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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Mulberry Group PLC | AQSE:MUL.GB | Aquis Stock Exchange | Ordinary Share | GB0006094303 | Ordinary Shares 5p |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 110.00 | 100.00 | 120.00 | 112.66 | 110.00 | 110.00 | 811 | 16:29:38 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| 0 | 0 | N/A | 0 |
From Apr 2019 to Apr 2024
TIDMMUL
RNS Number : 2570R
Mulberry Group PLC
08 December 2016
Mulberry Group plc ("Mulberry" or "the Group")
Unaudited results for the six months ended 30 September 2016
Topline growth and cash generation; new products and international development
Mulberry Group plc, the English luxury brand, announces unaudited results for the six months ended 30 September 2016.
FINANCIAL HIGHLIGHTS
-- Total revenue up 10% to GBP74.5 million (2015: GBP67.8 million)
-- Strong balance sheet with cash of GBP11.3 million at the end of the period (2015: GBP4.1 million)
-- Loss before tax GBP0.5 million (2015: Profit before tax GBP0.1 million) after increased product investment of c. GBP1.0 million and additional foreign exchange costs on overseas subsidiaries of c. GBP0.4 million
OPERATING HIGHLIGHTS
-- Increased investment in customer experience, creative talent and product design with new Mulberry collection meeting expectations and broadening brand interest
-- Digital sales up 32%, accounting for 14% of Group sales (2015: 12%) -- Inventory reduced to GBP43.7 million (2015: GBP47.7 million) through strategic initiative
CURRENT TRADING
-- Total Retail sales for the 10 weeks to 3 December 2016 up 4% (like-for-like up 3%)
-- International development strategy progressed with creation of majority-owned new business across China, Hong Kong and Taiwan
-- Tourist spending has benefitted sales in London, although domestic demand has softened in recent weeks
-- For the full year to 31 March 2017, the Group anticipates additional costs of c. GBP1.0 million due to foreign exchange movements and an additional c. GBP2.0 million for strategic investments into North Asia
THIERRY ANDRETTA, CHIEF EXECUTIVE OFFICER, COMMENTED:
"Mulberry's new collection under the creative direction of Johnny Coca has been well received by our existing customers and a new audience. We have strengthened our balance sheet with tight inventory management leading to strong cash generation, enabling us to invest in international development and new products. The new business announced today in North Asia will progress our strategy of developing our retail and omni-channel model in key luxury markets.
The UK and global outlook has become more uncertain since we last reported, however we are in a good position to continue to build our business."
FOR FURTHER DETAILS PLEASE CONTACT:
Bell Pottinger Daniel de Belder / Anna Legge 020 3772 2559 Mulberry Investor Relations Allegra Perry 020 7605 6795 GCA Altium Sam Fuller / Tim Richardson 020 7484 4040 Barclays Nicola Tennent 020 3134 9801
Copies of this Half Year Report are available from the Group's registered office and from its website www.mulberry.com.
BUSINESS REVIEW
Sales
The first collection under the creative direction of Johnny Coca was introduced across the network during the period with the full range available from August 2016. A total of nine new bags were launched during the period, including an evolution and re-interpretation of the bestselling Bayswater design. Small leather goods have seen good growth following extensive redevelopment. Product design and innovation will remain a key focus going forward.
Retail sales were up 10% to GBP55.4 million for the period (2015: GBP50.4 million) with like-for-like sales up 7%.
-- UK Retail sales (including Digital) were up 12% (like-for-like up 7%) for the period to GBP45.0 million (2015: GBP40.2 million);
-- International Retail sales (including Digital) were up 2% (like-for-like up 10%) for the period to GBP10.5 million (2015: GBP10.2 million);
-- Global Digital sales were up 32% to GBP10.4 million for the period (2015: GBP7.9 million), accounting for 14% of Group sales (2015: 12%);
-- During the period, the Covent Garden store was relocated to a larger, more prominent location, a House of Fraser digital concession was launched, the Sydney store in Australia was acquired from our franchise partner, Club 21 and upon the expiry of its lease, the Madison Avenue store in New York closed;
-- In Continental Europe, the Group's Digital offer was extended with full omni-channel services in store; and
-- There were 67 directly-operated stores at the end of the period (2015: 66 stores).
Wholesale revenue for the period increased 10% to GBP19.1 million (2015: GBP17.4 million).
-- The Wholesale sales trend reflects a positive reaction to the new collections introduced; and
-- The franchise store network at the period end had a total of 55 stores in Asia, Europe and the Middle East (2015: 57 stores).
Financial
Gross margin for the six months to 30 September 2016 was 59.1% (2015: 61.5%). As set out in the previous report during June 2016, there was a higher level of investment in product design and development to support the creative vision of Johnny Coca, which has led to an increased level of innovation. In the short to medium term, this has a negative impact on gross margins due to a higher level of training and change in our factories.
Operating expenses for the six months increased to GBP44.9 million (2015: GBP43.0 million) due to higher retail costs of GBP1.4 million and increased product development costs of GBP1.0 million.
During the period, sterling weakened significantly resulting in higher input costs to UK production and higher running costs of overseas subsidiaries. Conversely, the Group's London stores have benefitted from higher tourist spending.
The Group generated cash during the period with cash balances of GBP11.3 million as at 30 September 2016 (2015: GBP4.1 million) and no debt.
Loss before tax was GBP0.5 million (2015 profit before tax: GBP0.1 million).
Capital expenditure for the period was GBP1.9 million, including GBP1.2 million related to stores and GBP0.5 million to investment in the Digital platform and IT systems.
Inventories decreased to GBP43.7 million at 30 September 2016 from GBP47.7 million at 30 September 2015 reflecting an initiative to maintain lower inventory levels in the business.
NORTH ASIA new business
The Group today announced the signing of an agreement with Challice Limited ("Challice") to form a new entity to operate its business in China, Hong Kong and Taiwan. Challice, which owns c. 56% of the Group's share capital, is under the same ultimate shareholder control as Mulberry's existing distributor in the region, Club 21.
-- The Group will own 60% of the share capital of the new company, Mulberry (Asia) Limited ("Mulberry Asia")
-- Mulberry Asia will develop the offer to customers in the region, benefitting regional and global sales
-- Initial platform to consist of four stores, wholesale and omni-channel, including Chinese language mulberry.com site
-- Mulberry Asia is expected to be loss-making during its first two years before moving into profit
-- Losses of Mulberry Asia in the start-up period will be partly offset on consolidation as a result of the Group's manufacturing profit generated on the sale of goods to the new business
-- Mulberry Asia will be consolidated in the Group's financial statements
-- The Group expects to directly invest c. GBP3.0 million in additional regional marketing support over the next two years
Further details of the new entity arrangements can be found in the accompanying announcement on www.mulberry.com.
CURRENT TRADING AND OUTLOOK
Sales
Total Retail sales for the 10 weeks to 3 December 2016 were up 4% relative to the same period last year (like-for-like Retail sales up 3%). Sales continue to benefit from a significant increase in tourist spending in London although domestic demand has softened in recent weeks. Whilst sales growth is encouraging, the full year results are dependent on Christmas trade.
Hot Features
Premium
Retail total sales Retail like-for-like sales
This year vs. last year (%) 26 weeks to 30-Sep 10 weeks to 3-Dec 26 weeks to 30-Sep 10 weeks to 3-Dec
2016 2016 2016 2016
----------------------------- ------------------- ------------------ ------------------- ------------------
UK Retail* +12% +6% +7% +3%
International Retail* +2% -3% +10% +1%
Group Retail total +10% +4% +7% +3%
* Regional splits include Digital sales
** Digital sales increased by 32% in the 26 weeks to 30 September 2016 and increased by 1% in the 10 weeks to 3 December 2016
The Group continues to focus on improving productivity in existing stores, particularly in Europe and North America, with limited new store openings and strategic refinement of the store network as opportunities arise. Since the end of September 2016, the store in Bicester Village has been relocated to larger premises.
Wholesale
In the second half of the current financial year, the Wholesale business is expected to grow, driven by interest in the new collections.
International
The expansion of the international business remains a core focus.
In Asia, the new business agreement with Challice announced today sets the foundations for the development of the key markets of China, Hong Kong and Taiwan, where the Group believes there is a growth opportunity for the Mulberry brand. Costs associated with establishing the new business are anticipated to total GBP2.0 million during the current financial year, representing the re-purchase of stock by Mulberry Asia from the existing distributor, Club 21 and set up expenses.
In Europe, the Group will continue to focus on productivity and refining its own store network, as well as improving the quality of the wholesale distribution.
In the USA, the Group continues to develop its omni-channel capability while refining the store network over time to focus on key strategic locations.
Omni-channel
Since the end of the period under review, the Group has further extended its omni-channel offer in international markets. During October 2016, the omni-channel offering was extended to the USA stores following the opening of a local distribution centre in that market during July 2016.
In Asia, the Group enhanced the customer experience through the introduction of localised mulberry.com sites. In China, the Group launched local language, local currency and local payment websites. In Korea, a local language and local currency site has been introduced. In addition, local currency functionality was introduced to mulberry.com sites in Australia and in Canada.
Omni-channel will remain a key area of investment for the Group going forward.
Currency
The recent devaluation of the British pound relative to global currencies has implications for the Group. First, the operating costs of the overseas subsidiaries will increase and this will have a negative impact on results. Second, the weaker British pound has increased the cost of purchasing materials for production, a high proportion of which are sourced in euro and US$. Third, the currency fluctuations have driven an increase in tourism into the UK which has boosted the Group's London store performance, but has impacted sales achieved in some European and US tourist destinations.
The Group has hedged currency positions through to mid-2017.
In total, the currency factors explained above are expected to give rise to c. GBP1.0 million in additional costs in the current financial year.
Capital expenditure
Capital expenditure for the full year to 31 March 2017 is expected to be in the region of GBP4.0 million (2016: GBP5.7 million), of which the majority will be on stores.
STRATEGY
The Board's long term objective is to grow Mulberry as a global luxury brand, offering unique and desirable product at the best value for price, and thereby create shareholder value. The Group considers that revenue growth is the key performance indicator with which this goal can be measured.
Product
Leather goods remain the core commercial focus of the Group. New products introduced by the Creative Director have created additional brand interest and additional bag families and sizes are planned for coming seasons. Some of Mulberry's bestsellers, such as the Bayswater family, have been revitalized to reflect a new and more modern aesthetic.
Over the longer term, the objective is to reinforce Mulberry as a lifestyle brand by strengthening complementary categories, in particular shoes and ready-to-wear. Style "stories" across categories are being introduced with co-ordinated merchandising and marketing initiatives. The style and price point of these categories have been aligned with bags, in order to make them attractive to the Group's core customers, as well as appealing to a new audience. The license agreements signed for the manufacture and co-distribution of shoes and ready-to-wear from Autumn Winter 2016 have enabled Mulberry to deliver quality product and achieve its target price range.
Marketing and Brand
The brand's British DNA is emphasised as a point of distinction which is conveyed through all communication and customer touch points, including the factories in Somerset, Mulberry stores globally and mulberry.com.
Mulberry continues to invest in building the brand globally via a dynamic marketing and communication strategy, aiming to engage with new and loyal customers whilst enhancing the understanding of the brand in new and emerging markets. The Group aims to connect with its existing and potential customers via a greater and more targeted use of digital, mobile and social media. Digital is expected to remain the majority of all media investment.
Retail, Digital and Omni-channel
The Group will continue to strengthen its position in the UK and expand internationally through its omni-channel strategy, with well situated stores complemented by a strong digital presence.
In the short to medium term, the Group plans to continue to strategically refine the store network while focusing upon improving the range of omni-channel services to match rapidly evolving customer buying behaviour.
Operations
The Group continues to invest in its operational capability to maintain a high quality, scalable platform.
The Group's two factories in Somerset manufacture approximately 50% of its bags, reinforcing the authenticity of the Mulberry brand and, at a practical level, contributing to the attainment of high product quality standards. Looking forward, the Group is committed to its "Made in England" strategy and intends to maintain its UK production of handbags at approximately 50%.
As part of the strategic goal of best-in-class service to our customers, the Group will continue to invest in IT and Digital infrastructure and orientate organisational structures around the customer.
CONSOLIDATED INCOME STATEMENT
six monthsED 30 september 2016
Note Unaudited six months to 30 Unaudited six months to 30 Audited year ended
September 2016 GBP'000 September 2015 GBP'000 31 March 2016
GBP'000
Revenue 74,505 67,768 155,867
Cost of sales (30,506) (26,083) (59,300)
Gross profit 43,999 41,685 96,567
Other operating expenses (44,877) (42,077) (90,346)
Exceptional operating
expenses 5 - (942) (1,615)
------------------------------ ----- ---------------------------- ---------------------------- -------------------
Operating expenses (44,877) (43,019) (91,961)
Other operating income 237 198 426
Exceptional operating income 4 - 1,078 1,078
------------------------------ ----- ---------------------------- ---------------------------- -------------------
Other operating income 237 1,276 1,504
Operating (loss)/profit (641) (58) 6,110
Share of results of
associates 61 128 169
Finance income 66 2 4
Finance expense (1) (12) (66)
(Loss)/profit before tax (515) 60 6,217
Tax credit/(charge) 6 173 60 (3,532)
(Loss)/profit for the period (342) 120 2,685
Attributable to:
Equity holders of the parent (342) 120 2,685
Basic (loss)/earnings per
share 9 (0.6p) 0.2p 4.5p
Diluted (loss)/earnings per
share 9 (0.6p) 0.2p 4.5p
All activities arise from continuing operations.
Reconciliation of adjusted (loss)/profit before tax:
Unaudited six months to 30 Unaudited six months to 30 Audited year ended
September 2016 GBP'000 September 2015 GBP'000 31 March 2016
GBP'000
(Loss)/profit before tax (515) 60 6,217
Exceptional items:
Impairment relating to retail
assets - 942 1,615
Profit on disposal of retail
stores - (1,078) (1,078)
Adjusted (loss)/profit before
tax - non-GAAP measure (515) (76) 6,754
Adjusted basic
(loss)/earnings per share 9 (0.6p) 0.0p 5.4p
Adjusted diluted
(loss)/earnings per share 9 (0.6p) 0.0p 5.4p
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
six monthsED 30 september 2016
Unaudited six months to 30 Unaudited six months to 30 Audited year ended
September 2016 GBP'000 September 2015 GBP'000 31 March 2016
GBP'000
(Loss)/profit for the period (342) 120 2,685
Exchange differences on
translation of foreign
operations 1,656 (218) 1,330
Tax impact arising on above
exchange differences (331) 44 (276)
Total comprehensive
income/(expense) for the
period 983 (54) 3,739
Attributable to:
Equity holders of the parent 983 (54) 3,739
CONSOLIDATED BALANCE SHEET
AT 30 SEptember 2016
Unaudited 30 September 2016 Unaudited 30 September 2015 Audited
GBP'000 GBP'000 31 March 2016
GBP'000
Non-current assets
Intangible assets 11,027 11,125 11,088
Property, plant and equipment 26,812 28,918 28,143
Interests in associates 266 155 206
Deferred tax asset 1,443 1,381 1,467
39,548 41,579 40,904
Current assets
Inventories 43,749 47,666 44,378
Trade and other receivables 13,620 12,864 10,767
Current tax asset 226 110 -
Cash and cash equivalents 11,332 4,057 14,014
68,927 64,697 69,159
Total assets 108,475 106,276 110,063
Current liabilities
Trade and other payables (27,348) (27,380) (27,805)
Current tax liabilities - - (2,342)
Total liabilities (27,348) (27,380) (30,147)
Net assets 81,127 78,896 79,916
Equity
Share capital 3,000 3,000 3,000
Share premium account 11,961 11,961 11,961
Own share reserve (1,474) (1,498) (1,474)
Capital redemption reserve 154 154 154
Foreign exchange reserve 946 (1,607) (379)
Retained earnings 66,540 66,886 66,654
Total equity 81,127 78,896 79,916
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
six monthsED 30 september 2016
Equity attributable to equity holders of the parent
Share Share Own Capital Special Foreign Retained
capital premium share reserve reserves exchange earnings Total GBP'000
GBP'000 account reserve GBP'000 GBP'000 reserve GBP'000
GBP'000 GBP'000 GBP'000
As at 1 April
2015 3,000 11,961 (1,601) 154 1,467 (1,433) 65,141 78,689
Total
comprehensive
(expense)/income
for the period - - - - - (174) 120 (54)
Charge for
employee
share-based
payments - - - - - - 259 259
Exercise of share
options - - - - - - (101) (101)
Own shares - - 103 - - - - 103
Redemption of
reserve - - - - (1,467) - 1,467 -
As at 30
September 2015 3,000 11,961 (1,498) 154 - (1,607) 66,886 78,896
Total
comprehensive
income for the
period - - - - - 1,228 2,565 3,793
Charge for
employee
share-based
payments - - - - - - 219 219
Exercise of share
options - - - - - - (48) (48)
Own shares - - 24 - - - - 24
Ordinary
dividends paid - - - - - - (2,968) (2,968)
As at 31 March
2016 3,000 11,961 (1,474) 154 - (379) 66,654 79,916
Total
comprehensive
income/(expense)
for the period - - - - - 1,325 (342) 983
Charge for
employee
share-based
payments - - - - - - 346 346
Exercise of share
options - - - - - - (118) (118)
As at 30
September 2016 3,000 11,961 (1,474) 154 - 946 66,540 81,127
CONSOLIDATED CASH FLOW STATEMENT
six monthsED 30 september 2016
Unaudited six months to 30 Unaudited six months to 30 Audited year ended
September 2016 GBP'000 September 2015 GBP'000 31 March 2016
GBP'000
Operating (loss)/profit for
the period (641) (58) 6,110
Adjustments for:
Depreciation and impairment of
property, plant and equipment 3,477 4,104 8,442
Amortisation of intangible
assets 937 904 1,949
Loss/(profit) on sale of
property, plant and equipment 131 (1,082) (1,316)
Effects of foreign exchange (18) 8 (120)
Share-based payments charge 346 259 478
Operating cash flows before
movements in working capital 4,232 4,135 15,543
Decrease/(increase) in
inventories 1,245 (8,346) (4,485)
(Increase)/decrease in
receivables (2,649) 398 2,574
Decrease in payables (545) (634) (1,041)
Cash generated by/(used in)
operations 2,283 (4,447) 12,591
Corporation taxes paid (2,702) (2,599) (4,145)
Interest paid (1) (12) (66)
Net cash (outflow)/inflow from
operating activities (420) (7,058) 8,380
Investing activities:
Interest received 3 2 4
Dividend received from
associate - - 167 Purchases of property, plant and equipment (1,881) (2,036) (5,050) Proceeds from sales of property, plant and equipment 43 2,089 4,460 Acquisition of intangible fixed assets (309) (335) (855) Proceeds from sales of - 1,495 - intangible assets Net cash (used in)/generated from investing activities (2,144) 1,215 (1,274) Financing activities: Dividends paid - - (2,968) Settlement of share awards (118) - (24) Net cash used in financing activities (118) - (2,992) Net (decrease)/increase in cash and cash equivalents (2,682) (5,843) 4,114 Cash and cash equivalents at beginning of period 14,014 9,900 9,900 Cash and cash equivalents at end of period 11,332 4,057 14,014
Notes to the condensed financiAL statements
SIX MONTHSED 30 SEPTEMBER 2016
1. GENERAL INFORMATION
Mulberry Group plc is a company incorporated in the United Kingdom under the Companies Act 2006. The half year results and condensed consolidated financial statements for the six months ended 30 September 2016 (the interim financial statements) comprise the results for the Company and its subsidiaries (together referred to as the Group) and the Group's interest in associates.
The information for the year ended 31 March 2016 does not constitute statutory accounts as defined in section 434 of the Companies Act 2006. A copy of the statutory accounts for that year has been delivered to the Registrar of Companies. The auditor's report on those accounts was not qualified, did not include a reference to any matters to which the Auditor drew attention by way of emphasis without qualifying the report and did not contain statements under section 498(2) or (3) of the Companies Act 2006.
The interim financial statements for the six months ended 30 September 2016, have not been reviewed or audited.
2. SIGNIFICANT ACCOUNTING POLICIES
The accounting policies and methods of computation followed in the interim financial statements are consistent with those as published in the Group's Annual Report and Financial Statements for the year ended 31 March 2016.
During the current period, the following new and revised Standards and Interpretations have been adopted but have not had an impact on the Group:
-- Amendments to IAS 16: Property, Plant and Equipment and IAS 38: Intangible assets.
At the date of approval of these financial statements, the following Standards and Interpretations which have not been applied in these financial statements were in issue but not yet effective:
-- IFRS 9: Financial Instruments; -- IFRS 15: Revenue from Contracts with Customers; and -- IFRS 16: Leases.
IFRS 16 sets out the principles for the recognition, measurement, presentation and disclosure of leases for both lessees and lessors. It replaces IAS 17 Leases and IFRIC 4 Determining whether an arrangement contains a lease. The most significant changes are in relation to lessee accounting. Under the new Standard, the concept of assessing a lease contract as either operating or financing is replaced by a single lessee accounting model. Under this new model, substantially all lease contracts will result in a lessee acquiring a right-to-use asset and obtaining financing. The lessee will be required to recognise a corresponding asset and liability. The asset will be depreciated over the term of the lease and the interest on the financing liability will be charged over the same period. The Standard is effective for annual periods beginning on or after 1 January 2019, however it is not currently endorsed by the European Union. Adopting this new Standard will result in a fundamental change to the Group's balance sheet, with right-to-use assets and accompanying financing liabilities for the Group's retail stores, warehouses and offices being recognised for the first time. The income statement will also be impacted, with rent expense relating to operating leases being replaced by a depreciation charge arising from the right-to-use assets and interest charges arising from lease financing. The full impact of these changes will be quantified closer to the date of adoption.
Except for IFRS 16, the Directors do not expect that the adoption of these Standards will have a material impact on the financial statements of the Group in future periods. Beyond the information above, it is not practicable to provide a reasonable estimate of the effect of these Standards until a detailed review has been completed.
The Annual Report and Financial Statements are available from the Group's website (www.mulberry.com) or from the Company Secretary at the Company's registered office, The Rookery, Chilcompton, Bath, England, BA3 4EH.
3. GOING CONCERN
The Group has considerable financial resources together with a customer base split across different geographic areas and between directly operated stores, partner stores and wholesale accounts. The Group's forecasts and projections, taking account of reasonably possible changes in trading performance, show that the Group should be able to operate within the level of its current facilities. As a consequence, the Directors believe that the Group is well placed to manage its business risks successfully despite the uncertain economic outlook.
After making enquiries, the Directors have a reasonable expectation that the Company and the Group will have adequate resources to continue in operational existence for the foreseeable future. Accordingly, they continue to adopt the going concern basis in preparing the half year results.
4. EXCEPTIONAL OPERATING INCOME
There is no exceptional operating income in the six months ended 30 September 2016.
The exceptional operating income in the six months ended 30 September 2015 of GBP1,078,000 represented the profit on disposal of the interest in two store leases (207 Rue Saint Honoré, Paris and Grant Avenue, San Francisco).
5. EXCEPTIONAL OPERATING EXPENSES
There are no exceptional operating expenses in the six months ended 30 September 2016.
The exceptional operating expenses in the six months ended 30 September 2015 of GBP942,000 represented:
-- An impairment charge of GBP548,000 relating to the retail assets of one international store. The store had not been trading in line with its expected potential; and
-- An impairment charge of GBP394,000 for the contribution towards the opening of a flagship store for a franchise partner in prior years and where the store has now been closed.
6. TAXATION
The tax credit is calculated by applying the forecast full year effective tax rate to the interim loss and calculating the deferred tax balance for the period.
7. CONTINGENT LIABILITY
The Group is currently in discussion with the UK tax authorities regarding the residency of its US subsidiary for tax purposes. Following the acquisition of the retail store business during 2009, Mulberry Company (USA) Inc has been treated as dual resident and taxes paid in the UK when the company made profits and any losses used to offset the UK taxable profits. In arriving at the overall Group tax charge, the US tax losses have been group relieved reducing the tax payable in the UK by a total of GBP7,000,000 (GBP700,000 in the current period and GBP6,300,000 in prior years). The Directors are satisfied that the business is operated and controlled in the UK and therefore meets the relevant UK Central Management and Control test and can offset the losses. Should HMRC successfully challenge the Group's position, additional tax and interest may need to be paid.
8. DIVID
Unaudited six months to 30 Unaudited six months to 30 Audited year ended
September 2016 GBP'000 September 2015 GBP'000 31 March 2016
GBP'000
Dividend of 5p per ordinary
share paid during the period - - 2,968
The final dividend for the year ended 31 March 2016 was paid to shareholders on 24 November 2016.
The final dividend for the year ended 31 March 2015 was paid on 26 November 2015.
9. EARNINGS PER SHARE ( 'EPS' )
Unaudited six months to 30 Unaudited six months to 30 Audited year ended
September 2016 September 2015 31 March 2016
Basic (loss)/earnings per
share (0.6p) 0.2p 4.5p
Diluted (loss)/earnings per
share (0.6p) 0.2p 4.5p
Adjusted basic (loss)/earnings
per share (0.6p) 0.0p 5.4p
Adjusted diluted
(loss)/earnings per share (0.6p) 0.0p 5.4p
Earnings per share is calculated based on the following data:
Unaudited six months to 30 Unaudited six months to 30 Audited year ended
September 2016 GBP'000 September 2015 GBP'000 31 March 2016
GBP'000
(Loss)/profit for the period
for basic and diluted
earnings per share (342) 120 2,685
Adjustments to exclude
exceptional items:
Impairment relating to retail
assets - 942 1,615
Profit on disposal of retail
stores - (1,078) (1,078)
Adjusted (loss)/profit for the
period for basic and diluted
earnings per share (342) (16) 3,222
Unaudited six months to 30 Unaudited six months to 30 Audited year ended
September 2016 Million September 2015 Million 31 March 2016
Million
Weighted average number of
ordinary shares for the
purpose of basic EPS 59.4 59.3 59.3
Effect of dilutive potential
ordinary shares: share
options 0.5 0.5 0.5
Weighted average number of
ordinary shares for the
purpose of diluted EPS 59.9 59.8 59.8
This information is provided by RNS
The company news service from the London Stock Exchange
END
IR LLFETFDLDIIR
(END) Dow Jones Newswires
December 08, 2016 02:00 ET (07:00 GMT)
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