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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Alexon Grp. | LSE:AXN | London | Ordinary Share | GB00B28Y7M80 | ORD 12.5P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 2.825 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
TIDMAXN RNS Number : 0650T Alexon Group PLC 29 May 2009 29 May 2009 Alexon Group plc (the Company) Annual Financial Report - DTR 6.3.5 Disclosure Following the release on 22 April 2009 of the Company's preliminary results announcement for the year ended 31 January 2009 (the 'Preliminary Announcement'), the Company announces that its annual report and accounts for the year ended 31 January 2009 (the 'Annual Report and Accounts'), notice of Annual General Meeting for 2009 (the 'Notice of AGM') and form of proxy ('the Proxy Form') for use at the Annual General Meeting of the Company are being issued to shareholders today. The Annual General Meeting of the Company is to be held on 7 July 2009 at the Company's registered office, 40-48 Guildford Street, Luton, LU1 2PB Copies of the Annual Report and Accounts and the Notice of AGM are available on the Investor Relations page of the Company's website www.alexon.co.uk Copies of the Annual Report and Accounts, the Notice of AGM and the Proxy Form are also being submitted to the UK Listing Authority and will shortly be available for inspection at the UK Listing Authority Viewing Facility located at: Financial Services Authority 25 The North Colonnade Canary Wharf London E14 5HS Robin Piggott Company Secretary Compliance with Disclosure and Transparency Rule 6.3.5 - Extracts from the Annual Report and Accounts The information below, which is extracted from the 2009 Annual Report and Accounts, is included solely for the purpose of complying with DTR 6.3.5 and the requirements it imposes on issuers as to how to make public annual financial reports. It should be read in conjunction with the Company's Preliminary Announcement issued on 22 April 2009. Together these constitute the material required by DTR 6.3.5 to be communicated to the media in unedited full text through a Regulatory Information Service. This material is not a substitute for reading the full 2009 Annual Report and Accounts. Page numbers and cross-references in the extracted information below refer to page numbers and cross-references in the 2009 Annual Report and Accounts. The information contained in this announcement and in the Preliminary Announcement does not constitute the Group's statutory accounts as defined in section 240 of the Companies Act 1985 but is derived from those accounts. The statutory accounts for the year ended 31 January 2009 have been approved by the Board and will be delivered to the Registrar of Companies following the Company's Annual General Meeting which will be held on 7 July 2009. On 22 April 2009, the group announced its draft unaudited financial statements for the 53 weeks ending 31 January 2009. The auditors have subsequently reported on those accounts and there are no changes, save that the Basis of Preparation in Note 1 to the accounts has been amended and is reproduced in full in Appendix D below Appendix A - Directors' Responsibility Statement The following statement is extracted from page 11 of the 2009 Annual Report and Accounts and is repeated here for the purposes of Disclosure and Transparency Rule 6.3.5 to comply with Disclosure and Transparency Rule 6.3. This statement relates solely to the 2009 Annual Report and Accounts and is not connected to the extracted information set out in this announcement or the Preliminary Announcement. The Directors confirm to the best of their knowledge: * The directors are responsible for preparing the Annual Report, the Directors' Remuneration Report and the financial statements in accordance with applicable law and regulations. Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have prepared the Group and parent company financial statements in accordance with International Financial Reporting Standards as adopted by the European Union. The financial statements are required by law to give a true and fair view of the state of affairs of the Group and the parent company and of the profit or loss of the Group for that period. In preparing those financial statements, the directors are required to: - select suitable accounting policies and then apply them consistently; - make judgements and estimates that are reasonable and prudent; - state that the financial statements comply with International Financial Reporting Standards as adopted by the European Union; and - prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Group will continue inbusiness, in
which case there should be supporting assumptions or qualifications as necessary. The directors confirm that they have complied with the above requirements in preparing the financial statements. The directors are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the Company and the Group and to enable them to ensure that the financial statements and the Directors' Remuneration Report comply with the Companies Act 1985, and, as regards the Group financial statements, Article 4 of the IAS Regulation. They are also responsible for safeguarding the assets of the Company and the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. * The Annual Report includes a fair review of the development and performance of the business and the financial position of the Group and the Parent Company, together with a description or the principal risks and uncertainties that they face. As already announced, and subsequent to 31 January 2009, Epcoscan Limited, trading as Bay Trading, was put into Administration on 27 April 2009. Appendix B - Principal Risks and Uncertainties The principal risks and uncertainties relating to the Company are set out page 7 of the 2009 Annual Report and Accounts. The following is extracted in full and unedited from the 2009 Annual Report and Accounts: * The Group is exposed to the risks of the economic downturn in the UK which has led to reduced consumer demand and reduced income. The UK high street is a highly competitive environment and the Group also faces competition from the increasing popularity of purchasing via the internet. The success of the Group is dependent on its ability to provide quality designs and fashions and to anticipate and respond to changing consumer taste and fashion trends. Product design and selection is therefore key to retaining market share and generating revenue, particularly in periods in which consumer confidence is negatively affected. The Group has a number of short leasehold premises which are subject to regular rent reviews. Significant increases in rents could affect the economic viability of individual units. Appendix C - Directors' interests There has been no change to the description of the Directors' interests in shares set out on page 7 of the 2009 Annual Report and Accounts since 22 April 2009. Appendix D - Note 1 Basis of Preparation * These financial statements are prepared under the historical cost convention, except as disclosed in the accounting policies below, and in accordance with International Financial Reporting Standards and IFRIC interpretations endorsed by the European Union and with those parts of the Companies Act, 1985 applicable to companies reporting under IFRS. On 27 April 2009 the Company withdrew financial support from its wholly owned subsidiary undertaking, Epcoscan Limited ("Epcoscan"), which operated the Bay Trading business, in response to being notified that credit insurance was being withdrawn from all the Group's suppliers. Epcoscan was subsequently placed into administration on 27 April 2009, with Deloitte LLP appointed as administrators. The Company ceased to control Epcoscan from that date. In accordance with IAS 10, this has been treated as a nonadjusting post balance sheet event. The amounts included in these consolidated financial statements for the period ended 31 January 2009 in respect of Epcoscan and the estimated gain arising as a result of this company being placed into administration, which will be recorded in the consolidated financial statements for the period ending 30 January 2010, are set out in Note 27 to the financial statements. Because Epcoscan has been unable to meet its debts as they fell due, the Group in the form that existed at the balance sheet date of 31 January 2009 has not continued as a going concern. However, the placing of Epcoscan into administration removes a loss making operation, which significantly improves the forecast cash position of the continuing group and reduces the level of risk in respect of future cash flows. The Group is left with the Alexon Brands business which has been, and continues to be, profitable and cash generative. In light of the difficult UK retail environment, the withdrawal of credit insurance from the Group's suppliers and the administration of Epcoscan, the directors have carefully considered the working capital requirements of the Group for a period exceeding one year from the date these financial statements are approved. The Company has recently secured a multi option overdraft and letter of credit facility of GBP12 million from Barclays Bank plc which has a renewal date in May 2010. These facilities are secured by way of a floating charge over the assets of the Group. Although this facility is repayable on demand by the bank, the Company has received confirmation from the bank, subsequent to the withdrawal of credit insurance and the administration of Epcoscan, that it does not expect to withdraw this facility in the foreseeable future. The Alexon Brands business has been, and continues to be, profitable and cash generative. The directors have prepared a detailed forecast of future cash flows, which has been updated to reflect recent trading, the latest expected trends in like for like sales and the impact of the withdrawal of credit insurance from suppliers. These projections demonstrate that the continuing group (excluding Epcoscan) is able to operate within its banking facilities for the foreseeable future. Consequently, the directors have prepared the Group and Company financial statements on a going concern basis. Appendix E - Related party transactions During the period the ultimate parent company, Alexon Group plc, made net interest payments of GBP0.1 million in relation to loans with other group companies. Redhead Coaching Limited, a Company owned by Mr R. Redhead, a nonexecutive director, was paid GBP1,500 for consultancy services during the period. The amount paid to Redhead Coaching Limited represented normal market rates. There are no other related party transactions for the period ending 31 January 2009 other than key management compensation which is disclosed in note 10. Enquiries: Robin Piggott Alexon Group plc Company Secretary 01582-723131 This information is provided by RNS The company news service from the London Stock Exchange END ACSEASSNAFLNEFE
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