Business
Replacement: Final Results
Replacement: Final Results.
About this update from Heath (samuel) & Sons Plc
[{"type":"text","content":"\n \n \n The Company's announcement (RNS Number: 0331T) of 20 July 2022 misstated the record date for the recommended final dividend as 27 July 2022. This should have stated 29 July 2022.\n \n \n \n \n \n The full amended text is shown below. All other details remain unchanged.\n \n \n \n \n \n \n \n \n \n \n \n HEATH (SAMUEL) & SONS PLC\n \n \n \n \n \n \n \n \n \n 20th JULY 2022\n \n \n \n \n \n \n \n \n \n PRELIMINARY RESULTS FOR THE YEAR ENDED 31st MARCH 2022 AND NOTICE OF AGM\n \n \n \n \n \n \n \n \n \n CHAIR'S STATEMENT\n \n \n \n \n \n \n Our financial performance clearly indicates that we have had a very successful year. The improvements in the first half, following the destabilising effects of Covid-19 and lockdowns, have continued throughout the second half. However, this was achieved with unsustainably low costs and it is therefore important that we manage future profit expectations as I explain further on.\n \n \n \n \n \n Revenue for the year of £14.015m represented a 21% increase compared to last year (2021: £11.539m). Operating profit for the year was £2.152m (2021: £1.123m before exceptional items) and profit before tax £2.030m (2021: £0.942m before exceptional costs). In 2021, £322k exceptional costs relating to GMP equalisation and re-organisation were charged, after which profit before tax was £620k.\n \n \n \n \n \n As 2021 was affected by Covid-19 and lockdowns, it is instructive to compare 2022 with the 2020 year, when revenues were at a similar level (2020: £13.887m). The increase in operating profit over 2020 was £618k (2020: £1.534m), but this must be viewed in the context of a £626k reduction in selling and distribution costs, which was in large part involuntary and caused by reductions in sales staff, the absence of trade shows to attend and lower marketing spend. These costs have now been reinstated as being essential for the future growth of the business. Nevertheless, the overall performance was excellent, reflecting the input provided by our very competent and skilled executive management team, supported by a loyal hard-working workforce.\n \n \n \n \n \n Our sales profile during the year was varied, influenced in part by Covid patterns. Following the end of lockdown in June 2021, we saw a significant jump in orders in July, as custom...