Interim Results
September 15 2003 - 2:30AM
UK Regulatory
RNS Number:7374P
Wensum Company PLC
15 September 2003
THE WENSUM COMPANY PLC
INTERIM RESULTS FOR THE 27 WEEKS ENDED 2 AUGUST 2003
CHAIRMAN'S STATEMENT
Results
I am pleased to report that, after a slow Spring, profits before taxation
recovered to #444,000, showing an increase over last year's #432,000. Sales, in
this twenty seven week period, rose to #7.679 million (2002 : #7.486 million).
Cash balances exceed #1 million compared with #321,000 one year earlier.
The directors recommend an unchanged interim dividend of 2.00p which will be
paid on 16 October 2003 to shareholders on the register on 3 October 2003.
Review of Operations
Wensum Corporate, based in Gatwick, continues to rebuild its business in the
supply of front-of-house designer uniforms. Steps taken to strengthen the
management team contributed to a strong end to the period and the gaining of an
important new contract for the future. Prospects have improved significantly
since the Annual General Meeting.
Wensum Clothing, our Norwich based manufacturing business, held its sales
figures but profits fell due to pressure on margins. The recent loss of a major
contract will now depress sales and profits for the division this year and,
particularly, next. Management are taking remedial action and the board is
considering ways of improving shareholder value.
Outlook
For the rest of the year we expect that a profit improvement at Corporate will
be offset by a shortfall at Clothing. The year end operating profits are now
expected to be better than envisaged at the Annual General Meeting and broadly
in line with those of last year.
Stuart Lyons CBE
Chairman
15 September 2003
INTERIM RESULTS
27 weeks 26 weeks 12 months
ended ended ended
2 August 2003 27 July 2002 25 January 2003
(Unaudited) (Unaudited) (Audited)
#000 #000 #000
Turnover 7,679 7,486 13,651
-------- -------- --------
Operating profit 434 401 727
Net Interest 10 31 47
-------- -------- --------
Profit before taxation 444 432 774
Tax charge (133) (130) (221)
-------- -------- --------
Profit after taxation 311 302 553
Dividends (156) (157) (485)
-------- -------- --------
Retained profit 155 145 68
-------- -------- --------
Earnings per share - basic 3.98p 3.85p 7.05p
- diluted 3.98p 3.85p 7.05p
-------- -------- --------
1. The earnings per share were calculated on profits for the period of
#310,953 (2002: #302,142) and on 7,807,834 ordinary shares, being the weighted
average number of shares in issue during the period (2002: 7,853,916). The
diluted earnings per share is based on the profit for the period of #310,953 and
on 7,809,298 shares.
2. An interim dividend of 2.00p (2002: 2.00p) will be paid on 16 October 2003
to shareholders on the register on 3 October 2003.
3. The tax charge for the twenty seven weeks to 2 August 2003 is based on an
estimated rate of 30% (2002: estimated rate 30%). The tax charge for the year
to 25 January 2003 is the actual charge.
GROUP BALANCE SHEET
2 August 2003 27 July 2002 25 January 2003
(Unaudited) (Unaudited) (Audited)
#000 #000 #000
Fixed assets 2,000 1,996 2,092
-------- -------- --------
Current assets
Stocks 2,918 2,354 2,853
Debtors 2,627 4,160 2,434
Cash at bank and in hand 1,038 321 1,257
-------- -------- --------
6,583 6,835 6,544
Creditors : amounts falling
due within one year 2,915 3,305 3,080
-------- -------- --------
Net current assets 3,668 3,530 3,464
-------- -------- --------
Total assets less current liabilities 5,668 5,526 5,556
Creditors : amounts falling due after
more than one year 100 - 130
-------- -------- --------
5,568 5,526 5,426
-------- -------- --------
Capital and reserves
Called up share capital 390 392 391
Share premium account 171 200 180
Capital redemption reserve 2 - 2
Profit and loss account 5,005 4,934 4,853
-------- -------- --------
5,568 5,526 5,426
-------- -------- --------
1. The above financial information does not constitute Statutory Accounts as
defined in Section 240 of the Companies Act 1985. The comparative financial
information is based on the Statutory Accounts for the financial year ended 25
January 2003. 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 25 January 2003. There have been no changes in accounting policy.
3. 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,
Northumberland Street, Norwich, Norfolk NR2 4EE.
GROUP CASH FLOW
27 weeks 26 weeks 12 months
ended ended ended
2 August 2003 27 July 2002 25 January 2003
(Unaudited) (Unaudited) (Audited)
#000 #000 #000
Net cash inflow/(outflow) from
operating activities 342 (1,341) 101
Returns on investment and servicing
of finance:
Interest paid (6) - -
Interest received 37 60 63
-------- -------- --------
31 60 63
-------- -------- --------
Taxation:
UK corporation tax paid (135) (70) (206)
Capital expenditure and financial
investment:
Payments to acquire intangible fixed
assets - - (103)
Payments to acquire tangible fixed assets (88) (43) (134)
Receipts on disposals of fixed assets - - 2
-------- -------- --------
(88) (43) (235)
-------- -------- --------
Equity dividends paid (328) (330) (487)
Financing:
Proceeds from issue of shares 3 - -
Purchase of shares for cancellation (16) - (24)
Repayment of long term loan (11) - -
Repayment of capital elements of finance
leases (17) - -
-------- -------- --------
(41) - (24)
-------- -------- --------
-------- -------- --------
Decrease in cash (219) (1,724) (788)
-------- -------- --------
NOTES TO CASH FLOW
27 weeks 26 weeks 12 months
ended ended ended
2 August 2003 27 July 2002 25 January 2003
(Unaudited) (Unaudited) (Audited)
#000 #000 #000
Reconciliation of operating profit to net
cash inflow/(outflow) from operating
activities
Operating profit 434 401 727
Depreciation 178 170 340
Amortisation of intangible asset 3 - -
Increase in stocks (65) (76) (575)
Increase in operating
debtors and prepayments (214) (2,278) (421)
Increase in creditors and accruals 6 442 32
Profit on disposal of fixed assets - - (2)
-------- -------- --------
342 (1,341) 101
-------- -------- --------
This information is provided by RNS
The company news service from the London Stock Exchange
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