RNS Number:8058H
Walker (Thomas) PLC
21 February 2003
THOMAS WALKER PLC
Chairman's statement on the Interim Results for the half year to 31 December
2002
During the six months to 31 December 2002, the Company has maintained the
positive trends reported in the September Statement which covered the year to 30
June 2002.
Compared with the corresponding period for 2002, pre-tax profits have risen by
17.2% to #61,525 (2001: #52,487) on a turnover which has risen by 4.0% to
#1,920,302 (2001: #1,845,736).
The results have been achieved in the face of increasing competition in the
identity products market and renewed price pressure in garment fastenings. In
spite of this, overall gross margin has been maintained and net margin has
increased.
All trading operations report enhanced turnover and profits. In Hong Kong, this
was supported by modest recovery at the commodity end of the garment fastener
business.
Negotiations for the purchase of new premises for the Birmingham offices and
factory have taken a material step forward with the signing today of a contract
for the purchase of a freehold building on a new industrial estate in King's
Norton, south west of central Birmingham.
The freehold building will be acquired for a consideration of #1.376 million
payable in cash. A deposit of #169,000 was paid upon exchange of contracts and
the balance of #1.207 million will be payable when Thomas Walker takes
possession of the building which is scheduled for May 2003.
The interior of the building now has to be finished to Thomas Walker's
specifications prior to occupation. The transfer of offices and production
facilities is scheduled for completion during the final quarter of 2003.
The transfer to AIM in November 2002 will allow the Company to complete the
contract for the new premises without incurring the disproportionate costs of
advisory fees associated with the production of a formal circular and its
presentation at a supplementary General Meeting.
The Company's objectives for the immediate future will be to maintain progress
in market development and profitability whilst at the same time effecting the
relocation to the new factory without impediment to customer service.
In spite of a tightening of the market in garment manufacture during January
2003, the Board is confident that both objectives will be achieved.
Bryan C Knight
Chairman
Unaudited Unaudited
INTERIM ANNOUNCEMENT Six Months Six Months Year
31.12.02 31.12.01 30.6.02
Consolidated Profit and Loss Account
Turnover #1,920,302 #1,845,736 #3,877,996
Operating Profits #55,217 #51,156 #164,668
Net Interest Receivable #6,308 #1,331 #5,190
Profit before #61,525 #52,487 #169,858
taxation
Taxation -#19,688 -#17,489 -#59,696
Profit attributable to Shareholders #41,837 #34,998 #110,162
Dividends -#9,240 -#9,240 -#40,656
Retained Profit #32,597 #25,758 #69,506
Dividends
Interim rate 3.00% 3.00% 3.00%
pence per share 0.15p 0.15p 0.15p
total amount #9,240 #9,240 #9,240
Final rate 10.20%
pence per share 0.51p
total amount #31,416
Earnings per share 0.70p 0.57p 1.79p
CONSOLIDATED STATEMENT OF TOTAL RECOGNISED GAINS AND LOSSES
Unaudited Unaudited
Six Months Six Months Year
31.12.02 31.12.01 30.6.02
Profit for the #41,837 #34,998 #110,162
period
Exchange differences -#1,373 #75 #1,521
Prior year #16,000
adjustment
TOTAL RECOGNISED GAINS AND LOSSES #40,464 #35,073 #127,683
Unaudited Unaudited
Consolidated Balance Sheet Six Months Six Months Year
31.12.02 31.12.01 30.6.02
Fixed Assets #872,913 #913,703 #890,743
Current Assets #2,525,151 #2,288,755 #2,841,503
Creditors
Amounts falling due within one year -#702,949 -#595,189 -#1,093,285
Net Current Assets #1,822,202 #1,693,566 #1,748,218
Total Assets less Current Liabilities #2,695,115 #2,607,269 #2,638,961
Creditors
Amounts falling due after one year nil nil nil
Provisions for liabilities and charges -#20,302 -#14,116 -#614
Net Assets #2,674,813 #2,593,153 #2,638,347
Capital and Reserves #2,674,813 #2,593,153 #2,638,347
Unaudited Unaudited
Consolidated Cash Flow Statement Six Months Six Months Year
31.12.02 31.12.01 30.6.02
Net Cash Inflow from operating activities -#44,824 #50,098 #576,074
Returns on Investment and servicing
of Finance #6,308 #1,331 #5,190
Taxation Paid 0 0 #1,653
Capital Expenditure -#49,458 -#117,527 -#167,594
Acquisitions and Disposals 0 0 #0
Equity Dividends Paid -#31,416 -#24,640 -#33,880
Short Term Deposit -#40,000 -#80,000 -#360,000
Financing #0 -#13,734 -#13,734
(Decrease) in Cash -#159,390 -#184,472 #7,699
The unaudited Group results have been prepared under the historical cost convention as
modified by the revaluation of land and buildings, and in accordance with applicable accounting
standards using the accounting policies set out in the Report and Accounts for the year ended
30 June 2002, with the exception of deferred tax as described below.
From 1 July 2001, the Group is obliged to adopt FRS 19; Deferred Tax, which requires full provision
to be made for deferred tax arising from timing differences between the recognition of gains and
losses in the financial statements and their recognition in the tax computation. In adopting
FRS 19, the Group has chosen not to discount deferred tax assets and liabilities.
The impact of FRS 19 is to increase/(decrease) the tax charge as shown below:-
Six Months Six Months Year
31.12.02 31.12.01 30.6.02
As recorded in Profit and Loss Account nil #16,000 #2,364
As recorded in Statement of Gains/Losses nil nil -#16,000
Dividends will be paid to those shareholders on the register at close of
business on 14th March 2003; Paid on 9th April 2003.
Taxation is calculated at 30%.
The interim statement will be sent to shareholders and is available to the
Public at the registered office: 39 St Paul's Square, Birmingham B3 1QY.
The figures for the financial year ended 30th June 2002 are based on
an abridged version of the audited accounts of the group which carried
an unqualified audit report filed at the companies registry.
This information is provided by RNS
The company news service from the London Stock Exchange
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