Ensor trades well as it markets remaining businesses

Ensor Holdings posted its interim results for the four months to 31 July on Tuesday, with revenue of £4.28m, compared to £12.07m for the year to 31 March.

The AIM-traded firm’s gross profit for the four months was £1.1m, against £3.35m for the year through March, with operating profit for the four month period of £6.27m up from £2.318m as a result of disposals.

Earnings per share for the period reached 21.2p as a result, compared to 10.8p for the entire prior financial year.

“As previously advised, we are currently in the process of selling our subsidiary companies, land holdings and other assets of the group,” said chairman Kenneth Harrison.

“The aim is to realise value which is to be returned to shareholders and this process is now at an advanced stage.”

Harrison said in July the company successfully completed the sale of two businesses - Technocover Limited and OSA Door Parts Limited.

“Both businesses were sold at a significant premium to their balance sheet asset values, realising a gain to the group of £5.9m.

“I would like to say thank you to all those people I have worked with at Technocover and OSA, for the very successful years together.”

He confirmed there are now remain two Ensor subsidiary companies - Ellard and Wood’s Packaging - both of which are being “actively marketed”.

“The first four months of trading in this current year, for Ellard and Wood’s, is ahead of the result at the same time last year,” Harrison explained.

“We are cautiously optimistic for the full year, but remain constantly aware of the impact of exchange rates on our costs.

“We are working hard to maintain margins in a competitive market and have been able to offset some of the effects of a weakened pound by forward buying of currency.”

Harrison said that as the board is unsure when sales of Ellard, Wood’s and the Brackley land will be completed, it feels that this would be a suitable time to make an interim capital distribution to shareholders, with a further capital distribution proposed when they are completed.

“However, due to uncertainty over the tax treatment of such a distribution, we do not propose to do so at this time.”