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Downtex PLC (CAW)

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Friday 22 September, 2000

Downtex PLC

Interim Results

Downtex PLC
22 September 2000

 
 
Downtex Plc 
Interim Results 
for the 26 weeks ended 30 June 2000 

 
* Like for like sales up 8% to £3,069,180 and profit before tax up by 6.5% to
  £87,300 
 
* A creditable performance given the difficult trading conditions and very
  strong competitive environment 
 
* Successful acquisition of an Altrincham based wooden flat-pack
  manufacturer. Early results are very promising and auger well for the future 
 
* Our efforts will continue to be directed towards strengthening organic
  growth and the development of our newly acquired product ranges in addition
  to targeting acquisitions 
 
 
'The order book remains strong and I hope to be able to report continued
progress for the remainder of the year.' 
 
Gerald Carey FCIB, Chairman 
 
 
 

FULL STATEMENT ATTACHED

 
 
Enquiries: 
David Mond, Finance Director 
Downtex Plc                    0161 236 6555 
 
Alan Cooke, Account Manager 
Citigate Dewe Rogerson          0121 631 2299 
 
 
 
Downtex Plc 
Interim Results 
for the 26 weeks ended 30 June 2000 
 
 
STATEMENT BY THE CHAIRMAN, GERALD CAREY, FCIB 
I have written previously about our acquisition strategy and I am pleased to
report upon our first success. In April we acquired the majority of the
business and assets of a company in Altrincham manufacturing wooden flat-pack
products, which are sold directly to retailers and mail order companies.
Early results are very promising and augur well for the future. Our customer
bases are complementary and we expect good synergistic benefits to emerge,
inclusive of overseas sales particularly to the USA. 
 
Whilst the vendors took a portion of the consideration in new shares, the
bulk of the purchase was self-funded with a resultant fall in interest cover,
still healthy at a little over three times. 
 
Whilst like for like sales are 8% up on last year, and our profit before tax
up by 6.5%, trading conditions are difficult with very strong competition in
most of our markets. Additionally our traditional mail order customers have
recently changed the basis of purchasing, impacting on our stock levels.
Against this background our efforts will continue to be directed towards
strengthening organic growth and the development of our newly acquired
product ranges in addition to targeting acquisitions. 
 
Results for the 26 weeks ended 30 June 2000 
The Company made profits before taxation of £87,300 (£81,938) on turnover of
£3,069,180 (£2,549,280) during the 26 weeks ended 30 June 2000. 
 
The order book remains strong and I hope to be able to report continued
progress for the remainder of the year. 
 
 
 
Downtex Plc 
Interim Results 
PROFIT & LOSS ACCOUNT 
for the 26 weeks ended 30 June 2000 
 
 

                                                                              
                                   (Unaudited)                      (Audited) 
                         26 weeks ended    26 weeks ended          Year ended 
                           30 June 2000      30 June 1999    31 December 1999 
                                      £                 £                   £ 
  Turnover                    3,069,180         2,549,280           6,304,927 
                                                                              
  Operating Profit              127,581           109,093             407,343 
                                                                              
  Net Interest                   40,281            27,155              58,176 
  Payable                                                                     
                                                                              
  Profit on Ordinary             87,300            81,938             349,167 
  Activities before                                                           
  Taxation                                                                    
                                                                              
  Taxation                       19,000            18,000              84,418 
                                                                              
  Profit for the                 68,300            63,938             264,749 
  Period                                                                      
                                                                              
  Dividends                           -                 -              49,506 
                                                                              
  Retained Profit for            68,300            63,938             215,243 
  the Period                                                                  
                                                                              
  Earnings per                    0.55p             0.53p               2.16p 
  Ordinary Share                                                              
 
 
 
Downtex Plc 
Interim Results 
SUMMARISED BALANCE SHEET 
at 30 June 2000 
 
 

                                                                              
                        at 30 June 2000    at 30 June 1999      at 31 December
                            (unaudited)        (unaudited)               1999 
                                      £                  £          (audited) 
                                                                            £ 
  FIXED ASSETS                                                                
  intangible assets             162,243              8,500              7,000 
  tangible assets               558,916            507,745            495,585 
                                721,159            516,245            502,585 
  CURRENT ASSETS                                                              
  stocks                      2,138,107          1,696,590          1,569,310 
  debtors                     1,280,572            830,477          1,201,125 
  cash at bank                   51,171            142,924            157,023 
                              3,469,850          2,669,991          2,927,458 
  CREDITORS -                 2,534,840          1,656,057          1,869,559 
  amounts falling                                                             
  due within 1 year                                                           
                                                                              
  Net current assets            935,010          1,013,934          1,057,899 
                                                                              
  Total assets less           1,656,169          1,530,179          1,560,484 
  current                                                                     
  liabilities                                                                 
  CREDITORS -                                                                 
  amounts falling               267,000            385,000            264,000 
  due after more                                                              
  than 1 year                                                                 
                                                                              
  NET ASSETS                  1,389,169          1,145,179          1,296,484 
                                                                              
  CAPITAL & RESERVES                                                          
  called up share               249,813            247,210            247,210 
  capital                                                                     
  share premium                 336,766            314,984            314,984 
  account                                                                     
  revaluation                    34,367             35,068             34,367 
  reserve                                                                     
  profit & loss                 768,223            547,917            699,923 
  account                                                                     
                              1,389,169          1,145,179          1,296,484 
 
 
NOTES TO THE FINANCIAL INFORMATION 
 
 
1.     The interim results are unaudited and do not comprise full accounts
       within the meaning of Section 240 of the Companies Act 1985. 
 
2.     The tax charge for the half year is estimated. 
 
3.     No interim dividend is being proposed or paid. 
 
4.     Earnings per share have been calculated on 12,425,575 weighted average
       number of ordinary shares in issue. 
 
Copies of this Report will be sent to all shareholders. Further copies are
available on request from the Registered Office: George House, 48 George
Street, Manchester, M1 4HF 


                                                                                
                                                                                
                                             

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