Interim Results

Heath(Samuel) & Sons PLC 13 December 2007 SAMUEL HEATH & SONS PLC INTERIM REPORT (IFRS) HALF YEAR 30 SEPTEMBER 2007 CHAIRMAN'S STATEMENT As forecast in my annual statement, profits for the half year were sharply lower at £393,000. It is difficult to imagine a worldwide situation giving us much less hope for improvement. The price of brass continues at a very high level, the Pound is strong against the Dollar, and consumer and trade spending is subdued in most markets. The second quarter was worse than the first, and therefore it is almost certain that the results for the full year will be considerably down on the previous one, as has been forewarned. We are however proposing a same again interim dividend of 11 pence per share, in view of the continued strength of the balance sheet. Sam Heath Chairman 13th December 2007 SAMUEL HEATH & SONS plc UNAUDITED INTERIM FINANCIAL REPORT (IFRS) FOR THE HALF YEAR ENDED 30 SEPTEMBER 2007 CONSOLIDATED INCOME STATEMENT Note Half year Half year Year ended ended ended 30 September 30 September 31 March 2007 2006 2007 Unaudited Unaudited Audited £'000 £'000 £'000 Revenue 6,159 6,384 12,712 Cost of sales 1,857 1,826 5,702 --------- --------- --------- Gross profit 4,302 4,558 7,010 Distribution costs 195 211 411 Administrative expenses 3,759 3,638 5,130 --------- --------- --------- 3,954 3,849 5,541 Operating profit Net of contributions to pension deficit 236 597 964 Contribution to pension fund deficit 112 112 505 --------- --------- --------- Operating profit 348 709 1,469 Finance income 45 46 264 Profit before taxation 393 755 1,733 Income tax expense 118 227 349 --------- --------- --------- Profit for the period 275 528 1,384 ========= ========= ========= Basic and diluted earnings per ordinary share (4) 10.8p 20.8p 54.5p ========= ========= ========= Consolidated Statement of Recognised Income and Expense Half year Half year Year ended ended ended 30 September 30 September 31 March 2007 2006 2007 Unaudited Unaudited Audited £'000 £'000 £'000 Profit for the period 275 528 1,384 Actuarial gain/(loss) on retirement benefits - - (301) Tax on actuarial gain/(loss) - - 90 --------- --------- --------- Total for the period 275 528 1,173 --------- --------- --------- Equity shareholders funds brought forward 7,614 7,096 7,096 Total recognised income for the period 275 528 1,173 Equity dividends paid (317) (318) (598) Purchase of own shares - (57) (57) --------- --------- --------- Equity shareholders funds carried forward 7,572 7,249 7,614 --------- --------- --------- CONSOLIDATED BALANCE SHEET At At At 30 September 30 September 31 March 2007 2006 2007 £'000 £'000 £'000 Non current assets Property, plant and equipment 3,098 3,267 3,201 Deferred tax assets 201 346 235 --------- --------- --------- Total non current assets 3,299 3,613 3,436 Current assets Inventories 2,692 2,339 2,645 Trade and other receivables 2,332 2,418 2,135 Cash and cash equivalents 1,850 1,925 1,901 --------- --------- --------- Total current assets 6,874 6,682 6,681 Total assets 10,173 10,295 10,117 Current liabilities Trade and other payables (1,393) (1,416) (1,183) Current tax payable (245) (190) (245) --------- --------- --------- Total current liabilities (1,638) (1,606) (1,428) --------- --------- --------- Non current liabilities Deferred tax liabilities (292) (400) (292) Retirement benefits obligations (671) (1,040) (783) --------- --------- --------- Total non current liabilities (963) (1,440) (1,075) --------- --------- --------- Total liabilities (2,601) (3,046) (2,503) --------- --------- --------- Net assets 7,572 7,249 7,614 ========= ========= ========= Capital and reserves Called up share capital 254 254 254 Capital redemption reserve 109 109 109 Profit and loss account 7,209 6,886 7,251 --------- --------- --------- Shareholders' funds 7,572 7,249 7,614 ========= ========= ========= CONSOLIDATED CASH FLOW STATEMENT Half year Half year Year ended ended ended 30 September 30 September 31 March 2007 2006 2007 £'000 £'000 £'000 Operating profit 348 709 1,469 Depreciation 250 252 448 Change in working capital (250) (1,147) (1,512) Net cash flow generated from operations 348 (186) 405 Income taxes paid - - (200) Net cash flow from operating activities 348 (186) 205 Cash flow from investing activities Purchases of property, plant and equipment (147) (308) (490) Sale of property, plant and equipment 20 - 51 Interest received 45 46 99 Net cash outflow from investing activities (82) (262) (340) Financing Equity dividends paid (317) (318) (598) Purchase of own shares - - (57) Net cash flow from financing (317) (318) (655) --------- --------- --------- Decrease in cash and cash equivalents (51) (766) (790) Cash and cash equivalents at beginning of period 1,901 2,691 2,691 --------- --------- --------- Cash and cash equivalents at end of period 1,850 1,925 1,901 --------- --------- --------- 1. BASIS OF PREPARATION OF INTERIM REPORT The information for the period ended 30 September 2007 is not audited and does not constitute statutory accounts as defined in section 240 of the Companies Act 1985. The statutory accounts for the year ended 31 March 2007 were given an unqualified audit report and extracts from those accounts have been adjusted above for the adoption of IFRS. 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 2006 were also unaudited. 2. ACCOUNTING POLICIES Basis of accounting The Interim financial report has been prepared using accounting policies consistent with International Financial Reporting Standards (IFRS) for the first time. The disclosures required by IFRS 1 concerning the transition from UK GAAP to IFRS are given in note 5. 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 2007, as well as all interpretations issued by the International Financial Reporting Interpretations Committee ('IFRIC') at 30 September 2007. The Group has not availed itself of early adoption options in such standards and interpretations. The financial statements have been prepared under the historical cost basis. The principal accounting policies adopted are as set out in the Annual Report for the year ended 31 March 2007. The valuation of inventories is considered to be the main area in terms of significant accounting estimates and judgements. 3. DIVIDENDS An interim dividend of 11.0 pence per share is proposed (30 September 2006: 11.0 pence per share) and will be payable on 28 March 2008, with a record date of 29 February 2008. 4. EARNINGS PER SHARE The basic and diluted earnings per share are calculated by dividing the relevant profit after taxation of £275,000 (30 September 2006: £528,000) by the average number of ordinary shares in issue during the period, being 2,535,322 (2006: 2,541,266). The number of shares used in the calculation is the same for both basic and diluted earnings. 5. EXPLANATION OF TRANSITION TO IFRS The Group has applied IFRS 1 'First Time Adoption of International Financial Reporting Standards' as a starting point for reporting under IFRS. The Group's date of transition is 1 April 2006 and comparative information has been restated to reflect the Group's adoption of IFRS except where otherwise required or permitted by IFRS 1. The application of IFRS has not resulted in any differences between equity and profit reported under UK GAAP and equity and profit under IFRS. Copies of this report are being sent to all shareholders and copies are available from the Company's registered office at Leopold Street, Birmingham B12 0UJ. This information is provided by RNS The company news service from the London Stock Exchange

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