks 6,524 6,012 4,581
Debtors 5,200 3,254 4,633
Cash at bank and in hand 689 476 1,341
12,413 9,742 10,555
Creditors: amounts failing due
within one year (5,519) (3,212) (4,514)
Net current assets 6,894 6,530 6,041
Total assets
less current liabs 10,721 9,711 9,335
Creditors: amounts falling due
after one year (3,252) (3,029) (2,875)
7,469 6,682 6,460
Capital & Reserves
Called up share capital 2,837 2,670 2,670
Share Premium account 3,830 3,223 3,164
Other reserves 802 789 626
Equity shareholders'funds 7,469 6,682 6,460
A copy of the Interim Results will be posted to all shareholders shortly.
END
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