Interim Results
October 03 2007 - 2:30AM
UK Regulatory
RNS Number:0115F
Wensum Company PLC
03 October 2007
THE WENSUM COMPANY PLC
Interim Statement 2007
Results
As forecast in earlier published statements, sales for the first half year were
weak. Turnover from the Group's continuing operations was #3.0 million (2006:
#3.8m). Profits from operations were #193,000 (2006: #585,000), prior year
losses of #139,000 on men's tailoring were eliminated and finance income of
#95,000 was substantially ahead of the comparative period last year, reflecting
the Group's strong net cash position which ended the period at #3.7 million
(2006: #2.9 million). Profit after interest and taxation was #202,000 (2006:
#315,000).
Dividend
The directors have declared a maintained dividend of 2.2p per share to be paid
on 2 November 2007 to shareholders on the register at 12 October 2007.
Property
As announced in February 2007, the company completed the sale of the former
manufacturing site in Norwich and received an initial consideration of #729,000.
The purchaser's application for mixed planning permission, including
residential development, is now under consideration by the local planning
authority and, if successful, will result in a further cash payment being
received.
Outlook
During the first half year, the Group's focus on rebuilding sales began to
produce results. Of particular note is the winning of contracts to supply
Easyjet and Eurostar. These successes and others are expected to bring
cumulative benefits over the next eighteen months, and underline the
contribution Wensum's design flair can make to corporate brand development in
growing sectors of the economy.
The Board has made further senior management appointments and has a sales
development strategy in place which the Directors believe will lead to improved
results in the future.
Stuart Lyons CBE
Chairman
3 October 2007
FOR FURTHER INFORMATION
The Wensum Company plc
Jean Phillips - Chief Executive 01293 422700
Sandra Badman - Finance Director 01293 422700
Brewin Dolphin (Nomad)
Ian Stanway 0121 236 7000
INTERIM RESULTS
26 weeks 26 weeks 12 months
ended ended ended
28 July 2007 29 July 2006 27 January 2007
(Unaudited) (Unaudited) (Audited)
#000 #000 #000
Continuing operations
Revenue 3,005 3,843 6,368
Profit from operations 193 585 1,107
Finance income 95 39 96
Profit before tax 288 624 1,203
Income tax expense (86) (170) (373)
Profit for the period from continuing 202 454 830
operations
(Loss) for the period from discontinuing - (139) (228)
operations
Profit for the period 202 315 602
Earnings per share - basic 2.58p 4.02p 7.68p
- diluted 2.58p 4.02p 7.68p
Earnings per share from continuing
activities
- basic 2.58p 5.79p 10.60p
- diluted 2.58p 5.79p 10.60p
1. The earnings per share is calculated on a profit for the period of #202,016
(2006 : profit #315,005) and on 7,833,916 ordinary shares, being the weighted
average number of shares in issue during the period (2006 : 7,833,916 ). The
diluted earnings per share is based on a profit for the period of #202,016
(2006 : Profit #315,005) and on 7,833,916 shares (2006 : 7,833,916).
2. The earnings per share on continuing activities is calculated on a profit for
the period of #202,016 (2006 :profit #453,698) and on 7,833,916 ordinary shares,
being the weighted average number of shares in issue during the period (2006 :
7,833,916 ). The diluted earnings per share is based on a profit for the period
of #202,016 (2006 : profit #453,698) and on 7,833,916 shares (2006 :
7,833,916).
3. The tax charge for the 26 weeks to 28 July 2007 is based on a rate of 30%
(2006 : 30%) The tax charge for the year to 27 January 2007 is actual.
4. An interim dividend of 2.20p (2006 : 2.20p) will be paid on 2 November 2007
to shareholders on the register on 12 October 2007.
5. The interim results will be sent to shareholders of the company and copies
will be available to the public at the company's registered office, South
Corner, Old Brighton Road, Lowfield Heath, Crawley, RH11 OPH.
GROUP BALANCE SHEET
28 July 2007 29 July 2006 27 January 2007
(Unaudited) (Unaudited) (Audited)
#000 #000 #000
Non current assets
Intangible assets 79 63 63
Tangible assets 105 184 135
Deferred tax asset 45 89 45
229 336 243
Current assets
Inventories 1,857 1,386 1,561
Receivables and prepayments 1,574 2,105 1,752
Loans and receivables:
Term deposits at bank - - 1,500
Cash at bank and in hand 3,738 2,894 1,754
7,169 6,385 6,567
Asset held for resale - 653 653
7,169 7,038 7,220
Current liabilities
Trade and other payables 1,296 1,500 1,314
Current corporation tax 356 81 261
1,652 1,581 1,575
Non current liabilities
Deferred tax liabilities 44 63 44
Net Assets 5,702 5,730 5,844
Equity attributable to equity holders
Called up share capital 392 392 392
Share premium account 189 189 189
Capital redemption reserve 2 2 2
Profit and loss account 5,119 5,147 5,261
Total Equity 5,702 5,730 5,844
1. The above financial information does not constitute Statutory Accounts as
defined in Section 240 of the Companies Act 1985.The comparative information is
based on the Statutory Accounts for the financial year ended 27 January 2007.
Those accounts, upon which the auditors issued an unqualified opinion, have been
delivered to the Registrar of Companies.
2. The accounts have been prepared on a basis consistent with the full year
accounts to 27 January 2007.The 2006 comparatives have been restated to the same
basis. This required an adjustment to be made which removed a goodwill write off
of #57,000 from the Group Income Statement.
3. Group statement of changes in equity
28 July 2007 29 July 2006 27 January 2007
(Unaudited) (Unaudited) (Audited)
#000 #000 #000
Profit for the financial period 202 315 602
Dividends:
Year end Declared
Final January 2006 April 2006 - (344) (344)
Interim January 2007 September 2007 - - (173)
Final January 2007 April 2007 (344) - -
Total movements during the period (142) (29) 85
Opening total equity 5,844 5,759 5,759
Closing total equity 5,702 5,730 5,844
GROUP CASH FLOW
28 July 29 July 27 January
2007 2006 2007
(Unaudited) (Unaudited) (Audited)
#000 #000 #000
Cashflows from operating activities
Profit before tax 288 624 1,203
(Loss) before tax on discontinuing - (199) (286)
activities
Depreciation and amortisation 47 81 154
Profit on disposal of asset held for (14) - -
resale
(Increase)/decrease in (296) 1,382 532
inventories
Decrease in receivables and 128 426 772
prepayments
Increase/(decrease) in trade and other 4 (1,233) (993)
payables
Finance income (95) (39) (98)
Finance costs - - 1
Corporation tax received 9 22 8
Interest paid - - (1)
71 1,064 1,292
Cashflows from investing activities
Payments to acquire property,plant and (15) (6) (6)
equipment
Payments to acquire intangible (18) - (24)
assets
Disposal of asset held for 667 - -
resale
Disposal of discontinued operations - 235 532
Placement of monies on long term 1,500 - (1,500)
deposit
Interest received 123 35 67
2,257 264 (931)
Cashflows from financing activities
Equity dividends paid (344) (344) (517)
(344) (344) (517)
Increase/(decrease) in cash and cash 1,984 984 (156)
equivalents
Cash and cash equivalents at beginning 1,754 1,910 1,910
of period
Cash and cash equivalents at end of 3,738 2,894 1,754
period
This information is provided by RNS
The company news service from the London Stock Exchange
END
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