Information  X 
Enter a valid email address

Downtex PLC (CAW)

  Print      Mail a friend

Tuesday 29 February, 2000

Downtex PLC

Final Results - Pre-tax Profit Up 12.11%

Downtex PLC
29 February 2000

                       Downtex Plc
   a leading designer, manufacturer and distributor of
                         branded
           and own-branded household textiles

 Preliminary Results for the year ended 31 December 1999

              Pre-Tax Profit            £349,167       + 12.11%

              Post-Tax Profit           £264,749      +   8.99%

              Earnings Per Share              2.16p

              Dividend                        1.25p

'During  this  current year we expect to  strengthen  our
organic  business with both consolidation and new outlets
and the current order book augurs well.'

'..the Board is wholly behind the opportunities so widely
expressed  as  being available via e-commerce.   Our  web
site,  whilst still under construction, is available  now
and we are committed to taking full advantage of emerging
trading.'



                 FULL STATEMENT ATTACHED

Enquiries:

David Mond, Finance Director
Downtex Plc                             0161 236 6555

Ian Hunter, Executive Director
Citigate Dewe Rogerson                  0121 631 2299
                          


                       Downtex Plc
 Preliminary Results for the year ended 31 December 1999


Statement by the Non-Executive Chairman, Gerald Carey


In  this,  our  first  full year  as  a  publicly  quoted
company,  I am more than pleased to confirm the  cautious
optimism I expressed at the interim stage.  From year  to
year   there  are  somewhat  irregular  trading  patterns
inherent,   as   evidenced  by  the  extremely   positive
performance of the second half of the year.

Turnover is up on last year and back to the high of  1997
with  improving margins, bringing about a marked increase
in  profit at all levels.  Indeed, the pre-tax profit for
1999  is  23.5% higher than two years earlier and  12.11%
better  than  1998.  This has enabled us to maintain  the
dividend set last year and, once again, Jonathan Mond and
David Mond are providing further support by waiving their
entitlement on 84% of their shareholdings.

British  businesses trade in the tough environment  of  a
continuing  high-valued  pound backed  by  real  interest
rates  which  continue  to  rise.   Competition  in   the
Household Textiles sector is a permanent feature and  our
very sound performance shows up well in these conditions.

The Company's investment in working capital has increased
to  reflect the expanded product range and customer  list
and  both  income and net capital gearing  levels  remain
healthy at 700% and 68% respectively.

During  this  current year we expect  to  strengthen  our
organic  business with both consolidation and new outlets
and the current order book augurs well.  Acquisitions are
a  focus  for  the  Board and I can  say  that  potential
targets  have  been,  and will be, in  our  sights  on  a
continuing  basis.  Also, the Board is wholly behind  the
opportunities so widely expressed as being available  via
e-commerce.    Our   web   site,   whilst   still   under
construction,  is available now and we are  committed  to
taking full advantage of emerging trading.

So, I look forward to year 2000 with anticipation and it
is fitting to close my remarks by offering sincere thanks
to the Executive Directors, Senior Management and all
Employees, whose combined efforts have brought us to this
strong position.


29th February 2000
                            
                            
                            
                       Downtex Plc
 Preliminary Results for the year ended 31 December 1999
                 Profit and Loss Account
                            
                            
                                         1999        1998
                                            £           £
                                                         
Continuing operations                                    
                                                         
Turnover                             6,304,927      6,096,049
                                           
Cost of sales                       (4,808,144)    (4,849,360)
                                    
                                     _________      _________

                                                         
Gross profit                         1,496,783      1,246,689
                                            
Other operating expenses            (1,089,440)      (845,220)
                                   
                                     _________      _________
                                            
                                                       
Operating profit                       407,343        401,469
Interest payable and similar                  
charges                                (58,176)       (90,028)
                                     _________      _________
                                            
                                                         
Profit on ordinary activities          349,167        311,441
before taxation
Tax on profit on ordinary                     
activities                             (84,418)        68,537)
                                     _________       _________
                                            
                                                         
Profit on ordinary activities          264,749        242,904
after taxation
Dividends                              (49,506)       (26,850)
                                     _________       _________
                                           
                                                         
Retained profit for the financial      215,243        216,054
year
                                                         
Earnings per share                       2.16p          2.23p
                                                         
                                                         
                                             

Statement of total recognised gains and losses

                                          1999       1998
                                             £          £
                                                         
Profit for the financial year          264,749    242,904
Surplus on revaluation of tangible           -     35,068
fixed assets
                                       _______  _________
                                            
                                                         
Total recognised gains for the         264,749    277,972
financial year
                                                         
                                                         
                                              

The historical cost profit is not materially different to
that disclosed above, and therefore no separate note of
historical cost profits and losses has been presented.
                       
                            
                            
                       Downtex Plc
                   Preliminary Results
            Balance Sheet at 31 December 1999
                            
                                            1999       1998
                                               £          £
                                                         
Fixed assets                                             
Intangible assets                          7,000      9,000
Tangible assets                          495,585    471,982
                                        ________   ________
                                                          
                                         502,585    480,982
                                        ________   ________
                                                         
Current assets                                           
Stocks                                 1,569,310  1,380,485
Debtors                                1,201,125    954,208
Cash at bank and in hand                 157,023     98,095
                                        ________   ________
                                                         
                                       2,927,458  2,432,788
                                            
Creditors: amounts falling due within  1,869,559  1,847,529
one year                                      
                                        ________   ________
                                           
                                                         
Net current assets                     1,057,899    585,259
                                               
                                        ________   ________
                                               
                                                         
Total assets less current liabilities  1,560,484  1,066,241
                                              
                                                         
Creditors: amounts falling due after     264,000     27,500
more than one year
                                        ________   ________
                                            
                                                         
Net assets                             1,296,484  1,038,741
                                              

Capital and reserves                                     
Called up share capital                  247,210    242,960
Share premium account                    314,984    276,734
Revaluation reserve                       34,367     35,068
Profit and loss account                  699,923    483,979
                                        ________   ________
                                               
                                                         
Equity shareholders' funds             1,296,484  1,038,741
                                              
                            
                            
                       Downtex Plc
 Preliminary Results for the year ended 31 December 1999
                   Cash Flow Statement
                            
                                            1999       1998
                                               £          £
                                                         
Net cash (outflow)/inflow from                           
continuing operating                     (185,293)    23,205
 activities                                 
                                                         
Returns on investment and servicing of                   
finance
Interest paid                             (58,176)   (90,028)
                                                 
Taxation                                                 
UK corporation tax paid                   (68,407)   (64,846)
                                                         
Capital expenditure                                      
Purchase of tangible fixed assets         (82,011)  (122,021)
Purchase of intangible fixed assets             -    (10,000)
Disposal of tangible fixed assets          15,640          -
                                          _______    _______
                                          
                                                         
Net cash outflow from capital                    
expenditure                               (378,247) (132,021)
Equity dividends paid                      (26,850)        - 
                                           
                                           _______   _______
                                           
                                                         
Cash outflow before financing             (405,097) (263,690)
                                        
                                           _______   _______
                                            
Financing                                                
Issue of ordinary share capital             42,500   537,000
Expenses of share issue                        -    (217,306)
New bank loans                             241,000   (55,000)
                                           _______   _______
                                         
                                                         
Net cash inflow from financing             283,500   264,694
                                                     
                                           _______   _______
                                         
                                                         
(Decrease)/increase in cash in the year   (121,597)    1,004 
                                            


Reconciliation of operating profit to net cash
(outflow)/inflow from operating activities

                                            1999       1998
                                               £          £
                                                         
Operating profit                         407,343    401,469
                                                         
Depreciation on tangible fixed assets     41,001     26,934
                                                         
Amortisation of intangible fixed assets    2,000      1,000
                                                         
Loss on sale of tangible fixed assets      1,767         -
                                                         
(Increase)/decrease in stock            (188,825)    38,143  
                                             
Increase) in trade debtors              (240,923)  (115,324)
                                      
                                                         
(Increase) in prepayments, accrued                       
income and
 deferred expenditure                     (5,994)   (60,477)
                                        
                                                         
(Decrease) in trade creditors           (119,386)  (159,502)          
                                       
                                                                                
Increase/(decrease) in other taxation             
and social security                        8,574    (18,070)
                                                         
Decrease in other creditors                2,180   (128,827)          
                                       
                                       
(Decrease)/increase in accruals and      (93,030)    37,859  
deferred income                              
                                         _______    _______
                                              
                                                         
Net cash (outflow)/inflow from          (185,293)    23,205
operating activities                         
                                                         


                       Downtex Plc
 Preliminary Results for the year ended 31 December 1999
                          Notes


1. The  earnings per share is calculated on the  weighted
   average of 12,266,767 ordinary shares in issue  during
   the course of the year (1998: 10,895,000).

2. The  proposed  final dividend will be paid  on  2  May
   2000  to shareholders on the register at the close  of
   business on 10 March 2000.

3. Results  for  the year ended 31 December  1999  are
   abridged from the 1999 Annual Report & Accounts, which
   received an unqualified auditor's report and which will
   be filed with the Registrar of Companies following the
   Annual General Meeting.

4. The  Annual  Report will be posted to shareholders  on
   29  February  2000.  Further copies will be  available
   from the Company's Registered Office.

5. The Annual General Meeting will be held at 10.00am  on
   Tuesday,  28  March 2000 at George  House,  48  George
   Street, Manchester, M14 4HF.

                                                                                                       

a d v e r t i s e m e n t