Interim Results
06 Oktober 2008 - 8:00AM
UK Regulatory
RNS Number : 0933F
Wensum Company PLC
06 October 2008
THE WENSUM COMPANY PLC
INTERIM STATEMENT 2008
Results
Revenues for the 27-week period ended 2 August 2008 rose to �3.4 million (2007: �3.0 m). However, this gain was achieved at a
significant cost in gross margins, which were under considerable pressure due to market conditions and competitive forces, while operating
costs increased. The group incurred a loss on continuing operations of �18,000 (2007: profit �202,000). Cash balances fell from �2.3 million
at the year-end to �1.15 million, reflecting the trading performance, dividend payments and the build up of stocks prior to the shipment of
major contracts. The receipt of the final instalment in respect of the Norwich property now sold is still awaited due to planning delays.
Dividend
Having regard to the trading performance and the current uncertainties in global financial markets, the directors believe it is in the
best interests of the company and its shareholders to conserve cash within the group. The directors have declared a reduced interim dividend
of 1.1p per share at a cost of �86,000, which will be paid on 28 November 2008 to shareholders on the register at 17 October 2008.
Prospects
In the short-term there is a risk of a slow-down in business activity in the corporatewear sector. Margins will remain under pressure,
and it will take time for the necessary cost savings to work through. The directors continue to discuss with other parties opportunities to
improve the group's critical mass and profitability.
Stuart Lyons CBE 6 October 2008
Chairman
CONTACT:
THE WENSUM COMPANY PLC
Jean Phillips 01293 422700
Sandra Badman
BREWIN DOLPHIN
Neil Baldwin 0113 241 0126
INTERIM RESULTS
27 weeks
26 weeks 12 months
ended
ended ended
2 August 2008
28 July 2007 26 January 2008
(Unaudited)
(Unaudited) (Audited)
�000
�000 �000
Continuing operations
Revenue 3,389
3,005 6,017
(Loss)/profit from operations (62)
193 (507)
Finance income 37
95 225
(Loss)/profit before tax (25)
288 (282)
Income tax credit /(expense) 7
(86) 38
(Loss)/profit for the period from continuing operations (18)
202 (244)
(Loss)/ earnings per share - basic (0.23)p
2.58p (3.11)p
- diluted (0.23)p
2.58p (3.11)p
1.Both the loss per share and the diluted loss per share are calculated on a loss for the period of �17,970 (2007 :profit �202,016) and on
7,833,916 ordinary shares, being the weighted average number of shares in issue during the period (2007 : 7,833,916 ).
2. The tax credit for the 27 weeks to 2 August 2008 is based on a rate of 28% (2007 : 30%).
The tax charge for the year to 26 January 2008 is actual.
3. An interim dividend of 1.10p (2007 : 2.20p) will be paid on 28 November 2008 to shareholders on the register on 17 October 2008.
4. 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
2 August 2008 28 July 2007 26 January 2008
(Unaudited) (Unaudited) (Audited)
�000 �000 �000
Non current assets
Intangible assets
87 79 86
Tangible assets
83 105 103
Deferred tax asset
67 45 67
237 229 256
Current assets
Inventories
3,342 1,857 2,611
Receivables and prepayments
1,815 1,574 1,353
Current corporation tax
62 - 175
Cash at bank and in hand
1,150 3,738 2,275
6,369 7,169 6,414
Current liabilities
Trade and other payables
1,885 1,296 1,587
Current corporation tax
- 356 -
1,885 1,652 1,587
Non current liabilities
Deferred tax liabilities
- 44 -
Net assets
4,721 5,702 5,083
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
4,138 5,119 4,500
Total equity
4,721 5,702 5,083
Notes:
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 26 January 2008. 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 26 January 2008.
3.Group statement of changes in equity:
2 August 2008 28 July 2007 26 January 2008
(Unaudited) (Unaudited) (Audited)
�000 �000 �000
(Loss)/profit for the financial period
(18) 202 (244)
Dividends:
Year end Declared
Final January 2007 April 2007
- (344) (344)
Interim January 2008 October 2007
- - (173)
Final January 2008 April 2008
(344) - -
Total movements during the period
(362) (142) (761)
Opening shareholders' funds
5,083 5,844 5,844
Closing shareholders' funds
4,721 5,702 5,083
GROUP CASH FLOW
2
August 2008 28 July 2007 26 January 2008
(Unaudited) (Unaudited) (Audited)
�000 �000 �000
Cashflows from operating activities:
(Loss)/profit before tax
(25) 288 (282)
Depreciation and amortization
36 47 95
Profit on disposal of asset held for resale
- (14) (14)
(Increase) in inventories
(731) (296) (1,050)
(Increase)/decrease in receivables and prepayments
(506) 128 406
Increase in trade and other payables
298 4 273
Finance income
(37) (95) (177)
Corporation tax received/(paid)
120 9 (465)
(845) 71 (1,214)
Cashflows from investing activities:
Payments to acquire property, plant and equipment
(9) (15) (20)
Payments to acquire intangible assets
(8) (18) (66)
Disposal of asset held for resale
- 667 667
Placement of monies on long term deposit
- 1,500 1,500
Interest received
81 123 171
64 2,257 2,252
Cashflows from financing activities:
Equity dividends paid
(344) (344) (517)
(344) (344) (517)
(Decrease)/increase in cash and cash equivalents
(1,125) 1,984 521
Cash and cash equivalents at beginning of period
2,275 1,754 1,754
Cash and cash equivalents at end of period
1,150 3,738 2,275
ENDS
This information is provided by RNS
The company news service from the London Stock Exchange
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