Interim Results
December 19 2003 - 2:00AM
UK Regulatory
RNS Number:4164T
Ensor Holdings PLC
19 December 2003
ENSOR HOLDINGS PLC ("Ensor")
INTERIM RESULTS
19 December 2003
Chairman's Statement
- Sales up 12%
- Profit before tax up 30%
- Interim dividend up 17%
Results
The improvement in sales and profits has continued during the half-year ending
30 September 2003. The pre-tax profit was #539,000 (2002 : #414,000) on sales
of #11.5m (2002 : #10.3m). This is a very satisfactory increase in profit of
30%, though the tax charge is higher at #160,000 (2002 : #104,000). The
interest charges were contained at #75,000 (2002 : #88,000). This result is
more creditworthy as it is after much higher insurance premiums, increased
payment into our Pension Fund and also the imposition of higher National
Insurance contributions.
Trading
All our companies contributed to the improved profits despite strong competition
in the construction materials sector. The improvements have been achieved
through the management of costs, particularly helped by increased purchasing
through our administrative office in China and we are endeavouring to enlarge
our product portfolio, which can be obtained at advantageous terms. The
collection of cash is a major feature of our management time and we are
constantly vigilant in the collection of debt. The level of our borrowing has
been improved during the period but more can be done on this to improve our cash
position.
Prospects
We feel sufficiently confident in our present trading to raise our interim
dividend from 0.3p per share to 0.35p per share, an increase of some 17%. The
dividend will be payable on 30 January 2004 to shareholders on the Register on 5
January 2004.
As always, we thank all Ensor employees for their continued help in achieving
this result.
K A Harrison TD
Chairman
19 December 2003
Group Profit and Loss Account
for the six months ended 30 September 2003
Unaudited Unaudited Audited
6 months 6 months 12 months
30/9/03 30/9/02 31/3/03
#'000 #'000 #'000
Turnover
Continuing operations 11,517 10,286 20,433
----------- ----------- -----------
Operating profit
Continuing operations 667 549 1,014
Amortisation of goodwill (53) (47) (98)
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Profit on ordinary activities before interest 614 502 916
Interest payable (75) (88) (170)
----------- ----------- -----------
Profit before taxation 539 414 746
Taxation (160) (104) (226)
----------- ----------- -----------
Profit after taxation 379 310 520
Dividends (103) (87) (219)
----------- ----------- -----------
Retained profit for the period 276 223 301
====== ====== ======
Earnings per share
Basic and diluted 1.3p 1.1p 1.8p
====== ====== ======
Dividends per share 0.35p 0.30p 0.75p
====== ====== ======
Group Balance Sheet
at 30 September 2003
Unaudited Unaudited Audited
30/9/03 30/9/02 31/3/03
#'000 #'000 #'000
Fixed assets
Goodwill 1,822 1,967 1,875
Tangible assets 4,220 4,107 4,277
----------- ----------- -----------
6,042 6,074 6,152
----------- ----------- -----------
Current assets
Stocks 3,530 3,339 3,490
Debtors 5,281 4,740 4,803
----------- ----------- -----------
8,811 8,079 8,293
Creditors falling due within one year (7,187) (6,670) (6,960)
----------- ----------- -----------
Net current assets 1,624 1,409 1,333
----------- ----------- -----------
Total assets less current liabilities 7,666 7,483 7,485
Creditors falling due after one year (606) (802) (726)
----------- ----------- -----------
7,060 6,681 6,759
====== ====== ======
Capital and reserves
Called up share capital 2,940 2,917 2,917
Share premium account 470 468 468
Revaluation reserve 950 960 953
Profit and loss account 2,700 2,336 2,421
----------- ----------- -----------
Equity shareholders' funds 7,060 6,681 6,759
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Group Cash Flow Statement
for the six months ended 30 September 2003
Unaudited Unaudited Audited
6 months 6 months 12 months
30/9/03 30/9/02 31/3/03
#'000 #'000 #'000
Operating profit 614 502 916
Depreciation and amortisation 272 245 500
Profit on disposal of tangible fixed assets (5) (47) (49)
Movement in working capital (425) (440) (679)
Net cash inflow from operating activities 456 260 688
Net cash outflow from servicing of finance (75) (87) (161)
Net cash inflow/(outflow) from payment of taxation - 8 (91)
Net cash outflow from capital expenditure (157) (218) (524)
and financial investment
Purchase of subsidiary undertakings - (2,087) (2,087)
Cash acquired with subsidiary undertaking - 248 248
Net cash outflow from acquisitions and disposals - (1,839) (1,839)
Equity dividends paid (132) (117) (204)
----------- ----------- -----------
Net cash inflow/(outflow) before use of liquid 92 (1,993) (2,131)
resources and financing
Repayment of loan notes - (345) (345)
Repayment of term loans (100) (75) (175)
Capital element of finance lease payments (10) (19) (42)
New term loan advanced - 1,000 1,000
Issue of ordinary share capital 25 - -
Net cash (outflow)/inflow from financing (85) 561 438
----------- ----------- -----------
Increase/(decrease) in cash in the period 7 (1,432) (1,693)
====== ====== ======
Unaudited Unaudited Audited
30/9/03 30/9/02 31/3/03
#'000 #'000 #'000
Analysis of net debt
Bank overdraft 2,521 2,267 2,528
Debt repayable by instalments:
- due within 1 year 228 237 229
- due after more than 1 year 578 802 687
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3,327 3,306 3,444
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Notes
1. The unaudited results for the six months have been prepared on a basis consistent with the accounting
policies disclosed in the Group's 2003 accounts and do not constitute statutory accounts within the
meaning of Section 240 of the Companies Act 1985.
2. The figures for the year ended 31 March 2003 have been extracted from the statutory accounts which have
been delivered to the Registrar of Companies and received an unqualified audit report.
3. The tax charge is based on the estimated tax rate for the year to 31 March 2004.
4. The calculation of earnings per share for the period is based on the profit after taxation divided by
the weighted average number of ordinary shares in issue, being 29,311,779 (6 months to 30 September 2002
- 29,165,659 and year ended 31 March 2003 - 29,165,659).
5. Copies of these interim results will be sent to Shareholders.
Enquiries:
Ensor Holdings plc
Tony Coyne, Chief Executive
0161 945 5953
Brown, Shipley & Co. Limited
Philip Johnson
0161 214 6540
This information is provided by RNS
The company news service from the London Stock Exchange
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