TIDMHSM
RNS Number : 8451V
Heath(Samuel) & Sons PLC
09 November 2017
SAMUEL HEATH & SONS plc
("the Company")
INTERIM REPORT
Half year ended 30 September 2017
CHAIRMAN'S STATEMENT
The first half of the year was satisfactory. Revenue was up at
GBP7.377m (2016: GBP6.635m). The profit before tax was 5.6% down at
GBP687k (2016: GBP728k), the previous year having benefitted from
the windfall drop in Sterling after the Brexit referendum as I
reported in my last full year's statement.
We sell all over the world, with exports increasing by 18%, but
our performance has been very patchy in nearly all of our markets,
with some doing much better than expected, some worse.
Although it is only a relatively short time since the end of
September, we have to say that sales generally have weakened,
particularly in the U.K. market, where the number of projects in
the pipeline have decreased, not enormously but perhaps
significantly. As always, it is difficult to forecast how this will
affect the twelve months figures.
For the future, it is perhaps trite to say that we would prefer
more clarity, but we would.
We are proposing an interim dividend of 5.5p per share (2016:
deferred interim dividend of 5.5p), which will be paid on 23 March
2018.
Sam Heath
Chairman
9th November 2017
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 2017
CONSOLIDATED INCOME STATEMENT
Half Half Year
year year ended
ended ended 31 March
30 September 30 September
2017 2016 2017
Unaudited Unaudited Audited
GBP'000 GBP'000 GBP'000
Continuing operations
Revenue 7,377 6,635 13,053
Cost of sales (3,707) (3,141) (6,386)
Gross profit 3,670 3,494 6,667
Distribution costs (1,868) (1,664) (3,274)
Administrative expenses (1,025) (998) (1,949)
Operating profit 777 832 1,444
Finance costs (90) (104) (210)
Profit before taxation 687 728 1,234
Taxation (131) (149) (221)
Profit for the period 556 579 1,013
Basic and diluted earnings
per ordinary share 21.9p 22.8p 40.0p
===================== ==================== ==================
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
Half Half Year
year year ended
ended ended 31 March
30 September 30 September
2017 2016 2017
Unaudited Unaudited Audited
GBP'000 GBP'000 GBP'000
Profit for the period 556 579 1,013
Items that will be reclassified
to profit or loss:
Cash flow hedges 25 15 16
25 15 16
Items that will not be reclassified
to profit or loss:
Actuarial (loss) on defined
benefit pension scheme (34) (4,762) (629)
Deferred tax on actuarial
loss 6 738 46
Revaluation of property,
plant and Equipment - - 1,607
Deferred taxation on revaluation
of assets - - (218)
(28) (4,024) 806
Total comprehensive income
for the period 553 (3,430) 1,835
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
At 30 At 30 At 31
September September March
2017 2016 2017
Unaudited Unaudited Audited
GBP'000 GBP'000 GBP'000
Non-current assets
Intangible assets 50 99 79
Property, plant and equipment 3,398 1,848 3,511
Deferred tax asset 791 1,836 793
4,239 3,783 4,383
----------------- ------------------- --------------------
Current assets
Inventories 3,901 3,537 3,789
Trade and other receivables 2,342 1,978 2,169
Derivative financial instruments 25 - -
Cash and cash equivalents 2,170 2,268 2,079
----------------- ------------------- --------------------
8,438 7,783 8,037
----------------- ------------------- --------------------
Total assets 12,677 11,566 12,420
----------------- ------------------- --------------------
Current liabilities
Trade and other payables (1,327) (1,290) (1,400)
Current tax payable (289) (296) (158)
----------------- ------------------- --------------------
(1,616) (1,586) (1,558)
----------------- ------------------- --------------------
Non-current liabilities
Retirement benefit scheme (6,463) (10,805) (6,501)
Deferred tax liability - (79) -
----------------- ------------------- --------------------
(6,463) (10,884) (6,501)
----------------- ------------------- --------------------
Total liabilities (8,079) (12,470) (8,059)
----------------- ------------------- --------------------
Net assets 4,598 (904) 4,361
================= =================== ====================
Equity
Called up share capital 254 254 254
Capital redemption reserve 109 109 109
Revaluation reserve 1,346 - 1,389
Retained earnings 2,889 (1,267) 2,609
Equity shareholders' funds 4,598 (904) 4,361
================= =================== ====================
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
Share Capital Revaluation Retained Total
capital redemption reserve earnings equity
reserve
GBP000 GBP000 GBP000 GBP000 GBP000
Balance at 31 March
2016 254 109 - 2,337 2,700
--------- ------------ ------------ --------------- ---------------
Equity dividends
paid - - - (174) (174)
--------- ------------ ------------ --------------- ---------------
Profit for period - - - 579 579
Other comprehensive
loss for the period - - - (4,009) (4,009)
--------- ------------ ------------ --------------- ---------------
Total comprehensive
loss for the period - - - (3,430) (3,430)
--------- ------------ ------------ --------------- ---------------
Balance at 30 September
2016 254 109 - (1,267) (904)
--------- ------------ ------------ --------------- ---------------
Equity dividends - - - - -
paid
--------- ------------ ------------ --------------- ---------------
Profit for period - - - 434 434
Other comprehensive
income for the period - - 1,389 3,442 4,831
--------- ------------ ------------ --------------- ---------------
Total comprehensive
income for the period - - 1,389 3,876 5,265
--------- ------------ ------------ --------------- ---------------
Balance at 31 March
2017 254 109 1,389 2,609 4,361
--------- ------------ ------------ --------------- ---------------
Equity dividends
paid - - - (316) (316)
--------- ------------ ------------ --------------- ---------------
Profit for period - - - 556 556
Other comprehensive
income for the period - - - (3) (3)
--------- ------------ ------------ --------------- ---------------
Total comprehensive
income for the period - - - 553 553
--------- ------------ ------------ --------------- ---------------
Transfer relating
to amortisation - - (43) 43 -
--------- ------------ ------------ --------------- ---------------
Balance at 30 September
2017 254 109 1,346 2,889 4,598
CONSOLIDATED CASH FLOW STATEMENT
Half Half Year
year year ended
ended ended 31 March
30 September 30 September
2017 2016 2017
Unaudited Unaudited Audited
GBP'000 GBP'000 GBP'000
Cash flow from operating activities
Profit for the period before
tax 686 728 1,234
Adjustments for:
Depreciation 186 130 272
Amortisation 28 29 57
Profit/(loss) on disposal
of property, plant and equipment 10 (18) (37)
Finance income (4) (5) (7)
Defined benefit pension scheme
expenses 126 132 282
Contributions to defined benefit
pension scheme (200) (189) (511)
Operating cash flow before
movements in working capital 832 807 1,290
Changes in working capital:
(Increase)/decrease in inventories (107) (216) (468)
(Increase)/decrease in trade
and other receivables (203) 134 (16)
Increase/(decrease) in trade
and other payables (40) 13 117
Cash generated from operations 482 738 923
Taxation paid - - (155)
Net cash from operating activities 482 738 768
Cash flow from investing activities
Payments to acquire property,
plant and equipment (80) (397) (646)
Proceeds from the sale of
property, plant and equipment - 18 53
Proceeds from sale of financial
assets - - (8)
Finance income 5 5 8
(75) (374) (593)
Cash flow from financing activities
Dividends paid (316) (174) (174)
(316) (174) (174)
Net increase/(decrease) in
cash and cash equivalents 91 190 1
Cash and cash equivalents
at beginning of period 2,079 2,078 2,078
Cash and cash equivalents
at end of period 2,170 2,268 2,079
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 2017 is not audited and does not constitute
statutory accounts as defined in section 435 of the Companies Act
2006. The statutory accounts for the year ended 31 March 2017 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 2016 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
("IFRS") as issued by the International Accounting Standards Board
("IASB") at 30 September 2017 as well as all interpretations issued
by the International Financial Reporting Interpretations Committee
("IFRIC") at 30 September 2017.
The group has not availed itself of early adoption options in
such standards and interpretations.
The principal accounting policies adopted are as set out in the
Annual Report for the year ended 31 March 2017. 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 2017 from the movements in discount rates and inflation
during the six months.
3. DIVIDENDS
An Interim dividend of 5.5p per share is proposed, payable on 23
March 2018. (30 September 2016: nil, although a deferred interim
dividend was paid in August 2017 of 5.5p)
4. EARNINGS PER SHARE
The basic and diluted earnings per share are calculated by
dividing the relevant profit after taxation of GBP556,000 (30
September 2016: GBP579,000) by the average number of ordinary
shares in issue during the period being 2,534,322 (2016:
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 company news service from the London Stock Exchange
END
IR BRBDBUSGBGRR
(END) Dow Jones Newswires
November 09, 2017 02:00 ET (07:00 GMT)
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