Above: Datastop™ Glass for Electromagnetic Shielding (EMI/RF), available from Tex Special Projects.
Tex Holdings plc Chairman’s Statement
24th June 2019
A brief report of the trading companies.
The Plastics Division is trading in line with expectations, with some new customers having been acquired during the past year. In order to reduce the effect of wage costs, we are gradually introducing more automation, in particular with robotics.
Within the Engineering Division, Tex Engineering opened the year more slowly than anticipated, but recent orders indicate trading should return to anticipated levels. The company is expected to report another profit this year.
Eurotex has been busy supporting the fisheries protection ships, as noted last year. The company was unsuccessful in winning one significant project (Trinity House), but continues to quote as other opportunities arise.
The ATC Division has completed the key projects on the Aircraft Carriers HMS Queen Elizabeth and HMS Prince of Wales, and continues to provide additional support services. The company has received orders from Nigeria and once deposit monies have been received will be mobilising production. ATC is finalising testing of products related to the Indian Navy Aircraft Carrier project.
BSP opened the year slowly, but during recent weeks has received a number of orders. BSP exhibited at Bauma, a major construction exhibition in Germany, which was well attended and generated further enquiries.
G&M TEX opened the year with an order book in excess of the 2018 turnover. This equipment is now being shipped and the order level has been maintained. We expect an improved result in comparison with 2018.
QK Honeycomb Products is trading strongly with turnover up on budget. The project to increase production capacity for a major customer, who is a leading manufacturer in the caravan industry, is well underway with the main piece of equipment being delivered this week. We have constructed a new building at Brigg at a cost of £1m. We have also purchased a new specialised machine for Euros 700k from Germany.
Regarding Brexit, we have analysed the potential impact of Brexit on the Group. Our exports to the EU are not significant but we do however import some raw materials, for example plywood for Q&K Honeycomb Products. We are looking to find an alternative source of supply.
We will continue to protect the interests of both our pensioners and those who have given many years of good service to the Group, we as your directors will continue to act in the best interest of our shareholders in both good and difficult times.
AGM 2019 Update
24th June 2019
Tex Holdings plc held its Annual General Meeting today and all resolutions were duly passed.
24th June 2019
29th April 2019
The Board of Tex Holdings plc has today asked the FCA to suspend the listing of the Ordinary Shares of Tex Holdings plc. The reason for this has been its inability to supply audited accounts for the year to 31st December 2018 within the permitted four month period. Outstanding issues still need to be dealt with in support of future forecasts and cashflows.
We also refer to a statement in our Trading Update dated 15th April 2019 which read as follows:
“The major shareholder has indicated its current intention is to continue to support the Group, noting in particular that a change in accounting treatment has been a partial cause of the bank covenants being breached.”
After discussion with the Company’s auditors, it is now evident that the auditor’s opinion that accountancy standard IFRS15 has not been the cause of the breach of bank covenants is correct. Rather, the cause of the breach had been weak trading in the second half of the year. The major shareholder has however reconfirmed his intention to support the company.
The Company has made arrangements for additional resources to be made available to its finance department to assist the completion of the audit.
15th April 2019
The Board of Tex Holdings plc today announces that the pre-tax result for the year to 31 December 2018, will be a modest loss. The introduction of the new accounting standard (IFRS15) affecting the recognition of revenues has had an impact on certain projects. Also, trading has been lower in the second half of the year as previously announced. In consideration of this result, the Board does not recommend the payment of a final dividend in respect of the financial year 31 December 2018. As a consequence of this result, it will be in breach of certain bank loan covenants which will be subject of discussions with its Bank.
The major shareholder has indicated its current intention is to continue to support the Group, noting in particular that a change in accounting treatment has been a partial cause of the bank covenants being breached.
Share Fraud Warning
5th March 2019
The Company is obliged by law to make its share register publicly available and, as a result, some shareholders may receive unsolicited mail. In addition, many companies have become aware that their shareholders have received unsolicited phone calls or correspondence, typically from overseas ‘brokers’, concerning investment matters.
These callers can be very persistent and extremely persuasive and their activities have resulted in considerable losses for some investors. It is not just the novice investor that has been deceived in this way; many of the victims have been successfully investing for several years. Shareholders are advised to be very wary of any unsolicited advice, offers to buy shares at a discount or offers of free company reports. Please keep in mind that firms authorised by the FCA are unlikely to contact you out of the blue with an offer to buy or sell shares.
If you receive any unsolicited mail or investment advice:
- make sure you get the correct name of the person and organisation
- check the Finance Conduct Authority (FCA) Financial Service Register to ensure they are authorised at fca.org.uk/consumers
- use the details on the Financial Services Register to contact the firm
- call the FCA Consumer Helpline on 0800 111 6768 if there are no contact details on the Register or you are told they are out of date
- beware of fraudsters claiming to be from an authorised firm, copying its website or giving you false contact details
- search the list of unauthorised firms and individuals to avoid doing business with them and report a share scam or unauthorised firm by telling the FCA using the share fraud reporting form at fca.org.uk/scams
- if the unsolicited phone calls persist, hang up
- if you wish to limit the amount of unsolicited mail you receive, contact The Mailing Preference Service, FREEPOST 29 (LON20771), London W1E 0ZT or visit the website at mpsonline.org.uk
If you deal with an unauthorised firm, you will not be eligible to receive payment under the Financial Services Compensation Scheme. If you have already paid money to share fraudsters you should contact Action Fraud on 0300 123 2040.
12th December 2018
Tex Holdings plc (‘The Group’) makes this announcement in order to give a trading update for 2018. The Group earnings for second half of the financial year will be lower than those anticipated in the half year statement. The drop in full year earnings has been largely caused by the delay in the shipment of a number of project related items that will now fall into the first half of 2019. Also, additional costs have been incurred by re-organisation within the Board and Panels Division. The Group will as a result be going into the new year with a strong order book, which at this stage augers well for 2019. This announcement is based on information currently available.
2018 Interim Report
The 2018 Interim Report is available here: 2018 Interim Report