Business
Preliminary Results
Preliminary Results.
About this update from Heath (samuel) & Sons Plc
[{"type":"text","content":"\n \nRNS Number : 4496J Heath(Samuel) & Sons PLC 17 July 2013 \n \n\n \nHEATH (Samuel) & SONS PLC\n \n17th JULY 2013\n \nPRELIMINARY RESULTS FOR THE YEAR ENDED 31ST MARCH 2013\n \nCHAIRMAN'S STATEMENT\n \n \nDuring the long period I have been reporting on our annual results, the past trading year has been the most unpredictable. This time last year business had improved quite a lot and I was able to be cautiously optimistic. Then it all went backwards and at the interim stage looked bleak. Fortunately at the end of February orders increased and we ended the year very well.\nAll this has resulted in a profit before taxation only fractionally up at £633,000 (2012: £632,000) on sales also slightly up at £10,083,000 (2012: £9,782,000). This however should be looked at together with an operating profit of £398,000 as against £556,000 in the previous year.\nI feel that I should point out that for the financial year ending 31st March 2014, the introduction of the revised accounting standard in relation to Retirement Benefit Pension Schemes (IAS19 Employee Benefits) will have a significant effect on our profits reported in the Income Statement. At present, the finance cost is the company's best estimate of the expected return on the scheme assets, less the interest on the liabilities calculated using the discount rate for the period. The net finance cost will in future be calculated as the interest on the scheme deficit using the discount rate. In addition, the administration costs of the scheme, other than those relating to investment management, will need to be expensed as they are incurred. If the accounting standard had been adopted for the year ended 31st March 2013, the profit before tax would have been reduced by £183,000 to £450,000. The changes in the standard will not affect the overall deficit but merely reclassify the disclosure of the scheme's costs between the Income Statement and the Consolidated Statement of Comprehensive Income.\nWe continue to produce new lines at an ever increasing rate, the highlights being our Style Moderne bathroom taps and fittings and a new swing free door closer in our Perko range. We also continue to invest in new plant and IT programmes to manage our increasingly wide range of products.\nWhat then for the future? You can...