Half Yearly Report

RNS Number : 9881Q

Heath(Samuel) & Sons PLC

20 November 2012

 



SAMUEL HEATH & SONS plc

("the Company")

INTERIM REPORT

Half year ended 30 September 2012

CHAIRMAN'S STATEMENT

I have pleasure in reporting an increased profit before tax for the first six months of trading of £169,000 (2011: £11,000) on revenue of £5,103,000 (2011: £4,681,000) up 9% on the comparative period last year.

These results are a lot better than we had budgeted, but worryingly trading has become worse as the period continued.

However, during the period we launched a new range of art deco taps and showers called Style Moderne, which has been very well received both in the U.K. and overseas.

There is no worse background for good business than uncertainty.  With elections taking place in some countries and continuing unresolved financial problems in Europe, there are surely plenty of uncertainties.

It is, therefore, very difficult indeed once more to forecast the outcome for the full year, but it would be a very unwise man, who would be optimistic.

Our net assets however remain strong.  We therefore propose a dividend of 5.5p per share (2011: 5.5p per share) payable on 25th March 2013. 

Sam Heath

Chairman

20th November 2012

For further information, please contact:

Samuel Heath & Sons Plc
John Park, Company Secretary	0121 772 2303
Zeus Capital Limited
Ross Andrews/Nick Cowles	0161 831 1512

Unaudited Interim Financial Report

For the Half Year ended 30 September 2012

CONSOLIDATED INCOME STATEMENT
	Half year ended 30 September 2012	Half year ended 30 September 2011	Year ended 31 March 2012
	Unaudited	Unaudited	Audited
Continuing operations	£'000	£'000	£'000
Revenue	5,103	4,681	9,782
Cost of sales	(2,731)	(2,519)	(4,936)
	----------	----------	----------
Gross profit	2,372	2,162	4,846
Distribution costs	(1,517)	(1,436)	(2,840)
Administrative expenses	(737)	(738)	(1,450)
	----------	----------	----------
Operating profit/(loss)	118	(12)	556
Gain on sale of financial assets	-	-	16
Finance income	51	23	60
	----------	----------	----------
Profit before taxation	169	11	632
Taxation	(41)	(3)	(117)
	----------	----------	----------
Profit for the period	128	8	515
	=====	=====	=====
Basic and diluted earnings per ordinary share	5.1p	0.3p	20.3p
	=====	=====	=====

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
	Half year ended 30 September 2012	Half year ended 30 September 2011	Year ended 31 March 2012
	Unaudited	Unaudited	Audited
	£'000	£'000	£'000
Profit for the period	128	8	515
	----------	----------	----------
Actuarial loss on defined benefit scheme	(1,715)	-	(1,712)
Deferred taxation on actuarial loss	387	-	365
Gain/(loss) on available for sale financial assets	40	(42)	28
Cash flow hedges	(7)	(2)	(2)
	----------	----------	----------
Other comprehensive income for the period	(1,295)	(44)	(1,321)
	----------	----------	----------
Total comprehensive income for period	(1,167)	(36)	(806)
	----------	----------	----------
Equity shareholders' funds brought forward	5,246	6,350	6,350
Total comprehensive income for the period	(1,167)	(36)	(806)
Equity dividends paid	(158)	(158)	(298)
	----------	----------	----------
Equity shareholders' funds	3,921	6,156	5,246
	=====	=====	=====

CONSOLIDATED STATEMENT OF FINANCIAL POSITION
	At 30 September 2012	At 30 September 2011	At 31 March 2012
	Unaudited	Unaudited	Audited
	£'000	£'000	£'000
Non current assets
Intangible assets	323	203	260
Property, plant and equipment	1,824	2,072	1,948
Deferred tax asset	1,083	411	696
	----------	----------	----------
	3,230	2,686	2,904
	----------	----------	----------
Current assets
Inventories	2,683	2,542	2,615
Trade and other receivables	1,601	1,636	1,873
Available for sale financial assets	1,580	1,463	1,540
Cash and cash equivalents	284	350	477
	----------	----------	----------
	6,148	5,991	6,505
	----------	----------	----------
Total assets	9,378	8,677	9,409
	----------	----------	----------
Current liabilities
Trade and other payables	(727)	(859)	(1,092)
Derivative financial instruments	(7)	-	-
Current tax payable	(103)	(91)	(62)
	----------	----------	----------
	(837)	(950)	(1,154)
	----------	----------	----------
Non current liabilities
Retirement benefit scheme	(4,512)	(1,433)	(2,901)
Deferred tax liability	(108)	(138)	(108)
	----------	----------	----------
	(4,620)	(1,571)	(3,009)
	----------	----------	----------
Total liabilities	(5,457)	(2,521)	(4,163)
	----------	----------	----------
Net assets	3,921	6,156	5,246
	=====	=====	=====
Capital and reserves
Called up share capital	254	254	254
Capital redemption reserve	109	109	109
Retained earnings	3,558	5,793	4,883
	----------	----------	----------
Equity shareholders' funds	3,921	6,156	5,246
	=====	=====	=====

CONSOLIDATED CASH FLOW STATEMENT
	Half year Ended 30 September 2012	Half year Ended 30 September 2011	Year ended 31 March 2012
	Unaudited	Unaudited	Audited
	£'000	£'000	£'000
Net cash flow generated from operations	141	138	833
Pension contributions	(100)	(100)	(350)
Income taxes paid	-	-	(93)
	----------	----------	----------
Net cash flow from operating activities	41	38	390
	----------	----------	----------
Cash flow from investing activities
Purchases of property, plant and equipment	(64)	(155)	(235)
Proceeds from sale of property, plant and equipment	6	36	46
Purchase of intangible assets	(67)	-	(60)
Purchase of available for sale financial assets	(97)	-	(465)
Proceeds from sale of available for sale financial assets	97	-	474
Interest received	49	36	72
	----------	----------	----------
Net cash outflow from investing activities	(76)	(83)	(168)
	----------	----------	----------
Financing
Equity dividends paid	(158)	(158)	(298)
	----------	----------	----------
Net cash outflow from financing	(158)	(158)	(298)
	----------	----------	----------
Decrease in cash and cash equivalents	(193)	(203)	(76)
Cash and cash equivalents at beginning of period	477	553	553
	----------	----------	----------
Cash and cash equivalents at end of period	284	350	477
	======	======	=====

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 2012 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 2012 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 2011 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 2012 as well as all interpretations issued by the International Financial Reporting Interpretations Committee ("IFRIC") at 30 September 2012. 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 2012. 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 2012 from the movements in discount rates and inflation during the six months.
3	DIVIDENDS
	An interim dividend of 5.5 pence per share is proposed (30 September 2011: 5.5 pence per share) and will be payable on 25 March 2013 with a record date of 1 March 2013.
4	EARNINGS PER SHARE
	The basic and diluted earnings per share are calculated by dividing the relevant profit after taxation of £128,000 (30 September 2011: £8,000) by the average number of ordinary shares in issue during the period being 2,534,322 (2011: 2,534,322). The number of shares used in the calculation is the same for both basic and diluted earnings.

 

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